Spanish has been received to quite a full average extent at the regular Scotch ports of entry, and the total for eleven months has reached 63,424 tons, against 56,082 last year. There has been a small trade passing in parcels of early shipment, but the larger consumers being contracted for many months ahead give no sign of operating further till the spring. Quotations therefore are unaltered in the absence of any serious or general opportunity of testing them, and shippers meanwhile occupy themselves with the fulfilment of existing engagements. Algerian arrivals have been moderate, but as the corresponding month of 1895 was rather smaller, the increase over last year, which has existed since February, has been maintained, and the figures now stand at 64,082 tons, against 60,711. Some buyers have put out enquiries for supplies over the spring and summer of next year, but as they have likewise indicated a lower price, sellers have not been much encouraged to offer. Actual business done of late has been limited and inclined to drag. Tunisian receipts of the eleven months sum up 15,614 tons, against 11,660 in 1895, and beyond this there is little to record. With all regular consumers fully stocked and engaged to receive further supplies the enquiry is confined within the narrowest compass, and offers, although made at lower prices, fail to excite the interest of buyers. Tripoli arrivals have been small, and the shortage for the year still stands at about 9,000 tons, the eleven months' figures being 31,626 tons as compared with 40,508. A moderate business has been carried through for future shipment, stimulated by the reduced prices quoted by some sellers. The demand is, however, not great, and even at the lower level of values consideration of further business is generally postponed till after the turn of the year.

With the exception of some of the lower grades of rags, prices are better than they were a year ago, and the reason of the upward movement is attributed to scarcity, as collectors find their employment unremunerative, and do not give so much attention to collection. For some grades of rags there is always likely to be a fair demand, and merchants view with great satisfaction the stipulations imposed on the continent (by the German Government particularly) for paper (Kanseleipapieren) for official use free from wood, the inspection being very severe. The activity in the paper trade helped to keep prices up, and the strong demand for hemp rope resulted in an advance of 15s. per ton compared with the preceding year. Bagging, dark cottons, and dark fustians all show an upward movement.

British Demand.

The export to Great Britain was not so heavy in 1896 as in the previous year, as the following comparative figures show :

Increase or Decrease.

1891 4 7 6

4 12 6

1896 £3 0 0 to

£35

3

January February

March

April May

304

August

September.

June

July

FOREIGN RAGS.

Continental packers look upon the year's business with satisfaction, without being ubilant. At the beginning there was a ady demand, and about June and July a ckness was experienced. The closing

The quantity dropped from 22,718 tons in 1895 to 18,641 tons in 1896.

Auction Sales.

Mr. Phillip B. Gomperts, of the firm of

mitting his views on the rag market during 1896, writes:-"The trade in rags has its peculiarities. The collector, generally a poor man, sells his rags to a marine store dealer, and the latter makes money, as packers buy in competition from him. Why this competition? Because the marine store dealer has woollen rags! It sounds curious, but anyone can do a woollen rag trade, and the reason is that Dewsbury auctioneers advance money on bills of lading, and sales during the year proved profitable, goods oftentimes realising fair prices, without travelling expenses, without credit, and everythinglarge or small, good or bad-sold! No wonder anyone understanding a little about rags is ready for that trade, and therefore marine store dealers get their little stock cleared at comparatively high prices. comes in the large packer, and warns the marine store dealer by saying, 'If I can't have your woollens I won't have your paper rags, with the result that he gets what he asks for, viz., the stocks of all good paper rags and also the rubbish. Alas, be then requires extra warehouses, hands, insurance, capital, credit, &c., &c."

Now

Continental rag dealers generally admit that trade of late has improved considerably, but there are complaints of competition. Some of the steamship companies have arranged for lower freights, so that low grades at low prices are now being shipped from far points of the continent to England, Scotland, and the States, articles at £2 to £3 per ton delivered to West of England from continental port leaving a margin. The prospects of a good trade are very encouraging, and it may be remarked that during the past year there has been no failure of any importance recorded.

Shipments to New York.

From January to end of November the shipments to New York were as under:-From London, 2,865 bales rags, 5,329 bales old papers, 5,637 bales manilla stock; Liverpool, 1,121 bales rags, 308 bales old papers, 12,640 bales manilla stock: Swansea, 282 bales manilla stock; Newcastle, 1,478 bales manilla stock; Hull, 5,218 bales rags, 9,895 bales manilla stock; Bristol, 153 bales rags, 5,332 bales manilla stock; Dublin, 388 bales old papers; Dundee, 2, 141 bales manilla stock; Glasgow, 353 bales rags, 1,038 bales old papers, 438 bales manilla stock; Leith, 1,003 bales manilla stock.

London.

