“NIVISONS"

Evening Star, Issue 18031, 27 July 1922, Page 3

“NIVISONS"

CONTROLLER OF MONEY ,IN MILLIONS. 1 [By Sir Honour 'M‘C. Anderson in Sydney ‘Daily Telegraph.’] "Live within your income, even if you have to borrow the money to do it.” LONDON, June 1. It is not always the man most widely advertised who has the greatest influence. Australia has been generous in _ appreciation of politicians, sailors, soldiers, etc., from overseas, but none of these has such a wide and abiding influence on Australia’s interests as. the firm of Robert Nivison and Co., responsible for. a!|, Australian (Commonwealth and State) loans on ibis side of the world. Dull trade means lively stock markets, especially gilt-edged l ; therefore recently there baa been little trouble in floating our loans. But it is a sad fact that Australian loans generally are unpopular in this market, and were they not trustee stocks (in which trustees are authorised by statute to invest at par value and under) some of tho States would have to pay very high interest. But as trustee stocks,are somewhat less irt quantity than the amount usually available l for investment, they' eventually come roughly to a parity; but it is not flattering to our vanity to see the stocks of a little-known African 1 colony, for instance, cheaper and more popular than those of Australian States. Much, therefore, depends upon the judgment and power of the brokers underwriting our stocks. THE OUTSTANDING FIGURE, “Nivisons” consists of six partners, the outstanding figure being the chief—Lord Glendyne. He became Sir Robert Nivison, Bart., in 1914, and the announcement of his peerage this year was received with general acclaim. Often nowadays, alas! when a baronetcy or peerage is announced, people rudely ask; “What for? How much?” He has had a romantic career. Born in 1849 in the town of Sanquhar, in Dumfriesshire, Scotland, he entered tho famous Scottish Bank, British Linen Company, at fifteen years of age. Sanquhar soon ‘became too cramped for Robert Nivison’s energies, and in 1869 he saw tho most beautiful and profitable vista open to a capable Scot—the road to London, where he joined' the London and Westminster Bank. But at thirty-two years of age banks had served his turn, ipid he entered the office of the London Stuck Exchange in 1881, becoming a member of that body the year after. In those days the Australia® colonies issued their loans in London by-tender, only fairly satisfactory when demands were modest, but quite impossible when tfie volume of loan business grew. Nivison was a pioneer of the underwriting method, and wisdom was justified of her child, for he worked up a great business, of which tho Australian connection is only a branch. As his firm could not of themselves underwrite the millions regularly demanded, he raised a corps of underwriters, and his list of investors numbers tens of thousands. Nivisons receive 25s per cent, for underwriting -a loan, of which they give 20s per cent, to their sub-underwriters, who are allotted varying- proportions, which they are at liberty to decline; but declension is very rare, and probably the person declining would be relieved from further service—the subs, must take the rough . with the smooth. Still, the Nivison judgment is so sound that the underwriter who sometimes finds himself saddled with a. large proportion of his undertaking knows that it is only a matter of time when he will be relieved. NEW SOUTH WALES BREAKS THE RECORD. During 1920 r 21 it was pretty certain, excepting in the one solitary case of Victoria, that the Australian underwriter would be landed with a fair proportion of - tho Joan, sometimes as high as 80 per cent.; but it remained ’for New South Wales to break the, record a few weeks ago, when the underwriters had the honor ’ of shouldering 94 per cent, of their lia- ' bility! ■ In fairness, it may be said that Nivisonp’ demands were rather, exigeant, in . that they issued this loan at 4J) pep cent, interest, when 5 per cent, was obtainable for British war, loan stock! Little wonder that it is selling at £3 discount! Lord Glendyne is the son and grandson of colliery managers, noted figures in their district as capable engineers, men of rectitude and studious habit, and he is a worthy son of those worthy sires of whom he is proud. When the rising young man wanted a wife, he turned to a Sanquhar farm and secured a capable and Charming helpmeet, who died in ■ 1918, leaving fragrant memories. • SKETCH OF LORD GLENDYNE. 1 Lord Glendyne is of average height, spare build, sandy hair, and bearded. Very nimble-minded, he does not suffer fools gladly, but is patient with the slow and sincere. Of unassuming modesty, when occasion demands ho is a “ bonnie feebler,” as a powerful group recently trying conclusions with his firm discovered. True to his ancestry, in his business hours he ‘‘jokes with difficulty ” on such serious matters as -finance, but . bis nature is kindly and generous, and bo gives liberally and widely. Ho is faithful to the memory of bis native place, where he founded the Nivison Trust, some £IO,OOO, to help the less-t fortunate of his native town.} Aa appropriate in tho descendant of kirk e-ldeis, you will find him on the Sabbath'mom at,the kirk near his Harap- ; stead 'home, joining in the simple Scottish service, where the sermon has something for the thoughtful man to bite on. As the minister is a scholarly Highlander, with poetic vision, he is sure of getting . ‘‘the -root of tho matter.” His interest is evidenced by another Nivison Trust of handsome proportions in the kirk of his fathers, invested in an Australian Slate loan for-bye/.te It would bo difficult to find a more simple, unassuming man than Lord Glendyne, controller of money in millions. Ho is absolutely free of ‘‘side,” and when, for instance. Premiers from overseas approach him for advice and assistance, his SitTen.ee and sympathy'' are boundless. 1 e is indifferent to social honors and distinctions, is fond of a joke, and has ever a kindly eye *for the bairns. At a function recently he failed to attend. Query—- “ Where is Glendyne?” He had made an appointment to take his grandchildren, to the circus on that day. And that was that! Tide article on “ Nivisons'” seems to have become mainly Lord Glendyne, for he is an attractive figure; but his firm will carry on capably when he resigns authority, for they consist of carefully • chosen, thoroughly competent men of tho -.university type. One of the partners is ■ a .son—one of three who went to the war, leaving dad to carry on, and one gaw his life. Although none of the partners in -Nivigonfl has been in Australia, they all have an uncanny knowledge of our conditions, possibilities, and difficulties. It would seem wise for the Commonwealth ‘ and -States to _ invite representatives of Nivisons to visit Australia. They would impart expert information as to the conditions and future of the London money ■ market, and imbibe .first-hand knowledge of Australian resources. Few men possess so much power for, ■< good in Australia’s interests as the modest i ‘group comprising “Nivisons,”