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Legislative Assembly Hansard 1973

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Queensland Parliamentary Debates [Hansard] Legislative Assembly TUESDAY, 3 APRIL 1973 Electronic reproduction of original hardcopy Ministerial Statement [3 APRIL 1973] Ministerial Statement 3523 TUESDAY, 3 APRIL 1973 In relation to the Federated Housing Fund group, Mr. Connolly found- "(A) The fund company is within the definition of 'building society' in the Building Societies Act 1886-1972 and was Mr. ACTING SPEAKER (Mr. Lickiss, illegally formed contrary to section 41 of Mt. Coot-tha) read prayers and took the chair at 11 a.m. that Act. "(B) The operations of the fund com­ pany are not subject to .th~ restr.aif.!ts PAPERS imposed by Parliament on bmldmg socrehes The following papers were laid on the because the relevant provisions are directed table:- to 'registered building societies'. Proclamation under the Adoption of Child­ "(C) I am of the opinion that it is in ren Act Amendment Act 1972. the interests of the public and of the Orders in Council under­ shareholders that both companies should be Forestry Act 1959-1971. wound up. "(D) I am of the opinion that the The Harbours Acts, 1955 to 1968. directors have acted in the affairs of the Water Act 1926-1968. fund company in their own interests rather Regulations under- than in the interests of the members as a The State Transport Acts, 1960 to 1965. whole. The Harbours Acts, 1955 to 1968. "(E) I am of the opinion that. it is just Queensland Marine Act 1958-1972. and equitable that both compames should be wound up." In relation to the Northern Group MINISTERIAL STATEMENT Insurance, Mr. Connolly found that- INVESTIGATION OF HOUSING FINANCE COM­ "(A) The fund company is within the PANIES BY MR. P. D. CoNNOLLY, Q.C. definition of 'building society' in the Building Societies Act 1886-1972 and was Hon. W. E. KNOX (Nundah-Minister illegally formed contrary to section 41 of for Justice) (11.3 a.m.): During his investiga­ that Act. tion into the operation of a number of com­ "(B) The operations of the fund com­ panies, Mr. P. D. Connolly, Q.C., became pany are not subject to the rest;ai~ts aware that persons associated with the com­ imposed by Parliament on . ?mldmg panies under investigation were also asso­ societies because the relevant provrswns are ciated with groups of companies then actively directed to 'registered building societies'. seeking moneys from the general public. "(C) I am of the opinion that it is in These companies, which were engaged in the the interests of the public and of the field of housing finance, gave publicity to the shareholders that both companies should possibility of members of the public obtaining be wound up. finance at less than normal rates of interest. "(D) I am of the opinion that these I was advised that the financial structure of companies have a severe liquidity problem. these companies was questionable, and that Should they overcome it, it is my opinion the provisions of the Building Societies Act that the stage is set for the affairs of the were being circumvented. In all the circum­ fund company to be conducted in the stances, I considered that a special investiga­ interests of the directors and their asso­ tion pursuant to the provisions of Part VI A ciates rather than in the interests of the of the Companies Act should be made into members as a whole. the affairs of these companies. Accordingly, "(E) I am of the opinion that it is just on 21 December 1972 the Governor in and equitable that both companies should Council appointed Mr. P. D. Connolly, Q.C., be wound up." pursuant to section 170 of the Companies Act, to investigate all of the affairs of the In relation to the Mutual Home Loans companies during the whole of the period of group, Mr. Connolly found that- their operations. "(A) The fund company is within the definition of 'building society' in the Mr. Connolly has completed his report in Building Societies Act 1886-1972 and was respect of six of these companies, namely­ illegally formed contrary to section 41 of Federated Housing Fund of Australia that Act. Limited; "(B) The operations of the fun.d c~m­ The Federated Housing Fund Manage­ pany are not subject to the. r~stramts. ~~­ ment Company Limited; posed by Parliament on bmldmg socrehes The Mutual Home Loans Fund of Aus­ because the relevant provisions are directed tralia (Qld.) Ltd.; to 'registered building societies'. Mutual Home Loans Management Co. "(C) I am of the opinion that it is in (Qld.) Ltd.; the interests of the public and of the share­ Northern Mutual Loans Limited; and holders that both companies should be Services & Management (Qld.) Ltd. wound up. 3524 Questions Upon Notice [3 APRIL 1973] Questions Upon Notice "(D) I am of the opinion that the (2) Will he therefore take steps, through directors have acted in the affairs of the the appropriate authorities, to ensure that fund company