STANDARD BANK MEETING.
The annual meetings of the Standard Bank of South Africa are never dull, for quite apart from the matter of prime interest to the shareholders—namely, the prosperity of the Bank—the Chairman usually gives a pithy summary of present conditions in South Africa: At the meeting held last week, Earl Selborne, after referring to the general conditions of depression here and in other countries, showed that South Africa has also been, to sonic extent, affected. So far as the year 1929 was concerned, climatic conditions were favourable and crops were abundant. It is now, however, when the country's produce has to be exported that the effect of lower prices is, of course, felt, and Earl Selborne said that it was estimated that the exports of farm produce during the present season will be worth about £7,000,000 less than those of the 1928-29 season and about £8,500,000 less titan those of the 1927-28 season. Quantities have, for the most part, increased, but lower prices haVe exerted a paramount influence and not least the fall in the price of South African grease wool. Ca the other hand, South Africa in her capacity of gold pro- ducer has benefited, the gold mines and the industries de- pendent on them having been assisted by the fall in produce prices, so that both as regards working costs and labour supplies there has been improvement. With regard to the affairs of the Bank, Earl Selborne had a very satisfactory report to present, the net profits of £652,478 having shown an increase of £31,012, the increase being due in some measure to the use of fresh capital for the full twelve months.
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