ANOTHER CRISIS

Wairarapa Times-Age, 8 June 1939, Page 7

ANOTHER CRISIS

FACED BY THE MENZIES CABINET DISPUTE OVER NATIONAL REGISTER. ATTITUDE OF COUNTRY PARTY. By Telegraph—Press Association —Copyright. CANBERRA, June 7. The Menzies Government is again facing a crisis as the result of the action of the West Australian member, Mr W. M. Nairn, in submitting an amendment to the National Registration Bill providing for a census of private wealth. The Country Party is reported to be supporting Mr Nairn, who, with the aid of Labour, may cause withdrawal of the National Registration Bill, or, alternatively, the resignation of the Ministry, who are stoutly opposed to a wealth census. Federal Treasury officials recently discovered evidence of a movement of capital on a substantial scale from Australia for re-investment in Britain. This is believed to be due to a recent sharp rise in the actual interest rate on Commonwealth gilt-edged securities in London, which at times was more than 25 per cent greater than the Australian rate. It is now believed that the London rates have been stabilised at a level sufficiently close to the Australian level to eliminate the inducement for further transfers.