tralia, and Spain and
Portugal. Smaller quantities are produced in Russia, Germany, Norway,
Cuba, Serbia, and a number of other countries.

The United States normally produces nearly two-thirds of the world's
copper and consumes only about one-third. In addition the great bulk of
the South American, Mexican, and Canadian crude copper comes to the
United States for refining. Through financial interests abroad and by
means of refining facilities, the United States controls a quantity of
foreign production which, together with the domestic production, gives
it control of about 70 per cent of the world's copper. No other country
produces one-sixth as much copper as the United States.

England, because of production in the British Empire (mainly Africa and
Australia) and British financial control of production in various
foreign countries, is not dependent upon the United States for supplies
of raw copper. Japan, Spain, Portugal, and Norway are able to produce
from local mines enough copper for their own needs and for export. But
France, Italy, Russia, Germany, and the rest of Europe normally are
dependent upon foreign sources, chiefly the United States. South
America, Mexico, Canada, Africa, and Australia are exporters of copper.
The control of these countries over their production in each case is
political and not financial, except in the case of Canada, where about
half the financial control is also Canadian. It is in these countries
and in Spain that the United States and England have financial control
of a large copper supply.

Before the war German interests had a considerable control over the
American copper industry through close working arrangements with
electrolytic refineries. Germany was the largest foreign consumer of
copper, and German companies bought large quantities of the raw copper
in the United States, Canada, Mexico, and South America, had it refined,
and sold the finished material in both the American and foreign markets.
During the war this control was broken up.

In view of the importance of copper metal as a raw material,
particularly in the electrical industry, the strength of the United
States in copper as a key resource ranks even above its control of
petroleum.

In the United States in recent years about 40 per cent of the annual
production of copper has come from Arizona, chiefly from the Bisbee,
Globe, Ray-Miami, Jerome, and Morenci-Metcalf districts; about 18 per
cent has come from the B