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Wednesday, 23 March 1927

Senator NEEDHAM (Western Australia) . - The purpose of this measure is to make advances to the States for the purchase of wire and wire netting, which they, in turn, will sell to the settlers. From the agreement it will be seen that the money will be advanced for a period of 25 years. In my opinion the method of repayment is somewhat complicated. Let us assume that to a State is advanced the sum of £100. In terms of clause 7 of the agreement;, the sum of £2 would be repaid every year, which in 25 years would only mean that £50, or one-half the amount advanced would be repaid.

Senator Pearce - Two pounds each half year means £4 a year, or £100 in 25 years.

Senator NEEDHAM - Clause 6 of the agreement sets out that the interest charged by the States shall be £1 per centum more than that paid to the Commonwealth on the loan out of which the advance is made.

Senator Pearce - The Commonwealth will charge the States 4 per cent., and the States will charge the settlers 5 per cent. The States will retain 1 per cent.

Senator NEEDHAM - Will the Commonwealth be repaid the whole of the money advanced ?

Senator Pearce - Yes, in 25 years.

Senator NEEDHAM - In that case I offer no objection to the clause.

Clause agreed to.

Clauses 7 and 8 agreed to.

Schedule preamble and title agreed to.

Bill reported without amendment; report adopted.

Bill read a third time.

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