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By H. N. Eavenson

Prior to 1907 nearly all coke was made in beehive ovens, and most of the gas produced was made in the old-style gas retorts, and while there were a few coke plants in southern West Virginia, southwest Virginia and Kentucky operating on high-volatile coals the proportion of the total product made by them was small and usually was used locally. The greater part of the coke made, and the coal gas produced, came from the Pittsburgh seam of western Pennsylvania and northern West Virginia, which was then regarded as the standard coking and gas coal of the country, and the best coal available anywhere for these purposes. With the advent of the byproduct oven and the building of coke plants at the furnaces, the restriction of the use of one grade of coal for making coke was removed and the use of mixtures of low-volatile and high-volatile coals began. The change in the locations of the coke plants removed the necessity of using Connellsville coal and also made sources of gas available to the public utilities other than of their own manufacture. Most of the first oven plants were built at points distant from the Connellsville region and this afforded an opportunity for the use of coals from the southern Appalachian fields, which were then at approximately equal distances from the ovens. Since that time development has been made on a number of seams of coal of great purity in southern West Virginia, southwestern Virginia and eastern Kentucky, which have been largely used for gas, cokemaking and metallurgical purposes where low amounts of ash, sulfur and phosphorus are determining factors. These coals are much lower in the objectionable elements than most of the coal shipped from the Pittsburgh seam, or than any northern coal, and when blended with low-volntile cod produce coke in byproduct ovens that is not excelled for any purpose by any coal mined in this country, and is equaled very seldom. Coal from several of these scams is shipped in great quantities without beneficlation and is lower in ash and sulfur than any but the best washed product from the Pittsburgh seam in the north. The writer has made a study of these coals to ascertain their relative qualities and the areas and reserves of coal available in each of them. No attention has been paid to the coals of Alabama, which do not compete with any of these coals, and no coal of equivalent quality is found in

Jan 1, 1934

By Robert H. Hafner, Irvin R. Kramer

IN recent years considerable interest has been shown in surface-alloyed metals, particularly those of chromium (chromized steels), which have excellent corrosion [ ] resistance under a variety of severe conditions, and may undergo bending and flanging operations without spalling. An early method1 employed to produce a high-chromium case on steel was developed by Kelley in 1921. It consisted of heating a low-carbon steel in intimate contact with powdered chromium in the presence of hydrogen at temperatures sufficiently high to permit diffusion of chromium into the steel. The usefulness of this process was limited because the extremely high temperatures of 1200° to 1400°C. (2200° to 2550°°F,) caused excessive grain growth and warpage, Louenstein and Ulmer2 packed iron castings in ferrochromium and com- [ ] mon salt, and heated for approximately three hours at 930° to 1040°C. (1700° to 1900°F,). A recent and more practical method of depositing chromium on steel surfaces has been developed in Germany by Daeves, Becker and Steinberg3-8 and in Russia by Izgaryshev and Sarkisov.9 This process consists of passing gaseous chromium chloride over the steel to be chromized at temperatures of 900° to 1000°C., or packing them in a porous, ceramic material that previously had been saturated with chromium chloride. They reported obtaining a chromized layer, 0.004 in, thick, on low-carbon steels. Later, Daeves4 established a relationship between the carbon content

Jan 1, 1942

By Marcus Nadler

WAGES in the United States, in spite of the wage freeze, have increased materially. Overtime payments have become standard practice in almost all industries. Now efforts are being made to place wages on an annual basis, and if this is adopted, it will result in an increase in the cost of production. Organized labor today is more powerful than ever before; union membership is large and steadily increasing, and in many instances membership in the union is a prerequisite to employment. The treasuries of many unions are strong as a result of the large membership and full employment. The unions, therefore, today are in a much better position than ever before to carry on long strikes. Politically, too, the unions are more powerful today than they ever were. On the basis of their strength, one may expect that some of the demands that the labor unions will make in the not distant future will be granted. It is, therefore, quite evident that before long, particularly when the curtailment in war production reaches about 40 per cent, this country will be confronted with a serious labor problem.

