RETURNING PROSPERITY

Wanganui Chronicle, Volume 79, Issue 158, 9 July 1935, Page 7

RETURNING PROSPERITY

INDICATIONS IN BRITAIN 1 • -I BANK CLEARANCES HIGHER 1 BEST FOR FIVE YEJIIX (By Telegraph—Press Association— LONDON, July 6. There seems to be ample justification for the optimistic note struck by the Chance<oi of the Exchequer in the House of Commons yesterday, for re< ports from almost all parts of the country indicate increasing prosperity’. Per< haps the most striking instance is the return ol the bunkers’ clearing house on July 3, showing that the amount of cheques cleared during the week reached £1,096,000,000. No weekly business has been so high since July, a 930, when the record was established with a total of £1,121,000,000. Another indication of returning prosperity is afforded by the bloodstock sales at Newmarket, at which the total amount received was 86,007 gumeas, compared with 48,506 guineas last year. The price of racehorses is regarded as a good index of the country’s prosperity. Conditions on the Stock Exchange have been generally good with J marked improvement in gilt-edgeds Dominions’ stocks generally have im proved. Butter Market Quiet The butter market has been quiet recently at a decline of about a shilling per cwt., chiefly due to larger arrivals of New Zealand, but the statistical position remains very strong, and, as supplies of Australian and Now Zealand during the remainder of the summer and early autumn months will be much below’ 1934, it is anticipated thas there will be a renewal of buying before long with improving prices. . Apple Market The prices for apples have declined somewhat during the week, but still remain satisfactory, and at present range at about 8s to 12s for most varieties. At present there is a pleas< ant contrast with 1934 when apples were an absolute glut on the market, fetching only about 3s to 4s. The present decline is due to increase supplies of soft fruits which have previously been scarce. One reason contributing to the strength of the apple market is the dearness of other fruits, notably oranges and lemons, supplies of which arc very short. The scarcity’ of oranges is due largely to severe frosts in Spain, while 'rhe shortage of lemons is due to the Italian authorities com* mandeering large quantities fortroopj in Abyssinia. « Prospects for Wool The prospects for the wool sales on July 9 are generally regarded as most favourable. The Economist’s correspondent nt Bradford says that there is nothing to prevent an all-round advance. The interval since the last sales has been one of the most active and most successful for the colonial wool trade for a long time. ATerinos will have to advance 10 to 12A per cent, and crossbreds 5 to 74 per cent, to come in line with the improvement in Australia.