AUSTRALIA’S RESORT.

Grey River Argus, 22 June 1927, Page 5

AUSTRALIA’S RESORT.

TO NEW YORK. For AH Loans. (Australian and N.Z. Cable Assn.) (Received June 21 at 9.30 p.m.) NEW YORK, June 20. The New York World, in a financial editorial, states: International bankers here and in Australia predict that the Commonwealth is on the verge of turning to New York for all its industrial and municipal loans. It is explained that New York now offers better terms to borrowers than London, Bankers here and in Australia believe that ii the Commonwealth were pressed, it would give the American banks all the privileges that are enjoyed by its domestic institutions. [This .agreement would be based on a provision that the United States should grant similar privileges to the Australian bankft In future. In the conflict between the Australian Federal and States* laws, the United States intereferes, because the State laws, more than the national ones, now restrict the operations of foreign banks.