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Friday, 6 March 1942

Senator ALLAN MacDONALD (Western Australia) . - Before members of the Senate and of the House of Representatives living in Western Australia left their homes for the meeting of the Parliament, they were invited to join in a broadcasting campaign designed to assist the Liberty Loan. I was one of many who offered to do what I could to make the loan a success, and the Treasury has evidence of my efforts in that direction.I was therefore astounded to read in the press that there was good reason to believe that the Government might repudiate its obligation to pay i nterest.

Senator Brown - A mountain has been made out of a molehill.

Senator ALLANMacDONALD.The success of the loan speaks volumes for the patriotism of the people of Australia, especially the small investors. That the loan will be oversubscribed is in my opinion conclusive evidence of what the people think of the views expressed by the Minister for Labour and National Service (Mr. Ward) and the Minister for Aircraft Production (Senator Cameron). Investors have ignored those two irresponsible Ministers, and have willingly invested money in the loan believing that in due time they will receive their interest.

The reference by Senator Cameron, as reported in the press, to the iron ore deposits at Yampi Sound was most unfortunate from the point of view of the

Trades Hall party. As a member of the Government at that time, I know that it had to resist strong pressure to permit the Japanese to exploit the deposits of ironore at Yampi Sound. The strongest pressure came from the Labour Government of Western Australia which appeared to be most anxious that the Japanese should be permitted to work the deposits and that the profits from the enterprise should go to a firm in London whose antecedents were doubtful. When he again attempts to support a colleague. Senator Cameron should be more careful in his selection of subjects. However, the success which has attended the flotation of the loan is clear evidence that the people of this country have ignored both the Minister for Aircraft Production and his colleague, the Minister for Labour and National Service.

Sitting suspended from12.43 to 2.15 p.m.

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