THE COLLIERY GUARDIAN. ________________________________________________________________________________ January 5, 1917. 21 over six months and 12 months respectively. As no reports a's to the result of the tenders were made known in South Wales, it is probable that a portion of the business, at any rate, went north. Exports during April ’ amounted to 1,414,796 tons, compared with 1,644,120 tons in the corresponding month of the pre- vious year, or a decrease of 229,324 tons. May. This was an exceptionally trying month for the trade. Labour difficulties aigain loomed very large, and the situation ultimately resulted in the resignation of Lord Muir Mackenzie as independent chairman of the Con- ciliation Board. Fortunately, this embroglio had little effect upon the market. In consequence of the advanc- ing quotations, the French Government made represen- tations to the Board of Trade, in which they stated that the high rates were causing industrial embarrassment to all classes of consumers in that country. Mr. Runciman therefore suggested a limitation of prices on the basis of 20 per cent, lower than those prevailing on March 8. This proposition was vigorously opposed by the Cardiff and Swansea Chambers of Commerce, 'and deputations were elected to wait upon the President of the Board of Trade to obtain moire definite information as to the proposals. In the meantime,- new business came almost to a standstill, but prices continued to advance, and the high-water mark of the year was reached. In the opening days, ordinary steams were quoted at 50s. to 51s., best bunkers 31s. to 32s., Black Veins 52s. to 53s., patent fuel 47s. 6d. to 50s. No. 3 Rhondda bituminous reached 52s. 6d. to 55s., and No. 2 qualities realised as much as 44s. to 46s. At .the end of the month, even these figures were exceeded. Ordinary steams were 52s. to 53s., best bunkers 32s. to 33s., Black Veins 54s. to 55s., No. 3 Rhondda 57s. 6d. to 60s., No. 2 47s. to 49s., and patent fuel 50s. to 55s. There were heavy arrivals of tonnage, and at the end of the first week in May no fewer than 330 vessels were in the docks awaiting berths. Much pressure prevailed for supplies, and so great was the demand from France and Italy that licences were only very sparingly granted for shipment to neutral countries. Exports amounted to 1,640,865 tons, compared with 1,503,038 tons in the corresponding period, or an increase of 137,827 tons. The only other item of interest worth recording was the decision of the dock companies to increase the rates for bunkering in the case of liners and other vessels calling for bunkers only. A varying scale was imposed, which resulted in some cases in almost doubling the charges. June. In order that there should be no risk of stoppage on the wages question in the South Wales coal field, the Board of Trade, in consequence of the resignation of Lord Muir Mackenzie, granted the advance of 15 per cent, demanded by the men, subject to the settlement being without prejudice to the contentions and views of the parties with reference to the equivalent selling price. The owners, whilst agreeing loyally to carry out the obligations imposed upon them, entered an emphatic protest against the action of the Government, which was contrary to the agreement entered into in August the previous year. Details of the French limitation scheme were published on the 1st ef the month, but the market remained in an unsettled state for some days, pending the arrangement of certain points of difference. Mean- time, no fewer than 350 vessels were in the docks wait- ing for cargo, and congestion was very severe. The patent fuel manufacturers agreed to adopt a maximum of 30s., plus Is. for exporters’ remuneration, to French limitation ports, provided that coal owners would supply small coal for briquetting at a maximum of 20s. per ten. The miners took one day’s holiday at Whitsun- tide, and returned to work in larger numbers than was anticipated, the absenteeism being only 10 to 15 per cent., and in some cases even less. Exports continued satisfactory, but in the later days of the month the number of (arrivals diminished, the market in conse- quence becoming irregular, with a. slightly weaker ten- dency. The quotations at the end of June were as follow:—Ordinary tsteams, 48s. to 49s.; best bunkers, 29s. to 30s.; Black Veins, 49s. to 50s.; No. 3 Rhondda bituminous, 49s. to 50s.; No. 2, 36s. to 38s;’, patent fuel, 50s. to 55s. The exports for the month amounted to L41L937 tons, compared with 