SCOTTISH BANKING.
It is one thing to raise a dividend gradually to a fairly high level, and quite another to maintain it. In the case of the Royal Bank of Scotland, however, where for the sixth year in succession a dividend is announced for the year at the rate of 17 per cent. per annum, the task has been achieved each year to the accompaniment of thoroughly sound banking and the maintenance of sound and liquid balance-sheets, and I shall quite expect, when the Report and Balance-sheet of the Bank is published shortly, to find that in the matter of liquidity it is fully equal to its predecessors. A year ago the Bank suffered a great personal loss in the death of its cashier and general manager, Sir Alexander Wright, but it has found a worthy successor in Mr. William Whyte, whose reputation in London as well as in Scotland is a high one.
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