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By H. C. George

The Wisconsin Zinc District, or the Upper Mississippi Lead and Zinc District as it is often called, lies in the southwestern corner of Wisconsin, in Grant, Iowa and Lafayette Counties, and it includes adjoining parts of Illinois and Iowa. The district is about 70 miles long, north and south, and about 40 miles wide, east and west. It lies wholly within what is geologically known as the non-glaciated area of the Upper Mississippi Valley. HISTORY OF THE DISTRICT The district was first opened up as a lead producer in 1822. From this time until 1860, about 205,000 tons of cog lead (galena) and washed lead (galena) was produced from shallow crevices and openings. From 1860 to 1900, about 74,500 tons was produced, and since that time, from 5000 to 7000 tons has been produced annually. Since 1900, most of the lead concentrate produced has been as a byproduct of the zinc mines. The first zinc ores were mined about 1862. These were the carbonate ores, locally known as "drybone." Very little zinc blende was mined in the district, previous to 1875. The zinc blende ores mined from 1875 to 1900 were mostly of the high-grade, hand-cobbed, sheet-ore class, which usually contained from 45 to 60 per cent. metallic zinc Such mines as the "Sallie Waters," "Quinlin," 'Lead Mine," "Benton Blende," and "Ida Blende," located near Benton, Wis., were mines which produced ores of this type, during this period. The mines located at Highland, the "Coker Mine" located at Livingston, Wis., and the "Opencut Mine" located at Shullsburg, Wis., were mines that were heavy zinc carbonate producers, previous to 1900. The production of zinc ores in the district from 1862 to 1890 was about 283,500 tons, mostly zinc carbonate, with a probable average metallic zinc content of 30 per cent. From 1890 to 1903, the production

Jan 1, 1918

By H. M. Chance

Jan 1, 1887

By J. R. Linney

THE Eastern magnetite industry has not failed in its contribution to the war program during the past year. Man-power shortage was the critical problem in maintaining production and for the last half of the year, owing to lack of man power, it was necessary for some mines to change from seven to six days per week schedule. At Cornwall, Pa., the mine operated by the Bethlehem Steel Co. produced approximately 2,000,000 tons of crude ore and 1,200,000 tons of iron ore concentrates, a decrease of about 10 per-cent compared with the previous year. Railroad haulage in the open-pit at this mine was discontinued, being replaced by Mack trucks of approximately 30 tons' capacity. At the Mt. Hope mine in New Jersey, the Warren Foundry and Pipe Corp. produced about 195,000 long tons of crude ore obtaining 70.000 long tons of lump ore and 35,800 long tons of concentrates. An additional 24,500 long tons of concentrates was produced from a stock pile of 47.000 long tons of crude ore accumulated during the latter half of 1943, following the fire in their old dry mill. All of this material was handled through their Brown

