STABILITY OF FINANCES

Hawera Star, Volume LII, 28 January 1933, Page 9

STABILITY OF FINANCES

GROWTH IN GREAT BRITAIN TRADE BALANCE IMPROVING NEW INDUSTRIES STARTING. BANK CHAIRMAN’S REVIEW. (British Official Wireless.) Received 1.15 p.m. to-day. RUGBY", Jan. 27. The Rt. Hon. Reginald McKenna, chairman of the Midland Bank, in an address to shareholders at the annual meeting described the conditions in Britain to-day as distinctly bettei than a year ago, notwithstanding the persistance of a high level of unemployment. ‘‘‘Our national finances are sounder,” he said. “A marked reduction has been made in the- balance of imports over exports. The volume of business has been fairly maintained. New industries have been established and though exchange and other restrictions are stifling trade with foreign countries there are signs of a steady development of experimental trade. “This improvement has not been helped by events abroad. The hopes arising from the Lausanne Conference vanished in the face of the disappointment regarding war debts to America.”

INCREASE IN DEPOSITS. OVER £200,000,000 IN YEAR, Received 1.15 p.m. to-day. RUGBY, Jan. 27. An outstanding feature in the balance sheets of five principal English banks which have now been published is the unprecedented growth in deposits, which now stand at £1,773,278,000 or an increase of £209,398,715 on the year. This increase has been achieved ti spite of the reduction of £119(382,156 in advances, which ordinarily would have involved a similar reduction in deposits.