Complications for British Investors
Rec. 7 p.m. LONDON, Aug. 19. The effect on the London Stock Exchange of Mr Chifley’s announcement about the nationalisation of Australian banking was a lowering and widening ,-<f quotations by dealers, says the Daily Telegraph’s financial correspondent, although there was no pressure to sell. The news came as a shock to the London offices of the banks concerned and officials emphasised two points which they say complicate the issue ;o far as its affects investors in Britain. Several banks are British companies registered in Britain, and many have important assets and conduct substantial business in New Zealand. Banking officials asked whether the Australian Government’s legislative power extended to English companies and what would be the effect on assets held outside Australia. . The advice given to brokers by jobbers on the Stock Exchange was not to pi-ess sales but to await further developments
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Otago Daily Times, Issue 26544, 20 August 1947, Page 5
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147Complications for British Investors Otago Daily Times, Issue 26544, 20 August 1947, Page 5
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