ANGLO-SOUTH AMERICAN BANK.
I would congratulate the new chairman of.the Anglo-South American Bank upon the courageous and straightforward presentment of the position which was made to shareholders at the Extraordinary general meeting held on Monday. The new chairman had the exceedingly unpleasant task of pro- posing certain resolutions which for the time being places the control of the bank in the hands of an important group of English banking institutions headed by the Bank of England. At the same time, Sir Bertram Hornsby was able to demon- strate very clearly, first the necessity for such measures, second the fact that the powerfulness of the group taking _ over control temporarily constituted an absolute guarantee for depositors, while in the third place he was able to show that the scheme before the stockholders presented the best chance of ultimate recovery in the event of an improvement in trade. Moreover, there is little doubt that any improve- ment in world trade which caused a rise in commodity prices would have a profound effect upon South America, with favourable repercussions upon the interests of the Anglo-South American Bank. Nevertheless, the losses which have been suffered by Anglo-South -American Bank shareholders, as represented by the heavy fall in the value of the shares, must be a matter for keen regret, and if Sir Bertram Hornsby is to be congratulated upon the frankness and courage with which the scheme for dealing with the situation was pre- sented, so the Anglo-South American Bank shareholders must be congratulated upon the courage and fine spirit in which the
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