Jan 1, 1945

By Ellsworth Daggett

Jan 1, 1879

By R. J. Fruehan

The oxygen activity and concentration were measured in Fe-Cr-0 melts in equilibrium with an oxide phase at 1600°C (2912°F). The activity was determined by ,use of the following solid oxide -electrolyte galvanic cell CY-Cr8,(s) I ZrOz(CaO) I Fe-CY-G(saturated)(l) The oxygen concentration decreases with increasing Cr concentration to about 270 ppm 0 at about 7pct CY and then increases gradually. The activity coefficient of oxygen (fo) decreases with increasing Cr. In melts containing up to about 20 pct Cr, log f is approximately a linear function of wt pct Cr with a slope (e q 2) of —0.037. The activity of chromium was calculated and found to exhibit a small negative deviation from Raoult's law. From the activity and solubility data for low chromium melts, the free energy of formation of chromite, FeCr204, was found to be -79.8kcal per mole where pure liquid chromium and oxygen at I wt pct in Fe are the standard states. ThE effect of chromium on the chemical behavior of dissolved oxygen in liquid iron is of great importance in controlling the deoxidation of steels containing a significant amount of chromium. Chen and chipman' equilibrated Fe-Cr melts in the presence and absence of slag with hydrogen-water vapor mixtures. They concluded that at 1595°C chromite was the oxide phase in equilibrium with Fe-Cr alloys containing less than 5.5 pct Cr while at higher chromium concentration Cr,O, was the stable phase. In the composition range 0 to 10 pct Cr they found that the interaction coefficient, was equal to -0.041. Turk-dogan,' Schenck and Steinmetz,, and pargeter4 measured egr) in a similar manner and found the value to be -0.064,-0.04, and -0.052, respectively. McLean and Be11 evaluated egr) from their data on the equilibrium of Fe-Cr-Al-0 alloys with H2/H20 mixtures and found it to be -0.058. However, McLean and Bell's value should only be considered an estimate because the effect of aluminum on the activity coefficient of oxygen is about a hundred times greater than that of chromium. Consequently, an error in the value of egl) used, which at the present time is not well-known, or an error in aluminum analysis, which is present in very small quantities, will result in a significant error in egr). Fischer et a1.6 determined the interaction coefficient (eEr) in Fe-Cr-0 melts not in equilibrium with an oxide phase and containing less than 18 wt pct Cr at 1600°C electrochemically. They determined a value of -0.031 for egr). Hilty et aL7 measured the oxygen content of Fe-Cr melts in equilibrium with an oxide phase containing up to 50 pct Cr. They found that the solubility of oxygen decreased as the chromium content increased to about 6 pct Cr and then increased gradually. They concluded that the equilibrium oxide phase was chromite below 3 pct Cr, distorted spinel from 3 to 9 pct Cr, and Cr,04 above 9 pct Cr. Adachi and lwamotoa also investigated this system, but did not find Cr30,. They X-rayed the equilibrium oxide phases and did not find the presence of Cr,O,. They also X-rayed the oxide phase extracted from a 65 pct Cr melt which was heat treated and did not find metallic chromium as would be expected if Cr3O4 were the equilibrium oxide phase as indicated by the reaction : 3Cr3O4 — 4Cr2O:, + Cr [lj It was the purpose of the present investigation to determine the effect of chromium on the activity coefficient of oxygen in Fe-Cr melts by measuring the activity and solubility of oxygen equilibrated with an oxide phase in the composition range 0.18 to 50.5 wt pct Cr at 1600°C (2912°F). The activity of oxygen in the melts was determined by use of the following galvanic cell: The relationship between the partial pressure of oxygen in equilibrium with the melt and the reversible electromotive force of the cell (E) is where 11 = 4, F is the Faraday constant, pb, is the oxygen pressure in equilibrium with the meit and is the oxygen pressure in equilibrium with Cr203 as determined from the free energy data compiled by Elliott et al? The oxide phase in equilibrium with pure chromium was assumed to be Cr If Cr30, were the equilibrium phase the activities derived would be approximately the same, since the best estimated free energy of formation of Cr,O,, if it does exist, is approximately % the free energy of formation of The activity of chromium in Fe-Cr alloys at 1600° C was also determined from the measured electromotive force. The activity of chromium (aCr) is related to the electromotive force as follows: , The oxide phase in equilibrium with pure chromium and Fe-Cr melts from 10 to 52 pct is assumed to be Cr203 so that n equals three. If future work proves the existence of Crs04 in equilibrium with Fe-Cr melts and pure chromium, the experimental results can be reevaluated using a value of $ for n in Eq. 141. A value of ^ for n will make the activities about 10 pct higher. In order for Eqs. 131 and [4J to be valid the electrolyte, ZrOa(CaO), must exhibit predominantly ionic conduction at the temperature and oxygen partial pressure of its use. Previous work1' has demonstrated that ZrOz(Ca0) is predonlinantly an ionic conductor

Jan 1, 1970

By C. BARING HORIVOOD

(Chattanooga Meeting, October, 1908.) THIS paper is intended, in the light of recent investigations, to call attention to some of the essential features of good practice in sampling and mine-valuation. Mine-sampling may be divided broadly into two classes : (1) development-sampling and computation of ore-reserves; and, (2) stope-sampling and estimation of stope-values. DEVELOPMENT-SAMPLING. It is with development-sampling only that this paper deals-the term development being taken to mean the opening-up of a mine by cross-cuts, drives, connections, etc., preparatory to actual extraction of the ore for milling. In development-sampling the work of the sampler and the consequent estimation of the probable value of the mine or portions of the mine, as the case may be, cannot be verified until a later period, when the ground thus sampled has been exploited; hence, extreme care and accuracy are essential. Moreover, the development-sampler has to foresee and allow for contingencies which may arise when stoping is started. It follows that the sampling, in development-work, demands familiarity with the conditions likely to be encountered later in actual mining. In stopes, on the other hand, sampling is clone under actual working-conditions, and the sampler's valuations are immediately checked by the gold-output, or in some cases by a second sampling of the broken ore. A stope-sampler therefore need not be an experienced miner, though he should possess sound technical training and work accurately. Should he be somewhat inexperienced, be soon has his errors discovered for him, and learns to avoid them. Taking these facts into account, it is obvious that a mining company employing two or more samplers should

