LEADERS OF FINANCE

Hokitika Guardian, 13 June 1930, Page 5

LEADERS OF FINANCE

AMERICANS OR BRITISH?

NEW YORK, March 18

Reading the hard luck stones of business conditions in England says a New York financial writer, one might draw the conclusion that British bankers are not loaning money to foreign nations. But they are—plenty of it. Total foreign loans for the United States allowing for refunding operations, were $671,000,000 in 1929, and $541,000,000 for Great Britain, according to Government figures.

But the loans to European nations in that year from both countries showed a decrease over the previous ivear. The United States bankers advanced ony $142,000,000 in 1929, representing a precipitous drop of $650, 900.090 from 1928, while the British underwrote $87,500,090 or $190,000,900 less than they did in the preceding year. One financial observer makes this statement: “The fact that the British have cut down our lead as a foreign lender in a year when conditions have been exceedingly unfavourable for both countries is a fact that deserves serious consideration. It shows a relatively greater stability in British foreign capital under the stress of difficulties such ns those of last year.” The world sweep of the British banker is much wider than that of the American. Tt readies into Australia, New Zealand, ’ r lea, the United States lent nothing while Great. Britain in 1929 underwrote $65,000,000, largely for mining companies.

.Most Americans believe that the world kndorsh ip in finance has permanently crossed from London to New Vnrk. Millions of Britishers challenge this claim and show such figures as these to back up British prestige.