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Tuesday, 23 October 1956

Mr CREAN (Melbourne Ports) .- The Minister said in his second-reading speech -

There is no doubt that borrowings in a foreign currency may be made pursuant to the Financial Agreement and that the Loan Council may authorize loans to be raised in foreign currency. However, where the Commonwealth has borrowed moneys for its own ase, or for the use of itself and the States, the borrowing has invariably had the authority of statute, in addition to that of the Financial Agreement.

It seems to us that what the Government is attempting to do in this bill is to by-pass the need for future statutory .authority.

Mr HAROLD HOLT (HIGGINS, VICTORIA) - That is not my understanding of the intention of the measure.

Clause agreed to.

Clause 4 (Currency in which moneys may be borrowed).

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