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COAL EXPORTS.

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COAL EXPORTS. The Decrease in the Baltic Trade «?*r" Thomas- M.P.. writing in the "Standard," says:—The President of the Board of Trade attributes the falling off of our. exports to the Baltic to "the general decline in trade activity which has taken place both in the United Kingdom and abroad." It may be difficult, nay. impossible. to determine with any degree of precision how far the heavy falling off is due to this cause, or how much .of it is to be laid at the door of the Coal Duty; but .surely it is idle for Mr. Gerald Balfour to suggest that the whole of the decrease to Holland, from 1 600,000 in the first ten months of 1900 to 600.000 in the corresponding months of thii3 year, or to less than one-third in two years, is a usual consequence of ordinary trade fluc- tuations. In the judgment of those qualified to speak with expert knowledge, the decrease of coal shipments to the Baltic is largely due to the increasing severity of Weatphalian competition—that is to say. to the successful competition of our keenest Continental rival, Germany. That competition would probably, mil any case, have been severe in this par- ticular market, but it has unquestionably been intensified by the shilling- export duty. which in practice operates as a shilling bounty in favour of German coal. A recent Consular Report from Pernau. Eussia, states that the quantity of coal imported into that pert during the year 1901 amounted to 37.220 tone. of which 20.695 tons were British and 16,525 tons were Westphalian. In 1900 40.375 tons. all British, were imported. The Vice- Consul expresses the opirion, however, that the importation of Westphalian coal will be discontinued, and it will be interesting to 'uratch whether this opinion is justified. Those ivho last year opposed the imposition of the Doal Duty, and argued that its economic ten- dency must be to reduce shipments to com- petitive markets and lower prices all round, especially those of inferior coal. even in the large markets, where, within a limited range of prices, we possess a practical monopoly, and thus emphasise the degression that had already set in. while at the same time our aggregate export of coal would very possibly show some increase, have the satisfaction of feeling that the Board of Trade returns amply verify their views.

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