We have received the following report from Mr. Robert Hough, of London Wharf, E., on the past year's trade:--" It may be safely said, as a result of the year's trading, that rags have more than held their own so far as consumption is concerned. This is probably due to the increased care taken by packers in putting up stock. Manufacturers may now rely upon sortings of rags coming along as regularly as the best grades of any material used in papermaking more especially is this the case with makers dealing with responsible firms in this country, whose particular attention is given to studying the makers requirements. Perhaps the chief feature of the year has been the continued disappearance of the smaller country rag collectors; this has been caused by the extremely low profits upon rags, profits which, unless accompanied by large turnovers, have almost reached vanishing point. The number of failures amongst small houses has also been fairly large. Prices have varied very little in 1896, some few grades have been neglected, but most grades are either as they were, or have advanced to a slight extent. Those grades most neglected have been new white shirt cuttings, clean jute, bagging, jute stocks of all descriptions, and the best grades of white cottons, but during the last month white cottons have been in much greater demand and have recovered what they lost in price. Grades most in favour have been strong rags of all descriptions, and these rags have more than held their prices. Lower grades of waste paper have been very much neglected, and have fallen so much as to be scarcely worth collecting; book stocks are also at very low prices, whilst shavings of the better grades have been in fairly good demand. All grades of hemp ropes have been in strong demand, as have also grades of old canvas; manilla ropes on the other hand have sold slowly. The changes in the larger firms have been extremely small, and altogether, although the year has not been an eminently successful one, it has not been by any means a disastrous one."

Provincial.

Reports from various centres speak of a fairly good trade during 1896, and, if anything, home consumption has been on a

larger scale. The following report, received from Messrs. Harris and Co., Bristol, may be taken as representative of provincial trade experiences:-"The finer classes have been in fair demand throughout the year, and prices close somewhat stronger. Medium grades have also met with a good reception at steady prices, and stocks at close of the year are certainly as low as they were in January. Lower grades sold fairly well until June, when the demand slackened off for three or four months, and prices fell a point, but stocks have been greatly reduced during November-December, and it is expected that January sales will clear up all old stocks, and put prices again on their old level. Canvas and ropes of all descriptions have been sold as collected, the demand being quite equal to supply. Hemp ship ropes have been in excellent demand at improving prices. The outlook for 1897 is certainly encouraging, aud rag merchants look for a better year.'

Scotland.

Messrs. E. Chalmers and Co., Lim., of Bonnington, Leith, report:-"The past year has been a very uneventful one so far as paper stock merchants in Scotland are concerned. Whilst prices have fluctuated to some little extent, the variations have been very trifling as compared with what has often taken place in recent years, and as 1896 has gradually been drawing to a close, there has not been wanting signs of that better demand which must precede any advance in prices. For the last few months some grades such as best whites, second whites, and tarred hemp ropes have been in exceedingly short supply, and the demand appears as if it would likely be sustained for some time to come. It can scarcely be said that there has been any fall in value at the end of 1896 as compared with the same period of 1895, if we except first canvas and white manilla ropes, which may both be said to be about It's. per ton cheaper. Common bagging has been fairly plentiful, and prices have sometimes had a weak tendency, but the better qualities of bagging have had a good market. Waste papers have been fairly steady, though such grades as are usually exported to the U.S.A. have had to be stocked owing to the poor demand from that quarter. A good trade is anticipated in 1897. Stocks are with few exceptions very low indeed, and prices are likewise very low, in fact too low to admit of the free collection of papermaking materials, especially from localities where the expense of carriage is in any way high. In many cases the small country dealers have simply given up the business, as they do not find it possible to make a living, but as soon as papermakers find themselves in a position to pay slightly higher figures, we have little doubt but that a sufficient supply will ere very long be forthcoming."

STRAW PULPS.

Straw pulp is a fibre somewhat neglected by British papermakers, although there are

a few mills in Scotland which hold the material in great appreciation. The product of the Vereinigte Strohstoff-Fabriken, of Saxony, is most familiar to users in this country, although exportation to England and Scotland is far below that to other countries. Straw pulp certainly deserves more than passing attention, as paper manufactured therefrom brought under our observation possesses various features of recommendation in regard to colour, handling, and finish. From a report received from the Vereinigte Strohstoff-Fabriken prices for bleached straw pulp went down during 1896 from £14 10s. to £13 10s. per ton air dry weight c.i.f. English and Scotch ports. A very good demand has been experienced, and output will be increased during 1897-98 by about one-third to keep pace with the demand. Steps have been taken to further improve the product, the V.S.T. brand being particularly attractive for its purity and fibre. The tendency of the market is reported upward, and a lively American demand is anticipated.

