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Wednesday, 3 June 1942

Mr JOLLY (Lilley) .- I raised this matter in my second-reading speech. I can see no reason why the commission should be empowered to issue its own debentures. It would be far better to oblige it to obtain direct from the Parliament any money that it needs. Any loan activities of the commission should, in my view, be subject to the consideration and control of the Loan' Council, particularly as the Financial Agreement Act provides that all Commonwealth and State loan expenditure shall be considered by the Loan Council.

Mr Beasley - There is a limit of £50,000 on the issue of debentures by the commission.

Mr JOLLY - That is, at one time. I urge the Minister to agree to the deletion of this division. I appreciate the fact that future developments may make it necessary for the commission to obtain money for capital assets, but is there any reason why such money should not be secured in the same way as the Postmaster-General's Department is financed? We should not increase the number of debentures on the market. I do not know whether this subject was considered by the joint committee, but I agree with the honorable member for Warringah (Mr. Spender) that as the Commonwealth Government would have to guarantee any debentures issued, it is not necessary to make this provision. For the reasons I have given I move -

That Division 4 - clauses 36 to 43 inclusive - he left out.

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