FINANCE AND TRADE

New Zealand Times, Volume LXXII, Issue 4824, 29 November 1902, Page 7 (Supplement)

FINANCE AND TRADE

Au article in v.kich gives some iiucresting doUu.s cf the anthracite coal iiekU, says: —The vrhclu area of the coal iioSd.s is IVuu square miles, while the ccai area itself occupies 433 square miles. The total amount of anthracite coal taken out cf the mines from XBBO to XiJLKJ is l,lD*/,7O(i,XSX tons, and it is estimated that there still remain to bo mined 4,Bolhtißs.bGS ..tons — that is, four times what lias already been mined. The annual output, however, is now about (JU.OOO,UUO tons. T 1 ieso anthracne coal mines of Pennsylvania aro nearly all owned by a syndicate. Probably no one will bo surpnsed to learn tiiat. this was brought about by tho -übiquitous Mr J. Picrpoat Morgan. Five railway companies—the Krie, tlie ,1-lrio and 'Wyoming, the Lehigh Valley, the Central of New Jersey and the Philadelphia and Heading —now form a syndicate which controls over 79 per cent, of the total contents of tho coai fields. In tho agreement mado by Mr Morgan with the individual owners in October, 1900, the rates to bo paid by tho companies were advanced to 65 per cent, of the tide water price. The White Star Company has ordered tho construction of another lingo steamship, larger even that tlio Cedric, which was floated only tho other day, and is for tho present the largest in tho world. Tho new ship will bo 7xo foot in length, 20 feet longer than tho Cedric and 13i feet longer than the Kaiser Wilhelm. In a few weeks arrangements will bo made by America for the rapid building of two first-class battleships, which aro to be called tho Louisiana and the Connecticut. The former is to be contracted for, and the latter to bo placed in hand to tho Government dock yards. Tho work on both will bo started simultaneously, tho object of this being to ascertain whether the Government workmen, earn their pay, or do as little as possible for their money. Some of their recent work has created a suspicion that they are too much inclined to tho “go easy” system followed by many British workmen. For any delay in tho construction of tho Louisiana the contractors are to forfeit £6O a day during tho first month and £l2O a day thereafter. Tho speed of tho ship is to be 18 knots, and if it fall below that limit £IO,OOO is to be deducted from the contract price for each quarter of a knot down to 17 knots, and £20,000 for each quarter of a knot below that figure down to 16} knots. If the ship be'unable to make 17J knots tho secretary to the Navy can reject her at his discretion. It appears from the specifications for these and other ships that the general aim in tho building up of the American navy is to provide improved seaworthiness and loss “high-up” metal, not much provision being made for the longrange duel in time of war, but on increase of effectiveness when her enemy is within easy range. The experience at Santiago, endorsed by Cevera himself after his defeat, was that effective force lay mainly in the heavy continuous fire of secondary batteries at that range> and not so much in tho use of big guns. Tho American navy is carrying on trials with oil fuel. In a run from Son Francisco to Tahiti one vessel burnt about 278 barrels a day, developing an average of 2481 horse-power. This is said to be practically 50 per cent, loss than the coal consumption necessary for tho same journey would have been.

Canada has reason to be well satisfied with the results of its expenditure of £SOOO or £6OOO in advertising itself at the Coronation. Thoro is a noticeable increase in tlio attention given by the English press to both the industrial and political affairs of the Dominion. Estimates of its big wheat yields, statistics of its gigantic cheeses and growing export of butter and particulars of its immigration and settlement schemes are being published. Some of the newspapers have even discovered interesting novelties in the tables of its’hitherto ignored annual blue boohs. “Britain’s granary” is in short enjoying something of a new boom. It has sedulously beaten the big drum, and is being taken at its own liberal valuation with unquestioning cheerfulness and a certain measure of paternal pride by the sedate Britisher,

The ‘Times” financial article contained the following reference to the position of the money market on 12th September :—Money was in demand i«- connection with the Stock Exchange pay day; a largo amount due was renewed by the hank, and a trifling sum was lent. The discount market was firmer, especially when it was known that the issue of the Treasury hills had been allotted at an average rate of over 3 per cent. It was expected in some quarters that French tenders would enable the Treasury, to place the bills on favourable terms, but apparently the recent rise in the Paris cheque has diminished the readiness of French financiers to send money here for investment. In Lombard street there is little disposition to take hills freely with the American exchange moving against London. Wo understand that bullion brokers have already received inquiries from ■the United States as to the price at which gold nught ho obtained hero.

The British-Cauadian direct fast mail service has been practically arranged. The 20-knot average has for some tune stood in the way, the tendering companies looking for larger subsidies than the Governments interested seem disposed to pay. It appears that arrangements have now been made with a combination of Allan Bros, and Elder, Dempster and Co. (both these firms have for years been engaged in the BritishCauadian trade) and tlio Canadian-Paci-fic Railway Company. Canada.is to contribute 750,000d01. and Great Britain 375,000d01. per annum, or, approximately, £150,000 and £73,000 per annum respectively. The contract is to bo for ten years. The length of the latter is duo to the fact probably that new steamers will have to be built for the line. If the proposals arc carried out, an accelerated servico from Vancouver to Australia and Now Zealand will doubtless follow.