CONFIDENCE IN FUTURE.

Timaru Herald, Volume XCVIII, Issue 18084, 17 November 1924, Page 9

CONFIDENCE IN FUTURE.

Steady Buying of Sterling

EFFECT OF STABLE POLITICAL CONDITIONS. By Ciib'e —Ptvss Association —Copyright. Australian and a’.Z. Cable Association. (Deceived 5.5 p.m., November 16.; LONDON, November 1-5. llenewed sterling buying by New York and the Continent is duo to confidence in the future. Sterling to-day was sent up on New 5 ork J'lxchango to 4.64.J —the highest since May, 192-... Later excliange 101 l back to 4.6.'}J. FLUCTUATION OK EXCIIAXGF. The renewed advance ol sterling, which tell to 4.510 on November 12, and has now recovered to 4.6.'(iJ, is due to buying of sterling. The sterling quotation m New York ('par 4.HU 2-5; stood at par till Jul;. l!)15, alien it dropped to 4.76, remaining at Unit level till April 1919. The course of fluctuations since is briefly indicated :

STURDY FAITH IN AUSTRALIA.

AMERICA N FIX AN CIERS INTERESTED.

By Cable—Press Association —Copyright.

Australian aud N.Z. Cablo Association. (Received 5.5 p.m., November 16.) NEW YORK, November 15.

Mr Elder informed the Australia.. Press Association that shortly after arrival here, representatives ot several prominent banks, trust companies ami bond houses, visited him and inquired as to the prospects of making Australian loans. They said that American financial interests are extremely anxious to enter the Australian market, and declaring their willingness to advance largo sums to Federal, State and municipal Governments, also private concerns, especially so-called public utilities such as gas, electricity, power, and trams.

Extreme confidence in Australian prosperity in the future is expressed, and the old fears that the tendency towards Government ownership in Aus.> tralia might endanger tlic profitableness of investments in Australian private undertakings has completely vanished.

The bankers declare that the rates of interest would iavourably compare with the London market, and this is taken to mean that Australian loans could be limited in thch United States at 6 per cent, and loss. 'The National City Bank (the largest institution in America) and the Blair company (noted bond underwriters) have already' despatched representatives to Australia.

il IA‘U . 11 igliest. Lowest. 1919 . 1.7GJ :».67i 1920 4 .02.' 1921 . 4.2 m. 1 , 1922 4 .(>(> 4.IS lo-iu 192:1 4.72', 4.25J 1924 . 4.C4J 4.21J