COPPER  27


By C. E. JULIRN AND H. M. MEYER




 In 1932 the copper industry continued the decline begun in 1930 when the
general disturbance of economic conditions throughout the rest of the world
extended to the United States. Production, consumption, exports, imports,
and price all were greatly reduced, while stocks continued to increase.
 A tariff of 4 cents a pound was placed on imports to the United States effective
June 21, 1932, but the domestic price of copper reached an unprecedented
low, slightly under 5 cents, in December. The United Kingdom planned to reserve
the British market for copper produced within the British Empire by imposing
a tariff of 2 d. upon imports produced elsewhere. This tariff, however, has
not been passed as yet. France likewise imposed a 4 percent ad valorem duty
on copper from all countries except Belgium, to which a duty of 2 percent
applies. This preference tends to reserve the French market for Katanga copper.
 Cppper Exporters, Inc., was disrupted by withdrawal of its foreign and some
of its domestic members. Subsequent conferences for the purpose of reuniting
the copper producers of the world were unsuccessful.
 Great Britain is building a refinery for treatment of copper produced within
the Empire.
 These events signify a complete reaiinement in the world organization of
the copper industry.
 Prices.—Reports to the Bureau of Mines from copper-selling agencies
in the United States indicate that 1,078,171,000 pounds of copper were delivered
to domestic and foreign purchasers in 1932 at an average price of 6.3 cents
per pound (2.8 cents per pound less than that in 1931 and 11.3 cents less
than that in 1929). The average price indicated for the entire production
for the 87 years, 1845—193 1, inclusive, is 16.1 cents a pound and
for the 30 years, 1902—3 1, inclusive, 16.3 cents a pound. The following
table shows the monthly quotations for copper during the past 5 years as
reported by the Engineering and Mining Journal and the American Metal Market
Co. The 1932 averages are the lowest on record.