A SouND Polley.
.Concerning _the affairs of the Anglo-South American Bank itself, the chairman had a thoroughly satisfactory'story to tell, and although it has involved a considerable draft on the reserves, there has been universal approval in financial circles of the policy pursued in the 'last report of _dealing effectively and finally with the question of depreciation of capital employed abroad by the bank and its auxiliary institutions in those countries where there has been a depreciation in currency but where during the last year or two definite stabilization schemes have been carried through. Hitherto it has been necessary in the reports-of the bank to refer to such depreeia- tiOn in sterling value in 'various footnotes, but these footnotes and qualifications will no longer be necessary; not only is the new policy one to be commended from the standpoint of the Anglo-South American Bank, but it also indicates confidence in the success of the stabilization schemes in such countries as Argentina, Brazil and Chile. From the statements made by Mr. Hose, it would also seem that arrangements are in course of progress for the complete fusion of the business of the British Bank of South America and the Anglo-South American 'Bank.
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