120
F 395
British Finance and Commerce.
Banking and Trade.
By Robert Hackey.
The aggregate profits of forty-five banks, discount houses and
insurance companies which have so far this year presented their
annual reports amount to £18,936,000, as compared with profits of
219,542,000 distributed by the same concerns in the corresponding
period of 1938. The difference in profit distribution between 1938
and 1939 is thus a relatively small one, and adequately illustrates
the steady carning capacity of such concerns. The part played by
the larger London banks, especially the Big Five, in fostering
British commercial development is generally recognized. But the
importance of many local banking enterprises is also great, owing
to their close connexion with British trade and industry.
The Union Bank of Scotland, for instance, has just issued its
report, and the figures it contains confirm the impression conveyed
by other bank reports which have already appeared this year.
It is
clear from them that there has been no falling off in activity in
the great industrial areas in the forth. The Bank's deposits are
well maintained at over £33,000,000, and the profit earned during
the past twelve months to the 1st of April is over £310,000, or the
same as in the revious year. The dividend is eighteen per cent,
and this rate has been maintained for many years past. These
results testify to the stability of the Bank itself, while in
creases in loans and advances made in the year from March, 1958,
to the 1st of April, 1939, are evidence of the satisfactory con-
ditions in Scottish industries to-day.
Page 120Page 121