London, Feb. 2.
The Bank of England statement for the week ended February 2 shows a decrease in public deposits of '£ 660,000 to £12,260,000, while other deposits were lower by £9,450,000 to £145,450. 7,121,000.000 on the same date of last Government securities were listed at £77,900,000, showing a decrease of £4,110,000 from the previous week. Other securities totalled £42,670,000, including £21,310000 on discounts and advances and £21300000 on securities, Noted and coins amounted to £55,-
250,000, a decrease of £7,990,000 from the previous week's figure of £63,- 240,000, while total bullion increased by £110,000.
Notes in circulation totalled £471,-
950000, registering an advance of £8,100,000 compared with last week's figure, The proportion of reserve to liability was given as 35.03 per cent, compared with 37.68 per cent. last week.—Reuter.
Federal Resetve System Wall Street Dull; Some Returns Optimism New York, Feb. 2, New York, Feb. 1.
The Board of Goverhors of the Prices marked time during a dull Federal Reserve System, in their session of the New York Stock report for the week ended February Exchange today. Trade experts anti-1, respecting the entire body of cipated trading would remain fairly reporting member banks of the siugg.sh until spring business activity System, revealed no changed on bills is more definitely defined. bought as compared with the pre-Experis regarded some improvevious week and the corresponding ment in business and political news. period of last year.
Lhe international situation was con-United States securities held also sidered improved because of the were unchanged from both last week speeches by Chancellor Adolf Hitler and the same week in 1938, while and Mr. Neville Chamberlain. Con-Federal Reserve ratio was higher by sequently, they said, more attention 0.1 per cent. over last week and by vould be paid to the domestic 3.9 per cent compared with the Situation, corresponding week last year.
Business news maintained its Federal Reserve bank credit, as prestige despite the handicap of compared with last week and the periodic war scares, it was pointed corresponding period in 1938, reveal-cut. Sharp improvement is expected ed a decrease of $1,000,000 and a in steel operations, automobile pro-decrease of $12,000,000, respectively. duction and construction, providing Monetary gold stocks were higher that war scares subside. by $54,000,000 over those of last week Wall Street heard today that a and by $1,939,000,000 compared with prominent aircraft company would the same period last year. soon announce a new financing plan.
Industrial advances by the Federal American Radiator, it was reported, Reserve declined by $320,000 from should save about $1,500,000 in ex-the preceding week and by $2,977,000 penses each year through the unificafrom the corresponding week in 1938, tion of six subsidiaries.
During the period under review Many railroads January earnings bills bought totalled $1,000,000; U.S. are in excess of the same month of securities held $2,564,000,000; and the last year. Many traders believed the Federal Reserve ratio was placed at Secretary of Commerce, Mr, Harry 84.1 per cent.
Hopkins, would soon say something Federal Reserve bank credit "bullish amounted to $2.582,000.000; monetary Favourable market factors today gold stocks $14.694,000,000 and indus-included: trial advances $14,811,000.—Reuter.
1. The continued rise in electricity consumption.
2. Expectations of an Improvement in steel production.
Weekly Reichsbank 3. Indications of a sharp rise in car loadings last week.
4. Strong reception of North Ameri-Return can Ca. financing.
Berlin, Feb. 3.
Unfavourable factors included these:
The weekly Reichsbank return sued yesterday shows the gold stock 1. The general foreign situation remains unclarified despite the com-unchanged at 70,800,000 Marks, while paratively mild speeches by Chancellor the foreign exchange holding de-Hitler and' Mr. Chamberlain. creased by 100,000 to 5,600,000 Marks.
2. The continued rise in gasoline stocks.
The note circulation increased by The belief in some circles that 649.700.000 to 7,816.100.000 Marks business recovery is levelling off. while the total amount of credit is-4. Some "uneasiness over United States foreign policy.—United Press. sued as measured by bills, cheques, &dvances and investments, increased by 612,000,000 to 8,102,000,000 Marks.
The total legal tender in circulation is returned at 9,915,000,000 as against year.—Trans-Ocean.
Text read from the printed page and cleaned; old type leaves the occasional error.