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Thursday, 8 November 1956

Mr McMAHON (LOWE, NEW SOUTH WALES) (Minister for Primary Industry) - The Government is very glad to be able to say that there is every indication that its policy will prove to be successful and that the plans' that it laid some months ago will be brought to fruition. However, I think the honorable gentleman will agree that, having got firmly in the saddle, we should not drop the reins too quickly. We think that some little time must elapse before another decision can be made about what should be done about the relaxation of central import licensing. 1 remind the honorable gentleman that the Government keeps this matter continually under consideration, and I can give him the assurance that nothing will be left unattended. I mention that, in addition to the balance of trade, we have to consider invisible export items, which mi ghi amount to a deficit of about £180,000,000 in a year, and also capital items which should be credits. It is not sufficient to look only at the balance of trade. Other factors must be taken into consideration.

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