"LANCASHIRE" BELTS

Brunner, Mond & Co., Limited, the United Alkali Co., Limited, and Messrs. Bowman, Thompson & Co., Limited, Northwich, from which great expectations were naturally enough formed. The prices agreed upon were somewhat interfered with by merchants having stocks bought under those figures previous to the arrangements, but these we believe no longer hang over the market, and, therefore, more even values may reasonably be expected, and the observance of the fixed rates during the next few years or at any rate, so long as the combination agreement lasts. The movement in the principal materials used by papermakers are recorded below.

58 per cent. Ammonia Alkali.

For 58 per cent. pure ammonia alkali, today's quotation is £3 7s. 6d. per ton in bags at manufacturers' works, Northwich, Widnes and Fleetwood, or equivalent carriage paid to papermakers' stations in the United Kingdom. For the American market lower prices have to be accepted to meet the manufacturers' prices in the States, the English producers being handicapped with an important duty of about 23s. per ton. For the continental market lower prices have also to be accepted to meet the German and French manufacturers' prices. Stocks of the article in this country are reported to have been cleared.

Bleach.

Bleaching powder has had a fall of 10s. per ton. In 1895 home papermakers paid £615s. at producers' works, while last year they contracted on a basis of £6 5s. for their full consumption. For America the price was also reduced, and is now quoted

£6 12s. 6d. to £7 f.o.b., Liverpool, hardwood casks, according to make. Papermakers, therefore, have reaped a benefit in this article, which compensates them for any extra price they may have had to pay for alkali. The Board of Trade Returns show an exportation of "bleaching materials" for the eleven months of 1,068,432 cwts., against 1.295,210 cwts., the quantities shipped to the United States being 662,520 cwts. against 813,731 cwts.

Caustic Soda.

The market opened strong with a fair enquiry, and a good quantity was bought up on speculation, 70 per cent. at £7 7s. 6d. to £7 10s. f.o.b. Liverpool. This price was steadily maintained till about the middle of the year, when a slackness in demand was experienced for export. In sympathy with the general dulness of the chemical trade, values receded somewhat, and on very low prices being given out by the large manufacturers for the home trade for 1897, the price for spot delivery gradually fell to about £7. During September and October consumers were able to cover their requirements for 1897 for the home trade, at £6 10s. Od. to £6 12s. Ed. for 70 per cent. f.o.r., and in some

instances the same prices were accepted f.o.b. for export. This quotation, however, did not last long, and one or two of the large manufacturers having withdrawn these offers, prices almost immediately advanced 10s. per ton, and at the close of the year there existed a very fair demand for 70 per cent. at £7 5s.. 74 per cent. at £8, and 76/77 per cent. at £8 15s. f.o.b. Free on rail prices are 2s. 6d. to 5s. per ton less than f.o.b. One noticeable feature is the tendency both by makers and consumers to leave 60 per cent. and to go on to the higher strengths, 70 per cent., 74 per cent., and 76/77 per cent.

Soda Crystals.

During the year the price showed no material change. In Newcastle the present quotation is £2 2s. 6d. in barrels, gross weight, bags, net weights, £2 2s. 6d. f.o.b. in London, the price is still quoted for local consumption, £2 2s. 6d. in barrels, £2 per ton at manufacturers' works. For export about 1s. 6d. per ton more f.o.b. for large quantities. In Liverpool price is £2 per ton in bags and £2 8s. Cd. net weights in barrels, some of the smaller manufacturers' works in London having been bought up and closed. It is generally believed that a considerable rise in prices will be established in April next or earlier.

Salt Cake.

This article has remained very steady during the year, but the price at the opening has not been quite maintained. Contracts were made then at 22s. 6d. f.o.r., in bulk, but the price receded to about 21s., at which there was a steady demand from glass makers. About the middle of the year the market became dull in sympathy with caustic soda, and in one or two instances slightly lower prices were accepted, but at the end of the year the outlook was more hopeful, and the price asked for 1897 is 21s. to 22s. 6d., at which prices there has been a fair demand.

Chlorate of Soda.

Chlorate of soda has been made by Messrs. Bowman, Thompson and Co., Ltd., Northwich, during the last nine months. Their product is claimed to be pure, and it has a good reputation on the market. It is made by a new patent process, and the price has been brought down from 6d. per lb. at this period of last year to about 5d. per lb., the price now current. This article is principally used as an oxydiser by calico printers and cotton dyers of aniline black. The United Alkali Co., Ltd., who are now also makers of chlorate of soda at one of their works, had a monopoly of it in this country until Messrs. Bowman, Thompson and Co. introduced their make, but as this product does not fall under the agreement of last year, to which reference has already been inade, Messrs. Bowman, Thompson and Co. are free to sell direct, although the United Alkali Co. act as their agents for other articles, bleach, alkali, soda crystals, &c.