Jan 1, 1945

By C. C. Nitchie, G. S. Brooks

With the gradual depletion of the natural-gas pools of the Kansas district, together with the uncertainty of further cheap fuel developments, some of the western zinc companies turned to the coal fields, attracted by their permanency and the success of the Matthiessen & Hegeler Co. and the lllinois Zinc Co. Being then confronted with the problem of using a relatively high-priced fuel, although the ultimate supply was very great, the fuel economies of the kilns and furnaces became of far more importance, and the more modern equipments, as a result, embodied distinct gaias in this phase of the business. In addition, there have been some pronounced advances in the actual making of gas from these coals. Increased efficiency in gas making has contributed its hare to lowering costs and those plants located in the higher priced fuel districts have probably been obliged to study these economies somewhat more closely. Naturally, many beneficial changes have resulted in both practice and apparatus in these sections. On certain western coals, for instance, the actual saving in fuel consumption has been 50 per cent. By this is meant that, where about 1.75 tons were burned to smelt 1 ton of oxidized ore, 0.7 to 0.9 ton is now required. While comparisons by T. R. Ingalls1 of fuel economies in smelting in this country and Germany before the war may, in general, be correct, they do not appear to do justice to the more progressive American practice. It is doubtful whether German plants were substantially bettering these fuel ratios. Data furnished by Bender and Frams do not afford records averaging less than 0.9 ton coal per ton ore on materials from 40 per cent. to 50 per cent. zinc. Fuels As producer fuel, Illinois, Indiana, and Kansas coah offer a wide range of material, although varying much in their amenability to gasscation. The proper fuel for each plant can only be determined after com-

Jan 1, 1920

By J. W. Cunningham, M. J. Stultzman

THE demand for improved materials for high-temperature service has increased during the last few years. Iron,- nickel,- and cobalt-base alloys have been investigated extensively and many alloys with outs'tanding high-temperature strength have been developed. Considerable research has been directed toward improved methods of processing these alloys. The vacuum furnace as a tool for the purification and improved control of high-temperature alloys has been studied extensively and production units are in operation. The research covered by this paper studied the effects of casting in air, vacuum, or argon upon the elevated-temperature properties of two nickel- and two cobalt-base alloys. The alloys investigated were Stellite 31, He 1049, Udimet 500, and Guy Alloy. MELTING AND CASTING PROCEDURES Two heats of each of the four alloys under investigation were melted and investment cast under the following conditions: 1) Stellite 31 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 2) He 1049 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 3) Udimet 500 was melted and investment cast in vacuum with and without additions of zirconium and boron. 4) Guy Alloy was melted and investment cast in vacuum and in argon. The heats were all melted in induction furnaces equipped with preformed magnesia crucibles of 50-lb capacity. The air-melting furnace was powered by a spark-gap converter of 40 kw capacity. The vacuum-melting furnace was powered by a motor-generator set of 100 kw capacity. The argon heat of Guy alloy was melted in the vacuum melting furnace under an argon atmosphere. Virgin materials were used for preparing all heats except the air heats of Stellite 31 and He 1049. The charge for the air heat of Stellite 31 was a commercial blend of shot. The charge for the air heat of He 1049 was Stellite 6 shot plus those virgin materials necessary to give the desired composition. All of the materials used were of the same grade used com-

Jan 1, 1960

By W. B. Plank

RETURNS already received from a current survey of the enrolment of students in the mineral technology schools indicate a degree of activity and prosperity in those schools never before equalled. The returns are as yet too meager for accurate analysis, but those at hand point LO considerable increase in the metallurgical and petroleum engineering groups, and indicate that the total of 5011 two years ago in the United States schools will be substantially increased. Generally speaking, the enrolment is not only maximum in quantity but optimum in quality. Better income has sent the boys back to school, but the improved employment conditions have somewhat reduced the number of graduate students. Laboratories are commonly filled to capacity, in some instances overcrowded. Increased enrolment of foreign students from both Canada and South America is noticeable.

