Show LARGE FOREIGN COPPER FIRMS SLASH OUTPUT U. U S. S Japan Russia E Excluded in Year 3 Trade Pact PactS S By United Press NEW NEWS NEW S YORK March 29 World 29 World copper producers today had reached a three years' years agreement on output marketing methods and trade tices The agreement arrived at after a o of leading world producers pro du ers here is effective immediately Representatives of ot foreign companies com corn panics controlling more than two two- thirds of the foreign copper output I signed The he agreement Russia and Japan are not members of ot the newly formed group It is understood Canada will coop cooperate rate Accord Reached Successful conclusion of the agreement agreement agree agree- ment was announced by Cornelius F. F Kelley president of ot the Anaconda Copper Mining company and chairman chairman chairman chair chair- man of ot the conference His statement said The principal producers of copper copper cop cop- per outside o the United States have been in conference duri during g the past three weeks considering the problems problems problems lems of ot the industry in connection with the production of metal from sources outside of the United States and its sale in foreign markets Th Thc The c conference dealt exclusively with i the foreign situation and did not consider production or sales within the United States State from which market the participants participants participants par par- are excluded by r reason ason of ot the existing excise tax jax of 4 cents per pound of ot copper copper and which market marketis is covered by the presidential order approving the copper code Notwithstanding the demand in foreign markets has been in excess o of previous requirements foreign production duri during g r recent cent months has been at a rate rale which if it continued would not only onty retard the liquidation liquidation liquida liquida- tion Hon of ot existing surplus stocks of ot copper cop cop- per but Jt add thereto resulting in a wholly unsatisfactory tory price level in Cor foreign markets markels Two Iwo E Excluded ludt Participating in the conference were representatives of foreign loreign companies companies com corn having an aggregate current production of approximately tons tOD of copper pee pec year or more than 75 per cent of the total foreign primary production exclusive of Russia Rus Rus- sla sia and Japan which import copper from Crom outside sources in addition to their respective productions I The most mOt important questions considered considered con con- w were rc productive c control c mar marketing r. r methods and trade practices Complete tel accord has been been reached upon al all an subjects considered j I. I e e. e J l I 1 A curtailment amounting to tons of copper coppez per year from Continued on Pare Pace Two FOREIGN COPPER ACCORD SIGNED Continued from Pa Page Pace e One current production will be made effective ef d- by June 1 2 An organization has been ere ere- aled to compile complete statistical i information to the end that while an adequate supply of oC copper will be provided at all times the accumulation tion of excess stocks will be avoided Cooperation Assured 3 Cooperation in foreign mar of producers other than those who have actively cb participated in the conference has been assured sur d. d 4 4 Uniform trade practices governing gov gov- ernig sales deliveries and terms of payment will be adopted 5 Each producer reserves freedom freedom free free- dom of action within the above limi limi- There will be no pooling of sales or fixing of oC prices but an effort eUort will be made to insure stable markets markets markets mar mar- and avoid wide fluctuations in price 6 Subject ti to certain des cies the term of or the accord is for a period terminating on July 1 1 1933 1938 Aberdeen Scotland has just installed in stalled its first automatic telephone Dublin has a films clean campaign |