Financial Notes

.MOST MARKETS FIRM.

THE main influences operating on the Stock Markets during the past week have been the renewal of cheap money and the further political developments in Europe. As anticipated, the turn of the half-year has brought a renewal of very cheap money, and under its influence gilt-edged securities have tended to harden. The political event of the week, of course, has been the German pact with Austria, 'and concerning it market views have varied somewhat. Those who take the long view have not been disposed to regard the development too favourably, but those taking the shorter view have wel- comed it as clearing away a possible cause of early friction. And it is the short 'view which influences prices in the Stock Markets. Consequently most markets have been firm during the week, almost the only exception being some of the South African gold shares on the idea that the Pari.4 Bourse—which was closed during the first two days of the week—might view the European development unfavourably. Home Indus- trials have been a fairly good market throughout the week, and in other article above I refer to the outlook for Home Railway prior charge stocks as investments.

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SOUTH WALES COAL PROBLEMS.

The feature of the interesting address- delivered at last Tuesday's meeting of shareholders of Powell Duffryn Associated Collieries and of Powell Duffryn Steam • Coal Company by Mr. E. L. Hann was his striking exposition of the great difficul- ties with which the Welsh coal industry is confronted, difficulties peculiar to that district as distinct from' some of the other coalfields of the country less dependent than South Wales upon the export trade. South Wales has, of course, suffered in particular measure by the stoppage of trade with Italy, to say nothing of losses which may conceivably have been experienced before the imposition of Sanctions through Italy's difficulty in obtaining exchange remittances to pay for her purchases abroad. Even apart, however, from the decline in the export trade of South Wales, Mr. Harm emphasised the need of the industry for a larger share of the domestic coal trade. In spite, however, of the great difficulties with which the South Wales industry has been confronted, Mr. Hann reminded shareholders and the public that to commemorate the Jubilee of the late King George V the Monmouthshire and South Wales Coal Owners' Association had made a grant of £50,000 as the nucleus of a Fund to provide pensions for aged miners, a grant which has been well supported by the Powell Duffryn Company.

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Financial Notes

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.COVENT- GARDEN PROPERTIES.

Steady progress continues- in the 'matter of the revenue of Covent Garden Properties, Ltd., and, at the meeting of shareholders held last Tuesday, the Chairman, Mr. Philip E. Hill, stated that the income from rents, tolls and interest on investments was £228,000, showing an increase of £17,000, or, if the further increase in rates was added, £22,000 as com- pared with last year. Moreover, the revenue is expected to increase during the current year to" the extent of about £30,000.

* * * BANKING IN SOUTH AFRICA.

The latest Report of the Standard Bank of South Africa for the year ended March 31st last is quite a satisfactory one. The Directors are able to maintain both the 10 per cent. dividend and the 2 per cent. bonus, and even after this distribution the total profit of £477,000 shows a substan- tial margin. There is the usual appropriation of £75,000 to Premises and £125,000 to Pension Funds, while the balance- sheet shows an increase of £2,400,000 in the total of Deposits. Moreover, a good feature of the balance-sheet as indicating financial and industrial activity in South Africa is a rise of nearly £2,000,000 in Discounts and Advances. At the same time, there has been a stengthening of liquid assets, the amount of Cash in Hand and at Call showing an increase of over .£1,000,000. The Annual Meeting will be held on the 22nd of this month, and the Chairman's speech is always awaited with -considerable interest as it usually gives a very complete review of coaditions and prospects in South Africa.

* * * * GLYN, MILLS AND CO.

The latest balance-sheet of Messrs. Glyn, Mills and Co., made up to June 30th, preserves its long-standing feature of extreme liquidity. The deposits at £38,209,000 show a small. decline, but Advances have risen by over £2,000,000 and stand at £13,523,000, being a higher figure than for some time past. It is in that connexion, no doubt, that investments have fallen by £3,400,000. In spite of the small decline in deposits, Cash at the Bank and at Call together show an actual increase compared with the previous year and stand at over £13,300,000.

* * * * BARCLAYS BANE STATEMENT.

In common with most of the other joint stock banks, the latest balance-sheet of Barclays Bank, made up to June 30th last, shows a remarkable rise in deposits; the present total of £414,000,000 compares with £383,000,000 a year ago. In spite of the big rise in deposits, however, the proportion of cash to liabilities is higher than last year—just under 12 per cent.—and while there is a rise to note of about £5,000,000 in investments, a good feature is a jump of over £12,000,000 in Advances, thus indicating a greater demand for loans for industry. It must not be forgotten, however, that, in the case of all the joint stock banks, the total of Advances was probably somewhat affected by the large sterling credits which have been given to France during the present year.

* * * CORPORATION ISSUES.

After a pause of some weeks there have been new issues during the past week of Home Corporation stocks. The City of Nottingham has offer:x1 a Loan of £1,750,000 in 3 per Cent. Redeemable stock at 99 per Cent. and the County Borough of Birkenhead has issued £1,000,000 in 3 per Cent. Redeemable stock at the same price. Both Loans are in the nature of conversion operations, and in both cases the Loans run for a period of 21 years. Many other Corporations are waiting to make issues, and whether they will come in the immediate future or be deferred until the autumn seems likely to depend to some extent on the response given to the issues made this week.

▪ * CANADIAN PROVINCIAL CREDIT,

On more than one occasion I have had to comment in this column upon the unsatisfactory state of affairs with regard to some of the Canadian Provinces in ,the matter of their attitude towards their outstanding indebtedness. I am glad, therefore, to note that leading financial interests in London have taken the step of forming a committee for the protection of interests of holders in Great Britain of the securities. of the Province of Alberta. A strong committee has been formed, with Mr. J. Davidson of the British Empire Trust as chairman. This committee recommends that, -pending an investigation of the position which is now prooeeding, holders of-Alberta securities should not accept anything but full payment of