660 THE COLLIERY GUARDIAN. October 6, 1916. __________________________________________________ __________________________________________________________________________________________________________ that British traders have been left entirely to their own resources with regard to financing foreign contracts. Lord Faringdon’s Committee have come _____________________ __________________________ to the conclusion that liberal accommodation has been available for British traders through the agency of colonial banks and banking houses abroad, especially with respect to trade in the Far East and in parts of South America, in which countries the Committee finds that British banking facilities do not fall short of those of any other nation. But there is a weak spot in existing arrangements in the absence of co-ordination of these facilities; and, further, there has been un- doubtedly a want of financial assistance at a certain stage of some undertakings, before they have been able to show a sufficiently strong case for the support of a banking house. It has been the practice of German industrial banks to give assist- ance even at the inception of undertakings, and to help these to be brought to a successful conclusion. The banks have, in fact, become partners in the scheme, accepting a certain amount of risk, and, of course, sharing to a corresponding degree in the profits and losses involved. This, of course, is not the legitimate function of a bank in the common acceptation of the term in this country. The Committee finds that there is room for an institution which, while not interfering unduly with the ordinary business now done by the British joint stock banks, could assist the British manfacturer by advances for the extension of plant, and for other means calculated to reduce costs of production; or even to take other measures of a still more specu- lative type in assisting oversea transactions. Such an institution, so far as we understand the proposed scheme, would not be a bank in the strict sense of the term. It would, in fact, utilise existing banks as far as possible, and would, we imagine, mainly serve the purpose of standing between the banks and their customers, taking upon itself that element of risk which the banks cannot properly assume, and serving as a means of liquidating if necessary, at short notice, the funds placed at its disposal. But it is obvious that no institution of this type could long survive if it embarked upon a career of reckless finance. Its value as a go-between would rest ultimately upon its credit and financial strength. For this reason it is essential that it should not bolster up, under the guise of patriotism, any wild cat speculation. To guard against this the institution would need to have a wide knowledge of foreign business. The committee suggests, there- fore, that it should be equipped with an up- to-date Information Department or Bureau d’Etudes, not to be confounded with the existing Commercial Intelligence Department of the Board of Trade, _________________ although that machinery might be utilised. A part of the report is devoted to a consideration of the functions of such a bureau, one of the most important of which would be the critical examination of industrial projects, for which purpose a highly technical staff would be necessary. In approved schemes of considerable magnitude the institution would assist in the formation of syndicates after the ______________________________ plan so widely adopted in Germany, for which purpose the imprimatur of such a body would be of considerable assistance The scheme seems to possess the elements of a most far-reaching success for British foreign trade. To mention only one advantage of such an organi- sation, if it were found that foreign firms were securing business in competition with British firms, ______ or were extending business at the expense of British traders, it would be one of the duties of this institu- tion to investigate the causes of such proceedings. Up to the present no machinery has been available for systematically fostering British trade, and here is a means of supplying it. If we have any criticism to offer upon such an excellent notion it would be with respect to the proposed name of “ British Trade Bank.” This name has already been responsible for some misapprehension of the objects of this proposed body, which, as we have indicated above, is not a bank in its true sense, although it would perform certain of the functions of banks which are not provided for at the present time. No Government control is recommended, although official recognition and sympathy are advised, and, in fact, would be essential to success. We tiust an early effort will be made to carry out the scheme. THE COAL AND IRON TRADES. Thursday, October 5. Scotland.