AN OPTIMISTIC SPEECH.

Press, Volume LXVI, Issue 20107, 10 December 1930, Page 12

AN OPTIMISTIC SPEECH.

AUCKLAND STOCK EXCHANGE. ADDRESS BY PRESIDENT. [THE PKESS Special Service.] AUCKLAND, December 9. •Ma spite of everything, I am still an optimist, for I am convinced that pessimism is neither good for the individual nor the nation," said Mr G. C. Creagh in his presidential address to members of the Auckland Stock Exchange. "Let mc add that I consider a tribute is due to our Governor-General, Lord Bledisloe, for his cheery optimism, given expression to on every possible occasion, and based on sound common sense. For this reason if for no other and there are others—we owe lnm a debt of gratitude- which it is impossible to repay. "I urge on you to go into the highways and byways, preaching a gospel of "■ood cheer, and by so doing you will not only do good to others, but will also benefit yourselves. Kemember that however dark the day, the sun has not gone out of business and will shine again. "Although business for the twelve months under review has not perhaps been as satisfactory as could have been wished for, it might have been worse, as certainly it has been better than in many previous years. Prices of shares have fluctuated a good deal during the period, sometimes for reasons which were not very obvious, thus making our position as advisers to those wishing to invest more difficult than usual. However, in spite of all adverse influences and the uncertainty which has continued right through the year the turnover has been very considerable, and I believe that many of our clients who have taken advantage of the opportunity to buy shares in good sound concerns at the low prices prevailing, will later on have reason to regard 1930 as having been their lucky year, at least so far as investments are concerned. "I am of the opinion that wo can look forward with confidence, for although our Dominion, like many other parts of the world, has been called upon to put her house in order, there can be no doubt as to her recuperative powers. The clouds of depression will roll by, to usher in a long period of prosperity, such probably as we have not yet known, good as have been tho years that have gone." BANKING. DECREASE IN DEPOSITS. The Abstract of Statistics for November states that the vclume of debits placed to individual accounts (excluding Government accounts) during the month, shows very little movement cornspared with the previous month, but. a recession of 12.3 per cent, as compared with October, 1929. The cumulative total for the ten months records a decline of £13,500,000, or 8.0 per cent. Deposits show a decrease of approximately £1,200,000" for the month as compared with September, Government deposits decreasing by. £330,000, •and other deposits by as much as £830,000. October shows a recession of £1,260,000 in , free deposits, while .those on fixed terms increased £428,000. As early as April, a prominent ten-, dency was displayed for new deposits t->" be-placed. at fixed terms only and also for. a certain proportion of the .money at call to be gradually transferred, into fixed deposits. This tendency has been maintained during the ensuing months ; and for the period of seven months since it became evident 'fixed deposits show a continuous increase. amounting in the aggregate to .£2,260,000. On the other hand, the amount on current account has decreased by £5,000,000. Advances have recorded a gradual rise during the last four months, and this, combined with the decline in total deposits, has increased the ratio of advances to deposits from 90.6 per cent, in July to 100.0 per cent, in October.

THE WHEAT MARKET. SELLING CANADIAN WHEAT CHANGE IN POLICY ANNOUNCED (UKITED rREaa ASSOCIATION—BT ELECTRIC TELEGRAPH—COPIEIOBT.) (Received December 9th, 8 p.m.) OTTAWA, December 8. Mr John McFarland, the new general manager of the Central Selling Agency of the Canadian Wheat Fool, announced that the pool had reversed its policy of direct selling overseas. It will withdraw its representatives and close its agencies in London, Paris, and other European centres. He said that the ordinary established facilities for marketing wheat - would be carried out by the_ pool. The change in policy, he believed, would have immediate and favourable results in strengthening the demand for Canadian wheat overseas. LONDON QUOTATIONS. LONDON, December 8. Wheat cargoes are dull and unchanged. Parcels are 3d down. FUTURES. * s. d. London — December 22 8 per quarter February ... 21 1 per quarter Liverpool— December ... 410 per cental March ... 5 Of per cental May ... 5 2J per cental METAL MARKETS. '.UNITED PRESS ASSOCIATION—BY ELECTRIO TELT,GRAPH—COPYBIGHT.) (Received December 9th, 8.30 p.m.) IjONDON, December 8. Pec. 4. Dec. 8. Per ton. Per ton. Coppor— £ e.d. £ «. ri. Standard, spot .. 48 18 9 46 G 10J Standard, forward 48 16 10i 48 6 10J Electronic .. S3 0 0 51 0 0 to .. .. 51 0 0 r> 2 10 1 Wire bars .. 54 0 0 52 0 0 Lead— Spot .. .. 15 17 fi IS 11.3 Forward .. .. 16 0 0 jS 12 G SpelterSpot .. 1,1 f) o 13 15 <» • Forward .. .. 11 11 ?, H 16 0 Tin— Spot .. ..11217 ft 112 fi * Forward .. ..11183 11 rj 11 fl Silver— Standard, p«r w. I*VI If.ll-IRr! Finn, p«r m. ~ ]7Jd 15 16-lfrd