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By A. L. Marshall, F. J. Norton

THE object of this investigation was to make a comprehensive study of the degassing of molybdenum in order to determine how rigorous a treatment was necessary to completely remove sorbed gases from molybdenum electrodes in vacuum tubes. Some work has also been done with tungsten, nickel, iron and carbon. As a logical development of this work it has been shown that the gas is present throughout the body of the metal and a study has been made of the solubility of nitrogen in molybdenum and tungsten and the rate of diffusion of nitrogen through molybdenum has been calculated. Tests were made on molybdenum from all the commercial sources and no difference was discovered in the nature of the gases present, the amounts or the ease of removal. The reason for this was apparent when a study was made of the manner in which gases are absorbed by gas-free molybdenum. It is necessary to heat molybdenum to 1760°C.oin a vacuum of the order of 0.001 micron for a time which varies lineally with the thickness, in order to obtain a condition in which no further gas is evolved by the sample. A sample so degassed can be handled and subsequently assembled in a tube and then degassed readily. The gases obtained from molybdenum are carbon monoxide and nitrogen, the nitrogen being the more difficult to remove. APPARATUS AND TECHNIQUE The apparatus is shown in Figs. I and 2. It consisted of two units, a degassing system and an analytical system. Each had a bake-out oven, as shown surrounding the systems in the sketches. The system will be traced, starting from the sample in the degassing system. A water-cooled quartz chamber surrounded the sample. The high-frequency coil, which heated the sample, extended only around this chamber and was cooled by an air blast. High-frequency power of 0800-meter wave length was obtained from a self-rectifying oscillator circuit with a maximum power input of 20 kw. A graded seal connected the quartz to the rest of the apparatus, which was of hard' glass. The temperature of the molybdenum sample was observed by an optical pyrometer through an optical window about 40 cm. distant from the sample. Since the object viewed under these conditions was not 'a black body, true temperature was not observed, but the so-called "brightness temperature." The correction of this to true temperature is discussed in a later section. The apparatus was taken apart just above the graded seal; the quartz chamber was slipped off, washed with nitric acid, water and alcohol, and dried by an air stream. The old sample was removed by

Jan 1, 1944

Approximately half of all the fuel energy used in the United States is now pro-vided by oil and natural gas. A persistent and rapid growth in energy demand during the last 3 decades has been absorbed largely by the liquid and gaseous rather than solid fuels. In 1948 the energy provided by coal was substantially the same as in 1920. Meanwhile, the use of oil and natural gas each had increased fivefold. On a per capita basis, the change is more significant. Coal consumption has dropped from about 6 tons per person to 4-1/2 tons, while oil has increased from 4-1/3 barrels to 14-1/3, and natural gas from 7,500 cubic feet to about 35,000. These facts would have only academic interest if the United States had unlimited supplies of all fuels. However, while the Nation's reserves of coal are adequate to meet our needs for centuries, those of oil and natural gas appear limited. It is obvious, therefore, that the security of our liquid-fuel position would be greatly enhanced if the supply could be based in an increasing degree on solid fuels, such as coal/and oil shale, which make up more than 95 percent of our fuel reserves, instead of natural oil and gas. In addition, this would create new employment and help to stabilize the market for coal, which may be facing comparatively bleak prospects in the near future unless its position with respect to other fuels is improved.

Jan 1, 1950

By Charles L. Parsons

Early in 1912, from information received by the Bureau of Mines, it became evident that quantities of valuable radium-bearing ore from Colorado were being exported for manufacture in foreign countries and that at least part of the manufactured product was being returned to this country and sold at a price entirely incommensurate with that received by the miner and the prospector. Consequently, in line with its efforts to increase efficiency in the mining and treatment of mineral resources, the Bureau of Mines undertook an investigation of conditions. Results of this preliminary investigation were published, in the summer of 1913, as Bulletin 70,a which gave an outline of the radium deposits of the West, the conditions of mining, the wastes involved, and the status of the production of radium from its ores. At about this time newspapers and medical journals were publishing statements regarding the value of radium in cancer therapy. These reports, although many of them were exaggerated, brought out clearly the remarkable virtue of the gamma rays for the treatment of cancer and other malignant growths. In view of the fact that the largest known supplies of radium ore in the world are in the States of Colorado and Utah and on the public lands of the United States, it was deemed highly important for the Bureau of Mines to study the production of radium in detail. Such study, it was hoped, would enable the prospector and miner to obtain a fairer price for the ores and would furnish information necessary in case Congress appropriated funds to develop methods for extracting radium from ore on the public lands under Government supervision, to be supplied at cost to the hospitals of the Army, Navy, and Public Health Service.

