The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1878-07-27 00:00:00

THE IRON TRADE.

Wi,LVERLIAMPT,)N, WEDNESDAY.

The market this afternoon indicated much
cautiousness by buyers of iron and coal. There is
still a marked disposition to limit individual in-
debtedness. Purchasers who are consumers
hesitate to keep any stock, and are therefore
reluctant to distribute specifications till the iron
is needed for manipulation. Orders are upon
ironmasters' books in a larger number than would
seem to be indicated by the extent of work
doing. This does not show any striking increase
upon a week ago. During the last few days there
has been a lull in fresh enquiries, and this
afternoon the market were but a tame appearance.
Nevertheless a hopeful tone was general, and
prices showed a fair proportionlof strength. Pig
and finished iron alike resisted the efforts of the
buyers. Certain of these last having secured
exceptionally low offers from needy firms sought
thereby. but without success, to influence makers
of quite another position. Such firms have
brought down their prices to the lowest paying
point, and while present charges continue will go
no lower, though they should have to lay off cer-
tain of their mills. The few A 1 concerns who
were known to have work in hand before the
quarterly meetings keep actively employed in
sections of their works, and their prices are given
by thE ir customers. Owing to the low current
consumption of coal, boats, and trucks to load are
much needed at the collieries, notwithstanding
that fair quarterly sales have recently been
booked. Much satisfaction was expressed at the
authoritative denial of the rumour that Mr. Heath
M.P., had given his colliers and ironworkers,a
rise of 10 per cent. in their wages. With Mr.
Heath in North Staffordshire, the ironmasters in
South Staffordshire would only be too happy to
give their workpeople such an advance if the cir-
cumstances at all justified it, but at present such
an advance is wholly out of the question,

There was a rather large attendance at the weekly
meeting of the iron Trade at Birminghtvn
Thursday, and the few orders offering were eagerly
competed for. Business is certainly not worse
than it was a month ago, but it is very unevenly
distributed, and some firms of excellent standin,2:
are unable to keep their machinery going mar •
than half-time. On the other hand, several of thi
makers of second-cia.,s ire!: are fairly busy, though
not at very remunerative prices. On the whole,
the tone of the market is cheerful. Since quarter.
day, orders for both home and export have been
coming in somewhat more freely, and specifications
of large amount for placing at the suitable moment.
Hitherto the buyers have been distrustful of the
per anence of prices, as it was known that one or
two firms of good standing advocated a reduction
of the list at quarter-day, and the Chairman
of the Associated Coalmasters was considering the
expediency of submitting to a drop in coal. It may
be regarded now as settled, however, that there will
be no alteratien in coal or iron. Indeed, one of
the leadiug ironmasters stated yesterday that he
had declined to accept an order for 500 tons for
forward delivery at present prices, so confident
does he feel in an early movement in an upward
direction. The recent heavy failures in the South
Staffordshire iron trade ha*ve had no perceptible
effect on the market at present. In all probability
they will strengthen it by leading to a further
curtailment of production, which is much needed,
and cheekint, the underselling which has done so
much of late to disturb trade. Galvanised sheet-
iron continues in fairly strong request for the
Australian and American markets, and galvanised
fencing wire is also freely ordered. Plain sheet
makers are only moderately, busy, and nail-rods
are neglected owing to the strike in the wrought
nail trade. There is more doing in plates for
boilers and safes, and strip for tubing, and North
Staffordshire hoops are in request for India and
United States. Prices are not quotably altered,
but there is not quite so much underselling in un-
marked iron ; 10s. is still the standard for un-
marked bars. Pig-iron is quiet, and cinder-pig is
almost a drue, in the market, at ~t 2 or less. Coal
is unchanged".