January 7, 1916.

THE COLLIERY GUARDIAN.

33

THE COAL TRADE OF 1915.

(Continued from page 21.)

SOUTH WALES AND MONMOUTHSHIRE.

Never before in the history of the coal trade of this
district has the industry been carried on under such
difficult, embarrassing, and anxious conditions as during
the year which has just concluded. It is also true io
say that the results achieved have been a veritable
triumph of patience, forbearance, and organisation.
Notwithstanding the enlistments in the coal field for
Army service amounting to fully 20 per cent, of the
men employed, it is estimated that the output of -the
district has not been reduced by more than about 15 per
cent. It is computed that the production throughout
the year reached the enormous figure of 50 million tons,
or a little less than four million tons below that of 1913,
when the output was 56,800,000 tons. This satisfactory
result has been obtained in the midst of unheard-of
difficulties, the chief of which have been the closing of
certain foreign markets, an unprecedented shortage of
shipping tonnage, embarrassing Government restric-
tions, and, in a minor degree, labour troubles. The
great point aimed at on all sides was to keep the British
Navy amply supplied with coal, and to assist our Allies
in the same direction. The quantities of coal taken by
the British Admiralty have not been disclosed, and in
all the statistical references which are made in the course
of this review the fact should be borne in mind that
these figures in every instance are omitted. It is known,
however, that upwards of nine million tons have been
shipped to France, or an increase of about 25 per cent,
more than the normal requirements of that country.
The greatest decreases have been to Italy and the
Argentine Republic, both of which have taken enormous
supplies from America, and in the case of the latter
country, at all events, it is anticipated that there may
be some difficulty in recovering the markets when the
war is over. From the commercial standpoint, the
market situation has been almost entirely controlled by
the plenitude or shortage of transport facilities. In the
early months of the year there was an enormous demand
for coal from all quarters of the globe. This was due
in great measure to the fact that in the latter part of
1914 the opinion was held that hostilities would not be
of long duration, and the consequence was that the con-
tractual engagements entered into in October and
November were on a far lower scale than is usually the
case. In March of 1915 there was a general realisation
that the war was likely to be prolonged for some months
at all events, and there was an extraordinary demand for
coal of all descriptions. Prices advanced rapidly, until
the early summer, when upwards of 40s. was obtainable
for ordinary Cardiff steams. These rates naturally
affected the prices payable for fuel for home consump-
tion ; and probably with the view of restricting the
upward tendency of quotations and so ensuring ample
supplies for the manufacture of munitions, the Govern-
ment prohibited exports to neutral countries except
• under licence. Permits for -a time were only sparingly
granted, and the difficulties which then prevailed for a
considerable period not only led to an enormous
accumulation of stocks, but caused a number of shipping
firms to divert their steamers to America, which was
doing an enormous business in consequence of the
restrictions imposed on the export of British coal. From
this time onwards there was a sagging tendency in the
Cardiff market, and the tonnage difficulty rapidly went
from bad to worse. So serious did -the position become
at one time that many thousands of colliers were idle
through shortage of wagons, and the inability of the
collieries to get rid of their output; and the intervention
of the Government was again resorted to. Licences were
granted more freely, but even this did not have the
desired effect, and ultimately regulations were framed
with the object of compelling British vessels to trade
from home ports. This step had a buoyant effect on the
market, although its full benefits had not been felt at the
close of the year. It was believed, however, that more
tonnage would be available very shortly for British trade.
A special Committee was also appointed by the Govern-
ment for the purpose of improving the organisation of
the Admiralty transport service, which, it was alleged,
was not only defective, but extravagant. Thus the con-
ditions remained at the end of the year but the tone
generally was decidedly optimistic for the future, and
better conditions are anticipated during the year 1916
than those which have prevailed during the 12 months
just passed.

