The Bridgeport times and evening farmer. (Bridgeport, Conn.) 1918-1924, 1918-03-15
BRITISH BANKS
PUBLISH THEIR
ANNUAL REPORT

Ehe reports of the annual meetings
VI, 1+Sritish banks at which the business
of 1917 was reviewed have been re-
ceived during the past month. We
gave a month ago the figures for the
principal items of the Bank of Eng
land, which showed a moderate eX-
pansion of loans and deposits. The
twenty-one principal banks show ap-
proximately $4,000, 100000 of depos-
it's against $5,3OO,OOO,O 900 year ago,
$4,000, 100000 of loans against ST.
S90,00O,o00, and investments of ST.
460,000,000 against 81 ,4S0, 900, 900 a
year ago. 1t will be seen that there
was a small reduction of investments,
showing the policy of the banks not
to load up with long time securities.
The increase of loans is very consid
cradle, and is partly in Treasury bills
and partly in loans to the public to
aid purchasers of governments. All
reported these loans as in process of
satisfactory reduction, and the man
ager of the National Provincial Bank
reported that of s70,000,O00 granted
on the last war loan, in March, 1917,
Sc per cent had been paid off. The
London City and Midland, which had
advanced $3.50, 100000 reported $780,
100000 paid off.
The banks all reported that for the
first time since the war began it was
unnecessary to charge off anything
against the depreciation of security
holdings, there having been no further
decline during the past year.
1-V
sounded against the initiation Of cred
its and consequent imitation Of prices
and war borrowings. The chairman
of Barclays Bank, Limited, Mr.. Good
enough, in his address to stockhold-
ers, said:
The increase in the amount of the
current and deposit accounts points
to ina tAon, and the statistics relating
to the rise in prices show how i'm
portant it is that the war finance
should be so conducted as to avoid
initiation as far as possible. The index
figures which give the price Of COM
modities and necessities of life show
that the continuous rise in prices cor
responds step by step with the ex-
4 pansion of credit which has taken
place since the commencement of the
war. Each individual should make
his subscription for National War
+ Bonds both readily and with regular
| ity, and by doing so will help to bring
| the war to an earlier conclusion, and
also to keep down the prices which
must otherwise continue to rise if the
war has to be financed by methods
which involve imitation of credit.
Sir Edward Holden dealt with this
su bject quite in detail year ago
This year his address was largely de-
voted to a very clear and temperate
analysis Of German war finance, and
an appreciative description of oul
Federal Reserve System.
Considerable discussion has beer
occasioned by the recent announce
ment of four great bank consolida'
tons. The first one was the Londor
and Provincial and London AMI
southwestern banks with combined
deposits Of nearly 1870, 100000. Fol
lowing this was the fusion of the Ma
tional Provincial and the Union o
London and Smiths, with combined
deposits of $3.50, 100000, the Londo1
County and Westminster and Parr'
with deposits of practically $1,000,
100000 and finally the London Count.
and Midland and London Joint Stock
with deposits Of about $1,S75,O0o,
900.
It will be seen that these are enor
NOUS institutions, the combinin
banks being themselves in nearl
every. instance the result of previou
combinations. This movement t
consolidation has been going on 70
years, and undoubtedly economi
gains have been realized. The bank
ing business of Great Britain, to tn
extent of so per cent. or more, is don
by not over twenty institutions wit
their branches reaching into all lc
calities. Evidently there is some pull
lie concern lest the movement go to
faa, for the Chancellor Of the En-