To the Editor of the "Norta-Curna Dairy News."
Str.—I_ understand that the British Chamber of Commerce has appointed a committee or commission to report on the importation of copper into China and the copper coinage question. It would naturally be assumed that the members of such a committee would have at least an elementary knowledge of the subject upon which they are to report, but such does not appear to be the case. I have been asked to furnish statistics about copper—world consumption, production, trend of prices over a period of years, etc—to a member of this commission. Now, it it happens that this member has about as much knowledge of copper or any other metal as the Mexican senator had of economics when he tabled a resolution that the Mexican Government should abolish the law of supply and demand. In course of conversation I was Chines ie my amazement, that China's imports of copper, which are infinitisemal when compared with the world's production, were responsible for the steady appreciation in the price of the metal in London and New York- If that. is an indication of the knowledge possessed by members of this com: mittee of the copper market what hope have we that it will be able to render a convincing report on a question which is of such interest to the mercantile community out here? Haven't we all had enough of amateur interference with trade questions in the past few years? Surely, we have had enough trouble and annoyance from committees and commissions which sat to consider matters on which they had no knowledge! Now, let us see what is the actual position of the copper market to-day, and let us see how little China influences it.
For the past few months com sumers have been apprehensive about future supplies; the consumption of copper im America had reached such a stage in November that' visible stocks had been reduced to six weeks' consumption a leading metal firm in London, its end of the year report, stated: "the record-breaking consumption of copper in the U. S. A., is at last. affecting quotations. the world's demand is now ahead of supply, stocks have been brought down to the normal, and are being encroached upon. for some time past we have recorded the increasing strength in the situation, and at no time during 1922 has this been more pronounced than at present... Germany has been the largest buyer during the past year. lo in England and France shows signs of marked improvement, and the requirements of Europe are likely to increase as time goes on.'"' The chairman of a South American copper corupay recently stated in London that the company's production would be 150,000 tons per annum, and that this would be all sold at a large profit. American copper magnates, in view of a possible shortage, have been acquiring interests in European*and South American copper companies, the shares of which have steadily appreciated during the past few months. Lastly, the American Copper Export Association's $18,000,000 worth of Redemption Notes are being redeemed from a year to 18 months before: maturity. This is due to the fact that, in consequence of the enormous consumption, copper pledged against this loan was not expect to be marketed before 1925, but deliveries will commence in July of this year!
These are facts which are known to all who have only an elementary Imowledge of the copper market. Yet we are told, in all seriousness, that China's imports of copper influence the world's prices of that metal!
I am, etc., H. P. Kixe.
Text read from the printed page and cleaned; old type leaves the occasional error.