464 THE COLLIERY GUARDIAN. March 10, 1916. would add anything material to existing knowledge. The Coal Commissions were appointed mainly from the standpoint of conservation. In the case of iron ore in this country we are not so much concerned with conservation as with the discovery of new sources of supply, and this is work which the Geological Survey is quite competent to perform, and, in fact, is performing so far as circumstances permit. While not going so far as to say that there are no important iron ore deposits still unknown in the United Kingdom, we certainly have but little hope of their discovery on a scale that would materially affect our position in this respect. Mr. Brown said some very pertinent things respecting the law of support. Certainly this question has become greatly involved since the recent decisions giving owners of public undertakings the common law rights of surface owners to adjacent as well as subjacent support. In the case of private owners of surface lands, this common law right to support is more in accordance with, common-sense views than in the case of public undertakings, such as railways and canals, in which certain surface rights have been acquired by statute upon specific conditions respecting the working of the minerals below. The Howley Park case has completely upset preconceived notions in regard to adjacent support, and it is difficult to see why public bodies in the future should ever worry about the purchase of subjacent minerals, if they can always press for an injunction the moment their adjacent support seems to be threatened. Mr. Brown is quite right in his contention that this decision may often affect the working of minerals at considerable distances from public works, and, at any rate, far beyond the limits of the 40 yds. con- templated under the Bailways Clauses Consolidation Act and similar enactments. In fact, the statutory limit fixed by the Mining Code becomes of no value at all to a mineral lessee if common law rights to adjacent support are still valid in such cases. We cannot, however, agree with Mr. Brown that the law of, surface subsidence can be even approxi- mately fixed by a perpendicular to the dip. If that were the case, a seam dipping at 45 degs., and worked at a depth of 4,000 ft., would cause surface disturbance 4,000 ft. from the shaft. As a matter of fact, it is extremely difficult to lay down any fixed rule for subsidence. Theory assumes simple gravita- tive strain in a more or less homogeneous series of strata. In actual practice, the direction of stresses underground is seldom ascertainable, and even if simple gravitative force were alone concerned, move- ment would generally be more likely to be influenced by fault planes than by bedding planes. In mining, in proportion as the support below is removed kor weakened in any area, adjustments will take place in accordance with the general law of greatest relief, but how that law will act in a particular case will transcend all the powers of legislators to define. Beally only one equitable course seems to be possible in the case of the acquisition of surface rights for public works. The corporations must take reason- able precautions by the purchase of minerals if deemed advisable, or they should take all risks arising from their neglect so to do. It would be Utopian to expect that mining can always be carried on upon an economic basis, without letting down the surface. Hydraulic packing is doubtless applicable to afar larger number of mines than is yet realised, but it is not always possible. Mr. Brown raises an interesting question that may be expected to arise in the new developments in the Yorkshire coal field, where even a relatively small amount of surface subsidence will place many areas below the level at which they can be naturally drained. This contin- gency threatens very wide surface interests, and freehold values may be seriously affected where lands are now only just above the drainage level. Turning to the rating question, Mr. Brown con- tented himself with the statement that the only true basis upon which mines can be rated is to apply in each case the test of the hypothetical tenant. Apparently this means that each colliery should be assessed upon its actual output plus such an amount as will bring up the total to a certain potential output based upon capital expenditure. It is difficult to see how this simplifies the matter. It reminds one of the hypothetical constant in engi- neering formulae, which generally leaves far too much to the individual imagination. Many of the admitted hardships in colliery