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Wednesday, 3 June 1942

Senator DARCEY (Tasmania) . - This morning I drew attention to the fact that the first loan bill introduced by this Government was to raise £50,000,000 under the Inscribed Stock Act. I also pointed out that, whilst the Government has prevented the banks from buying war bonds, and from advancing money to other people to buy war bonds, it still issues treasury bonds to the banks. It is incredible that the Government should now propose to sell £100,000,000 worth of inscribed stock. Obviously, the only people who will be able to buy such stock in any substantial measure will be the banks; and this stock carries the usual rate of interest. It will be impossible for any one to ascertain who buys the stock, even if the banks should take the lot. It is farcical to say that we shall not sell bonds to the banks at one counter, but at another counter will sell inscribed stock to them. We do not utilize the national credit by selling inscribed stock. Such a method of raising revenue is against the interests of the people, and will place an insupportable burden of debt upon this nation. I am afraid that I cannot say much more on the subject without repeating what I said this morning. However, I notice that more honorable senators are now in the chamber than when I spoke on this subject before the suspension of the sitting.

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