Such specifications and standards as are used in the Regulation were, prior to such use, in general use in the trade or industry affected. § 1387.1 Maximum prices for silver. Under the authority vested in the Price Administrator by the Emergency Price Control Act of 1942, as amended, and Executive Orders Nos. 9250 and 9328, Revised Maximum Price Regulation No. 198 (Slver), which is annexed hereto and made a part hereof is hereby issued. AUTHORITY: 1387.1 issued under 56 Stat. 23, 765; Pub. Law 151, 78th Cong.; E. O. 9250, 7 F. R. 7871; E. O. 9328, 8 F. R. 4681. SECTION 1. Commodities covered by this regulation. establishes maximum prices for: (a) This regulation (1) Standard commercial bars and all other forms of silver bullion, whether foreign, domestic or Treasury; (2) Semifabricated articles; (3) Silver scrap; and (4) The processing of silver and silver scrap. (b) Definitions. (1) "Silver bullion" means silver which has been melted, smelted or refined and which is in such state or condition that its value depends primarily upon the silver content and not upon its form. (2) "Standard commercial bars" means silver bullion in the form of bars weighing approximately 1,000 troy ounces .999 fine. (3) "Semifabricated article" means silver which has been melted, smelted or refined, and further processed or combined with other materials by alloying, machining, rolling, drawing, turning, blanking, slitting, cutting, spinning, remelting, recasting or other similar process, or by being subjected to special refining processes, but which is not suitable for ultimate use without further processing or combination with other materials. The term includes, but is not restricted to, silver alloys, grain, shot, crystals, powder, wire, sheet, blanks, circles, solders, brazing alloys, sintered products, silver-clad metals, silver inlays, and bar silver in weights or degrees of fineness different from the weight or fineness of standard commercial bars. The term also includes sheet, wire and tubing of rolled gold plate or gold filled stock consisting of fine or carat gold on a silver alloy base. It also includes silver scrap produced by suppliers in semifabricating operations and sold by such suppliers as silver casting metal. The term does not include standard commercial bars or any article, other than those specifically referred to herein, which is suitable for ultimate use without further processing or combination with other materials. The term semifabricated article, however, includes any silver bullion in a form other than standard commercial bars and such silver bullion shall be priced in accordance with the provisions of this regulation for the pricing of semifabricated articles containing silver. * SEC. 3. Maximum prices for standard commercial bars—(a) Definitions. (1) "Seller's most favorable basing point" means the basing point to which the cost of transportation from the point of shipment is lowest. (2) "Point of shipment" means the point at which the silver is first loaded on a conveyance for shipment directly to the buyer, except that, in the case of imports, it means the port of entry, or the station of the common carrier nearest to the point on the international boundary at which the shipment first enters the Continental United States. (b) Base prices. The maximum price for standard commercial bars, delivered, free of all charges, to the seller's most favorable basing point, shall be: For foreign silver: 45 cents per troy ounce .999 fine. For domestic silver: 71.111 cents per fine troy ounce. (NOTE: For pricing purposes, Treasury silver is to be considered as domestic silver.) (c) Basing points. The following basing points, or free delivery points, are established for standard commercial bars: For foreign silver: New York, N. Y., San Francisco, Calif. * (f) Distributor's differentials. A seller other than a refiner may sell or deliver standard commercial bars in lots of less than 200,000 ounces at the base prices set out in paragraph (b) above, plus the differentials established by this paragraph. Moreover such sales or deliveries, at the prices provided in this paragraph, may be f. o. b. the seller's shipping point rather than on the basis of the seller's most favorable basing point; and, if the seller makes delivery to the buyer's place of business, he may add an amount not in excess of express charges. Quantity differentials for sellers other that refiners are as follows: 100,000 ounces up to but not including 200,000 ounces_ 25,000 ounces up to but not including 100,000 ounces_. 10,000 ounces up to but not including 25,000 ounces-5,000 ounces up to but not including 10,000 ounces_. 