HAMBROS' CAUTIOUS POLICY
The extreme caution with which Mr. R. Olaf Hambro approached general topics at last week's meeting of Hambros Bank prevented him from saying anything about the effects of the international situation unon the London merchant banks. But two things which he did say about Hambros balance-sheet must have given shareholders an idea df, what was in his mind. Hambros have, he explained, confined them- selves to meeting the financial requirements of their old- established customers, with the result that no less than 72 Per cent. of their acceptance account is on Scandinavian and British account. Further, in the late summer of 1938 the took steps to liquefy their position by reducing their gilt-edged (Contimted on page 98o) FINANCIAL NOTES (Continued from page 978)
holdings and increasing their holding of Treasury bills to a similar extent. This change, which Mr. Hambro described as a precautionary measure, is still their policy today.
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