13th March, 1928
PERSONAL AND CONFIDENTIAL
My dear P.M.,
AMERICAN CAPITAL IN GREAT BRITAIN
It may interest you to know that His Majesty's Government has under consideration the problem arising out of the fact that American capital is becoming increasingly interested in the acquisition of electrical undertakings in this country.
Already a large number of electric supply companies in the southern half of England have come into the hands of the Greater London and Counties Trust Limited, which is the medium through which purchases are made on behalf of the American financial houses interested. It is also said that the General Electric Company of New York has taken over the Vickers holding in the Metropolitan-Vickers Electrical Company.
This invasion of American capital into an important public utility is causing some concern in the municipalities and the matter has come before Cabinet, through the proper channels. It will probably be referred to the Committee of Civil Research. I will write you again on this subject when it has been looked into by the latter body.
The search for outlets for American capital is apparently so intense that it is possible that something on the same lines as the above may be going on in Australia. It is for this reason that I send you this letter on a domestic question. 
I am, Yours very truly, R.G. CASEY