CONDITIONS IN SOUTH. AMERICA.
In his address to shareholders of the Bank of London and South America, on Tuesday, the Chairman (Mr. Beaumont Pease) gave a really valuable up-to-date summary of condi. tions in the chief countries of South America in which the bank's operations are carried on. Notwithstanding lower prices for certain crops, Mr. Pease was able to show that Argentina was enjoying considerable prosperity, while if it were not for the recent troubles in the Nitrate industry, the same could be said unreservedly with regard to Chile. Even as it is, conditions in that country are far from unsatisfactory, and Mr. Pease was able to pay a well-deserved tribute to the successful efforts on the part of the President to establish a .Budget equilibrium, while for 1925 there was a trade balance in favour of Chile to the amount of over £16,000,000. More- over, Chilean currency has been stabilized, and Mr. Pease reported that the Banco Central, which controls it, is function. ing very successfully.
A. W. K.
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