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Thursday, 17 June 2010
Page: 3643

Senator IAN MACDONALD (1:25 PM) —I am encouraged to enter the debate for just 60 seconds to note the passing—from what I heard Senator Brandis say—of the Liens on Crops of Sugar Cane Act, a Queensland act that did so much in the early days to support and develop the sugar cane industry, which is so very important to Queensland.

I might just say in passing that crop liens, which were security for loans as well as leases, did do a lot in their own way to encourage people who perhaps did not have the money to get involved in the sugar cane industry, particularly in times when it was not very profitable—although I pause to say it is now again a reasonably good industry with better international market prices.

I was shocked to hear what Senator Brandis said. It has obviously been done for a very good reason and there will be alternative securities available, but I just could not let pass into history crop liens, which were so much a part of my early life, in particular my life as an articled clerk.

Senator Brandis —And very exciting, too.

Senator IAN MACDONALD —They were very exciting. They were quite interesting, actually.

Senator Brandis —Professor Sykes explored the derivation of crop liens as hypothecated securities.

Senator IAN MACDONALD —I did study Professor Sykes’s volumes, though obviously not as closely as you did, Senator Brandis.

Senator Brandis —Not with the same excitement.

Senator IAN MACDONALD —That perhaps might be why you have ended up as a Senior Counsel, whereas I was a mere country solicitor. Without delaying the Senate further: rest in peace, sugar crop liens.