Jan 1, 1915

By D. Earley

High metal prices and new world trade standards and accounting for environmental liability in financial disclosures are creating markets for metals commodities that are produced using ?green technologies?. A promising "green" gold leaching system uses a polysulfide based lixiviant which is non-toxic and non-polluting. Laboratory testing has demonstrated selective gold extraction rates comparable to those of cyanide. The polysulfide lixiviant is a dilute aqueous solution which can be inexpensively produced from readily available chemical reagents and even mining wastes. The reagent system is self-buffering and maintains the optimal chemical environment for leaching. Treatment of residual leach solutions is not necessary because the lixiviant itself is not toxic, and breaks down as the system equilibrates. Simple closed system boiling is used to recover gold from process solutions. The polysulfide lixiviant can then be readily renewed and recycled back into the system, forming a closed loop system that conserves reagents and energy which minimizes operating costs. Economic projections have shown that the system can be used profitably for standard ore types and grades.

Jan 1, 2009

By Julius G. Chang

Against the receding background of the October stock market crash and the December overhang of inventories, the economy began with a shaky start in 1988. As 1988 began, the Administration's estimate of real growth for 1988 had just been reduced from 3.5% to 2.4% and economists and other ob-servers were concerned that the expansion that was 5 years old might be near the end and that a recession might be around the corner. The ensuing moderately strong economic activity, however, belied all the negative signals that were evident earlier, and the real GNP continued to grow at an estimated 2.3% annual rate during the first quarter of 1988, extending the ongoing recovery into the sixth year (table 1.). The relatively accommodative policy of the Federal Reserve Board (the discount rate was cut by 0.25% in January), a strong performance by the export sector, and the revival of consumer spending were major forces underlying the economic strength. But as the quarter drew to a close, signs of tight capacity utilizations were apparent in many of the export and capital goods sectors, including textile, chemical, plastic, metal, and machinery. Employment was at a record high level while the unemployment rate was close to a historical low. Prices were rising at a faster pace than those of 1987, and the dollar resumed its slide after a brief recovery in January and February. These factors gave rise to the fears of higher inflation. Long-term interest rates increased, casting a pall over the prospect of a robust growth for the rest of the year.

Jan 1, 1988

The object of this talk is to bring before members the importance of the prospector and the' State Battery system to the wealth and prosperity of the mining industry in particular and the State of Western Australia in general, and to touch on the more important features.Customs plants of any sort are usually subject to a good deal of critioism, usually on the large profits made at the expense of the customer, etc., and this often clouds the real value of the work being done.Prospectors, on the whole, are a good class of men; they work under conditions and difficulties which would deter those less spirited. Food, water and mining supplies are often difficult to obtain and frequently have to be transported great distances. Their mining tools are usually of the most primitive type, yet during last year over 109,000 tons of prospectors' ore were handled by the State Battery system for 73,250 fine oz. valued in Australian currency at over £587,000, the value being 57/- per long ton at par.This production brings the State Battery system into fourth position amongst the producers of the State, the yield being exceeded by the Lake View and Star, Wiluna and the Great Boulder.In passing I might mention that these notes were written at the end of the year 1940, and the above figures were for the previous period. The figures for last year, 1940, were not quite so good, being 101,000 tons for approximately 60,000 fine oz., valued in Australian currency at £572,000.In spite of this drop the State Battery system maintained its position as fourth in order of gold output for the State.The extractions, as a whole, throughout the system, were 92·54%, made up of 68·86% by amalgamation and 23·68% by cyanidation. These figures, for a group of 20 plants treating widely different classes of ore, must be considered satisfactory. The total production since inception is over £11,000,000 in Australian currency.State Batteries are usually more or less of a standard design. Ore is reduced to about 2i in. maximum size before being sent to the bins. Challenge automatic feeeders control the feed to each mill unit, amalgamated copper plates collect the free gold. Corduroy strakes are used with some ores after amalgamation, but in only a few cases has this been found of any advantage to the customer.The pulp from the battery is sampled, after leaving the tables, with a "Tazewell" sampler and pumped to dams for subsequent cyanide treatment.The "Tazewell" sampler is a machine driven by the moving pulp; and takes about fifteen dips per .minute from such pulp through a slotted...

