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By The Honourable George Prudham

"I AM PLEASED indeed to be present with you here today and to be taking part in the proceedings of your convention. You have been greeted and welcomed to the Province by Premier Manning who is also provincial Minister of Mines and Minerals, and to this City by Mayor Hawrelak. As Minister of Mines and Technical Surveys in the federal government and as Member of Parliament for Edmonton West, I have been asked to share the honour of extending greetings and a cordial welcome to all.It is a happy coincidence that this representative national gathering, indicative of the growing strength and significance of a great basic Canadian industry, is taking place in the Macdonald Hotel, the new addition of which marks another important step forward in the progress of this City and district.This happens to be the third national convention of the C.I.M. that I •have had the pleasure of attending and I trust that I am not presumptuous in expressing the hope that I will have the opportunity of attending many more conventions of the Institute in my present capacity.Dr. Kidd has bestowed on me a high honour by asking me to be Co-Chairman of this Inaugural Session of the Convention and thus to share with him the responsibility of presiding over the proceedings of this afternoon."

Jan 1, 1953

By Zuhair A. Nawab, Muhammad A. Al-Marhqun, Mehmet Guney

"The Atlantis-Il-Deep is a stratified metalliferous deposit located along the median valley of the Red Sea at a water depth of about 2200 m. The metal-bearing mud contains sulphides of zinc, copper and iron with significant amounts of silver, gold and cobalt. A variety of oxide, siliceous and carbonaceous gangue material is also present. Long sediment cores indicate that the thickness of the deposit may reach 25 m, but the average kriged thickness of metal-rich sediments is about 11 m.Mining geostatistics was applied to estimate the Red Sea offshore mineral resources. Experimental semi-variograms were computed along 0 ± 180 degrees and then models were fitted to analyze the mineralization phenomenon. Kriging estimates indicate that 696.330 million t of bulk sediments contain 1.891 million t of zinc, 0.425 million t of copper and 3. 75 thousand t of silver. Gold and cobalt contents were calculated from the analysis of solids in flotation concentrates as 47 t and 5368 t respectively. The significant outcome of implementing geostatistics to the Red Sea brine precipitates is not only for the evaluation of metal resources, but it also provides a useful tool in the optimization of selective dredging of appropriate areas to be mined. IntroductionThe discovery and extensive exploration of hot brines and hydrothermal sediments in the Red Sea median valley revealed the fact that the Atlantis-II-Deep is a potentially exploitable metalliferous mud in the economic sense. Sediments in the mineralized deep are composed mainly of oxides, various types of silicates and sulphides with considerable concentrations of zinc, copper, cadmium, silver and gold. The mineral-rich deposit, located at a mean water depth of about 2000 m, has an average thickness of 11 m, and is covered by a brine layer having a temperature of 60°C."

Jan 1, 1988

By J. E. Hawley, Y. Rimsaite, T. V. Lord

"IntroductionIN THE COURSE of. a spectrographic investigation of the platinum metal .content of various minerals in sulphide ores, the use of • fire-assay beads dissolved in gold-amalgam ( 1) was found suitable for the quantitative determination of palladium and platinum. Later work on platinum and bismuth-rich beads showed however, that these could not always be readily mixed uniformly in the amalgam. Accordingly another technique was sought which would allow the simultaneous determination of gold, silver, palladium, platinum, rhodium, and bismuth, the last .a common contaminant in fire-assay beads. The method evolved, which consists of dissolving fire-assay •beads in .lead, resembles in several respects the method of Scobie (2) in which silver was used. It has equally good sensitivity arid reproducibility, and allows the determination of silver as well as the other metals mentioned. The 'mutua1 standard' method of calculation (3a) is used to determine actual quantities present. This method has been applied to sulphide and arsenide minerals and •ores• of nickeliferous and non-nickelferous deposits• of both pre-and post Cambrian age, and, following a suggestion by Dr. G. S. Hume and the late Dr. H. V. Ellsworth, Geological Survey of Canada, has also been used for a peculiarly rich platiniferous uranium oxide ore from the Nicholson property, Lake Athakaska, Sask. More recently, the method has been .tested for the determination also of iridium and ruthenium and results indicate it may be applied, as• well to osmium."

