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By K. D. Hester

This paper will review the metallurgical aspects of the completed expansion program at Quirke, and the current rehabilitation and refurbishing program at Panel. During the Quirke program, completed at the end of 1977, the plant capacity was increased from a nominal 4,500 to 7,000 short tons per milling day. The expansion of crushing, grinding, neutral thickening and filtering, leaching, partial neutralization, sand-slime separation, sand washing, C.C.D., clarification, ion exchange, mine water treatment, and tailings neutralization and pumping will be considered. The application of Enviro-Clear thickeners in the mine water treatment circuit and in the C.C.D. will be briefly reviewed. An automatic grinding and classification circuit for limestone will also be covered. The refurbishing program underway at Panel will be discussed. The Quirke and Panel plants will be contrasted and compared. In particular, reference will be made to environmental considerations. The innovative system for producing yellow cake at Panel, LAMIX, will be considered as well as the proposed treatment system for Panel tailings.

Jan 1, 1979

By V. A. Ettel

Current practices in electrolytic winning and refining of copper , nickel and zinc are reviewed from the point of view of their respective energy requirements. The electrical energy requirements of these processes are broken down in to the individual components, which belong to two basic categories: (a) thermodynamic energy requirements (G of the desired reaction) : (b) energy losses (anode and cathode polarizations, ohmic drops in the electrolyte and in the cell hardware, energy losses due to unwanted side reactions and electrical shorts). The individual energy components are separately examined for each electrolytic process and the potential for energy saving in these processes is discussed. It is shown that many potential energy-saving measures are uneconomical at the present time, as they increase over-all operating costs. The discussion is focused on those approaches which hold most promise for the future.

Jan 1, 1977

By John Dasher

The analyses reported on in this paper indicate that there are hydrometallurgical routes from sulphide concentrates to copper that are potentially competitive with smelters which are not permitted to emit sulphur oxides. The various hydrometallurgical processes, and their economics, are discussed.

Jan 1, 1973

By John Kostuik

AT the Sladen-Malartic mine, a number of orebodies have been mined, some by shrinkage and others by open sub-level scopes, from which the ore is handled either through a grizzly system or by mechanical loaders. This paper deals with the comparative costs and relative merits of the two handling arrangements. The facts brought out in this comparison have a bearing on the selection of a proper handling method. The mine is in Fourniere township, northwestern Quebec, about forty miles east of the town of Rouyn. It is served by the Rouyn-Senneterre branch of the Canadian National railways. Two vertical three-compartment shafts give access to the present workings. No. 1 shaft, at which the plant is centralized, is the main hoisting shaft, with five levels to 950 feet. No. 2 shaft, 2,400 feet east of No. 1, is under development, with four levels to 725 feet. At the main shaft, the ore is hand-trammed in 1 1/2 tons cars from the scopes to the stations o:i each level and hoisted in cages to surface at a rope speed of 900 feet per minute. Air-operated tipples are used to dump the ore through grizzlies of 14-inch openings into a surface bin of 150 tons capacity. The ore hoisted at No. 2 shaft is trucked from the headframe bin to the mill. Milling commenced in January, 1938, ar a daily rate of 250 tons. Within two months this rate was increased to the unit's maximum capacity of 325 tons. A second unit to treat a further 325 tons daily was installed in April, 1939. The orebodies mined at No. 1 shaft are parts of a silicified zone at the contact between syenite porphyry and greywacke. The zone is ten co sixty feet wide, strikes easterly, and dips to the south at 55 to 85 degrees. The hanging-wall of the zone is marked, though not precisely, by a strong gouge fault. Locally, the boundary of silicification may be as much as twenty feet either above or below the fault, but for practical mining purposes the fault is the hanging-wall of the ore-zone. The footwall roughly parallels the fault, but as an assay wall it is usually irregular in detail. The ore is dense and hard, a siliceous replacement of both porphyry and greywacke, mineralized with fine disseminated pyrite.

