American Dollar

Hawke's Bay Tribune, Volume XV, Issue 202, 25 November 1925, Page 5

American Dollar

Extends Its Influence A NEW YORK BANK OPENS BUSINESS IN AUSTRALIA. [By Cable—Press Association—Copyright.) (Received 25, 9.55 a.m.) New York, Nov. 24. The National City Bank of New York has decided to have a permanent representative in Australia with a view to furthering financial connections between the two countries. Mr. J. F. Lauderdale, who has been lately representing the National Bank in London, and formerly had experience in Scandinavian and other European countries, has been appointed to the now position in Australia.

Th is understood that the National City Bank is not only interested in the flotation of loans for Governmental organisation in Australia, but will, it is believed, be ready to advance funds to municipalities and public utilities for far-reaching improvements. The National City Bank does large business in the direct placements of its bonds among small investors in the United States, and it is believed it would underwrite enterprises at rates competitive with London. Large American financial houses are desirous of finding a further outlet for American capital in worth-while foreign investments, especially since the Ame rican Government specifically approves of such.

Th National Bank’s entrance into the Australian field is considered a strong mark of confidence of American business circles in continued Australian development .along sound lines.—(A and N.Z.)