MINES AND METALS

Evening Star, Issue 23179, 31 January 1939, Page 6

MINES AND METALS

TIN RISES 37/6 BETTER TONE IN METALS ALL-ROUND ADVANCES RECORDED Press Association—By Telegraph—Copyright. LONDON, January 30. (Received January 31, at 1 p.m.) Following are to-day’s official (middle) quotations on the London pacta] market, as reported by the Mines and Metal Association, compared with those of

SILVER MARKET DEPENDENCE ON U.S.A. A review of the silver market in 1938 indicates clearly the market’s complete dependence on the support of the United States Government. While in former years there Jms been occasionally sufficient demand from other quarters, carrying the New York price above the Treasury buying rate, there was no such repetition in 1938. It is estimated that the United States during 1938 acquired 403,200j000 fine ounces, compared with the revised figure of 312,200,000 in 1937, of which domestic newly mined accounted for 60,300,000, against 70,600,000 fine ounces, while the open market purchases amounted to 342,900,000, compared with 241,600.000 fine ounces in 1937. The world supply is estimated at 598.800.000 fine ounces, compared with 464.200.000 ounces in 1937, World consumption totalled 494,000,000 fine ounces, against 478,500,000 fine ounces in 1937, REPORTS AND RETURNS ELECTROLYTIC ZING OUTPUT

PLATINUM INCREASE IN DEMAND Since 1932 there has been a remarkable increase in the world demand for platinum. In 14 .years the price cf the metal has fallen from about six times the price of gold to approximately the same value. ' , Research on the possibilities of platinum as an industrial metal, coupled with the reduction in price, has brought about a greater use and increased demand for platinum. Due to it high melting point andt specific gravity, its freedom from oxidation at high temperatures, and its comparative immunity to acid, platinum is finding increasing use in the industrial fieldIn the electrical industry _it is used extensively for contact points, power switches, thermostats, resistors for high temperatures, electrical control apparatus, and clocks, while the chemical industries use platinum for laboratory equipment, for anodes, and as a catalyst in the production of sulphuric, acetic, and nitric acids. Rayon firms use platinum for spinnerets, glass manufacturers use it as a dye, and architects employ it as a plating material. Improvement in the jewellery trade has led to a much keener request for the metal in the last two or three years, and a considerable demand has been developed in the armament industries, where it is used for instruments, for reflectors and lamps for searchlights, and for contact points in aeroplane engines. As a result of these developments, the world’s absorption of platinum metals increased from the low level of 75.000 in 1932 to 200,000 ounces m 1934, and to approximately 450.000 ounces in 1937. REPORTS AND RETURNS Mount Lyell. The Mount Lvell Mining and Railway Company Ltd. has submitted the foliowing progress report for the fortnight ended January 18: North Lyell.—Tons extracted, 2,532. Crown Lyell.—Tons extracted, 1,830 West Lvell.—Tons extracted, 38,294. Lyell Comstock. Tons extracted, 3 111). No. 8 level; No. 3 mullock pass rise to 31ft through ore. No. 9 level: No. 3 mullock pass rise to 21ft through ore. No. 10 level: North drive to 19ft through ore. Main crosscut extended lift to 208 ft, and work was then suspended. Progress was made through nro to 203 ft, where_ the crosscut entered minera!ise ( d schist. Reduction Works.—The furnace was in blast 5 2-3 days of the period; 2,658 tons of refinery anodes have been made for the current year. Concentrator. The mill operated 336 hours and treated 45,321 tons of ore, producing 2,154 tons of concentrates. Copper Refinery. the tank house was in operation for seven days of the period. 262 tons of cathode copper being produced. Total for current ycnrT 3,330 tons.

January 27;— Jan. 27. Jan. 30. X s. d. £ s. d. Cupper— Standard, spot ... 41 18 u 42 6 101 Forward 42 3 42 13 U Electrolytic, spot 47 5 0 47 10 0 1'onvard 48 5 0 48 10. 0 Wire bars — Spot 48 5 0 48 10 0 LeadSpot Forwa rd 14 3 9 14 11 3 14 8 14 13 1* Spelter— Spot ... ... — 13 12 6 • 13 14 41 Forward 13 15 0 13 16 10* i in— Spot 211 ii 6 213 15 0 Forward 211 15 0 212 12 6 Silver— Fine, per oz 19 15-16d 20 l-16d Standard, per oz 21 l-2d 21 5-8d

We£d ended. Dee. 14 •Jan 11. s.nro 5,403 G( which used At works , 00 00 Shipment to Port Pirlc— . ... 280 200 Silver, oz . 31,200 27,300 West Coast Dept.— 6.373 Treated, tons , . . ... ... , 12,455 Assaying— 6.5 G.C Lead, per cent. ... Zinc, pei cent 20.5 21.3 Silver oz ... 7.1 7.2 Gold, dwt. ... ... 10 2.2 Load concentrates,: tons ... 1.113. 532 Assaying— 54.3 54.3 Lead, per c^ni. Zinc, per cent. 1.5.0 15.0 Silver, oz. ... ... 48.0 48.0 Gold dwt. , 10.2 10.3 Zinc concentrates, tons ... 4.11 2.208 As-inj ihg I. cad, per co-it 3.4 3.7 Zinc, pe** cent. • ,,, 54.7 54.4 Slnv6r. oz 5.8 4.0 (•old, dwt 1.15 1.4 ’Decreased production due to Christmas stoppage fOr two weeks.