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Tuesday, 19 December 1911

Senator McGREGOR (South Australia) (Vice-President of the Executive Council) . - In moving the second reading; of the Bill T gave the information for which Senator Rae asks, and the Treasurer had previously done so. It is intended to take the whole of this money from the gold reserves in the Treasury, on account of the note issue, without touching- the 2 5 per cent, gold reserve, which must be hela against the Australian notes. I may say that there will te enough money in the Treasury in connexion with our note issue to provide this amount without touching the 25 per cent, gold reserve, or even the reserve of £1 for £1, which, under the Australian Notes Act, must be held in respect of notes issued over the amount of ,£7,000,000. This is

Apart from any amendment of the Austraiian Notes Act which may be contemplated.

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