THE REVIVAL IN THE CLEVELAND IRON TRADE.

Thames Star, Volume X, Issue 3428, 24 November 1879, Page 3

THE REVIVAL IN THE CLEVELAND IRON TRADE.

Only once in the history of the Cleveland iron trade have prices rised with greater rapidity than in the last two months, and that was when the district was approaching the zenith of its prosperity,, in March and April, 1872, when prices for No. 3 pig iron advanced from 80s.to 100 a per ton. Early in Augu^ lust No. 3 was selling at 32a 6d; now maken are asking 508, and are not anxious to book orders far ahead at this figure. There is really comparatively little iron on offer, makers having entere«£ iQt° as many contracts ss they -care to do afc present rates. When prices began to rise, it was feared that speculators were " bulling " the market; but ironmasters now see that the improvement is not the result of speculation. The Scotch demand lias very considerably increased, Scotch manufacturers using Cleveland pig iron owing to the high price of Glasgow iron, which has risen 19s b'd a ton sinco the early part ot August. In Scotland tho demand for iron* on American account is far greater than in Cleveland ; and not only are pig-iron makers busy, but the manufacturers of finished iron have received some good orders lately. Some of them have orders which will take months to execute. One firm of plate and sheet makers will ba fully occupied for the next ten months, should they not receive another order. A Clydo firm has received an order for ten iron steamers, of 300 tons each, for Italy; and a Glasgow locomotive works will find work for a thousand pairs of hands for nino-months, the British Government having given out an order for 86 locomotives—Bo for India, and 6 for the Cape. It would be much more beneficial were the export demand almost entirely for finished iron instead of for crude iron. Were that the case, most of the unemployed labour of tbo district would be utilised, and several of the idle milla would bf jfflECl&iloJL

But any improvement after four years of depression is gratifying, nud ironmasters are so satisfied I lie improvement is Rcuuino that they intend to increase the output. Those who think the present is not the dawn of a brilliant prosperity should not forget that there aro four thousand raiies of railway to be relaid and laid in America ; and this cannot bo done in tho lime required without taxing tho producing power of both tho United States and this country. Tho bountiful harvests of rccei t years liavo yielded America plenty of money, and she is desirous of expending it in needful improvements. The making of new railways and the replacement of rails and rollingstock on existing lines are amongst these improvements. It may b:> interesting to slato that up to Saturday, Cleveland iron had not been at 50s. since February, 1876, and prior to Tuesday it was last sold at 455. in February, 1877. The great and last era of prosperity in the Cleveland iron trade cotmuencfd in the early part of 1871 ] when pigs were at 45*. From that they j rose to 120s. in May, 1873, the highest price ever realised ; but fell to 50s. in August, 1875, and, with fluctuations, reced to 42s 6. in August of this year, when tho upward improvement sot in.