TRADE REVIEW

Southland Times, Issue 25342, 22 July 1935, Page 7

TRADE REVIEW

ECONOMIC RECOVERY BANK DEPOSITS REACH RECORD MONEY FOR INVESTMENT (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, July 20. A striking indication of the progress of 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 previous highest figure of £1,983,000,000 was in December, 1932. Another good sign is the extraordinary success which has attended new capital flotations recently, issue after issue having been rapidly over-sub-scribed. The approach of the holiday season 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 giltedgeds and their prices declined slightly, but its rapid success had a stimulating effect and British funds quickly recovered. Dominion and home corporation stocks followed their lead, the recently issued New Zealand loan scrip reaching 7-16ths premium. The apple and pear season is rapidly drawing to a close, the last New Zealand arrivals having been 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 a keen inquiry. Tasmanian Josephines this week auctioned up to 25/6 a box, the highest recorded in recent years. The butter market remains firm, for though there are signs of the consumptive demand decreasing somewhat as retail prices have advanced, there is a big shrinkage in imports compared with this time in 1934 and a decrease in the quantity afloat from countries south of the Equator by 6000 tons compared with the same period last year. 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.