REGAINING PROSPERITY

Poverty Bay Herald, Volume LXII, Issue 18764, 22 July 1935, Page 7

REGAINING PROSPERITY

INDICATIONS IN BRITAIN RECORD BANK RETURNS (Received July 22, 11 a.m.) LONDON, July 20. A striking indication of the progress of Britain's economic recovery is afforded in the nrontlily -returns of the ten 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 £1,98b,000,000 being in December, 1932. The Chamber of Shipping’s quarterly return of tonnage laid up in ports of Great Britain and Ireland shows a further improvement. On July 3, 575,910 tons of British shipping was laid up, which was 117,709 tons, or 16.7 per cent, less than April, and 454,288 tons, or 43.6 per cent., less than a year ago. Another good sign is the extraordinary success which has attended new capital flotations recently, 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 a London electric loan of £32,009,000 has somewhat diverted investment money from gilt-edgeds and their prices have declined slightly, but its rapid success has had a stimulating effect aiid British funds have quickly recovered, Dominion and home corporation stocks following their lead, the recently issued New Zealand loan scrip reaching 8s 9d premium. It is officially announced that the Chancellor of the Exchequer has agreed to the immediate issue of Commonwealth stock, part of which has reached the optional conversion date.