Jan 1, 1941

By F. A. McLean

The past decade has witnessed a rapid increase in the number and variety of uses found for internal combustion engines in mining operations. Gasoline engines are now widely used for operating core drills, pumps, compressors, small hoists, switching locomotives, tractors, boats, and other equipment. The heavy-oil engine is employed for operating compressors, generators, shovels, ore-milling machinery, and- in the iron, copper, and coal districts- in connection with that' latest newcomer in modern railroading, the oil-electric locomotive. Each of these applications could well form a subject for a lengthy treatise in itself. This paper, however, will be confined to a discussion of some of the features of internal combustion engines as applied to mine compressing plants and mill drive. Perhaps at no time in the history of mining in Canada has the search for new mines been more vigorously carried on, more old properties rejuvenated, or more remote districts exploited than during the past three years. The mine operator of today has a far wider range of equipment and facilities at his disposal than had the pioneers of Rossland, Cobalt, or Porcupine. Each year now witnesses the hinterland driven farther and farther back as improved forms of transportation, machinery, and methods make possible the exploration of properties once considered too inaccessible to warrant serious attention. Howey, Sherritt-Gordon, Callinan-Flin Flon, Jackson-Manion, Picard Gold Mines, and a number of properties in British Columbia, afford excellent examples of work carried out on an extensive scale miles from a railway, or in comparatively inaccessible mountain regions.

Jan 1, 1928

By F. E. Lathe

INTRODUCTION THE present study, based largely upon phase equilibrium diagrams and other theoretical considerations but nevertheless addressed primarily to the practical metallurgist, has been undertaken with a view to discovering what light can be thrown upon the role of alumina in slags. According to Liddell (23), "alumina apparently acts as .a base if much silica is present, as an acid if the silica is low, always as a nuisance." Newton and Wilson (26) state that .alumina "is never added intentionally, as it makes the slag viscous, and is generally an undesirable constituent of slags". Camp and Francis (3) sum up their views by saying, "alumina is seldom used intentionally as a flux, but it is present in nearly all raw material, hence unavoidable". One has only to read The Function of Alumina in Slags, by Henrich (I3), and the very extensive discussion that followed the presentation of his paper, to realize that, before the days of phase equilibrium diagrams, it was a very serious question indeed as to whether alumina should be calculated as a basic, acid, or neutral constituent. Opinions then differed widely, as well they might; today, even though no categorical answer can be given to the question raised, the function of alumina can be at least partly clarified by a study of the fundamental work done by the Geophysical Laboratory in Washington and by certain universities in both America and Europe. It will be a source of gratification to Canadian metallurgists and ceramists to know that work of this type is now under way in the recently organized Physical and Crystal Chemistry Section of the Mines Branch, Ottawa, and that results of practical value have in fact already been obtained.

Jan 1, 1951

By A. S. Knight

THE breaking and handling of ore is obviously the most important consideration when the layout of a new mine is contemplated. The problem must be attacked with due regard to the claim area of the property, the dip of the orebody, the anticipated percentage of payability, the width of the reef, and the amount of dislocation anticipated by dykes, faults, or sills. Among these, as far as East Geduld is concerned, the three most important items are: Area. 2,640.5 claims. Average dip 12° (from flat to 35°) Average channel width 36 inches. We are fortunate on the Witwatersrand in 'chat there is usually sufficient information available from surrounding properties to determine, within narrow limits, the factors mentioned above. With this information avail-able, the choice of layout is not limited, and it will be found that on the Witwatersrand each group has developed its own technique to suit its individual requirements. On East Geduld, the layout of the property for handling ore is known as the endless-rope haulage system. Following is a brief description of the general principles followed.

Jan 1, 1942

By G. A. Vissac

METHODS of coal preparation have been greatly developed and improved during the past few years. Under the pressing competition from substitutes that have been displacing coal as a source of heat or power, the coal industry has been able, in many cases, not only to hold its own but to regain much of the lost ground, by offering better products of a higher value. The purpose of this paper is to present, in a brief and simple form, the principles of the latest methods and machinery used in coal preparation, in order to enable the coal operator t0 select methods and equipment capable of solving his own problems in the most efficient and economical way. The paper will deal, in the main, .with coal cleaning. It must be emphasized, however, that a complete coal preparation study covers many other operations, such as handling, screening, de-dusting, dust-proofing, and ash-conditioning. Handling Coal From the producing face to the railway car, coal must be handled with great care, t0 prevent degradation, because the coarser sizes are not only easier to clean than fines but, for our markets, they are often the more valuable. Generally speaking, such care is less important or is unnecessary in the Old Country, where conditions are different. The best way to minimize breakage is to avoid gravity methods in coal transportation. All chutes in a preparation plant should be shaken mechanically, and cleaning processes requiring large surge bins must be avoided. De-Dusting De-dusting of coal is accomplished by the use of vibrating screens, fans, or classifiers, or by a combination of these. Fines below 1/32-in. (or coarser than this, with some coals) can very seldom be cleaned efficiently. Common practice is to discard them immediately, if the moisture content of the coal allows this to be done. Otherwise, they are liable to give unnecessary trouble, either in the form of dust or sludge, which are difficult to collect or to settle. Flotation is the only process which will effectively clean fines.