Jan 1, 1937

By George A. Bell

THE mine and milling plant of Demonstration Gold Mines, Ltd., is near the city limits of Baguio, Mt. Province, P. I. The mine road connects with the main highway to Manila. The nearest railway point is near sea level, approximately 40 miles distant. The Baguio district is very mountainous and has one of the heaviest rainfalls in the world. It is therefore difficult to maintain roads or to impound tailings and mine dumps. All supplies are trucked into the district direct from Manila or the nearest railway point, which means uncertain deliveries and high freight rates. Installation of equipment is difficult and costly. The average elevation at the mine is 4000 ft. and the climatic conditions are ideal except for a three months rainy season. The company generates its own power for mining and milling operations with three 400-hp. Ruston Diesel engines direct connected to 250-kw. General Electric alternating current generators. Labor conditions have been excellent, although at present social security laws are causing some unrest. Labor receives a higher average wage rate in this district than other labor in the Islands. The company also furnishes free living quarters, hospitalization and work- men's compensation. Taxation has been reasonable up to the present time, but some of the new mining legislation may make it difficult to operate and pay dividends. The future depends largely upon the continuation of $35 gold and the political outcome in the Islands. HISTORY The Demonstration ore body was worked by the Igorots for many years, as evidenced by old stopes and fill encountered in present operations. Attention of Americans was first attracted soon after the Spanish- American war. During the building of the Benguet road to Baguio, the engineers and foreman became interested in the geology of the district.

Jan 1, 1939

By M. J. Marcinkowski, A. Szirmae, R. M. Fisher

Room -temperature hardness measurements obtained from single and polycrystalline samples of a 47.8 at, pet Cr-Fe alloy which were aged for various times al 500°C show a two-fold increase over that of the unaged alloy after annealing for 1000 hr. A detailed examination of the deformation markings in the neighborhood of the hardness imbressions reveals that twinning becomes an increasingly more important mode of deformation as aging proceeds. this observation is shown to be inconsistent with the Proposals that the transformation is eve of order-disorder On the other hand, the results are in agreement with previous observations of Fisher et al. of a coherent chromium-rich precipitate which forms in an iron-rich matrix as a result of a miscibility gap in this alloy system as proposed by Williams . Using the coherent precipitate hypotlzesis as a model, a detailed analysis of the various possible strengthening contributions to both the slip mid twinning stresses is made. In the case of' slip, lattice friction within the chromium-rich phase and the chemical energy associated with the interface between the two phases contribute about 60pet to the total strength. The contributions from coherency strains and modulus differences are thought to contribute the remaining 40 pet of the strength but are difficult to evaluate because of uncertainties regarding the flexibility of the dislocation line. All of the factors have nearly the same or else a smaller effect on the twinning stress in the aged alloy. Twinning is never observed in the unaged alloy because the twinning stress is much higher- than that for slip. With increased aging times, the various contributions to the total stress for both twinning and slip increase, but most of those for slip increase much more rapidly, so that, in the fully aged alloy, it surpasses the stress for twin propagation. When a twin is nucleated by the chance occurrence of an internal stress concentration during a test, the subsequent twin burst results in a low hardness reading. FeRNTIC Fe-Cr alloys from about 15 to 80 at. pet Cr content show considerable change in properties such as hardness, electrical resistivity, saturation magnetization, and so forth, after aging in the vicinity of 500°C.* The most marked change is a large increase in hardness accompanied by a sharp decrease in ductility, so the phenomenon has often been referred to as the 475°C (885°F) em-brittlement problem. Changes in microstructure are rather subtle and most investigators have not been able to observe any X-ray diffraction or metal-lographic changes during aging. There is little doubt that the phenomenon is inherent to the Fe-Cr binary system and is not directly related to the formation of a phase. Two distinct schools of thought have developed during the past decade concerning this problem. Masumoto, Saito, and sugiharal have concluded, from their own specific-heat measurements, that atomic ordering occurs in this temperature range. Pomey and Bastien2 have also attributed the changes in physical properties with aging in the neighborhood of 500°C to atomic ordering. In addition, Takeda and Nagai3 claimed to have found X-ray verification for superlattices corresponding to the compositions FesCr, FeCr, and FeCr3. However, all known attempts to observe superlattices in Fe-Cr alloys using neutron diffraction, which should be much more sensitive, have been unsuccessful. These have been reported by Shull et al.4 for 25 at. pet Cr, williams5 for 75 at. pet Cr, and Tisinai and samans6 for a 28.5 at. pet Cr. steel. The second and more prevalent opinion ascribes the 475°C embrittlement phenomenon to the formation of a coherent precipitate due to the occurrence of a miscibility gap in the Fe-Cr system below about 550°C. This latter concept was first indicated by the results of Fisher, Dulis, and Carroll,7 who were able to extract fine particles about 200Å in diameter from samples of 28.5 at. pet Cr steels aged from 1 to 3 years at 475°C. The extracted material was found to be nonmagnetic, to have a bee structure with a lattice parameter between that of iron and chromium, and to contain about 80 at. pet Cr. Williams and paxton8 and williams5 confirmed these results and first explicitly proposed the existence of a miscibility gap below the a region in the equilibrium diagram. Alloys aged within this gap

