London, Jan, 12.
The statement of the Bank of England for the week ended January 12 showed a decrease in public deposits of £1,290,000 to £19,210,000, while other deposits decreased by £18410,- 000 to £ 154,790,000.
Government securities were listed fat £96,170,000, representing an increase of £24,790,000 over the previous week. Other securities decreased by £26,850,000 to £44,440,000, including £22,120,000 from discounts and advances and £22,320,000 from securities.
Notes and coins were placed at £5140,000, showing a contraction of £1,610,000 compared with last week, while total bullion was given as £127,070,000, or £ 200,030,000 smaller than the amount recorded for the preceding Week.
Notes in circulation droped to £475,640,000 against £448,070,000 last week. The Fiduciary issue has been increased to £400,000,000.
The proportion of reserve to liability was placed at 29.55 per cent. against 35.63 per cent. last week.—Reuter. since December 9. Buying interest Wednesday appeared negligible as many operators preferred to remain on the side lines pending further international and domestic political developments.
Fears that Congress may curtail relief spending contri buted to the generally unfriendly sentiment toward the market. Following early strength in anticipation of the President's Armament message, stock prices reacted sharply Thursday when the full text of Mr. Roosevelt's speech was released. Observers were struck by the moderation of his demands, Towards the close, a rally was witnessed, but the light volume of trading on the upside failed to induce any enthusiasm, Virtually no change occurred commodity prices, as measured by the Dow-Jones 11 commodity index. Despite beneficial rains in the southwest and lack of exports, there was no selling pressure on the Chicago Bosrd of Trade, where wheat and corn futures moved in a narrow range. Dominated by Washington news of an indefinite nature, cotton quotations fluctuated without much change. There was some foreign buying of distants and trade purchases of nears, but u cautious attitude continued on the part of operators. Spot demand is improving, while some uncertainty prevails ove: the result of the domestic Allotment Bill, which has been introduced into the Senate. Rubber was quiet and featureless with evidence of speculative buying on a sale down. Cuban covering and fresh buying featured trading in sugar futures, where prices ruled firm on reports that the International Sugar Council's Committee on Statistics and Quotas Meeting in London was not prepared to increase the quotas.
December factory automobile sales touched a new high since July 1937, A with vith automobile production continuing its upward trend. Electricity output again moved higher, approaching the record established for the week ending December 24. Building construction is reported to be the best since May 15, 1930. Car-loadings registered centra-seasonal gains. The advance in steel mill operations was ignored, while the magazine "Iron Age" reported that the strong upward trend of steel has not yet developed. "Barron's" Index of Business Activity for the current week has been placed at 76.8 as against 78 for the previous week The market in figures:
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