in their own interests rather books are made available from other than in the interests of the members as a sources, such as foreign publishers in places whole; and like Hong Kong, Singapore or Taiwan? "(E) I am of the opinion that it is just and equitable that both companies should Answer:- be wound up." (1 and 2) "The increases in funds avail­ Action to wind up the six companies is able for Library Development Grants and today being taken by me by petitions to the the associated booster grant scheme are Supreme Court of Queensland. Mr. Connolly significant and are designed to ultimately has still to complete his investigation in provide the best school library collections respect of the remaining two companies­ in the Commonwealth of Australia. It is Queensland Loan Home Fund Limited and inevitable that such an increase should Home Loans Management Pty. Ltd. provide initial strains upon the bookselling I table Mr. Connolly's report, and move industry and upon the flow of books and that the report be printed. similar resources to Australia from the traditional suppliers in Great Britain and Whereupon the report was laid on the the United States, and also from local table, and ordered to be printed. industry sources. There is no doubt that earlier in the year a problem with shortages QUESTIONS UPON NOTICE of books did exist, but the problem has largely been overcome through close co­ JANITOR-GROUNDSMAN AND CLERK-TYPIST, operation between my Department and the AITKENVALE OPPORTUNITY SCHOOL, book publishing and bookselling industries. TOWNSVILLE There are no known publishers of English Mr. Tucker, pursuant to notice, asked The language books for children in Hong Kong, Minister for Education,- Singapore or Taiwan. It is well known that ( 1) As children of a number of my many publishers in Australia and Great constituents attend the opportunity school Britain utilise the printing facilities which at Aitkenvale. Townsville, why has assist­ exist in those places and the books so ance, in the form of a janitor-groundsman printed are offered for sale in Australia and a clerk-typist, been denied to this in the usual way. I emphasise that the class 2 school, despite the fact that applica­ facilities for English language book pro­ tions for the assistance were lodged with duction in Hong Kong, Singapore and his Department on September 12 and 14, Taiwan are printing facilities and not pub­ 1972? lishing facilities." (2) When will the assistance be granted? Answers:- RESERVATION OF LAND IN PARISH OF GREGORY AS ENVIRONMENTAL PARK (!) "It is not always possible to appoint ancillary staff to class 2 schools immed­ Mr. Bousen, pursuant to notice, asked The iately upon their establishment. Every Minister for Lands,- effort is made however to make the ( 1) Has his attention been drawn to provision as quickly as possible and in an advertisement in the Bundaberg News accordance with the financial and man­ Mail of March 27, wherein the lease of power resources of the Department. Assist­ land described as portion R491, parish of ance in the form of a janitor-groundsman Gregory, has been offered for sale for a and a clerk-typist has not been denied to period of 20 years? the Aitkenvale Opportunity School but there have been unfortunate delays in (2) Why is the land being put up for finalising appointments to these two sale and was any consideration given to positions." reserving some of it for an environmental park? (2) "It is anticipated that a janitor­ groundsman will commence duty on April (3) If not, will he take appropriate' 4, and that a clerk-typist will be appointed action to stop the sale of the lease until a to the school within the next fortnight." survey is carried out as to its suitability as an environmental park? BOOKS FOR SCHOOL LIBRARIES Answer:- Mr. Row, pursuant to notice, asked The (1 to 3) '·Owing to the necessity to Minister for Education,- adjust the area of camping and water ( 1) Is he aware that in spite of enhanced reserve R. 491, parish of Gregory, it has grants to Queensland schools for library been approved to withdraw the reserve purposes, the required books and publica­ from sale originally gazetted for April 10, tions cannot be purchased due to their 1973. The matter of whether or not the unavailability from local sources? area should be reserved for environmental Questions Upon Notice [3 APRIL 1973] Questions Upon Notice 3525 park in terms of recent legislation intro­ or ·of any approaches that have been made duced in the House, will be looked into by the company regarding the establish­ prior to further sale action being taken." ment of an alumina plant at or near Mackay? CLOSURE OF BRISBANE SUBURBAN POLICE ( 4) Will he assure the company that STATIONS; CRIMES REPORTED, CLAYFIELD, the people of Mackay and district would MOOROOKA AND STAFFORD STATIONS be most receptive to such a plant being established at or near Mackay and thst Mr.
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