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Thursday, 4 May 1961

Mr HAROLD HOLT - If the honorable gentleman cares to check the language I employed in answering the question, he will see that was not the way in which I put it. I said that the Commonwealth, in conjunction with the six States - and I remind the honorable gentleman that they were all parties to the discussions on the subject - arrived at the decision to raise this Canadian loan and agreed on its terms. This was a decision of the Australian Loan Council, upon which all those governments are represented. I said that this loan would have the effect of reducing the gap which the Commonwealth Government would have to bridge out of revenue for the total State programmes. I said it would assist-

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