Elk City mining news. (Elk City, Idaho) 1903-1913, 1906-01-27
American Copper is in Demand.

A report of Consular Agent Burr Il
on the increasing demand in China for
copper will explain the enormous expor-
tation of American copper to that
country, and the consequent advance in
fhe price of the metal. The report
deals so fully with the cause that it is
reprinted as issued:
1.-THE enormous increase in the i'm
portation of copper into China recently
is due to it's unrestricted coinage into
1-cent pieces and cash, which operation
is virtually under the absolute control
of the provincial authorities. While
the multiplicity of minis threatens the
debasement of the currency of the en-
pire, the central government leaves Che
question of production entirely to the
viceroys of the provinces. AS these
officials realize comfortable margin of
profit on the coinage, business men
here assume that there is no likelihood
of its early cessation, and that the ex-
tensive copper importation will con
tinue. The Shanghai Chamber of Com
merce has Investigated this question
and Has informed the diplomatic corps
at Picking that Representations looking
to the regulation of currency should be
made to the government. The chamber
pointed out that as the Chinese provin-
cial governments imagine they have
perennial source. of income from the
profits of the hints, they may fail to
grasp the dangers of depreciation be-
cause of overissue. 1t was further sug-
gested that if restrictions be not es-
tablished, foreign trade in China must
inevitably suffer.
In the report on the trade of China
and abstracts of statistics, it is esti-
mated that the output for 1904 approx
mated l, 745, 000,0 900 Of copper pieces,
and that the Chamber of Commerce de-
clares that by 1906, when all the mints,
new and old, are in operation, the o4t-
put will reach in round numbers 16, 413,-
600, 900 pieces. There are eighteen or
nineteen mints now in operation III
China, but although bankers and mer-
chants have given the subject close
obtain, through unofficial channels 49,,
|
present producing power of The varlo1..
hints established. These conditlons
indicate a growing demand in Cn,
and it is estimated that the United
States now exports to this country
practically one-half of all the copper
that is used. The American SO. U g
trolytic copper is popular here Deca1se
it can be worked 10 advantage in Ire
mints, and as their purchases about
cover the entire importation il is APP
parent that the only way to increas,
the demand for American copper is u
decrease the price.
THE Importation of copper discs i
blanks, the same size as the coins
themselves, has been prohibited by Inc
Chinese government for the reason tn
individuals brought them in ana, t.
using a homemade stamp, more .
less crude, but nevertheless effective,
established lucrative industry. These
coins circulated freely in the interior,
and the authorities found it essential to
suppress the competition. The customs
authorities will, however, admit cope ,
discs through the custom-house for de-
livery to government mints on an orde I
from Pekln. Such discs are now ma
in England, Germany and Japan, and
are said to be more profitable for ex-
port than, ingots. There is also de-
mand for 5opper strips 1-2 to inches
wide, of the same thickness as the coin.
These strips are stamped at the minis
and placed in circulation, saving TIL
and decreasing somewhat the exp snse
of coinage.
DUTY on copper is rarely paid ir
China, however. as it is used for gov
eminent purposes and may be imported
free on the pass of the taotai of Shang
: hal, whose position is similar to that Of
the mayQg of an American city. Fol
the purposes of such free importation
authority has been delegated to thi,
official by the Peking government
Copper is bought, in this Iarket on
: c. i. f. and C. basis; that Isl its pric,
laid down in Shanghai must includ,
cost, freight, insurance and commission
With the charges for trSns-shipmen
into the interior the experienced hav
no concern.
Sin view of the enormous deman,
for copper, which it seems probabl
will continue for several years unles
: unexpected restrictions on coinag
. should be imposed, it would appear ad
+ visable for American copper men NOR
. carefully to Investigate the condition
than they perhaps have up to the pre-
sent time. Mining and Engineerin
Y Review.