A CANNY SCOT.

Auckland Star, Volume LXIV, Issue 290, 8 December 1933, Page 12

A CANNY SCOT.

FAITH IN AUSTRALIA.

PROFITABLE INVESTMENT.

GLASGOW SYNDICATE.

(From Ocr Own Correspondent)

SYDNEY, December 1

Mr. Robert Middlemass, of Glasgow, who came out by the Orontes the other day, is said to be now in New Zealand, fishing for marlin and mako. He created a small sensation when he arrived, as he wears the national Highland costume. He is a Macgregor by descent, and wears the clan tartan, and he also displayed a fine sporran, which looked like koala fur, but proved to be sea otter. Mr. Middlemass is, of course, patriotic, but he was frank enough to inform the Press men here that he wears his national diess not for sentimental reasons only, but for advertisement —to attract public attention to Scotland and her industrial products.

But Mr. Middlemass is interesting to Australians chiefly because he has given convincing practical proof of his confidence in - this country's financial stability and his faith in its future. Two years ago lie came out to visit Australia for the first time, and' he says that he was so impressed with what, he saw of the resourcefulness and courage of the Australians that lie made up his mind at once that there was nothing in the rumours that he had heard at Home, that the Commonwealth was on the verge of bankruptcy.

Bought Australian Bonds. He went back, to Glasgow;, talked, matters over with his friends, and induced' them to join him in buying Australian bonds as an investment. They formed a small syndicate, these shrewd Glasgow men, and bought Australian stocks largely at 65 and 70; then they sat back and waited. Two years ago the average. for all stocks selling on our Exchange was about 50 —to-day, the average is at least 86, and it is rising steadily. Whatever the Middlemass syndicate bought, it' made a very handsome profit, and Mr. Middlemass, to show his gratitude, has sold out, "on the rise," a sufficient part of his holdings to give him another extensive tour through Australia and New Zealand. . The net effect of these transactions is a substantial reward for Mr. Middlemass's business acumen and his confidence in us, and a valuable advertisement for Australia in one of the most prosperous and best organised business centres of the Old Land. Those of us who have ever lost heart during the depression, or had any doubt about Australia's future, may well feel abashed as they contemplate Mr. Robert Middlemass, of Glasgow.