ECONOMIC RECOVERY

Wanganui Chronicle, Volume 79, Issue 169, 22 July 1935, Page 7

ECONOMIC RECOVERY

BRITISH PROGRESS STRIKING INDICATION RECORD BANK DEPOSITS. (By Telegraph—Piesw Association —Copyright] Received July 21, 6.30 p.m. LONDON, July 20. A striking indication of the progress of Britain’s economic recovery is af forded in the monthly returns of the ten clearing banks, whose total de posits at the end of June reached a re cord exceeding £2,000,000,000 for Ihr Grst time, the previous highest figure of £1,983,000,000 being in Decembei 1932. Another good sign is the extra ordinary success which has attendee new capital flotations recently, issue after issue having been rapidly over subscribed. The approach of the holiday scasoi. had a quietening effect on the Stool Exchange, but prices generally an steady. The issue of the London elcc trie loan of £32,000,000 somewhat di verted investment money from giltedgeds, and their prices declincc slightly, but its rapid success had a stimulating effect and British fundi quickly recovered, Dominion ami Home corporation stocks following their lead tho recently-issued New Zealand loan scrip reaching a 7/16 premium on the issue price. Fruit Prices Good. 'The apple and pear season is rapidly drawing to a close, and the last New Zealand arrivals are being marketed. There arc 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 this week auctioned up to 25s 6d per box, the highest record in recent years. Outlook For Butter. The butter market remains firm, for though there are signs of the consumptive demand decreasing somewhat as retail prices have advanced, there are 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. 'These are “bull” points which traders cannot ignore. The prospects for the immediate future seem good, but much depends on tho Continent. The Danish production has declined, but supplies from other European countries are increasing..