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Thursday, 3 December 1936

Senator A J McLACHLAN (SOUTH AUSTRALIA) (Postmaster-General) . I move -

That the bill be now read a second time.

Honorable senators will recollect that the Customs Tariff (Exchange Adjustment) Act of 1933-36 provides in certain cases for a deduction from the amount of duty payable under the British preferential tariff in respect of items having a protective significance. This deduction was intended to compensate for the protectective value of exchange. In recent reports, the Tariff Board has based rates of duty on present exchange conditions with a corrective increasing the rates gradually as exchange moves towards parity. A number of these reports was adopted in connexion with the Customs Tariff Bill (No. 3), which gave effect to the treaty with Czechoslovakia and the trade agreement with Belgium. The purpose of the Exchange Adjustment Bill now before the House is to eliminate from the operation of the Customs Tariff (Exchange Adjustment) Act those items and parts of items for which provision for exchange fluctuation is now made in the items themselves. It is really only a machinery measure, complementary to the alterations that have been made in relation to exchange in Customs Tariff Bill (No. 3), which has already been approved by the Senate. Question resolved in the affirmative.

Bill read a second time, and passed through its remaining stages without amendment or debate.

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