Jan 1, 1937

By J. B. Keast

Introduction The last two or three decades have been marked by striking developments in methods of mining and tunnelling. In view .of increased competition and various economic factors, intensive ' mining has been largely practised, and no effort seems to have been spared to increase outputs and lower the cost of production. In metalliferous mining, the compressed-air rock-drill has effected marked savings in this direction, while in coal mining, the coal-cutting machine has revolutionized mining methods and materially contributed to economical working. Yet, for many years, little or no advance was made in methods of handling the rock, or coal, once it had been successfully broken. Loading by hand is, undoubtedly, the most laborious occupation in the whole of mining operations, and it is also the greatest single item that enters into the cost of production. In view of this, the lag of improved handling methods behind the process of winning the rock or coal is rather surprising. The point, however, was appreciated by mining men, and the introduction of various forms of conveyors and loaders is the result. The belt conveyor, the chain conveyor, the shaker conveyor, and the mechanical shovel entered various parts of the field, but it was left to scraping to provide a method of both conveying and loading. From the pure loading point of view, the choice lies between mechanical shovels and scraper loaders. While it is realised that each of these machines has applications peculiar to itself, yet it should be realised that much work which has hitherto been done by mechanical shovels can be done equally effectively with scraper loaders and at a considerable saving both from the point of view of initial outlay and upkeep.

Jan 1, 1933

By Christoph Mueller

Broad band mine communication today is characterized mainly by individual solutions, which have in common their long development phases and their high cost for development, operation and service. The use of Ethernet and TCP/IP on the other side provides an uniquely price efficient combination of high bandwidth open networking, universal use and accessibility of cheap development tools, especially because it forms the technical infrastructure for the worldwide Internet. TCP/IP and Ethernet assures reliable networking however it is not able to guarantee the latency timing of forwarding network information. Therefor, the network design requires strict load limitation and application level traffic control especially if moving equipment has to be manually remotely controlled via the network. To optimize the use of bandwidth on mining networks using load limited, ?bandwidth wasting? local Ethernet segments, long distance broadband traffic should be carried out using more efficient, deterministic communication backbones providing a guaranteed quality of service for each of the physically separated networks. Open networking and broadband systems however may lead to the anticipation that any demands on bulk data or multimedia traffic can be fulfilled in the future. This definitely will not be the case as the bandwidth demands of applications will be growing as least as fast as the bandwidth provided by communication systems. Looking on those problems from an overall system integration perspective, machines and equipment in the future have to be equipped with intelligent computing devices capable of an intelligent local data preprocessing. Such ?Embedded Machine Information Servers? running commercial computing power in the future will be the intelligent bridge between open networking and a secured, high safety local automation system. These ?Embedded Machine Information Servers? then also can make advantage of intelligent video and audio data preprocessing to store and transmit multimedia information ?on demand? or when the application requires it. Summarizing the potential for the future Ethernet based networking together with powerful communication backbones and intelligent local data preprocessing on the machines in the future will lead the way to integrative, reliable and cost efficient mine automation solutions.

May 1, 2002

By G. J. S. Govett

World mineral production is dominated by six countries - the U.S., the U.S.S.R , Canada, South Africa, Australia and China - which also hold most of the reserves of the world?s minerals. For the developed and centrally planned countries, there is a strong positive correlation between the mineral production of a country and its land area: there is no correlation between mineral production and land area for the less developed countries. These facts imply that, after taking due account of geological controlling factors, a country may expect to produce minerals in approximate proportion to its land are a provided that political, economic, and historical factors are conducive to mineral exploration and mining. Contrary to popular political belief in many parts of the world, the developed countries are the major source of mineral imports for the industrialized countries. Moreover, exports of ores and minerals account for a relatively small par t of world trade, and are an important factor in the export picture of only a few of the less-developed countries. The looming resource confrontation between the developed and the less-developed countries is based largely on the false premise that the industrialized countries of the world are minerals-poor and owe their wealth to cheap minerals from the less-developed countries. The data presented refute this. Geological controls are relatively minor in the present distribution of world mineral production; political and economic factors are dominant. It is argued that an expansion of world trade in minerals - based on increased exploration and new forms of finance for mining ventures - rather than cartels, price-fixing and trade restrictions is by far the preferable solution to the problem of redressing the legitimate grievances of the poor countries of the world.

