FINANCIAL NOTES.
Despite the acute depression of the past week, it may be well to point out that not all the influences have been of an unfavourable character. The Trade Returns for October were encouraging, and the great expansion in imports suggested that other influences besides political apprehensions were responsible for the rise in the dollar. Nor were all departments of the Stock Exchange affected by the general malaise. South African Mines improved in consequence of the rise in the price of gold, and Oil shares remained active on the reports as to the likelihood of the block of Anglo-Persian oil shares held by the Government being acquired by the Royal Dutch- Shell group. * * * * The compliment which has been paid to the present Governor of the Bank of England, Mr. Montagu Norman, by the Directors in requesting him to take offiee next April for the fifth year in succession, may be regarded as expressing an appreciation of the great value of his services during a most difficult period, and also a recognition of the fact that those difficulties have by - no means ceased. With the exception of the late Lord Cunliffe, Mr. Norman will be the only Governor in the History of the Bank who has occupied the chair for so lengthy a period as five years. Not only so, but at the end of his fifth year Mr. Norman will have established an .absolute record in so far as direct association with active control is concerned, because he commenced to co-operate in whole-time active management by relieving the pressure of War work on the Governor and Deputy- Governor as far back as 1916.
For some time past exceptionally good reports have been published by the English. Scottish and Australian Bank, but the one for the year ending June 80th last -eclipsed all previous records. The gross profits amounted to £1,251,000 as compared with £1,095,000, and, not- withstanding the increase, there was a small reduction in expenses of management. Taxation absorbed a little of this growth in earnings, but, nevertheless, the net profits of 1471,000 compare with 1845,000 in the previous year. Not only is the dividend increased to 12i per cent. tax free, against 10 per cent, a year ago, but /152,000 is added to Reserve, while the Bank Officers' Guarantee and Provident Fund receives an allocation of 135,000 and the Directors are granting to the staff a bonus of 10 per cent. on their salaries, absorbing £40,500. Even after making these important allocations, there is a small increase in the amount
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