Near East Markets.

Seeds.

English makes are at £9 15s. for Egyptian seed, and £9 10s. for Bombay seed. Linseed cakes.-Only a small quantity of foreign origin is available, whilst English manufacturers have almost retired from the market, which made values to rise 5s. to 7s. 6d. per ton. London-made is now quoted £11 178. 6d., and £12 to £12 5s. for fine seedy Calcutta.

Linseed is quiet but steady. London-Calcutta, spot, is quoted to-day at 75s. 6d.; afloat, 75s.; May-June, 73s. Bombay, ordi74s. Hull-La Plata, May-June, 71s. Cottonnary, May-June, 75s.; small grain, ditto, seed is quiet. London-Egyptian, loading, is GREEK CURRANT CROP. quoted at £14 15s., and Sakelarides, May, Under date of February 7, the U.S. Consul £13 10s. per ton. Rapeseed is firm. Toriat Patras reported that the estimated total Hull, April-May, offered at 67s. Canarycurrant crop of 1915 in Greece is 132,000 seed, 85s. to 110s. per 464 lb. Hemp, 100s. tons, including about 12,000 tons carried over to 110s. per 336 lb. Mustard, 28s. to 36s. from the previous season. The total shipped cwt. Lentils, 23s.-28s. per 100 lb. Split up to January 31 was 85,430 gross tons, peas, 98s. to 110s. per 504 lb. which, with the quantity in kind which exporters are required to turn over to the privileged company

The market is quiet, and only small transactions are taking place at late firm rates. There have been no new arrivals, and it is reported from Greece that great anxiety prevails there as to the prospects of the new crop, for, apart from the fear of peronosporos, there will be a great scarcity of boxes and bags for the export of the fruit. Neither wood nor bags are allowed to be imported, and none of these articles can be obtained in the country. The approaching new season seems, therefore, very problematical, and Linseed, spot pipes, landed, are offered this may explain the present firmness of the market, for, in spite of the continuous slow-oil is dull. Ordinary brown, naked, spot, at £38 5s.; barrels, ditto, £39 5s. Rape ness, there seems to be no possibility of £49; English refined, barrels, £54 to £55. any decline of prices at present. Cotton oil is well maintained. Crude, spot, in pipes, quoted £46; refined, pipes, pale, £49 10s., and barrels, sweet, £54 to £55, as to make.

Sultanas.

The market is steady, with a very moderate demand resulting in small business, generally in Afghanistan fruit.

Figs and Dates.

Both these articles have been slow of sale this past week, but prices remained very firm.

Oils.

Oil Cakes.

Cottoncakes.-Egyptian only are offered in very limited quantites on spot, holders asking £9 10s. per ton, with sellers for AprilMay shipments at £9 5s., ex ship terms.

on exported fruit,

accounts for some 102,000 net tons of currants removed from the local market. This that date there have been under actual ship. left about 30,000 tons for February 1. Since ment to world markets some 10,000 tons of fruit, including corresponding retention. This leaves in sight on the local market, according to conservative local estimates,

about 20,000 tons of currants. Of this about 15,000 tons are available for actual exportation. There is no reason to believe that the vineyards will be neglected or that they will receive less attention than in other years. The crop of 1915 was far short of normal, which is about 160,000 tons of dried fruit.

COMPANY MEETING.

ONIAN BANK.

The ordinary general meeting of the Ionian Bank, Ltd., was held on Tuesday at the offices, 25, Abchurch Lane, E.C., Mr. Falconer Larkworthy (the Chairman) presiding The Chairman, in moving the adoption of the report and accounts, said, inter alia, that although competing abroad with foreign banks whose ideas of banking, owing to their large paid-up capitals and their relatively small deposits, induced them to become sponsors for, and often to be largely interested in, commercial and industrial enterprises, this bank for many years had refused absolutely all such business as being incompatible with safeguarding the interests of their depositors. As results of this policy the directors were pleased to point out that, in the midst of very disturbing circumstances, the bank had encountered no distrust of any kind on the part of its depositors during the year under consideration, and had to record a considerable growth in its resources, and in its business generally. This was evidenced by the fact that its assets and liabilities had reached the highest level in its history, and the Court were pleased to state that the bank's strength in reserves against its liabilities on demand continued ample for every probable requirement.

