TRADE: Tin Relaxed

When the British pound was at its prewar level (near par: $4.86), £230 ($1,117.80) per ton would have been a good price for tin—equivalent (with the cost of freight and insurance) to about 48¢ per Ib. As the world's biggest user of tin, the U. S. is much interested in its price. When the official pound was dropped to $4.02-$4.06, £230 per ton became equivalent to only 40¢ per Ib. So last week Britain killed her wartime rule, which since September had forbidden the sale of tin on the London Metal Exchange at more than £230 per ton. She also upped world production quotas (British-controlled through the International Tin Committee) to 120% of standard. Britain doesn't mean to have a tin shortage in wartime, doesn't mean to give it away because her pound has fallen. Untied, British tin prices last week flew up to £275 per ton (equivalent to 48¢ a Ib.), then settled back to £255.