The Sun.
London, England, 1864-01-05 00:00:00

THE SCOTCH IRON TRADE,

The past year has been one of the most properous the
pig-iron trade has ever witnessed. The production has been
the largest, and the shipments and consumption have much

exceeded those of any former year. The average price has
been the highest since 1857, and the present price is Ile
per ton higher than the average of the last five years. For
the first six months nothing of any importance influenced
the market, and prices fluctuated within the range of 50s to

555. per ton. The demand for manufactured iron was
steady, but not brisk, and common bars could be bought at
at £6 lOs to £6 15,3. per ton. The trade continued dull
during June, July, and August, the price still keeping
down, and not going beyond 555, cash for warrants. There
was little speculative life, and only a hand-to-mouth busi-

ness was done by merchants and consumers. It was only
at the beginning of September that any activity worth not-
ing began to exhibit itself. By this time the strike among
the paddlers and miners in Staffordshire, which resulted in
the concession of the masters, began to affect the work-

men here, and as an advance was also conceded to the
men in Yorkshire and Wales, it became obvious that no
successful resistance could be made to a rise in wages in
this district. Higher prices immediately began to be looked
for, and more attention was att: acted to the low prices and

the state of supply and demand. It is important to note
that a great part of the briskness which succeeded this
period arose from considerations of the price of labour.
Skilled workmen in the manuf mture of iron are undoubtedly
scarce, and masters have to regret the fact that emigration,
and other trades holding out better inducements, have with-
drawn the boys who used to be trained as puddlers from
the iron districts, and their places are filled up by rough
grown hands, who do their work much less efficiently.
Until a high standard of wages is established, we believe

labour will become one of the most serious obstacles which I
iron masters will have to contend with, especially a 3
the profits on iron will now largely stimulate the erection
of new works. The average rate of wages this year has
been 3s 61 per day; in 1856 it was 4s 3.1; in 1855, 43 4d ;
and in 1853 it was 5s per day. The effect of the movement
among the men was to cause merchants who have con-
stantly, since 18.57, kept bare of stock, to rush into the
market and buy bars, sheets, and rails. The demand for
shipbuilding-iron, which has been the backbone of the
trade since the autumn of last year, became more vigorous,
and orders which had been kept back by merchants who
had contracted with shipbuilders had to be given out. The
consequence was an advance in Staffordshire of 30s. per ton
on manufactured iron, which was quickly followed here.
Large purchases of pig-iron were made from day to day by
parties who rook the substantial state of the trade as a
basis, and who were not discouraged by the vain attempts
repeatedly made to rally the price since 1857. Daring
September the price advanced from 545. 6d. to 61s. 6.1; in
October 633. 3d. was reached ; in November, 675.; and
this month we close at the highest point, 69e. 6d. per ton.
This is an advance of 183. from the lowest price of the year,
and 15s. within four months. The state of the money mar,
ket during the last five weeks caused cautious holders
quietly to realise, and the iron has now been
bought principally by English firms. The strin-
gency, however, did not affect our market se-
riously, and its disappearance has furnished a
fresh reason for a further advance. The stock is
now about 12,000 tons more than last year. This is only a
small addition when it is Considered that 100,000 tons were
added last year, and that this year we estimate that 70,003
tons more have been produced. The furnaces in blast have

been 127 as the average of the year, and the number now
blowing is 135. The remunerative prices now ruling will no
dcubt cause as many furnaces to be put up as possibly can;
and should 62s 61 be maintained as an average next year,
we may expect to see fully 50,000 tons more iron produced.
It is interesting to observe the progress which is making in
this respect in the rival district of Yorkshire. As many as
30 furnaces are spoken of as to be erected next year. As they
caa produce the iron at so much less cost, a greater stimulus
will be created there than here, so long as present prices
are maintained. We look upon Yorkshire as the future
centre of the iron trade, and within ten years we expect
that its production of pig-iron and manufactured iron
will be double its present capacity. We have imported
thence during the present year fully 10,000 tons for
forge purposes, and we estimate the same quantity
of Hematite pig-iron from Cumberland. Manu•
factured iron has been in excellent demand during the whole
year, particularly ship plates and angle iron, which are £3
per ton higher than at the opening of the year. The mills
round Glasgow have been unable to meet the demand, am:
considerable contracts have been made for further quantities
from Staffordshire and the Cleveland district. Foundry
iron has not pan icipated in the increase of prices to the same
extent as malleable iron, and contracts are taken at low
figures for chairs and general castings to keep order books
full. The shipments show an increase of 50,000 tons. Pre-
sent prices do not lead us to hope that next year will show
any increase over these figures. There have been built in
the Clyde 170 vessels, of 120,700 tons, against 128 vessels
of 72,000 tons in 1862, and against 86 vessels, of 63,000
tons in 1561. We can only reiterate the remark which we
made on this subject in our Circular of last year, that " so
powerful an impetus has been given in this direction, and
the preference for iron ships has now taken so firm a hold
upon European Governments and the public, that we can
only look forward to, and hope for, still greater activity
in this branch of the trade." Next year's prospects
are in every way favourable, and we expect that a good
deman for iron will be maintained. At the same time, it
must be borne in mind that much of this advance in manu-
factured iron is owing to heavy purchases made by mer •
chants who were before bare of stock and are now full, and
that not a small portion of the contracts has been made by
spculators. This iron has to find its way into consumption
still, and before this takes place we expect to see at least a
partial reaction. If 625. 61. be maintained as the average
price of pig-iron next year, it will be a more healthy con-
dition of the trade than if prices run up so as to farther
stimulate a production which threatens to be overgrown,
and which will only the sooner bring about the depression
from which we have so recently emerged. There is a
strong speculative feeling in this country—every staple,
and almost all articles of importance, have more or less
been influenced by it. It is not our wish to see this carried
further in Scotch pig.iron, and we are convinced it cannot
be done with safety.-11Iessrs. Shaw, Thomson, aud Jtoore's
Circular, Glasgow, Dec. 31.

ACCIDENT IN THE HIINTING-FIELD.—On Wed-
nesday last, while hunting with the Tedworth
hounds near Dauntsey, in Wiltshire, Lord Clanmaurice,
son of the Marquis of Lansdowne, was thrown from his
horse, and severely kicked in the face by the animal. His
lordship was assisted to Boweod, where medical assistance
was obtained; and we hear that his lordship is progressing
favourably.