rating—such, for example, as the case of machinery—are not con sidered, because probably the author is discussing the question mainly from the estate owner’s standpoint. Nevertheless, it is a matter of considerable moment to the owner of an estate in a colliery district, since the remission of rates on certain classes of property must of necessity increase the burden on those that remain at the mercy of the rate collector. Upon the housing question everyone will sympathise with the author’s wish that all colliery villages were like Brodsworth or Eythorne, but probably no one knows better than he how unattainable this ideal must be, although this knowledge should certainly not deter colliery owners from continuing works for the improvement of the social conditions of miners under their care, many conspicuous examples of which are to be found in every coal field. But efforts in this direction cannot be expected to have free play where the men are continually pressing for higher wages on the smallest excuse, and often without reason. When 75 per cent, of the cost of mining has to go in individual wages there is not much margin left for social amelioration. Perhaps the most interesting portion of Mr. Brown’s paper is that dealing with mine valuation. As regards valuation under the Finance Act, comments are necessarily restricted pending the Form IV. decision shortly to be expected in the House of Lords. But the general question of valuation is dealt with at some length. It is pointed out that modern dead rents are not so much guide to a valuer as older ones, which were accustomed to be based on the full amount of the expected royalty over the term of years fixed in the lease. The tendency now is to fix a much lower rate, and rightly too, for otherwise the mineral owner would be having it both ways. In strict equity a dead rent should only slightly exceed surface value, because while the mine is not being worked, the mineral value is not being depreciated ; indeed, it is, in most cases, continually being appreciated the nearer the output stage is approached, when royalties will begin to materialise. Mr. Brown quite rightly draws attention to the fact that royalties are not really income but capital— i.e., purchase price by instalment. Although under the revenue laws they are treated as income, they are not so considered under the Settled Land Acts. Probably, in the former case the law merely recognises actual practice. Many mineral owners do regard royalties as income; but in cases where they are genuinely invested there ought to be corre- sponding relief from income tax. Incidentally the author remarks that freehold mineral properties in this country are very tightly held, there being comparatively few sales of properties likely to be productive. Such a state of things may obviously be due to other causes than reluctance to sell. The difficulties surrounding mining enterprise are increasing enormously on account of legislative restrictions and labour conditions. There may well be, therefore, a growing reluctance to embark capital in an industry in which adequate remuneration is by no means certain. Shipments of Bunker Coals. — During February the quantity of coals, etc., shipped for the use of steamers engaged in the foreign trade was 1,166,596 tons, as against 1,301,083 tons in February 1915, and 1,615,132 tons in February 1914. The aggregate so shipped during the two completed months ended February 29 was 2,235,840 tons, as compared with 2,678,164 tons and 3,346,144 tons respec- tively in the corresponding months of 1915 and 1914. Hull Coal Imports.—The return issued by Mr. W. H. Truman, coal inspector of the Hull Corporation, states that the quantity of coal brought ' into Hull during January totalled 265,063 tons—245,927 tons by rail and 19,136 tons by river—as against 322,480 tons in the corresponding month of last year. Imports for the two completed months of the present year amounted to 539,085 tons, as compared with 700,386 tons in the like period last year. Shipments coast- wise in February were 23,310 tons, and for the two months 40,640 tons. Exports for the month totalled 84,516 tons, as against 170,658 tons in the same month last year. The aggregate for the two months was 210,885 tons, and for the same period last year 355,311 tons. All figures are exclusive of coal for British and foreign Admiralty purposes. THE COAL AND IRON TRADES. Thursday, March 9. Scotland.