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Wednesday, 17 December 1930

Senator BARNES - The honorable senator is wrong. I did not say so.

Senator Sir WILLIAM GLASGOW - The Minister said that if both Houses passed the bill' it would be an instruction to the Commonwealth Bank to .provide the advances, irrespective of whether or not it would be prudent to do so.

Senator BARNES - The honorable senator knows that the Government cannot instruct the Commonwealth Bank to do anything.

Senator Sir WILLIAM GLASGOW -The Minister said that the passing of the bill by both Houses would have an influence on the Commonwealth Bank. I object to the Commonwealth Bank being coerced into doing anything which it would not do otherwise.

Senator Daly - Would the honorable senator object to Parliament exerting a good influence on the Commonwealth Bank?

Senator Sir WILLIAMGLASGOW.In my opinion, we shall not exert a good influence on the bank by accepting the amendment of another place.'

Senator Sir Hal Colebatch - I do not believe in exerting any influence on the Commonwealth Bank.

Senator Sir WILLIAMGLASGOW.The bank is controlled by a board and a general manager, who should be left to decide ' what security should be provided for any advances made by the bank.

Senator Rae - The board would still have the final say.

Senator Sir WILLIAMGLASGOW.That may be so; but I do not think that a clause of this nature should be inserted in the bill. It might have the effect of coercing the bank, or of influencing it against its better judgment. For that reason I hope that the Senate will not agree to the amendment.

Senator Rae - If it does not, it will kill the bill.

Senator Sir WILLIAMGLASGOW.I shall not be influenced by any threat which the honorable senator might make. We should do nothing which might in any way influence the bank against its better judgment.

Senator Daly - This is not coercion.

Senator Sir WILLIAMGLASGOW.If the Leader of the Senate will read the speech of the Minister who introduced the bill he will find that he said that the passing of this measure by both Houses of Parliament would have an influence on. the bank in granting advances.

Senator Daly - Moral suasion is not coercion.

Senator Sir WILLIAMGLASGOW.Advances should not be made against security which is not full value for the advances.

Senator Daly - That would be not moral, but immoral, suasion.

Senator Sir WILLIAMGLASGOW.We should not do anything to influence the bank to make advances against which there is not a proper cover. I ask the Senate not to agree to the amendment.

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