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Wednesday, 17 February 1932

Mr BLAKELEY - During the general election campaign, the Prime Minister was reported to have said on several occasions that if his party was elected to office it would honour all obligations promptly and fully. Will the honorable gentleman explain why that undertaking was departed from in respect of the interest owing to bondholders by the State of New South Wales? Are the people of Australia to assume that such default on the part of the Commonwealth will become the regular practice?

Mr LYONS - The default was on the part of the Government of New South Wales.

Mr Beasley - No; on the partof the Commonwealth.

Mr LYONS - The Commonwealth is arranging to meet the obligation of the State of New South "Wales to the bondholders, but I am justified in emphasizing the fact that the State Government is responsible for the default that has occurred. However, honorable members will have an early opportunity to discuss this matter fully.

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