BANK PROFITS A TONIC

Evening Post, Volume CXXV, Issue 7, 10 January 1938, Page 12

BANK PROFITS A TONIC

LONDON EXCHANGE

NEW YEAR OPENS

WELL

THE MESSAGE TO CONGRESS

(By Telesraph-l'ress Assn.—Copyriglit.i

(Received January 10, 9.30 a.m.)

LONDON, January 9. Even the pessimists admit that the Stock Exchange markets have opened the New Year well. The unemployment returns curbed the optimists but the City took them well in its stride. The excellent series of bank profits proved a welcome tonic and the aggregate published profits of the "Big Five"—Barclays, Lloyds, Midland, National Provincial, and Westminster —totalled £10,099,000, compared with £9,680,000 last year, which is the highest since the 1929 figure of £11,888,000. ,

The profits of industrial companies continue to be satisfactory and, in some cages, for instance Manchester cotton, surprisingly good.

Commodities had a really good week and there has even been talk of inflation* The improvement started after President Roosevelt's message to Congress and has continued without a setback since. Most commodities closed at the bes"t levels of the week.