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Thursday, 22 October 1931

Mr CROUCH (Corangamite) . - The bonds to be purchased by the Commission are to be not above par. but may be above the market price. Am I to assume that it is the intention of the Government that the National Debt Commission shall make a profit out of those bondholders who are in necessitous circumstances?I should like the Treasurer to influence the National Debt Commission to repay bondholders who are in necessitous circumstances. In 1893, when our banks were being reconstructed, there was a provision that all depositors with accounts up to £50 or £100 should be repaid. At the time I was a young solicitor, and had £53 in the National Bank. It was repaid to me within a fortnight, which saved me from serious embarrassment. I ask the Treasurer for an assurance that the National Debt Commission will not make any profit out of distressed bondholders by buying in their stocks at less than the amount they invested, plus interest.

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