Jan 1, 1953

By D. M. Doyle

A study of the various components contributing to energy costs and their relationships to generally trended operating data, such as tonnage, operating costs, etc., over progressively shorter time periods provides information for an energy audit. A study of annual data gives some insight into the importance of various energy components. As the time frame of the study progresses through monthly, daily and, finally, into quarter hourly data, the variations become more evident and, most important, strategies develop to minimize energy costs. The results of an audit conducted during the summer of 1978 at Wesfrob Mines Limited are reported to illustrate this important phase, prerequisite to a meaningful energy cost avoidance program. The balance of the paper deals with the energy conservation program at Falconbridge Nickel Mines Limited's Sudbury operations, the metering and control equipment, the commitment, the new energy accounting practices and, lastly, the policies. Examples of successful energy conservation endeavours include automatic peak electrical load control, waste heat recovery from mine air and compressor cooling water, energy reductions resulting from lower building temperatures and curtailment of idling loads. The use of pulse meters to measure the flow of gas, steam, compressed air and electrical energy, with their signals interfaced to process computers, allows monthly, daily and, if necessary, immediate reporting of energy and energy per unit of production information The program so reported at Falconbridge's Sudbury Operations is credited with an annual cost avoidance of .9 million dollars in a 14.0-million-dollar annual energy account

Jan 1, 1979

By Adrian Daniel

"Dating back to 1934, Con Mine is located directly south to the city of Yellowknife in the NWT, Canada. With mill operations ceasing in 2004, a challenging surface remediation situation resulted which required the treatment of close to 40,000 m3 of Arsenic impacted material.Through much of the period of 1941 to 1970, Con Mine treated their refractory arsenopyrite ore through the use of an Edwards Heath roaster. With mounting environmental pressure and through Canadian governmental studies during 1950 to 1970, attention was directed to the Arsenic Trioxide material being collected by two Doyle scrubbers on the Con’s roaster stack. In 1970, the roaster was decommissioned leaving the resulting Arsenic material in two containment areas on surface.As a result of Con Mine entering into remediation in 2004, the Con’s autoclave, commissioned in 1992, was dedicated to the immobilization of high impacted Arsenic material through the combination of excess Iron under high temperature and oxygen overpressure. Examined, herein, is the history and chemistry of the Con Mine autoclave as well as the two stages of chemistry for the Water Treatment Plant used to remove arsenic, heavy metals and WAD cyanide from tailings water. Simplified capping plans of the tailing containment areas and a high arsenic impacted area are also presented.INTRODUCTION TO CON MINECon Mine (Con) is situated just south of the City of Yellowknife in the North West Territories (NWT) Canada and is bounded locally by Yellowknife Bay (North Extension of Great Slave Lake) to the east and Kam Lake to the west (Figure 6). The discovery of gold at Con was made in 1934 and mineral rights were acquired by Consolidated Mining and Smelting Limited (Cominco) and Falconbridge soon thereafter. Nerco Minerals Limited (Nerco) took control in 1986 and in 1993, was subsequently sold to, Miramar Mining Corporation which in turn was purchased by friendly takeover involving Newmont Mining in November 2007 as a result of acquiring the Miramar’s Hope Bay project. Con’s underground operations ceased in September 2003 and have since entered into the remediation of the site. The current surface lease holdings are about 340 Hectares (Table 1) which sits on top of the Archean-aged Yellowknife Greenstone Belt."

Jan 1, 2009

By R. G. Burn

"A brief outline will be given of the concept of risk and its implications with regard to investment in exploration. The relationship between risk and decisions under uncertainty will be examined as a prelude to identifying those factors which contribute to exploration risks:consideration of the effects of corporate objectives (e.g. survival, expansion, diversification) on exploration strategy and ultimately on success or failure, exploration and mining as an investment (the relationship between risk and reward) and the desired return on investment; exploration odds, funding levels, staying power, financial exposure and the concept of gambler's ruin;origins of uncertainty in exploration decision-making-man-made risks and natural hazards; the nature of introduced constraints at each exploration decision stage and their effect on the rate of success;improving the chances of success and the invest reduction of risk through sound exploration strategy, effective project generation and efficient target detection capabilities."

