The Bridgeport times and evening farmer., 1918-11-22

! taken place during the war in the British banking system and which seem destined to continue in even greater degree during the period of readjustment which is now starting, are well shown by the annual reports of these institutions, now being pulp hshed. A recent issue of the London Economist contains a report of the $ work done during the past year by the Anslo-South American Bank, Ltd, which is now a world wide organiza- t tion with one of its main offices in New York.
 After giving the exceedingly satis- factory figures showing the banks business during the past year, Sir Robert Harvey chairman of the con- pany, said, in part: Tt has been my custom, as the war progressed, to give you the up-to-date particulars of the members of our staff who have given their services to Ii His Majesty's Forces and you will, no doubt, be interested in the following figures:
 "192 have joined the forces, of whom 30 have made the supreme sacrifice, 34 are wounded, 6 are prisoners of war in Germany, g have left the forces !, physically unfit.
 Our manager in Hamburg and one | of his assistants have, at last, been | released from the RuhIeben Camp, i and we have had the pleasure of greeting the former in London re- gently and in finding that he is still in fairly good health. During the past year, the method adopted by our government for rais- ing the money necessary for the war has been the continuous issue of war bonds terminajble at periods ranging from five to ten years, and you are / aware that 1,OOO,0OO,OOO pounds has been raised in the first year. whilst a. good addition has since been made to that sum. Our own applications for these war bonds have been commen- surate with our resources.
 Contributions have continued to come from our various branches from their customers and friends and it has been our privilege to be the means of forwarding no little support fin this way from the British commit nifty in South America, as well as from our countrymen and sympathiz- CTS in Spain.
 Many important developments have occurred recently in the banking world, involving amalgamations amongst leading British banks, and in some cases the control of British banks trading abroad into the hands of the clearing banks. It would be beyond my province to detain you with discussion as to the wisdom of creating these gigantic institutions. but am entitled to direct your atten- tion to a statement of policy on the part of the chairman of one of the foremost of these banks who inform ed his shareholders that he consid- cred it to be an incorrect policy for themselves and similar banks to es- tablish branches in foreign countries, and that he preferred to enter into working arrangements with banks trading outside Great Britain.
 '"This is a policy which we cannot but think Is for a variety of reasons the correct one. We have, indeed acted as pioneers in that direction when in March we made a mutual working agreement with Messrs. Will liam Deacon's Bank, Ltd, of Man. chester, whereby our own representa- lives are located in the head office of that bank in Manchester, thereby placing the merchants and shippers of that locality in direct touch with ourselves, so that the many advan- tages of direct personal communica. tions are obtained by all parties.
 We are pleased that. simultan- eously our Manchester friends made similar arrangement with the Lon. don and Brazilian Bank in respect o1 business with Brazil, in which coun try, as you know, we have no offices and bV this rnaa0a zbiOnars oro ohI to deal in one office in Mancheste with the documents representing thei shipments to any part of South o Central America. We also conclude, mutual working agreement with the London and Brazilian Bank to act fol us in Brazil and Portugal, while W, act for them in Chile and Spain.
 ?''No review of the commercial situ alton can be complete without a ref erence to the special British mission headed by Sir Maurice de Bunsen which visited South America earl this year, bringing the British bank CTS, merchants and traders generaIl the assurance that the home govern ment is keenly alive to the needs O the future and is resolved upon takin measures to facilitate and extend Brit \ ish trade in that continent EeneraIly The mission was received with ever mark of cordial friendship by tn governments and peoples and it's ar nounced object of drawing closer tn commercial bonds between the Britis Empire and the South American r, publics was acclaimed alike by tt press and the people.
 "In Argentina the plethora
 money to which l referred a ye; ago has increased, and the deposi A. in the banks amounted on June g last to s2,55O. .OOO, 900, as compare with S1.sOO,OoO, 900 in 1917, $1,5Ot o0,0o0 in 1916, and $1.2OO, 900, 900
 1914
 "The advances granted by Il banks have, however, increased on during the last year from s1 1876, ,OOC 900 to $1.601, 900. 900, so that Il
 surplus cash held has largely
 creased and the local rate of intere