Jan 1, 1964

By George A. Bell

The mine and milling plant of Demonstration Gold Mines, Ltd., is near the city limits of Baguio, Mt. Province, P. I. The mine road connects with the main highway to Manila. The nearest railway point is near sea level, approximately 40 miles distant. The Baguio district is very mountainous and has one of the heaviest rainfalls in the world. It is therefore difficult to maintain roads or to impound tailings and mine dumps. All supplies are trucked into the district direct from Manila or the nearest railway point, which means uncertain deliveries and high freight rates. Installation of equipment is difficult and costly. The average elevation at the mine is 4000 ft. and the climatic conditions are ideal except for a three months rainy season. The company generates its own power for mining and milling operations with three 400-hp. Ruston Diesel engines direct connected to 250-kw. General Electric alternating current generators. Labor conditions have been excellent, although at present social security laws are causing some unrest. Labor receives a higher average wage rate in this district than other labor in the Islands. The company also furnishes free living quarters, hospitalization and workmen's compensation. Taxation has been reasonable up to the present time, but some of the new mining legislation may make it difficult to operate and pay dividends. The future depends largely upon the continuation of $35 gold and the political outcome in the Islands. History The Demonstration ore body was worked by the Igorots for many years, as evidenced by old stopes and fill encountered in present operations. Attention of Americans was first attracted soon after the Spanish-American war. During the building of the Benguet road to Baguio, the engineers and foreman became interested in the geology of the district.

Jan 1, 1939

By George A. Bell

The mine and milling plant of Demonstration Gold Mines, Ltd., is near the city limits of Baguio, Mt. Province, P. I. The mine road connects with the main highway to Manila. The nearest railway point is near sea level, approximately 40 miles distant. The Baguio district is very mountainous and has one of the heaviest rainfalls in the world. It is therefore difficult to maintain roads or to impound tailings and mine dumps. All supplies are trucked into the district direct from Manila or the nearest railway point, which means uncertain deliveries and high freight rates. Installation of equipment is difficult and costly. The average elevation at the mine is 4000 ft. and the climatic conditions are ideal except for a three months rainy season. The company generates its own power for mining and milling operations with three 400-hp. Ruston Diesel engines direct connected to 250-kw. General Electric alternating current generators. Labor conditions have been excellent, although at present social security laws are causing some unrest. Labor receives a higher average wage rate in this district than other labor in the Islands. The company also furnishes free living quarters, hospitalization and workmen's compensation. Taxation has been reasonable up to the present time, but some of the new mining legislation may make it difficult to operate and pay dividends. The future depends largely upon the continuation of $35 gold and the political outcome in the Islands. History The Demonstration ore body was worked by the Igorots for many years, as evidenced by old stopes and fill encountered in present operations. Attention of Americans was first attracted soon after the Spanish-American war. During the building of the Benguet road to Baguio, the engineers and foreman became interested in the geology of the district.

Jan 1, 1939

By A. L., Bailey

All who are even generally aware of the tremendous rate of increase in coal washing operations must realize the growing importance of the float-and-sink test. I believe it is conservative to estimate that, in the past decade, the dollar volume of float-and-sink testing has increased tenfold. It is a simple matter of economy, then, to examine the factors that determine the cost of adequate float-and-sink testing. When the Coal Preparation Section of the Bureau of Mines entered upon a greatly expanded program of such work in connection with the synthetic liquid fuels investigations, it seemed advisable to examine these factors experimentally. The principal consideration that differentiates float-and-sink test sampling from general purpose sampling, is that the original particle size must be preserved. Therefore, the total cost of the test will be directly affected by any standard that might be proposed to limit sample bulk reduction at any given particle size. For this reason, the relationship of sample size to variability of results was the first factor to be studied experimentally.

