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Thursday, 3 November 1921

Senator E D MILLEN (NEW SOUTH WALES) (Minister for Repatriation) . - I move -

That this Bill be now: read a second- time.

The object of thismeasure isto give authority to the Government to borrow the sum of £5,000,000, but, apart from the payment of the- expenses of flotation, it will give the Government no authority to spend' any money. A Loan Appropriation Bill, which will be introduced' later will be necessary to enable the Treasurer to use the net amount raised. As in the case of all Commonwealth loans, the rate of interest, price of issue, date of maturity, and other conditions will be fixed by the Governor-General in Council. Under the powers to. be conferred bythe Bill, it is intended bo raise £3,000,000 for the redemption of Treasury bills and. £2,000,000 towardsthe works programme for 1921.-1922. No money,, however, can be actually expended until the Loan' Appropriation. Billto be introduced; later has been passed.

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