crop of 1914." Proceeding, the Chairman referred to the general position of the bank. Deposits had increased during the year in London, Egypt, and Greece by £915,293. Provision has been made for all depreciation below bank value on all securities, other than the War Loan, held by the bank in its books on January 13, 1916. The question of reserves has been dealt with as follows:

port of about 600,000 refugees and mobiliza-points over American. The crop is estimated tion have imposed upon the country great at 4,800,000 cantars only, but in money it expenses, for which the assistance they have has realised about the same figure as the received from the Allies is but small compensation; so her ordinary revenue under existing conditions does not meet her ordinary expenses. The Chairman proceeded to refer to the opening of a branch bank at Salonika, and said: Salonika was being rapidly converted into a great military base for a probable offensive and future Balkan campaign for the re-establishment of Serbia and Montenegro. It had arrived at a complete state of defence on the landward side and was open to the sea and, therefore, capable of being defended by the Allied fleet, but its civil population, numbering about 230,000, was in great straits owing to lack of the necessaries of life. At this juncture, being urged thereto by the British authorities, and the bank's connection with Egypt facilitating the process of obtaining some kinds of provisions, your directors felt bound to respond by establishing a branch, and taking measures to meet actual and further probable requirements. It is at Salonika that the British Army has its headquarters and departmental offices, and your branch has entered into regular relations with them. You will be pleased to hear also that the French Government have opened relations, through the Bank of France, with your head office in London and the branches in Greece, The Chairman then made an interesting including Salonika. Although there are survey of the general situation as far as the special currency difficulties to encounter, war was concerned. He urged a reconstruction your directors, without any immediate prosand union of economic interests, which, in pect of profit, look forward to be able to his opinion, if carried out on lines he in- lay the foundations of a successful business dicated, would revolutionize the existing at this branch. This is the first of several financial and currency systems which branches of the bank that we expect to esfailed to answer their purpose dur-tablish in the new territories acquired by ing the crisis which overtook the Greece as soon as the passing of war conditions enables us to take the necessary steps.'

economic world on the declaration of war.
The currency system which he thought pro-
mised complete success was that of Greece, Regarding Egypt, the Chairman stated
which had now worked for six years and had that the economic position had greatly im-
maintained the parity of exchange between proved and had shown an unexpected re-
that country and England and France re- bound, aided by the great expenditure of the
spectively, notwithstanding serious adverse British Government on their troops held
political and financial conditions. He ar- there in reserve, and on the wounded in
gued that this system was applicable to all the vast depots which have been established
progressive States, and, after having de- in Alexandria. The revenue receipts on De-
veloped his thesis, he directed the attention cember 15 had recovered so as to exceed
of the meeting to the countries in which the expenditure. The same, if not greater, pros-
bank's sphere of operation lies. To Greece, perity has been enjoyed by the Sudan, where
its principal sphere, the consequences of the the exports now exceed the imports. "The
war had been in general very serious indeed. transactions of the bank during the year
Exhausted by two wars and burdened by have been on a satisfactory basis, and the
debt arising out of these, her armies depleted position secured by the bank with the Gov-
of their experienced officers and men by ernment is shown by the fact that it was
death and wastage, and with additions of appointed by the Government in the interests
devastated territory, ruined populations and of the cultivators at Fayoum and Wasta to
despoiled refugees, time was required to re- buy their cotton at fixed prices, when the
cuperate and to develop her latent powers, state of the market should warrant inter-
which without doubt would have been equal ference, with the view of maintaining prices
to the occasion, but time was not allowed at a remunerative level. The cotton market
her. Nevertheless, in his opinion, it was in the earlier part of the year was domi-
regrettable that at whatever cost, Greece nated day by day in this country by the
did not throw herself into the scale on the politics of the moment, and in America by
side of the Entente Powers, "on the side of the fears that the United States might be
It was quite involved in the general war. The move-
humanity and civilization."
clear that Grecce was not in a position as ments there, especially in regard to cotton
far as her own resources were concerned to for forward delivery during the earlier part
undertake another war, but the sinews might of the year, were frequent and wide. The
have been found. In Greece the ordinary trend was to depression not only on war con-
soldier's pay is equal to one halfpenny per siderations, but on account of larger pro-
day and his food, with no shelter and prac-duction and more limited exports, and diffi-
tically no allowance for wife or family. If culties of transport; but the position to-day
she could keep free from military complica- is one of confidence in the future of the ar-
tions with her neighbours, her growth in the ticle, and prices have risen recently very
past is a guarantee of a successful future. considerably. Egyptian early spring de-
The Customs have suffered greatly; the supliveries were quoted lately in Liverpool 421

Our deposits since we last met have increased in London, Egypt and Greece by £915,293. I cannot say that this increase is a permanent one or in any way represents the savings of our customers, as we know that many of them have limited their operations and are using the bank simply as a temporary receptacle of their capital while the political conditions remain unfavourable; still, gentlemen, we accept the increase as a sign of confidence in the bank. The other items are of usual character and require no comment. The outcome of opinion has been that the depreciation below book value of ordinary interest bearing securities should be reserved for, but that the securities connected with war finance should be taken at their book value. This bank, in pursuance of this course, has made provision for all depreciations below book value on all securities, other than the War Loan, held by it in its books on January 13, 1916. The Court has dealt with the question of reserves follows:-All known losses have been written off and a sufficient sum has been provided to cover any loss that might arise on the surplus assets of the bank which are subject to exchange. The duty on excess profits is 60 per cent. of the net profits in excess of the average of any two of the three pre-war years, or in excess of the standard rate of 6 per cent. on the employed capital of the bank. The bank's liability to this tax is being considered by legal advisers. There is, perhaps, no emergency financial legisla tion that has excited so much adverse criticism as this. As it is necessary under existing conditions to make ample provision for contingencies," the Court propose that the dividend should be confined to the accustomed rate of 5 per cent.

