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Thursday, 26 February 1959

Mr CREAN (MELBOURNE PORTS, VICTORIA) - Will the Treasurer supplement what can only be regarded as a rather flimsy statement presented by him yesterday on the short-term money market? In particular, I direct his attention to an article, which appears to me to be slightly inspired, in the October issue of the " Quarterly Survey " of the Australia and New Zealand Bank Limited. It is pointed out in this article that two features are regarded: as necessary, for a short-term money market, the first of them being acceptance by the central, bank, unequi- vocally, of the role of lender of last resort. Secondly, if a short-term money market is to grow to full stature, treasury-bills will need to be issued publicly. The Government implied that the short-term money market was a good thing. I think that we might be pardoned for thinking that it is a good thing only for some people. My specific questions are: First, does the Government propose that treasury-bills will be issued publicly? Secondly, if so, will such bills bear interest at any higher rate than the rate now offered on such securities?

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