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By Henry M. Howe

PART I. § 1. Introduction. After giving certain definitions, this paper gives the reasons which led to Roozeboom's form of the diagram of the freezing-point curves and general equilibrium of the iron-carbon compounds, steel and cast-iron ; and then those which led to replacing it with the present or double diagram, in which graphite is at all temperatures held to be the more stable and cementite the less stable (metastable) form of carbon. Next in § 10 the evidence supporting this greater stability of graphite is examined, then in § 17 that which seems to oppose it, and in § 22 a summary of the evidence is presented. The second part of the paper considers the topography of the graphite-iron diagram, rejecting summarily the solubility-lines based on the data of Charpy and Grenet and of Mannes-mann, on the ground that the data even on their face do not really point toward these lines, and that they are wholly incompetent to determine any solubility-lines whatsoever, because they report together with the dissolved carbon also an indeterminate quantity of cement-carbon, and because even such carbon as is actually dissolved, only in part represents the solubility of graphite, and in another and indeterminate part represents the solubility of cementite, or at least of carbon in presence of cementite as distinguished from graphite. It might be thought that graphite is but slightly soluble in iron, because of the absence of any suggestions of eutectoid graphite, corresponding to the eutectoid cementite of pearlite in very many cases in which the cast-iron seems to consist of ferrite and massive graphite only, and because of the micrographs of Goerens and Gutowsky. In these the primary austenite of cast-iron quenched but little below the eutectic freezing-

Jan 7, 1908

By Sidney H. Haughton

FOLLOWING the discovery of diamonds in 1870 and the Witwatersrand gold fields in 1886 South Africa changed from a predominantly pastoral country with a scattered white population into a land whose economy came rapidly to be based primarily on mining. The total value of the mineral output of the Union in 1944 was approximately $493,000,000, to which gold contributed 84 per cent. Gold furnished some 33 per cent of the Union Government's total revenue in that year, and approximately half the country's population obtained its livelihood directly or indirectly from the gold mining industry. In any review of the Union's mining activities and in any consideration of the country's future, gold mining must occupy a prominent place. It is generally conceded that the present structure is not properly balanced and that an economy based on a preponderance of a single nonpermanent factor possesses potentialities of serious instability.

Jan 1, 1946

By H. L. Hazen

THIS is the story of the recent operations of the Standard Cyaniding Co., which owns the Standard mine, a low-grade gold property in sight of Highway 40 about thirty miles from Lovelock toward Winnemucca, Nev. The ore is mined by power shovel and cyanided after grinding to only 3/S in. A total direct cost of $1.24 was attained in 1941 on 600 tons a day. Mining operations ceased, under Government edict, in 1942, and only in recent months have been resumed. The operating difficulties of today are: (1) the high cost of supplies; (2) labor problems; and (3) Federal laws as interpreted and enforced by executive bureaus of the Government. Of these, the increased cost of supplies is the least important.

Jan 1, 1947

CONTENTS PAGE BAIN, EDGAR C.-The Nature of Martensite. Discussed by Ancel St. John, Henry S. Rawdon, Jerome Alexander, Howard Scott 1 FEILD, ALEXANDER L.-Effect of Zirconium on Hot-rolling Properties of High-sulfur Steels and the Occurrence of Zirconium Sulfide. Discussed by Beram D. Saklatwalla, Bradley. Stoughton, Andrew M'Cance, George F. Comstock, Alexander L. Feild 12 SAUVEUR, ALBERT and KRIVOBOK, V. N.-Use of Sodium Picrate in Revealing Dendritic Segregation in Iron Alloys. Discussed by George F. Comstock, John H. Hall 17 KINNEY, C. L., JR.-Economic Significance of Metalloids in Basic Pig Iron in Basil Open-hearth Practice. Discussed by V. J. Pazzetti, George B. Waterhouse, C. L. Kinney, Jr 19 NEAD, J. H.-Absorption of Sulfur from Producer Gas in Open-hearth Furnaces.. Discussed by George B. Waterhouse, C. L. Kinney, Jr 26 PRIESTLY, WILLIAM J.-Effect on Steel of Variations in Rate of Cooling in Ingot Molds. Discussed by Emil Gathmann, Paul E. McKinney, George A. Dornin. 27 MONYPENNY, JOHN H. G.-Stainless Steel, with Particular Reference to the Milder Varieties (Stainless Iron). Discussed by P. A. E.-Armstrong, Beram D. Saklatwalla 33 ROYSTER, P. H., and JOSEPH, T. L.-Effect of Coke Combustibility on Stock Descent in Blast Furnaces. Discussed by Ralph H. Sweetser,. Richard Franchot, Sidney Cornell, T. L. Joseph 41 DAVIS, F. W., and BOLE, G. A.-Observations on Requirements of Refractories for Open Hearth. Discussed by C. L. Kinney, Jr., L. F. Reinartz, P. E. McKinney 46

