The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1873-08-30 00:00:00

THE IRON TRADE.

WOLVERHAMPTON, Wednesday.

The condition of the iron trade in both- the
finished and also the pig branches was reported
this afternoon as increasing in improvement. The
progress which had begun to be marked last week
was more observable now, and quotations were all
harder than a week and fortnight back. Much
progress has yet, however, to be made before a
healthy or a vigorous business will be transacted.
The high price and the present scarcity of coal
was the theme of much conversation; and the in-
formation supplied by Mr. E. Jones, the President
of the South Midland Institute of Engineers, as
to the failure of borings for new supplies in
Shropshire was deemed of grave importance, as
affecting not that county only, but South Staf-
fordshire also in relation to the unproved ground
between the Staffordshire and the Shropshire
fields. On the other hand, very great satisfac-
tion is being expressed by many members of the
iron and coal trades in this district, at the excel-
lent prospects to the industry arising out of the
success of the Mines Drainage Scheme. It is
believed that the promoters of the undertaking
advanced no more than a sober truth when they
affirmed that the effect of passing the bill would
be to add half a century to the commercial life of
South Staffordshire. Everyone possessing practical
knowledge of the fuel capabilities of the district
knows that there are vast quantities of coal avail-
able that only need to have pumped out the water
under which they are lying submerged in order to
their being brought into the market. The early
workers were content when taking those seams
which lay- nearest to hand, and were of the most
value. Having obtained these in one tract, and
finding the cost and difficulty of draining the
mines increase upon them, they moved to fresh
localities where the same method was again pur-
sued; and so on, until ample fortunes had been
made and the cream of the coal secured. At the
present day, however, the qualities which these
early iron and coal workers deemed of little worth,
are now of more saleable value than was the
Splendid thick coal when it was mostly wrought;
tor the increased application of science to the
smelting and refining of ironstone has shown
how these lower seams may be made capable of
utilisation in that industry. Further, the use of
steam-power has left very little fossil fuel incap-
able of producing heat under the boiler or in the
furnace. Indeed, there is a quality of coal
possessing a cokey anthracite nature, that was at
one time believed to be valueless, but which the
requirements of the locomotive and the marine
engine have rendered of great worth. Plenty of
it is now selling in this district at its per tou ; but
it is not in the manufacture of iron and in the
generating of steam that the submerged coal seams
are alone applicable. Much household fuel is like-
wise under water of a quality which is to-day in
the heart of the Black Country realising, in some
towns, lss, in others 19s, and in others again 20s
per ton. Of it the experiments of the analytical
chemist result in a report to the effect that it
possesses a high calorific or heating power; that
it is bituminous enough to make a cheerful fire;
whilst it must be exceedingly economical anti
clean, inasmuch as lcwt. leaves but 41bs. of ashes,
and these are of the brown hue so much desired
by housekeepers. Such property is now being
sought after by capitalists, who see in the success
of the Mines Drainage Scheme the means or its
development at a very moderate cost.
Nor are we uninterested in the development of
the south Wales field; for much of the coke which
the ironmasters and founders of this district use
..mes thence and the price that has now to be
given for it is a serious item in the cost of the
metal. The commencing of operations by so vast
a concern as the Welsh Steam Coal Company is
therefore regarded as not without its significance
to South Staffordshire. The company have in the
Vale of Neath over 4,000 acres of coal on lease for
ninety-two years, and they intend to work from
1,2000 to 1,500 acres themselves, subletting the
rest to others. Instead of renting some surface
whereon to erect machinery (for the surface is not
included in the lease), they have purchased 70
acres for that purpose. They are now, therefore,
the owners of the freehold of the Clyne Farm,
which is situated in the centre of the extensive
tract they will work themselves. On this Clyne
Farm the new colliery machinery and buildings
will be erected, and the output of South Wales
considerably increased.

There was more animation at the meeting of
ironwasters and merchants on 'Change on Thurs-
day than has been the case for many weeks, and a
'otter disposition on the part of buyers to place
orders. Coalumsters show increased firmness,
and there now 110 hopes of any fall in the price
of fuel during the autumn or winter months. Iron-
masters are consequently entering into their coal
contracts at present prices, and existing quotations
for iron will be firmly maintained. Stocks are at
present very low, and the orders that are being
given out are for immediate requirements. In
some instances the orders are so pressing that
purchasers cannot wait until the iron has been
rolled, and there is, therefore, a run upon mer-
chant's stoats. Common marked bars remain at
..tl4 per ton, but large orders for next quarter's
delivery will in some cases only be booked, subject
to quotations existing at time of delivery. Buyers
generally are more disposed than they have been
for many weeks to distribute their orders, as they
are looking forward to an upward tendency in
prices. Pigs have advanced Us a ton in price
during the past fortnight, and no movement in
favour of the purchaser is expected.