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MONEY TO DEFEND
SHOULD BE TAKEN
M^RANOA M. P. .RATHER
Money needed to defend Australia should be taken without any consid eration when it is a case of freedom or bondage, as now, is the opinion of Mr. Frank Baker, M. P. (Maranoa).
"We are in a struggle for our national life, ami we', should not haVe to go anywhere cap in hand for money," declared Mr. Baker at Can
He submitted that there was no need to seek to borrow what rightjy belonged to the nation. Under the National Security Act, the Govern ment-or Parliament-had complete power over men and woinen, money
and materials. _ All of them belonged to the Government in the present fierce struggle to defend the Com monwealth. If any man werti in structed to go anywhere, he went. He did not think of objecting. If we wanted money, we should take it.
'Speaking in 'the House of Repre sentatives, Mr. Baker said that, last year, when Treasurer. Mr. Faddei'. had told Parliament that the primary and secondary industries of the coun try had produced goods to the value of ^£925,000,000 in the previous 12 months period and that, for the finan cial year ending June 30, 1942, the value of the production would be £1,000,000,000.
That, declared Mr. Baker, repre sented the national income of Aus tralia, and every .£1 could be multi plied by 10 in order to measure the national credit. Surely, than, the is sue of credit could be expanded through the Commonwealth Bank to
win tho war.
The Royal Commission appointed to inquire into the monetary and banking systems of Australia report ed: "The Commonwealth Hank can lend to the Governments or to others in a variety of ways, and it can even make money available to Govern ments or to others free of any charge."
When, continued Mr. Baker, the chairman of the Commission, Mr. Justice Napier, was asked to explain that statement, he said that it meant what it said, namely, that the Com monwcalth Bank could lend money lor tins cons! rncl ion of public build ings, etc., and that there would'be no need to charge interest, or even to i cpay the principal amount.