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Friday, 27 August 1920

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Treasurer) - The answers to the honorable member's questions are as follow: -

Yes. Treasury consent is still required under the War Precautions (Companies, Firms, and Businesses) Regulations for the registration of any company whose principal object is the carrying on of manufacturing, mining, or other industrial operations outside the Commonwealth.

(a)   Yes; for the registration in Victoria of the Badak Mining Company No Liability.

(b)   The assets were stated to consist of a concession over approximately 5,000 acres of tin-mining land in the Jeneri Valley, State of Kedah, Malay Peninsula, The syndicate holdings were 400 shares of £10 each.

(c)   Treasury consent was given for the issue of a paid-up capital of 400,000 shares of£1 each, and for the issue of 200,000 contributing shares of £1 each.

(d)   Consent was issued under and subject to the regulations, which prescribe that such consent shall not be made use of in furtherance of the objects of the company, and that any public notification of the fact of such consent shall be accompanied by a statement in the following terms: - "The fact that the Treasurer of the Commonwealth has consented to the registration of the company is not to be taken in any way as a guarantee of the actual or probablefinancial stability or success of the company." The Government do not propose to take any action.

(e)   The continuance of the regulation is considered to be necessary in order to prevent excessive amounts of capital being withdrawn from Australia for oversea enterprises.

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