Jan 1, 1984

By G. Thom, A. Kay, J. B. Hyde

"This paper will initially outline the specific types of copper castings used in blast furnace iron production. Tuyeres, tuyere coolers and stack cooling plates will be discussed in some depth, with particular reference to their dimensional configuration and purpose.Following this, the failure of such cooling members will be discussed, with special focus on tuyeres. Tuyeres are the most common casting which often requires replacement. Reasons for failure and its effect on operations will also be included.The latter sections of the paper will deal with the strict specifications demanded by ironmakers regarding copper castings. The justification for such rigid demands will be explained through the material presented earlier in the paper.IntroductionThe modern 5000-tpd blast furnace, worth millions, is a large capital investment to be sitting idle. Consequently, ironmakers strive to minimize the loss in iron production and revenue from furnace downtime. Two major causes of downtime are furnace relines and shutdowns to replace damaged tuyeresor tuyere coolers. Copper ancillaries are important items in the production of iron. They are consumable items, therefore they contribute to the campaign life or to the downtime in blast furnace production.Several combinations of lining and cooling systems have been used with varying degrees of success. Blast furnace refractories have evolved from ceramic to carbonaceous linings. The Russians and Japanese have successfully introduced stave-cooled furnaces that may have several forms, such as evaporative cooling. Stelco has two furnaces which use the Russian-designed cast iron system. However, this paper will be confined to the use of copper cast cooling members in a conventional internally cooled furnace.Figure 1 is a schematic cross section of the E blast furnace. The three major sections of a blast furnace-the stack, bosh and hearth-are identified. Further, the locations of the various copper members are indicated. This furnace produces an average of 5300 tons of hot metal per day."

Jan 1, 1982

By D. A. Trotter, G. J. Goddard

"This paper describes a method of deciding on various design parameters for a sublevel caving layout. Layout design curves are obtained from the output of a computer optimization program. The program uses mathematical relationships derived from the theory of gravity flow of material to optimize the large number of interdependent design variables which are involved.IntroductionIn the design of an efficient sublevel caving mining system, a large number of interrelated variables need to be considered. Although many papers discuss individual variables, very little exists in the literature to show how these variables interact to achieve optimum results. This can lead to trial and error in sublevel caving design, which can prove costly, particularly because sublevel caving is a mining method which requires integration with sublevels above and below. With no pillars being left, experimental stopes cannot be isolated for study. Unfortunately, the complexity of layout design and the costs associated with trial and error have caused many planning engineers to choose more tried and tested mining methods.Sublevel caving works best to extract low-value ore surrounded by incompetent rock. All phases of the mining method can be highly mechanized, allowing low operating costs and high production rates. Good safety records are achieved, as workers are always in 'good' ground and the method is regular, making it comparable to an industrial process."

Jan 1, 1981

By D. A. Barr

High-grade gold-silver mineralization associated with electrum and argentite was discovered in a quartz vein at the Chappelle property, 273 km north of Smithers, B.C., in 1969 following a regional geochemical reconnaissance program in the Cassiar-Omineca Mountains. Subsequent exploration resulted in the discovery of numerous quartz veins with associated precious-metal values in a belt 17 by 3 km in area centrally located within Toodoggone Group volcanic and sedimentary rocks of Lower to Middle Jurassic age and a window of Takla Group volcanic rocks of Upper Triassic age. More detailed investigations, consisting principally of 5677 m of surface drilling in 57 holes and crosscutting, drifting and raising on Chapelle Vein A, has outlined a high-grade gold-silver-bearing shoot with a strike length of 200 m, an average width of about 3 m and extending to an average depth of about 40 m below surface.

Jan 1, 1978

TABAKOTO / SEGALA ? Annual gold production approximately 100,000 oz ? Debt free ? Unhedged ? Combined surface reserves 949,000 oz ? Combined 9 year life Tabakoto open pit reserve 568,000 oz (3.4m tonnes @ 5.26 g/t Au) Segala open pit reserve 381,000 oz (3.98m tonnes @ 2.98 g/t Au)

May 1, 2006

By Barbara Hendrickson

Outline ? Canadian Regulatory Update ? Turning the Corner: Background & Status ? Implications of U.S. Waxman-Markey bill for Canada ? Federal-provincial considerations ? Current certainties and uncertainties ?Turning the Corner? as Originally Proposed ? April 26, 2007 - the Canadian federal government announced Turning the Corner: An Action Plan to Reduce Greenhouse Gases and Air Pollution (?Turning the Corner?)

