1294 THE COLLIERY GUARDIAN. December 24, 1915. 9*7 per cent, of the world’s new ships, and our cotton spindles numbered half as many again as those of Germany, Austria-Hungary, Italy, Russia and France combined, and were more than double those of the United States. The energies of a nation can be consumed either in developing the arts of peace or war. We have chosen the former and Germany the latter in preponderating proportion, and that is the chief difference between us. In the meantime, if we may judge by a recent article in Lie Zukunft, German economists are already considering the position to which their national policy has led them. A princely writer, a member of the Prussian Diet, even suggests that the depleted national coffers can best be refilled by imposing a coal tax of two marks per ton, a heavy duty upon petroleum, and a reliance for cheap energy upon peat moors and lignite. That such things should be seriously suggested seems to indicate a waning faith in the advantages of coal and iron, as the Germans have hitherto employed them.. THE LONDON COAL TRADE. Thursday, December 23. The London coal trade has been passing through a very severe crisis during the week, and hundreds of orders are held up until after the holidays. The pressure to secure the small available quantity has been unusually keen, and many of the London merchants have hopelessly failed in getting out the heavy mass of orders accumulating on their books. Collieries have ceased to take orders, and will only quote for loading private wagons. Ordinary railway wagons are exceedingly scarce, and notwithstanding the pressure on all sides for supplies, frequent reports of short time simply for want of wagons have been recorded. Every endeavour has been made to send in partial loads where orders have been most pressing, and the balance ds left over for the new year. Every kind of vehicle has been requisitioned by householders to fetch -a sufficient quantity to tide over the Christmas holidays, but the bulk of the merchants have freely admitted that the shortage of labour has entirely crippled them from delivering the quantities on order. The present rush for supplies and the inability to cope with the public orders has shown the wisdom of the Board of Trade in “ limiting ” the delivery prices (and the whole- sale prices) for the excessive demand, under ordinary conditions, would have .enhanced the selling price very con- siderably, and intensified the sufferings of the poor to an unwonted extent. The merchants have decided not to attend the market to-morrow (Friday). It was stated on Monday last that the question of pooling all private wagons had been abandoned by the Board of Trade owing to the strong opposition on the part of traders and colliery owners generally. It was understood that the Great Northern, Great Central, and Great Eastern were agreeable to the movement, and there is a likelihood that these three com- panies may join together in the pooling of their empty trucks. The Midland, and the Lancashire and Yorkshire Railway Company are opposed to it, -and the London and North-Western Railway Company are passive, but will only join in if it is universally adopted. The attendance on the Exchange has been very fully maintained during the week, and it was evident each market day that buyers were very eager to secure better .supplies, and brought a good deal of pressure to bear upon the collieries for the earliest possible despatch of coal on order. In the seaborne market there was a good number of vessels arrived in the River Thames, but none of these were for open sale; 48 contract cargoes were returned on Monday’s market as arriving in the Port, and 14 for Wednesday’s market. Prices remain unaltered, but the scarcity of supply is keenly felt on all sides. Manu- facturing coals have been bought up freely, both the large steam qualities and the small nuts. Shippers report that freights are ruling very high, and only an occasional fixture for London can be secured. Chartering is slow, owing to the scarcity of supply both of coal and vessels. The Depart- ment have refused licences this week for many of the Northern French ports, but the Mediterranean demand is unusually strong. The Baltic ports are closed. London cannot be said to be short of coal, as