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Thursday, 2 August 1934


Mr Makin n asked the Treasurer. upon notice -

1.   What was the average rate per centum charged for flotation expenses on loans for State Governments prior to 1910?

2.   What was the average rate per centum charged for the flotation of war loans when undertaken through the Commonwealth Bank?

3.   What was the average rate per centum charged for flotation expenses on loans undertaken through the Commonwealth Bank during the last three years?


Mr Lyons - The answers to the honorable member's questions are as follows : -

1.   Most of the loan funds raised in Australia prior to 1910 were obtained by counter sales at State treasuries. In these issues there were practically no expenses except brokerage of 10s. per cent, where the application was lodged through a broker. The conditions obtaining at that time were not in any way comparable to the public issues of subsequent years. On a public loan of £1,600,000 floated by Victoria in 1906, the expenses were £1 14s. 4d. per cent.

2.   5s. 7d. per cent. This charge includes no underwriting which was unnecessary during the war.

3.   12b. 9d. per cent.

Estates of Deceased Pensioners.


Mr Lyons s. - On the 25th July the honorable member for Hunter (Mr. James) asked the following question, without notice : - la the Prime Minister aware that the Pensions Department is still levying toll upon the estates of pensioners who died prior to December last? In view of the amending legislation that has been passed, will the honorable gentleman issue instructions to the department that this practice must be discontinued and give such instruction retrospective effect to the data provided in the amending act?

I indicated that I would look into the matter. I find that prior to the introduction of the bill to 'amend the Invalid and Old-age Pensions Act in December, 1933, the law provided that the amount of pension paid after the 12th October, 1932, shall be a debt due to the Commonwealth to bc paid out of the estate of the pensioner at death. It further provided that, if a pensioner died on or before the 31st December, 1932, there would be no debt, and if a pensioner voluntarily surrendered his pension the amount of debt would be the pension paid after the 31st December, 1932. The amendment of the act made on the 12th December, 1933, provided that where a pensioner died after that date, the debt due to the Commonwealth would be the amount of pension paid after the 31st December, 1932. In accordance with these provisions claims have been made on the estates of pensioners who died after the 31st December, 1932, and had drawn pension since that date.







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