NATIONAL BANK OF INDIA.
In the course of his speech to shareholders of the National Bank of India at the recent meeting of that institution, Sir Charles McLeod, the Chairman, made some very interesting comments on present conditions in India. Referring to the recent large gold exports from that country Sir Chinks emphasized the important part which they had Played in enabling India to maintain a favourable trade balance at a period when commodity prices had been at a low level, lle also referred in satisfactory terms to the comprehensive scheme of restriction in the tea industry, the effects of which had been beneficial. It is not only this country which is affected by Japanese competition, and Sir Charles referred to the menace of that competition to India accompanied, as it is, with dumping of goods of all sorts, the effect, of course, reacting upon our Manchester trade. There wen, he said, hopes that the Import Tariff Commission would deal with what he described as unfair rivalry. In the course of his remarks Sir Charles McLeod also uttered something in the nature of a warning hint as to the maintenance of the Bank's 20 per cent. dividend for the current year. On the basis of existing conditions he said the present rate of distri- bution might be difficult to maintain, and he referred to such deterrent factors as low rates of interest and lower yields on the bank's investments.
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