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Wednesday, 1 October 1958


Mr MAKIN (BONYTHON, SOUTH AUSTRALIA) - I desire to ask a question of the acting Treasurer. Is the right honorable gentleman aware that the Common wealth Trading Bank is acting as one of the agents for Waltons-Sears Limited respecting an appeal for subscriptions to a £1,000,000 loan offering a rate of interest as high as 7i per cent.? Is not the fact that the Commonwealth Trading Bank publicly exhibits a prospectus for this loan and accepts subscriptions for it, thus giving the impression of a bank guarantee of the loan, likely to prejudice greatly the possibility of the Commonwealth Bank successfully securing public support for Commonwealth loans at 4$ per cent, to 5 per cent, interest? Does not the situation become all the more serious when it is realized that the Government faces in this financial year a commitment of £337,000,000 in respect of either the repayment, or the conversion, of maturing loans?







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