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By Georgc E. Collins

SEVERAL years ago, I estimated the total stock of gold in the world to be about a thousand million ounces, of which rather over one-third was available for monetary uses. Robert H. Ridgway has estimated the world's production from 1493 to 1927 as slightly over this amount. Of this total, 1.5 per cent was produced between 1493 and 1850 (before the Californian and Australian goldfields began to flood the world with gold), 331/2 per cent from 1851 to 1900, and 511/2 per cent from 1900 to 1927. Allowing for loss by attrition and permanent consumption in the arts, and for loss of buried treas¬ure, my first-mentioned estimate is perhaps not far from the truth; but my estimate of the monetary stock was certainly too low. Of the total production stated by Rid-way. 28 per cent came from North America. 26.9 per cent from Africa, 1.6.8 per cent from Australasia, 12.4 per cent from South America, and 11.2 per cent from Asia. Excepting that from the African conglomerate beds, the ultimate origin of which is still the subject of controversy, by far the greater part of the total production was derived from alluvials. Weighing all contingencies, it is improbable that any such production as has been made during the last forty years will be repeated in any similar period, if the present price level is maintained. The gold standard today seems firmly established except for temporary digressions. Nevertheless, no well-informed mining engineer will venture to assert the probability that the material for its maintenance throughout future generations can be furnished.

Jan 1, 1932

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

ANNUAL meeting of the Woman's Auxiliary of the American Institute of Mining and Metal-lurgical Engineers convened on Tuesday morn-ing, Feb. 20, the president, Mrs. H. W. Hardinge, presiding. President Hardinge, in opening the meet-ing, said: "I have the honor and great pleasure to welcome you to our seventh annual meeting. It has been a happy year, though I started in fear and trembling. My fear is partly gone and my trembling becomes less as time goes on. Never has a chairman had such splendid cooperation and harmony in her work; no. matter how much was asked nor what the task, I have always received the same answer, `We are with you, of course we can do it.' Often the road has been untried and the way full of snares, but we have all pulled together. Is it any wonder we have had a prosperous year? I cannot thank the governing -board and officers enough for their help." Mrs. Hardinge described her trip through the West last summer, during which she visited many of the local sections of the Auxiliary. She also spoke of the work of the Rossiter Raymond memorial library which has been started as an activity of the Woman's Auxiliary. Mrs. Reynders read the minutes of the last annual meeting, and Mrs. Kemp read the treasurer's report. The latter showed that on Feb. 1, 1922, there was a bank balance of $683.61 and on Feb. 10, 1923, the bal-ance was $947.93. Mrs. Westervelt expressed the sorrow of the Auxiliary for the death -of Mrs. Florence Howe Hall and of Mrs. Levi P. Holbrook.

Jan 4, 1923

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who called at Institute headquarters during the period Jan. 10, 1916 to Feb. 10, 1916: William Rettie, Yonkers, N. Y. Wallace E. Pratt, Manila, P. I. R. V. Norris, Wilkesbarre, Pa. T. Skewes Saunders, El Oro, Mex. Fred MacCoy, El Oro, Mex. M. L. Requa, San Francisco, Cal. Reno H. Sales, Butte, Mont. R. W. Schultz, Ravenna, O. R. T. White, Batourn, Russia. H. J. Brown, Chester, Pa. David T. Day, Washington, D: C. A. M. Van Rensselaer, New Rochelle, N. Y. H. M. LaFollette, LaFollette, Tenn. Norman C. Stines, Russia. F. N. Speller, Pittsburgh, Pa. Howard R. Hughes, Houston, Tex. Robert W. Hunt, Chicago, Ill. C. F. Schnepp, Ridgefield Park, N. J. B. E. Fernow, Toronto, Ont., Can. George L. A. Thomson, Elizabeth, N. J. A. F. Bennett, New York City. Jasper T. Robertson, Chicago, Ill. J. C. Ralston, Spokane, Wash. J. B. Tyrrell, Toronto, Ont., Can. George J. Lyon, Schenectady, N. Y. H. G. Officer, New York Cty. Jesse C. Porter is now superintendent of the San Fernando Mine, Hoyo de Manicaragua, Santa Clara Province, Cuba.