—Western District. COAL. A firmer tone prevails in the west of Scotland coal trade, and values are inclining upwards. Tonnage is still scarce, but the local demand has improved considerably, and is likely to increase. Ell coals could do with more orders, but splints are fully booked for some time ahead. Navigations are steady round about 30s. to 32s. per ton, while steams remain on last week's level. Smalls are in brisk demand, but fairly plentiful, and values are unaltered. Household sorts are experiencing a better sale, and the price is about Is. 6d. to Is. 8d. per cwt. bag. Shipments for the past week amounted to 120,516 tons, compared with 134,505 in the preceding week and 123,504 tons in the corresponding week of last year. Prices f.o.b. Glasgow. Current [L’st week’sjLastyear’s ; prices. prices. J prices. Steam coal.............. 25/ -27/6 20/ -25/ 15/ -17/ Ell ..................... 24/ -25/ 23/ -25/6 17/3-17/6 Splint...................; 26/ -35/ 25/ -35/ , 17/ -22/ Treble nuts ............ 23/ 23/ 18/ -19/ Double do...............' 22/ 22/ , 17/ -17/6 Single do...............j 21/ 21/ ' 16/ IRON. All departments of the Scotch iron trade continue under the very highest pressure. Outputs are very large, but would be still larger if it were not for a shortage of raw materials and labour. War demands still account, either directly or indirectly, for the bulk of the production of all sorts of material Pig iron makers are easily dispo sing of their outputs both of haematite and ordinary brands, and even with inc:eased productions it is doubtful if require- ments are being met. Stocks of all kinds in makers’ yards are practically exhausted. Shipments for the past week amounted to 1,320 tons compared with 2,279 tons in the same week of last year. Pig-iron warrant stocks now amount to 14,040 tons compared with 116,098 tons at the close of 1915. The prices of Scotch makers’ iron are unchanged as followMonkland and Carnbroe f.a.s. at Glasgow, Nos. 1, 125s., Nos. 3, 120s. ; Govan, No. 1, 122s. 6d., No. 3, 120s.; Clyde, Summerlee, Calder and Langloan, Nos. 1, 130s., Nos. 3, 125s.; Gartsherrie, No. 1, 131s. 6d., No. 3, 126s. 6d.; Glengarnock, at Ardros»an, No. 1, 130s., No. 3, 125s.; Eglinton, at Ardrossan or Troon and Dalmellington, at Ayr, Nos. 1, 126s. 6d., Nos. 3, 121s. 6d.; Shotts and Carron, at Leith, Nos. 1, 130s., Nos. 3, 125s. per ton. The malleable iron works are very largely employed on Government work especially in the steel department, and only a limited amount of ordinary work is going through. Prices are unchanged at <£14 12s. 6d. per ton, less 5 per cent, for “ Crown ” bars for home delivery, and £14 5s. per ton, net, and upwards for export. The demand for black sheets is fully maintained, but outputs are interfered with owing to a scarcity of sheet bars. The price is unchanged, about £18 10s. per ton, net, f.o.b. glasgow. Galvanised flat and corrugated sheets are still very dear, being quoted round about £29 and upwards. Northumberland, Durham and Cleveland. Newcastle-upon-Tyne. COAL. During last week 109,192 tons of coal and 9,054 tons of coke were despatched from Tyne Dock, an increase of 18,022 tons of coal and 4,489 tons of coke when compared with the shipments for the corresponding week of last year. The Dunston clearances amounted to 38,550 tons of coal and 9,859 tons of coke, a decrease of 10,<>30 tons of coal and an increase of 6,289 tons of coke. The Blyth ship- ments aggregated 67,497 tons of coal and coke, an in- crease of 16,156 tons. Thus, the total coal and coke shipments from these three places amounted to 234,152 tons, an increase of 13,251 tons on those for the previous week and of 34,926 tons on those for the corresponding week of last year. A quantity of good ordinary Durham gas coals has been sold for delivery over next year at 29s. per ton, f.o.b. Forty thousand tons of good Durham gas seconds for like delivery have been sold at 25s. Quantities of ordinary Durham unscreened bunkers for 1917 delivery to French and neutral customers are stated to have been purchased at 25s. A good deal of business is reported to have been done in gas, coking and bunker coals for delivery to France over next year at 25s. On the other hand, it is reported that the Paris, Lyons and Marseilles Railways are buying quantities of American coals, not so much because of their relative cheapness as because supplies from the United States are belived to be more assured. Best Blyth steams for October-December shipment are stated to have changed owners at the very good price of 40s. Several large works locally are now negotiating for supplies of fuel for industrial purposes over the ensuing half-year on the basis of the Price of Coal (Limitation) Act. The forward market, on the whole, is very brisk, and should tonnage come to hand in sufficient quantities and the licences for export be granted with the freedom which has appeared to be foreshadowed