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Thursday, 9 March 1961

Mr WHITLAM (WERRIWA, NEW SOUTH WALES) - I ask the Treasurer a question. The right honorable gentleman will recall that 5i years ago, when our overseas reserves last fell to £370,000,000, the Prime Minister said it would be intolerable and dangerous if our international financial position and external payments situation were not brought into full balance by the end of the financial year. Since our overseas reserves have now again dropped below £370,000,000, and since we are now at the commencement of the season when our reserves usually take a down swing, I ask tb3 Treasurer when he expects our external payments situation to be brought into full balance, and to what level he expects our reserves will have then fallen.

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