Jan 3, 1916

By Carl Henrich

Jan 1, 1893

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

The following is an incomplete list of members and guests who' called at Institute headquarters during the period Mar. 10, 1918 to Apr. 10, 1918. W. Sinclair Brown, Lebong Donok, Sumatra. F. Laroque, Roodepoort, Transvaal. H. B. Catlin, Syracuse, N. Y. A. H. Means, Camp Upton. A. R. Chambers, New Glasgow, Nova Scotia. J. H. Miles, Nome, Alaska. W. M. Corse, Buffalo, N. 1 . Harvey S. Mudd, Washington, D. C. George C. Crossley, Toms River, N. J. Henry Noyes, Melbourne, Aust. F. A. Dalburg, Montoursville, Pa. C. L. Petzel, Camp Upton. Kuno Doerr, El Paso, Tex. J. L. Schueler, Peoria, I11. V. E. Edwards, Worcester, Mass. J. G. Scrugham, Reno, Nev. H. F. E. Gamm, Rutherford, N. J. Frank M. Smith, East Helena, Mont. J. W. Gerhard, St. Louis, Mo. W. G. Swart, Duluth, Minn. Julius H. Gillis, Sudbury, Ont., Canada. A. L. Sweetser, Boston, Mass. S. J. Gormly, Guayacan, Chile. W. N. Thayer, Cincinnati, Ohio. Fletcher Hamilton, San Francisco, Cal. Felix E. Wormser, Cornucopia, Ore. Dorsey A. Lyon, Washington,. D. C. John B. Arnold has opened offices at 606 Lyceum Bldg., Duluth, Minn. E. E. Barker, formerly mine superintendent with the Chile Exploration Company at Chuquicamata, Chile, has resigned his position to become superintendent of mines for the Cerro de Pasco Copper Corporation at Cerro de Pasco, Peru.

Jan 5, 1918

ALABAMA Auburn.-Brown, R. L. Battelle.-Green, G. G. Bessemer.-Abbott, C. E. Dobbs, G. G. Ferguson, V. Birmingham.-Aldrich, T. H. Aldrich, T. H., Jr. Allen, A. W. Bonnyman, J. Bowron, J. Crawford, G. G. Crockard, F. H. Ellis, E. E. Fairbairn, C. T. Gambrill, G. T., Jr. Geismer, H. S. Hiller, E. McCormack, G. B. Maben, J. C.

Jan 1, 1917

By R. W. Gurry, L. S. Darken

The solubility of cementite in austenite is computed by thermodynamic methods from the observed solubility of graphite. It is found that the solubility of cementite is greater than that of graphite in the entire austenite temperature range. Thus the prior discrepancy between this portion of the phase diagram and the observed metastability of cementite is partially resolved. FOR several years it has been apparent that a serious discrepancy exists in certain observations pertaining to the Fe-C system. Direct experimental data indicate: 1-That the curve representing the solubility of graphite in austenite'" crosses that for cementite4 at about 945°C as shown in Fig. 1. 2— That graphite and austenite saturated therewith are stable1 relative to cementite at all temperatures between the eutectoid, about 723°C, and the eutectic, about 1153°C. These observations are mutually incompatible in view of a well-known consequence of the second law of thermodynamics, namely, that the stable phase (presumably graphite at all temperatures) has a lower solubility than the metastable phase (presumably cementite). Hence either 1 or 2 above must be in error; either the measured solubility of graphite or of cementite, or the observation as to the stability of graphite, is in error. Our present purposes are: 1—To collate the available data on cementite and prepare a table of HO — HO° and of (Fa— HO°)/T. This tabular method seems the best and most convenient way to represent the heat and free energy of formation. 2—To determine whether the measured solubilities of cementite and graphite in austenite are in accord with the above table and the measured thermodynamic properties of austenite, in order to resolve, if possible, the existing paradox of these two solubilities. Enthalpy of Cementite The enthalpy of cementite at 273 °K, H279 — HOcem, was computed by integration of the low temperature heat capacity as measured by Seltz, McDonald, and Wells" 68" to 298 °K) and as given by the Debye functions recommended by them (0" to 68°K); the result is included in Table I. At higher temperature HCem — H,,"" is given by Kelley who used the data of Naeser7 (298" to 1037°K) and of Umino8,9 (273° to 1923°K). We have recalculated Hcem — H273 cem from the data of UminoO in the following way. In the equilibrated alloy at temperature the weight fraction of cementite Pct c -Pct cr is PctC -PctCr designated f(C), and the

