ANGLO-FRENCH BANEING.
At the meeting held this week of the Anglo-French Banking Corporation, the Chairman, Mr. F. A. Szarvasy, was able to congratulate shareholders upon the year's results and the fact that the Bank was paying its maiden dividend of 3 per cent. After referring to the progress of the Bank, Mr. Szarvasy dealt at considerable length with some of the economic problems of the hour, and in particular with the French gold accumulations and the world-wide industrial depression. Undoubtedly, as Mr. Szarvasy said, and as was even more fully expounded by the Chairman of the Westminster Bank, the entire system of international settle- ments through an exchange of goods and services has been disturbed by an interminable piling up of tariffs, international debt settlements, excessive production, and, in the case of the United States, an unwise use of credit in huge speculative operations. One of the results of this disturbance has been to weaken confidence and also to create a tendency for creditor countries to require settlement in gbld rather than in goods and services. This, to some extent, accounts for the great accumulations of gold in France, while the piling up of gold at that centre has also, no doubt, been intensified by defects in the French monetary and banking system (Cdntintred'ora page 168.)
Financial Notes
(Continued from page 166.)
Which prevent the gold from functioning freely in the matter of credit expansion.
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