The Current Position of the World Lead and Zinc Industry

"IT IS a pleasure for me to appear before yon today and to have this opportunity of reviewing with you recent developments in the world lead and zinc industry. To provide essential background material, I propose reviewing the period from 1950 to the present, a period which has undoubtedly been the most hectic in the long history of the industry.In capsule form, the pattern for this period is one of repeating cycles of boom and recession, of failure through research to develop adequately new markets and new uses for lead and zinc, of surplus production and growing inventories, of price instability, and lastly, of an abdication in some sections of the industry of responsibility for control of its own destiny by turning to governments for support in time of stress. This is not a pretty picture but, as the 1950 decade ends, there are signs of a new maturity and of a growing determination on the part of the industry to put its own house in order.The difficulty suffered by the world's lead and zinc industry in the current decade originated with the support extended to it in 1950 by the U.S. Government at the time of the Korean conflict. Recalling the shortage of base metals in World War II and fearing that the Korean conflict might develop into World War III, the U.S. Government in 1950 adopted a policy to encourage the production of lead and zinc, both domestically and abroad by means of development loans and long-term floor priced purclu.se contracts."