This Bill is merely an extension of the period of operation of the Trade Loans (Guarantee) Act. It continues the existing Act and the powers of the Minister for a further period of one year. I think the provisions of the Act are reasonably well known to Senators.
Public Business - Trade Loans (Guarantee) (Amendment) Bill, 1932—Second Stage.
Question proposed: "That the Bill be now read a Second Time."
I have no objection to this Bill, which is merely an extension of the existing Act, but I suggest for the consideration of the Government, when there is more time available, that the original Act should be done away with and a new Act put into force. There are various restrictions in the existing Act which render it of very little use to those to whom an advance would be useful. These restrictions are such that they can be got round by a very costly method, by a limited company going into liquidation and refloating, or by a private company becoming a limited company, but that involves considerable expense and delay. I suggest that these restrictions are really artificial and costly, and should be got rid of when the subject is being reconsidered by the Government, which I take it will be at the end of the present period of extension.
Question put and agreed to.
Committee Stage ordered for Wednesday, 13th July.