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Thursday, 3 November 1921

Senator PAYNE (Tasmania) .- This is not a very extensive Bill, but I am naturally interested to know what the prospects would be of raising money at this particular juncture in London. It gave me a good deal of gratification when I read a statement in the press, dated 23rd October, from London, to the effect that the loan had been completely underwritten. The terms of the loan were stated to be that the stock was to be issued at £96, and was to carry interest at the rate of 6 per cent. A day or two afterwards I read in the same journal that the Treasurer (Sir Joseph Cook)' had expressed his gratification at the successful flotation of the loan, especially as the underwriting expenses were something like 20 per cent, less than for previous loans. Inaturally connected that paragraph with the present Loan Bill. Am I right in doing so?

Senator E D MILLEN (NEW SOUTH WALES) - You are certainly not.

Senator PAYNE - I realize that this Bill is necessary, so that we may renew our existing liabilities. At any rate, it is, to a very great extent, for that purpose; but I wish to know whether the money has been arranged for already or not.


Senator PAYNE - I know of no other loan of £5,000,000 but this one that is likely 'to have been placed onthe market, either thismonth orlast month. I read the paragraph in the press, . and I am asking the Minister for information.

Senator E D MILLEN (NEW SOUTH WALES) - The honorable senator cannot ask me to explain every thing that appears in any section of the press.

Senator PAYNE - But I want to know if the flotation mentioned in the press had reference to the present Loan Bill.

Senator E D MILLEN (NEW SOUTH WALES) - I have said "No" three times.

Senator PAYNE - If the paragraph I have read is meant to convey the meaning that the money can be made available in London for the redemption of these Treasury bills on the terms stated I am very gratified. I am aware that preliminary arrangements have to be made; the market has to be felt before the negotiations are finalized. If theGovernment have been able to get the information in London that the money necessary to enable us to meet our obligations' can be raised there at the rates quoted, I am very pleased, and I. ato glad the Commonwealth has not had to go outside the British Empire to obtain the accommodation.

Clause agreed to.

Clause3 and preamble and title agreed to.

Bill reported without amendment; report adopted.

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