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Tuesday, 19 December 1911


Senator RAE (New South Wales) (3:25 AM) . - I wish just to add that, while I heard the speech of the Vice-President of the Executive Council in moving the second reading of the Bill, and I knew that the 25 per cent, gold reserve would not be- interfered with, I thought that there would be some indication in the Bill, as in other Loan Bills- I have seen, to show how the money is to be raised. I think this measure is an ample reply to those who have been saying that the Commonwealth Government are now entering upon a borrowing policy. I take it that if it were proposed to raise this money in any other way than that mentioned by the Vice-President of the Executive Council, a special measure would be required. This, is' not borrowing in the ordinary sense, but taking money from a Commonwealth fund for certain purposes. The interest on this loan will be returned to the fund, and if- we can keep on borrowing in this' fashion' I do not care how often, or to' what extent, we do so.'







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