UNITED DOMINIONS TRUST
ANOTHER RECORD YEAR THE seventeenth annual general meeting of the United Dominions Trust, Ltd., was held on July 19th in London.
Mr. J. Gibson Jamie (the Chairman) said that it gave the board satisfaction to submit accounts establishing a new record for a year which could only be described as the most difficult in their history. The consolidated balance-sheet showed that the volume of trade financed by the group was substantially greater than last year. Although they had deliberately restricted certain types of business and while some individual accounts had declined in volume because of a temporary falling off in trade in particular industries, a large accretion of new accounts had materially increased their turnover. It was therefore a fair inference that under normal conditions they should be justified in expecting a considerable expansion.
The improvement in the company's position was all the more satisfactory when it was realised that because of the general un- certainty even more care than usual had been exercised in con- sidering transactions submitted to them. They saw little likeli- hood of loans due to them or bills discounted going into default because of any fall in value of the relative goods. Transactions were spread over many different industries; they covered the whole of the United Kingdom, and now their activities also extended to South Africa and the Rhodesias.
The business on their books was as clean as at any time in their history, perhaps cleaner. Transactions were being liquidated well up to their usual standard and so far as they could see there was no reason to fear any change in that respect.
With regard to their financial arrangements, there also their posi- tion had been greatly strengthened and improved. During the year their deposits had been reduced to some extent in common with those of other banking companies, but no difficulty had been experienced in procuring all the finance necessary to satisfy the needs of their increasing business. They could satisfy a very much greater demand for financial facilities from the many trades to which they offered their highly specialised banking services While the unhappy international situation precluded all hope of a reliable forecast, their policy was to see as far ahead as might be possible and shape their course accordingly. Trade on the whole was not only growing but was in an essentially healthy condition. He could see no reason why progress should not be maintained for a long time. •
The report was adopted.
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