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Wednesday, 1 September 1920

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Treasurer) - I do not think that any one outside the High Court itself is yet able to say definitely what is the actual effect of the decision to which the honorable member refers. The matter is under the consideration of the Law authorities, and even when the law on the subject has been ascertained there will still be some very serious questions to consider in relation to the taxation of State loans. There is, for instance, the elementary consideration that contracts have already been made by the State authorities with those who have loaned money to them. There are many questions to be determined when the law has been definitely delimited and settled.

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