2,000 ounces up to but not including 5,000 ounces_. Under 2,000 ounces_. In addition to these quantity differentials a seller other than a refiner may add .375¢ per fine troy ounce on sales of domestic silver. (g) Refiner's differentials. A refiner may add the following quantity differentials to his maximum prices for delivery of standard commercial bars in lots of less than 25,000 ounces at his most favorable basing point: 10,000 ounces up to but not including 25,000 ounces__ 5,000 ounces up to but not including 10,000 ounces_. 2,000 ounces up to but not including 5,000 ounces_ Under 2,000 ounces_ Cents .50 .75 1.25 2.00 * (NOTE: The provisions of this section are applicable to sales of silver bullion other than standard commercial bars. However, the maximum prices at which silver bullion (or semifabricated articles) other than standard commercial bars may be imported are to be determined under section 8 rather than under this section). (a) Maximum prices. Maximum prices for semifabricated articles shall be determined by taking as a base the highest price charged by the seller during March 1942 for the same commodity containing foreign silver and adding to this base price 9.634 cents per fine troy ounce of foreign silver, or 36.125 cents per fine troy ounce of domestic silver contained in the article to be priced. (NOTE: For pricing purposes Treasury silver is to be considered as domestic silver.) (b) Determination of base price.-The seller shall determine his base price by applying the first one of the following rules which is applicable: (In applying these rules, the seller must remember that an article he handled in March 1942 which has the same design and specifications as the article to be priced is "the same commodity," even though it was made of foreign silver while the article to be priced may be made of domestic silver. For the purpose of finding the base price, the change from foreign to domestic silver makes no difference.) Rule 1. Take the highest price at which the seller delivered the same commodity to a purchaser of the same class during March 1942. Rule 2. Take the highest price at which the seller offered the same commodity for delivery to a purchaser of the same class during March 1942. Rule 3. Take the highest price at which the seller delivered the same commodity to a purchaser of a different class during March 1942, and adjust it to reflect his customary differential between the two classes of purchasers. Rule 4. Take the highest price at which the seller's most closely competitive seller of the same class delivered the same commodity to a purchaser of the same class during March 1942. (c) Additions to base price. To find the maximum price, figured according to the rules in paragraph (b) of this section, and add 9.634 cents per fine troy ounce of foreign silver or 36.125 cents per fine troy ounce of domestic silver contained in the article sold. (d) Terms of sale. No seller shall change his customary allowances, discounts or other differentials unless the change results in a lower price; and no seller shall require the purchaser to pay any greater proportion of the transportation cost than he required purchasers of the same class to pay in March 1942. OFFICE OF PRICE ADMINISTRATION RMPR 198-AMDT. 1- SEPT. 21, 1945 (Document No. 49585) PART 1387-SILVER [RMPR 198,1 Amdt. 1] SILVER A statement of the considerations involved in the issuance of this amendment, issued simultaneously herewith, has been filed with the Division of the Federal Register. Revised Maximum Price Regulation No. 198 is amended in the following respects: 1. Section 3 is revised to read as follows: SEC. 3. Maximum prices for standard commercial bars—(a) Definitions. (1) "Seller's most favorable basing point" means the basing point to which the cost of transportation from the point of shipment is lowest. (2) "Point of shipment" means the point at which the silver is first loaded on a conveyance for shipment directly to the buyer, except that, in the case of imports, it means the port of entry, or the station of the common carrier nearest to the point on the international boundary at which the shipment first enters the continental United States. (b) Base prices. The maximum price for standard commercial bars, delivered, free of all charges, to the seller's most favorable basing point, shall be: 71.111 cents per fine troy ounce. (c) Basing points. The following basing points, or free delivery points, are established for standard commercial bars: New York, N. Y.; San Francisco, California; Philadelphia, Pa.; Denver, Colorado. (d) Delivered