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
a famine.nie b y
Duringforebodings
thishowever;
the
dfoo predictionsaccomopftimoefofd
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 are seeking 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 1345 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 gill
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 tariff
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 impeded, 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 companies to make it so, on
every line ; and their own interest will induce them to
attract the multitude by comfortable accommodation, in
stead of repelling them by almost systematic inconve-
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 must adjust them-4
selves ; and prices will be the medium of adjustment.
It is impossible that the supply can, for years
to come, be rendered equivalent to the present
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 bey
rash to predict, and difficult to conjecture, what rate of
advance will produce this result ; every man must form
his own opinion. The prudent course is, to be supplied
before the price becomes exorbitant ,and when it
it is so,
to compel a reduction by limiting orders as much pos-
sible, if they cannot be entirely withheld.—L as
ondon New
Price Current of Jan. 5.

IMPORTATION OF ORANGES,—Three vessels arrived
from St. Michael's, on Monday, at the Wharves adjoin-
ing the Custom-house, having together 1,477 I:srge
boxes, and 209 small boxes of the superior kinda of
oranges, the production of that place, and on the fol-
lowing day five vessels arrived from the same place,
having collectively 2,201 large, and 267 small boxes of
this esteemed description of fruit, which are now just
becoming in a ripe state.
GREEN PEAS FOR THE MILLION. --
hawker stood with his barrow cl,--

ing green peas, just. ---
quart. ew • "

p. —Birkenhead, Lancashire, and
11 -16 disi.).—__BDui
RAILWAY SHARE MARKETS.
1(3
Gmingham and Oxford Junction, 10
MANCHESTER, JANUARY 5.
ca:nd West Riding, lli v.—Great
STOCK EXCHANGE.—The sales are---Ambergate, Notting-
hcv%ah_me
ps,
.h
Blackburn,i ar
enr, di
el
e9Bt -Is,oloB6tcoodpi on, . :_hpserßr-eo e
,t , s
tn
:I', Preferentils, 1% I)
ct
p'_—Ditto,
n gil,;eislisiii ro
I::
el./castle Junction. l' P.-
13—Hudd'ersfield and
141h/zireld, 1 th -._
-2 Leeds and
r Manchester
ihovirret
srhkpr n
ll (
el . al:ideai
nis :
Railwayconc al
somt near
n, sandiint.—Ditto,
.nc—dla
Dno
Canal,
West
L%onpd.o—ittaone(hDcsirteecr,t
aNnaorthßeirrnm:..igharn
(C), 7
74/41
p......
Manchester and Leeds Extension, 174 p.—Manchester,
Sheffield, and Lincolnshire, % dis.—hlanchester and South-
ampton, 1.16 p.—North British Extension, %c . —North
Staffordshire, 4 3-16 p.—Northern Counties
Union, 9-16 di3
—Oldham Alliance, 15-16 c. P.—Shropshire Union, par—
South-Eastern and Dover, No. 4, 11-16 c. p.—W e s t Riding
Union, 2% I),

STOOrt EXCHANGH.—The sales ar
2RLidiinBgs,.-5 -sl.3llla.cluorrilt,herCnlicthoeurnote,ies Na.orth British, Thirds,
Northern (scrip), 111:Lp.IL' FtLlelliAvolloTti,:l,3reGs(tlo.diasi.l7
BUenTion, N.—west Riding
Union, 4/. l Is. 61—Manchester and Southampton, 2s. p.—
London and Manchester (Rem.), 10$.
Szoor: SiIEFFIELD, JA;T:S.
'EXCHANGE.--The sales are—Ambergate, Notting-
..an, and Boston, 1/1, p.—Manchester and Lincoln Union, %
ais.—Manchester Grimsby, and Sheffield, 3/. dis.—Ditto,
Quarters, % dis,—Manchchester, Sheffield, and Lincoln, 14.5.
... esterday a dis.—North Western, 16s, p.
EDINBURGH, JANUARY 4.
STOCK EXCHANGE. —The sales are—Aberdeen, 251. 158.
_.. OLIVE,
ay
t with a read
, ....,,Lect. They DIP sale. Airdrie and Bathgate, 4/. Bs.—Arbroath and Forfar, 28/.
. d
f.r_o,mod ttioorlriaeumdp,le;tbn6rll,:eplel;