COMMONWEALTH BANK

Hawke's Bay Tribune, Volume XVII, Issue 214, 24 August 1927, Page 6

COMMONWEALTH BANK

AGENCY IN NEW YORK. CONSIDERABLE COMMENT. New York, August 22. Word from Australia that the Commonwealth Bank has officially announced the establishment ot an agency here attracted considerable attention. There is considerable cofiiment hi the financial columns of various newspapers and many rumours. the most recent being a report that a shipment a fortnight ago of a million pounds in gold from Australia, consigned to the Federal Reserve Bank, was for the purpose of building a reserve for the agency. The rumour is denied in informed quarters, with an explanation that the shipment is but another one of many recent exchange transactions not connected with the agency plans The principal problem of the establishment of an agency at present seems to be the question of obtaining suitable quarters It is desired here that the site should be in Wall Street, but this congested area offers no desirable places at modest rentals. Various bankers have called upon Commonwealth representatives here. RUMOURS OF A LOAN. The “New Yont Times’ ’’ (jiancial editor says.the Commonwealth is reported in Wai] Street to-day to be negotiating a 40,000,000 dollar issue of bonds in the American market, either for refundin" purposes of the Commonwealth or for State loans.(A. and N.Z.)