Jan 1, 1941

By Richard Paul Seelig

THE following review covers published information on pressing of metal powders at room temperature. Only those operations are considered which occur between the time the powder is filled into the cavity and the compact is ejected from the die. Thus, this review does not concern hot pressing, coining or sizing feed or flow problems, commercial presses nor designs. It was also necessary to disregard to a large extent the effect of pressing on subsequent operations and on properties after sintering. The pressing operation is considered independently in its function to compact loose metal powder into useful shapes which can subsequently be handled. There are some comments by the writer in connection with a few of the findings quoted in the literature in order to stimulate thought and discussion. The selection of references quoted in the text is in some cases arbitrary although an attempt was made to favor papers containing novel ideas, techniques or results which may stimulate future research. In order to enable the reader to check further into the subjects mentioned, the original, rather extensive, bibliography is appended even though not all the references are touched on in the printed version of this review. EXPERIMENTAL APPROACH The equipment used by various workers, for example a die design created by Bridgman,22 is very interesting. The die insert has a conical external surface. The vertical pressure exerted on the punch transmits itself to the die which in turn is pushed harder into its tapered retainer. Thus, the higher the pressure exerted on the punch, the higher also the pressure exerted inwards on the die inserts. In as much as this pressure counteracts the internal pressure from the compact the two stresses balance each other so that it is possible to obtain tremendous pressures without breaking the die. The die collar was made from an oil hardening tool steel, heat treated to a tensile strength of some 300,000 psi. The die was closed at the bottom by a plug made from special tool steels. Bridgman found that there is no steel which will withstand a compressive stress of 700,000 psi without continuous slow flow or immediate fracture. Therefore, the only material suitable for use in the pressing punch was sintered carbide. In view of the ingenious design it was possible to use special tool steel as die material. Jones22 raises the question whether this method of pressing has practical application in powder metallurgy. Al- though these tremendous pressures cannot readily be utilized without many special precautions, the tapered die and retainer idea is believed to be useful even for lower pressures. Bridgman, himself,8 calls attention to the fact that the properties

Jan 1, 1947

By Paul M. Tyler

Calcium chloride is a conspicuous example of a former waste product that has found a place for itself in the onward march of civilization. Formerly considered a troublesome constituent of the effluent sewage of many chemical manufacturing plants and salt works, it has now become a commercial product of substantial importance, with sales aggregating almost six million dollars in 1929. The point has not yet been reached where it would seem profitable to undertake large-scale production of calcium chloride as a main product, but as a byproduct it has become an item that warrants serious consideration by all who are in a position to recover it at sufficiently low cost. The largely increased demand for bromine and for certain magnesium salts, which are likewise potential byproducts associated with calcium chloride in most salt-works bitterns (and brines generally), adds further impetus to commercial research directed toward the fuller utilization of the natural saline resources of the United States.

Jan 1, 1934

By Russell E. Griffin

Dielectric constants and dissipation factors were measured by the Bureau of Mines for 13 simulated lunar rocks over the 20-to 100-megahertz frequency range by means of the susceptance-variation method. Measurements were made at room temperature and normal atmospheric pressure. Results are presented and some comparison is made with data reported by others. The rocks used include a broad range of physical characteristics and chemical compositions from the large areas of volcanism in Oregon and northern California, and two nonvolcanic types. These rocks make up a suite of rock standards used by a group of laboratories engaged in lunar research. The data presented will add to the basic scientific and engineering knowledge needed to utilize extra-terrestrial mineral resources for support of future space missions.

