March 22, 1918. THE COLLIERY GUARDIAN 591 such a procedure were possible, the total moisture could be determined on the spot. The sample for chemical analysis could then be pulverised to 4-mesh size and quartered down to a 5 lb. sample for shipment to the laboratory without special precautions for avoiding the almost inevitable loss of moisture. A sample of approximately 50 lb. of lump coke was crushed to pass a 1 in. mesh sieve and thoroughly sprayed with water. It was then mixed for some time and allowed to stand several hours. The moist coke was then placed on a sampling cloth, again mixed, coned and divided into four parts, designated as Cl, C2, C3, and C4. Each quarter was placed in a tarred, galvanised-iron pan, 22 by 26 in., and immediately weighed. The coke was spread to a depth of about 2 in. Sample Cl was placed in an air-drying oven and dried to constant weight at 30 degs. to 35 degs. Cent., and then pulverised and reduced to a 60-mesh laboratory sample, as in the usual standard method. The other three samples were dried to constant weight on ordinary gas-heated hot plates at tempera- tures of 120 degs., 150 degs., and 200 degs. Cent., respectively. There was an air space of J in. between the bottom of the pans and the hot plate. The tem- peratures were determined by inserting thermometers in the bed of coke near the bottom of the pans. The results obtained are given in the following table: — Table 5.—Results obtained by Heating 1 in. Lumps of Coke to Constant Weight on a Hot Plate at Various Temperatures. . rdrc!'t5 • h • Weight -S Sample No. of g sample. £ Grms. Degs. C. Hours. Per c. Cl ..................... 6,291 ... 30-35 ... 72 ... 5'3 Cl,60-mesh..................1 ... 105 ... 1 ... 0’38 Total moisture in Cl 5'7 C2 5,105 ... 120 ... 2 .. 5’9 C3 4,909 150 2 : 6’2 Ci 5,923 ... 200 ... i .. .. 5’9 The sample dried at 120 degs. Cent, and the sample dried at 200 degs. Cent., yielded 5’9 per cent, moisture. These results were 0-2 per cent, higher than that obtained with sample Cl, which was air-dried before the moisture was determined by the standard method. The small differences in results with the various portions were probably due to, unequal wetting rather than to the temperature of drying. Even the maximum difference is within the sampling error. Summary, 1. Investigation shows that the influence of tem- perature, time, humidity of drying atmosphere, and fineness of sample on the determination of moisture in coke may be varied over a considerable range without affecting the result appreciably. 2. Oven temperatures ranging from 105 degs. to 200 degs. Cent, produced a maximum variation in moisture of not exceeding 0-3 per cent. 3. Coke can be dried to 11 constant weight ” without any gain in weight taking place. 4. The circulation of air dried by sulphuric acid, through the oven atmosphere, as specified for coal analysis, is unnecessary, there being no measurable difference of results between circulating perfectly dry air through the oven and using in the oven the natural circulation of air from the room 5. Moisture can be determined quickly and with adequate accuracy (± 0’5 per cent) by simply heating to constant weight a large sample of lump coke, in any convenient oven, or on a stove, hot plate, or steam coil, at a temperature of 100 degs. to 200 degs. Cent. Because of its simplicity and flexibility this method may be used advantageously at points when coke ship- ments are sampled. THE BY-PRODUCTS TRADE. Tar Products.—Pitch retains its firm tone in London this week, and a good deal of business has been booked during the past quarter. Reports from the provinces do not indicate any change in prices, and the market position may be classed as steady. Local authorities are showing a strong desire to satisfy their tar requirements, and some minor contracts have just been arranged on a price bonus not yet mentioned. Here are some of the typical and pressing needs for tar:—The Surrey County Council has decided to expend about £10,000 on one tar macadam road alone. Staffordshire County Council has estimated £4,000 for tar spraying, and £6,000 for tarvia and tarmac. Swansea’s estimate for tar spraying is £1,498. A con- tribution of £2,000 has been promised towards the cost of tar spraying the Worcestershire roads. Many other councils and corporations must have a deal of tar (much of the road work being in arrear), so that the necessary permits will absorb a large output. All this will keep up prices. Hardly any of the other by-products have altered in value this week. The exception is solvent naphtha, which is appreciably cheaper in the north and in London. At the same