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Wednesday, 11 November 1914

Senator KEATING (Tasmania) . - In view of the Minister's assurance I do not propose to move the first amendment I gave notice of. But there is another amendment dealing with the rate of interest on debts.

Senator Gardiner - Let them off lightly with 5 per cent.

Senator KEATING - In the circumstances 6 per cent is a fair rate of interest. Many persons who are in the position of creditors to a debtor are themselves debtors to their own banks, and 6 per cent, would be a very low rate of interest for them to be expected to pay. I think the rate would be generally 8 per cent. Six per cent is a fairer rate of interest than 5 per cent., and, moreover, it would be a maximum rate. Considering how dear money is at the present time, and has been for the last few years, I do not think that 6 per cent is too much as a maximum. I move -

That the word "five," line 23, be left out, with the view to insert in lieu thereof the word " six."

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