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Thursday, 7 August 1930

Senator LAWSON (Victoria) .- I do not suggest that Senator Duncan has not read the report, but apparently it has made no impression on his mind, and the reasons for the recommendations, con tained in the document, are not understood by him. The committee is not to blame for not having presented its final report. It has sat on nearly every day since its appointment when the Senate has not been sitting, and it has presented its progress report with the utmost expedition.

Senator Daly - All the information contained in the report could have been secured from text-books in the parliamentary library.

Senator LAWSON - That is not so. The committee considered the proposal from the point of view of Australian finance. It took evidence from those who are best qualified in this country to advise on central banking and the constitution of such an institution. All ofthe witnesses, except one, expressed the opinion that the present was an inopportune time to make a drastic change in our financial system. The evidence showed conclusively that there was nothing which a central bank could now do that was not being done by the Commonwealth Bank in cordial co-operation with private trading banks.

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