INTERESTING BANKING DEVELOPMENTS.
Almost from the outset the P. & 0. Banking Corporation, which was originally launched undet_the .auspices of the P. &'‘. 0. SteainShip 'Company and three of the big English bank4, may be said to have justified 'the expediatiOns of its sponsors, and, although only formed in 1920, -its business, under excellent management', has steadily progressed so- that the kitest balance sheet shnyi$ed a total-of deposits-amounting to nearly 19,000,000. Nevertheless, or rather perhaps because of its success, it is not surprising to find that-there is now to be a ckike -affiliation with that banking iriititution in the East, the Chartered Bank of India, Australia—and China. At all events, proposili _have been made by the Chartered Bank to acquire a controlling-interest in the P. & Bank on terms which seem likely to be acceptableto, the shareholders. It is not clear whether the deal will mean the relinquish- ment by the three big English banks of their shares in the P. & 0. Bank, but, even if it should, the matter would scarcely be one for regret, inasmuch as the Chartered Bank and P. & 0. Bank represent a combination of ability and skill which certainly requires -no -further kind of " backing," while, on the other hand; We 'activities of our English banks are already_so extenSive-thaein'the many it will be well that they should not be further extended to foreign countries.
A. W. K.
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