| Summary: | The economic problem of the tin industry is essentially the problem of price fluctuations, which lead to the instability of producers' income and employment. In the past, high prices did not meet with effective short-run reaction of the consumers, who were unorganised; but they caused, after a time-lag, a large increase in output. The consequent tendency for price to fall was precipitated during the general depression by a sharp decline in demand. Price then remained low for a long time, owing to the short-run price-inelasticities of both supply and demand. Producers were highly organised and had a propensity to combine. Low prices brought about a producers' restriction scheme, made possible by the governments who had strong interests in the tin industry. The restriction scheme succeeded in raising price but not in stabilising it. It created, in addition, a number of economic, social and moral problems. The present study covers the period from 1914-18 to the present day. The problem is stated in Chapter I. The next two chapters discuss consumption and the demand function. Production is described in Chapter IV; and the financial control of the industry and Governments' interests are analysed in Chapter V. Chapter VI makes an analytical study of costs. The next part of the work (Chs. VII to X) is devoted to the examination of the actions of the Producers and the States. In the last chapter, the prospect of tin control is discussed in the light of past experience, the I.T.O. Charter, the Wheat Agreement, Butfer Stock and other proposals. In the course of the study, the works of Rowe, Knorr, Eastham, Schut and other writers on the subject are critically examined.
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