It has been said that we have too many mines in operation, as we appear
to have too many miners, if we are to maintain only our present output.
Rapid expansion in the development of industry in general may justify
the existence of such mines and so large a corps of workers, even with
an adequate car supply and more abundant local storage facilities, which
are greatly needed in almost all places, and a more even demand. If,
however, this should not be so, there is a foreign demand for the best
of our bituminous coals, which at present we are altogether unable to
meet for lack of credits on the part of those who wish the coal, and
lack of ships to carry it. England's annual production has fallen
100,000,000 tons, according to Mr. Hoover, and the European demand next
year will be more than 150,000,000 tons above her production. Whatever
the world need, it can not be supplied. It is too large for any possible
supply by ship, even if all necessary financial arrangements could be
made, either by loan or credit. Europe, indeed, will sadly learn through
this winter how little coal she can live on and how more than perilous
is the state of a people who are short of power, light, and heat.
As this country prior to the war sold abroad no more than 4,500,000 tons
as against England's 77,000,000, it is quite manifest that here will be
a new field for American enterprise, the enterprise being needed not for
the winning of markets as much as for finding ways of dealing with the
larger phases of a heavy overseas trade with those who are without
immediate resources.