Jan 1, 1949

By Charles L. Elliot

Worldwide manpower utilization reached a new high at 10,482 professional man-months and expenditures increased to $19.9 million for mining geophysical activity during 1965. This is up from 9323 man-months and $14.5 million in 1964. Worldwide geophysical activity measured in percent distribution of the total manpower utilization and expenditures is presented in the accompanying Figs. 1 and 2. In terms of the total manpower utilization, ground surveys accounted for 61%, airborne surveys 18%, and mining geophysical research activity 21%. For expenditures, the breakdown was ground surveys, 49%; airborne surveys, 3901o; and research, 12%. Industry was responsible in general for 74% of the manpower utilization and 80% of the expenditures. Manpower costs in 1965 averaged $1900 per professional man-month.

Jan 11, 1966

By C. M. Haight

The mines of the New Jersey Zinc Co. in New Jersey, are situated in the northern part of Sussex County, at Franklin, formerly Franklin Furnace, and also at Ogdensburg. The mine at Ogdensburg is still in the development stage, but the, mine at Franklin, with which this paper deals chiefly, has been a steady producer of high-grade zinc ores for many years. The town is about 50 miles from New York City, among the foothills -of the Kittatinny Mountains. It is equipped with water supply (filtered and chemically treated), good roads, electric lights, efficient police protection and excellent schools, including a new vocational high school. For a mining community, the conditions and location are far above the average. Franklin Furnace Folio, No. 161 of the U. S. Geological Survey, describes the geology and mineralogy of the district in detail, so that merely an, outline of the main characteristics of the orebody need be given. The

Jan 10, 1917

By J. D. Cooner

Since my working life of 32 yr has been spent in and about the anthracite mines of the Hudson Coal Co., and the previous 4 yr in a college school of mines, I can write best about the safety program of a coal mining company. However, most of the suggestions, statements and practices mentioned herein are applicable to the members of a safety organization and program of almost any industry. It is realized that industrial officials actually interested in real safety work are fully acquainted with the requirements of a practical safety program. Therefore, for such persons there may be nothing new in this paper. The Hudson Coal Co. of Scranton, Pa., employs 7000 men and produces 5,000,000 tons of anthracite annually at nine collieries scattered for a distance of 40 miles throughout the Lackawanna and Wyoming valleys of northeastern Pennsylvania. For the past 17 yr of the above mentioned 32, I have been engaged in safety work as a safety inspector, assistant mine superintendent, and at present the safety engineer. I have also had the privilege of visiting coal and metal mines in other parts of the United States and Canada. We Americans are the most careless people in the world. If any one doubts this statement why are 100,000 of our people killed accidentally annually? Or why during the almost four years we were engaged in World War II were more of our people killed accidentally at home than were killed in our army, navy, marine corps, coast guard, and other services during the same period? We are careless everywhere— in our homes, on the highway, at work and at play. The purpose of this paper is to outline the requisites of a safety department and its program to stop the accidents occurring to employees at work in mines or industrial plants. The first requisite for a safety program is that the management must be convinced of the need and value of a real safety program. By "management" is meant each department head from the president down. Otherwise a good safety department with a good safety program will not succeed because it will not have the proper personnel and equipment to work with, its rules and regulations will not be enforced, and the members of the safety department will be belittled in the eyes of most of the workmen and supervisors. Next, a safety engineer and his inspectors should have worked in the production end of the mines as workmen and also in an official capacity. They are then in a position to have practical and first hand knowledge of the accident hazards of the industry, how to prevent them, and in general the problems of both the workmen and officials. Some men are appointed as safety inspectors when they are physically unable to carry on as mine officials. Such men may know the safety end of the industry and even be safety-conscious, but if they are physically unable to be mine officials they are also physically unable to be safety inspectors, as a safety inspector in our mines must walk from 2 to 4 miles on each daily inspection and visit each working

