PAST AND PRESENT.
Moreover, once again increased activity, as shown in Deposits and in Loans and Advances, is accompanied by the maintenance of great liquidity in the balance-sheet, for the proportion of_ Cash is well maintained. In its holding of Bills there is a considerable increase in Treasury obligations, and in long-dated Investments the small decline is in the general list, British Government Stocks having increased. Finally, shareholders will probably be quick to note that although the disclosed increase in the net profits is only a little over £5,000, the expansion must have been much greater as the expenses include the substantial bonus to the staff paid earlier in the year in connexion with the celebration of the bicentenary. The Royal Bank of Scotland starts its third century with a record holding of Deposits, the total now being the largest in its own history, while it is also the largest of any Scottish bank ; but what, perhaps, is of most im- portance is that the spirit of enterprise which has been par- ticularly evident in the management over more than a decade, has not been allowed to break past tradition in anything pertaining to sound and prudent banking.
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