2 AUGUST 1930, Page 26

LONDON-SCOTTISH BANKING DEVELOP3IENTS.

After a long period of quiescence in the banking world, so far as amalgamations and extensions of territory are concerned, quite sensational events have taken place during the last week. First of all, it was announced that the Royal Bank of Scotland was making an offer for the shares of Williams Deacon's Bank by means of an exchange of stock, so that Williams Deacon's shareholders will, if they accept the offer—as doubtless they will do—become shareholders in the Royal Bank of Scotland. And later came the equally surprising and important piece of news that the Royal Bank of Scotland had acquired the business of the Burlington Gardens Branch of the Bank, of England. Thus; the Royal Bank of Scotland, after more than two hundred years of existence, is showing notable enterprise - (Continued on page 176.) -

Financial Notes

(Continued from page 174)

in the expansion of its business in England. For many years, like several of the other leading Scottish banks, the Royal of Scotland had a branch in the City of London for money market purposes, but a few years ago it opened a branch in New Bond Street and in 1924 it acquired the business of Drummond's Bank. Now, by the transfer of the Burlington Gardens Branch of the Bank of England it will further increase its hold on an exceptional class of business in the West End of London, while the Williams Deacon's absorption will give it, indirectly, a seat in the London Bankers' Clearing House. Incidentally, that merger is a most welcome sign of staunch Scottish confi. dence in the future revival of Lancashire's staple industry. • * « *