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Wednesday, 22 April 1931

Debate resumed from the 17 th April (vide page 989) on motion by Senator Barnes -

That the bill be now read a second time.

Upon which Senator McLachlan had moved by way of amendment -

That the word "now" be left out with a view to add the words " this day six months."

Senator Sir HALCOLEBATCH (Western Australia) [3.8]. - I desire to move that the following addition be made to the amendment proposed by Senator McLachlan : - and that in the opinion of the Senate the Government should take an early opportunity after further investigation and full consideration of the evidence collected by, and the report of, the Senate Select Committee, of introducing a Central Reserve Bank Bill embodying the principle of freedom from political control, and the maintenance of a currency system that will facilitate co-operation with the central reserve banks of other countries.

There are three principles involved in this amendment which I trust the Senate will accept - the principle of establishing in Australia a central reserve bank, the freedom of that bank from political control, and the maintenance of a currency system which will enable it to co-operate with the central reserve banks in other parts of the world. I regret very much the absence of Senator Glasgow, who was the chairman of the Senate committee which inquired into this bill, but I am sure that not one member of that committee regards its report as being in any way the last word to be said on this great subject. I am not suggesting in this amendment that the Government should take that committee's report for more than it is worth.

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