January 19, 1917. THE COLLIERY GUARDIAN. 129 __________________________________________________________________________________________________________________________________________________________ a difficult position. Shipping coal is rather quiet in Lancashire, and there is little to report regarding Yorkshire. A stronger demand for nuts is being _________________ experienced in Derbyshire. Good business is re- ported in the Lothians, and the outlook there is more favourable. The freight market is still seriously hampered by the new chartering regulations, the scarcity of coal and the restricted issue of licences. The Central Executive Committee met in London on Tuesday to deal with a question of supply of coal to France and Italy, but after protracted discussion no decision was announced. Proposals were sub- mitted from South Wales as well as from other parts of the country, and it is understood that an arrange- ment was made whereby all information should be withheld. A general meeting of the Midland Institute of Mining, Civil and Mechanical Engineers will be held in the Council Boom, University, Leeds, on Thurs- day, January 25, commencing at 3.30 p.m. A paper on “ The Rectification of Benzol” by Mr. W. N. Drew will be read, and the paper on “FuelEconomy, with Special Reference to Briquetting,” by Messrs. Lantsberry and Paton will be discussed. At a meeting of shipowners on the Newcastle Exchange, an official announcement was made that in future no competition will be allowed in the local coal export trade. No firm will be permitted to transact business which they have not been in the habit of transacting hitherto. The Tyne Commissioners report that coal shipments were nearly 800,000 tons less last year than in the previous year, but the coke shipments were higher by 450,000 tons. A joint meeting of the National Association of Colliery Managers (Midland branch) and the Associa- tion of Mining Electrical Engineers (Notts and Derbyshire branch) will be held in the University College, Nottingham, to-morrow (Saturday), com- mencing at 3.30 p.m. Mr. C. Jones, A.M.I.E.E. will read a paper on “Electrical Experience in Collieries.” With respect to the order issued as to profits and dividends of colliery companies, the Board of Trade states that it is merely a safeguard against any colliery company distributing all its available assets or cash, and that the arrangement would not be likely to interfere with a reasonable distribution made by a company in the regular way. In official circles this is not regarded as a reason for any marked depreciation in colliery shares. ____________________________ In our annual report on the coal Coal Export trade in 1916, reference was made to Trade some of the outstanding features of in 1916. fl16 export trade,, so far as these exercised an influence upon the general situation. We propose now to consider the position of the export trade per se, and, as a prelude, it may be said that nearly everything written in these columns a year ago upon this subject still holds good, and much of it has been even intensified by the strenuous conditions under which the national activities have been pursued since that date. Nor can anything else be expected during the continua- tion of the war. Coal, it may be said, has more than justified the pre-war estimate of its supreme importance as a national assetjin war time. This is true both of the home and foreign trade, but as a commodity for the maintenance of the volume of our exports, and thus strengthening the national credit abroad, British coal holds a position that is as unassailable as it is unique. It is obvious, indeed, that, other conditions permitting, the export of coal in war time is to be encouraged to the utmost limits of our potentiality. It is a matter for serious consideration, therefore, to note that the rapid decline of coal exports manifested shortly after the outbreak of war has not yet been checked. The total export of all classes of coal for the year 1916 was 38,351,553 tons, as compared with 43,534,560 tons in 1915, and with 59,039,880 tons in 1914. In round numbers the decline since 1914 has been 20,000,000 tons. But the value of the coal has increased to such a degree that, considered from this point alone, there has iSeen an improvement by more than £6,000,000. As these figures do not include bunkers or the cost of freight, which