AUSTRALIA'S CREDIT.

New Zealand Herald, Volume LXVII, Issue 20622, 22 July 1930, Page 9

AUSTRALIA'S CREDIT.

MOBILISATION OVERSEAS.

PROBLEM OF EXCHANGE.

VITAL CONFERENCE HELD.

SOLUTION OF DIFFICULTY.

Ry Telegraph— Press Association—Copyright

(Received July '2l. 9.5 p.m.) SYDNEY, July 21

A vital conference of bankers and political leaders was held at Sydney today in the presence ot Sir Otto Nietneyer, of the Bank of England. Tho Prime Minister, -Mr. J. 11. Scullin, and Sir I'obert Gibson, chairman of directors, and Mr. E. C. Piddle, governor of the Commonwealth Bank, were also present. Tho conference came to an arrangement under which the available credit overseas will bo mobilised at the disposal of the Commonwealth Government. This will provide a solution of the difficult problem of oveiseas exchange now confronting Australia, and the various Governments of Australia will have the first call on the available funds in the hands of the banks in London.

Sir Otto (Ernst) Niemeycr, financial expert, who is now in Australia ad\ismg tho Commonwealth Government, was born in 1383. He was educated at St. Paul's School, Hammersmith, and Balliol College, Oxford. Joining the Civil Service, he entered the Treasury in 1906. His progress was rapid. After acting as private secretary to successive Financial Secretaries he was appointed principal clerk in 1919 ami principal assistant secretary a, year later. In 1921 'bo was made Deputy-Controller of Finance and a member of the National Savings Committee, as also of the East and West Africa Currency Board. Sir Otto succeeded sir Basil Blackett as Controller of Finance in 1922. In that capacity he was actively engaged in international financial negotiations. Many important conferences took place during his term of ollice on reparations and interAllied debts, and Sir Otto's expert knowledge and financial skill saved many ugly situations. He. also did valuable work as a member oi the I'inancial Committee of the League of Nations. In 1924 he was knighted (K.C.8.). In May, 1927. Sir Otto decided to leave the Civil Service in order to take up a post at the Bank of England and at the same time Sir G. Barstow, Controller of the Supply Services, resigned to become a director* of the Anglo-Persian Oil Company, with the result that the Chancellor of the Exchequer amalgamated the two posts, thus saving £3OOO. Sir Otto continued his duties as Controller till the end "f July. His departure was regarded as a ureal loss to the , Treasury. In March, 1928. he was appointed a director of the Anglo International Bank (formerly the Anglo-Austrian Bank), thus maintaining the connection between it, and the Bank of England. He is also on tho board of the Yickers-Armstrong combine. In 1927 he made a first-hand study of conditions in Central Europe.