The relations between the miners and their employers
on the whole have been amicable. Serious difficulties
undoubtedly arose on the termination of the Conciliation
Board agreement, and the men put forward demands
which the owners considered ought not to be persisted
in, or even discussed, until after the termination of the
war. The advanced section of the miners’ leaders, how-
ever, were obdurate, and impressed upon the men the
advantage of making the most of existing conditions.
The younger and least responsible element among the
delegates were not slow to seize the opportunity afforded
them, and they did not even hesitate at stopping the
coal field in order to enforce their demands. Threats
were made by the Government, and the district was pro-
claimed as a munitions area, with the appointment of a
special tribunal to deal with the malcontents. These
regulations, however, only added fuel to the fire of dis-
content, and were never persisted in. Conciliatory
methods were adopted, and, thanks to the persuasive
eloquence of Mr. Lloyd George, the business-like
methods of Mr. Runciman, and the strong common-
sense of Mr. Henderson, peace was restored, and the
miners resumed operations with a determination to make
up for lost time.

January.

At the commencement of the year there was a shortage
of shipping tonnage, which greatly hampered business,
but towards the end of January arrivals were more

numerous, with the result that the docks were congested,
and there was a difficulty in obtaining tips. In the last
week of the month the position became so acute that it
was reported there were no fewer than 15 steamers one
morning waiting berthing accommodation at Barry. In
some instances collieries were unable to provide full
work at the pits in consequence of being unable to stem,
and complaints were loud and long that the dock
authorities did not take steps to increase the accommo-
dation. The reply, as on previous occasions, was that
the present facilities were by no means employed to their
fullest extent, and that it would not pay to spend large
sums of money in order to cope with temporary and
spasmodic rushes of trade. During the month the ship-
ments were satisfactory, and had the Admiralty
quantities been disclosed, the figures would have
been almost a record. The Customs return showed
that the quantity exported from the Bristol Channel
amounted to 1,697,777 tons, compared with 2,538,836
tons in the corresponding month of 1914. The total
charterings (Admiralty business excluded) for the month
ending January 30, amounted to 1,102,100 tons, or a
decrease of 820,730 tons. There was little done in the
way of contracts. The' Swedish State Railways came
into the market for 175,000 tons of steam coals, but, as
before, the greater portion of the business went to the
Tyne and to Scotland. Owing to enlistments, it was
computed that the normal output from the steam coal
collieries had been reduced by half a million tons per
week. Prices showed little variation during the month,
except in the case of smalls, of which large quantities
were shipped to France for the State Railways, with the
result that quotations for best bunkers advanced from
12s. to 15s., and cargo qualities from 10s. 6d. to 12s. 6d.
or 13s. per ton. Best Admiralties were 21s. to 22s.;
ordinaries, 18s. to 19s.; Monmouthshires, 16s. to 18s.;
No. 3 Rhondda bituminous, 18s.; No. 2, 15s. to 15s. 6d.;
and other grades in proportion. Best patent fuel
realised 18s., and pitwood 28s. to 30s. per ton.

February.

Throughout the month there was a very large demand
for coal from South America, Italy, France, Spain, and
the usual coaling depots, with the result that a substan-
tial advance in values took place. Several contracts
were negotiated over the year for best steams at 22s.,
and even higher rates were being demanded by certain
firms who were favourably situated. By the end of the
month 27s. to 28s., and even 30s., a ton was being asked
for Admiralty descriptions, whilst seconds realised
26s. 6d., and ordinaries 25s. 6d. per ton. There was
also a corresponding rise in Monmouthshires. The
French authorities again came into the market for 30,000
tons, and in the early part of the month the demand for
small coals had increased to such an extent that quota-
tions had reached the high figure of 17s. 6d. to 18s. for
best bunkers, whilst cargo qualities were unobtainable
under 15s. 6d. to 16s. It was computed during
February that no fewer than 75,000 men had enlisted
from the South Wales and Monmouthshire coal field,
and that outputs had been reduced from 15 to 20 per
cent, since the outbreak of hostilities. Arrivals of
tonnage were very heavy towards the latter end of the
month, and at one time there were as many as 300
vessels in the various docks waiting to be loaded. The
congestion which had taken place in January was much
accentuated, and in many instances ships were on
demurrage before they had even reached their loading
berth. A further advance was recorded in pit wood,
which went up to 37s. 6d. .per ton; and patent fuel,
owing to the scarcity of small coal, and the gradual
inflation of prices, also rose to 27s. per ton. The Paris,
Lyons and Mediterranean Railway asked for tenders for
33,000 tons of fuel, and the business was secured by
Messrs. Gueret Limited, of the Anchor Fuel Works, but
at what price was not disclosed. Outside actual market
fluctuations, probably the most interesting event of the
month was the decision of- the Welsh miners to termi-
nate the Conciliation Board agreement on April 1. It
was believed on all sides, however, that no drastic
action would be taken. The decision, therefore, had no
influence on the tone of the market.

