2 Umbau, ~. B., Summarized Data of Tin Production: Econ. Paper 13, Bureau
of Mines, 1932, 34 pp. 294 MINERALS YEARBOOK


Visible stocks of tin in the world and in the United States at end of each
month,
1923—3~2, in long tons 1
Month
(average)
~_
World U.S.

1928
World U.S.

1929


World U.S.

1930


World U.S.

1931


World U.S.

1932


World U.S.

January          
February         
March           
April            
May            
June            
July            
August           
September        
October          
November        
December        
Average     
21,043
20,209
19,448
' 17,722
19,099
18,531
17,838
17, 579
17,440
16,967
17,709
19,236
3, 194
3,038
3,051
2,653
2,389
2,410
2,689
2,803
2,494
2,654
1,874
2,126
15, 244
17, 645
15, 586
15, 001
17, 064
16,231
18,022
18,456
19,924
20,907
22,067
24,563
2,518
1,998
2,078
1,973
3,7
2, 148
2,878
1,718
3,508
4,598
3,603
2,428
24,237
26,402
26,632
26,353
24, 765
23,751
23,789
26,400
24,556
25,580
25,171
28, 140
2,611
3,307
2,550
3,603
3,464
3,830
3,087
2,858
2,479
2,720
2,050
2,820
29,032
33,581
32,972
36,595
39,771
42,611
41,950
43,805
40,150
39,676
40,811
42,498
3,081
3,626
3,566
5,687
6,767
7,728
6,786
7,533
6,323
4,823
5, 372,
4, 693j
43,619
49,339
48,607
48,462
51,231
51,626
51,707
50,987
50, 72~
50,602
50,583
51,313
4, 5,86
7,9
6,2
5,6
5,6
5, 6,213
5,868
6,773
7,458
6,254
50,043
51,300
50,780
50,716
250,56
243,945
49, 125
47,177
47,739
47,048
47,471
45,796
5,342
4,578
3,841
3,546
3,981
3,759
4,559
4,459
4,191
4,291
3,441
4,496

18,568
2,615
18,392
2,763
25,431
2,947
38,621
49,900

6,219
' 48,892
4,207
1 Metal Statistics, 1933, pp. 289 and 291.
2 Shipments of Chinese tin nOt included.


 Visible stocks of tin held in the United States have averaged approximately
2,500 tons for many years, seldom dropping below 1,500 tons and seldom exceeding
7,000 tons. During the last 3 years' the average has been higher than it
was formerly, but the 1932 average is lower than that for 1931 or 1930. In
1932 stocks at the close of the month recorded a high point of 5,342 tons
in January and a low of 3,441 tons in November; the average for the year
was 4,207 tons.
* This supply, however, would have satisfied the requirements of domestic
industry for less than 7 weeks had all other sources been cut off. The lower
price of tin and the metal required for the increasing trading in the National
Metal Exchange probably are the principal factors accounting for the increase4
domestic tin stocks during recent years.
 The so-called "invisible stocks" of tin are exceedingly difficult to estimate,
as they consist largely of stocks held by consuming manufacturing companies
and by metal merchants and, speculators. The questionnaires that have, formed
the basis of the Bureau of Mines studies of tin consumption since 1928 indicate
that manufacturing requirements rather than current price of the metal determine
the stocks carried by consumers of virgin tin in the United States.
WORLD PRODUCTION AND RESOURCES

 The world production of tin in 1932 was 95,000 long tons, compared with
145,000 tons in 1931, 176,000 tons in 1930, and 193,000 tons in 1929. The
production in 1932 was 34 percent less than that in 1931 and was smaller
than that for any year since 1904. The Bureau of Mines has made available
recently a detailed record5 of tin production since the beginning of the
nineteenth century. The annual increase in production brought out in this
study, although at a geometrical rate, indicates that the output of tin has
expanded more slowly than that of any other important common metal except
silver. Thus, if the future may be judged by the past, the production of
tin probably will resume its slow expansion as soon as the present dislocation
of industry and trade is overcome.