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Thursday, 22 October 1931

Mr GABB (ANGAS, SOUTH AUSTRALIA) - That eases the hardship. However, I cannot acquiesce in the proposal of the Government. I have a number of letters written in a strain similar to that of the one that I have read. I realize the need of those people, and I cannot bring myself to vote for this provision. I regret that honorable members who have protested against the clause have not the courage to join with me in calling for a division upon it.

Clause agreed to.

Motion (by Mr. Theodore) proposed -

That the following new clause be inserted: -

5.   - (1.) The National Debt Commission, if it thinks fit, may purchase new securities at a price in excess of the market price, not being above par, with a view to preventing undue hardship, arising out of conversion under the Common wealth Debt Conversion Act 1931 or this act, to persons beneficially interested in the securities. (2.) This section shall not be construed as limiting in any way the powers of the National Debt Commission under the National Debt Sinking Fund Act 1923-1930.

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