is also paid for by the country importing the coal, a very con- siderable figure has to be added to the amount of ■ £46,386,297 in order to arrive at the real effect of coal exports in stabilising foreign exchange. It is not possible to say what has been received by British ship owners from foreign countries for coal transport during the year; but it could not possibly be an exaggeration to say that the coal export trade during the year has been of a value comparable with the placing of at least 100,000,000 sterling to British credit abroad, and its value is probably much greater even than that. The weakness of coal as a factor in international monetary relations, however, is that it cannot always be placed exactly where our credit needs most support. Thus, we cannot exchange coal directly in return for munitions from the United States. Indirectly, of course, foreign credits can be made negotiable in any currency ; and so far as the ex- change may permit, there is no reason why France or Italy could not pay their British coal bills in United States dollars. When the export figures are analysed, it is seen that the decline has affected all classes of coal, but to an unequal degree, anthracite having suffered less than steam or household coals. While, also, there has been a progressive decline in the past three years in the export both of small and large coal, there was a slight increase in the figures for through-and-through coal as compared with the previous year. It is noteworthy, also, that more coke was exported last year than in either of the preceding years, and some improvement over the figures of 1915 is shown by manufactured fuel, although the tonnage exported in 1914 was not quite reached. In order to arrive at a just estimate of our exports, however, it is necessary to go back to pre-war figures; since only the first half of 1914 was unaffected by the rupture of international peace. Going to the year 1913, we find the total volume of our coal and coke exports reached the unprecedented figure of 98,338,104 tons. The decline on that booming year must be placed at more than 60 per cent. Put in another way, we exported in 1913 over 34 per cent, of our total output, while in 1916 we have exported only a little over 20 per cent. Taking another point of view, coal exports are said in normal times to represent nearly four-fifths, or 80 per cent, of the total weight of British exports. When we think what this means to the shipping industry alone, it is easy to understand how seriously freights have been disorganised by circumstances arising from the war, for outward coal cargoes mean inward cargoes of foodstuffs and raw materials of our industries. The volume of tonnage available for this network of trade has been reduced from 80 to about 40 per cent., and to this fact alone much of the increased cost of living may be attributed. Taking the countries to which British coal has been sent, it is satisfactory to note that France has received, in the year 1916, about the same quantity of coal as in the previous year, and nearly half as much again as in the year 1914. Italy has not been so fortunate, her coal imports from this country being only two-thirds of the amount received in 1914, which for her was a pre-war year. The Russian coal trade has been almost extinguished, as might, of course, be' expected under the circum- stances. It is not necessary to pursue in detail the destinations of our restricted exports, nor would there be any profit in so doing, for these have been controlled entirely by the Government, and have been totally independent of the normal foreign market requirements. The conditions have been artificial in the extreme, and the figures will not serve any useful purpose as a guide to conditions after the war, except so far as they may serve as an index to the loss of markets, and as the measure of future competition. That we shall have lost ground in South America seems to be without question; but we incline to the view that this will eventually be recovered if we can retain our shipping facilities. For not only can we rely upon the established reputation of our coals, but also upon that inevitable Exports of Coal, Coke and Manufactured Fuel, According to Description. 1915. 1916. ________________ Average Average Quantity. value Quantity, value per ton. per ton. Coal:— Tons. s. d. Tons. s. d. Anthracite.... 