by recent announcements, business should be very active right up to the end of the year. The quali- fication in the aforegoing sentence is somewhat important. At the time of writing, tonnage shortage is once more exercising its depressing influence upon what would other- wise be a very buoyant market. Ships are coming forward so slowly and so much behind time that a considerable quantity of spot coal is being thrown upon the market, which is being correspondingly weakened. Buyers with tonnage are in the enviable position of being able to command discounts on quoted prices, especially as far as Durham fuel is concerned. Northumbrian coal, too, is affected, although in a lesser degree. Bunkers, which were rising rapidly a few days ago, are now in good supply and are cheapening. For coke, there is a moderate enquiry. Stocks are large, owing to the scarcity of export licences, and prices are barely maintained. F.o.b. quotations for prompt shipment have varied as follows, on the week.-—Best Blyth steams are stronger ; Tynes are from 6d. to 2s. 6d. reduced ; Blyth smalls are Is. 6d. cheaper ; Tynes are 2s. 6d. down ; specials are similarly fallen; gas seconds are 2s. 6d. dearer; unscreened bunkers, Durhams, are Is. advanced; Northumbrians are firmer. Other descriptions of fuel are unaltered. Prices f.o.b. for prompt shipment. Scotland. Eastern District. COAL. Conditions in the Lothians have improved, and collieries generally report better business with firming prices. Shipments for the week amounted to 33,383 tons against 28,735 in the preceding week, and 42,482 tons in the same week of last year. Prices f.o.b. Leith. ! Current U’st week’s Last year’s prices. prices. ' prices. Best screened steam coal.. .! 28/ -30/ 25/6-26/6 15/6 Secondary qualities . 25/ -26/ : 24/ : 14/6 Treble nuts 24/ 25/ ' 19/ -20/ Double do .i 22/ -23/ i 22/ ' 16/6-17/6 Single do J 21/ I 21 ; 15/6-16/6 As in other districts in Scotland the position in Fifeshire is improving. All classes of coal are in better demand and prospects are more encouraging. Clearances for the week amounted to 59,328 tons against 54,351 in the preceding week, and 43,136 tons in the same week last year. Prices f.o.b. Methil or Burntisland. 1 Current L’st week’s j prices. .prices. | Best screened navigation coal Unscreened do First-class steam coal Third-class do. Treble nuts i 33/ -37/6 35/ -40/ 30/ -35/ 26/ -30/ - 30/ —32 6 ; 30/ —35/ 1 25/ -26/ ' 25/ -26/ i 23/ ' , 23/ ! 22/ 22/ 21/ | 21/ Double do Single do Last year’s | prices. 20 -21/ 17/ -18/ 14/ -15/ 20/ 17/ -18/ 16; -17/ The aggregate shipments from Scottish ports during the past week reached the total of 213,127 tons, compared with 217,591 in the preceding week and 209,122 tons in the corresponding week of last year. Steam coals :— ! Best, Blyths (D.C.B.) ... Do. Tynes (Bowers,Ac.) Secondary, Blyths .... Do. Tynes (Hastings or West Hartleys) ... U nscreened .......... Small, Blyths ........ Do. Tynes.......... Do. specials........ Other sorts: — Smithies.............. Best gas coals (New Pelton or Holmside) Secondary gas coals (Pelaw Main or similar) Special gas coals ...... Unscreened bunkers, Durhams Do. do. . Northumbrians Coking coals__________ Do. smalls ____ House coals .......... .............. Coke, foundry .......... Do. blast-furnace...... Bo. gas ...............; Current L’st week’s Last year’s prices. prices. prices. 40/ 38/ -40/ 18/ -18/6 37/6 38/ -40/ 17/6 30/ -32/6 30/ -32/6 16/ 30/ - 32/6 30/ -32 6 16 6 25/ -30/ 25/ -30/ 14 6-15/ 22/6 24/ 11/ —11/6 20/ 20/ -22/6 11/ 25/ 25/ -27 6 14/ 25/ 25/ 16/ -16/6 32/6-35/ 32/6-35/ 19/ -20/ 27/6-30' 27/ -27/6 16 6-17/6 34/ -35/ ■ 34/ -35/ 20/ 24/ -28/ . 24/ -27/ 15,6-16/6 22/6 -25/ 21/ -25/ 14/6-15/3 22 6-25/ 22 6 -25' 16/ -16/6 20/ -22/6 20/ -22/6 15,6-16/ 37/6-40/ 37 6-40/ 18/ -20/ 38/ -45' 38/ --45 27/ -30/ 36/ -40/ 36; -40/ 20/ 33/ -35/ 33/ -35/ ■ 28/ -30/ Sunderland. COAL. The exports from Sunderland last week amounted to 59,720 tons of coal and 1,505 tons of coke, as compared with 66,765 .tons of coal and 815 tons of coke for the corresponding period of 1915, being a decrease of 7,045 tons of coal and an increase of 690 tons of coke. The coal market is hardly so strong, owing to the poor arrival of shipping. A great deal depends up n the amount of tonnage coming forward. The collieries are well stemmed, and the steam coal pits are well sold over the month, but unless boats come to hand regularly and adequately prompt coal may possibly be force on the market. The market is simply steady. It is said that a good deal of limitation business has been done lately for delivery to France over next year, the sales including gas, coking, and bunker coals, all of course at 25s. a ton, and some of the large local works are also negotiating for supplies of industrial fuel over the ensuing half year on the basis of the Price of Coal (Limitation) Act.