The Sun.
London, England, 1855-09-29 00:00:00

IRO.NIVASTERS' MEETING.

HANDSWORTH, SEPT. 28.—The usual meeting preli-
minary to the quarterly meetings of the Staffordshire
and Worcester ironmasters was held at the New Inn in
this place to-day ; and the recent circumstances of the
trade imparted to it a peculiar interest. The attendance
was not remarkably numerous, but members or repre-
sentatives of the principal firms in the district were pre-
sent.

It is well known that since the last quarterly meet-
ings, when the price of bar-iron, so far as the resolu-
tions of the trade could determine it, was 8/. per ton,
many if not the whole of the first-rate Staffordshire
houses have upon new contracts asked and obtained 91.
So general, indeed, has this advance been, it may be
said for several weeks past, excepting in the case of a
few needy manufacturers, to have ruled the trade. There
were persons who, notwithstanding, refused to entertain
new contracts, even at the generally understood advance,
and who sought for a still further enhancement of rates.
The question under discussion to-day was therefore
not the maintenance of the old price of 81.. per ton for
bars, but whether it should be 91., already virtually
adopted, or a still further advance, the amount to be
fixed upon if such advance were deemed advisable. Mr.
Foster, of Stourbridge, one of the most eminent ironinas-.
ters in the district, proposed that the price of bars should
for the ensuing quarter be 9/. 10s. per ton, or an advance
of 1/. 10s. upon the last quarter's declaration ; and this
proposition, as we understand, was supported upon
various grounds, but chiefly on account of the increased
demand for iron and the exorbitant price of pigs and
raw materials generally. The makers of pig iron at the
present moment have, according to the opinions of some
manufacturers of finished iron, the market completely in
their own hands ; and, unless they reduce their terms, it
is contended, bars, sheets, and hoops must of necessity
go up. It was contended, however, by others that 9/.
was a remunerative price, that the money market was
tight, that the present demand might probably be but
temporary, and that if a further advance was declared
the iron men of the district might be expected to seek
for an immediate proportionate rise of wages. These
considerations appeared to have most weight with the
meeting, and after considerable discussion the price of
bar iron for the ensuing quarter was fixed at 9/., and a
corresponding rise in hoops and sheets. The prices of
coal, ironstone, and limestone are not determined by these
preliminary meetings, and even those of iron are after all
subject to the confirmation of the regular quarterly meet-
ings, which will commence at Walsall on the 9th of the
ensuing month. The greatest unanimity, however, pre-
vailed at the meeting to-day, and there appears little
probability. of a change.
It is quite certain that the ironmasters can now deter-
mine upon an advance with greater certainty of its being
maintained than they could 6 months_ago. At that time
there were several insolvent houses anxious to sell al-
most at any prices they could obtain, and by their un-
derselling to an immense extent inflicted a great injury
upon the more reputable firms of the district. These for
the most part are now extinct, and the trade is conse-
quently placed in a more certain and healthy condition.
Confidence appears to be re-established, and, although
the money-market, in consequence of the proceeding of
the Bank of England, is disturbed, commercial credit is
apparently restored.