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Tuesday, 13 October 1931

Mr THEODORE (DALLEY, NEW SOUTH WALES) (Treasurer) - The impression I gained from my conversation with the chairman of the Commonwealth Bank Board was that the bank was prepared to consider applications from local governing bodies having power to borrow for useful works. I did not understand him to say that thebank would restrict advances to works that would return a profit. The conditions were that the works upon which the money was to be expended should be of a useful character - the extension of a sewerage scheme, for instance - and that the borrowing authority should he in a sound financial position, and be able to meet its obligations in respect of both the interest and the principal. I would be astonished to learn that the hank had imposed any greater restrictions than those. If the honorable member is aware of useful works involved in applications by local authorities which have been rejected by the Commonwealth Bank, and will let me have particulars of them, I shall be glad to discuss them with the chairman of the bank.

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