§ MR. D. A. THOMASI beg to ask Mr. Chancellor of the Exchequer whether in his inquiries into the rates of outward freights on coal, and the effect of higher freights and coal prices in stimulating trade, he noted the fall that had occurred in freights from Cardiff, and in the f.o.b. prices of coal last month as compared with similar freights and prices a year ago; if, before framing his Budget proposals, his attention had been drawn to the reduction of half a million tons in the export of coal in March as compared with the corresponding month last year, and that this reduction of 12 per cent. in volume had been accompanied by a reduction of 20 per cent. in value; and 1310 whether commercial experts in his Department attribute, this decrease in trade to the lower prices charged foreign buyers of coal, or attribute the lower prices to a lessened demand for coal from abroad.
§ THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH,) Bristol, W.My attention has been drawn to the fall in prices and freights in 1901 as compared with 1900. It may be presumed that the decrease in the export of coal, which I believe amounted to 9 per cent. in the first three months of the year, is attributable to a lessened demand for it. It is no matter of surprise that a period of extraordinary activity and inflated prices, like 1900, should be followed by a quiet year, and I framed my estimate of the yield of duty accordingly.
§ MR. D. A. THOMASThe figures for March are correct, are they not?
§ SIR M. HICKS BEACHI do not say that.
§ MR. D. A. THOMASYou do not say that they are incorrect.