Jan 5, 1924

By AIME AIME

THE week, of April 5 will long be remembered by those that attended the Birmingham meetings of the Open-Hearth and Blast Furnace committees of the A.I.M.E. Iron and Steel Division. Birmingham iron and steel own received the 450 delegates with open arms; described and discussed their southern metallurgical practices and problems and compared experiences with their northern brother metallurgists in two days of technical sessions on Wednes-

Jan 1, 1937

By F. L. Sizer

SOME old-time views which have recently come into my possession have inspired me to record that part of the early history of Leadville, Color- ado, with which I am familiar, the years 1878 to 1882, in the hope that others will add to what is here mentioned. My first appearance in Leadville was in June, 1878, immediately after graduation from the University of Michigan, and I found a congenial and lively crowd of young men, already there. The old log hotel, at the corner of Pine and State streets, housed some distinguished guests in the summer and fall of 1878. It was my good fortune there to make the acquaintance of James B. Grant, afterwards Governor of Colorado, in July of that year, when we were both glad of the accommodation afforded by cots in the second floor loft of the hostelry presided over by Herman Hibschle. Grant was then building his smelter and our associates were Eddy and James, August R. Meyer, and Berdell and Witherell. The Grand Hotel-Harris and Walsh, pro- prietors-was the first-class hotel of the place; but in a very few months there were many competitors.

Jan 1, 1924

By John R. Caldon

INTRODUCTION Leasing has become a major industry in many countries because of the advantages it affords. Whilst the accounting, legal and tax treatment of leasing varies from country to country, there is far more similarity than difference. The general approach to the subject is largely the same. This paper looks to the basic financial considerations in the decision to lease or buy. TYPES OF LEASES Before embarking upon the subject, it would seem appropriate to define a "lease". A lease may be defined as: "an agreement granting one party the right to use, for a specified period of time, property owned by another party in return for a series of payments of rental by the user to the owner''. Ownership, of course, generally entitles the owner to unrestricted use of the asset over its useful life in contrast to a lease which gives the lessee use over a limited period. The distinction between the status of owner and a lessee often is fairly small. In this case we are dealing with what is generally termed a "finance lease". A finance lease is one which substantially transfers the risks and benefits of ownership from the legal owner to the lessee. For example, a finance lease would exist where the lessee enters into a lease of an asset for most of its useful life and has an option to buy the asset at the end of the lease for a price which takes cognisance of the rentals already paid. Where a lease does not substantially transfer the benefits and risks of ownership to the lessee, i.e. those benefits and risks remain with the owner and lessor, the lease is termed an "operating lease" and is an agreement for the renting and usage by the lessee of an asset owned by the lessor for a limited period. An example of an operating lease might be where a tenant leases a building for a defined period say 6 years with the rent and occupancy subject to renegotiation at the end of the lease term. The economic consequences of the distinction between a finance and an operating lease is very important. With a finance lease, the lessee has a de facto economic interest in the asset and the alternative to a finance lease is some form of purchase; with an operating lease, the lessee does not have a basic economic interest in the asset and consequently a comparison with a purchase option involves far more than simply a funding comparison. Some of the principal differences between finance and operating leases can be summarised as follows: (a) finance leases: -the risks and benefits of ownership are substantially transferred to the lessee; -the lessor normally recovers his investment during the term of the lease; -the lessor in entering into the transaction is relying more on the creditworthiness of the lessee than the underlying value of the asset; - the lease is either non-cancellable or a large penalty will apply for unilateral cancellation by the lessee; (b) operating leases -the risks and benefits of ownership remain essentially with the lessor; -the lease rental income would not normally cover the recovery of the lessor's investment; -the lessor evaluates his risk in terms of the underlying value of the assets;

