Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1912-01-06
CONSUMPTION NOW
BEATS PRODUCTION

ne IOllOWlnS ulSCuSSlOu OF tHc cup
per metal market IN support of the claim
that 1911 consumption caught up with
production is found in the market letter
of December p of Hayden, Stone &
Co.:
Notwithstanding the new sources of
| production, and despite the fact that i'm
ports of copper were the largest on rec
ord the 1911 production will show de-
cided falling off, compared with the fig
ures of last year. For the eleven
months ending November 80, the re-
finery output as reported by the Copper
! Producers association is placed at about
/ | ,309, 200, 600 pounds. Assuming De-
cember output of 120, 600, 600 pounds, we
have total for 1911 of l ,429, 000, 900
pounds, against the 1910 production of
| ,452, 122, 800 pounds.
Consumption, on the other hand, has
established new high record, despite
the fact that domestic deliveries will fall
short of last years figures For the
eleven months reported upon domestic
deliveries aggregate 643, 623. 131 pounds,
to which is added the December estimate
of 10000, 600 pounds, thus pointing to a
total for the year of 713, 3,623, 131. But
this showing is more apparent than real
as it must be remembered that in 1911
consumers carried no stock beyond the
immediate requirements. 1t should be
stated that last years domestic deliver
les aggregated 74e, 426, 452 pounds.
Copper exports for the eleven months
reported upon aggregate 675, ,663 517
pounds. December deliveries give prom
Use of reaching at least IS, 000, 900 pounds,
in the event of which the total exports
for 1911 will be $50, 663, SIT pounds,
which compares with 722, ,431, ,494 pounds
| last year. 1t will be seen that the ex-
ports have about made up the falling off
i'll the volume of domestic deliveries.
Estimates of consumption would be
incomplete without an accounting of the
decrease in the worlds supplies which,
January |, 1911, stood at 309, S27 400
pounds. The decrease for the year may
safely be placed at l0O 000, 900 pounds,
which added to the foreign and domestic
deliveries for the period above mentioned,
gives us total consumption in round
numbers of l, SOL, 290, 900 pounds.
No one will dispute the fact that this
country's business for the year about to
close was considerably below the normal,
aud tl,at huSinecc abroad ,voc barperaI
to no little extent for reasons still fresh
in the public mind. 1t is, therefore, all
the more significant to note that the es-
timated volume of copper consumed of
|. 564 290, 600 pounds, above noted, is
equal to over l30, 800, 900 pounds per
month, more than has ever been pro-
duced in single month in this country,
and more than TO- 600, 900 pounds in ex-
cess of the average monthly production
for 1911.
1t would seem from the above that too
much attention has been diverted to the
new sources of production, and possibly
not sufficient to the fact that several
mines have passed their zenith. In any
event, consumption has far surpassed
production as witness the shrinkage III
the worlds surplus stocks, for which
reason it seems difficult to escape the
conclusion that the new copper supply
will do no more than tend to restore the
equilibrium and check runaway metal
market.