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Wednesday, 18 May 1960

Mr HAROLD HOLT - I did see a report in the press to the effect that some arrangements had been made between the New South Wales Treasury and the New South Wales Department of Railways with a view to reducing the nominal indebtedness of the New South Wales railways to the Treasury of that State. I cannot give any precise information on the matter as I have not pursued it, but since the honorable gentleman has shown some interest, I shall tell him what I can about it. As to the remainder of his question, I have heard of some frenzied finance in my time, but surely his were some of the most fanciful ideas that have ever been expressed in this place. If we could simply resolve the financial problems of Australia by knocking a couple of noughts off the national debt, I should be only too pleased to do so.

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