Jan 1, 1985

By NEWTON B. KNOX

IN Bolivia, mining is still the principal economic activity, as it was before and during the Spanish Colonial period. Tin, tungsten, antimony, copper, lead, zinc, gold, silver, sulphur, and a little bismuth are produced. The Andes mountains are divided into two main ranges in Bolivia; the Western range marks the border with Chile and the Eastern range forms the backbone of the country; in the North it drops rather abruptly eastward, to the plains of the Beni, whereas in the South it splits and is separated from the Chaco flatlands by a series of folded mountain ranges. In general the mineral deposits are found within the Eastern range or in the hills that rise from the high plateau between the ranges - really parts of the Eastern range partly submerged by recent sediments. The mineral belt is thus over 500 miles long and about 100 miles wide and includes most of the principal centers of population and the most important means of communication. The region is mountainous and the roads are bad; furthermore labor is a serious problem, for the land is poor and the agricultural population is never far from hunger. The floating supply of miners is limited and soon exhausted in any emergency like the present.

Jan 1, 1945

By Tomek Ulatowski

INTRODUCTION In 1974, Industrial Miners Mexico, S.A. (IMMSA), agent for the borrowers, was the largest privately-held mining, smelting, and refining company in Mexico (accounting for 32% of Mexico's nonferrous metal and coal production in 1974), the fourth largest company in terms of sales, and the second most profitable company in Mexico, excluding government wholly-owned and operated industries. The company was engaged in the mining, smelting and refining of coal, copper, fluorite, gold, lead, silver, zinc and related by-products for domestic consumption and export. A combination of favorable factors led IMMSA to propose an investment plan amounting to US$286 million for 1974 through 1978, of which US$150 million was to be financed. These factors included: Substantial profits in 1973 and 1974 Positive near-term outlook for metal prices Success of the reinvestment program in increasing productivity Substantial additions to proved reserves during 1973-1974 and Fiscal incentives provided by the Mexican government to stimulate investment in the mining industry. The primary purpose of the investment program was to construct a new electrolytic zinc refinery and to expand and modernize many of the company's existing mining and refining facilities. THE BORROWER Company History Compania Miners Mexico, S.A. was incorporated in the city of Monterrey in 1918 as a wholly-owned subsidery of ASARCO Inc. (formerly American Smelting and Refining Company, New York) for the purpose of mining and processing non-ferrous metals and related products. In compliance with the Government's Mexicanization program, ASARCO Inc. divested itself of 51% of its equity in Compania Miners Asarco, S.A. on June 30, 1965. Subsequently, ownership in the divested share was apportioned as follows: 15% ownership in Compania Miners Asarco, S.A. to a group of private investors, and 36% in trust for subsequent public sale. The company's name was changed to Asarco Mexicana, S.A. in 1965. Mexican ownership in Asarco Mexicans, S.A. was increased to 51% in 1967, following the purchase of the 36% share ownership held in trust, and then to 66% in 1974 when ASARCO Inc. divested itself of an additional 15% of its holdings in Asarco Mexicans, S.A. Following its 1974 divestiture of 15% of Asarco Mexicans, S.A., ASARCO Inc's ownership in Asarco Mexicana, S.A. was reduced to 34%. In 1974, the company changed its name for the second time to Industrial Miners Mexico, S.A. (IMMSA). Fiscal Agreement IMMSA entered into a fiscal agreement with the Mexican government in 1969. The agreement, which was renewed in 1974, provided for 100% of the production and export tax corresponding to the federal government with a minimum of 50% of the amount refunded to be reinvested in fixed assets. Further, the agreement permitted the company to

Jan 1, 1985

Jan 1, 1970

US 4,190,434 - In the thermal production of magnesium metal, a mixture of calcined dolomite, an iron- silicon-aluminum alloy as a reductant, and residual slag from the production of ferrochromium is smelted to evolve magnesium vapor, which is then condensed. The use of bauxite is lessened or eliminated because of the relatively high alumina content of the residual slag. R. Bonfils, A. Mena, C. Payn, and L. Septier, assigned to Ste. Francaise d’Electrometallurgie (SOFREM). Feb. 26, 1980. 6 pp. (75-10R). Filed: 6-14-78 (915,387). Priority: France, 6-24-77 (77/20,227).