time, supplies are not plentiful. Current quotations are appended:—Crude tar: London, 32s. 6d. to 35s.; Midlands, 28s. to 29s.; North, 28s. to 30s. per ton, ex gas works. Pitch: London, 50s. to 52s.; East Coast, 25s. to 27s. 6d., f.o.b.; Liverpool, 22s.; West Coast, 22s. to 24s. f.a.s. Solvent naphtha: Naked, London, 90-190 per cent., 3s. to 3s. 3d.; North, 2s. 6d. to 2s. 9d.; 90-160 per cent, naked, London, 4s. to 4s. 3d.; North, 3s. lOd. to 4s. Crude naphtha: Naked, 30 per cent., 8|d. to 8^d.; North, 6^d. to 6|d. Refined naphtha- lene, £30 to £32 10s.; salts, 80s. to 90s. Toluol: Naked, London, 2s. 4d.; North, 2s. 3d. Creosote: Naked, London, 4|d.; North, 4d. to 4|d. (Government price 75s. per ton, equal to 4^d. per gallon, f.o.r.); heavy oil, 4^d. to 4^d.; liquid, 4^d. Carbolic acid: Crude, 60 per cent., East”Coast and West Coast, 3s. 4d.; crystals, 39-40, Is. 3d. Cresylic: Casks, 95 per cent., 3s.; 97-99 per cent., 3s. 3d., ex works London and f.o.b. other ports. Anthracene: 40-45 A, 4|d.; 48-50 A, 6d.; B, l|d. to 2d. Aniline oil, Is. 4d., casks free; salts, Is. 4d., drums free. Sulphate of Ammonia.—The scheduled price remains in force, but to a large extent it is nominal, for there is little, if any, purchasable by ordinary buyers in London at present. THE TAXATION, RATING AND VALUATION OF MINES. The paper on “ The Taxation, Bating and Valuation of Mines,”'* which was recently read by Capt. David Bowen F.G.S., M.I.M.E., at the Surveyors' Institu- tion, has elicited some interesting views from several well-known mining surveyors, which they have commu- nicated to Mr. Alexander Goddard (the secretary of the institution). Sir Francis Brain writes that the mining industry is under obligation to Capt. Bowen for so carefully collating mining taxation facts, and going into this very important subject so thoroughly. Sir Francis adds :— “ Mines, in my opinion, are most unfairly treated under the present taxation law. That the owner of a mine whois daily exhausting the corpus of his property should have no allowance made for capital exhaustion is, I venture to think, most inequitable.” Mr. Thomas H. Bailey (Birmingham) says:-—“If the third section (valuation) is dealt with in as brilliant and comprehensive a manner as the first two, the com- pleted paper will be invaluable as a handy epitome of an important but most difficult subject. There is a certain amount of amusement, seasoned with alarm, in referring to tables used by my late father, Mr. Samuel Bailey, to find the income tax tables stopped at the rate of 7d. in the £. This affords an instance of the great difference between the problem of the paper as it is to-day and as it was not so very long ago. As far back as 1870 my father settled the assessment of collieries on the basis of a sliding scale dependent upon the selling price and output of the colliery for the time being, subject to the deductions demanded by special circumstances, and I believe he was one of the first to adopt this method. When Capt. Bowen comes to deal with the question of the valuation of mineral property, I should be grateful if he would give his views on the best method of taking into consideration the important changes in the money market of late years, and particularly in consequence of the war, and the fact that a high rate of interest on investments will be the rule for many years to come. Is it not time that the stereotyped ‘ 3 pei’ cent. ’ rate for reinvestment to replace capital should be increased, and is it wise or accurate to calculate the security or speculative nature of a mineral property on a flat rate for the full term ? In my own professional experience I am up against important questions relating to increment value duty questions which may have to come before the courts. This duty, in my experience, has a bad habit of being inequitable. I have a case in point where my valuation of a mineral property as at April 30, 1909, is almost exactly correct on the calculated then value, according to the actual royalties received from the property. Owing, however, to causes utterly beyond the control of either lessor or lessee, the colliery workings have had to concentrate in my client’s property for the past two or three years. The consequence is that a fictitious ‘ increment value ’ has been created, but a very real ‘ duty ’ demanded. At present I see no prospect of redress, and suppose that my client’s only consolation will be that ‘ To provide that taxation shall fall entirely on income and not at all on capital is beyond the power of any system of fiscal arrangements.’ The case in question is to all intents and purposes a harsh tax on capital. Another of my problems is whether, and, if so, how the 10 per cent, allowance (not exceeding 25 per cent, in five years) in section 3 of the Finance (1909-10) Act, 1910, is applicable to minerals. As the legal decisions stand at present, it seems that the mineral sections of the Act are to be considered altogether by themselves (14 years leases, for example), but while this seems to be the law, it is very evident to me that it is absurd.” Mr. Arthur Hassam (Newcastle, Staffs) discusses the question of the rating of mines as follows:— “ Since my paper was prepared, I have had considerable experience in the assessment of special properties, such as coal and iron mines, iron and steel works, etc., and my previous views have been strikingly confirmed as to the general inequalities of methods which have obtained in the past. This arises partly from a lack of fixed principles and partly from the inherent difficulties of the question, as there is probably no class of property in the world which has such varying and difficult con- ditions as mining properties, and it is only an intimate knowledge of the subject, and a general exercise of commonsense, sometimes without toe keen a bearing on the strict legalities of the position, that enable anything like an equitable adjustment to be made. My experience strongly supports the view that the most equitable arrangement in regard to rating of collieries and ironstone mines, and works of such like character, is based upon the tonnage system of treating the whole of the plant and machinery, buildings, sidings, etc., as appurtenances, covered by the basis tonnage rate. Under this system appurtenances would include only such plant at the colliery as would be requisite to put the produce on the market properly separated and cleaned, and would not, of course, include properties which might appear to be almost adjuncts at some collieries, such as coke ovens, by-product plants, etc., which should always be regarded as separate hereditaments. Although this method largely simplifies and tends to render uniform the practice of assessing mines, it is not without its difficulties in arriving at the tonnage, unless the output is taken purely as weighed over the pit-bank machine. If, on the other hand, the tonnage of saleable produce is taken as the basis, the calculation becomes complicated by numerous deductions for fuel, refuse by washing plants, screens, etc.; but on the whole, which- ever of these two systems is adopted, there is no doubt the tonnage system works out with the greatest satisfac- tion, and gives a greater sense of equitable dealing to the occupiers. Having obtained the outputs, it is then necessary to fix the base rate, and it is in fixing this rate per ton that technical knowledge of the circum- stances at the various collieries is requisite if anything like a just assessment is to be made, and. in arriving at it, the economic side of the question must, in all fair- ness, be taken into account. I am also strongly of * Colliery Guardian, March 1, 1918, p. 434. opinion that this tonnage principle is equally sound if applied to coke ovens, ironworks, etc. There is a certain relationship between the amount of iron, steel or coke produced in their respective plants and the amount of original capital expenditure, and there are times when production may be reduced or increased for longer or shorter periods, and in such cases a tonnage basis would enable automatic adjustments to be obtained. Again, of course, the crucial point would be the basis rate; but with common sense and common honesty and fairness between the parties, the difficulties could readily be sur- mounted. Other serious points dealt with by the writer are the gross and ratable values, and the question of statutable deductions. As shown in the table extracted from my own paper on ‘ Taxation of Collieries,’ the average amount of deductions from gross to ratable was 14T3 per cent. Since then, as Capt. Bowen points out, it has been held that the cost of repairs to main roads, airways, etc., must be regarded as statutable deductions, with the result that the gross value must be enormously in excess of the ratable value for the valuation to be sound. This, again, leads to difficulties with the county rate basis and the Income Tax Com- missioners, and is an aspect of taxation law which ought to be legislatively dealt with.” Mr. W. M. Miller (Edinbugh) writes in the following terms:—In the comprehensive review of existing tax- ation and rating as affecting mines, which forms the subject of Capt. Bowen’s preliminary paper, it might have been well to have mentioned the method of appli- cation of increment