BANKERS ON THE LOCARNO PACT.
I am not surprised to find that that experienced and astute observer of international finance, Mr. R. J. Hose, chairman of the Anglo-South American Bank, has been quick to recog- nize the far-reaching importance of the Locarno Pact. At the meeting held last Tuesday of the Anglo-South American Bank, Mr. Hose prefaced his remarks by a prompt recognition of the significance of that event and concluded his observations by saying : " From a purely commercial point of view, the benefit of the Pact should soon be in evidence, for the restora- tion of -political stability should impart to traders that confidence in entering into future commitments that has been lacking for some years past." Mr. Hose was also able to give a favourable account of conditions prevailing in the
various_ countries in _which the operations of the Anglo. South American Bank are carried on, and although prosperity in the export trade in Argentina during the past year has not been maintained in the same degree as in the previous year owing to the decline in grain shipments, exports of other commodities have increased, while a favourable feature in the Republic's finances has been the reduction in the floating debt. Referring to the beneficial effects of the recent visit of the Prince of Wales to America, I am glad to note that Mr. Hose, while pointing out that South Americans have always had a preference for British go ods, emphasized the fact that competition on the part of other countries is severe. It is " up to " our manufacturers to see to it that no efforts are spared to extend our exports to all parts of the South American Continent.
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