Jan 1, 1982

By Shiou-Chuan Sun

DISCUSSION shiou-chuan sun (author's correction) - Too late for revision, the author realized that the data on stability of froth presented in this paper were not based on the same height of froth column. It is recommended herein that the stability of froth is better calculated by dividing the time elapsed until the froth disappeared by the volume (in cu cm per sq cm) or height of the froth column, and is expressed in sec per cm. The stability data in Tables I, II, and III of this paper were recalculated, in accordance with this recommendation, and the results are shown respectively in the accompanying Tables VII, VIII, and IX. Compared with Tables I, II, and III of the paper, the stability data of Tables VII, VIII, and IX are more reliable in disclosing the persistence of froth of various frothers having different frothabilities. For example, the conclusion given in the paper that the stability of froth is generally proportional to the volume of froth becomes invalid when the stability of froth is expressed in sec per cm, as shown in Tables VII, VIII, and IX. Table VII shows that both the stability and volume of froth increase with the addition of small amounts of n-hexyl alcohol, and that further additions of n-hexyl alcohol decrease the stability but increase the volume of froth. Table VIII indicates that the stability of different types of frothers is governed by their chemical composition and is difficult to predict from their frothability. Table IX shows that the stability of different frothers with similar nonpolar groups tends to increase with a decrease of the hydro- philic property of their polar groups, and consequently with the decrease of their solubilities. This is further substantiated by the fact that the stability of frothers, as listed in Table IX, is generally lowered by the solvent effect of absolute ethyl alcohol. Table IX shows also that the stability of froth tends to increase with the decrease of the volume of froth* provided the frothers used have similar nonpolar groups and dissimilar polar groups.

Jan 1, 1953

By Shiou-Chuan Sun

DISCUSSION shiou-chuan sun (author's correction) - Too late for revision, the author realized that the data on stability of froth presented in this paper were not based on the same height of froth column. It is recommended herein that the stability of froth is better calculated by dividing the time elapsed until the froth disappeared by the volume (in cu cm per sq cm) or height of the froth column, and is expressed in sec per cm. The stability data in Tables I, II, and III of this paper were recalculated, in accordance with this recommendation, and the results are shown respectively in the accompanying Tables VII, VIII, and IX. Compared with Tables I, II, and III of the paper, the stability data of Tables VII, VIII, and IX are more reliable in disclosing the persistence of froth of various frothers having different frothabilities. For example, the conclusion given in the paper that the stability of froth is generally proportional to the volume of froth becomes invalid when the stability of froth is expressed in sec per cm, as shown in Tables VII, VIII, and IX. Table VII shows that both the stability and volume of froth increase with the addition of small amounts of n-hexyl alcohol, and that further additions of n-hexyl alcohol decrease the stability but increase the volume of froth. Table VIII indicates that the stability of different types of frothers is governed by their chemical composition and is difficult to predict from their frothability. Table IX shows that the stability of different frothers with similar nonpolar groups tends to increase with a decrease of the hydro- philic property of their polar groups, and consequently with the decrease of their solubilities. This is further substantiated by the fact that the stability of frothers, as listed in Table IX, is generally lowered by the solvent effect of absolute ethyl alcohol. Table IX shows also that the stability of froth tends to increase with the decrease of the volume of froth* provided the frothers used have similar nonpolar groups and dissimilar polar groups.

Jan 1, 1953

By Wilhelm Borchers

IN all special branches of the chemical and metallurgical industries, in which large electric furnaces became necessary for carrying out new processes or for the improvement of old ones, the development of the electric furnaces took place on much the same lines. The endeavors to make a success of a new idea brought forth many ingenious designs, which, however, almost without exception, furnished the proof that the safest and shortest way to practical success is the utmost simplicity of construction of the necessary apparatus. Our knowledge of the qualities of materials for building electric furnaces and of the constituents of the furnace-charges, especially their electric conductivity and their chemical affinity . towards one another at high temperatures, is still far from being complete, and from this fact we must conclude that the smaller the number of elements in the construction of a furnace, the fewer the number of unreliable factors both in the construction and in the operation of the electric furnace. This conclusion deserves special attention when an electric furnace for making steel has to be chosen from the constantly growing number of inventions, inasmuch as the chief con¬stituent of steel, the element iron, is a substance which in its liquid phase has so great an affinity fir those elements which are to be removed from the charge, that it is very difficult to comply with the following conditions: 1, to beat the refining-slag to the highest point of its chemical activity ; to prevent the iron from entering the slaw, or, where this cannot be done, to make it enter so that it finally appears in the end-product

