London, July 14.
The statement of the Bank of England for the week ended July 14 shows an increase in public debi of £670,000 to £13,220,000, while other deposits were lower by £3,- 160,000 to £148,490,000.
Government securities were listed zt £109,570,000, showing a decrease of £2,320,000 from the previous week. Other securities totalled £30,870,000, including £10,310,000 on discounts d advances and £20,560,000 on securities.
Notes and coins amounted to £39,290,000, representing an increase of £120,000 from the previous week's figure of £39,170,000. Totel bullion decreased by £10,000, Notes in circulation totalled £488,- 100,000, which were £130,000 below last week's figure, A The proportion of reserve to liability was given as 24.29 per cent. as against 23.85 per cent, last week.
—Reuter. ernment loan and reports of rust 4 damage.
On excellent cash demand and better growing conditions, corn prices by Tuesday were at their best levels since April 2.
Subsequently. declining export demand and better weather conditions reduced earlier gains. Heavy foreign liquidation and hedge pressure depressed cotton futures, Pending a change in crop news or more definite indications of general business improvement, buyers appeared cautious. Rubber advanced early in the week on small shipment offerings, trade short-covering and commission house demand but factories appeared to be reluctant to follow the rise with prices levelling off at the close of the period. Very strong conditions prevailed in the sugar market where futures by the middle of the week had reached early March levels stimulated by heav; short-covering and expectations of sweeping reductions in export quotas to be made by the International Sugar Council for the 1938-39 crop year.
Developments in the steel industry continued to headline business news.
The price of steel scrap at Pittsburgh rose $1.00 to $14.50 a ton, while the rate of steel operations advanced sharply from 224 to 323 per cent. of capacity, the highest figure in three months, n an attempt to forestall wage cuts, the Department of Labour announced on Tuesday that public hearings to fix minimum wages of employees working for concerns supplying the Government with steel would be held July 25.
The market in figures:
Thursday July 7 July 14 Change Average for Industrials 137.43 135.81 off 1.64
Average for Rails Average for ities Average for 3 2681 off 1.12
215 off 1.70 2105
28.67 88.69. up..02 mödity Index 5020
Text read from the printed page and cleaned; old type leaves the occasional error.