The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-06-27

is necessary unless at very high prices. Are we treating posteriy fairly
when we induce the public to consume copper extravagantly by making
too low prices? Is not our action uneconomic and unsound? l should
like to see this subject discussed by the readers of the Journal
This is the same question that is raised regarding the worlds
resources OF coal, iron ore, petroleum and other nonreproductive sub
stances and it is n to which there seems to be no answer short of
no great difference. Once let a natural resource be capitalized it must
soon be caused to be productive. The worlds product must be sold for
what it will bring. Competition restricts margins. The natural laws
of economics prevail.
An old doctrine of economics was that they would and ought to
prevail. This was not recognized by later authorities. The classic
analogy cited by them is the crowd of people in a burning theater. Left
to themselves most perish in their natural disorder. Regulated by some
policemen they march out in column of tours and all ar saved.
No one yet has shown how to regulate prices, production. etc. in
any such ways. The German idea of cartels and conventions is re-
pugnant to American minds and all of our movements in that direction
have been reversed. The idea of our own conservatonists is to with
draw mineral lands, preventing their capitalization until they re
needed. Nobody has any clear conception of how such a policy would
work n can be worked.
We shall not enter upon any arguments respecting this question.
We should like to SET some of our readers do so, Is our correspondent
ably clear.
l. Nobody has anywhere nea 50 clear an idea of what the worlds
resources of copper may be as they have of iron and coal, nor is it pos
slbe IN the nature OF things. However, there are other mineral re-
sources of which we know even less than of copper-lead and zinc. for
exampe-yet the worlds production of them increases steadily.
2 Improvements in the arts adds constantly to the worlds re
sources. Only 10 years ago the porphyry deposits with their ~ to
2H% of copper content were unavoidable. Now they yield hundreds of
millions OF pounds of copper annually. At present but about two
thirds of their copper is extractabe. Without doubt the percentage
will be raised and equally withou, doubt the new processes will make
available the reserves of I to IH% ore.
3. There is undoubtedly a tendency toward appreciation in the
price for copper. This is because the demand can only be supplied # a
higher price, partly because of the impoverishment of the old mines.
partly because of the necessity of bringing in the new, 1owererade
mines; partly because of increased costs of production on other ).
counts.
When the porphyry mines were being promoted during the period
19o5-1o, there were widely heralded estimates of production costs
around &c per lb. Sometimes the estimate was as low as &c. rarely ws
it over &c. In their early days figures purporting to bear out such esti-
mates were grandly stated in the official reports of actual operations
The world knows now that nothing of the sort is realv to he xnecte
and we look complacently on 9 to TIC costs in the reports of NOWADAYS
There is no disappointment inasnuch as it appears that the vera
yield OF the copper in selling price is also turning out to be higher than
was expected and that for natural reasons its tendency ;s RI nov til
further upward.