its fields. Until comparatively recent times they have been
little exploited, not because of inferiority but because of the
restricted output prior to the new movement to develop a bunker and
export trade. Without an adequate geological survey the investigations
made during the last twelve months indicate a potential supply of over
60,000,000 tons and immense areas have not been touched at all.

The war changed the whole coal situation. Labour conflicts have reduced
the British output; a huge part of Germany's supply must go to France as
an indemnity, while our own fields are sadly under-worked, for a variety
of causes. All these conditions operate in favor of the South African
field, which is becoming increasingly important as a source of supply.

Despite her advantage the prices remain astonishingly low, when you
compare them with those prevailing elsewhere. English coal, which in
1912 cost about nine shillings a ton at pithead, costs considerably more
than thirty shillings today. The average pithead price of South African
coal in 1915 was five shillings twopence a ton and at the time of my
visit to South Africa in 1919 was still under seven shillings a ton.
Capetown and Durban, the two principal harbours of the Union, are
coaling stations of Empire importance. There you can see the flags of a
dozen nations flying from ships that have put in for fuel. Thanks to the
war these ports are in the center of the world's great trade routes and
thus, geographically and economically their position is unique for
bunkering and for export.

The price of bunker coal is a key to the increased overhead cost of
world trade, as a result of the war. The Belgian boat on which I
travelled from the shores of the Congo to Antwerp coaled at Teneriffe,
where the price per ton was seven pounds. It is interesting to compare
this with the bunker price at Capetown of a little more than two pounds
per ton, or at Durban where the rate is one pound ten shillings a ton.
In the face of these figures you can readily see what an economic
advantage is accruing to the Union of South Africa with reference to the
whole vexing question of coal supply.

We can now go into the larger matter of South Africa's business
situation in the light of peace and world reconstruction. I have already
shown how the war, and the social and industrial upheaval that followed
in its wake have enlarged and fortified the coal situation in the Union.
Practically all other inte