1,468,386 tons in June, of 1915, or a decrease of 56,449 tons, and of this quantity no less than 80 per cent, was being despatched to Allied .countries. July. The. outstanding feature of this month, was the announcement that the Ferndale Collieries had been acquired by Lord Rhondda and the Cambrian Combine. The capital involved amounted to about £2,000,000, and the output to about five million tons per annum. On the strength of the rumours, the shares of both com- panies advanced considerably, Cambrian ordinary rising from 34s. to 41s., and D. Davis and Sons ordinary 37s. fid. to 48s. fid. Another amalgamation was that by which the Ebbw Vale Company, ih conjunction with Messrs. J. W. Beynon and Company, acquired a con- trolling interest in the Powell’s Tillery Company, in Monmouthshire, the combined output controlled being about six million tons per annum. The capital involved in the transfer, including debentures, amounted to about £200,000. Throughout the month there was a sagging tendency in the market, and prices did not again recover, except for one brief period, during the remainder of the year, ’there being more or less anxiety with regard to the tonnage position from this time onwards. Outside Government requirements, the reported fixtures were not nearly adequate for the ordinary purposes of the trade, and charterings showed a decrease of about two million tons during the first six months of the year com- pared with 1915. At the end of the month ordinary steams were quoted at 36s. to 38s., best bunkers 26s. 6d. to 27s. 6d., Black Veins 39s. to 40s., No. 3 Rhondda bituminous 38s. to 40s., No. 2 33s. to 35s., and patent fuel 50s. to 52s. 6d. per ton. Foreign exports amounted to 1,554,973 tons, compared with 1,280,725 tons in the corresponding month of 1915, or an increase of 274,248 tons. The miners finally gave up the idea of taking two days’ holiday in August, but there wajs a considerable amount of absenteeism. As a result of the audit of the coal owners’ books, the men applied for a further 'advance of 12-J- per cent., and the owners, on account of increased cost of production, sought a decrease of 15 per cent. August. General conditions practically, remained unchanged throughout the month. Exports amounted to 1,356,061 tons, compared with 1,248,897 tonsxin the correspond- ing period, or an increase of 107,164 tons. The heavy demand for Admiralty purposes continued, and some of the best known collieries were unable to entertain any outside business. Early in the month Mr. Runciman negotiated with the Italian Government, with the object of introducing limitation rates for ’the supply of coal to that country on the same basis as the French scheme, and ultimately a modus operandi was agreed upon with the coal owners, and the regulation came into opera- tion at a later date. The South Wales coal owners asked permission to increase the maximum beyond that allowed on home prices under the Price of Coal (Limi- tation) Act, as that sum had been more than swallowed up in the extra cost of working. After investigation, the Board of Trade allowed a further 2s. 6d. per ton. This led to many protests, especially on the part of the South Wales miners, but without effect, and the altera- tion was adhered to. At the close of the month quota- tions,, which had shown considerable variation, were 'as follow Ordinary steams, 40>s. to 41s.; best bunkers, 30s. to 31s.; Black Veins, 41s. to 42s. 6d.; No. 3 Rhondda bituminous, 37s. 6d. to 40s.; No. 2, 36s. to 37s. fid.; and patent fuel, 45s. to 47s. fid. September. In the early days of September market conditions were very difficult. Not only were the best and superior second Admiralty coals absorbed by the Government, but there was also a large demand for Monmouthshire descriptions for export to France and Italy. Outputs were much lower than before August, chiefly owing to holiday absenteeism among miners, amounting, in some collieries, to as much as 10 to 15 per cent. A joint con- ference was arranged between owners 'and workmen’s representatives to combat the evil, and eventually the percentage was reduced to such an extent as to become almost negligible. In the meantime, however, stocks had become short, new business was almost at a stand- still, and the Licensing Committee was very chary of granting permits for shipment to neutral countries. As tonnage was plentiful in the early days of the month, representations were made to the Government for assist- ance in the matter of licences, so as to avoid