My dear P.M.,

AUSTRALIAN LOAN POSITION IN LONDON

Thomas Hastie, a partner in the Melbourne stockbroking and
financial firm of J. B. Were & Son, is now more or less
permanently in London. I knew him well during the War and have
since done my private business through his firm. In conversation
with him lately, I asked him to write me a letter recording his
ideas and impressions of how we stand in London from the point of
view of Loans. I enclose the result. [1] I have censored two
paragraphs from his letter, which I reproduce for your own
information on separate sheet attached, as you may wish to pass
the letter itself to your Treasury Department.

Hastie is a bright-minded, vigorous fellow of about 37, who, in
company with Ricketson [2] (aged about 40), the senior partner of
J. B. Were & Son, has apparently mastered this Stock Exchange and
finance business in this short ten years that have gone by since
the War. I have found them the most reliable and up-to-date firm
that I have dealt with, and the only criticism that I have heard
made against them is that they are too vigorous and too inclined
to advertise. Personally, their methods and attitude towards their
business appeal to me and I am inclined to consider the criticism
as based entirely on jealousy.

In any event, I think the attached letter will be of interest to
you. If you would like me to get a regular letter from him, at say
monthly intervals, please let me know. It would be anonymous and
addressed to me, but he would know that it was for your eventual
information.

I was interested to note by yesterday's press the 4 1/2% 1956 loan
floated in New York at 92 1/2, which comes out at slightly over 5%
to the buyer including redemption, and as such is cheap money. And
this was floated, I imagine, without competitive tender.

I am, Yours sincerely,
R.G. CASEY