Jan 1, 1977

By E. Wraith, W. W. Culver, B. Wesstrom, P. J. Mackey

Electrodeposited copper of the 1860s was of unprecedented purity, although the profound significance of this achievement was not fully realised until the dawn of the electrical age a decade or so later. By the 1870s there were three somewhat large (4 to 4.5 tonnes Cu/day) electrolytic copper refineries in Germany based on J. B. Elkington’s process, first patented in the United Kingdom in 1865. More such refineries were planned throughout Europe. At the same time, copper output in the U.S.A. was starting to expand and with the spread of European electrolytic copper refining technology across the Atlantic, the door opened to major increases in North American output. The technology was first taken up in 1879 by James Douglas at the Chemical Copper Company in Phoenixville, Pennsylvania, where he was Superintendent. Douglas was assisted in this pioneering work by Edward Weston. The copper refinery at the Chemical Copper Company was small, not unlike the first plants in Europe. The present authors contend that the electrolytic copper refinery at the Chemical Copper should be regarded as the first copper refinery in the United States. The Balbach Copper Refinery in New Jersey, which commenced operations in 1883 with an initial production of about 2 tonnes Cu/day, has been erroneously considered as the “first commercial refinery”; it rightly belongs in second place. The early developments at these plants are discussed in this paper. INTRODUCTION In the mid-1800s, the main uses for copper were as sheathing on the wooden sailing ships of the day to protect from marine growth, boiler components in locomotives and steam engines, along with some construction uses. Copper ores were generally smelted, and further fire-refined for market. The recovery of gold and silver, if present in payable amounts, was a slow and relatively expensive step. This situation regarding copper would change by the 1870s with advances in the generation and use of electricity. The introduction of the dynamo led to major developments in electrorefining. First demonstrated in principle by Faraday in 1831 (Faraday, 1832), the dynamo was subsequently adapted and further developed by J.S. Woolrich for electro-metallurgical applications in 1842 (Woolrich, 1842; Napier, 1845). It provided a new source of power with the unprecedented potential to significantly change the scale of metal production by electrometallurgy. Interestingly enough, copper would be needed for the electrical age just beginning. By 1869, advances in dynamo design offered relatively reliable large machines, which enabled J. B. Elkington in the United Kingdom to use the dynamo in the radically new Pembrey copper electrorefinery — the first copper electrorefinery in the world (Wraith, 2013). Initial production at Pembrey was small — in the range of 1 to 2 tonnes/day — while gold and silver were recovered more readily by the treatment of the slimes than with methods used hitherto.

Jan 1, 2019

By Ben C. McLellan, Philip J. Bangerter, Andrew Murphy, Glen D. Corder, Damien Giurco

Sustainability now forms a critical part of metallurgical plant design. In addition to compliance with requirements and corporate principles, design engineers must also consider how community and societal responses to the metallurgical industry affect the way they design and build plants. Three broad areas to consider are: the design engineer’s contribution to sustainability through the design process and the relationship to the social license to operate (SLO)—the unwritten license communities give companies to safely and responsibly operate the plant and equitably share benefits; the realization of sustainability goals through methodologies emerging in the design activities; and the integration of design frameworks into a contemporary project design context and its investment objectives. This chapter explores sustainability in metallurgical plant design in the context of SLO, design tools and frameworks, and community and societal influences.

Jan 1, 2015

By Rob Boom, Yasuyuki Tozaki, Greg Traquair

The objectives of the business case are to examine a proposed metallurgical project and answer fundamental questions about project feasibility, risks, opportunities, and value. A business case fulfills these basic functions: estimates economic value; helps to understand competitiveness; serves as a risk management tool; and serves as a communication tool. A business case evolves with the project life cycle, and supports the gate reviews at the end of each phase of engineering, through to project construction and operations. A business case must be holistic, including all elements of scope that can impinge on project risk and value.

