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Thursday, 2 June 1960

Mr Cairns s asked the Treasurer, upon notice -

1.   Is he able to state whether the Commercial Banking Company of Sydney Limited and the National Bank of Australasia Limited have subscribed, or will subscribe, approximately £424,000 and £800,000, respectively, to two hire-purchase companies?

2.   If so, from what source did each of these banks obtain these funds?

Mr Harold Holt - The answers to the honorable member's questions are as follows: -

1.   I understand that, by virtue of their existing shareholdings, the banks mentioned are entitled to take up shares to the order indicated in new issues recently announced by two hire-purchase companies. So far as I am aware, the intentions of the banks concerned in relation to these share entitlements have not been announced.

2.   Sec answer to 1. The declared past practice of the private trading banks has been to finance their purchases of shares in hire-purchase companies entirely from the banks' shareholders' funds.

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