I think that from the time the Principal Act was passed, it has been practically a dead letter and that this measure is largely continuing it beyond the period of time for which it was passed in the first instance, and that it is rather important now that this measure should be put into operation. I think that, possibly, one of the reasons why it has not been so operative or active as it might be, is that the Chairman of the Advisory Committee, who is also the Chairman of the Currency Commission, and has acted on certain other Commissions, has been really kept too busy to put this Act into operation as much as it should be. I notice that one of my friends shakes his head, but I fancy that that is so. I would submit, in view of the very few securities in this country that are trustee securities, that Mr. Justice Johnston, who is also on this Committee, and the Chairman of the Currency Commission, should not have so many extraneous duties put upon them, so as to enable those who wish to have a chance of investing the funds at their disposal to invest in those approved securities, particularly in view of the scheme of conversion foreshadowed by the Minister for Finance, which will compel a great many people who have funds in trustee securities to seek other outlets for the investment of these funds. I think this is a very good measure, but I mention this so that it may be utilised to a fuller extent than heretofore.
Approved Investments (Amendment) Bill, 1935—Final Stages.
I am sure the Government will consider any suggestion made by the Senator.
I think Deputy Dowdall must not have been here yesterday afternoon for the Second Reading.
No, I was not.
I explained several of the causes of delay in the operation of the original Act. The drawing up of the regulations and the conditions of operation of the Committee itself was the main cause of the delay. As a matter of fact, all the meetings with the exception of the meeting for this month have been held when called, and it is true that the Chairman of the Currency Commission, who is Chairman of this Committee, has been very busy; but it is only this month it has not been possible to hold any particular meeting of this Committee that has been called. I will, however, bring to the attention of the Minister for Finance, who is responsible for this measure, the remarks made by Senator Dowdall. I may mention also that the Committee will be meeting in the beginning of September. I gave the relevant dates, which the Senator will find in the Official Report, of the setting up of the various Committees, the introduction of the regulations, the passing of the regulations and so on, and I think that in them he will find adequate explanation of the points he has raised here to-day.