May 1, 2009

By Willemijn Husslage

Tata Steel Group At a glance ? Part of the Tata Group ?Tata Steel Group: ?Fortune 500 company ?Top 10 global steel producer ?Annual crude steel capacity of 28 million tonnes ?More than 80,000 employees ?Manufacturing operations in 26 countries across 5 continents ?Serving customers all across the globe ?Turnover 2009-10: $22.8 billion

May 1, 2011

By K. Schimann, H. D. Knipping, J. P. Fouques

"RESUMELe gisement d 'uranium de Cigar Lake, dans la région de l'Athabasca au nord du Saskatchewan, fut découvert en mai 1981 par Cogema Canada Ltée, opérant pour Ie compte de la ""Waterbury Lake Joint Venture"".Le corps minéralisé. qui est dépourvu de toute expression directe en surface, est situé a la discordance entre les met sédiments du wottaston Group (Protérozoïque inférieur ou Aphébien) et les grès de l 'Athabasca (Protérozoïque moyen ou Hélikien), à une profondeur de 410 a450 m.Fin 1984, Ie gisement était reconnu par 105 sondages minéralisés repartis sur une longueur de 1800 m, pour une largeur comprise entre 25 et 105 m. 11 se présente sous forme d’une lentille aplatie de 5 a30 m de puissance, et montre une remarquable continuité d'ensemble. Une ride ou bombement topographique de la discordance est associée au gisement surtoute sa longueur.A l'échelle régionale, le corps minéralisé à est associe à un corridor structural d’orientation est-ouest, a l'intérieur duquel des facies particuliers aténdance blast mylonitique sont développes dans les formations métapolitiques agraphite du socle métamorphique. Il est entouré par un halo d'altération très important, caractériser Ie développement de minéraux argileux alumino-magnesiens (illite-chlorite).La minéralisation est située, pour la plus grande part, dans les grès d'Athabasca, et se compose essentiellement d'uraninite et de sulfo-arseniures de nickel et de cobalt,De nombreux levés géochimiques et géophysiques ont été effectues dans la région de Cigar Lake. Aucune anomalie ne peut être associée directement au corps minéralise, mais la combinaison des données en provenance de plusieurs sources s’est révélée fort utile au niveau de l’interprétation géologique régionale et de la définition des cibles de sondages a l'intérieur des zones reconnues favorables.Le gisement de Cigar Lake présente de nombreuses analogies avec plusieurs des gites classiques de la région de l'Athabasca; il est caractérise en particulier par l'intensité des phénomènes d’altération et la présence de minéralisations extrêmementriches.En 1984, les réserves géologiques globales estimées par géostatistique sur I ‘amas minéralise principal s 'élevaient a 110 000 tonnes d'uranium, aune teneur moyenne de 12.2%, avec une précision de 25% à l'intervalle de confiance de 95%.ABSTRACTThe Cigar Lake uranium deposit, in the Athabasca area of North Saskatchewan, was discovered in May 1981 by Cogema Canada LId., as operator of the Waterbury Lake Joint Venture. The deposit, which is devoid of direct surface expression, is located at the unconformity between the Lower Proterozoic (Aphebian) Wollaston Group meta-sediments and the Middle Proterozoic (Helikian) Athabasca sands tone, at a depth of 410 m to 450 m below surf ace.AI the end of 1984, the deposit had been defined by 105 mineralized holes over a length of 1800 m and a width of between 25 m and 105 m. It has the shape of a flat-lying lens 5 m to 30 m thick and shows a remarkable longitudinal and latera continuity from the information obtained to date. A well-defined bulge of the unconformity underlies the mineralized zone over its entire length.The deposit appears to be controlled by an east-west-trending structure within which a particular rock facies (""augen gneiss"") has developed in the graphitic metapelites of the Wollaston Group. It is surrounded by a strong alteration halo affecting both sandstone and basement, characterized by extensive development of Mg-A I rich clay minerals (illite-chlorite).The mineralization is hosted principally by the Athabasca sandstone, and consists mainly of uraninite and sulfo-arsenides of nickel and cobalt.Numerous geochemical and geophysical surveys have been carried out in the Cigar Lake area, and no specific geochemical or geophysical anomaly can be directly associated with the mineralized body, although there may be locally a good coincidence. However, a combination of several methods proved extre"

Jan 1, 1986

By C. Pelley, A. Piche

"The Canadian mining industry faces the prospects of a severe shortage of graduate mining engineers over the next decade. This arises from three factors: first, a growth in industrial activity; second, the average age of company engineering and management staff; and third, the reduced number of students in engineering faculties around the world. This paper aims to identify the critical factors underlying the trend of inadequate recruitment into higher education for mining and to examine means of alleviating the problem.This paper is based upon surveys of potential and current students and graduate mining engineers from four mining schools. An attempt is made to understand institutional and industrial images, career prospects and what is required to attract enough high-calibre young people into mining education over the next decade.IntroductionThe mining industry has started to experience a severe shortage of graduate mining engineers which is likely to persist and even worsen in the short- to medium-term.This arise s from three principal factors:1. a recent and strong growth in mining activity, which surpasses that experienced through the 70s, before the recent international industrial recession; .2. an increasingly older average age of mine engineering employees, at least in the industry's larger companies; and3. problems associated with maintaining adequate mining undergraduate recruitment levels ."

