New-York tribune., 1903-04-01
BRITISH STEEL TRADE.
NO TRUST YET FORMED.
An InefectiUe Conference - The
CountrYs Finances.
Ccopyrisht: 1903: BY The Tribune Association9

Especial to The New-York Tribune by French Csblel
London. April 1, a. n.-The iron and steel
manufacturers have held an ineffective con-
ference, at which some of the strongest inter
ests were not represented. Generalizations were
exchanged on American competition. but there
was lack of agreement respecting the risks to
which British industry exposed through the
superiority of the foreign plants and the magni-
tude of the combinations formed in the United
States. One speaker took the consolatory view
that the bulk of the British iron and steel trade
was unassailable and would always retain its
supremacy in the worlds markets Another
had been impressed by his oh observations in
America with the necessity for sending a large
portion of the British plant to the scrap heap.
combination of British ironmasters has been
under contemplation for two years. but no prog
ress has been made, apart from a series of
aInalsamations of Glasgow. Sheffield and Bir
mingham shipbuilders gunmakers. The
great obstacle to the formation of general
iron and steel trust has been In the opinion of
expert engineers, that the plant was overvalued
in nearly all the great iron and steel works and
that large portion of It needed to be replaced
by mechanism of superior order. While there
was an approach to an agreement at yesterdays
conference on the expediency of a combination
representative ironmasters who have been at
tempting. without success. to initiate Mr.. Nor
ing platitudes. Their own negotiations have
been protracted and secret
Sir Michael Hicks-Beach estimated that the
twelve months ended yesterday would bring
f152,1S5,000 into the British exchequer. The
amount actually received falls short of the esti-
mate by f633.3O2. The official figures cause
much disappointment, only a week ago sew
eral newspapers were predicting that the
est ia ba f,fI1y
The income tax is responsible for more than
quarter of the whole revenue, and the country is
clamoring for big reduction In the present ex-
cessive impost of Is pence IN the pound. The
most optimistic forecasts do not, however an
tfcipate that Mr Ritchie will be able to reduce
the tax below a shilling. whereas before the
it considered abnormany high at
eightpence.
There plenty of enthusiasm at meeting
of the Marconi Wireless Telegraph Company
yesterday. Even the fact that The Times
was unable owing to accident at Poldhu. to
publish any Marconigrams yesterday morning
could not damp the ardor of the shareholders.
and d resolution unanimously carried sane
tioning big increase Of capital Sir Charles
Smith, who presided, said that the agreement
with the Admiralty would, far as wireless
telegraphy was concerned place the British
Navy long way ahead of any other ravy in the
world, The company hoped soon to obtain from
the Postof1ce the same privileges as were
granted to the cable companies. The conference
called by the German Emperor gave to the COM
pany anxiety He was convinced that within
a short time the appearance of Marconigrams
| in the newspapers would be as regular as the
newspapers themselves Marconi said that GER
tain extensions to the plants at transatlantic
stations were necessary before they could carry
out commercial work a large scale. He be-
leved that wireless telegraphy was on its way
roT,jd ofr Of of rTNF
| portance and utility to civilization perhaps
only a few could realize
Maurice Hewlett whose health has been i'm
| paired by overwork. has returned to London In
improved spirits after holiday in the country.
| He has finished his historical romance, based
on the life of Mary Stuart. which will speedily
| be published in serial form Mr.. Hewlett will
go to Italy in May for a long holiday revisiting
| Florence and Tuscan towns
The best customers for the group of London
dealers in old and rare books are American
milonaires. The choicest examples in Lord
| Crewe's collection, Blakes works. sold at Soth-
eby's are going to America. The competition for
these works narrow ed down to dealers repre-
senting rival American collectors, and Lord
Crewe must have been astonshed by the rise in
values from the prices originally paid by the
first Lord HoughtOn.
The final prepare tions for the university boat
race to-day leave the experts in doubt respect
ing the result. Cambridge. having the heavier
crew and rowing with longer stroke. remains
the favorite but has not improved under train
ing so much as was expected Oxford, under
scientific coaching. has come UP IN form, ana IN
stead of being doomed to defeat. as was as
sumed a fortnight ago, may win The two boats
are virtually Identical and each coXsWam Is
new to the course, but the Cambridge crew seem
the better all around watermen l. n r