Jan 1, 1974

By D. M. Wyslouzil

"This paper was prepared for presentation at the 16th Canadian Mineral Processor's Annual Meeting, Ottawa, Ontario, Jan. 17 to Jan. 19, 1984.This paper gives an account of the development of treatment procedures for the differential flotation of refractory copper-zinc ores. Special references are made to the effectiveness of various zinc depressants and their combinations.Studies carried out on refractory copper-zinc ores demonstrated that conventional zinc depressants such as cyanide and zinc sulphate were not particularly effective when secondary copper minerals were present in the ore; the flotation activity of sphalerite was enhanced in the presence of cyanide.Among the various zinc depressants evaluated, the following depressant combinations were found most effective: Zn(OH) 2-S02 , 802-CaO, Na2S-Na2S03-S02, Na 2 S-S02 and Na 2S-S0rDS22.The practical application of any of these systems depends on the type of ore treated and other conditions such as pH, levels and points of collector and depressant additions.In this paper the effect of each depressant combination on different ores is described with reference to the selection of collectors."

Jan 1, 1984

By D. C. Oliver

Paper written on project work carried out in partial fulfilment of B.Sc. (Eng.) (Metallurgy and Materials) degree Corrosion in exhaust systems can occur on both the interior and exterior surfaces. Chloride-containing de-icing salts on the roads in colder countries greatly increases the rate of corrosion on the exterior surfaces. This paper investigates the relative exterior corrosion resistance of three alloys?two ferritic stainless steels( AISI Types 409 and 441) and an aluminized mild steel. The exhaust system is split into two categories?the hot end and the cold end. A test for each of these ends was designed?the standard ASTM G85test was modified to create a simulated driving cycle. The cold end test samples were exposed to ten driving cycles, and the hot end test samples were exposed to five driving cycles. A driving cycle constitutes the car being started from cold, driven until the operating temperatures are reached, and switched off and allowed to cool. Pitting corrosion is the primary corrosion mechanism occurring at the cold end of the exhaust system. The aluminized mild steel was the most resistant alloy in this test, and Type 409 the least. However, once the protective aluminium layer degrades, corrosion will occur rapidly. At the hot end of the exhaust system, spalling of the surface oxide layer is the primary corrosion mechanism occurring. Type 441 was the most resistant in this test, and the aluminized mild steel the least resistant. Potentiodynamic tests were performed on the alloys?the results agreed with the results obtained in the exposure tests.

Jan 1, 2003

By Olman Hee

This study investigates the identity and relative importance of factors affecting the future demand for phosphate rock, potash, and nitrogen. The main objective is to analyze demand relationships for these chemical raw materials for some specified past period, and to utilize this information to make projections of consumption into some designated future period. The end-use approach is used, which divides total consumption of each chemical raw material into agricultural, industrial, and export use. Multiple regression analysis is employed to statistically measure the relative effects of the different factors on consumption in each end use. The general method centers on the construction of a consumer demand model, the fitting of the respective equations in the model, and the interpretation of the statistical results. Direct and cross price elasticities of demand are computed for each end use of the chemical raw materials. These give an insight into expected changes in consumption with respect to given changes in price. The results of this study indicate that price, consumer income, and level of technology are factors which measurably affect consumption of chemical raw materials. For phosphate rock and potash, the agricultural and industrial end uses showed an inelastic demand, whereas for nitrogen, all end uses (including export use) exhibited an elastic demand. Among the chemical raw materials, average annual growth of consumption of nitrogen for agricultural and export uses to 1980 is expected to be notably higher than that for phosphate rock and potash.

