Review Of The Mineral Industries In 1950 - General Summary

THE MINERAL INDUSTRIES had a near-record year in 1950, as rising industrial activity in general, greatly accentuated by the outbreak of hostilities in Korea in midyear, called forth increasing supplies of mineral fuels and raw materials. The aggregate value of mineral production was second only to that in 1948, and the aggregate physical volume was exceeded only in 1948 and 1947. Lower coal production accounted for the failure to surpass these earlier years. Growth of production was fairly constant throughout the year, especially for crude petroleum; its physical output for the year as a whole exceeded that of 1949 by 7 percent. According to Federal Reserve Board indexes, other relative gains were 16 percent for coal, 9 percent for fuels in general, and 17 percent for metals. The increase for mining in general was of the order of 10 percent. This was not quite as large as the general increase in industrial production but clearly reflected the total-industrial trend (see fig. 1).