March.

Quite early in the month there was a sharp rise in
Admiralty steam coals, which were quoted at 33s. to
34s., and a.s Admiralty requirements were increasing,
there was very little of this quality available for the
ordinary consumer. Second grades realised 80s. to 32s.,
and ordinary, 29s. to 30s. Best bunkers were unobtain-
able under 20s. to 21s., and even cargo sorts went as
high as 18s. 6d. to 19s. per ton. The firmness of the
Cardiff steams had a stimulating effect on Monmouth-
shires, Black Veins offering at 32s. to 33s., with the
usual reduction for Western and Eastern Valley coals.
A considerable amount of new business in small coals
was negotiated with the French Government, and
although specific quantities were not asked for, arrange-
ments were made for the delivery of parcels varying
from 10,000 tons up to 25,000 tons between March and
July, at prices ranging from 19s. to 20s. per. ton. The
French State Railways also placed an order with the
Crown Preserved Coal Company for 20,000 tons of fuel
at 27s. 6d. per ton. A portion of the business was
secured by the Star Company at about 27s. per ton, and
the Pacific Fuel Company, of Swansea, were also stated
to have received an order for 10,000 tons at 21s. 6d. The
congestion at the various docks continued, and some
vessels were waiting a fortnight before being able to
secure a loading berth. Complaints were freely made
about certain large firms being in a position to
monopolise 1 a number of tips by following on with one
vessel after another, and as an experiment, the Barry
Company decided to establish a rota, by which the
grievance might be to some extent remedied, and allow
vessels to take their turn. This arrangement is stated
to have proved satisfactory. Towards the end of the
month chartering eased off considerably, with the result

that the tonnage taken up during the first three months
of the year showed a decrease of nearly two million
tons. In the last fortnight of the month, Admiralty
demands became more pressing, until in the closing
days it was almost impossible to. obtain best, or even
second, grade coals, the latter being quoted up to 36s. a
ton; whilst best bunkers advanced to 21s. to 21s. 6d., and
Monmouthshires 34s. to 36s. There was also a con-
siderable appreciation in bituminous coals, No. 3
Rhondda large being 34s., and No. 2, 29s., with a
proportionate difference in other grades. Pitwood, too,
became very scarce, and the market was irregular, the
price at one time reaching 42s. per ton. The demands
of the Allied Governments affected the exports to neutral
countries, and for several weeks it was almost impossible
to obtain permission to export coal to Italy, with the
result that that country had to obtain supplies elsewhere.
Large orders were placed in America, and a number of
British vessels were chartered for the purpose of con-
veying the coal from the States to the Mediterranean.
During the month, new terms of credit were discussed
by the coal owners. Formerly the custom had been to
allow 30 days less 2J per cent., but this concession was
discontinued about a year previously. At the outbreak
of war it was ascertained that not less than a million and
a-half of money was owing abroad to Cardiff firms, and
the contention was that had the terms of credit been
restricted to 14 or 7 days, not one half of this money
would have been outstanding. The suggestion was dis-
cussed by the Chamber of Commerce, but it was
considered that the time was inopportune to introduce
new business proposals. During the month the coal
trimmers, about 4,000 in number, submitted a demand
for increased wages amounting to an advance of 15 to
20 per cent., and after several conferences, amicable
arrangements were made.

