Norwich bulletin., 1921-05-20

the average of last year. 556, 6,563,o00 tons while it is less than 50 per cent. of the output of last December, which was 8 record month.
 This great slump in production caused no market shortage, however, and prices receded In spite of the reduction in out put. Two factors account for this namely, the very heavy production of the months prior to January 1, 1921. and the great curtailment in the demand for goal added to the shutting down of mills and the slackness in transportation lines both on land and sea.
 Going back we find the production of soft coal in 1916 was 502.519,6S2 tons. and this increased to 551,790,56S tons in 1917. 1918 again shows an increase over 1917, making a record of 579,3S5,S20 tons. Naturally after such a tremendous production, which was owing to the great demand for coal 1919 would be ex- pected to show decline, as eventually
 Europe would catch up on her coal supplies and production would show an excess over demand. During November and December, 1919. We experienced strikes in the coal regions, difficulties in transportation and curtailment in pro- ducts. So for 1919 we had an output
 of only 45S, 900 tons. This caused quite shortage of coal and prices rose
 until in August coal was bringing SIS g ton at Hampton Roads. During Novem- Der and December prices continued to
 drop. The high prices realized in 1920 stimulated production so that we had total output of 556,56s,O00 tons in
 1920.
 Owing to the decline of industry and the closing of mills, there was a heavy cut in consumption so that only a DOT tion of this large output was consumed or exported, several million tons being | added to stocks of consumers. It is safe ! to say that the combined consumption and exports for the first quarter of l 1920 were 20 per cent. less than for the
 same period of 1920. The decrease for
 March last being 30 per cent. as com l pared with March of 1920. While con- sumption and exports amounted to 10S,- ! GOO, 900 tons, production was only 100,. 1 900, 900 tons during this period, the diff | ference being made up from surplus ! stocks in the hands of consumers. Stocks ! in New England at present are said to De l considerable being estimated at abou three months supply.
 1 There is little doubt that a return to 1 fairly normal conditions would rapIon l deplete the stocks in the United States
 and cause. a difficult position to the man
 ufacturing trade and the public at large ! If production would not be mterially in creased Under normal business condi i tons the supplies now being carried 1T
 plant stocks are not excessive. Thus w
 find that from reports from about twen 1 ty-three hundred plants the stocks or hand are a million tons less than they | were in 1919, although they show an in
 crease over June, 1920 of 1,771,750 tons {, The normal pre-war domestic consump i tion was about million tons day. 1T 1 addition to which exports Tn as follows 1912, 14,500,000 tons; 1913, 1S,000,00' l tons.
 In 1920, which was abnormal export ! reached the colossal amount of 34,SS0, 900 tons. There is no reason to doub that American coal will remain a larg' factor in the export market. So that w will hvve to expect our export trade tt demand more than. say, the eighteei
 million tons of 1913; although We coult