Lord Joicey has drawn attention in the Times to a
significant return submitted to the Coal Comtnission by Mr. Dickinson, showing the vital importance of the coal export trade. In the second quarter of last year 28,000,000 tons of coal were sold for home consumption at a profit of I i4 a ton ; but 10,000,000 tons were sold for export at a profit of 7s. a ton. In the Sept ember quarter the profit on home coal went up to Is. eid. a ton, thanks to the Coal Controller's action in adding half-a-crown to the price, but the profit on expert coal rose to 10s. a ton. The return illustrates the extent to which coal-owners' profits depend on the export trade. If that trade is lost to America and Ger- many, as it undoubtedly will be if the price of coal continues to rise, then the profits of the coal industry, which the miters regard as permanent and inexhaustible, will rapidly disappear. Our best steam coal will doubtless command the market at all times, but our ordinary coal enjoys no such monopoly.
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