FINANCIAL NOTES.
Congratulations to Mr. McKenna and to the Board of— to give the bank its old title for the last time—the London Joint City and Midland Bank for the common-sense decision just reached to reduce the title to "Midland Bank, Limited." As a result of the many amalgamations, some of the titles of our big banks had become far too cumbersome, a circumstance recognised recently by the Westminster Bank, when they substituted that title for the London County Westminster and Parr's Bank, Limited. The saving in printing and addressing alone involved in the abbreviated titles must be great in the case of a concern where even the annual salary outlay runs into millions, while, undoubtedly, a simpler title is a convenience to all having business transactions with the institutions in • question. In this case it is not surprising that it is the word Midland which has been elected to survive all the other descriptions, because it. is connected in very special sense with the one who will always be regarded as the real founder of the bank—the late Sir Edward Holden. Thus, even in the new title the present Chairman and Executive are fulfilling, as they are in so many other respects, the traditions established by that famous banker.
On the whole, the chairmen of the various Argentine railways have been able, at the annual meetings, to speak in fairly encouraging terms with regard to general prospects. At the recent meeting of the Buenos Aires Western, a brief summary of which appeared in your last issue, the Chairman reported an expansion in traffic receipts under almost every head, although the grain traffic had not quite come up to expectations. Sir Henry Bell was also able to speak in more reassuring terms with regard to the labour situation. Many points, he said, of minor dispute had arisen, but all had been discussed and settled amicably. The company, in common with most South American concerns, is however, adversely affected at the moment by the position of the exchange.
So far as the speculative departments of the Stock Exchange are concerned interest in the past week has mainly centred in Oil shares and especially in the shares of the Royal Dutch Company and the Shell Transport and Trading Company. These two concerns are, of course, Virtually identical and two quite different reports have been circulated as to the reason of the advance in the shares. One report is to the effect that some efforts are being made in the direction of arranging a working agreement with the Standard Oil interests in America. Another market rumour is concerned with the prospects of the possible affiliation of the interests of the Royal Dutch group With those of the Anglo-Persian, statements even being made as to the possibility of the Government parting with its large holding of shares in the latter company. Both of these rumours must be given with considerable reserve, and it is not forgotten that some months ago the Government appeared to indicate its unwillingness to part with its holding of Anglo-Persian Oil shares. If it did do so there would presumably be a very large amount of cash available for ordinary
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