234 Mineral Trades 



The Coal Exchange was a freehold divided into sixty-four shares 

 and owned by ship owners, coal factors, and coal buyers.^ The build- 

 ing at first contained an open quadrangle where buyers and sellers 

 met freely and did their business. A part of this quadrangle was 

 later inclosed Into what was known as the "Subscription Room;" 

 herein the great volume of sales were executed, away from public 

 observation.^ And the consumers of coal were practically excluded 

 from buying here,^ although the terms of admission were not exorbi- 

 tant. Any one could become a subscriber without being proposed or 

 ballotted for; the dues were £3, 18^. per year, or 6d. for each 

 market day. This was charged, at least ostensibly, to cover up-keep 

 of the Hall. There was received here "The Public Letter"'^ daily 

 from Newcastle stating the number of ships loaded and the number 

 of ships waiting for cargoes. This Letter gave the subscribers the 

 advantage of the earliest information as to the probable supply of the 

 market, a matter of first importance in their dealings with the unin- 

 formed public." 



Coal Merchant or First Buyer. 



Apart from Newcastle and Sunderland themselves in their foreign 

 trade there were few exportations of coal. When duties were levied 

 on coastwise importations drawbacks of duties were usually allowed 

 upon re-exportation ; but the difference of cost made direct commerce 

 the better. After 1713 export duties were laid on coal which favored 

 the English shipping: the rates were Ss. per chaldron on coal carried 

 in foreign bottoms, and 3s. in English bottoms. The coal merchants, 

 in the sense of exporters abroad, were the ship-owners and masters, 

 heretofore discussed, who shipped to Holland and France rather than 

 to the English ports. No statistics are available for determining the 

 proportion carried abroad.^ 



But the coal merchant, in the sense of wholesaler of coals, was very 

 prominent in London and known as "first buyer." 



The Edwardian policy had been with respect to coals as it was with 

 respect to corn, mekt, and live stock, that none should buy fuel except 



' Rep. fiom Com. H. C, X. 566. 

 2 Ibid., 598. 



' MidcUeton. View of ^liddlesex, 545. 



* For the data see testimonies in Rep. from Com. H. C, X, 546-7. 

 ° .\ copy is given in Rep. from Com. H. C, X, 571. 



'^ Statistics of foreign exportation, 1790-9, are given in Rep. Com. H. C, X, 

 612-5. when about 12 per cent went abroad. 