price. If delivery is made to the buyer at any point other than the seller's most favorable basing point, the maximum delivered price shall be the applicable one of the prices set out in pargraph (b) of this section, plus the cost of transportation from the point of shipment to the destination, minus the cost of transportation from the point of shipment to the seller's most favorable basing point. (e) Price f. o. b. point of shipment. Standard commercial bars may be sold f. o. b. point of shipment. The maximum price f. o. b. point of shipment is the maximum delivered price at the seller's most favorable basing point, minus the cost of transportation from the point of shipment to the seller's most favorable basing point. (f) Distributor's differentials. A seller other than a refiner may sell or deliver standard commercial bars in lots of less than 200,000 ounces at the base price set out in paragraph (b), plus the differentials established by this paragraph. Moreover such sales or deliveries at the prices provided in this paragraph may be f. o. b. the seller's shipping point rather than on the basis of the seller's most favorable basing point, and if the seller makes delivery to the buyer's place of business, he may add an amount not in excess of express charges. Quantity differentials for sellers other than refiners are as follows: 100,000 ounces up to but not including 200,000 ounces_ 25,000 ounces up to but not including 100,000 ounces_. 10,000 ounces up to but not including 25,000 ounces_5,000 ounces up to but not including 10,000 ounces_ 2,000 ounces up to but not including 5,000 ounces_ Under 2,000 ounces.. Cents 17 F.R. 6083, 6939, 8948; 9 F.R. 5990. 2. Section 4 (a) is revised to read as follows: (a) Maximum prices. Maximum prices for semifabricated articles shall be determined by taking as a base the highest price charged by the seller during March, 1942 for the same commodity containing foreign silver and adding to this base price 36.125 cents per fine troy ounce of silver contained in the article to be priced. 3. Section 4 (c) is revised to read as follows: (c) Additions to base price. To find the maximum price, take the base price, figured according to the rules in paragraph (b) of this section, and add 36.125 cents per fine troy ounce of silver contained in the article sold. Senator MCKELLAR. If there is nothing further, gentlemen, this committee stands adjourned to meet at the call of the Chair. (Whereupon, at 4:30 p. m., March 11, 1946, the committee recessed to meet at the call of the Chair.) TREASURY DEPARTMENT APPROPRIATION BILL, 1947 TUESDAY, APRIL 9, 1946 UNITED STATES SENATE, SUBCOMMITTEE OF THE COMMITTEE ON APPROPRIATIONS, Washington, D. C. The subcommittee met at 10:30 a. m., pursuant to notice, Hon. Carl Hayden presiding. Present: Senators McKellar, McCarran, Hayden, Green, Reed, and Willis. Also present: Senators Murdock, Johnson of Colorado, Taylor, Millikin, Magnuson, McFarland, Young, Murray, and Gossett. Senator HAYDEN. The committee will be in order. TREASURY DEPARTMENT BUREAU OF THE MINT This meeting has been called for further consideration of the following part of H. R. 5452, as on page 25 of said bill: USE OF SILVER OWNED BY THE TREASURY For a period of 2 years following the enactment of this act, the Secretary of the Treasury is authorized to sell or lease for manufacturing uses, including manufacturing uses incident to reconversion and the building up of employment in industry, upon such terms as the Secretary of the Treasury shall deem advisable, to any person, partnership, association, or corporation, or any department of the Government, any silver held or owned by the United States at not less than 71.11 cents per fine troy ounce: Provided, That at all times the ownership and the possession or control within the United States of an amount of silver of a monetary value equal to the face amount of all outstanding silver certificates heretofore or hereafter issued by the Secretary of the Treasury shall be maintained by the Treasury. Senator McCarran, this hearing was arranged at your request. MOTION THAT SILVER AMENDMENT BE STRICKEN FROM BILL Senator MCCARRAN. Mr. Chairman, in order that there might be some order and regularity, this matter should be pursuant to a motion, and I make the motion that the item just read by the chairman be stricken from the bill on the ground, first, that it is legislation on an appropriation bill, and second, on the ground that it is contrary to law, and being legislation on the appropriations bill, it should be immediately stricken. 203 |