NATIONAL BANK OF INDIA.
The address delivered to the shareholders of the National Bank of India last Tuesday by the chairman, Sir Charles C. McLeod, Bart., was an excellent one both as regards the statement of the bank's activities for the past year and as regards the information given concerning present conditions Hi India. In common with other banking institutions, Slackness of trade has occasioned a moderate decline in the total of the balance-sheet, but on the other hand its liquidity (Continued on page 588.)
Financial Notes
(Continued from page 587.) is very pronounced. The bank's resources as represented• by cash and securities amount, in fact, to 65 per cent. of its liabilities to depositors, or if Bills of Exchange are included the ratio is as high as 80 per cent. Concerning the trade of India, Sir Charles reported that the balance was in favour of India to the extent of 87 crores of rupees, but this was largely due to exports of gold, the• favourable balance in merchandise being only 25 crores of rupees as against 31 ,crores of rupees in the pievious year. Gold was exported during the year, however, to the extent of £45,380,000, making the total exports of gold since September, 1981, over £167,000,000. Another interesting point in Sir Charles -McLeod's address was the -statement that whereas in 1933 jute took the premier place in the exports of merchandise it was supplanted last year by cotton, the exports of raw cotton increasing in value from 25.74 crores of rupees to 33.15 crores. Reference was also made by Sir Charles to the fact that during the last few years imports of sugar into Indir have been gradually declining.
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