Jan 1, 2015

By Maurice A. Roche

Introduction Most of the Flin Flon ore-body, like many others in northern Canada, was covered by water. The original discovery was made where the ore-body outcropped on a strip of land jutting out into Flin Flon lake. The outcrop could be traced for a distance of 600 feet across the strip of land, but disappeared under the lake on both sides of the peninsula. Following the discovery or location of the property, in 1915, and subsequent to its examination by the H.P. Whitney interests in 1925, an extensive diamond-drilling programme was completed, which proved the existence of an ore-body at least 2,600 feet long and 900 feet deep. In plan, the central part of the ore-body at surface attains an overall width of about 450 feet; including waste horses, and gradually becoming narrower to the south. To the north, it stretches out as a much narrower tongue. The main body is a solid sulphide ore containing gold, silver, copper, and zinc. Adjacent to, and on the footwall side of, the solid sulphide ore-body, there are considerable widths of talcy disseminated copper ore, particularly in the upper 300 feet of the deposit, where the maximum widths occur. The ore-body occurs in a greenstone area, the rock being quite hard on the hanging-wall side, with the footwall schisted, talcy, and much softer. The greater part of the ore-body was overlain by 12 to 15 feet of water and from 15 to 90 feet of mud and clay, this material requiring eventual removal, regardless of the system of mining adopted. The total of mud and clay overburden was estimated at 1,000,000 tons. After considerable study, it was decided to mine the upper 300 feet of the ore-body by open-pit methods; the balance of the ore to be recovered by underground mining . The present paper gives an account of the methods adopted in both operations, and of the problems encountered.

Jan 1, 1935

By G. E. Murray

Introduction The development of the method for recovering zinc from lead blast-furnace slags at Trail is interesting and important in the history of both lead and zinc metallurgy. Many efforts have been made in the past, particularly in Germany, to make economic recovery of zinc from slag. The Pape process on Oker slags was successful and is being worked at the present time. More recently the Waelz process has come to the fore. One effort at Cockle Creek, Australia is of special interest in view of subsequent developments. This was re-ported in detail by Guy Courtney in 1920(1). It deserves mention as it shows how, as in many other instances in the metallurgy of lead and zinc, important pioneering work has been done in Australia. These experiments, started over 25 years ago, comprised reduction with coke, powdered coal, and eletrothermically in carbon-lined furnaces. The so-called slag eye furnace, which volatilised the metals from a blast furnace running with a hot top, was also investigated.

Jan 1, 1933

By Larry M. Southwick

There have recently been executives at major metals companies who have recommended that Greenfield Projects not be pursued. Greenfield includes not only new geographical locations, but also new technologies and new types of feed materials. In the middle part of the 20th Century, two such projects were successfully commercialized to recover nickel from Cuban lateritic ores. One project (at Nicaro) used the Caron ammonia-ammonium carbonate leach and the other (at Moa Bay) a high pressure acid leach. How both of these projects dealt with these Greenfield issues will be reviewed, based on the original reports that described the research and development of the plants. This study will include a review of the critical ore characterization and sorting issues, as well as the extractive metallurgical, product recovery and equipment selection and sizing problems and how they were solved at each stage of project development, from laboratory through one or more pilot scale plants to start up and operation. In one case, a major revision of the plant was made after several years of operation to correct operating, equipment selection and materials of construction problems that hindered economical operation. These descriptions will provide a guide through the complicated and critical issues that in recent times have caused many companies to give up on similar development. Even with the more advanced analytical and computational tools available to today’s mineralogists, engineers and metallurgists, the basic concepts with which these projects successfully addressed their sets of problems are still required. In addition, upper management, now perhaps further removed from hands-on experience than was common then, will see how complicated problems require intense and detailed effort to avoid failure in the field and capital blowouts. Build it and we will make it run, kicking the can down the road and borrowing operating and design concepts incorrectly on technological issues, or nine year olds on a sugar high making financial decisions are not philosophies by which to succeed with Greenfield Projects.