Jan 1, 1909

By C. G., Fink

The dissolution of gold by cyanide solutions was studied by determining the time required for the solvents to dissolve gold leaf. Minute traces, even 0.5 ppm, of sulphide ion retard the dissolution of gold, and this behavior cannot be accounted for by the presently accepted hypotheses involving oxygen-depletion or thiocyanate formation. On the other hand, traces of the salts of lead, bismuth, mercury, and thallium considerably accelerate the dissolution. The beneficial effect of lead is dependent upon the pH and cyanide ion concentration of the solution.

Jan 1, 1950

By Arthur F. L. Bell

Discussion of the paper of ARTHUR F. L. BELL, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 105, September, 1915, pp. 1769 to 1799. WILLIAM A. WILLIAMS, San Francisco, Cal.-Is the Union Avila plant run as a topping plant or as a dehydrating plant? A. F. L. BELL, San Francisco, Cal.-Both. It takes off an average of 20 per cent. water besides topping the oil. Part of the crude oil is run through an electrical separator before running to the topping plant, but the entire crude averages about 20 per cent. when it enters the topping plant. DAVID T. DAY, Washington, D. C.-I suppose most of the work contemplated in these large topping plants is simply to deal with topping the oils with only a small percentage of water in them. A. F. L. BELL.-Not more than 2 per cent. of water can be handled in ordinary stills without causing trouble. At our Gavotte refinery, where the oil runs from 15 to 30 per cent. water, we carry 20 lb., pressure oil our stills to hold the framing down, we can do that with small stills, with large one's it would not be safe; but with a retort, the quantity of water contained in the oil does not affect its working. It simply means additional fuel to evaporate the water.

Jan 12, 1915

By James Bowron

CONSIDERING the importance of the steel trade and the strategic position occupied in it by the Birmingham District, it may be surprising to many to realize that even the first pig iron smelted with coke was made in Alabama on Feb. 28, 1876, although merchant pig iron had been produced in Rockwood, Tenn., in 1867, a plant which is still in active operation. The heavy deposit of Clinton ore extending from Pennsylvania into Alabama, varying greatly in accessibility on account of geological changes such as erosion or anticlinal upthrow, varies equally as much in thickness and in quality. The brown ores extensively scattered through the South also vary materially in quality, some being relatively low in phosphorus and high in manganese, and vice versa. The red ore varies materially in phosphorus, but the iron produced from these ores was always considered to be too high in phosphorus for treatment by acid Bessemer or open hearth and did not contain sufficient for the basic Bessemer process. Under these conditions there remained only the basic open hearth as a possibility, and for many years it appeared impossible to use it, because, with coke smelted iron, the silicon was too high to permit its use in basic lined furnaces.

Jan 1, 1924

By R. H. Tien

Temperature distribution as well as position of the solidified front is solved by means of "heat balance integral", for the case of freezing a slab with time-dependent surface temperature. Numerical solutions for the cases of linear variation and exponential decay for surface temperature are given. Application also includes solidification of casting. An increased interest in the heat-transfer problem involving a change of phase has been developed in recent years. Practical problems include solidification of a casting, freezing and thawing of soil, ice formation, and others. Despite the importance of the topic, a literature search reveals relatively few solutions which may be extended to practical problems. Due to mathematical complexity, which comes from the nonlinearity of governing differential equations, exact analytical solutions which have been published are limited to a few cases with simple boundary conditions. Although numerical solutions of these problems have become available after highspeed digital computers were introduced, lack of simple and general methods of programming for computation makes this approach impractical. The case of the semi-infinite slab with constant surface temperature was solved in the 19th century. In honor of Neumann, who first found an analytical solution, this kind of problem is generally referred to as the Neumann solution. As has been shown in Fig. 1, the problem to be analyzed is the freezing of a semi-infinite region (x > 0) which is initially liquid at the melting temperature with the surface (x = 0) maintained at time-dependent temperature. This analysis can be applied to the study of many casting processes where most of the heat removal is essentially unidirectional. "Heat balance integral" which has been used by Goodman1 is employed in this analysis. The concept of "heat balance integral" is to define a quantity, d(t), called the thermal layer. Beyond this thermal layer, for all practical purposes, there is no heat transfer, and the region is at the equilibrium temperature. "Heat balance integral" is obtained by integrating the conduction equation with respect to the space variable over this thermal layer d(t). Choosing some plausible temperature distribution, usually a polynomial or a finite trigonometric series in the space variable, this integral equation becomes an ordinary differential equation, with time as the independent variable, which can be solved by classical methods. The thermal layer and "heat balance integral" are equivalent, respectively, to the boundary-layer thickness and the momentum integral in hydrodynamics. A modern account of Prandtl's concept of the boundary layer and von Karman's momentum integral may be found in Ref. 2. Although the problem considered here has been limited initially to uniform melting temperature, the present method is equally applicable to the case with arbitrary temperature distribution in the liquid. STATEMENT OF THE PROBLEM The physical situation and coordinate system used in the problem to be analyzed are shown in Fig. 1. Notations used are listed in the table of nomenclature. Let us assume a semi-infinite region extending over positive x, initially at the uniform melting temperature. At the surface x = 0, a time-dependent temperature, which has a numerical value

