TOWARDS WALL STREET

Evening Post, Volume CIX, Issue 31, 6 February 1925, Page 6

TOWARDS WALL STREET

Mr. J. A. M. Elder, representative of the Federal Government of Australia in the United States, has been enlightening "New York on financial and industrial conditions in the Commonwealth. In a message from New York, published to-day, he addressed the Chamber of Commerce of the State of New York on the Commonwealth Bank, unification of Australian railway gauges, and improvements contemplated by the Prime Minister (Mr. Bruce) in industrial | legislation. Then Dr. Earle Page (Treasurer ,of the Commonwealth) recently visited New York, but it was said at the time that his presence there had nothing to do with borrowing money. Mr. Pierpont Davis, too, a vicepresident of the National City Company—probably one of the largest, certainly one of the most important, financial organisations in the United States—quite recently visited Australia. His firm specialises in bond issues. One wonders why he came so far for information. All that is necessary to know about Australia, or any other country, is most carefully and accurately card-indexed in the offices of all banks and similar institutions having or desiring to have relations with foreign Governments and corporations. Is Australia looking hopefully towards Wall Street for new capital? If so, it must not be supposed that London sources are drying up, but rather that they are insufficient to meet all the great and expanding requirements of the Dominions. On the other hand,. New York could, providing terms -are sufficiently attractive, furnish considerable amounts of pew capital. The position that' appears to have arisen out of the growing connections between Australia and New York is extremely interesting, and will be closely followed in both the Commonwealth and this Dominion