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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 15, 1973, Lethbridge, Alberta 8 THE LETHBIUDGE HERALD Tuesday, May IS, 1973 centre of the U.S. TV I-'RED COLEMAN (AP) Welcome to the new banking centre j f the United idea ir.ny sounded 'liy once, but not since Into year when I ho lord mayor London more American banking cor-j oporaie here than in York or any c'her city. n i f i c r n t American; now have their own i randies in London, against j only 45 in New York, and the reason is simple. For n decade this city has been moving toward the day when it cot'k! rtp'rc'c New York as the undisputed financial cap- ital c.' the world, a tiUe I.om'on held once before, between 1015 and New York, although richer to- day, is b.rgoly a domestic mar- ket, where American money is rrhed fov U.S. I.s-v.lon already ranks the fi- nancial centre for international i dealings. Even New York dees much of its overseas business here. London's resurgence as a fi- i naneial capital probably owed iis iiart to the unplanned sine effects of Kennedy adminis- tration policy. At the time, Washington tried j to reduce America's ba'ar.ce-of- j payments net but- new market. j tho Eiroc'il'nr mirkc' i is the longest tiomilj money market in Ike world, e> I timated to total more than billion. By all accounts the lion's share of the Eurodollar losn bi'sires, in to 80 per cent cc it by some "reports, is con- in London. The Eurodollar business brought the foreign banks to London for a piece of the ac- t'on. Th.rlr number has doubled since 1957. At lact count, there were 245 foreign banks operating in Lon- don, far ahead of New York with 17. Many of these banks were a the centre of the speculative wave that touched off the latest international monetary crisis which led to the 10-per-cent de- valuation of the U.S. dollar Feb. 12. London's reputation as the top international financial centre in the world doss not live by banks alone. The square mile that farms the financial district here, also contains: lergsst international in- surance market in the world,