BIG DROP IN BRITISH COAL PRICES

Dominion, Volume 13, Issue 56, 29 November 1919, Page 9

BIG DROP IN BRITISH COAL PRICES

SIR AUCKLAND GEDDES SPRINGS A surprise ; By Telegraph—Press Association—OopyTight London, November* 24. Sir Auckland Geddes, President of the Board of Trade, states that the Government has reviewed the entire position roearding coal prices. There wcre.-unex-pectedlv high profits ■ from export and bunker coal, but coal forinlaid' 1 consumption was being sold at leisHluuv cost nrice. It had become to modifv the existing control by'limiting the exportable quantity, _'aiid limiting owners' Drofits, and especially .by limiting the price of household'coal, which will bo rcduced by 10s. next week,—Aus,N.'Z. Cable Assn. - > GENERAL ATTACK ON HIGE PRICES FORESHADOWED. (Rec. November 28, 10.35 p.m.) .

London, November 25. Sir Auckland Geddes's dramatic announcement in reference to'the foal astonished tho House of Commons, tha trade, and tho .public alike. It is interpreted as tiho first step in a general Government attack on high prices, No one expected a ten-shilling fall, especially as tho Government is already" subsidising household coal to'tho extpnt of 3s. 4d. per ton.' The reduction represents' fifteen million sterling, as household coal is approximately thirty million tons out of 185 killion, ■ the total inland consumption.

Sir Auckland Geddes in July estimated iihat his Department received 35s.'peV'ton for exported coal, but tho price: in October was G2s. Bd. It is still- doubtful whether the necessity of raising tho railway rates may necessitate again raising the price of coal.—Aus.-N.Z. Cable Assn.