—Western District. COAL. The coal market in the west of Scotland continues very- firm,, and the tendency is still in an upward direction. The collieries are heavily booked, and any odd lots available for disposal are realising very high prices. Best ells are firm, and considerable notice is required as a large quantity of this sort is sold and awaiting tonnage. All sorts of splints are busy, while navigations are fully booked for three weeks and are quoted 27s. 6d. to 28s. per ton. Smalls of all sizes are being fully absorbed by local consumers, and only small quantities are available for shipment. Clearances for the past week amounted to 111,969 tons, compared with 92,375 in the preceding week and 132,111 tons in the same week last year. Prices f.o.b. Glasgow. Current L’st week’s Last year’s prices. prices. prices. Steam coal 19/6-22/6 19/ -22/ 18/6-20/ Ell 23/6-24/ 23/ —23/6 21/ -21/6 Splint 25/ —34/ 25/ -33/ 22/ -30/ Treble nuts 21/ -21/6 21/ -21/6 21/ -22/ Double do 20/ -20/6 20/6-21/ ' ! 19/ -20/6 Single do 19/3-19/9 19/3—19/9 '18/ -19/ ■ IRON. The chief item of interest in the Scotch iron trade during the past week was the suspension of the Glasgow pig iron warrant market owing to the Government announcement proclaiming speculation in Aron and other metals unlawful. This procedure on the part of the Government was evidently rendered necessary owing to the fact that, in spite of a recent proclamation fixing the price of Cleveland iron at 82s. 6d. per ton, speculative influence maintained the price above that level. Some difficulties may now arise in connection with pig iron, the wages ques- tion, for instance, as blastfurnacemen are paid on a scale regulated by prices ruling in the warrant market. In the meantime, the Scotch pig iron trade continues busy, but makers are only quoting for prompt business. The prices of Scotch makers’ iron are quoted as follow :—Monkland, f.a.s. at Glasgow, No. 1, 120s., No. 3, 119s.; Govan, No. 1, 113s. 6d., No. 3, 112s. 6d.; Carnbroe, No. 1, 117s. 6d., No. 3, 112s. 6d. ; Clyde, Gartsherrie and Calder, Nos. 1, 127s. 6d., Nos. 3,120s.; Summerlee, No. 1, 125s., No. 3, 120?,; Langloan, No. 1, 122s. 6d., No. 3, 117s. 6d.; Glengarnock, at Ardrossan, No. 1, 120s., No. 3, 115s.; Eglinton, at Ardrossan or Troon, No. 1,120s., No. 3,118s.; Dalmellington, at Ayr, No. 1, 118s. 6d., No. 3, 116s. 6d.; Shotts, at Leith, No. 1, 127s. 6d., No. 3, 120s., per ton. Scotch haematite is quoted about 140s. per ton. The various branches of the finished iron trade are as active as ever, and everything possible is being done in order to overtake arrears of deliveries. Black sheet makers are now quoting <£18 per ton, less 2| per cent, for 7 to 11 b.g. Glasgow delivery, while malleable iron makers are asking <£14 per ton, less 5 per cent., for Crown bars for home delivery, and <£13 5s per ton net for export. Scotland.—Eastern District. COAL. The position in the Lothians is unchanged. Collieries are very fully sold, and have practically no free coal, and any odd lots that happen to be available are realising very firm prices. Shipments amounted to 31,936 tons, against 35,347 in the preceding week and 23,209 tons in the corresponding week of last year. Prices f.o.b. Leith. Best screened steam coal... Secondary qualities..... Treble nuts ............ Double do............... Single do............... Current prices. 23/6-24/ 23/ 23/ -24/ 21/ -22/ 19/ -19/9 L’st week’s Last year’s prices. | prices. 23/6-24/ | 15/6-16/6 22/ -22/6 j 14/6-15/6 23/ -23/6 17/6-18/6 21/6-22/ 15/6-16/6 18/6-19/6 | 15/ —16/ The collieries in Fifeshire are very busy and have booked a large amount of business, for which tonnage is coming forward fairly regularly. All classes of coal, both large and small, are in heavy demand, and supplies are difficult to arrange. Business has again been somewhat interfered with owing to the further requisitioning of coals for the Government, throwing the ordinary arrangements out of gear. Shipments for the week amounted to 58,462 tons, compared with 58,075 in the preceding week and 56,548 tons in the corresponding week of last year. Prices f.o.b. Methil or Burntisland. Best screened navigation coal..................... Unscreened do............ First-class steam coal... Third-class do........... Treble nuts ............. Double do. .............. Single do................ Current prices. 27/6-28/ 25/6—26/ 27/6-28/ 20/ -23/ 23/ -23/6 21/ -21/6 19/6—19/9 L’st week’s tasty ear’s ! prices. prices. 26/ -27/ 24/ -25/ 27/6 18/6-20/ 22/6-23/6 20/6-21/6 18/6-19/6 19/ -20/ 17/ -18/ 15/ -16/ 11/9-12/9 17/ -18/ 16/ -17/ 15/6—16/6 The aggregate shipments from Scottish ports during the past week amounted to 202,367 tons, compared with 185,797 tons in the preceding week and 211,868 tons in the corre- sponding week of last year.