BANKING IN SOUTH AMERICA.
At the recent meeting of the Bank of London and -South America, the chairman, Mr. J. Beaumont Pease, made some very interesting statements concerning conditions in South America. When it is remembered that countries like Argentina and Brazil during the past year have had to stand up not only against local economic developments of an =favourable character and the world depression, but revolutionary move- ments, it says much for the resources and vitality of the countries that conditions have been no worse, and certainly (Continued on page 997.) Financial Notes (Continued from page 994)
so far as the Bank of London and South America is con- cerned the directors may be congratulated upon the very moderate reduction which has had to be made in the dividend, more especially as the report and balance-sheet show that the dividend paid is accompanied by the maintenance of a sound conservative policy. Both as regards Argentina and Brazil, Mr. Pease, while by no means underestimating the serious character of the troubles, both economic and political, which have had to be faced, and while also by no means " underestimating the difficulties which have still to be over- come, was none the less able to speak hopefully with regard to the outlook in both countries.