Jan 1, 1910

By Maurice Magee

The Ducktown ore deposits have been known, explored, and mined for 120 years. Eight massive sulfide ore bodies occur in highly folded and metamorphosed graywacke, graywacke conglomerate, mica schist, chloritegarnet schist, and staurolite schist of Precambrian age. The ore deposits are tabular bodies that have been extensively folded, generally conform to the enclosing rocks, but show local complex differences. The ore deposits, ranging in size from 250,000 tons to over 20 million tons, are composed principally of the minerals pyrrhotite, pyrite, chalcopyrite, sphalerite, and magnetite. Gangue minerals are quartz, calcite, actinolite, tremolite, hornblende, garnet, and masses of schistose wall- rock. Three fault systems are present that have influenced ore control and ore body configuration. Hydrothermal effects are evident in wall-rock alteration. Evidence of retrograde metamorphism is extensive in the wall and ore associated rock. Preliminary isotopic age dates have indicated four possible metamorphic events during the Paleozoic Era. Ore genesis is considered to be hydrothermal replacement of receptive beds, predominantly highly calcareous zones, quartzitic zones, and brecciated shear zones. Ore deposition is thought to have occurred during the Devonian Period, with later mobilization and recrystallization of the ore and gangue during Middle and Late Paleozoic times.

Jan 1, 1968

By G. V. Smith, C. O. Tarr, R. F. Miller

Metallurgists have long recognized that the Fe3C type of carbide is not a stable phase in steel and that, given sufficient time, it will decompose with formation of graphite, at least at temperatures below about 205o°F.l This slow graphitization has never been of much concern to users of hypoeutectoid steels, for in such steels it occurs only during prolonged exposure at elevated temperature. In I935, Kinzel and Moore2 reported complete graphitization of the carbide of a 0. I5 per cent carbon steel that had been in service for about 26,000 hr. at a temperature of about IIOO° to 12oo°F. In discussing this paper, both Mathews and Sauveur reported graphitization of slightly hypereutectoid steels. In an extensive investigation of graphitization of high-purity iron-carbon alloys, Wells1 produced graphite at 7oo°C. (I29o°F.) in an alloy containing as little as 0.13 per cent carbon, and showed that graphite may precipitate either directly from austenite or from decomposition of Fe3C, also that the rate of graphitization tends to increase with increase of temperature, at least up to a certain point, and with the presence of graphite nuclei. Jenkins, Mellor and Jenkinson,3 studying the structural changes in carbon steels ranging from 0.17 to 1.14 per cent carbon during stress-rupture tests at elevated temperature, observed graphite in an aluminum-killed 0.40 per cent carbon steel after fracture in 4340 hr. under a stress of 17,900 lb. per sq. in. at 840°F. and in many of the steels after stress-rupture test at 12oo°F. Unstressed samples of 0.60, 0.86 and I.I4 per cent carbon steels graphitized almost completely in 360 hr. at I200°F., while samples of 0.90 and 1.10 per cent carbon steels were somewhat graphitized, and steels containing 0.24, 0.40 and 0.57 per cent carbon showed no sign of graphite. Their results indicate that graphite precipitates the more readily the higher the carbon content, though this tendency is influenced to some extent by deoxidation practice, and that graphitization is accelerated by plastic deformation. In a recent study of the graphitization of 0.4 and 0.6 per cent carbon steel strip, made by M. A. Hughes,4 it was found that at I2oo°F. graphite appeared after 72 hr. in aluminum-killed but not in silicon-killed steel, and that the rate of graphitization was increased by slow cooling from I6oo°F. and by cold-working prior to annealing. In creep tests of normalized 0.15 per cent carbon steel killed with 2.5 Ib. of aluminum per ton, at the U. S. Steel Corporation laboratory at Kearny, spheroidization and some graphitization were found after 3000 hr. at Iooo°F. under a stress as low as 1500 lb. per sq. inch. .

