HC Deb 26 October 1932 vol 269 cc988-9
70. Mr. L. SMITH

asked the Financial Secretary to the Treasury whether, before future issues of Australian Government securities are placed on the Treasury Trustee list subject to the Colonial Stock Act,.1900, he will take steps to have existing regulations strengthened for the protection of trustees?


The answer to my hon. Friend's inquiry is in the negative.


Is the hon. Gentleman aware that the threat of repudiation by the Prime Minister of New South Wales, though it may not have been put into operation, caused considerable loss to holders of Australian Trustee stocks, when they had to sell at the panic prices caused by that threat of repudiation?


I am aware that the credit of the Australian Government is quite sound, as witnessed by the fact that the recent Commonwealth Loan is standing at a premium.