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Thursday, 8 August 1946

Mr DEDMAN (Corio) (Minister for Post-war Reconstruction and Minister in charge of the Council for Scientific and Industrial Research) . - The Government cannot accept the amendment of the Leader of the Australian Country party (Mr. Fadden). The right honorable gentlema n asks where the money is. It is still in the hands of the Australian Wool Realization Commission. That fact could be gathered from the bill by any one who took the trouble to read it. Sub-clause 1 of clause 4 reads -

The Australian Wool Realization Commission . . . may pay to the Treasurerof the Commonwealth any moneys . . .

Obviously, it cannot pay money to the Treasurer unless it has it. The right honorable gentleman ought to know that sub-clause 1 of clause 5, which he wishes to amend in order to direct the Treasurer to invest the money in Commonwealth consolidated stock, contains the stereotyped provision for investing trust funds.He gave as his reason for moving the amendment that hp wanted to be certain that the money invested by the Treasurer would' earn the highest possible rate of interest, f think it ridiculous, and I think the people will agree, that he should try to rell a Treasurer with the record that the present Treasurer (Mr. Chifley) has earned by his careful husbandry of public f unds how he should invest money. The Leader of the Australian Country party is trying to teach his grandmother to suck eggs. The Government will not accept the amendment, and the committee may rest assured that the Treasurer will invest the money in the best possible way

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