Jan 1, 1944

By C. O. Tarr, G. V. Smith, R. F. Miller

Metallurgists have long recognized that the Fe3C type of carbide is not a stable phase in steel and that, given sufficient time, it will decompose with formation of graphite, at least at temperatures below about 205o°F.l This slow graphitization has never been of much concern to users of hypoeutectoid steels, for in such steels it occurs only during prolonged exposure at elevated temperature. In I935, Kinzel and Moore2 reported complete graphitization of the carbide of a 0. I5 per cent carbon steel that had been in service for about 26,000 hr. at a temperature of about IIOO° to 12oo°F. In discussing this paper, both Mathews and Sauveur reported graphitization of slightly hypereutectoid steels. In an extensive investigation of graphitization of high-purity iron-carbon alloys, Wells1 produced graphite at 7oo°C. (I29o°F.) in an alloy containing as little as 0.13 per cent carbon, and showed that graphite may precipitate either directly from austenite or from decomposition of Fe3C, also that the rate of graphitization tends to increase with increase of temperature, at least up to a certain point, and with the presence of graphite nuclei. Jenkins, Mellor and Jenkinson,3 studying the structural changes in carbon steels ranging from 0.17 to 1.14 per cent carbon during stress-rupture tests at elevated temperature, observed graphite in an aluminum-killed 0.40 per cent carbon steel after fracture in 4340 hr. under a stress of 17,900 lb. per sq. in. at 840°F. and in many of the steels after stress-rupture test at 12oo°F. Unstressed samples of 0.60, 0.86 and I.I4 per cent carbon steels graphitized almost completely in 360 hr. at I200°F., while samples of 0.90 and 1.10 per cent carbon steels were somewhat graphitized, and steels containing 0.24, 0.40 and 0.57 per cent carbon showed no sign of graphite. Their results indicate that graphite precipitates the more readily the higher the carbon content, though this tendency is influenced to some extent by deoxidation practice, and that graphitization is accelerated by plastic deformation. In a recent study of the graphitization of 0.4 and 0.6 per cent carbon steel strip, made by M. A. Hughes,4 it was found that at I2oo°F. graphite appeared after 72 hr. in aluminum-killed but not in silicon-killed steel, and that the rate of graphitization was increased by slow cooling from I6oo°F. and by cold-working prior to annealing. In creep tests of normalized 0.15 per cent carbon steel killed with 2.5 Ib. of aluminum per ton, at the U. S. Steel Corporation laboratory at Kearny, spheroidization and some graphitization were found after 3000 hr. at Iooo°F. under a stress as low as 1500 lb. per sq. inch. .

Jan 1, 1944

Ferrous and Nonferrous Physical Metallurgy Established as a Division April 26, 1918 T A Read, Chairman O T Marzke, Past Chairman J H Jackson, Senior Vice-Chairman David Swan, Vice-Chairman D C Johnston, Secretary-Treasurer AIME, 29 West 39th Street New York 18, New York

Jan 1, 1960

By AIME AIME

PRESIDENT BASSETT'S gavel called the Annual Business Meeting to order shortly after 10 a. m. on Tuesday. On motion of Eugene McAuliffe, reading of the minutes was dispensed with and Mr. Bassett read his annual report of the year's activities as follows : During the year I have visited eighteen of the twenty- seven sections, making an average of GG 2/3 per cent. The invitation to come again has always been extended, but in only one case have I been able to visit the same section twice. Chicago entertained the president twice during 1930. Mrs. Bassett accompanied me on visits to ten sections. Everywhere we have found the most cordial hospitality and a gratifying enthusiasm for the Institute. If anyone had fault to find with the management or felt dissatisfied with what was being done, it was carefully concealed. I am happy to report to you an agreeable, helpful and progressive spirit in each of the sections visited.

Jan 1, 1931

By J. VAN DEN BERC

Tin production and export from the Far East are still a long way off from the prewar figures. The Malayan Peninsula, which had a rather good start directly after the war largely because of stock piles found in Singapore and elsewhere, has since been hampered in the rehabilitation of its tin mines and dredging operations by material shortages and, more recently and more severely, by revolts and attacks of communist elements and gangster bands. These hindrances make working in the mines dangerous and form a daily threat against the valuable and highly vulnerable dredges. Contrary to the conditions in Malaya are those on the tin islands of Billiton, Banka, and Singkep-all in the Netherlands East Indies-where the Dutch have re-established peaceful relations with the population. Dutch efforts since the fall of 1945 have been rewarded by continuously increasing production, extension of production facilities, and return of moderate prosperity, complete safety, and all-out co-operation among the population ? native and Chinese ? to the benefit of all concerned.

Jan 1, 1949