Complex sentence: The Loan Council was established in 1923 as a voluntary organisation by Commonwealth and State governments, to avoid each competing against the others for capital funds, three-quarters of which came from overseas.
Split into simpler sentences: The Loan Council was established in 1923 as a voluntary organisation. A Loan Council was set up to co-ordinate loans by Commonwealth and state governments, to avoid them competing for capital funds, three-quarters of which came from overseas.