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Tuesday, 14 September 1971
Page: 1232

Mr GORTON (Higgins) - I wish to make a personal explanation. I think that 1 have been misrepresented by a question asked by the Leader of the Opposition concerning Mineral Securities Australia Ltd. I think that this is so. I do not believe that I did give an undertaking or an assurance that the shares in the various Minsec subsidiary companies could not and would not be sold to overseas owners. My recollection of what occurred is that when Minsec ran into trouble a number of industrialists from abroad and from within Australia met with me, and arrangements were made for a considerable sum of money to be lent to Minsec, or at any rate to be used so that those creditors of Minsec who held shares in the Minsec's subsidiary companies as security could be paid off. The ownership of those shares would then return to Minsec, and Minsec would be in a position where it could sell them gradually and without pressure on the market in the ordinary stock exchange ways. I think there is a slight difference between that and the suggestion that, under all circumstances, assurances could be given that what has happened would not happen. May I conclude by expressing my pleasure that the Prime Minister has made it clear that I have at least one constant reader?

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