FINANCIAL NOTES.
Although the award now to be made to Chartered shareholders by the Government of a cash payment of £3,750,000 may seem disappointing to those who thirty years ago, on the advice of Cecil Rhodes, bought Chartered shares for their grandchildren," it represents, perhaps, a fairly satisfactory development to Chartered share- holders of more recent date. These shares, which in boom times went up to about £9, have in the meantime been down to about as many shillings, and even now stand at only 13s. a share.
According to a statement just made by the Secretary, it would seem that after the payment has been made by the Government in October of the amount named, the company will have assets in the shape of cash and invest- ments of just over seven millions sterling, while in addition the company will possess nearly 2,000,000 shares in the Rhodesia Railways Trust, Limited, and mineral rights throughout Southern and Northern Rhodesia, recognized by the Crown, which for the past fiscal year gave a net income of £129,000. In addition, the company will also be in possession of other important interests in the shape of land. The actual capital of the company at the present time is £1,250,000 in Debentures and £9,000,000 in Ordinary shares, so that, allowing for future prospects, the shares are not, perhaps, over-valued at their present level, for mineral rights may easily count for a good deal in a country like Africa, while, freed from the task of government, the company should be able to concentrate upon its commercial undertakings. Nor should this country forget the great services which have been rendered by the British South Africa Company in (Continued on page 96.) its pioneer work in what is now an important part of our 0 versea Dominions. • By reason of the fusion of the business of Messrs. Holt and Company with that of Messrs. Glyn, Mills, Currie and Company, some increase in the figures of the combined balance-sheets made up to June 30th, which has just been published, was, of course, to be -expected. Judging, however, from the character of the statement, there has been an expansion in resources and general activity even apart from the amalgamation. The Deposits stand at £27,984,752, as compared with £24,221,515 a year ago, and the Advances at £5,061,000 show an increase. The total of cash, including the balance with other banks and the Money at Call, represents something like 444 per cent. of the Deposits, as compared with a little over 414 per cent, a year ago. The statement is in every respect a good one, and indicates considerable virility in this amalgamation of two old- established banking businesses. A. W. K.
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