Jan 1, 1969

The addition of cement to underground backfill at The Zinc Corporation, Limited and New Broken Hill Consolidated Limited, Broken Hill commenced in 1967. A deterioration in metallurgical performance at each concentrator occurred as a result, with increased loss of lead and zinc to residues. Investigations to determine the reasons for this problem and methods to counteract it have been undertaken. This paper outlines the effects of cement on lead-zinc beneficiation at Broken Hill and presents an interim report on attempts to overcome the metallurgical deterioration.

Jan 1, 1971

By Walter Fuchs

IT is now generally conceded that coal is the product of deposition and transformation of debris of forests and swamps.29 Ample data are available to illustrate the metamorphosis of biochemical substances through biological action; other data show the progressive regional metamorphism existing in coal beds;25 and numerous examples of change effected by intrusion of igneous dikes into coal deposits have been established.23 However, often the relative importance of the biological and the geological factor in determining the character of the various natural coals is a debatable question. Since both biological and geological factors are ever present in nature, the problem, at first glance, would appear to resemble certain probability problems: specifically the simultaneous toss of two coins, with the biological factor as heads and the geological as tails. The probability is 2:I for the combined effect of both factors, as compared to the exclusive effect of either one. if the a priori probability is the same for each factor. This condition can be analyzed by a thermodynamic treatment of data, which may be obtained from a consideration of pertinent biological, chemical, geophysical and geological facts. SYNOPSIS OF BIOLOGICAL AND CHEMICAL FACTS The biosphere is not sterile; i.e., microorganisms are always present. Microorganisms have been established in the ocean deep, under the ice of the polar regions, in the sand of the deserts, and in swamps far below the surface. The various biological media may be acid, neutral, or alkaline, and they may or may not be readily accessible to air. Microorganisms are encountered almost everywhere, except where the temperature is not within the range tolerable by microbial life. Of course, with changing conditions, the type of microorganisms will change. All chemical products of life-proteins, fats, carbohydrates, lignins, waxes, resins may serve as a habitat of microorganisms. In the decomposition of a medium, some microorganisms macerate organic matter mechanically and remove certain constituents for their own nutrition; others decompose a large part of the organic matter but may leave certain constituents undecomposed. Some attack only certain specific ingredients of the organic matter. All of them build up cell substance. The nitrogen content of the medium largely determines the degree of decomposition. Below 1.7 per cent nitrogen, growth of microorganisms and hence decomposition of organic material is retarded; consequently organic material will accumulate. l7,32 Such accumulations of organic material may give coal eventually. Coals differ in type and rank. The nature of the original vegetation and the conditions attending the transformation of the accumulated debris determine the type of coal such as bright, splint, cannel, and algal or boghead coals. Chemical analysis of representative samples of a given type of

Jan 1, 1941

By Bernard H. Hertlein

"When the Deep Foundations Institute (DFI) was founded, quality assurance and quality control (QA/QC) of foundation construction was rudimentary. Nondestructive testing (NDT) was a nascent technology, known to very few people, and very limited in its capabilities and applications. In the four decades since the DFI became a reality, NDT researchers and practitioners have taken advantage of technological advances to improve those existing testing and analysis techniques, and to create new ones that have all contributed to the engineering body of knowledge. This has enabled contractors to improve the quality and reliability of their products, and engineers to design more efficient foundations.Through its regular series of seminars, publications and annual meetings, the DFI has been vitally important in educating the deep foundations industry about the capabilities and benefits of NDT methods. In turn, NDT results have helped the industry identify problems in deep foundation construction, determine the causes of those problems, and improve design constructability and construction practices to increase the quality, reliability and efficiency of all types of deep foundations. This presentation reviews the evolution of several important NDT methods, and the contributions that they have made to foundation quality.THE BEGINNINGSThe Deep Foundations Institute (DFI) was incorporated in 1976 in the State of New Jersey as a 501(c)(6) non-profit association. The DFI is a consensus organization of Contractors, Engineers, Owners and Suppliers involved with the design and construction of all types of deep foundations. The purpose of the DFI was and still is to improve the planning, design and construction of deep foundations by educating all those involved, sharing best practices, and promoting the adoption of new technologies that improve quality, productivity or safety.This is well expressed in the current DFI Mission Statement: To bring together multi-disciplined individuals and organizations to find common ground and create a shared vision and a consensus voice for continual advancement in the deep foundations industry.At the time the DFI was born, nondestructive testing for verifying the quality and integrity of deep foundations was in its infancy, its growth constrained by the technology, or lack thereof. Some visionary engineers of the time understood the physics of the potential methods, and therefore the possible capabilities, but were frustrated by the lack of technology to work with. Electronic equipment was mostly analog, and the few digital data acquisition systems that were available had such slow sampling rates that they were incapable of recording rapid event sequences or short duration events such as those used in modern integrity tests. For example, Jean Paquet, a leading research engineer at the French National Construction Institute, (Centre Experimentale de Recherche et d’Etudes du Batiment et des Travaux Publics, or CEBTP) patented the frequency-based analysis procedure for the Transient Dynamic Response (TDR) method, aka Sonic Mobility or Impulse Response, in 1974, but it was not until 1977 that analog data acquisition systems became fast enough to turn his theory into a reality."

