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Tuesday, 30 October 1956


Mr Barnard (BASS, TASMANIA) d asked the Treasurer, upon notice -

1.   What is the total number of holdings in all States in connexion with which long-term finance to primary producers has been made available through the Mortgage Bank Department of the Commonwealth Bank of Australia?

2.   What is the reason for a decline in the loans from 227 in the year 1954-55 to 153 during 1955-56?

3.   How many properties have been compulsorily offered for re-sale by the mortgagee or by the department during the last two years in order to discharge the mortgage held by the Mortgage Bank Department?


Sir Arthur Fadden - The answers to the honorable member's questions are as follows: -

1.   From the time it commenced business on 27th September, 1943, up to 30th September, 1956, the Mortgage Bank Department of the Commonwealth Bank of Australia has approved a total of 4,505 loans, amounting to £11,831,787. The spread of these loans between the States was -

2.   I am advised by the bank that the decline in loans approved, from 227 in the year 1954-55 to 153 in 1955-56, followed a decline in the number of suitable applications coming forward. Id recent years the Mortgage Bank Department's policy has been to direct its funds primarily into those projects where a substantial proportion of the loan is to be used to effect a definite and worthwhile increase in primary production or where the loan is to be used specifically for developmental purposes. Over the two-year period 1954-56, every application which conformed to this policy, and also to the statutory requirements of the act, was approved.

3.   During the past two years the bank has had occasion to offer for sale as mortgagee only one property of a Mortgage Bank Department borrower.







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