New-York tribune., 1877-03-13
and the people welcome the signs OF it with
grateful joy.
TILE COAL TRADE.

W
put off for little while the confession OF
their bankruptcy, and to force solvent con-
Germs to share their losses. The price OF coal
is low. 1t is not too low for consumers, nor
too low for the interests Of many and i'm
portant manufactures which depend on coal
as fuel. But it is too low for people who owe
millions which they borrowed to buy coal lands
at prices based on $5 so for COAL Hence
these tears. If anything is certain, it is that
new coal combination will ruin everybody
who engages in it. That will not hurt those
who are ruined already, but it will drag down
to their unhappy level those who have thus
far escaped.
The thing to be done is to increase the
market for coal. In part, prevailing low
prices will accomplish this, provided they are
steady. Manufacturers cannot afford to re-
sumo operations, using antVacte as fuel,
unless they have reasonable certainty that
no combination can raise the cost of fuel 100
per cent within a month. But continued and
steady low prices will very largely stimulate
the domestic consumption 1T is said that the
present capacity of the coal mines Is 10000
600 tons yearly. But we now consume about
100000 tons only, and, as Mr.. Micawber
would say. Result, misery" to coal opera
tors. Low prices will easily push domestic
con umption upward, perhaps to 23,oOO,coO
or 2S,000, 900 tons, but there is still an un-
filed gap which means misery to somebody.
The only remedy is to seek foreign markets
for our surplus.
This relief is by no means unattGiDable. At
present rates we have many kinds of coal
which sell as low, or nearly as low, rs English
rates for similar qualities. The average p1cc
of all coal exported from England last year
was only So 81 per ton, and in January only
So 64 per ton. Even if we deduct from the
latest prices here for the premium on gold,
there is still no marked advantage in orr
favor in view of the fact that considerable
quantities Of the more costly kinds OF English
coal are exported, so that the export price of
the common qualities must he lower than the
averages above stated. On the other hand, IN
some uses the American anthracite IL prefer
able to the English coal, and Great Britain
supplies many localities To which we might
export, having an advantage i'll distance and
freight.
The quantity of coal sent abroad by Great
Britain in 1876 was 1926, $50 tons, besides
3.564,5 524 tons shipped for the use oi steamers
engaged in the foreign trade. For Use OF
British ships or for foreign consumption, Great
Britain sends abroad more coal than this cOun-
try consumes of anthracite. But it does not
follow that we can compete for any large part
of this trade Great Britain sends largely to
countries which, by reason Of greater distance,
we cannot hope to supply. Last year it ex-
pOrtcd l.lS23S1 tons to Russia, 1,1J6,8S5 to
Sweden and Norway, 777291 to Denmark,
2,271 .9O1 to Germany, 4T8,903 to Holland,
$3.50, 500 to France, 7G2,031 10 Spain and
the Canaries, 1,226,205 to ltlly, 29i,214 to
Turkey, 543, ,6GS to Egypt, Dos, to Malta,
and G15,345 to British innia. Consider
ing the location of these countries,
and the superiority of Great Britain
in the carrying trade with them, it IS not
probable that we could secure any large part
of their traffic iii product rs bulky Us coal.
of the entire British export there remain only
327. .OSi tons to Brazil and 2,945,53S tons to
"other countries" net spc iied. As consd-
erahlc part of this must be to the West Indies
and South America the norton of British eX
ports for which we may compete may be
roughly estimated at 3,000,0OO tons. This
quantity, though not large enough to fill the
present gap DtlNPtH DioullNAioi "h' ''IHi"P
ton, would make an important difference II,
by steady aud low prices, domestic use should
he brought nearer to the quantity winch the
mines can now produce. Ii wOud prevent the
bankruptcy of many operators and protect the
market against the crushing influence OF an
unmarketabie surplus of 100000 tons upon
prices.
Bat i'm order to secure this traffic, or any
considerable part of 1t, the coal companies
must auit combining and conspiring to get
;he better of the public. They must set them
selves in earnest to the task OF cconomzing
in the methods Of production and in the trans
port,ton and handling OF coal. They must
deliberately face the fact that domestic con
sumption can be stimulated and foreign mar
kets entered only by continuous and steady
low prices. Indeed, in competing for the
foreign trade, they may wisely do precisely as
British producers have done for many years.
They can afford to offer small part of their
product to foreign consumers ut prices below
cost. if thereby they can get command OF the
market and obtain an outlet for the surplus
product. Remaining here unsOld that surplus
breaks the market, puts prices below cost,
and ruins operators. The only permanent re-
lief for the coal trade is in boldly competing
with Great Britain for the traffic of the West
Indies, Central and South America.
BINDING UP LIFE INSURANCE.