Jan 1, 2017

Experimental investigations were made into the decoppering of lead, tin, and bismuth using a technique which approximates on the small scale to industrial practice.Decoppering lead with sulphur alone in the absence of tin and silver did not proceed to low copper values. With a minimum of 0·02 per cent Ag or 0·10 per cent Sn, lead was decoppered to less than 0·01 per cent Cuby stirring with 0·2 per cent S over 10 min. Decoppering of tin or bismuth proceeded rapidly to very low levels in the absence of any "catalytic" impurities, at any rate in excess of those concentrations normally encountered in commercially pure tin or bismuth.

Jan 1, 1971

By William P. Blake

We are so familiar with water in its liquid and its solid form, that we seldom think of it as a mineral, and still less as a mineral product of any considerable industrial importance, though in the form of ice it is mined and stored up in enormous quantities yearly. The industry is peculiarly American, and in no other country has the business of cutting and storing ice been so well systematized and perfected. The interest has grown steadily from year to year, until it has attained large proportions, the annual production being counted in millions of tons, requiring, in the aggregate, a large investment of capital in all the Northern States. It gives employment, also, to thousands of men and horses, in the depth of winter, when farming work cannot be carried on. Ice is not only a luxury, but a necessity, in our climate, and is indispensable in many manufacturing operations: and finds constantly increasing applications and uses. As the industry has grown, so the necessity for suitable implements and tools has grown with it, and it has become necessary to systematize and cheapen the methods of handling such a large amount of material with rapidity and economy. As the industry is properly a branch of mining, and as our mining literature does not, to my knowledge, contain any description of the methods and appliances used in it, it seems desirable to place a brief description on record in our Transactions, and I therefore offer to the Institute the following outline description, based partly upon observations for several years past of the methods and processes employed, and partly upon the information obtained from prominent ice-miners and from the manufacturers of ice-tools. My acknowledgments are particularly due to the firm of W. T. Wood & Co., of Arlington, Massachusetts, for much information in detail, and also to the Knickerbocker Ice Company, of Philadelphia. The wood-cut blocks used in the illustration of this paper, have been kindly lent by both of these firms. The sequence of operations in getting ice is as follows : 1. Wetting down a light snow. 2. Scraping off an excess of snow, if present. 3. Marking out the field. 4. Ploughing and cross-ploughing. 5. Cutting the channel and detaching large floes.

