DROP IN METAL PRICES

Dominion, Volume 14, Issue 75, 22 December 1920, Page 7

DROP IN METAL PRICES

lAUSES BROKEN HILL SMELTING PLANT TO CLOSE

RESUMPTION OF OPERATIONS

DOUBTFUL

(By Telegraph-Press Assoclation-CoryrisM Melbourne, December SI. It is officially announced that the Broken Hill smelting plant at Port' Pino will close from December 24 till January 17, and that, unless metal priccs recover considerably, the resumption of operations afterwards is exceedingly doubtful. Normally 2300 mon are employed, but recently, owing to the Broken Hill strike, the number has heen reduced to 750. 'i'lm directors' reasons for tho probable closing down are the demoralised state of tn« metal markets, the advanced prices of supplies, higher wages, and shorter working hours.—Press Assn. LOSS ON COPPER PRODUCTION. Brisbane, December 21. The general manager of tho Mount Morgan Company, reviewing the metals position, said his company -was now producing copper at a loss. The position was extremely critical, and any further burden upon the industry would bring disaster. Unless the employees were content to .work at the present rates they would close the mine against fliemselve's. —Press Assn. LONDON QUOTATIONS. (lJcc. December 22, 0.5 a.m.) . London, December 20. Copper—On. spot, XT-t 2s. (jd. per ton;, eluctrolytic ingots, .£85.: wire bars, JE'B7. Lend.—On spot,> .£23 ss. per ton; .three months, ,£24 10s. Spelter.—On spot, JE26 ss. per ton; three months, Ji-7 7s. Gd. Tin.—On spot, ,C 207 15s- per ton; thr.eo months, JS2II 7s. Gd. '_ I Silver.—Bars, 4fld. per ounce standard.