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Wednesday, 20 May 1970

The CHAIRMAN (Mr Lucock - Order! I think the honourable member for Grayndler is getting very wide of the subject matter under discussion.

Mr DALY - I do not contest your ruling, Mr Chairman. I am dealing with the proposed amendment to clause 8, which provides that the Corporation should be a lender of last resort. The Opposition thinks it should be the first resort. In subscribing to that theory we do not see why the sordid machinations of the Liberal Party should be brought to light in this Parliament. We resent the attacks made on the Leader of the Country Party and Deputy Prime Minister (Mr McEwen) for introducing such a Socialist measure in the Parliament. We appreciate that for the sake of unity in the ranks of Government supporters he cannot defend himself tonight against the shadow sparrers. the sham fighters who will cross the floor to vote when there is no danger and by doing so will get their names in the newspapers. In that way they can show their hatred of the Prime Minister. But when the chips are down they will not cross the floor to vole. I am sorry that I must say the same thing about my. distinguished friend, the honourable member for Casey (Mr Howson). It is now 12.45 a.m. and we are debating in this Parliament not the provisions of this legislation but the machinations and hatreds in the once great Liberal Party and the feeling against the Prime Min:ster.

The CHAIRMAN - Order! The honourable member for Grayndler knows enough about debating procedure at the Committee stage to realise that the remarks he is making have no relevance whatsoever to the Bill before the Committee.

Mr DALY - I naturally accede to your approach to this matter, Mr Chairman, but I think I might make passing reference to what has prompted the moving of these amendments tonight. We are discussing at present clause 8 of the Bill. The honourable member for Lilley has moved an amendment which expresses his concern about the provision in respect of a 15% equity. He is concerned firstly to ensure that foreign interests will be able to take over Australian companies, if need be, irrespective of the effects on the Australian economy. He also is trying to make sure in moving his amendments that the Bill will be made unworkable. The third reason why he has moved his amendments is, as I mentioned in passing, to bring to the light of day the hatred of himself and his colleagues for the Prime Minister and the failure to attend to these matters.

The CHAIRMAN - Order! The honourable member will pass right along if he continues on that line.

Mr DALY - Thank you, Mr Chairman. I now wish to deal with the proposal that the Australian organisation should get out when there is a 15% equity. Let the honourable member for Lilley say whether he believes at this stage that foreign interests should take over Australian industry. Is that what the honourable member means by his amendment? Does he mean that when a 15% equity is reached the Australian organisation should get out and foreign interests should take over? Is that the type of amendment he is seeking and asking honourable members on this side of the chamber to support? Is that the Provision for which he is condemning the Deputy Prime Minister on the ground that this is Socialist legislation? If so, let him say so. We of the Opposition are completely opposed to the take-over of Australian industries by foreign interests.

In the amendment relating to the Corporation as a lender of last resort the honourable member refers to a company making every reasonable attempt to secure assistance at appropriate rates from banks or financial institutions. What does he term a reasonable attempt? Does he mean one, several or a dozen attempts? Let him say what 'reasonable' means in that context. Let him define it. And what are appropriate rates for banking and financial institutions? Is he referring to 15%, 20% or 30%? I think you will agree, Mr Chairman, that there are reasons behind the moving of these amendments that have not been put forward by the honourable member. His real aim is to vent his spleen and to adopt the role of hero.

The CHAIRMAN - Order! The honourable member cannot proceed on that line.

Mr DALY - I will obey your ruling, Mr Chairman, but I am surprised at your taking exception because I am protecting your Party against attacks by your coalition partners in the Government. At the same time I am mentioning that behind these amendments is more than appears in their contents. The honourable member has not defined 'appropriate' or 'reasonable', and there must be an ulterior motive behind the moving of the amendments. No-one can properly deny that. If that is not the case, let the honourable member say why the Corporation should not be a lender of first resort. What is reasonable? What is appropriate? The amendment to clause 8 continues:

.   . or financial institutions usually engaged in such type of arrangements and without success'.

This stupid kind of resolution has been brought forward and there must be other motives behind it. I will not trespass on your generosity or disobey your ruling, Mr Chairman, but most people in this Parliament know the reasons behind these amendments, and in particular this one. 1 repeat the other amendment, lt states:

For the purpose of the preceding paragraph the Corporation shall be deemed to be in a position where it is able to control the affairs of a company if it holds more than fifteen per cent of the issued capital of the company except where the equity acquired by the Corporation is in the nature of bridging finance.

If one follows what is meant by these amendments one will see that they are designed to destroy completely the structure of the organisation that will be set up. Let the honourable member say if that is what he means; or is there an ulterior motive? I say that there is. I finish my remarks on this note: I regret that these honourable members who are so militant and so rebellious have adopted this means to vent their spleen against the Prime Minister in this Parliament. Having said so much, let us hope that there will be an end to it now and when the opportunity comes to defeat this discredited government they will do it the right way instead of trying to limelight their activities in this Parliament.

Mr Kevin Cairns (LILLEY, QUEENSLAND) - Mr Chairman-

The CHAIRMAN - Order! The honourable member for Lilley has spoken twice on the clause under discussion.

Mr Kevin Cairns (LILLEY, QUEENSLAND) - No, I have not. I have spoken once.

The CHAIRMAN - Order! The honourable member for Lilley has spoken three times on this clause and has used all his speaking time both on the clause and the amendments. I call the honourable member for Cunningham.

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