Jan 1, 1965

By W. C. Lilliendahl, G. Meister

Uranium metal with a purity of about 99.9 pct was produced on a large scale by fused salt electrolysis with a material efficiency of about 90 pct. The material efficiency depends mainly on bath composition, electrolysis temperature, electrode smothering, and elutriation during washing of the powder. RESEARCH and development work on fused salt electrolysis carried on by the Westinghouse Lamp Div. Bloomfield, N. J., was done under the Manhattan District Corps of Engineers and later under the Atomic Energy Commission for the commercialization of uranium production for the first atomic pile at the University of Chicago in 1942. From the conception of the atomic bomb project it was recognized that metals with impurity levels having little metallurgical significance would be required. Permissible impurity levels were based on neutron absorption. Of particular significance was boron, which could not be present in amounts exceeding 1 ppm. The electrolytic method as developed in 1930 by Driggs and Lilliendahl,1,2 and later improved, yielded uranium of very low boron and other deleterious impurity content. No other method was capable at that time of producing uranium metal of the required purity.' The low boron content of uranium produced by the electrolytic process resulted from the availability of the reactants which were low in boron content, and from the inherent elimination of boron in the fused salt bath. Since the heart of any electrolytic process is the electrolysis cell, this paper will deal with the development of the original bath composition for the efficient production of uranium from a batch process to one of continuous operation. Emphasis also will be placed on other factors which will affect the material efficiency of the process. With the laboratory cell the material efficiency of uranium powder recovery in the early electrolysis was relatively low, about 35 pct based on the ratio of uranium recovered to uranium added. This early process also had other defects. The electro- lytic bath could not be used continuously. After three runs from a freshly charged crucible, the deposit showed a tendency to slip off the electrode as it was raised from the bath. This condition necessitated pouring the charge every fourth run and preparing a new bath. It was assumed at that time that this condition was caused by the increasing fluoride concentration with each addition of uranium salt, which adected the mobility of the uranium ions. Experimental The electrolysis cells differed in size only. They were of the floating cathode type. The laboratory cells were 21/2 in. ID and 6 in. deep and operated at 30 amp and 5 volts. Production was about 150 g metal powder per 8 hr. The plant cells (5 units) were 9 in. ID x 21 in. deep and operated at 1800 amp at 12 volts. The total production unit was designed to produce 250 lb of uranium powder per 8 hr day. Because of the tendency of uranium fines toward spontaneous combustion, material efficiencies were based only on the recovery of useful coarser metal which could be safely handled. The reported efficiencies are of particular significance only as related to the same group of experimental procedures. At the start of the project no changes were contemplated until previous data could be definitely confirmed. Therefore, the first experiments were with the 50 pct CaCl2-50 pct NaCl mixture. The material efficiency of uranium deposition as a function of the number of electrolyses is shown in Table I. In Table I, the decrease in efficiency at 800°C with number of runs is apparent and confirmed the earlier data. Operating at 900°C enabled the number of runs to be doubled, but before pouring the charge the efficiency of recovery became poor. This test indicated that the improved efficiency might have been caused by an increase in the fluidity of the bath.

