Word: coppering
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Last week's conference was not the first in which other coppermen have felt the power and threat of Katanga. A year ago in Manhattan the copper world agreed to reduce output 33% of capacity. At that time Katanga was supposedly operating at about 12,500 tons a month. Amazed were U. S. producers some weeks later when the agreement went into effect, to hear from Katanga that it was curtailing on the basis of about 16,600 tons monthly. In fact, announced the Belgians, their output had actually run as high as 20,000 tons! Other coppermen shook...
Unrestricted by last year's agreement (effective only Dec. 1), the main copper districts of the world produced as follows in 1930: (Short Tons) United States...
Instead of improving the copper market has grown steadily worse. Month after month the stores of copper above ground have mounted to a new record high. In its present state the world finds it can use just about 85,000 tons of copper a month, 1,020.000 tons a year. It was simple to figure out that if everyone cut his present production 50% the cooperating producers would have their output down to 55,000 tons a month. To this must be added about 30,000 tons a month from noncooperating mines mostly in Japan, Germany & Russia, the total bringing...
Conferences last week were on what the copper industry calls an "informal basis," the customary dodge to get around the Sherman Act. But not only were conferences informal, they were just about over. Emile Francqui, chief of the Katangans, departed for home. A. Chester Beatty, chairman of Rhodesia's important Roan Antelope Copper Mines, Ltd., said he was sailing Friday night; MM. Pisart & Gutt took passage on the Saturday sailing of the Ile de France. The conference looked like a failure. Then someone made a mysterious move and the foreigners stayed...
Opinion was that if no agreement was reached, another way would be found to tame Katanga. Failing output reduction, U. S. and English coppermen might get their countries to enact copper tariffs. England is Katanga's best customer...