SCOTTISH TRUST COMPANIES.
Even although the revenues of Trust companies may not yet have greatly increased, the depreciation in investment holdings which in some instances had become considerable, now shows satisfactory signs of decreasing owing to the recovery which has taken place in security values. In the case of the Second Scottish United Investors' Trust, the Second Scottish Eastern Investment Trust and the Third Scottish Northern Investment Trust, there has been no dividend on the Ordinary Stock for the past two years, but there is some recovery to note in the recent reports in the matter of depreciation. As regards the Second Scottish United, the depreciation has recovered from over 40 per cent. to about 33 per cent • the Second Scottish Eastern now shows a net depreciation of about 35 per cent, as compared with over 39 per cent., while in the case of the Third Scottish Northern Investment there is a recovery in depreciation from 321 per cent. to a little over 27 per cent. Nevertheless, the position is still far from satisfactory, and in all three instances the latest reports disclose declines in the net revenue. Only a few years ago, however-in fact, as recently as 1931-all three companies were paying dividends.
A. W. K.
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