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Friday, 2 July 1920

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) -(By leave).I had thought of making to-day a short statement regarding the new Commonwealth loan, but since the Prime Minister is, I understand, to lay on the table this morning the cable messages - which have been edited - that passed between the exTreasurer (Mr. Watt) and himself and proposes to deal with that very important matter, I fear that, from the point of view of publicity, it would be prejudicial to the loan itself if I were on the same day to make a statement with regard to it. I was wondering whether the House, in the peculiar circumstances in which we find ourselves, would think me wanting in my duty to it if, instead of making the statement to-day - and, after all, it will be only a short one - I were to publish it in the press on Monday next

Mr Tudor - Will the new loan differ in respect of the rate of interest and other conditions from any other which has been issued in the Commonwealth?

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) - Yes. The only question is whether I should make this statement side by side with the othervery important matter to which I have referred. I do not think it would be fair to the loan itself to do that. I should like the statement to go out when the public mind will not be occupied by other important matters.

Mr Tudor - The right honorable gentleman might state that he proposes to issue the loan on a certain date, and intimate the date on. which subscriptions will close.

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) - I am only anxious that the House should hot regard me as treating it with discourtesy by publishing the statement in the press before it is made to the House.

Mr Fenton - It is only fair to the House that the statement should first be made here.

Sir JOSEPH COOK (PARRAMATTA, NEW SOUTH WALES) (Minister for the Navy) - If the House insists upon it, I shall make the statement to the House.

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