The evening times., 1900-09-17
THE BRITISH IRON TRADE.
The Demand sIackens and the Price
ofx4aB,or Rises

Marshal Haistead, American Consul at
Birmingham, England, has sent TO the
State Department the following article
from the Birmingham Daily Post on the
critical situation in the British iron trade:
In view of the present critical situation
OF the iron trade. caused by the collapse OF
demand on the one hand and the great rise
on the other in the cost of labor and fuel,
it aunot be said that the conference held
IL Birmingham yesterday by the consulta-
tive council of the National Federation of
Ironmasters, was convened d day too soon
Eor nearly two years past the trade has
enjoyed an unwonteG measure of prosper
ity and both in the home and export de-
partments consumptive demand, IN spite of
gradually advancing prices, has been large
and increasing; but during the last two or
three months there have been unmistaka-
BILE signs that the boom is practically eX-
hausted for the present, and the last ad-
vance. apparently. has been the proverbial
feather that breaks the camel's back.
For the month of July our exports
amounted only to 267, l43 tons, against 310,-
014 tens fer July, 1899, and 28I, ,194 tons in
1893. For the first time for many months.
moreover. there is 4 reduction of values,
which have been, for the same month. S12.
449, 9,G71.51, as compared with 81. 500, ,2S+-2
in 1899. All the symptoms, We may add
point TO further and greater reductions IN
der both heads for the month which is now
drawing TO a close, although there is abun-
dant evidence OF large consUmptive re-
quiremeats IN all parts of the world The
obvious explanation OF the matter is that
prices have advanced too rapidly, and con-
sumers fatty refuse to pay them-at all
events until they PC convinced of their
probable stability lat. necessarily is a
! work of time. and. while the grass grows
We know the steed, however robust, is apt
/ TO starve
What, then, is TO be done? The iron
! masters declare that they are powerless
| in the matter. Some advance they wlre
! certainly entitled to, so Sir Benjamin
Hingiey pointed out yesterday. after the
/ many lean years they have lately ex-
! parienced: but the greater part of the
/ rise from which the trade is now suf-
/ fering has been forced upon them. in the
! first place, by the higher wages TO which
/ the Workpeople have become entitled un-
der the sliding scale. and. secondly and
/ principally, by the enormous advance in
! coal. which is crippling our Industries
| all round. Sir BENJAMIN HingIey is him
| self coal owner, but he does not hssf-
/ tate 10 condemn the short-sighted ra-
! pacity of his feliow-coal owners n
| cIapping shilling after shilling upon the
| price Of fuel in reckless disregard OF
| consequences.
/ There is many a true word uttered
| in joke and If few large coal-cGnsum-
! Ing firms were willing to act seriously
| upon Sir Benjamin's suggestion. and go
| on strike for 4 few months. it would
| have more effect. we think. than any
| arguments or formal resolutions N
| bringing coal owners to their senses. The
| meeting yesterday. however. was Ell
| IDENTIFY not conbative Cne-not In favor
/ OF heroic remedies-and after a suffi-
| ciently protracted discussion OF the sen-
! eral question, they came to the conclu-
sion to leave the coal owners TO pursue
! their own devices. and contented them
selves with a pious expression of Gp'n-
| ion that the price OF iron should be
maintained. This is resolution of
course, which binds nobody, and which
| is likely to have as much influence
! upon the market rs an old nursery
rhyme Prices in this district at all
spite of the advances in coal and wages
maintain them, because they must get
orders, even at a slight less. TO Keep
their works going, or incur d much neav-
er less by closing their works Ameri-
can competition, moreover, is a serious
factor to be reckoned with though Sir
benjamin Hingley is evidently CT opin-
ion that it is 0veTraJed: and if the in
portaticn Of American iron, or rather
mild steel continues TO increase at tne
rate it has recently done, it must caCse
in time a considerable displacement o.
English iron and q corresponding dinf
mutton of cur ccal ccnsumDtiln viii h
should soon convince ceaI CwnSrs CT ths
folly Of their ways.