LOANS FROM AMERICA.

New Zealand Herald, Volume LXV, Issue 19834, 3 January 1928, Page 11

LOANS FROM AMERICA.

FAITH IN THE .DOMSNIICNS, SECURITY STANDS HIGH. VIEWS OF SYDNEY BANKER. It is interesting to learn from a high authority fiat Americans regard the British Dominions as being tho next best financial security in the world to their own. The authority is Mr. H, T. Armitage, oil Sydney, deputy-governor oi' the Commonwealth Bank of Australia) who is returning to Sydney On the Niagara, which arrived here yesterday. The American public, he says, is willing to lend more cheaply to Canada, Australia, New Zealand and other British Dominions than to amy other country in the world, except its own. Mr. Armitage has been to New York and London on a dual mission- One of his tasks was to open in New York an agency of the Commonwealth Bank. "For geographical and other reasons," Iho said, "New York can never oust London iis the world's banking centre, buit at the present time America, is accumulating wealth far more rapidly than she can profitably use it within her own borders, and as a matter of economics she is bound to lend ii to other countries. This is just what England has been doing for. 100 years aod more." Now York is now such a very important world financial centre that the Commonwealth Bank decided it cug;ht to be directly represented there. It has had agents in New York for many yearii, but something more was wanted. Accordingly on December 12 an agency of the bank was opened for business at $5, Pine Street, a street which runs parallel with Wall Street, and ia right in the he*rt of New York's financial district. Mr. Armitage's other mission was to co-operate with Sir Hugh Denison, Australian High Commissioner, and Mr. J. R. Collins, Commonwealth Government financial adviser, in negotiating an £8,000,000 loan in New York. This was successfully issued at the end of August. Mr. Armitage went on to London and stayed a few. weeks there. Louden, he says, is not subject to the same fluctuations of enthusiasm that visit New York. It goes on steadily and soundly, and gives no occasion for any patriot to be alarmed about its future.