Jan 1, 1958

By W. O. Crosby

INTRODUCTION. THE crystalline belt of the Atlantic Seaboard, south of New York, attains its maximum breadth of 220 miles on the northern border of North Carolina; and in this State it is most widely characterized by the occurrence of gold in workable deposits. Half a dozen auriferous belts have been recognized by Nitze and Hanna.1 These are, in the main, coincident in position and trend with the NE.-SW. zones of metamorphic slates and schists, which, more than any other feature, give character to the geological map of North Carolina. The central gold-belts, accompanying the main zone of slates and associated igneous rocks, are much the more important and persistent, and may be regarded as continuous northward across Virginia and southward into South Carolina. Tile eastern belt, on the other band, is the shortest and, economically, one of the least important. Its extreme length does not exceed 25 miles, the narrow band of slaty rocks to which it belongs passing, both NE. and SW., beneath the coastal-plain formations. But, although limited in area and production, this belt is, perhaps, comparable with the central belts or any part of the sea-board crystallines in the variety of conditions under which the gold occurs. It lies chiefly in the NE. part of Franklin county and the NW. part of Nash county, on the watershed of Fishing creek and other tributaries of Tar river. The elevation is between 400 and 500 ft. ; and the Tertiary peneplain has here an exceptionally perfect development, the reliefs separating the slightly incised stream-courses consisting of broad, flat-topped peneplain remnants, bounded by gentle lateral slopes.

Mar 1, 1908

By Augustus Locke

In 1900, when. the public first heard of "secondary enrichment," the Butte chalcocite seemed clearly supergene. Mining, through successive regions of leached capping, bonanza sulfide, and sulfide less rich, had paused at lean bottom levels which, though chalcocite-bearing, suggested the waning of copper. The deepest chalcocite, at 1500 ft., was yet too shallow to disturb the supergene hypothesis. But, with deeper mining, lean levels yielded to fat ones. Here and there they showed, within the same vein, an inverted distribution, chalcopyrite above and chalcocite below. To the miners' astonishment, they carried chal-cocite, unaffected by cross faults, on an independent course to the depth of 2500 ft. The pattern of ore distribution, hitherto revealed only in fragments, was now appearing in perspective, and, in the depth of the chalcocite, was beginning to make Butte differ from all districts where the chalcocite is indubitably supergene. The idea of hypogene origin at length came into favor; by 1913, when Sales' advocated this origin, the argument had become a powerful one. This argument rested on field evidence; but, already, there was beginning to emerge microscopic evidence not included in this argument. Especially pertinent was the proof that (1) the deep chalcocite lies in-mixed with bornite, often microscopic; (2) the deep chalcocite often replaces bornite; and (3) replacement of bornite by chalcocite is accomplished more easily than that of pyrite, enargite, or chalcopyrite. The microscopic evidence has been accumulating for ten years and it demands

Jan 1, 1924

By Paul Averitt

The U. S. Geological Survey has been actively engaged in work on coal for more than 50 years. During this long period we have released more than 300 publications containing information about coal and coal reserves, including details on the thickness, distribution, and quality of coal, and the structure and stratigraphy of the coal-bearing rocks. We have also cooperated with state surveys on many similar publications. For many areas these reports are the only reliable published data on our resources of coal. During the last several years we have substantially increased our activities above the wartime low. We now have field work in progress, or reports in preparation, on 13 detailed mapping projects distributed as follows: 1. Pennsylvania anthracite field 2. Casselrnan Basin, Md. 3. Leslie County, Ky. 4. Deep River field, N. C. 5. Coosa field, Ala. 6. Powder River field, Mont. 7. Spotted Horse field, Wyo. 8. Yampa field, Colo. 9. Paonia field, Colo. 10. Trinidad field, Colo. 11. Durango field, Colo.

Jan 1, 1949

By R. L., Fullman

During the past year there have been a number of significant investigations that have furnished evidence on the driving forces governing grain growth and on the role played by boundary impurities. Thus Burke has shown that in high purity alpha brass the rate of grain growth in the earliest stages is approximately inversely proportional to the existing grain size. This relation agrees with one derived by Zener assuming that surface energy was the driving force in grain growth. Also in confirmation of the surface energy hypothesis, Burke found that growth virtually stopped when the grain boundaries or even only the grain corners were melted.

Jan 1, 1949

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 Warren H. Westphal

For mining and exploration, and indeed the entire mineral industry, the first century of AIME has ended with far more problems than it began. Paradoxically, most of these problems have arisen not because, the industry has been unsuccessful, but rather because it has succeeded too well. Whatever the public demand for minerals over the past 100 years, it has somehow been met-and met at a price well within the public's ability to pay for the products. But as AIME moves into its second century, the past successes of mining and exploration are beginning to levy a tax on the future. Prospectors have already found most of the rich and ready ores, and miners have dug them out. New mineral assets grow progressively harder to come by, and as they do, the need for them grows inversely more pressing. How and where and at what cost can adequate supplies be found? How and at what cost can they be mined from heretofore inaccessible recesses deep underground and under the seas-or from vast surface tonnages containing only minor values? And once they are found or won, how can these assets be husbanded for generations to come? How also can they be extracted without injury to the land, air and water on which we and our successors must depend? And what constructive use can be made of the incidental materials now treated merely as wastes-sometimes at great expense?

