A NOTABLE SPEECH.
The excellent character of the annual Report of the Directors of the English, Scottish and Australian Bank prepared share- holders for the satisfactory statement which the Chairman (Mr. Andrew Williamson) was able to make at the meeting held on Wednesday last, though the good results secured become the more noteworthy in view of the fact that the year covered by the Report has been by no means an easy one for general business in Australia. Mr. Williamson's speeches are always interesting, covering, as they do, matters of general interest as well as those directly connected with the affairs of the bank. On the present occasion there were two points brought out of considerable importance. In the first place, Mr. Williamson made some eminently practical and fair observations with regard to Australian borrowing. While admitting the rapid growth in Australian debt, and while fully recog- nizing the vital necessity for such a debt not being needlessly increased, he pointed out that such borrowing is inevitable for some time to come if the great natural resources of Australia are to be properly developed. * * * *
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