COMMERCIAL SUMMARY

Otago Daily Times, Issue 22629, 22 July 1935, Page 9

COMMERCIAL SUMMARY

PROGRESS TOWARDS RECOVERY STRIKING BANK FIGURES (United Press Association) (By Electric Telegraph—Copyright) LONDON, July 20. (Received July 21, at 0.30 p.m.) A striking indication of progress towards Britain's economic recovery is afforded in the monthly returns of ten clearing banks, whose total deposits at the end of June reached a record exceeding £2,000,000,000 for the first time, the previoua highest figure of £1,983,000,000being in December, 1932. Another good sign is the extraordinary success which has attended recent new capital flotations, issue . after issue having been rapidly oversubscribed. The approach of the holiday season has had a quietening .effect on the Stock Exchange, but price's generally are steady. The issue of the London Electric loan of £32,000,000 somewhat diverted investment money from gilt-edgeds, 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. APPLE AND PEAR MARKET. The apple and pear season is rapidly drawing to a close, the last New 1 Zealand arrivals being marketed. There are only 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 Gd per box, the highest record in recent years. BUTTER MARKET FIRM.

The butter market remains firm, for though there are signs of the consumptive demand decreasing somewhat, as the retail prices have advanced, there is a big shrinkage in imports compared with this time in 1934, and the decrease of the quantity afloat from countries south of the equator by 6000 tone, compared with the same period last year, are 'bull points which traders cannot ignore. The prospects for the immediate future seem good, but much depends on the Continent. Danish production has declined, but supplies from other European countries are increasing.