the heavy demurrage charges demanded by ship owners. As a result of ’the investigation of Mr. Justice Pickford into the claims of owners and workmen on the wages ques- tion, his lordship dismissed both applications. Another colliery amalgamation was announced during the month, North’s Navigation Colliery coming under the control of Lord Rhondda and his colleagues. The output amounts to about 1,100,000 tons per annum, and the capital involved approaches a million and a quarter sterling. Exports during the month amounted to 1,667,612 tons, against 1,543,640 tons in the corre- sponding period, or an increase of 123,972 tons. Market conditions were characterised by some amount of irre- gularity, but at the end of the month there was a slightly firmer tendency. Ordinary steams were 40s. to 42s., best bunkers 30s. to 31s., Black Veins 42s. 6d; to 43s., No. 3 Rhondda 40s. to 42s. 6d., No. 2 35s. to 36s., and patent fuel 43s. to 44s. per ton. October.. Quite early it was evident that tonnage conditions were becoming unsatisfactory.' Stocks began to accu- mulate , and whilst some collieries were favourably situated with regard' to stemming facilities, others had a difficulty in keeping the pits going owing to shortage of wagons. Admiralty requirements were well main- tained, but licences to neutral countries were only spar- ingly granted, and the bulk of the business done was for shipment to limitation ports in France, where consider-, able delays were caused by congestion in the harbours and railways. Freights became stiffer, and, in some instances, showed an increase of 25 per cent, over September. Bad weather retarded arrivals of vessels, and in order to secure prompt shipment many sellers accepted material reductions from the nominal quota- tions, the result being a general weakening of prices. In the last week cf the month it wras announced that the Italian and Mediterranean rates of freight and coal prices had been satisfactorily arranged, as well as the rate for unloading at various ports. Exports for the month were 1,600,429 tons, against 1,482,104 tons in October of 1915, or an increase of 118,325 tons. Quota- tions ended as follow :—Ordinary steams, 34s. to 35s.; best bunkers, 25s. to 26s.; Black Veins, 35s. to 36s.; No. 3 Rhondda bituminous, 35s. to 36s.; No. 2, 30s. to 32s.; and patent fuel, 42s. to 44s. Still another colliery acquisition by-Lord Rhondda was announced, viz., the Gwaun-cae-Gurwen Colliery, which has a taking of 5,000 acres in one of the best anthracite centres, and produces about 300,000 tons per annum. The capital involved was about £200,000. November. There was no improvement in market conditions, and prices exhibited a downward tendency throughout the month, quite a number of tips being idle owing to the. scarcity of vessels to take the accumulated stocks. The miners decided to renew their demand for a 15 per cent, increase in' wages, with the result, already mentioned, that the collieries were brought under Government con- trol, the men to. have their 15 per cent! increase, and ■the books'to be investigated by an auditor appointed by the State. As previously indicated, prices receded materially. Ordinary steams were obtainable at 27s. to 28s., best bunkers at 19s. to 20s., Black Veins at 28s. to 30s., No. 3 Rhondda 29s. to 30s., No. 2 28s. to 30s., and patent fuel at 38s. to 40s. per ton. Exports for the month were 1,330,928 tons, against 1,509,474 tons in the corresponding period, or a decrease of 178,546 tons. Lord Rhondda and his associates acquired the Interna- tional House Coal Collieries at Blaengarw, at a price equivalent to £9 per £5 share. The output is about 200,000 tons per annum. The combination now controls some of the best steam producing, anthracite, and house- coal collieries in South Wales. December. During the first days of the last.month of the year conversation chiefly centred on the probable result of the Government control of the coal field, and the Board of Trade announced the appointment of an Inter-Depart- menfial Committee, consisting of Mr. W. F. Marwood (Board of Trade), Sir R. Redmayne (Home Office), and Mr. W. Jenkins (of the Admiralty Department at Cardiff). Actual details of management will remain as at present. The market was not adversely affected, over 85 per cent, of the output having been under con- trol before the announcement was made. There was, however, a slump in colliery shares, the total deprecia- tion amounting to more than two millions sterling in less than a fortnight. A