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Thursday, 27 May 1926

Senator PEARCE (Western Australia) (Minister for Home and Territories) .- I move-

That the amendment be agreed to.

This may appear a formidable addition to clause 31, but it is merely providing a number of machinery sub-clauses to strengthen the original provision, as agreed to by the Senate, giving power to the commission in pursuance of a resolution passed by both Houses of Parliament to borrow moneys to such amount, in such manner, and on such terms as the Treasurer approves. No new principle is involved in any of the additional subclauses. They have been inserted in another place at the instance of the Treasurer to determine the method by which money shall be borrowed by the commission with his consent, or by him on behalf of the commission. They accord with the general principles laid down in Commonwealth legislation dealing with the raising of loans. For instance, the provision in regard to sinking fund is identical with a provision in the National Debt Sinking Fund Act.

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