Jan 1, 1952

By Thomas H. Leggett

IN speaking of the mining and economic conditions prevailing at the present time on the Rand, it is not my intention to go into the details of the mining-practice, since this has been already well described both in the Transactions1 and elsewhere,2 but rather to take a more comprehensive view of the industry and its surroundings as a. whole, marking its general development and the lines of its future progress. In a. paper entitled Deep-Level Shafts on the Witwatersrand, with Remarks on a Method of Working the Greatest Number of Deep-Level Mines with the Fewest Possible Shafts,3 presented to this Institute in August, 1900, I drew attention to the great cost of sinking the very deep vertical shafts that were then being seriously proposed as necessary for the development of the deeper areas, pointing out the strong advisability of working this ground by means of inclines to be sunk from the existing shafts of from 3,000 to 4,000 ft. in vertical depth. In this paper it is stated (1:). 975): "In short, practice upon the Rand now tends towards fewer vertical shafts and more underground inclines, especially for the very deep mining about to be undertaken." In consequence, the 6,000-ft. vertical shafts, at one time so much discussed, have never been started, and they do not now seem likely ever to be. The necessity of placing all deep shafts further apart in order to make them control and exhaust larger areas was also dwelt upon. This economy was vitally necessary for both 1 Gold-Mining in the Transvaal, South Africa, John Hays Hammond, xxxi., S17 to 855 (1901). R Engineering and Mining Journal, vol. lxxxv., p. 53 (1908). ' Trans., xxx., 947 to 987 (1900).

Jan 5, 1908

Jan 1, 1944

Jan 1, 1944

Jan 1, 1959

Jan 1, 1967

Foreword—H. Foster Bain........................ 7 Officers and Committees......................... 9 PAPERS Growth of Metallic Crystals. By C. H. Desch...............13 Aluminum Castings of High Strength. By R. S. Archer and Zay .Teffries (With Discussion).............................35 Constitution of Alloys of Aluminum, Zinc and Tin and Aluminum, Zinc and Cadmium. By V. Jares.......................65 Exudations on Brass and Bronze. By W. B. Price and A. J. Phillips (With Discussion)..................•..........80 Preparation of Metallic Single Crystals and Twinning in Zinc and Zinc Single Crystals. By 0. E. Romig (With Discussion).............90 Plastic Deformation of a Zinc Single Crystal. By S. L. Hoyt (With Discussion) 116 Plastic Deformation of Coarse-grained Zinc. By C. H. Mathewson and A. J. Phillips (With Discussion)......................143 The Solidus Line in the Lead-antimony System. By E. E. Schumacher and F. C. Nix (With Discussion)........................195 Note on the Distribution of Energy in Worked Metals and the Effect of Process Annealing Temperature on the Final Annealing Temperature of Fine Copper Wire. By L. Zickrick and R. S. Dean (With Discussion)........207 Note on the Relation of Annealing Temperature to Conductivity of Copper Wire. Ry J. C. Bradley (With Discussion)..................210 Beryllium-copper Alloys. By W. H. Bassett (With Discussion)........218 Some Comparative Properties of Tough Pitch and Phosphorized Copper. By W. R. Webster, J. L. Christie and R. S. Pratt (With Discussion).....233 A Study of the 470" C. Transition Point in Cast 60:40 Brass. By Frances Hurd Clark (With Discussion).......................253 Strldy of the Heat Treatment, Microstructure and Hardness of 60:40 Brass. By Frances Hurd Clark (With Discussion)...............276 Corrosion and Physical Properties of Some Alloys of Aluminurn, Zinc and Tin. By N. 0. Taylor (With Discussion)..................302 Equilibrium Relations in Al-Mn Alloys of High Purity. By E. H. Dix, Jr., and W. D. Iieith (With Discussion)....................315 Deformation of an Aluminum Alloy by a Constant Load. By C. B. Sadtler and J. L. Gregg (With Discussion)....................336 Still Casting of Metals. By P. H. G. Durville (With Discussion).......343