April.

Owing to the difficulty in arranging stems, there was
a big decline in the freight market, and Genoa, which in
the middle of March was fixed at 33s. per ton, dropped
to 19s., and other Mediterranean ports in proportion; but
even this figure was three times as much as was paid
12 months previously. Admiralty requirements increased,
and permission to ship was very tardily given. In some
cases, after the requisite authority had been obtained,
the order was cancelled, and the vessel directed to
proceed to another destination. Quotations for best
steams were withdrawn, but superior seconds were
nominal at 35s. to 36s., and as much as 39s. was
obtained in the first week of the month. Smalls con-
tinued steady at 21s. 6d. to 22s. 6d., whilst cargo sorts
realised 18s. to 19s. There was a decline in Monmouth-
shires; from 35s. 3d. to 36s. 3d. in the early days, the
quotations receded to 80s. 3d. to 88s. 3d., and there was
also a fall of several shillings in bituminous coals; No. 3
Rhondda large at the outset commanded 33s. to 34s., and
No. 2, 29s., but at the end of the month these descrip-
tions were obtainable at 80s. and 25s. respectively.
Patent fuel, which at one time reached 85s. to 40s., also
eased off to 87s. 6d.; and pit wood fell from 39s. to
34s. to 35s. There was a heavy demand for coke, chiefly
for home consumption, special foundry being 45s.,
ordinary 40s., and furnace qualities 30s. to 33s. The
miners curtailed their Easter holidays in order to satisfy
Government requirements, and most of the pits through-
out the coal field worked on Good Friday. Easter
Monday and Tuesday were observed as a general holiday,
and although there was a small percentage of absen-
teeism afterwards, this was not anything like so great as
in previous years. The French Government again came
into the market for 30,000 tons of coal for delivery
within the following three months, and there were also
large enquiries both on Russian and Greek account, the
latter being for 50,000 tons. The Russian marine took
30,000 tons of fuel, and 70,000 tons of Monmouthshire
coal; and the Italian Government were also negotiating
for fuel, but no quantities were stated, and purchases
were being made of individual cargoes, as and when they
could be obtained. In consequence of the heavy demand
for small steams from France, there was a run on
bituminous coals for bunkering purposes, until the high
rates quoted made their use economically impossible.

May.

In consequence of the Government demand for best
Admiralty steams, no sales were reported during the
month, and the prices quoted were purely nominal. For
second qualities, 35s. to 37s. 6d. was obtainable. There
were large enquiries on the market from Greece, Italy,
Russia, and France, but no information was disclosed
as to what amounts had been allotted. In the early
days of the month the uncertainties of the trade had
become so great that a deputation from the Cardiff
Chamber of Commerce waited upon the authorities, with
the result that an understanding was arrived at for the
granting of licences on a more liberal scale. The
Government, however, made it a condition that the
shipper should guarantee that the coal would not be
diverted into enemy hands.- Ordinary steams ranged
between 33s. and 36s., and bunkers remained stationary
at 21s. 6d. to 22s. In consequence of the scarcity of
the latter, a heavy demand set in for washed coals,
which advanced to 28s. or 29s. per ton. Rhondda bitu-
minous coals averaged 29s. to 30s. per ton, with 2s. to
3s. lower for No. 2 qualities. Monmouthshire descrip-
tions realised 31s. to 34s., and it was reported that the
requirements of the French, Russian, Greek, and Italian
Governments were a long way from being satisfied. The
discussion which had been proceeding between the"
owners and their men for the payment of a war bonus,
was eventually referred to the arbitrament of Lord St.
Aldwyn. The miners at the outset asked for an increase
of 30 per cent., but after protracted negotiations his
lordship granted an advance of 17| per cent, upon the
standard. During the month the interesting announce-
ment was made that the Marquis of Bute had disposed-
of the old Abernant Colliery to the Powell Duffryn