MARKETS OPEN NEW YEAR WELL

Northern Advocate, 10 January 1938, Page 5

MARKETS OPEN NEW YEAR WELL

(Received 1 p.m.) LONDON, January 9. Even pessimists admit that the markets opened the New Year well. The unemployment returns curbed optimists, but the cities took -them well in its stride. An excellent series of bank profits proved a welcome tonic. The aggregate published profits of the ‘tig five”—Barclay’s, Lloyd’s, Midland, National Provincial and Westminster—totalled £10,099,000, compared with £9,680,000 last year, which was the highest since the 1929 figure of £11,888,000. The profits of industrial companies continue to be satisfactory in some cases. < For instance, Manchester cotton had a surprisingly good result. Good Week for Commodities 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 best levels of the week. Wool, an exception to the general trend among commodities, has been disappointing.. Lower prices since the re-opening of the Australian sales checked new business in every section of the industry. It is understood that officials of the British Wool Federation will shortly hold a meeting to consider the position.