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Tuesday, 20 October 1931

Mr HUGHES (NORTH SYDNEY, NEW SOUTH WALES) - When the Prime Minister was negotiating with the banks for an advance of £5,000,000, was there any suggestion by them that the schemes should be submitted by both the local governing bodies and the Government before any advance would be made?

Mr SCULLIN - The request of the Premiers Conference was that £5,000,000 be made available by the banks to be distributed by the Government either in giving direct employment or through local governing bodies. The reply that I received from the banks was that they were unable to make that amount available, but they added that they were prepared to consider propositions submitted to them by local governing bodies. They later indicated that three such applications had been considered by them and accepted. I then made a statement to the House to the effect that the banks were prepared to consider any reproductive and sound proposition submitted to them by local governing bodies. In all cases the propositions must be submitted to the banks. It has been suggested by the Chairman of the Commonwealth Bank Board that any such schemes should be submitted first to the bankers of the local governing bodies, and then either through them or direct to the Commonwealth Bank.

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