Financial Notes
BANKING IN SOUTH AMERICA.
Mn. RICHARD FOSTER, the Deputy Chairman of the Bank of London and South America, in the unavoidable absence through illness of the Chairman, Mr. Beaumont Pease, made some very interesting comments in his speech last week to shareholders of his bank upon conditions both in Argentina and Brazil. With regard to the former country, Mr. Foster was only echoing the general feeling in the City when he referred to the excellent manner in which the Argentine Caja de Conversion was functioning in meeting gold exports arising out of the Exchange position. And yet, curiously enough, almost at the moment when he was speaking the decision was being reached at Buenos Aires to close the Caja. Until further details are to hand it may be well, perhaps, not to be too critical of the action of the Argentine Govern- ment, but on the face of it it seems most regrettable that within about two years of Argentina's return to the effective gold standard this retrograde step should have had to be taken. * * * *
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