A GOOD START.
The report recently published of the Anglo-French Banking Corporation—which although not actually the first report to be issued of this Institution is the first giving a full twelve months' working—shows that the bank has made a good start, and also that those responsible for the conduct of the bank's operations are determined to pursue a sound and conservative policy in building up a strong position. The year was in many respects a difficult one for international banking, but net profits were secured of over £60,000. These have been used by the directors to write off all preliminary expenses amounting to £32,607, while a further amount is devoted to provision for taxation, and £10,000 placed to Reserve, leaving a small balance to be carried forward. The balance-sheet is a very liquid one, both as regards cash and the good character of the securities. The bank has only been in existence for eighteen months, but Deposits increased during the past year by over £1,000,000, and now stand at £2,719,000. The proportion of liquid items in the balance-sheet to the total of current, deposit and other accounts is about 75 per cent.
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