There are few better or more conservatively managed institutions than
our leading Eastern banks; and this is now being evidenced in the manner in which they are passing through the difficult times in China and the less prosperous trade conditions which have prevailed in India during the past year. At the recent meeting of the National Bank of -India, the chairman, Sir Charles McLeod, was able to show that in spite of a slight decline in the profits, the amount divisible for the year was actually somewhat larger, and after setting aside £60,000 in reduction of Premises Account the directors are able to repeat the allocation of £50,000 to Officers' Pension Fund, and to pay a dividend at the rate o f 20 per cent. per annum, free of tax, carrying forward £278,461, which is a rather larger amount than a year ago. With regard to condi- tions in India, Sir Charles expressed the view that, always provided that the country was not disturbed by internal dissensions of a more serious character than the Board saw reason to fear, a revival of business was probable sooner or later, though the immediate future must, of course, to ,_some extent be affected by the increase in Indian taxation. In view of the many years of excellent management and control by the Board, it is certainly not surprising that a shareholder should have raised the point of the very modest character or the directors' -fees, the hope being- expressed by him that steps might be taken for providing for some increase.
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