THE IRON AND STEEL TRADE.

Globe, Volume XXI, Issue 1651, 5 June 1879, Page 3

THE IRON AND STEEL TRADE.

Nothing short of a sensation (writes the correspondent of the “Otago Times”) has been caused by the wide publication of the New Zealand Oovernment’s invitation to iron masters in all the technical papers and leading journals of the country. Iron is at such a low ebb at home, and tho profits to bo made so small, that masters with capital turn eagerly to this sudden announcement of a vast field for their enterprise, and already I hear of numerous applications to the AgentGreneral’s office for all information and statistics ho can supply. Of course it will be a very serious undertaking for any adventurous master to establish himself and the necessary extensive plant in New Zealand ; but there is every probability that the invitation will not be allowed to pass unaccepted. Apropos of iron and steel, the latter metal is getting lower and lower in price, until steel rails are now made at Sheffield at less than £5 per ton. Not long ago the large railway companies were paying £lO to £ls a ton, and the difference to them is of course enormous. One would think they would buy and buy, while these low prices lasted, beyond present wants, but competent judges say steel will never rise much highor again ; indeed, a still further reduction may bo looked for. Tbe great firm of Bolckow, Yaughan and Co., have discovered a process by which they can get rid of tho deleterious phosphorus in Cleveland iron, and turn that hitherto unmanageable ore into good steel of first quality. With coal, lime, and shipping facilities all at hand, tho firm, if tbeir discovery is genuine, will speedily bo able to beat all competitors, and make steel rails for £4 a ton, or oven less. Tho invention promises to create quite a revolution in the Middlesborough district.