Jan 1, 1949

By J. R. Long, A. H. Roberson, T. R. Graham, R. S. Dean

Experimental work on the properties of high-purity alloys of the copper-man-ganese-zinc system has necessarily required extensive metallographic work to determine the equilibrium conditions in this system. Previous work on these alloys is fragmentary and, unfortunately, based on alloys made with impure grades of manganese, thus introducing significant amounts of iron, silicon, aluminum and carbon. Since these elements are known to affect equilibrium conditions, it became desirable to re-examine these alloys made from the pure metals. The alpha solid solution field was of particular interest and, therefore, was chosen for the initial work, which was outlined to determine the composition limits of this field. Previous Work Heuslerl conducted an extensive survey of the liquid-solid regions of this system and also made an estimate of the solid-phase boundaries at 340°C. The pertinent part of his diagram is given in Fig. I, but it is of limited usefulness, since it applied to a single temperature only and is based on impure alloys under admittedly nonequilib- rium conditions. Bauer and Hansen,2 likewise working with impure alloys, have determined the phase boundaries for alpha-beta brasses containing small amounts of manganese and indicate an increase in the extent of the alpha field with increasing manganese. This is not in accordance with Heusler or with data obtained on pure alloys.3 They also described a third constituent precipitating in the alpha plus beta field below 350' to 400°C. but did not identify this constituent. Guillet4 and Heike and Ledibur6 have also noted this precipitate. Each of these investigators recognized that impurities present in the manganese could and did have an effect on the structure and properties of their alloys. Corson6 in particular pointed out the hardening effects of silicon, aluminum, and carbon in copper-manganese alloys and Heusler reported that his alloys containing more than 25 per cent manganese were extremely brittle. In all probability this brittleness was due to the impurities present. This early work, therefore, should be taken as a general guide for preliminary studies only, and high-purity alloys may be expected to produce different results. The work of the Bureau of Mines laboratories with electrolytic manganese has been briefly summarized by Dean7 but includes only a short section on this system. Later work3 outlined a limited portion of the alpha field in the neighborhood of 65 per cent copper, 10 per cent manganese, and 25 per cent zinc. The present work was under-

Jan 1, 1945

Bernard MacDonald, Guanajuato, Mexico (communication to the Secretary*):—Mr. Iceyes's paper is very interesting to me because of my personal experience with the development of the ore-deposits of Lake Valley.

Jan 1, 1909

By Bailey Willis, George Otis Smith

I. Summary of General Features. Location.—The Clealum iron-ore deposits occur on Clealum river, a tributary of the Yakima river; in the eastern spurs of the Cascade range, Washington.† Mount Stuart, 9470 feet in altitude, is a dominant peak of the district, which will therefore be referred to as the Mount Stuart district. By way of the valley and cañon of the Clealum, the ores are 18 miles from Roslyn, the colliery-town, which is reached by a short branch from the Northern Pacific Railroad. Where they occur the valley has an elevation of 2900 to 8000 feet above sea; that of the end of the branch railroad at Ronald is 2345 feet. The grade of the valley from near Ronald to the junction of the Clealum and Salmon Lasac rivers, 144 miles, is 20 feet per mile; thence to the iron-ores it is 130 feet per mile, through a cañon 241/2 miles long. Abreast of the deposits the western wall of the valley is formed by precipices of sandstone; the eastern slope is comparatively gentle, being cut in easily eroded

