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Thursday, 1 July 1937

Senator FOLL (QUEENSLAND) - Has the Leader of the Senate seen the recent press report of the statementby the Premier of Queensland, Mr. W. Forgan Smith, that at the moment Australia's financial standing is very high in England and theunder-subscription of the last Commonwealth conversion loan had no significance, but was due solely to the disturbed state of Europe and the nervous condition of the money market? Does the ad vice received by the Government coincide with that statement? Further, is it a fact that just after the Commonwealth conversion loan was floated the London County Council launched a loan, a much larger percentage of which was left in the hands of the underwriters?

Senator Sir GEORGEPEARCE.The advice received by the Government undoubtedly confirms the statement of the Premier of Queensland.

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