A BASIS FOR CONFIDENCE
In these dull days investors have plenty of time for taking stock of the position and, I hope, adjusting their portfolios, however painful this process may be. As a broad background to the investment situation, the bank chairmen's surveys at this year's meetings are unrivalled. The addresses of Mr. Colin Campbell, of the National Provincial, and Lord Wardington, of Lloyds Bank, now complete the "Big Five" story. Like Mr. McKenna, Mr. Colin Campbell compares the present position of this country with what it was in 1931, not to uphold currency management at the expense of gold, but to demonstrate his belief that the present position is fundamentally strong and sound, and to deprecate "the mischief often worked by fears which have no foundation in fact." Sound Government and industrial finances, protected industry, cheap money, exchange freedom, all these Mr. Campbell recognises as sources of strength which should enable us to Steer clear of any major trade slump.
As was to be expected, shareholders were fully apprised of the reasons which have prompted the board to split the bank's shares. A share of lesser denomination, Mr. Campbell explained, is more convenient to investors and usually results in broadening the basis of the shareholders, a desirable end from the bank's and the community's standpoint. So far as the partly-paid shares are concerned, sub-division affords additional security to the bank's depositors in that the uncalled liability is spread over a much larger proprietary. * * *
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