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Wednesday, 23 March 1927

Senator PEARCE (Western AustraliaVicePresident of the Executive Council) . - I move -

That the bill be now read a second time.

In 1925 a, bill was passed to authorize the Commonwealth Treasurer to enter into an agreement with the Treasurers of the States, under which the Commonwealth, acting in concert with the States, would undertake the raising of all loans for State requirements. That agreement, which was enacted for one year, was renewed last year, and the bill before the Senate seeks a renewal of the arrangement for another year. As honorable senators are aware all the States, with the exception of New South Wales, are members of the Loan Council. The State Treasurers meet from time to time to agree as to the order in which loans desired by the States shall be placed on the market. This policyhas been proved most beneficial in operation, as the Commonwealth Treasurer, acting for the States, enters into negotiations when the money market is favorable, and when transactions of that nature are not likely to interfere with the investment of money required by private enterprise. All that the bill does is to authorize the Commonwealth Treasurer for the next twelve months, to borrow on behalf and for the States. It does not give the Commonwealth Treasurer power to raise money for the Commonwealth.

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