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Tuesday, 22 November 1960

Mr CAIRNS (YARRA, VICTORIA) - My question is to the Treasurer, ls it a fact that last February instructions were given to the trading banks that their advances should be very carefully regulated? Is it also a fact that since then their advances have risen by something like £150,000,000? Did the Treasurer say in his economic statement last week that this was something that the Government had not reckoned for, and did he imply that he was unaware of where this money had gone? Can he now tell the House where this £150,000,000 in new advances did go, and can he give the House any assurance that the instructions which the Reserve Bank is now giving to the trading banks will have any better prospect of being carried out than had the instructions given last year?

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