DOMINION LOANS

Hokitika Guardian, 5 January 1928, Page 4

DOMINION LOANS

AM E 111 CA N FI NA N CTER S FAVOURABLE. AUCKLAND. .Tim. 2. It is interesting to learn from a. high authority that Americans regard the British Dominions as being the next best security in the world to their own. The authority is Mr H. 'l'. Armitage. of Svdney, Deputy Goveiuoi of the Commonwealth Bank of Australia. who is returning to Sydney on the’ Niagara, which arrived here today.

The American public, he says, is willing to lend more cheaply to Canada. Australia, New Zealand, and other British Dominions, than to any other country in the world except their own. Mr Arinilage lias been to New York and London on a .dual mission. One of his tasks was to open in New York an agency of the Commonwealth Bank. “For geographcal and other reasons” he said, “New York can never oust London as the world’s hank centre, but- at the present time America is accumulating wealth far more rapidly than she can profitably use it within her own borders, and as a matter of economy she is bound to lend it lo other countries. This is just what England has been doing for 100 years and more.”

Mr Armilnge’s other mission was tn co-operate with Sir Hugh Denison, Australian High Commissioner, and Mr .1. R. Collins, Commonwealth Goveri/tnent financial adviser, ill negotiating a- 40,000,000 dollar loan in New York. This was successfully issued at the end of August.