PROVINCIAL SHARE YIELDS.
The effect of trade stagnation has been most marked on the results of 'some of 'the, provincial institutions, the operations of which are confined mainly to the depressed industrial areas ; hut here again the usual conservative policy has been followed and dividends limited to earnings capacity. NeVeitheless, there is the possibility of further Contraction in profits if the present difficult and less remunerative conditions, continue, and the yields are-
consequently- higher than those en-the London bank shares.
District "A" (£5, El paid) .. .. 2,212
Martins (f-2%f21 Pc1') 14,160 Do. (£1 fully pd.) National (£5, £1 paid) 1,500 Royal of Scotland
(Stock) .. 3,770 * Allowing for interim dividend included in the price.
As a contrast to the English banks the Scottish institutions have shown remarkably little diminution in profits and in some instances have actually returned substantially better results, although it should be realized that some of the accounts are made up to last autumn, and, therefore, do not cover the worst of the industriaL depression. The Royal Bank of Scotland, which holds all the capital of Williams Deacon's Bank, is conspicuous among the banks of Scotland, and the yield of 41 per cent. on the stock testifies to the con- fidence felt in a continuance of successful operations. The Irish banks, too, have suffered little from the pre- vailing conditions owing, no doubt, to the process of rehabilitation now in progress in the Free State after the years of civil strife.
Capital paid-up. Reserve. £ 000's. £ 000's. Esti- _ !rated Approx. Approx. dividend. price. _ yield. of Jo - 2,000 161 21 - 3,508 14 14 5
31
1,485 14
3,781 17 350 611 6 411* 511* 41
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