Jan 1, 1901

By Edward Jeffrey

THE use of coke in metallurgy, to any important degree, dates from the middle of the 18th century. Its utilization came most opportunely for European civilization. The forests of Europe, except in the most remote and inaccessible regions, had been largely fed, in the form of charcoal, into the smelting furnaces. For a hundred years-the middle of the 17th to the middle of the 18th century-there was a stationary condition of population corresponding to the exhaustion of European forests. This situation, which was particularly evident in Great Britain, was due to the fact that the forests had been depleted and the practical utilization of coke had not begun. The coking industry is essential for our metallurgical industries, which in turn are basal to healthy economic progress. But coke is of great importance, not only on its own account, but for its byproducts, which enter fundamentally into all the arts of peace and war. The dyestuff industry and the manufacture of explosives are intimately connected with one another, as was shown by the recent war. The subject of coking coal, therefore, is well worthy the serious attention both of practical industry and the scientific investigator. The most valuable coking coals, from the metallurgical standpoint, are derived from the coals of highest ranks. Coals, for example, that have a carbon ratio of from 70 to 80 per cent. yield the most valuable coke for the blast furnace. The difficulty of investigating these coals, however, is great, for they are rather friable and delicate and possess a high carbon content, which makes them difficult to manipulate. They present, on account of their high carbon content, a considerable degree of opacity when examined, in thin sections, under the microscope. The tenderness of structure and blackness of such high-grade coking coals as those of Connellsville and the Pocahontas region make them extremely difficult to investigate.

Jan 1, 1925

By Michael Bradbury

INTRODUCTION A major change in financing exports in recent years has been the decreased importance of subsidized export credits, following the commitment of the OECD countries to eliminate the subsidy element. Subsidized export credit rates are now often more expensive than market rates as the financing for exporters has decreased in volume and importance. The forfait market, in recognition of this decreasing importance, provides a rapidly expanding source of nonrecource finance for exporters. The following is a step by step guide to what it is, how it works, its benefits and problems. WHAT IS FORFAITING? Forfaiting is not new. It has been used in Europe for about 25 years to provide export finance for both capital goods and commodities without recourse to the exporter. Although long the preserve of exporters in Germany, and more lately Italy, forfaiting is now used increasingly by exporters in Great Britain, the United States, Canada and Scandinavia. It is a fairly simple operation with easy straight-forward documentation. The transaction involves the purchase by the forfaiting bank of a bill of exchange or a series of bills without recourse to the exporter. These bills will have been drawn by the exporter, accepted by the importer, and will usually bear the unconditional guarantee of the importer's bank. They are normally drawn payable at intervals during the credit period agreed between importer and exporter and are purchased at a discount by the forfaiter. The exporter thus obtains his cash payment and the importer receives his credit period. The forfaiter collects the amount of the bills as they mature directly from the importer. Credit periods vary, depending upon the type of goods and the country and commercial risk of the importer. The period is generally between one and five years with six monthly maturities. The usual forfait currencies are US dollars. Deutschmarks and Swiss francs and others, such as sterling, French francs, and the Scandinavian currencies are being used more frequently. CHOOSING FORFAITING Most types of financing require the continued involvement of the exporter in the financial side of the transaction during the credit period. Forfaiting has certain comparative advantages. In particular, it is possible to forfait 100 percent of the risk without recourse to the exporter, unlike government sponsored export finance schemes, where some retention of the risk by the exporter is required. In addition, exports from country sources do not present problems and forfaiting can also cover trade within the EEC. Other benefits for the exporter are: (a) The exporter's balance sheet is improved; debts are turned into cash thus improving the liquidity of the company and enhancing its cash flow. And there are no contingent liabilities for bills of exchange. (b) If the sales contract is in a foreign currency forfaiting removes the risk to the exporter of adverse movements in foreign exchange during the credit period. (c) Fluctuations in interest rates during the credit period can be ignored since in forfaiting the transaction is usually done on fixed interest rate terms on a discount basis. (d) The political and transfer risks are taken by the forfaiter. (e) The commercial risk is taken by the forfaiter. (f) The costs of administration and collection etc. during the credit period are removed.

Jan 1, 1985

By Sheldon P. Wimpfen, Ralph H. Sweefser

FOR centuries the pumping of water has been one of the chief problems to be overcome by the persistent men who win the mineral wealth of the world. Profitable operations have often been forced to suspend activities as the mine penetrated well below the water table or when sudden rushes of water were encountered. To operate below the local water level requires continuous pumping equal in volume to the amount of water flow¬ing into the mine workings. Often the water to be removed exceeds the tonnage of valuable material produced. To be above local water level is a valuable asset. Modern mining practice permits nothing short of the extraction of the last pound of profitable ore from a mineral deposit. In the days before the development of mechanical and electrical power as we know it today. water in any quantity was a major

Jan 1, 1948