Banking in the Empire
BARCLAYS (D., C. AND 0.) MEETING.
I am rather glad that there has been a departure from the former practice of holding the annual meeting of Barclays Bank (Dominion, Colonial and Overseas) immediately following that of the parent institution. There has, of course, also been a change as regards the Chairmanship, for whereas the late Mr. F. C. Goodenough was Chairman both of Barclays Bank and of the D., C. and 0. Institution, the new Chairman of Barclays Bank, Mr. William Favill Tuke, is confining his Chairmanship to that Institution, while Mr. Herbert Leslie Melville Tritton has become Chairman of Barclays (D., C. and 0.). ' The reason for my approval of this change as regards dates of meeting is that I think the very important work carried on by Barclays Bank (Dominion, Colonial and Overseas) tended to be somewhat obscured by the meeting being held on the same-day as that of the parent Bank. For, of course, the particular interest attaching to the Bank over which Mr. Tritton now pre- sides is that it furnishes an important link between our great London banks and banking operations in some of our Oversee Dominions. Under the Managing Director- ship of Sir John Cauleutt, Barclays (D., C. and 0.) has made steady progress from the time of its incorporation. A conservative policy has been pursued in the matter of dividend distributions, but each Report has been accompanied by a sound and a liquid balance-sheet, and in his address to shareholders last week Mr. Tritton was able to give a good account both of the Bank's progress and of conditions in many parts of the Dominions in which the Bank's operations are carried on.
SOUTH AFRICAN PROSPERITY.
Notably, of course, there h been great progress in South Africa, a progress mainly stimulated, perhaps, by the great prosperity of the gold mining Industry owing to the rise in the price of the meta), but the improvement in economic conditions has extended to agricultural areas, while the finances of the Union Government have been wisely and efficiently handled.
In the 1934 Budget the Union Government was able to show a surplus of about t4,500,000, while during the year the Government carried-through successfully several conversion operations. Moreover, Mr. Tritton drew attention to the fact that during the year the strong financial position of the Union Government had enabled it to repay the sum. of approximately. £8,000,000 of 41 per cent. Debentures, held by the British Treasury, representing the balance of the Union's War Debt to this country. Reports as to conditions in-Southeicu _Rhodesia are also satisfactory, with a specially marked increase in the exports of Rhodesitin tobaCed to thil country, while in Northern Rhodesia a ,feature has been the expansion of the mineral output. On the other hand, in East Africa conditions have again been • adversely affected by the low prices ruling for the country's primary products, .
PROGRESS rt.T PALESTINE.- Particularly interesting, • however, was Mr. Tritton's reference to the economic progress which is being made in Palestine. The population., which in 1922 was 757,000, is now estimated at 11100,000, while:- the currency in circulation, which: at the end of September, 1933, was £P.3,356,000, increasedAy the end of last December to iP.4,739,000'. Mr. 'Tritton also referred to the fact that plans are under consideration for the formation of an Agricultural Mortgage Bank in Palestine, and the capital is likely to be supplied by insurance companies and banks here, with Barclays (D., C. and 0.) taking part
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