The Sun.
London, England, 1847-01-06 00:00:00

REVIEW OF THE IRON TRADE

IN 1846, AND PROSPECTS FOR 1847.
An unusual steadiness in the price of iron has been
maintained throughout the year. There has been com-
paratively little speculation, the demand having been
chiefly for consumption. This bona fide demand has
prevented any depression in price, which would other-
wise have been created by the re-action of the railway
mania in the early part of the year, followed by a
change in the Government, an apprehension of our
amicable relations with foreign countries being
interrupted, and a great advance in the price
of food, accompanied by forebodings of scarcity
and predictions of famine. During this time, however;
the make of iron has been considerably less than the
supply required; and at no former peried did the stock
on hand bear so small a proportion to the total make of
this country. In Scotland the stock has diminished
nearly one- half, being 100,000 tons less than at the end
of 1845. In Staffordshire, it is understood that the stock
of pig iron is not more than equal to a fortnight's con-
sumption, and the iron masters there mu necking a
portion of their supply from Wales and Scotland. The
stock in Wales also is very low. The orders on hand,
especially for rails and chairs, are unusually large; and
it is doubtful. if, at any former period, the order books
of the iron masters exhibited anything like the same
amount of unexecuted orders. There seems little pro-
bability of much increase in the make of iron during the
year 1847 ; nor should it surprise us were it even les-
sened. Workmen are scarce ; wages are high ; there
is a great disposition to shorten the hours of labour ;
and much difficulty is felt in many situations in
keeping up the stock of raw materials. Compara-
tively few of the railway companies have yet given
their orders for iron. Out of the 7,500 miles passed in
the sessions of 1845 and 1846, we believe that not 500
miles of rails are yet delivered. There is every reason
to expect that from 2,000 to 3,000 miles of railway (sill
be passed in the session of 1847 ; and by far the greater
part of these will be branches of existing lines, or of others
in the course of construction ; consequently, there can
be little doubt of these being executed. There does
not appear to be any exaggeration in the statement, that
four million tons of finished iron will be required for
the British and Irish railways already passed, or
to be passed in the ensuing session. This would
absorb the whole of the present make of the country.
for three years. The alteration of the American Witt
will occasion a considerable export of iron to that
country; and, in spite of the influence and efforts
to the
contrary, a modification of the French duty is in-
evitable. The action recently commenced by the Great
Northern Railway Company of France against the French
iron masters, for non-delivery of rails, shows pretty
plainly the impossibility of that country sup-
plying itself. Germany, Russia, Prussia, Austria,
Spain, and Italy, are already looking to this country
for iron; and the long lines of railway . contem-
plated in India, and so essential to its well being, must
either be abandoned, or be constructed with British
iron. The progress of railways cannot be imp.eded, if
the material can be furnished. The enormous increase
in the number of third-class passengers, especially on
the northern lines, is swelling the incomes, and improv-
ing the dividends beyond the most sanguine expectations.
The poor man is beginning to discover that on many lines
railway travelling is cheaper than walking ; popular
opinion will compel the railway companiestomake it so, on
every line ; and their own interest will induce them to
attract the multitude by comfortable accomnandation, in-
stead of repelling them by almost systematic inorye-
nience. It is the penny per mile paid by the
million
which will ensure the extension and the success of rail-
ways. In reviewing these remarks, we appear to have
written as though railways were the only purpose to
which iron is in future to be applied. Three years
ago, when the make of iron was nearly the same as
it is now, not more than one-tenth of that make
was applied to railway. The ordinary demand for
miscellaneous uses is more likely to increase than to
fall off. It is difficult to answer the inquiry which is '
now becoming very frequent—how can both the ordi-
nary demand and the extraordinary demand be met,
each of them being about equal to the total supply ?
Yet the demand and the supply m. ust adjust them-
can, for years
selves ; and prices will be the medium of adjustment
equivalent to the present
It is impossible that the supply
to come, be rendered
demand ; there is, therefore, the greatest con-
fidence in the opinion that prices will advance sufficiently
to bring down the demand to the supply. It would be
rash to predict, and difficult to conjecture, what rate of
advance will produce this result ; every man must form
and when it is his own opinion. The prudent. course is, to be supplied
before the price becomes e.xo.rhitant ;
so,
to compel a reduction by ii!miting orders as much as
pos-
sible, if they cannot be entirely withheld.—London .le:a
I Price Current of Jan. 5.
ig

A _A,
RAILWAY SHAKE MARKETS.
MANCHESTER, JANUARY 5.
p•--Birkenhead, Lancashire, and
STOCK EXCHANGE.—The sates are—Ambergate, Notting-
ham, and Boston, 5-16 p.
Cheshire, 1 9-16 p.— Binning _
inam and Oxford Junction, 10
p,—Blackburn, Clitheroe, Etc, 11-16 dis.—Buckinghashire,
% p. —Fleetwood,
Preston, and West Riding, 5/ P.— Grea t
~ 4
Northern (late London and . York), I, p.—.uitto, Extension,
IA p.—Ditto ( Direct N orthe n), 14 P.—Huddersfield and
Manchester Railway and Ca_nrl, Thirds, 1% p.—Leeds and
Thirsk, Ic. dis. cum int.—Ditto, Preferentials, 1% p.—
Liverpool, Manchester, and Newcastle Junction, i P.--
London, Manchester, and Birmingham (C), 7 7-16 p.—
Manchester and Leeds Extension, 1% _......
p anchester,
Sheffield, and Lincolnshire, % dis.—ManchiusterM and South-
ampton, 1.16 p.—North British Extension, %c. .—North
Staffordshire, 43-16 p.—Northern Counties 'Union 9-16 dis.
—Oldham Alliance, 15-16 c. p.—Shropshire Union, par
South-Eastern and Dover, No. 4, 11.46 c.
_......
p West Riding
Union, 2% p.

HULL/ JANUARY 5.
STOCK Excuanax.—The sales are—North British, Thirds,
2/. 18s.—Blackburn, Clitheroe, &c., 9s. 6d. dis.—Direct
Northern
(scrip), 's p.—Fleetwood, Preston, and West
Riding, 55. p.—Northern Counties Union, 39s.—West Riding
Union, 41. Ils. 6d.—Manchester and Southampton, 25. p.—
London and Manchester (Rem.), log. p.
SHEFFIELD, JAN. 5.
STOCK EXCHANGE.—The sales are—Ambergate, Nottingr
ham, and Boston, 14 p.—Manchester and Lincoln Union, A
dia.— Manchester Grimsby, and Sheffield, 8/. dis.—Ditto.
Quarters, % die.—Manchchester, Sheffield, and Lincoln, 14s.
dia.—North-Western, 16a, p.
EDINBURGH, JANUARY 4.
STocz EXCWANGZ.—The sales are—Aberdeen 251.155.
Airdrie and Batbgate, 41. h.—Arbroath and Forfar, 281.