The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1878-02-23 00:00:00

THE IRON TRADE.

BIRMINGHAM. THURSDAY.

On 'Change here to-day there was a numerous
attendance of iron and coal masters, and
negotiations were somewhat spirited, but with-
out resulting in any exceptional amount 01
business. On the whole the favourable
tendency of trade which was noticeable last
week was maintained, and the feeling was
general that a revival of industry would imme-
diately follow a settlement of the complications
in the East. The better understanding that
seems to exist between the British and Russian
Governments, as indicated by the announce-
ment of a mutual arrangement not to land
troops at Gallipoli or on the opposite Asiatic
coast, reassured many ironmasters who were
apprehensive of an attempt being made to shut
up the British fleet in the Sea of Marmora.
Not since the outbreak of the war has so hope-
ful a view been taken by ironmasters here as to
the prospects of peace in Europe, and the prox-
imity of the opening of the Paris Exhibition is
regarded as strengthening the probabilities of
concord being preserved. When the attention
of peoples is directed to the peaceful rivalry of
commerce it is difficult for Government to
divert it in a warlike direction, and certainly
strenuous eff,rts will be made by France to
secure a settlement of the Eastern Question, in
order to promote the success of the great ex-
hibition at the Frocadero. Confident predic-
tions are made that the International fair at
Paris will bring about a degree of commercial
confidence and security that will stimulate con-
tinental trade to a greater extent than has been
known for many years. On the absolute con-
clusion of peace an extensive development of
' trade in the Levant is certain, and railway en-
terpise cannot fail to be promoted both in the
new nutonomous state of Bulgaria and in the
Asiatic provinces of Turkey. With such hope-
ful prospects of better trade in tke not-distant
future, the prevalent feeling on 'Change was
naturally more buoyant than usual. Mer-
chants, however, are still doing their utmost by
taking advantage of the dull state of trade to
bring down prices ; but, except in regard to
the commoner qualities of iron, their attempts
have been successfuly resisted. The nominal
quotation for market bars is still 10s, and
they cannot be obtained at much below that
figure; but unmarked bars can be bought as
low as £6 ss. The price of common sheets
(singles) ranges from £8 to £8 10s. Nail
sheets are generally quoted at £6 15s; but some
of the best houses have made transactions at
half-a-crown less. Norwegian steel of good
quality has found its way into the Birmingham
market at a much reduced price upon that of
Sheffield manufacture, and one Birmingham
house is said to have contracted for a large
' supply. The quotations for copper and spelter
remain unaltered, and trade is unusually quiet
for this season of the year. In respect of pig
iron the demand is still within the output,
which continues to be restriced. Quotations
are firm for hot-blast at from £4 to £4 ss, while
cinder pig can be purchased at even less than
£2 ss. The coal trade is somewhat brisker,
and the price for thick coal is firm.