CRISIS IN COAL TRADE

Otago Witness, Issue 3489, 25 January 1921, Page 24

CRISIS IN COAL TRADE

EXPORT PRICES TUMBLE. LONDON, January 18. A crisis has arisen in the coal industry owing to the fall in export prices, which tumbled from 87s a ton in September to from 55s to 60s in January. The coal owners say there is now deficiency of £2,000,000 a week, and the pool of £18,000,000 is expected to be exhausted early in March. It will then De necessary to increase the prices of coal for home consumption. The collapse of prices is largely due to the large American shipments to the Continent during the strike and the fact that the Americans are now releasing stocks at almost any price. January 19. The following remarkable statistics have just been published in connection with the British coal export trade: Year. Quantity Value, in tons. 1920 28,563,000 £120,019,000 1919 38,467,000 92,298,000 1918 26,688,000 53,670,000 January 20. The Morning Post says that the buyers’ revolt against the high price of English coal was completely successful. Thanks to the Spa Agreement, supplies of American coal have been purchased on long-term credits, with payments spread over a number of rears, for which the French are paying interest at 6 per cent. The French buyers say that if the English want their custom they must imitate the Americans.