tell you that a few cold days make an enormous difference in the sale of coals, and the large dealers are driven to their wits’ end as to how they can find enough waggons and horses to enable them to supply their customers. In the large coal-yards in the winter time the men are at work from five in the morning till late, very late, at night. I am thankful for their industry, I hope they are well paid. But I have not yet said how the business at the Coal Exchange is carried on. There are two classes of men connected with the place,—the factors, who have a handsomely furnished room up above, and who elect each other by ballot,—and the merchants, who have a room below, to which they pay so much a year, and to the use of which they also are elected by ballot. On the topmost story of all are the offices of the gentlemen who collect the city dues, and render themselves useful in similar ways. When the colliers arrive at Gravesend, a messenger is sent up with their names and the number of coals on board, and so on. Each ship is consigned to a London factor, and in the official room is a large case full of pigeon-holes, in which the papers for each factor are deposited; these papers are collected by the factor’s clerks, and with these the factor goes into the market to sell; for if he does not sell—unless the charter party permit him to wait for a second market day—he has to pay a demurrage of three-halfpence a ton, a demurrage, however, often submitted to rather than the coals should be sold at a loss of a shilling per ton. A bell rings at twelve, and all at once you see, by the sudden apparition of merchants and factors from the surrounding offices, that business has commenced; however, little is done till towards the close at two, the factors till then holding out for high prices, and the merchants holding back. I may add that there is very little speculation in this trade, all is fair and above-board. In the rooms of the factors, as well as of the merchants, is a daily list of what vessels have arrived at Gravesend, with what amount of cargo, and what vessels are on their way, and how many are going up to the north in ballast; thus the buyer knows as much about the state of the trade as the seller—and as he thinks the factor must sell before the market is over, he waits till the very last before he concludes his bargain. At the end of the market, when there is a heavy sale, people get a little excited. They are also rather more numerous and noisy than when you first entered, and, besides the regular dealers, a good many others are present: sailors out of curiosity, captains who want to know who are the purchasers of their coals, and where they are to deliver them to; general dealers, who do not belong either to the Factor’s Society or that of the Coal Merchants’; and here and there a lady may be seen gazing with curious eyes on the groups below. When the sales are effected, the broker pays the city dues—for