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Friday, 6 March 1942


Senator CAMERON (Victoria) (Minister for Aircraft Production) . - I should like to explain, particularly to those honorable senators who do not appreciate discussion, that the borrowing of this amount of £75,000,000 involves the payment of a considerable amount of interest.


Senator Gibson - No mention is made of interest in this clause.


Senator CAMERON - The payment of interest is implied in the clause. Am I to understand from the honorable senator that no interest should be paid?


Senator Gibson - The honorable senator has suggested that already.


Senator CAMERON - Although this clause does not provide specifically that interest is to be paid, I submit that that is the intention.


Senator McBride - As the honorable senator is a Minister he ought to know.


Senator CAMERON - I know what is intended; but Senator Gibson stated that interest was not mentioned.


Senator Gibson - Is the Minister in order in referring to interest under this clause in which no mention of interest is made.


Senator Darcey - Is not interest always paid on inscribed stock? This clause provides that the Treasurer may from time to time borrow under the provisions of the Commonwealth Inscribed Stock Act 1911-1940.







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