To maintain our position as an independent metals fabricator, it is imperative for us to match the moves of larger competitors into aluminum. To operate in the aluminum industry, tremendous sums are needed. In aluminum, we will be competing not only with the large integrated companies traditionally in that field, but also with the powerful integrated brass companies who have already entered the aluminum field. Our progress into alumnium has been retarded under the excess profits taxes. These taxes siphoned off cash badly needed for expansion. They distorted and reduced our earnings record for 4 years and thus denied us reasonable acsess to vital equity capital. Nor was our general need for new facilities met to any degree by certificates of necessity-generally denied our industry because of copper shortages. A limited rights offering to our shareholders last November and December raised some additional funds, at a price hardly more than our 1953 pretax earnings and this was fortunately largely taken up by existing shareholders. This was, however, only a start on our aluminum requirements. The skills, facilities, and resources of independent metal fabricators in this atomic-air age are becoming of increasingly vital importance to our country and the free world. The measure of our advances in metals may well be the measure of our strength. The maintenance and continued growth of vigorous independent metal fabricators are thus vital to the national interest. Many members of this committee have taken a sympathetic interest in our struggle for relief ever since 1950. Our situation cries aloud for correction. Thousand Short Tons BRIDGEPORT BRASS COMPANY YEAR-END STOCKS OF REFINED COPPER IN THE UNITED STATES Thousand Short Tons 1930 32 34 36 38 40 42 44 46 48 50 1952 1940* 42 44 46 48 50 1952 End of Year End of Year Source: Data for prior years are not available. Derived from United States Department of the Interior, Bureau of Mines. 1 These figures are Federal income tax return figures, adjusted to date, and will vary somewhat from published figures. |