MONEY AND MARKETS

Evening Star, Issue 22087, 22 July 1935, Page 7

MONEY AND MARKETS

STOCK EXCHANCE PRICES STEADY BUTTER REMAINS FIRM Press Association-r-By Telegraph-Copyright LONDON, July 20. A striking indication of progress towards Britain’s economic recovery is afforded in the monthly returns of 10 clearing banks, whose total deposits at the end of June reached a record exceeding £2,000,000,000 for the first time, the previous highest figure of £1,983,000,000 being in December, 1932. Another good sign is the extraordinary success which has attended recent new capital dotations, issue after issue having been rapidly oversubscribed. The approach of the holiday season has had a quietening effect on the Stock Exchange, but prices generally are steady. The issue of the London Electric loan of £32,000,000 somewhat diverted investment money from giltedged stocks, and their prices declined slightly, but its rapid success had a stimulating effect and British funds quickly recovered, dominion and' home corporation stocks following their lead, the recently issued New Zealand loan scrip reaching 7/16 premium. APPLES AND PEjARS.

The apple and pear season is rapidly drawing to a close, the last New Zealand arrivals being marketed. There are tmly two or three Australian cargoes still to come. Apple prices continue at a satisfactory level and seem likely to improve further, and pears will meet with keen inquiry. Tasmanian Josephines were this week sold at auction at up to 25s fid per box, the highest record in recent years. BUTTER. The butter market remains firm, for, though there are signs of the consumptive demand decreasing somewhat, as the retail prices have advanced, the big shrinkage in imports compared with this time in 1934, and the decrease of the quantity afloat from countries south of the Equator by 6,000 tons, compared with the same period last year, are bull points which traders •cannot ignore. The prospects for the immediate future seem good, hut much depends oh the Continent, Danish production has declined, but supplies from other European countries are increasing. -