The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-07-26

must be paid. costs must mount still
higher. Wages are also rnountinl
higher.
As against 1873 cents average cos
for the six months, it is possible tina
the actual cost of copper production
was around 10 cents or higher at thu
end of the six months, on June 30.
The above costs are naturally mo-
operating costs and include norma
taxes and normal income tax. They
do not however, include super Income
tax and excess profit taxes. These
extra taxes will doubtless wipe out a
large part of the surplus profits.
Average Profits.
Comparing current profits with past
profits 10 years profits up to the end
of 1916 averaged around X cents
per pound. This was based on 16 "a
cents average receipts, and costs
slightly under 8 cents. In the first
six months of 1917 average profits
were around 15N cents among the
profit earning companies, or nearly
double ante-bellum profits. Not only
was the profit on each average pound
double, but more pounds are being
produced this year than ever in his
tory. Part of the extra profit, as pre-
viously state. goes to the govern
ment--probably very large part.
Consumption deliveries to custom
ers) of copper metal In the first six
months of 1917 Is conserVatively es-
timated at 1,315,OO0,0 900 pounds. This
includes about 615,000,000 pounds Of
copper ingots and copper metal ex-
ported, exclusive of copper in brass
and other finished products. The re-
fneries' output for the six monthA
Appropriated 1,10O,OO0,0OO pounds, in
GLIDING copper marketed without pas
sing through the refneries AS in the
last half year of 1915, the smelters
produced more copper than could be
refined. AS result the stocks or
crude metal available at the refneries
or in transit July /, 1917, are esti-
mated at 59O,0O0,Ooo pounds (three
months supply versus 424,O00,O00
pounds January l, 1917, and 275,000,0O0
pounds January /, 1916. This large
stock Of copper metal is fortunate in
view of the critical labor conditions
and strikes In the copper industry. 1t
is significant that the extraordinary
exports helped bring about a condition
whereby consumption" surpassed re-
fineries output by 215,0OO,OO0 pounds
and surpassed by 100000 pounds
the mines and smelter production.
Outlook is Rosy.
The future outlook for copper, both
in the next year and in the next 10
years, was never roster with the ex-
eeption of the labor question. 1t is
foregone conclusion that a 'perma-
nent" wage of So day for miners
must bring to some other country
where miners will work for less than
SO day the honor of being the worlds
premier copper producer. South AM
erica, Russia. the Congo, Australia and
Japan have large copper resources and
any permanent wage scale of Sc a
day would be killing the goose that is
laying the golden eggs for the copper
mining companies and copper miners
apart from the havoc 1t would bring to
the mining industry in general, in at
tracing to copper plants miners from
the silver, gold. lead and zinc districts
The companies. of course, are more
or less glad to pay So a day under
present war conditions.
The excess profits taxes and the
super-income tax are also important
and as yet unsettled considerations.