FEDERAL FINANCE

New Zealand Times, Volume XLVI, Issue 10536, 12 March 1920, Page 6

FEDERAL FINANCE

EXPLANATION TO NEW YORK BANKERS. TANGIBLE ASSETS. Australian and N.Z. Caolo Association. NEW YORK, March 10. The New Y’ork Bankers’ Club entertained Mr Mark Sheldon, Australian Commonwealth Commissioner in the United States, who made a speech upon Australian piffilfc and private ! finance before, an audience of 250 prominent bankers and financiers. Mi Sheldon took occasion to answer many questions .which had been raised concerning-, Commonwealth finance. Ho b^id L , borrowing %ad '-teem splendidlyr-baoked by tangible assets, such as railroads and •public improvements, which had ■ opened up the continent. Australians, bo said, purchased Commonwealth bonds as permanent- safe investments. It was natural that while the exchange between the- United States and Britain was adverse ■■'there' would -bo more intrading between members ’of the British Empire; but eventually, by a cooperative jniovement, the exchange situation would’Be’ adjusted. iiJlt.i Sheldon's! speech 'is ' favourably received by the-newspapers.