Evening star., 1945-07-01

more Oy LHe MeLut NeSef OeS w. tt
The end of the huge job of stockpiling
for the war effort is in sight.
The job has produced some odd ex-
periences for those who gathered to-
gether stores of ores and metals to arm
and equip the Nation for waging war.
The Metals Reserve Co., which at first
went out and bought the mineral COM
modities and later did only the job OF
being custodian and distributor in the
United States while other Government
agencies did the buying, lists 40 commod-
tiles of which 1t has amassed stocks.
These were brought from 81 foreign
countries and also included what the
United States and its possessions sup
piled.
The operations were on global scale,
matching the global nature of the war.
Ores which were pockets in far distant
corners of the earth were brought here.
The metals from them went into weap-
ons and equipment which went back to
distant battlefelds
Wide Range of Prices.
The materials acquired range in value
from $4,000, 900 or more ton to $4 .
ton. The former value is for diamonds,
the latter for beauxite, the source of
aluminium.
The sizes of the stockpiies, tess, are
varied.
Over in Baltimore there is pile OF
125,000 tons of manganese from India.
In one storage yard there, there are
100000 tons of various ores.
At the other end of the scale there Is
''stockpile" held in the vault of a New
York bank. 1t consists of 35 ounces of
a powdery substance in bottle. 1t is
ruthenium, valued at about $1,400.
Officials of the Metals Reserve Co.
say that, while they speak of stockpiles,
their operations for stockpiling purposes
of the materials they have acquired
already have been passed along to in
dustry and have played tremendous
part in our wartime industrial produc-
ton.
Started in 1910.
The actual stockpiling, or amassing
of metals and ores against future war
needs came in the early phase of the
Metals Reserve Co.'s history. The COM
pany was organized in June, 1910. BY
the spring of 1941 demands of defense
production had become acute. BY then
MIRO had pretty well graduated from
stockpiling against indefinite future
needs, to maintaining supplies which
would be backlog for expected de-
mands.
Metals Reserve made the long-term
commitments which private industry
could not do in view of disturbed world
conditions.
With the end of the job in sight there
is the question of the future. 1t may
be that now there will be carried out
a recommendation made by Bernard
M. Baruch as he wound up the affairs
of the War Industries Board of the
World War. That recommendation
made in the light of the experiences of
that war, was that the Nation should
lay in supplies of scarce strategic COM
modities.
Two Billion Involved.
That recommendation was never fol-
lowed. Whether the advice will be
taken now, although belatedly, remains
to be seen
One yardstick by which to measure
what Metals Reserve has done is the
financial yardstick. Former Senator
Charles B. Henderson, who is chairman
of the Reconstruction Finance Corp.
and president of Metals Reserve, lists
the total of Metals Reserves expendi-
lures at more than $2,30O,0o0,oOo. This
includes administrative expenses.
From sales to industry and other
income the company has taken in a
little more than $500, 100000.
The net amount now invested is $780,
100000 Against this is an inventory at
current market prices of $400, ,000, 900
and $100, 100000 in other assets. The diff
ference of something over $500 900
represents the actual cost to the United
States of carrying out the program.
However, s195,00o,000 of this cost was
paid out directly in subsidies to obtain
increased production of domestic cop
per. lead and zinc. Preclusive buying In
neutral countries to keep strategic
metals away from the Axis took addi-
tional millions. And there were the ex-
penses of acquiring materials so sorely
needed for the purpose of waging war
that actual cost became relatively OF
minor Importance.
Diamonds present an example OF the
| preelusiye buying.
Diamonds are an industrial neces-