2,227,231...21 0’6... 1,999,503...26 9*2 Steam.........31,150,530...17 1’6...27,889,532... 24 10’7 Gas .......... 7,274,649...13 10’6... 6,469,402...20 9’6 Household.... 1,041,079... 17 10’8... 377,245...25 5’2 Other sorts.... 1,841,282... 14 3’7... 1,615,871...22 1’8 Large .........20,913,104... 18 9’6... 18,426,512...27 8’4 Thro’-and-tliro* 10,935,854...14 5’2...11,227,045...21 6’07 Small .........11,685,813...15 1*4... 8,697,996...20 2‘4 Total&avge. 43,534,771... 16 8’6...38,351,553...24 2’2 Coke.............. 1,010,302 . 23 2’6... 1,481,498...33 9’6 Manufactured fuel 1,225,071...20 6‘6... 1,324,695...26 10’5 Total exported and average...45,770,144... 16 11*5...4£157,746...24 7’4 Coal shipped in bunkers ......13,630,964... — ...12,988,172... — Exports of Coil, Coke and Manufactured Fuel bt Months. 1915. 1916. r—“------* : a f * ' ' Month. Average ' Average Quantity, value Quantity, value per ton. per tom Tons. s. d. Tons. s. d. January ............ 3,769,598... 13 8’2... 3,383,099... 19 0*5 February ...... 3,784,894... 14 2*3... 3,310,384...20 4*4 March........... 4,143,756... 15 4*1... 3,281,793...21 8*7 First quarter ....11,698.248... 14 5*2... 9,975,276...20 4 3 April ........... 3,985,846...17 2*3... 3,200,069...22 6*2 May..................... 3,967,657... 17 10’3... 3,825,387...25 0*5 June.............. 3,725,423... 17 10’1... 3,503,955...27 1’4 Second quarter ...11,678.926...17 7’5...10,529,411...24 10’7 First six months...23,377,174...16 0’4...20,504,687...22 8’7 July............. 3,731,932... 17 4*4... 3,574,137...26 11’9 August __.......... 3,853,794...18 0’2... 3,665,482...27 4*5 September....... 4,096,637... 18 0’7... 3,698,566...26 3*6 Third quarter....11,682,363... 1? 9*9...10,938,185...26 JO-6 October ......... 3,771,069... 18 1*3... 3,708,300...26 3*5 November ....... 3,469,302... 17 10 1... 3,224,557...26 4*5 December ....... 3,470,236... 18 2*4... 2,782,017...25 4*5 Fourth quarter ...10,610,607... 18 2-7... 9,714,874...25 11-8 Twelve months ...45,770,144...16 11*5...41,157,746...24 7-4 Exports of Coal to Foreign Countries. 1915. 1916. Tons. Tons. Russia 42,559 . 4,804 Sweden 2,659,995 .. .. 1,646,502 Norway 2,643,187 .. .. 2,307,753 Denmark 3,130,642 .. 2,305.409 Netherlands 1,792,951 .. .. . 1,346,129 France 17,601,572 .. .. 17,311,877 Portugal 1,022,755 .< 886,972 Spain and Canaries 2,067,763 .. .. 2,407,764 Italy 5,788,460 ., .. 5,710,098 Greece 309,198 .. 168,106 Egypt 1,388,914 .. 893,686 Brazil 498,340 .. 196,973 Uruguay 322,541 .. 179,472 Argentine Republic 1,618,603 728,412 Chile 46,407 .. 24,194 Algeria 939,846 . 721,803 Exports of Coal to Foreign Countries from the Various Districts in the United Kingdom. 1914. 1915. 1916. Tons. Tons. Tons. Bristol Channel ports ...24,475,551... 18,602,107... 17,417,707 North-western ports.... 600,719... 524,214... 486,734 North-eastern ports....19,241,980... 14,132,040... 13,329,275 Humber ports ........ 6,049,741... 3,791,392... 1,804,953 Other ports on east coast 292,328... 36,893... 7,298 Other English ports.... 955... 18... 4,049 ............... East Scotland ........ 6,177,065... 3,723,935... 3,004,449 West Scotland ........ 2,201,244... 2,724,005... 2,297,088 Ireland ..................... 297... — ... — __________ __________ __________ Total ...........59,039,880... 43,534,771...38,351,553 factor, the return cargo. Coming next to the question of bunkers, the total for 1916 is given as 12,988,172 tons, valued at £16,683,000. These figures compare with 21,031,550 tons, valued at £12,894,500 in the year 1913. The decline in the tonnage of bunkers has been a necessary consequence of the general situation to which we called attention in a previous, article, referred to above. Political factors have influenced the situation, and quite rightly too, for it would be absolutely intolerable that British coal should be made available, either directly or in- directly, to further the ends of the enemy. An interesting feature of the year that has ended^ and one that has arisen out of the peculiar conditions prevailing, has been the tendency towards fusion both of shipping and colliery interests. In regard to the latter, there has been much activity in South Wales, and Lord Rhondda has been prominent in several important combinations, of which particulars have from time to time been given in our columns. It is noteworthy that these fusions have chiefly