Norwich bulletin., 1922-07-29
BRITISH COAL AND OUR OWN SUPPLY.

States up to July 1 of the current year was 1S7,S33000 tons. To this same | date during 1921 the production, ac- cording to the figures furnished by the survey, was 196, 464,000. It is ap- parent from these figures that the production so far this year has been but S,631, ,O00 tons behind. By conser- vation in industry and careful nus bandry of resources this shortage could be easily provided for. Undoubt- edly it has been taken care Of ade- quately in industrial fields, but 1t is obvious from the export figures that it has been more than offset i'll the curtailment of export coal
 American Exports Curuailed-Ac- cording to the official figures, the bi- luminous coal exports of the United States during 1920 amounted to 34,- 410,000 tons This large volume of ex- ports was due to the strike in Eng land, during which time the United States was called upon to provide the more active markets of the world. During 1921 we exported 2o,S6l,0O0 tons of bituminous coal That also was a good export year. But taking these two years as averages, we would be doing normally an export business of 1S,S00,000 tons every six months.
 
 two years, our normal bituminous coal exports would amount to some 13,SO0,OOO during the first half of the year.
 Our actual coal exports for this year have been far behind the pre- yious records. For the first five months of the year we exported B. 1853 tons. According to reports, our exports during June were negligible. At the most, we have not exported over 4,000, 900 tons during the past six months. From this it is obvious our exports are running behind by ap- proximately 10,000000 tons.
 If the curtailment in exports means anything, it means that we have re- fused to sell abroad what might be needed at home. Therefore, while our production has to date run behind ap- proximately by S,600,000 tons, we have sold abroad over 10,000,000 tons less l than we normally do. Therefore de- spite the curtailed production, the | consumers of coal in the United States are today better supplied than they were a year ago or even two years ago. by some 100000 tons of coal.
 Reserve Stocks-The only specula | tive factor in the calculation is the reserve stocks of coal. In view of the l continuation of the strike of the coa miners, the adequacy of these stocks becomes questionable. The strike ha: now continued three months, and i was only comparatively recent that prices began to advance. This very ad vance in price has operated to cur tail exports and conserve our coa stocks, as it has discouraged foreign CTS buying our coal. A complete ces sation of exports through higher price would mean the conservation of 13000, 900 tons more of coal during the neX six months and those 13,000,000 ton would probably be ample to take car of current requirements at home. The coal situation, however, pecu liarly lends itself to speculative fac
 tors. It is not so perfectly organiz ed as some other industries and eve
 rumor and report can have a disas
 trous effect. From the data that ar
 now availble it would appear tha . the only excuse for the present lev
 el of prices is the uncertainty regard
 ing the future. The prices do nc seem to be justified by the figure of production.