66

as

The Chairman, in conclusion, announced the appointment of M. S. de Bilinski and M. S. Moscovic to be joint managers of the bank in Athens. M. N. P. Calogeropoulos, of the Athens Board Committee having re signed, the Board, as such, has been abolished and is replaced by an Advisory Committee with powers of the usual character. Professor A. Andreadis, member of the Athens University, well known in London and Paris as an economist and banking expert, has accepted a seat on the Advisory Committee, which includes likewise, in the capacity of a non-resident member, M. Nicolo Marchetti, a full director of the bank, and a member of the local Board in Corfu.

The dividend recommended was declared, and resolutions were passed re-electing the retiring directors, Mr. Warrington Laing, Mr. Falconer Larkworthy, and Mr. John E. Hubbard.

Notes have been exchanged between the Persian Government and the Russian and British Legations in Teheran, constituting a Mixed Financial Commission which will examine the pecuniary resources which Persia needs, will control their employ, and will draft the first real Persian Budget.

Aegion, Agrinion, Almyros, Amalias, Amphissa, Arta, Atalante, Calamata, Calavryta, Céphalonia, Chalkis, Corfu, Corinth, Cythère Dimitzana, Gythium, Ithaque, Janina, Karditza, Kyparissia, Lamia, Larissa, Lévadia, Mégalopoli, Messina, Missolonghi, Naupaota Nauplia, Patras, Paxos, Piraeus, Poros, Pylos, Pyrgos, St. Maure, Salonika, Santorin, Sparta, Syra, Thèbes, Trikkala, Tripoli, Volo, Żante

Every kind of Banking Business Transacted.

Cable Address-NATIONALBANK, ATHENS.

Correspondents in all Parts of the World.

Codes Used-LIEBER'S; A.B.C. (5th Edition),

and bonus (5s. 3d.) will thus together THE

amount to 9s. per share, free of tax, as compared with 10s. per share half-yearly for the first four years of the current quinquennium.

NATIONAL BANK OF EGYPT

(Established by Khedivial Decree, June, 1898,

with the exclusive right to Issue Notes payable at sight to Bearer.)

London Agency: 6 and 7, KING WILLIAM STREET.

MANAGER: J. T. BEATY-POWNALL.

Accounts opened with traders and private persons.

ASST.-MANAGER: A. F. GILLBEE.

Every kind of Banking Business transacted.

Offices in Egypt at Cairo (Head Office), Alexandria, Assiout, Assuan, Benha, Beni-Suef, Chibin-el-Kom,
Damanhur, Fayoum, Keneh, Luxor, Mansourah, Minieh, Mousky (Cairo), Port Said, Sohag, Tantah, Zagazig,
and in the Sudan at Khartoum, Port Sudan, Suakim, and Wad Medani.

ANGLO-EGYPTIAN BANK, BANK OF ROUMANIA, Ltd.

Subscribed Capital -
Paid up Capital

£1,500,000.
500,000.

The Bank was originally incorporated in 1869 under Roumanian law, but in 1903 was
transformed into an English Company under the Companies Acts. It is the oldest bank in
Roumania, and the only one with a London office.

business with Roumania, and should be addressed to THE MANAGER in LONDON OF
A general banking business is carried on. Correspondence is invited from those doing
BUCHAREST.

IONIAN BANK, LIMITED NATIONAL BANK OF ROUMANIA

Head Office: BUCHAREST.

Branches braila, craiova, Galatz, JASSY.
Agencies at

Bacau, Barlad, Botoshani, Buzau, Calarashi, Campulung, Caracal, Constantza, Bazargio, Dorohoiu,
Falticeni, Focshani, Giurgiu, Husi, Piatra-N., Piteshti, Ploeshti, Roman, R-Sarat, R-Valcea,
Silistria, Slatina, Targovishte, Tecuci, T-Jiu, T-Magurele, T-Severin, Tulcea, and Vaslui.

Capital: Lei, 12,000,000. Reserve Funds: Lei, 36,794,298-05

VICE-GOVERNOR I. G. BIBICESCU.

TH. CAPITANOVICI.
G. G. DANIELOPOLU.
CENSORS:

DR. CANTACUZINO, I. PR. DUMITRESCU, C. KRUPENSKI, N. N. MURGASEANU

C. NACU,
J. C. NEGRUZZI,
GOVERNMENT COMMISSIONER

A. SALIGNY,

THE EASTERN BANK, LIMITED.

Head Office: 4, CROSBY SQUARE, LONDON, E.C.

Subscribed Capital, £1,500,000. Called up, £600,000. Reserve Fund, £55,000. Reserved Liability of Shareholders, £900,000