value duty to mines (Finance (1909-10) Act, 1910, section 22), as this differs so materially from its application to land, and has a most important bearing on the question of valuation of minerals which were undeveloped at April 30, 1909. Mention might also have been made of Excess Mineral Bights Duty (Finance (No. 2) Act, 1915, section 43), as, should this prove to be more than a war-time expedient, it will doubtless tend in large measure to the abandon- ment of sliding-scale royalties, where these exist, in favour of fixed royalties, when new leases are entered into. This is a point which has considerable interest to both lessors and lessees of minerals. As regards ratable value, the Scotch method is on the lines of No. 10 in the Summary Table, and therefore, quite different from that adopted in respect of the great majority of English and Welsh mines. I am not clear as to the effect of the method which Capt. Bowen describes as “the most reasonable one on which a colliery may be assessed.” It seems that the effect might be that a colliery earning 15 per cent, regularly on its capital would be rated on a minus net ratable value. What seems chiefly desirable as regards both taxation and rating is that the wasting nature of the subject should be taken into account. Public bodies frequently issue loans repayable in so many half-yearly or yearly instalments, a proportion of which is calculated, if invested, to recoup the lender the amount of his loan by the time the payments cease. This portion of the payments is not treated as income, and is not subject to income-tax. It seems only reasonable that royalties and lessee’s profits should be dealt with in a similar way before the amount to be assessed for either taxes or rates is arrived at. An example as to what proportion of royalties may reasonably be con- sidered as income is to be found in the method adopted in dealing with the Crown mineral estates, in the Crown Lands Act, which provides for only half the mineral revenue being treated as income.” MAXIMUM PRICES OF FRENCH COALS. The following new maximum prices fixed for the Pas-de-Calais collieries are, per ton, free on rail, or barge: Small (0-15 mm.) 27 fr. ; (0-20 mm.) 28 fr.; (0-30 mm.) 29 fr.; through-and-through (20-25 per cent.) 30 fr.; (30-35 per cent.) 32 fr.; (35-40 per cent.) 34 fr.; (50 per cent.) 36 fr.; for gas, 34 fr. Screened brights (10-15 mm.) 43-50 fr.; (20-30 mm.) 44-50 fr. ; (30-50 mm.) 47 fr. ; screened (ordinary) 42 fr., 43 fr. and 45 fr. Gailletins “ J gras” and lean : (50-80 mm.) 47 fr.; (80-160 mm.) 46 fr. Large hand-picked brights, 52 fr.; ordinary, 50 fr. Washed smalls: (9, 10 and 12 mm.) 34 fr.; (“ | gras” and lean) 37 fr.; (9-25 mm.) 40 fr.; (20-50 mm.) 44 fr. Smithy coal, 42 fr. Washed braisettes, 45 fr. Washed gailletins: “ | gras,” 49 fr.; lean (30-50 mm.) 45 fr. Ovoid briquettes, 46 fr. The maximum prices for the Blanzy Colliery (Saone- et-Loire) are:— Gailletins (50-90 mm.): lean, 44 fr., screened (over 55 mm.), 42 fr. ; lean anthracitic coal, 35 fr. ; seconds (over 55 mm.) : brights, 38 fr., lean, 32 fr. ; thirds, brights, 26 fr. ; large washed braisettes (25-55 mm.) : brights, 41 fr., lean, 42 fr.; fine washed braisettes (10-25 mm.) : brights, 35’50 fr., lean, 37 fr.; bright smithy, 36’50 fr.; washed small (20-22 mm.) : brights, 30-50 fr., lean, 29 fr., gas coal, 32 fr.; unscreened smalls (0-22 mm.) : brights, 28 fr., gas coal, 30 fr. ; through-and-through unwashed (25 per cent, of gailleterie) : brights or gas, 32-50 fr., lean, 27-50 fr. ; second mixed smalls (0-55 mm.), 21 fr. ; sludge, 19-50 fr. ; briquettes. 53 fr. ; anthracite ovoids, 53 fr. ; all free on rails or barge. A report is published to the effect that the Brinkburn Colliery Company, Brinkburn, near Rothbury, has been sold to the Wallsend Coal Company, and that the Healy- cote Collierv has been sold to Messrs Haggie, the principal owners of Pegswood, Walbottle and Redheugh Collieries. Coal Rationing.—It is stated that the coal rationing scheme now applied to London and surrounding districts will be extended to other areas, and that the allowances of coal will be cut down. Gloucestershire Electric Power Bill.-—The Shropshire, Worcestershire and Gloucestershire Syndicate’s application to Parliament for power to provide electric power for certain portions of Gloucestershire is opposed. The Syndicate acouired an old agreement, the object of which was to provide electric power for the coal field of the Forest of Dean, and the general industrial area in the Stroud valley. The opposition rests mainly on the under- standing that the Government themselves propose dealing with the question.