PROSPERITY.

Auckland Star, Volume LXVI, Issue 159, 8 July 1935, Page 4

PROSPERITY.

BRITAIN MOVES AHEAD.

FREE BUYING EVEBYWHEBE.

BRITISH TRADE REVIEW. (Received 9.30 a.m.) LONDON, July 6. There seems ample justification for the optimistic note struck by the Chancellor of the Exchequer in tho House of Commons yesterday, for reports from almost all parts of the country indicate increasing prosperity. Perhaps the moat striking instance is the rjeturn of the bankers clearing house at July 3, showing that the amount of cheques cleared for the week reached £ 1,000,000,000. No weekly figure has been so high since July, 1030, when a record waa established with a total of £1,121,005,000. Another indication of returning prosperity was afforded by the bloodstock sales at Newmarket, at which the total amount received was 86,007 guineas, compared with 48,5<)fl guineas last year. The price of racehorses is regarded as a good index to the country's prosperity. Conditions on the Stock Exchange have been generally good, with marked improvement in eilt-edgedes and Dominions stocks generally. Butter Position Sound. The improved butter market line been quiet recently at a decline of about one shilling per cwt, chiefly due to larger arrivals of New Zealand, 15at the statistical position remains very strong, and as supplies of Australian and New Zealand during the remainder of the.summer and early autumn months will be much below 1934, it is anticipated there will be a renewal of buying before long, with improving prices. Good Season For Apples. Prices of apples declined somewhat during the week, but still remain satisfactory, and at the present range of about 8/ to 12/ for most varieties present a pleasant contrast to 1934, when apples were an absolute glut on the market, fetching only about 3/ to 4/. The present decline is due to an increase of supplies of soft fruits, which previously had boon scarce. One reason contributing to the strength of the apple market is the dearness of other fruits, notably oranges and lemons, supplies of which are very short. The scarcity of oranges is due largely to severe froets in Spain, while the shortage of lemons is due to Italian authorities commandeering large quantities for troops in Abyssinia. Rise In Wool. Prospects for the wool sales are generally regarded as most favourable. The "Economist's" Bradford correspondent says there is nothing to prevent an allround advance. The interval since last sales has been one of the most active and most successful in tho colonial wool trade for a long time. Merinos will have to advance 10 to 12 J /2 per cent, and crosebreds 5 to 7% per cent, to come into line withj the improvement in Australia.