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Thursday, 25 August 1921

Senator E D MILLEN (NEW SOUTH WALES) - The answers are -

1.   Yes. 2, 3, 4. The sum of £7,7S0,524 represented the net accumulated profits in the Australian Notes Account from the time of the inception of the Australian Note Issue until the business was handed over to the Note Issue Department of the Commonwealth Bank. Those profits were derived from investments and loans made out of the general funds obtained from the Australian Note Issue.

5.   Yes; and the amount was immediately applied to the redemption of Commonwealth public debt.

6.   Because the profits were not in the form of cash, but were already invested in the securities which were redeemed, aud could not, therefore, be used immediately for any purpose other than the reduction of debt.

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