Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-11
TARIFF ON COPPER
IS DECLARED VITAL
Restriction of Output Would
Result in More U. S.
Unemployment.
ny JOHN F. SINCLAIR.


Special Dispatch to The Star.
NEW YORK, November IA car
tel in copper! Is this what the confer
ence of world copper leaders, meeting
in New York during the last 10 days, Is
about to announce?
THE copper glut has forced the issue!
Copper prices are lower than they nave
been in IS years; copper supplies are
higher than they have ever been; ano
every copper man is asking Wnat are
we going to do about it,"
From authoritative sources, under
stand that these copper leaders nave
practically decided on plan to restrict
the world copper output by 6O,UO0,OOU
pounds a month, or total OF 100000, :
600 pounds a year, cut OF about ~
per cent
World Production.
In 1929. the total world production in
round figures was 4,200,0 100000 pounds,
of which 2,155, 600, 900 pounds were pro-
duced in foreign countries, and 2,052,-
100000 pounds in the United States.
The United States production has
fallen off 40 per cent this year from
22l, 100000 pounds month to approx
rnately 137, 0000 600 pounds. At the same
time. Canada has more than doubled its
output, while Africa has increased its
copper production more than so per
cent.
Katanga, that rich African copper
mine. owned largely by the Belgian gov
eminent, can deliver copper to the
United States Consumer right now at
very satisfactory profit. So can certain
mines in South America. But the United
States mines cannot do it-not by a long
ways The United States Tariff Com
mission shows that 46 per cent OF the
domestic output of copper for 1929 cost
IL cents a pound or more to produce.
Katanga copper can be produced and
laid down in the United States at Az
cents a pound. while in 1929 the Chile
Copper Co. delivered its output to Con-
necticut Valley points, including all
production costs and transportation,
for AZ cents per pound.
Need for Tariff Seen.
So the cheap coppers of the world are
pouring into the United States to fur
ther demoralize the American copper
market
Consider this condition:
While the United States did produce
2,o52, OoO. 900 pounds of copper in 1929.
It consumed 1888 ,000, 900 pounds of
copper. The United States, therefore,
consumed 1875 100000 pounds more than
it produced. Now the world, outside OF
the United States, consumed but 1862
000,O00 pounds ana produced z,Ioo,UVV.-
600 pounds. Therefore, the outside
world produced 100000 pounds more
than it consumed.
what's the answer? A tariff on cop
per. sufficient to allow American mines
to keep working, employ more labor and
maintain fair price.
Restrict copper output another 20 per
cent and this will happen: 1t VIII
throw thousands of men now working
in the copper mines of the United
states out Of work to further swell the
ranks of the unemployed.
If a protective duty Is good thing
for pig iron and the steel industry, why
not for copper? A protective tarin on
copper is much more to be desired IMAM
q restriction plan, which is filled with
difhculties and possibly dynamite. Keep
clear of international alliances!
The Bear Market.
There is a bear market today. No
one viii deny that now. Most pear
markets since 1897 have stopped above
the low level reached in the preceding
bear market, but below the peak OF the
second preceding bull market says
Goodbody & Co., and present these
figures to prove the assertion.