The Future of the Lead Supply

THIS discussion of the future supply of lead refers only to the next ten-year period. Beyond that no prediction can be made that would be of sufficient accuracy to serve any purpose. When any commodity is by an unsatisfied demand forced to a higher price level, and the profits of those who are able to produce the commodity are greatly increased, there is awakened a new interest in the commodity on the part of both producer and consumer. The consumer attempts to reduce his costs by developing substitutes or assisting in the development of new sources of supply. Lead is now going through this stage. The lead producer is increasing development expenditure and searching for new mines. The consumer is developing substitutes as illustrated by the increasing use of zinc oxide as a pigment, and the use of dry batteries in radio sets. The search of the Ford interests for lead, by prospecting in Missouri and Idaho, is induced by the effort to develop a new source of supply. Considering the index figures of the Department of' Commerce, it is evident that lead is on a substantially higher price level. For February, 1926, the index figure of lead is 209, while the general commodity price index is only 156, 100 being taken as the base for 1913.