AUSTRALIA’S OVERSEAS FUNDS
LABOUR MOVES CENSURE MOTION (United Press Association—By Electric Telegraph- Copyright) CANBERRA, 11th March. In the House .of Representatives, Mr J. Curtin, Leader of the Opposition, launched a censure motion complaining of the Government's failure to raleguard Australia's overseas funds by checking the increasing flow of unnecessary imports, thus leaving it to the Commonwealth Bank Board to direct the national monetary no hey m a manner gravely affecting economic conditions in Australia. Mr Curtin, in the course ol his criticism:, found fault wjtli the Bank Board for throwing Treasury hills on (he open market and compelling trading hanks to compete with the Commonwealth Bank for deposit money, which was bound to cause a rise m interest rates and road upon industry.
The Prime Minister, Mr J. A. Lyons, in reply, said that, while the position in London was not so easy as the Government would like, it was quite secure for the time being. The Government, be added, would welcome a decrease in imports so long as it did not involve raw material or equipment necessary to Australian industries. Mr Lyons said that the Government bad every confidence in the Commonwealth Bank Board, which, had been left free to act as it thought fit
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Nelson Evening Mail, Volume LXX, 12 March 1936, Page 5
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206AUSTRALIA’S OVERSEAS FUNDS Nelson Evening Mail, Volume LXX, 12 March 1936, Page 5
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