Does Scullin Want Fusion?
GESTURE TO OPPOSITION Received Tuesday, 8.40 p.m. CANBERRA, April 28. In the House of Representatives, during the debate in the committee stages of the Commonwealth Bank Bill, which authorises the shipment of gold to London to meet urgent obligations, the Prime Minister appealed to the Opposition for co-operation in surmounting the present crisis. He said the Government would be prepared to abandon the fiduciary issue or any other plank of its policy if the Opposition could show a better way out of the national difficulties. He claimed that the gold in the bank here was earning nothing. It would save interest and heavy exchange if Parliament would agree to the shipment of £5,000,000 worth. Mr. Latham replied that the removal of the -gold reserve would inflict permanent financial disabilities. The remedy was a radical reconstruction of the national economic and financial fabric.
Semi-official sources explain that if a further £5,000,000 in gold is shipped, the reserve would be reduced to £10,000,000, which would be sufficient under the existing legislation to back a note issue of not more than
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Bibliographic details
Horowhenua Chronicle, 29 April 1931, Page 3
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182Does Scullin Want Fusion? Horowhenua Chronicle, 29 April 1931, Page 3
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