THE ECONOMIC DISTURBANCES SINCE 1873. 7 2 7 



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 de- 

 cline 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 con- 

 tinually 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. 



Tik Plates. Owing to a well-recognized tendency of consump- 

 tion 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 quota- 

 tions for the first half of the year 1887 having been from 12s. Qd. 

 to 13s. per box. This remarkable and steady decline in the prices of 

 this commodity during the last fifteen years, is as clearly and cer- 

 tainly understood as in the case of tin, above noticed ; and is refer- 

 able to three causes : First, the reduction in the cost of the metal 

 tin. Second, to the revolution in the manufacture of iron, and the ex- 

 tensive 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.* 



Quicksilver. Excepting petroleum and quinine, the decline in 

 price of this metal seems to have been greater in recent years than 



* An attempt on the part of Germany to break in upon the almost complete monopoly 

 of the manufacture of tin plates enjoyed by Great Britain, by imposing a heavy duty on 

 their importation, has been singularly unsuccessful ; domestic (German) production and 

 exports having diminished, and exports increased, as will appear from the following 

 table : 



TEAR. 



1885. 



1878. 



Production, 

 tons. 



4,892 

 8,582 



Imports, 

 tons. 



5,798 

 5,307 



Exports, 

 tons. 



186 

 1,696 



