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Tuesday, 30 March 1971

Senator TURNBULL (TASMANIA) - I ask the Leader of the Government in the Senate whether it would be possible for Senator Sir Magnus Cormack to make an interim report or statement in regard to the rather iniquitous and almost criminal actions of the Sydney Stock Exchange in relation to short selling. Secondly, has the Senate Select Committee on Securities and Exchange any power to compel the Sydney Stock Exchange to alter its habits? In other words, where does the public stand with regard to misdealings and misadventures on the Stock Exchange? Does the Senate Select Committee have- the power to correct any such situation?

Senator Sir KENNETHANDERSONI shall deal firstly with the first part of the honourable senator's question.- As I recall the position, the Chairman of the Senate Select Committee on Securities and Exchange has indicated on a number of occasions - certainly publicly, and I have an idea that maybe he has done so in this place - that it is the hope of (he Committee to present at least an interim report during the present session: ' .

Senator TURNBULL (TASMANIA) - In June.

Senator Sir KENNETH ANDERSON - That is right, in June.

Senator TURNBULL (TASMANIA) - But :that will be too late.

Senator Sir KENNETH ANDERSON - This is the information which I can give to the honourable senator, and I give it in good faith. The second part of the honourable senator's question raised legal matters which I think it would be very inappropriate for me to attempt to canvass at question time. I ask him to. put his question on notice so that F can have the matter referred.

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