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Friday, 24 August 1923

Mr WEST (East Sydney) (8:33 AM) . - Under the Bill I find that advances may be made - by institutions other than the Commonwealth Bank. I hope the time is not far distant when the whole of the Government business will be transacted per medium of that bank..

Mr Bruce - These Wheat Pool operations are to be financed, as far as it can handle them, by the Commonwealth Bank in association with other banks.

Mr WEST - I prefer that the whole of the wheat transactions shall be dealt with by the Commonwealth Bank. It is very .important that this institution should be utilized for its original purpose, which would facilitate the work of the officers conducting the Wheat Pool. We should not be too keen to place the Commonwealth transactions in the hands of private institutions. Such institutions have not the welfare of the primary producers at heart. If the whole of the wheat operations were financed by the Commonwealth Bank, the producers would gain a distinct pecuniary advantaage. This Bill is another example of hasty legislation and the stupidity of Parliament. The advances by the Commonwealth Bank are not different from ordinary advances, and the time is fast approaching when the whole of the business of the Commonwealth Government will be dealt with by the Commonwealth Bank.

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