[Lang]

Mike

. The items eligible for inclusion on the LL-RLL account did not include raw/unprocessed items such as wheat and wool.

That is what I am trying to track. The credits for those exports remained in the commercial world outside LL and I have no doubt were in the mix of cash/internal corporate dealings which reduced Australia's reliance on LL ..

This is a simplistic explaination and business financial dealings are usually far more complex and often so obscure to be opaque so no financial audit or tax investigation could ever get to the full facts of the operation. This is nothing new and off-shore companies and accounts. shell companies, inter-company billing, kick-backs and profit shifting go back to Roman times in various forms.

My thinking is say, Elders, as agents for the Wool Board sold a shipload of wool to USA and had a million dollars put in their USA branch of Bank of NSW account. The Brisbane Boot Lace Factory needed a million dollars of US bootlaces for a contract with the Australian Army.

The BBLF deposited a million dollars equivilent pounds into B of NSW in Australia to Elders who then credited the BBLF their USD holdings in USA.

Elders via the Wool Board distributed the money to Australian farmers. BBLF brought in the bootlaces, sold them to the government with 20% markup and LL knew nothing about the deal.

No physical foreign exchange outgoings or shifting gold across the room in Fort Knox on a government level, only credit exchange between commercial entities.

Lang