Jan 1, 1971

By W. L. Zeigler

During the middle 1880's, shortly after the discovery of silver-lead ores in the Coeur d'Alene district of northern Idaho, it became apparent that concentration of the ores would be necessary to obtain a profitable product. Too much siliceous material was present for direct smelting, and the majority of the ores found at depth were too low in metallic content for economic smelting processes at the time. As the ores occurred in quartzite shear zones with siderite and quartz gangue, a large quantity of waste material was present in all the mines. As the galena was not finely disseminated, this made possible relatively good extraction of the argentiferous galena by coarse concentration. The first concentrators consisted mainly of coarse crushing, screening and jigging, principally by Harz jigs, the slimes being treated on buddles. Later Wilfley tables took the place of sand jigs and vanners superseded the buddles. Because of the marketing conditions, no attempt was made until 1900 to effect a recovery on the zinc minerals present, which were found associated in varying amounts with the galena. All through this period, the greater part of the production was obtained from mines containing ore assaying high in lead and low in zinc. Parts of some ore bodies would be reversed in this respect, so that ores high in zinc were left intact. During the decade after 1910, several important mines, The Success and The Interstate Callahan, containing ores high in zinc, were put into operation and were a material aid in the needed zinc production during World War I. Gravity concentration by jigs and tables was used during this period, with bulk flotation increasing in popularity for the treatment of the fine material that had already been treated by ordinary slime concentrating machinery. No extra fine grinding for flotation concentration was thought profitable at the time. Tailings Discharged into Streams From the start of mining and milling operations in this district until 1904, no attempt was made by the various mills in the upper district to impound or stack their tailings. They discharged them directly into the adjacent creeks or streams, to be carried away by high water. The Bunker Hill and Sullivan and the Last Chance mines, both in the relatively flat valley of the district, stacked huge piles of the coarse jig tailings on the near-by river bottom. Rain and snowfall are heavy in the Coeur d'Alene district, as it is on the heavily timbered Pacific slope of the Bitter Root Mountains. A heavy runoff occurs every spring and there is an occasional flood of disastrous proportions when warm "Chinook" winds accompanied by rain

Jan 1, 1949

Lead-zinc production in Canada accounted for 19% of the total value of metals and minerals produced in 1976, says Keith C. Hendrick, president of Noranda Sides Corp. Mine production of recoverable zinc w as 1. 158 million toils of 27.4% of free world production in 1976. Slab zinc pro¬duction was placed at 472,000 tons that year. Canadian mine production of recoverable lead was 247,000 tons or 10.6% of the free world production. Refined lead that year was at 177,000 tons.

Jan 11, 1977

By JAMES SCULLY

For the last 4 years political leaders have found a new subject on which they can safely generalize wihout creating opposition. That subject is commodity prices. Since the four-fold increase in OPEC crude oil prices, public attention has focussed as never before on the subject of commodity prices. To advocate stabilizing commodity prices is akin to supporting motherhood or peace or better schooling. Everyone gives lip service to the concept that stable commodity prices are desirable. It is easier to state the principle than to achieve it. Prices that are stable in terms of one currency may be clearly unstable in terms of a different currency. This has become a troublesome matter since 1971, when the world's leading trading currencies were set free to float in relation to each other. To illustrate: consider copper prices in the interval between the end of 1974 and the end of 1977. During those 3 years, the copper price in pounds sterling on the London Metal Exchange rose by 25 per cent. During that period, however, in terms of the USA dollar equivalent, the price was unchanged. And during that period, in terms of the German mark equivalent the price shrank by 13 per cent while the Japanese yen equivalent fell by 20 per cent. Thus a price that appears stable in dollars, rose in terms of pounds sterling and fell in terms of marks and yen. Had this result been achieved as a consequence of an international effort to stabilize prices, an American would have said the effort was successful. An Englishman would have said it had failed to prevent a price rise. And a German or a Japanese consumer would have been happy to have covered his copper needs at a lower cost in terms of his own currency.

Jan 1, 1978