FINANCING TRADE.
I am glad also to note that the accounts indicate that the Royal Bank of Scotland has been thoroughly performing its duty in the matter of financing commercial requirements. There is a decline to note in long-dated securities, but, reading between the lines, it is pretty clear that the securities have been sold on satisfactory terms and that the sales have enabled the bank to increase materially its Loans and Advances. A small decline in the Note Circulation in view of general trade depression was to be expected and is in harmony with the reduction in Note Circulation throughout the United Kingdom. In all respects, indeed, the balance sheet comes well out of the closest scrutiny and, having regard to the sound and capable management, I have no hesitation in anticipating that a year hence the Royal Bank of Scotland will celebrate its bicentenary under conditions thoroughly worthy of its very fine traditions. A. W. K.
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