FINANCIAL NOTES
ANGLO-SOUTH AMERICAN BANK.
If only in view of the many parts of the world in which its operations are conducted, exceptional interest is always taken in the annual Report of the Anglo-South American Bank. An institution of this kind which is affected by such influences as currency variations in South America and in some of the Continental countries, by the state of the Nitrate industry in Chile and even by political conditions in South America, obviously calls for able and skilful handling, and it is no small tribute to the Chairman, Mr. R. J. Hose, and his board, that in spite of these handicaps the bank has preserved a fine record, both as regards profitsand strength of balance-sheet. In the present case the gross profits for the past year at £472,000 are well in excess of the figures of either of the two preceding years, and a good point is that, of a large increase in gross profits, about £40,000 has been retained as a net gain. barge sums have been transferred from profits in respect of reduction of the cost of capital employed in Chile, and an interesting feature in the balance-sheet is the change which has been made under which the figures now appear on the basis of the rates of exchange ruling instead of at par rates of exchange as hitherto, this change applying to the statement of assets and liabilities at branches in local currency.
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