COAL AT HOME.

Taranaki Daily News, 29 November 1919, Page 5

COAL AT HOME.

BIG DROP IN COST. WAR ON HIGH PRICES. By Telegraph.—Press Assn.—Copyright. London, Nov. 24. Sir Auckland Geddes (President of the Board of Trade) stated that tne Government had reviewed the entire position of coal prices. There were unexpectedly high profits from export and bunker coal, but coal for inland consumption was sold at less than cost, and it had become necessary to modify the existing control by limiting owners' profits and specially limiting the price of household coal, which will be reduced 10s per ton next week.—Aus.-N.Z. Cable Assn. Received Nov. 2S, 10.95 pm. London, Nov. 25. The dramatic announcement made by Sir Auckland Geddes astonished the House of Commons. The trade and the public alike interpret it as the first step in a general Government attack on high prices. No one expected a 10s fall, especially as the Government is already subsidising household coal to the extent of 3s 4d per ton. The reduction represents £15,000.000, as household coal is approximately 30,000,000 tons out of the 185,000,000 total inland consumption. Sir Aucicwnd Geddes, in July, estimated that his Department would receive 35s 1 for exported coal, but the price in October was 02s Sd. It is still doubtful whether the necessity of raising the railway rates may necessitate again raising the price. —Aus.-N.Z. Cable Assn.