The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1875-06-12 00:00:00

THE IRON TRADE.

WOLVERHAMPTON, Wednesday.
SIM
The iron trade meeting here to-day was flat.
!u ers, whether of pig or finished iron were few
in number, and the transactions were unit-port-
ant. Prices ruled pretty much as last week, the
tendency in the case of the common descriptions
being in this direction of esse. In finished iron
the inquiry for sheets continues to be the
principal feature, and in pig-iron the chief de-
mand is for cold-air and other foundry pigs of
good quality. The report of the Pelsall Coal
and Iron Company, just published, is generally
regarded as satisfactory, the year which has
proved so disastrous to so many other similar
concerns having been not only passed through
Ivitkout loss, but yielded a small profit to the
shareholders. The general condition of the
iron trade of the district continues to be one of
suspense, arising from the uncertainty which
prevails as to the price of coal. There are three
distinct classes of persons interested in this
question. There is, first, the coalniaster, pure
and simple, whose interest is to keep up the
rates to as high a standard as the state of the
market will admit. Then there is the ironmas-
ter; whose only interest in regard to coal is to
buy it as cheaply as possible. Then there is in
the third place, the man who is both a coalums-
ter and an ironmaster. These three classes of
interested persons have for some time east been
taking simultaneous but distinct and independ-
ent action with the view of bringing about the
settlement which every one admits must come,
but as to the time and character of which there
is such a want of agreement. Meanwhile, the
aspect of the iron trade in the district is very
deplorable, three-fifths of the works being, it is
estimated, carried on at a positive loss. The
commonest class of forge coal is offering in the
Wolverhampton district at Ss. per ton, but good
useful forge coal commands 12s. to 15s. per ton.
The discovery of brooch coal by the South Staf-
fordshire Colliery Company at West Bromwich
will greatly enhance the value of that concern.
It was mentioned oa 'Change that the shallow
coal had been struck in the new sinking of the
Cannock and Wimblebury Company near
Hednesford, and the seam is said to be of splen-
did quality. The collieries in the South Staf-
fordshire district proper are not as a rule run-
ning more than about two-thirds full,time. Local
ironstones are in demand, and prices are well
supported, notwithstanding that North country
hematite ores are offering so :freely. in this dis-
trict. We understand that t)iti diiectors of John
Bagnall and Sons (Limited) have determined to
hold another special meeting of shareholders to
reconsider the resolutions recently adopted on
the report of the Investigation Committee. It
is understood that both on the board, and by
many of the general shareholders, the proceed-
ings in question, committing the compsny to
costly and doubtful litigation, are disapproved,
and the entire subject will be re-discussed under
a much fuller knowledge of all the facts, than
existed at gie last meeting.

There wail a fair attendance at the weekly
meeting in Birmingham, on Thursday, but business
again was very restricted. The feworders in hand
for shipment are running out very fast, and mer-
chants evince great reluctance to place new speci-
fications this side of quarter-day. Apart from the
local demand for hardware manufacturing purposes,
there is little doing in any department; but the
sheet mills are better employed than those devoted
to other descriptions of iron. Common rolled wire
or rod iron, for fencing puposes, is in tolerably
good request for the agricultural districts at home,
and the principal markets of South America and
Australia; and for galvanised corrugated roofing
there is a steady export demand. Nevertheless,
few of the works are in operation more than three
days a week, and many are at less than one-third
production. Although South Staffordshire thus
far has escaped the effects of recent failures in the
iron trade, apprehensions are expressed in some
quarters that the summer will test very severely
the resources of more than one local concern which
is known to be struggling against the double dis-
advantage of small capital and slack and unremu-
nerative trade. Meanwhile prices of marked iron
are steady on the basis of .211. for bars. Common
sheets (singles) may be had as low as Xll. 55., but
the average quotation is nearer £11.125. 6d. Boiler
plates realise from £l2. 10s. upwards. Pig-iron is
steady as regards the better qualities, at £5. to ..£5.
ss. for best hdt-blast, and £6. 10s. for cold; but
cinder-pig is weaker, sympathy with the prices of
Northern pig, and may be had in some instances
under ..t3. Coal is still fetching from 12s. 15s. for
good forge qualities, though some is offered in the
Wolverhampton district at Bs. An important dis-
covery of brooch, or heathen coal, is announced at
the Lyndon Colliery, West Bromwich, belonging
to the South Staffordshire Colliery Company. The
new seam, which was accidentally discovered on
Tuesday, is seven yards thick, and believed to be
in a maiden state. Although business is so quiet
in the coal and iron trades, there appears to be no
superabundance of labour, which is generally ac-
counted for by the large number of hands engaged
in connection with the mines drainage works of the
district.