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British Finance and Commerce.
Financial Movement.
By Robert Mackay.
British financial markets continue to deal with a steady flow
of business, and the recent sequence of successes in new issues of
capital is still unbroken. In June, for instance, new capital
issues in the United Kingdom showed a large increase both over the
preceding month and over June, 1938. The totals of these issues
were £23,860,000 in June last, £6,610,000 in May, 1939, and
£8,510,000 in June, 1938. The improvement in the value of clearing
transactions passing through the provincial banks has also been maintained, the aggregate of such clearings being £103,740,000 in
June this year, compared with £97,691,000 in June last year.
At the same is a rise of over six per cent in the aggregate total.
time there was no single provincial centre in which an increase
was not recorded, so that increased clearing-values are fair
evidence of the improving business conditions in the country.
This
The recent loss of foreign funds, due to some export of foreign deposits and of gold left with London banks, has undoubtedly
given an even greater degree of stability to the British banking position. The strength of that situation is evident from the fact
that,according to statistics for the period November, 1938, to lay, 1939, the aggregate advances made by British banks to their clients in May were £988 millions, compared with £962 millions in November last. Furthermore, the average monthly advances during the first
five months of 1939 were £983 millions, as against a monthly
average of £976 millions during the whole of 1938.
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