Page:Popular Science Monthly Volume 31.djvu/807

Rh supply equal to one third of the world's current consumption. Under such circumstances the price of tin rapidly declined, and in October, 1878, touched £52 10s., the lowest price ever known in history; a decline of 66 per cent. For some years past, however, the product of tin in Australia has been declining, that of the "Straits" increasing, and that of England and other countries remaining nearly stationary. But the consumption of tin throughout the world has gone on continually increasing, until now the surplus stock is being so rapidly reduced, that unless new sources of supply are developed, famine rates may again occur; prices having advanced continuously from £52 10s. in 1879 to £107 in June, 1887.

—Owing to a well-recognized tendency of consumption to exceed production, tin plates in common with tin ruled at what were termed "famine" prices in 1872, and for some years previous; the average price for "coke" plates being from 26s. to 27s. per ton. Since 1872 the decline has been in excess of 50 per cent—the quotations for the first half of the year 1887 having been from 12s. 6d. to 13s. per box. This remarkable and steady decline in the prices of this commodity during the last fifteen years, is as clearly and certainly understood as in the case of tin, above noticed; and is referable to three causes: First, the reduction in the cost of the metal tin. Second, to the revolution in the manufacture of iron, and the extensive substitution of steel (plates) in place of charcoal and puddled iron plates. Third, to new processes of manufacture and tinning; a modern tin-plate mill turning out every twenty-four hours more than double the product of old-fashioned mills, without any increase in expenditure for motive power or labor. Supply and consumption alike under such circumstances have increased to an enormous extent, and the tin-plate trade, instead of being a minor industry of the world, as was formerly and not remotely the case, has become one of great magnitude. The decline in prices has, however, brought nothing of prosperity to the British tin-plate manufacturing industry; as out of an average of eighty-two works in existence during recent years in South Wales, there have been no less than forty failures.

—Excepting petroleum and quinine, the decline in price of this metal seems to have been greater in recent years than