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Wednesday, 1 August 1906

Mr KELLY (Wentworth) .- It will be necessary to make it clear that the provision in the proposed new section 62a, embodied in clause 13, relates only to the trust accounts enumerated in the schedule. It is provided -

The Treasurer ma}' direct that any Trust Account be closed, and thereupon the moneys standing to the credit of the account shall, after all liabilities of the account have been met, be paid to the Consolidated Revenue Fund.

Where would this lead us?0 A sinking fund might be provided for in connexion with the debts incurred by the' Commonwealth in taking, over the transferred properties. That would be a trust fund, and, apparently, according to the proposed new section, the Treasurer would at any time be able to close it and apply the money to the same purposes as the current revenue.

Sir John Forrest - That provision would not apply to any accounts beyond those mentioned in the schedule.

Mr Deakin - That provision relates merely to trust accounts, and not to funds such as the honorable member has indicated.

Mr KELLY - We are now dealing with the fourth schedule; and I ask the Treasurer whether he will consent to recommit clause 13, with a view to making it definitely refer to that schedule?

Mr Deakin - It is not necessary ; there can be no mistake.

Mr KELLY - A trust account, in the ordinary acceptation of the term, would include a sinking fund.

Mr Deakin - That is a fund; these are accounts.

Mr McCay - The honorable member for Wentworth is wrong this time. '

Mr KELLY - The honorable and learned member for Corinella, with his legal experience, says that I am wrong; and, under the circumstances, I am prepared to accept the assurance of the . departmental officer.

Clause agreed to. .

Bill reported without amendment.

Motion (by Sir John Forrest) agreed to-

That the Bill be now recommitted to a Committee of the whole House.

In Committee(Recommittal) :

Clause 8 -

After section 36 of the Principal Act, the following sections are inserted : - "36c. Repayments or credits which could have been taken in reduction of some particular expenditure in any financial year, had the accounts of that year not been closed, may be taken in reduction of similar expenditure in a subsequent vear."

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