WHY WATT RESIGNED.

Rangitikei Advocate and Manawatu Argus, Volume XLV, Issue 12074, 10 June 1920, Page 8

WHY WATT RESIGNED.

HUGHES WANTED CASH. United Press Association—By Electric Telegraph—Copyright. Received June 10, noon London, June 9 It is rumoured that there is a possibility of Mr Watt abandoning politics for business. City circles greatly regret Mr Watt's resignation Bankers, financiers and business men have been greatly impressed with him both on this and his previous visit. They consider it will be a serious loss" to Australia if a man o f such outstanding abilities retires from politics. General disappointment is expressed that Mr Watt resigned before he had an opportunity of expressing bis viows regarding Australia's finances, as he intended to do. The Australian Press learns that a high Anglo-Australian authority suggests that the reason for his resignation mav possibly be found in a disagreement concerning the recovery of Australia's share of the German indemnity. It is understood that the Commonwealth wanted to liquidate Australia'9 indebtedness to the Imperial Government by hypothecating Australia's share of tho German indemnity, but the Imperial Government pointed our that Germany's payments were probably indefinitely remote and insisted that Australia should shoulder its responsibilities irrespective of Germany. The informant suggested that Mr Watt assented to this arrangement, but his colleagues dissented. Later. It is understood that the dipsute arose over the wool profits, Mr Hughes desiring Mr Watt to secure modifications in the agreement reached Dy Mr Watt with tbe Imperial authorities.