Jan 1, 1989

By K. J. R. Ford, Botz. M. M.

Porphyry copper ores are frequently a source of low-grade gold ore, but gold in these ores is often associated with significant levels of cyanide-soluble copper. Cyanide leaching of such ores increases flowsheet complexity and operating costs, and requires thorough planning to satisfy environmental requirements for tailings disposal and mine closure. This paper presents a review of the chemistry of cyanide leaching of gold-copper porphyry ores, carbon adsorption phenomena and means of removing base metals from leach solution. The primary economic drivers behind the processing of such complex ores are also analyzed.

Jan 1, 2011

By L. Salnais

"Aluminum alloy structural components f or aircraft designed prior to the early 1970s, were machined from 2024, 7075 and 7079 plate, bar and forgings in either the T3xxx of the T6xxx tempers. Protective treatments for these parts consisted of chromic acid anodizing and alkyd zinc chromate primer, plus a nitrocellulose lacquer for exterior parts.The major service problem with these parts was the frequent occurrence of exfoliation corrosion and stress corrosion cracking (S. C. C.). Therefore, 2024 and 7079 alloys, with min or exceptions, were not used in aircraft designed after the early 1970s. Replacement materials were 7075 and 7050 alloys in the overaged, exfoliation corrosion and S. C. C. resistant, T73xxx tempers.The use of improved materials together with the upgrading to chromated epoxy primers, polyurethane enamels and the introduction of water displacing corrosion inhibiting compounds have significantly reduced corrosion in aircraft. IntroductionThe prevention of corrosion in aircraft has been a challenge to aircraft designers for many decades. With the design of the first all-metal aircraft, the designer and builder were thrust into the relatively new field of protective treatments as corrosion started to become more prevalent. This resulted from the continually increasing importance and wider utilization of aircraft, and their exposure to a wider variety of ho stile environments such as urban industrial pollution, high humidity tropical areas and salt ladened marine environments.Corrosion advanced another significant step when, after World War II, designs of new and larger aircraft utilized larger and thicker metal sections in the manufacture of structural components. With thicker mill products came higher residual heat treat, fabrication and assembly stresses resulting in an increased number of stress corrosion and exfoliation corrosion problems.Apart from the exterior environment, aircraft interior s can be exposed to a number of fluids which are either directly or indirectly responsible for corrosion. The most common of the fluids is water which is usually introduced as a result of condensation, especially in pressurized fuselages, and spillage from lavatories, galley s and electrolytes from batteries. These fluid s have a degrading effect on protective treatments and are also corrosive to the substrate metal. Fluids such as phosphate ester hydraulic fluids and ester based turbine engine lubricating oil s are not corrosive to the substrate metal, albeit they do contribute to corrosion by the degrading effect on protective treatments."

Jan 1, 1988

By H. C. Cooke

THE gold mining industry, in Canada as in other countries, has passed through trying times in the past year. The strains and stresses of war have drawn away much of its man-power, both from the labour and the management. The urgent needs of the war machine have greatly curtailed the amounts of steel and explosives that can be allotted to the mines; and the loss, by enemy action, of supplies of such essential things as rubber, bids fair to reduce operations still further, if not cripple them entirely in time. And, as if these difficulties were not enough, war on the psychological front has been declared on the gold mines. Earnest supporters of the war effort, well-meaning theorists, and perhaps others whose intent is less disinterested, have all combined to clamour against the continuance of gold mining. We have been asked, what is the use of taking gold out of one hole in Canada to put it into another in Kentucky. We have been assured that gold will never again have any value, except for filling teeth. We have been repeatedly adjured to look at Germany, how well it has got along without gold. We have been told that it is unthinkable, when this nation is girding her loins for war, that labour and materials should be diverted to this useless effort. Gold miners should be diverted to the base-metal mines, where they can produce something of real value to the war effort; or to war factories; or, in fact, almost anywhere, so long as they are got out of the gold mines. And, what has made the situation even more disturbing, it has seemed as if all this clamour might be convincing governments. In fact, as you all know, the government of the United States did actually take the step of ordering its gold mines to cease operations. Fortunately, however, for Canada, the facts that no large favourable effects resulted from that action, and that, in Canada, gold mining is a much larger part of the national economy than in the United States, have caused our government, so far at least, to avoid this drastic step. In talking about this, however, let me emphasize that I have no more inside information on the subject than any of you. Like Will Rogers, all I know is what I see in the papers.

