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Tuesday, 9 May 1961

Mr Clyde Cameron (HINDMARSH, SOUTH AUSTRALIA) - I should like to ask the Treasurer a question. By way of preface I refer to the instructions given some time ago to the private banks not to increase overdrafts of hire-purchase companies. Is it true that the Australian Guarantee Corporation Limited, which had no overdraft at all in the year before last, now has an overdraft of more than £2,000,000? Is it also true that 40 per cent, of the shares of this corporation are owned by the Bank of New South Wales, which is the corporation's banker? In increasing the overdraft account of the Australian Guarantee Corporation, has the bank flouted the instructions given by the Government, or by the Commonwealth Bank, to the private trading banks?

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