ROYAL BANK OF SCOTLAND.
Special interest attaches to the annual Report of the Royal Bank of Scotland, inasmuch as it covers the bicentenary year, and, as mentioned in a recent issue of the Spectator, the Directors marked the occasion by the declaration of a special bonus to the proprietors of 5 per cent. over and above the maintenance of the annual dividend of 16 per cent. When announcing the bonus the Directors emphasized its excep- tional character by stating that the amount required was obtained from funds set aside long ago on account of deprecia- tion in investment stocks, the money being no longer required for that purpose. The annual Report issued last week, how- ever, shows that quite apart from this bonus distribution, the progress of the Royal Bank has again been very marked. In fact, a careful study of the figures in the balance-sheet gives evidence of some improvement in trade in Scotland to which the bank has judiciously ministered, while, in view of the small level at which they had previously stood, an increase in the Acceptances is a good point, for proper conservatism in the management of this bank can always .be relied upon.
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