Jan 1, 1943

By Hassan Ghaffari

? HPGR Process/Overview ? HPGR vs. SAG ? The Manufacturers ? Mine Operations using HPGR ? Projects by Wardrop/Tetra Tech ? Economic Benefits ? Questions Main Operating Parameters ? Press Force (N/mm2) ? Roll Speed (m/s) ? Moisture Content (%) ? Feed Particle Size Distribution Specific throughput M* = throughput/D*L*V (ts/hm3) Flake thickness/strength in balance with the compressing force (floating roll situation)

Aug 1, 2013

By M. J. McLeod, D. R. Lux, R. P. Taylor

"The Mount Douglas Granite constitutes the eastern part of the Saint George Batholith and contains the youngest, most differentiated phases of the batholith. It also contains extensive endogranitic, low-grade. Sn- W-Mo-bearing sheeted vein systems. Early phases of the Mount Douglas Granite are coarse- to medium-grained, seriate granites that represent the slowly cooled carapace of the intrusion. Late phases are medium- to fine-grained, equigranular and porphyritic granites that were accompanied by repeated and widespread fracturing of the carapace and injection of mineralizing fluids. These granites represent a highly differentiated suite with ""A "" type affinities developed in a ""within plate"" transitional to ""syn-collision"" tectonic setting. 4oAr/ 39Ar dates for biotites from the various phases indicate emplacement circa 367 Ma.The linear distribution of some phases in the Mount Douglas Granite and the systematic orientations of sheeted veins along tensional fractures indicate structural control on granite emplacement and vein distribution. This type of relatively passive endogranitic mineralization is unique in the granites of southern New Brunswick and contrasts markedly with highly fluidized systems operative elsewhere in the area. IntroductionInvestigation of Sn-W-Mo occurrences in New Brunswick has shown that most of this mineralization is associated with late, highly differentiated phases of post-orogenic (Acadian) granitoid magmatism that occurred during Devonian and Early Carboniferous time (Ruitenberg and Fyffe, 1982; Taylor et al., 1988). The polymetallic Mount Pleasant Sn-W-Mo deposit (Ruitenberg, 1967, 1972; Kooiman et al., 1986)and the Burnt Hill W deposit are two orebodies of this type in New Brunswick. Numerous smaller deposits associated with these granitoid rocks in southwestern New Brunswick have been documented in previous investigations (Ruitenberg, 1967, 1968; Ruitenberg and Fyffe, 1982; Taylor et al., 1985; Lentz, 1985)."

Jan 1, 1988

By Arthur Notman

For the period January 1st, 1942, to January 1st, 1946, the American Bureau of Metal Statistics records the gold production of the world as 118,788,000 fine ounces. If we include 1946 at the same rate as 1945 (26,- 590,000), we arrive at a total of 145,378,000 fine ounces in the past five years . Included in these figures are estimates of Russian output at 4,000,000 ounces per annum for the five years, and 1,300,000 ounces per annum for Korea and Japan. The remaining 120,000,000 ounces represent the aggregate production from official reports of the other gold producing areas of the world, with the exception of the 1946 figures, as noted above. At $35.00 per fine ounce, this represents $5,188,230,000. According to the reports of the Federal Reserve System of the United States, on December 31st, 1941, the monetary gold reserves of the United States were $22,736,- 600,000 (at $35.00 per fine ounce) , while on October 31st, 1946 (latest available) , they had fallen to $20,402,000,000, a decline of $2,334,600,000. Adding this decline to the value of the new production for the five years, we have a total of $7,522,830,000, which has been absorbed by the rest of the world since Pearl Harbour, a rate of absorption of over $1,500,000,000 per annum. This has taken place at a rime when the advocates of purely managed currencies had convinced many people that gold performed no really essential function in the world's economy, and that we could get along perfectly well without it. It was pointed out that gold could not be eaten, it could not clothe our nakedness, it could not shelter us from storms, and, therefore, it was a non-essential, even though it could be used to settle international balances of trade. Apparently, the world as a whole still regards it as preferable to the paper promises of governments, however sound, relatively, they may appear. Actually, we have no way of measuring the true strength of this feeling, because the principal governments of the world have made it legally impossible for their citizens to own gold, except in the form of ornaments.

Jan 1, 1947