Lead in the Depression

IN October, 1925, J. R. Finlay delivered an address entitled, "The Future Price of Lead." Lead was then selling at 8.85c. and Mr. Finlay and most of the rest of us were concerned about the shortage. Now, a little more than six years after, lead is selling for 3.55c., and nobody is worrying about the difficulty of getting plenty of it. For 1931 the U. S. G. S. reports United States produc¬tion as 390,000 tons of recoverable lead in ore. Our estimate is slightly higher than this; nearer 400,000 tons. This is the smallest production since 1911 and 1912, but in spite of this, stocks for the year-have increased nearly 50,000 tons. Our estimate for the production outside the United States is 1,120,000 tons, or more than double the production of either 1920 or 1921, and 30 per cent more than in 1913. Stocks abroad probably have not increased more than stocks in the United States. In other words, foreign consumption is double what it was in 1.920-21, whereas domestic consumption is substantially less. It looks as if Mr. Krueger, president of the Swedish match trust, was right when he said that "This country had better stop worrying about Europe and think a little bit more about its own affairs."