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Thursday, 17 October 1974
Page: 1821

Senator COTTON (New South Wales) - We see here what is known as the Wreidt-Cotton operation for speed in the Senate. The Papua New Guinea Loans Guarantee Bill is a straightforward measure. It is not opposed by the Opposition; indeed, it is welcomed. It is mentioned in the second reading speech that Papua New Guinea engaged in its first overseas borrowing in the year 1972-73. It did so then with the support of the Opposition, and it does so again. This is a guarantee arrangement to cover Papua New Guinea as it passes towards independence. This Bill gives Papua New Guinea a more favourable opportunity in the international money market. It allows Papua New Guinea to achieve a more effective interest rate. It is couched in general terms, as is expressed in the second reading speech, so that the currencies in which Papua New Guinea may wish to negotiate are open for it to judge. This Bill allows us to give Papua New Guinea a guarantee by underwriting loans. A far as we can see, the measure follows exactly the same form as the previous legislation. It has our support and we welcome it.

Question resolved in the affirmative.

Bill read a second time, and passed through its remaining stages without amendment or debate.

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