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Tuesday, 12 November 1974
Page: 2212

Senator WALSH - My question is addressed to the Leader of the Government in the Senate. Has the Minister seen Sir Norman Giles 's report, as chairman, to Elder Smith Goldsborough Mort Ltd in which Sir Norman mentions socialism, free enterprise and a national companies Act? Does the Minister know whether the socialism of which Sir Norman disapproves would include the Government's maintenance of the 250c floor price for wool and whether the free enterprise he eulogises includes the fraudulent company practises exposed by the report of the Senate Select Committee on Securities and Exchange? Does he know whether Sir Norman Giles has a propensity to mouth the loose and emotive cliches of the political propagandist?

Senator MURPHY -I have noticed the publicised remarks of the knight in question. I suppose the matter might be summed up by saying that like many others of his kind he believes that one should capitalise the profits and socialise the losses. The honourable senator spoke of the wool industry. As I have mentioned before, this Government took the initiative of estabishing the security of the wool industry by means of the floor price. It is thanks to a combination of factors- good seasons, hard work and the efforts of our intelligent Minister for Agriculture- that the rural industries of Australia- apart, in fairness, from the meat industry- are enjoying conditions which can only be described as buoyant. I think it would be much better for the gentleman who made those remarks to start to assist the Government in its endeavours instead of indulging in carping cirticism.

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