Australia’s Recovery.

Thames Star, Volume LXV, Issue 19211, 18 September 1934, Page 4

Australia’s Recovery.

STRIKING EVIDENCE. BANKING STATISTICS. BIG INCREASE IN DEPOSITS. With an increase of £23,927,000 in deposits since last year, striking evidence of the return to pre-depres-sion conditions is shown in Australian banking statistics for the quarter ended June 30. Deposits with the cheque-paying banks total £343,912,000, compared with £319,776,000 at June 30 last year, and £290,836,000 in 1931. Bank clearances, probably the clearest reflex of general trading conditions, reached £41,225,000, cpmpared with £36,586,000 in 1933, and £44,215,000 in the pre-depres-sion year of 1929. Average liabilities of the banks rose to £386,795,000 from £348,793,000 a year ago, and average assets increased to £437,390,000 from £423,670,000. Advances against deposits improved to £248,912,000 from £246,181,000 last year. These figures relate m&inly to private transactions. The amounts advanced on deposits have steadily increased, but most were advances to Governments and municipal bodies, presumably to finance deficits. The grand total of advances under all heads is £346,702,000, against £346,000,000 .last year; £327,064,000 in 1932, and £323,625,000 in 1931. Million Rise In Savings. Savings Bank deposits increased by £7,821,000 (3.8 per cent.) during 1933-34, according to official returns issued by the Commonwealth Statistician. The present level of deposits, which total 210 millions, has been exceeded in the history of the Savings Banks only in three years—from 1927-28 to 1929-30. Deposits per head of the population of Australia were £31.5 at June 30 last, compared with £30.5 at the same period in 1933, £30.2 in 1932, £29.7 in 1931, £33.8 in 1930, and £35.4 in 1929.