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Wednesday, 2 March 1932

Mr LYONS (Wilmot) (Prime Minister and Treasurer) . - I ask the committee to postpone clauses 1 to 3 in order that consideration may he given to clause 4, which constitutes Part II. of the bill, and relates to the acceptance by the Commonwealth Government of liability to bondholders. This part would be the substance of the separate bill that the Government wishes to introduce. I propose to ask the committee to negative clause 4, and then to report progress, in order that a bill covering that clause may be introduced. We propose to insert in a separate bill that portion of the present measure which provides for the acceptance, by the Commonwealth of liability for the debts by the States. It is not desired that this portion should be associated with the machinery of recovery and collection. I move: -

That the clause be postponed.

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