STANDARD BANK OF SOUTH AFRICA._
The past year in South Africa must have been a very trying one for banks owing to the grave disturbance to the exchange caused by this country going off the gold standard last autumn. Allowing for these conditions, I consider that the annual report of the Standard Bank of South Africa covering the year up to March 31st last is a very satisfactory one. The profits, of course, declined, but the figures of the balance- sheet rather suggest that some part of this reduction can be attributed to the desire to maintain a very liquid position. The deposits were slightly higher than a year ago at £52,151,000 and nearly £3,000,000 higher than two years ago. As might have been expected from trade conditions, Acceptances, and Discounts and Advances show a decline for the year. The annual meeting of the bank, which will be held next week, should be of exceptional interest as the chairman in his speech will doubtless make some reference to the present abnormal conditions prevailing in South Africa.
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