BRITISH TRADE.

Press, Volume LXIII, Issue 19156, 12 November 1927, Page 14

BRITISH TRADE.

IRON, COAL, AND WIRELESS (written for the press.) • By the Commercial Expert of the London "Economist.") In recent months we have had to paint the picture of Britain's iron and oual industries in somewhat sombre colours. Jt is, therefore, relixshing to rind that a number of company reports issued during the past tow days justify the use, in modest, measure, of rather brighter tints. The reports of the tilieepbridge Coal and Iron Co. and the Staveley Coal and Iron Co. deserve special mention. Ivor the year ended June 30th, 1927, the former returns net profits at £116,-118, against £u9.403 for the previous twelve months, while the hitter's profit increase is from £158,583 to £2-14,9/" S. But one swallow does not make a summer, and it would bo fallacious to argue from the particular to the general. These companies undoubtedly owe their prosperity to exceptional circumstances, not the least important being, in one case, important interests in the South Yorkshire Coalfield. Moreover, the directors themselves, in the reports, admit that conditions to-day are decidedly adverse to the companies. In the iron and steel industry the outlook is still tincertain. A month ago we referred to the reduction in the price of Cleveland iron and to the launching of the scheme of rebates to buyers of British steel products. It is doubtful, however, whether these moves have met with the success anticipated. There lias been improved buying of Cleveland products, but consumers appear to be somewhat dubious regarding the attractions of the rebates scheme. The August production figures of iron and steel as;nm showed a decline —due in part to the incidenco of the holidays —but the output was the largest during any recent August. Though the number of furnaces in Blast was lower, the declining tendency is expected to be checked during this month. The export trade, though still unsatisfactory, shows the industry's increasing strength from the world competitive standnoint. On the whole, while the looked-for autumnal buying movement has not developed, it is Ivelieved that consumers are not expecting further considerable price reductions! The position thus suggests the possibility of a considerable buying movement in the coming weeks. The Coal Outlook. If the outlook for the iron and stool trades is not so definitely reassuring as c»uld be desired, that for the coal industry is even less so. Output and the number of men employed remain at a comparatively low level. Production has been well below 5,000,000 tons per week since July, while the number of men employed has been under 1,000,000 since the middl* of the same month. But even this output is undoubtedly

in excess of immediate requirements. Indeed, the world as a whole is suffering from over-production of coal. A leading authority has put the world's actual surplus in 1927 at 15 per cent, and the possible surplus for the whole year at over 20 per cent. But in addition to the over-production special factors are operative, which disturb the normal outlets for British coal. In Prance, Germany, and Spain restrictive measures have been recently adopted with a view to the compulsory consumption of native coal, while reparation deliveries are an unsettling influence. In these circumstances, it is not remarkable that the British, coal export trade is unsatisfactory. The figures to date are only slightly in excess of those for the corresponding period of 1925, while they are appreciably below those for 1913. Moreover, much of the coal that has been exported has been sold at a loss. In the South Wales coalfield, for instance, the pit-head loss per ton was over one shilling. Nor are .there any appreciable signs of a general advance in prices. Salesmen aro still being called upon to make price concessions, but it is clear that the colliery owners cannot make any considerable further reduction. Meanwhile, demand is disappointing and the expected revival has so far failed to materialise. But some increase in consumption is bound to occur sooner or later. flhe British Wireless Industry. At the time of writing the National Radio Exhibition is being held, this being the sixth wireless exhibition that has been organisedJn England.. In recent years broadcasting has made enormous strides in this country. At the end of 1923 there were 250,000 people, out of a population of 44,000,000, with receiving sets. To-day 2,500,000 people listen-m. Very nearly one household in three in England has a receiving set, this ratio comparing with one in seven in America. Doubtless Lord Birkenhead accurately described the situation when he said that tho transmitting l agency was of remarkable efficiency, but the receiving elements were of varyI ing efficiency. But the Exhibition now in progress suggests that steps are being taken to perfect the receiving elements. Moreover, it is clear that the organisers are aiming at simpler and cheaper wireless. Many of the valve sets ,that are shown are both cheap and simple, and by using these the most inexpert should have no difficulty in obtaining a wide choice of foreign stations, the new sets of only two valves obviously having most of the advantages of the old five or six valve sets. Among the apparatus shown this year, the examples that are likely to have a wide appeal are the new varieties of loud speakers, which show a distinct advance on their predecessors of only a year ago. A number of ingenious devices are shown, among these being one which, called the automatic programme selector, enables the listener to select in advance the items ho wishes to hear from the published programme. Many manufacturers are particularly studying the home constructor, and at many stalls there are up to date accessories of all descriptions at a low price. The extent of the development of the wireless industry in this country is partly reflected in the fact that there are nearly 300 stands in the present exhibition, as compared with only 50 when the first exhibition was held. ' WHEAT. (AUSTEALIAJJ AND K.Z. CABU ASSOCIATION) NEW YORK, November 10. Chicago wheat quotations are:—December, 125J; March, 129J; May, 132 cents a bushel. STOCK EXCHANGES. (PHISJ ASSOCIATION TBLEQBAM3.) AUCKLAND, November 11. Sales—Bank of New Zealand, 58s 3d; Union Bank, rights 52s 6d, fractions Bs, Bs, 7s Od, 7s 9d; New Zealand Insurance, 38s 9d; South British Insurance, 565; Farmers' Co-op. Auctioneering (A pref.), 17s 3d; Pukerairo Collieries, 60s; Havward's Pictures, Ltd., 16s; Wilson's Cement, 36s 6d. WELLINGTON, November 11. Sales Reported—New Zealand Guarantee Corporation (ord.), 8s 8d; British Tobacco, 59s lOd, 60s, 59s 3d; Bank of New Zealand, 58s; Union Bank (fractions), 8s; Wellington Woollen (ord.), £6 3s Gd. ' Sales on 'Change—Union Bank (fractions, '. two parcels,), Bs. DUNEDIN. November 11. Sales Reported—Bank of New South Wales, £4i 10s; Wellington Woollen, £6 3s. I