Scarrisu BANKING AND INDUSTRY.
That Scottish industry is participating in British internal trade expansion was indicated by the accounts of the Royal Bank of Scotland, which revealed an- :increase of some £700,000 in the Bank's advances during the year ended October 13th, 1934. The Duke of Buccleuch, whii presided as Governor at last week's General- CO-nit 'of Proprietors, confirmed the impression created by _ the accounts :by in- forming stockholders that reports from a number of different centres showed a further improvement- iii induStry iii Scotland. This statement was qualified by a reference-to- a- lack of new orders during the past two months_ in certain directions, particularly in the heavy industries, although even in these industries there is a belief that slackness is only temporary. In view of the fact that a certain amount of the Bank's formerly " frozen " loans has been liquidated; a process which, though highly desirable, reduces the total-advances outstand- ing, the Directors of the Royal Bank have eyery reason to be satisfied with the,. -ears increase in the total of accom- modation given. The -Governor, however; pointed out at the Court that the Bank is in a position to grant increased facilities to trade and industry as soon as they are required, and that the Directors are always glad to give favourable consideration to sound proposals. Agriculture is one of the industries in which credit facilities have been Valuable, and the -Royal Bank of Scotland, with three other Scottish :,banks, has provided the capital for the Scottish Agricultural Securities Corporation which, the Governor said, has in little over a year lent 1400,000 to farmers for repayment on a long- term basis. In spite of the difficulties or the past year, Including a lOw level- of return on investments, the Royal :Bank of Scotland, while maintaining a commendably liquid position, has slightly increased its profits; and the figures reviewed by the Duke of Buccleuch leave a strong impression
• of soundness and enterprise in the conduct of the Bank's business. * * * *
Previous page
