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Thursday, 8 September 1949

Mr ABBOTT (NEW ENGLAND, NEW SOUTH WALES) - I refer to a reply which the Prime Minister gave to a question in this House on the 23rd November last year in which he stated that the Government did not intend to alter the value of the Australian £1 in relation to sterling while sterling retained its present relationship with other world currencies. Will the right honorable gentleman now say, whether, in the event of sterling being devalued in relation to the dollar, the Government will appreciate the value of the Australian £1 in terms of sterling? If so, does the Government intend to reimburse the primary producers of Australia, whose products are being sold under long-term agreements to the United Kingdom Government in sterling, who will lose heavily in the event of such a depreciation?

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