American Investment.

Hokitika Guardian, 19 October 1922, Page 1

American Investment.

AUCKLAND, Oct 15. The willingness of American finnn- ' tiers to devote money to Australian j development schemes which appear to i them to offer fair field for investment is evidenced by the success of the mission upon which Mr C. J. tic- Paris. ' of Melbourne recently journey to the United States. Mr de Paris, who was a through passenger by the Niagara, is managing director of the de Paris j Kendenup Development Company. • which some two years ago acquired ■ a sheep station of 55.000 acres in Western Australia, and promoted closer settlement scheme which has been ! followed with great interest in Aus ; trnlia. The need for funds to meet j outstanding liabilities and for further j development of Kendenup led to. Mr do Paris making a trip to the United Ktntos in June, with the object ol interesting American financiers in the scheme. He stated that his mission ( had been entirely successful and that i the banking firm of 1/. J. (Holland 1 and Co., New York, had advanced the ! sum of £275.000 in 8 per cent, first I mortgage debentures on Kendenup, to i be repaid in 10 years and to replace, all i first and second mortgage debentures * which have only three years to run. i This woidd cover all existing liabilities and leave an ample margin to provide for future development. | “We found American business men and bankers arc extremely courteous and friendly towards Australia,” said Mr de Paris, “although they resented, ; .klie fact that an American bank ' could not be. established in Australia i under existing Australian laws. They j stated that until this obstacle was re >. moved no financial aid could be given I by America to Australia except in Government securities. T feel saire that if ordinary banking facilities were granted to America in Australia, it would mean the a-dvanceuient of hundreds of millions sterling for the development of our empty spaces.” i Another factor which hampered lmancial operations was was an embargo recently issued by the Federal American Treasury which prevented an.i ! American inve fluent in foreign coun- ! tries ,wider which designation Australia, was classed without the consent ■*! , Federal Treasurer. j Air do Paris stated that an Amen--1 can sviitiicatc, represented by (.'cl- ‘ land’s Bank would ho sending out .m oil expert shortly to investigate the j prospects of oil bearing at Kuiulenup. If confirmed this would have a tremendous effect on land values there.