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Thursday, 22 October 1931

Mr PATERSON (Gippsland) . - This clause simply gives the National Debt Commission authority to buy, at their face value, bonds for the relief of hardship case3. It would be unwise to insert in it any provision of a mandatory character, because, when the commission was appointed, it was clearly understood that it should be removed as far as possible from political control. If such an amendment as has been suggested were inserted, it would be mandatory upon the commission to do certain things which might be undesirable. I am glad we have had the assurance from the Treasurer that, if the necessity arises, and if the £2,000,000 which is being set aside for the purpose proves insufficient to adequately relieve hardship cases among both converters and dissenters, the commission may make an even larger sum available for the purchase of bonds at their full face value.

Proposed new clause agreed fca.

Preamble verbally amended, and, as amended, agreed to.

Title agreed to.

Bill reported with amendments ; report - by leave - adopted.

Bill - by leave - read a third time.

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