Jan 1, 1883

By R Jacobs, J Yeates

"The Stockman base metals project is situated in State Forest in the alpine area of East Gippsland, Victoria, adjacent to a National Park and within the headwaters of a major Ramsar-listed wetland catchment and the Murray-Darling River system. Site topography is steep, and elevated (650 m – 1200 m above sea level), and subject to circa 1 m annual rainfall, with occasional winter snowfall. The project consists of two volcanogenic massive sulfide (VMS) deposits to be mined by underground methods and treated in a 1.0 Mt/a central concentrator to produce copper and zinc concentrates for export over a ten year operational life. New resource projects are rare in Victoria. Recognising the sensitive setting, planning for the Stockman Project, which is now in the advanced permitting stage, has focused on balancing economic, environmental and social outcomes to ensure social licence to operate is secured and can be maintained. This has involved close attention to triple bottom line (TBL) risks and outcomes. Stockman has successfully gained State and Federal approvals via the Environmental Effects Statement process. The process of obtaining these approvals has required close attention to effective stakeholder involvement, and management of a lengthy and difficult approvals process, which is still to be finally concluded. This paper is a case study of the process of that permitting and the issues encountered to date. Key learnings from the experience have included: successful approvals require close attention to much more than just the project and its technical aspects and physical setting – effective stakeholder involvement and endorsement is critical the differing consultation requirements for local, regional and government stakeholders, to design and plan implementation of a project to meet TBL objectives, and to gain social licence to operate within the Victorian approvals process, the need for an effective lead government agency with policy authority dealing with material policy change requiring post-closure financial sureties estimating realistic permitting time and cost during the project evaluation phase. CITATION: Jacobs, R and Yeates, J, 2016. Stockman base metals project – sustainability, social licence to operate and permitting lessons learnt, in Proceedings Project Evaluation 2016, pp 98–110 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By John K. Gustafson

The title of my talk is "The Gold Miner and the Future of Gold." This title might just as accurately have been stated as "Gold and the Future of the Gold Miner." Since prehistoric times gold has been sought by mankind for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value and lubricated trade between peoples. For at least 6000 years, gold has been used to barter for other commodities. It has been prospected for, treasured, made into works of art and personal adornment, and from time to time has been the object of conquest. Because of its predominant role in recent centuries as a basis for money, economists began to think of it solely in these terms. Annoyed by the disciplinary pressure of gold on the money manager's desire to manipulate money, the famous economist, John Maynard Keynes, characterized it as a "barbaric relic of the past", a characterization repeated by William McChesney Martin, Jr., when he was head of the Federal Reserve Bank. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world.' It is the most ductile metal known. An ounce of gold, for example, can be drawn into a continuous wire over 35 miles long. It also is so malleable that an ounce of gold can be beaten into films ten one-millionths of an inch thick sufficient to cover 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of gold weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity, only slightly less than silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity both to light and infrared rays. Because of these qualities, in addition to its rare beauty, industrial and artistic uses of gold have been growing rapidly. On a world basis, a recent study estimated that in 1960 about 750 tons of gold were used for fabrication, and that the amount had grown to about 1296 tons in 1968. My objective in this talk is to discuss with you the present and future supply of and demand for gold on a worldwide basis and the effect these forces are likely to have on the price the miner can expect to receive for the gold he produces. This is a highly controversial and risky subject to discuss before any audience. Nevertheless, it is a subject that I live with constantly as Chairman of the

Jan 1, 1972

WITH the exception of the deposits of the Milburn Cement Co near Dunedin, Wilson's Portland Cement Co., on the Mahurangi River (a short distance north of Auckland), and those of the New Zealand Portland Cement Co., at Limestone Island, the cement. Tesources of New Zealand remain practically undeveloped. The Milburn Company utilizes a mixture of limestone and mud for the manufacture of cement, while Wilson's and the New Zealand Portland Cement companies both have the advantage of a natural cement stock which requires but small additions of highgrade limestone to give the mixture required. The plant and deposits of the New Zealand Portland Cement Co are located in Whangarei Harbour, some six miles from thetownship of Whangarei. The works and dwelling-houses are situated on Limestone Island, which, with an area of 92 acres, and rising to a height of 212 ft., supplies the bulk of the raw material required. In addition to the island, the company possesses a high-grade limestone area of, roughly, four acres, situated on the mainland, 11 miles to the south. A better location for a cement works could not well have been chosen. On the east side of the island there is a deep channel, which never shows less than 18 ft. of water alongside the company's...

Jan 1, 1912