COMMERCIAL

Evening Post, Volume CXXXV, Issue 1, 2 January 1943, Page 7

COMMERCIAL

BANK OF ENGLAND RETURN

(By Telegraph—Press Association—Copyright.} LONDON, December 31. The Bank of England return* tot the week ended December 31, with that for December 24, is given in millions of pounds, " as' follows :— ■■ • Last week. This w.eek. £ . . ■£ . (millions) (millions) Issue Department— • • - Notes in circulation ... 920.5' 923.4 Notes in Banking Dept. . 29.7 26.8 Govt, debt •• 11.0 U.O Govt, securities 936.9 936.9 Other securities 1.3 r la 3„ Fiduciary issue 950.0 900.0 Silver coin 9-8 0.8 Gold coin and bullion .. 0.2 , 0.2 Banking Department— Capital 14.5 11.5 o Rest 3.3 3.3 Public deposits 4.1 9.0 Bankers' deposits 145.3 223.4 Other accounts' .'..'. 48.0. 48.9 Govt, securities 160.8 242.2 Advances and securities . 3.5 3.5 Othei securities 20.3 25.7 Notes and coin 30.6 ~~f B , Proportion; p.c 15-48 9.84 The note circulation, December 16, 1942, was £908.300,000; on December 31, 1941, £751.726,000; and on January ■1. 1940. 0615,900,000. Fiduciary issue raised by £70,000,000 to £950,000,000 December 3, 1942. Bank rate, 2 per cent., changed from 3 per cent. October 26, 1939. FUTURE OF WOOLLEN INDUSTRY. Reviewing developments in the woollen goods industry, Winchcombe, Carson, and Co., Syd-. ney, note that Australian output • has expanded and also production ln other Dominions. From the outbreak of the war until June, 1942, the Indian mills supplied the fighting forces with £90,000,000 worth of textiles embracing all types. It is estimated that 100,000 people in India are now employed in the .mills and clothing factories. What will be the outcome of this expansion in the Dominions? If experiences after the past war can bo accepted as a guide, it means a permanent loss of export trade for the older manufacturing countries. Forecasts are Impossible because tho duration of the War and Its results ori the world's economic position are not known; but the wider spread of Industry should eventually provide a: more extended demand for textile raw materials. " The extension In the mill industry in the East, Australia, and Canada supplied Australia with an increased number of competitors for her clip compared with the desmand previously almost confined to the United Kingdom, the Continent, and, to a Jesser extent, the United- States. FELT AND TEXTILES IN NEW ZEALAND. Sir Walter Massy-Greene, chairman of Felt and Textiles of Australia, Ltd., in his speech to shareholders, mentioned that the woollen felt, hair felt, and felt products factories in New Zealand were making goods similar to those made in Australia, and the volume of production had exceeded expectations formed when deciding to establish these industries in the Dominion. A complete and efficient wool scouring and. carbonising plant had been erected in Wellington during the year. It was the first carbonising plant to be established in New Zealand. It was in full operation treating wools of the company's own manufacturing companies and. at an early date it was expected to be processing wools required by the British Government, and the New Zealand wool representative for the Russian Government had approached the company to undertake scouring of considerable quantities of wool. A tannery had also been acquired in New Zealand, and it enabled the company to produce a great range of articles. A plant for making shoe and other lace 3 In New Zealand had also been acquired. One subsidiary In New Zealand formerly manufacturing' fashion goods was now engaged on big defence orders.