similar announcement that the Government intended to take control of shipping also acted adversely on shipping shares, and quotations on the local Exchange depreciated by about a million pounds. Market quotations reached their lowest ebb about the middle of the month, but in the last few days before Christmas there was a slight upward spurt, and it was expected that the Christmas holidays would so reduce the accumulated stocks that collieries would commence the new year with a better outlook. Closing quotations for 'the year were as follow :—^Second Admiralties, 29s. to 30s.; ordinary steams, 28s. to 29s.; best bunkers, 19s. to 20s.; cargo qualities, 14s. to 16s.; drys, 25s. to 30s.; nuts, 24s. to 26s.; peas, 22s. fid. to 24s. 6d.; Black Veins, 29s. to 30s.; Western Valleys, 28s. to 29s.; Easterns, 27s. to 28s.; No. 3 Rhondda bitu- minous, 28s. to 30s.; No. 2, 27s. to 28s.; fuel, 36s. to 37s. fid.; and coke, 47s. fid. to 67s. 6d. Pitwood was 49s. to 50s. per ton. Shipments. The shipments from the Bristol Channel for the eleven months ending November 30 amounted to 16,283,220 tons, against 17,064,224 tons in 1915, being a decrease of 781,004 tons. The following table gives the foreign exports for each year from 1913 to 1916 inclusive :— 1913. 1914. 1915. 1916. Tons. Tons. Tons. Tons. January............... 2,693,268... 2,538,836... 1,697,777... 1,524,993 February....... 2,302,580... 2,538,805... 1,762,784... 1.372,465 March ............... 2,447,110... 2,496,993... 1,923,279... 1,408,161 April ........... 2,717,016... 2,251,922... 1,644,120... 1,414,796 May ........... 2,187,753... 2,453,229... 1,503,038... 1,640,865 June ........... 2,475,292.,, 2,189,984... 1,468,386... 1,411,937 July ............... 2,873,830... 2,613,743... 1,280,725... 1,554,973 August......... 2,142,151... 1,109,167... 1,248,897... 1,356,061 September __ 2,510,338... 1,388,798... 1,543,640 1,667,612 October......... 2,616,148... 1,711,982 .. 1,482,104... 1,600,429 November .... 2,382,723... 1,426,275... 1,509,474... 1,330,928 December...... 2,502,338... 1,755,817... 1,537,883... * 29,850,547.24,475/51... 18,602,107... 16,283,220 * No return for December. Foreign Exports. The following tables show the foreign exports from each of the chief Welsh ports for each month from January to November :— Cardiff. Newport. Port Talbot. Swansea. Tons. Tons. Tons. Tons. January .... .. 855,363 . .. 276,087 .. . 144,271 . .. 243,017 February .... .. 749,150 .. .. 277,154 .. . 157,956 . .. 182,055 March ....... .. 725,385 .. .. 286,151 ‘.. . 165,879 . .." 224,857 April .. 734,223 .. . 325,276 ... . 136,184 . .. 211,932 May .. 815,008 .. . 286,540 ... . 193,358 . .. 334,652 June .. 694,378 .. . 319,611 ... . 155,260 . .. 230,708 July .. 786,463 .. . 311,160 ... . 159,754 . .. 284,893 August .. 681,864 .. . 252,531 ... . 169,587 . .. 234,385 September . .. 845,167 .. 292,727 ... . 250,097 . .. 253,619 October .. 927,862 . . 361,952 .. . 137,177 . .. 143,034 November.... .. 742,509 .. .. 274,741 .. . 119,497 . .. 186,488 Total .... .. 8,557,372 .. . 3,538,930 ... . 1,789,020 . . 2,529,640 Coastwise Shipments. Cardiff. Tons. Newport. Tons. Fort Talbot. Tons. Swansea. Tons. January 45,326 . ... 37,720 ... 5,271 ... 15,499 February ...... 31,862 . ... 41,304 ... 6,225 ... 13,702 March 36,080 . .. 46,839 ' ... 4,477 ... 10,502 April 27,281 . ... 41,552 ... 4,730 ... 15,594 May 27,170 . ... 46,637 ... 6,835 ... 18,490 June 24,006 . ... 42,777 ... .. 36,176 ... 6,617 ... 15,976 ... 9,631 July 33,645 . 6,694 August 26,776 . .. 53,474 ... 7,778 ... 10,943 September 25,659 . .. 44,883 ... 4,514 ... 7,821 October 26.548 . .. 34,817 ... 8,171 ... 6,145 November 33,215 . .. 35,114 ... 4,874 ... 11,205 Total .... .. 337,568 . .. 461,293 ... 66,149 ... 135,508 Bunkers (Foreign). Cardiff. Newport. Port Talbot. Swansea. Tons. Tons. Tons. Tons. January ... 175,275 . .. 61,580 ... 14,459 ... 32,214 February ... 257,093 . .. 52,404 ... 17,041 ... 28,425 March ... 182,568 . .. 44,279 ... 16,662 ... 23,130 April ... 149,981 . .. 67,376 ... 10,490 .... 26,488 May ... 276,512 . .. 54,166 ... 21,503 ... 39,027 June ... 167,528 . .. 79,787 ... 16,396 ... 25,832 July .. 129,979 . .. 46,639 ... 11,906 ... 28,851 August .. 218,371 . .. 45,891 ... 11,699 ... 29,836 September .... ... 204,201 . .. 32,345 ... 37,673 ... 20,044 October .. 190,469 . .. 62,589 ... 14,406 ... 20,613 November .... ... 165,050 . .. 59,800 ... * ... 23,373 Total .............. 2,117,027 ... 606,856 ... 172,235 ... 297,833 * No return to hand.