The Sun.
London, England, 1845-04-03 00:00:00

THE IRON TRADE.

Some correspondents express groat apprehension of
the consequences that may arise to the general trade in
articles manufactured from iron, from the great con-
sumption and enormous price caused by the railways.
They observe that within a few months bar-iron has ad-
vanced from 51. to 121. per ton, and pig-iron from 355.
to 130 s.—an advance unprecedented and highly injurious
to the best interests of the country. The prospect of
the railroads requiring nearly the whole " make" of iron
for the next three years is viewed with alarm, as it is
said that one year more, with iron at its present price,
will totally destroy foreign trade and the manufacture
of the article. The manufacturers of the iron districts,
having worked off their stocks at low prices for their
spring orders, are unable to execute any fresh orders,
except at rates corresponding with the current price of
the material, and these, it seems, will not be given.
America is viewed as a dangerous competitor, likely to
take advantage of the diminution of our foreign trade
created by this absorption of iron by the railways. The
capital that is in new York and Boston might easily find
its way into American iron districts, and the " make "
might be increased to such an amount as to supply mar-
kets now completely dependent upon Great Britain.
The following is a statistical argument on the same
subject :
"It is estimated by the Mining Journal (quoted in the
Times of Saturday) that the make' of iron last year was
1,210,000 tons; and that tha make of 1845 may, by exertion
on the part of the iron masters, reach 1,330,000 tons.
" The consumption last year is estimated at 480,000 tons
for the ordinary home market, and 460,000 exported, and (if
the railways now making took the same last year as in the
estimate for this) new railways 150,000-1,090,000 tons.
Expecting an increase of 40,000 in the export, the Mining
Journal estimates the consumption of 1845 at 1,130,000 tons.
" 2,000 miles of new railway (proposed), it is estimated,
will require 670 tons for every mile, or 1,340,000 tons; half
of which the Alining Journal estimates will be wanted in
1345, and half in 1846, increasing the estimated consumption
of 1845 to 1,800,000 tons.
"The estimate then stands-1845, 1,800,000 tons; 1846,
1,650,000 tons ; 1847, 980,000 tons, to which we may add,
perhaps, some 50,000 or 60,000 tons (considering ail this
railway, &c.) for increase in ordinary consumption and
export ; but this quantity cannot be supplied so fast. We
may estimate (supposing that there are 200,000 tons present
stock)—stock, 200,000 tons, make 1,300,000 for 1845, or
270,000 tons short of the demand. Demand for 1846,
1,920,000 tons ; supply increased to 1,500,000, or 420,000
tons short. Demand for 1847, 1,400,000 tons ; supply,
1,500,000; leaving 100,000 tons stock ; suppliable for 1848,
1,500,000 tons ; demand, say 1,030,000 tens.
" Here is production then with a vengeance; here is de-
pression for 1848.
" It behoves us, then, to take measures against so sad a
depression ; not even to stick at checkingtoo great an exten-
sion in the' make' of iron (beyond all ordinary demand), or
the too rapid finishing of new railways.
" Restraining the completion of the proposed railways to a
sixth part yearly (not in every case of course, but one with
another), reducing their demand to some 220,000 tons a year,
would keep down the annual requirement to about the present
make,' and thus we might manage to break the fall of this
trade when this out-of-the-way demand ceases—almost, per-
haps, to save it from falling."
This is no doubt an evil of considerable magnitude
under the circumstances described ; but there is a very

large over-estimate made of the quantity likely to be re-
quired for new railways. Many of the projects now an-
nounced will either be completed in part only or laid
aside altogether, while others, having the best support
and the best localities, must be much slower in their pro-
gress than the most moderate of those engaged in them
would imagine. The capital of the whole world would
be otherwise brought into active employment at once,
while, as every one knows who is at all conversant with
such subjects, the cost of railways must be in a great
measure supplied out of the surplus income of the com-
munity. One would imagine that the high price of iron,
leaving other causes out of consideration, would alone
damp the ardour of the speculators in such projects; but
they appear up to the present moment quite insensible to
the danger that awaits them.—Times.

MILITARY SAVINGS BANKS.
Account of the amount of all sums deposited in the Mi-
litary or Regimental Savings Banks, within the year
ended the 31st March, 1844 ; of all sums withdrawn
during the same period ; and of the interest allowed
upon such deposits ; and also the number of deposi-
tors on the said 31st day of March, 1844.—(Pursuant
to the Act 5 and 6 Victoria, c. 71.)
Amount of sums deposited
Amount of deposits withdrawn
Amount of interest allowed 96 10 1
Balance due by the püblic
Number of deFsitors
The warrant establishing the Regimental Savings
Banks was dated the Iltla October, 1843.
SIDNEY HERBERT.
War-office, March 18, 1845.

THE SCOTCH BANKS.— The principal features ()I
the contemplated measures of Sir Robert Peel, in reference to
the Scottish banking system, are said to be, that the existing
banks are to be limited to their present circulation, and that
they will be forced to keep an amount of gold equal to one
fifth of that circulation, with the option of having one•
fourth of that fifth in silver ; so that if a circulation of a
bank be 200,0001., it must keep 40,0001. in sovereigns to meet
the demands upon it, or else 30,000/. in sovereigns, and
10,000/. in silver. Any bank that exceeds its present circu-
lation must have gold to meet every pound of such excess.-
62/edonian ilertury.