Jan 1, 2014

By H. Brodie Hicks

"THE REVIVAL of the Mayo mining camp, with particular reference to the activities of United Keno Hill Mines, Limited, has been one •of the more spectacular and also one of the most important of the post-war developments in the Canadian mining field. The geological location of the camp, coupled with other natural disadvantages, have in the past limited the mining area to small-scale, highgrading operations, but the post-war improvement in metal prices has now broadened the possibilities and has led to the considerable success achieved by United Keno Hill Mines, Limited, and the present boom-type development by a whole host of newcomers to the field.LocationYukon which has an area of 207,000 square miles, is showing ever increasing possibilities as a mineral source of great value and more and more attention is being focussed on the Territory. The accompanying generalized map (Figure 1) shows the main transportation routes and mining districts.The Mayo Mining District comprises roughly the eastern two thirds of Yukon Territory lying north of McMillan river and south of the Peel. The district was one of the first in the Territory in which placer gold was discovered, but the occurrences proved of minor importance. Other minerals reported include ores of tungsten, tin, antimony, and several other metals, but of primary importance have been the ores containing silver-lead-zinc-cadmium now being developed and mined in the Keno area. Similar ores have been found over a very considerable area, extending some 50 miles north, 15 miles east, 30 miles west, and 10 miles south of the townsite of Keno Hills, Keno City, a total area of 2,700 square miles."

Jan 1, 1952

By Krishna Parameswaran

"This paper discusses energy use and conservation in the primary copper industry and illustrates eco-efficiency considerations, using select examples of practices at ASARCO LLC, an integrated primary copper producer and others in the industry that promote eco-efficiency. The World Council for Sustainable Business Development first publicized the concept of eco-efficiency at the Rio Earth Summit in 1992. Eco-efficiency is a management concept linking environmental and economic performance and is aimed at generating added value for a business through, among other things, increased resource and energy conservation and reduced environmental impacts throughout the life cycle of the product or service. This concept differs from sustainable development in that focus is only on economic and environmental factors and does not include social considerations. In the metal mining and processing context, this added value can be realized by implementing practices that promote conservation of water and mineral resources, conservation of energy, minimization of waste, reduced emissions and effluents and increased recycling. The examples from the primary copper industry used to illustrate eco-efficiency considerations include: water and energy conservation in mineral processing, adoption of flash and bath smelting processes, emission reduction and process improvement associated with fire-refining, implementation of green chemistry in electrorefining, promoting product stewardship initiatives and fostering renewable energy project on disturbed mined lands.INTRODUCTION ASARCO LLC (Asarco) was organized in 1899 as the American Smelting And Refining Company. Originally a consolidation of several lead-silver smelting companies, it evolved over the years into an integrated producer of primary non-ferrous metals, including copper, lead and zinc and associated co-products. Grupo México, S.A.B. de C.V acquired Asarco in 1999. Today, Asarco is a vertically integrated producer of primary refined copper and associated co-products such as gold, silver, molybdenum, selenium and tellurium. Asarco operates three open-pit mines and mills, two leach, solvent extraction-electrowinning (SX-EW) plants and a copper smelter in Arizona and a copper refinery in Texas."

Jan 1, 2017

By O. W. Ellis

Introduction During the month of September, 1928 enough money had. been promised by private individuals and corporations to comply with the Research ?Foundation Act 1928 (Chapter 57, 18 George V) of the Province of Ontario. The Ontario Research Foundation (referred to below as O.R.F.) may be said to 1iave come into being at that time. Under the terms of this Act, the Treasurer of the Province was empowered to match dollar for dollar of the sums subscribed by private .corporations and individuals up to a limit of $1,000,000. However, the response to the appeal for this by the Premier of the Province, the Honourable Mr. G. Howard Ferg uson, was so exceptional that the Act was amended in 1929 so as to empower the Treasurer to increase the maximum contribution on the part of the Province to $2,500,000. In March, 1933, the Chairman of the Foundation, Sir Joseph Flaville, Bart., was able to report that, in the interval between the Premier's appeal and December 1st, 1932, private enterprise had paid ?into the treasury of the Foundation $1,670,050, and that the Provincial Treasurer had assumed responsibility for a like sum. The endownment Fund of the Foundation was, therefore. $3,340,100. This sum was ?invested a lm~ s t entirely in Government securities, in securities guar. anteed by the Government, and in 1mmicipal securities. Sir Joseph Flavelle remarked at that time that "The payment of $1,670,050 to the Endowment of the Foundation by private persons and corporations is a somewhat remarkable performance when it is remembered that for three of the five years the business of the country has been suffering from a severe depression". Since that time it has been the consistent policy of O.R.F. to live within the income derived (1) from the investment of its Endowment Fund and (2) from fees collected for services rendered.

Jan 1, 1950