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Wednesday, 3 June 1942

Mr PATERSON (Gippsland) .- I hope that the Minister will see fit to accept the amendment of the honorable member for Lilley (Mr. Jolly), which has everything to commend it. I cannot see how the Commonwealth can argue for the retention of a "gentleman's agreement ", under which State authorities or instrumentalities shall be prevented from borrowing except through and with the permission of the Australian Loan Council, if the Commonwealth itself should break such a rule. This legislation will simply give to a Commonwealth instrumentality considerably more latitude than, as the leading members of the Australian Loan Council, the Commonwealth thinks should be given to State instrumentalities. Surely, " what is sauce for the goose is sauce for the gander " !

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