Jan 1, 1927

By William B. Plank

AGAIN the records show an unprecedented enrollment of students in the mineral technology schools of the United States and Canada. In the current year, 1938-'39, 9619 students were resident in the 53 schools of the United States arid 1014 in the six schools of Canada. These data are from my fifth study of the mineral technology schools of the United States and Canada. the last previous study having been made for the year 1936-'37. The undertaking as previously was made under the auspices of the Mineral Industry Education Division of the A. I. M. E. The data or, the various schools were collected in the same way as for former studies.

Jan 1, 1939

By Elmer W. Pehrson

OPINION seems widely divergent as to where we stand with respect to future mineral supply. From some quarters we hear that the United States is about to become a "have-not" nation and about to experience the evil consequences such a situation would entail. Others claim that we are still a treasure house of stored-up mineral wealth, the surface of which barely has been scratched. The data to be presented here support the conclusion that neither of these viewpoints is correct and that we are far from exhaustion of those mineral resources that are basic to our industrial economy. However, exhaustion is well advanced in a number of important subsidiary minerals so that we can no longer drift along with the easy-going philosophy that the earth will provide. The time has come when we must recognize the true situation and do something about it.

Jan 1, 1945

Organization Place Date 1917 American Electro-Chemical Society Detroit; Mich. May 2-5 American Waterworks Association Richmond, Va. May 7-11 American Institute of Electrical Engineers New York City May 18 America' Society of, Mechanical Engineers Cincinnati, Ohio May 22-25 American Iron and Steel Institute New York City May 25-26 ' Interstate Oil Mill Superintendents Association. Augusta, Ga. May (last wk.) Electric Power Club Hot Springs, Va. June 11-14 Society for the Promotion of Engineering Education .... Evansville, Ind. June 19-22. American Institute of Electrical Engineers Hot Springs, Va. June 25 American Society for Testing Materials Atlantic City, N. J. June 26-30

Jan 5, 1917

By Carl Zapffe

THE object of the Bradley process is to free manganese oxide from its associated gangue and separate the contained iron oxide by dissolving the manganese and precipitating it from the solution. 'The fundamental features of the process are : making. both 1 a manganese ore and an iron ore; effecting a separation of manganese .and. iron by means of selective roasting; leaching- the manganese from the roasted ore by using ' ammonium sulfate; precipitating the manganese by using the ammonia gas generated during leaching; fixing the precipitate by oxidizing with air; breaking down and reforming the ammonium sulfate, so that daily very little additional ammonium sulfate beyond that originally charged into the system is required; washing the manganese precipitate and the iron-silica residue and evaporating the liquor to conserve the dissolved salts in the moistures of these two products and 'to reduce the sulfur content,; drying the precipitates; magnetic wet-concentration of the iron-silica residue; sinteriny the manganese-and .the' iron-concentrates.

Jan 1, 1929

The Industrial Minerals Division met jointly with the Materials and Equipment Division of the American Ceramic Society at State College, Pa, Sept 24-26 Headquarters were at the Nittany Lion Inn Thurs- day afternoon was devoted to a tour of inspection of the Bell Mine, American Lime and Stone Co , Bellefonte, Pa The party returned to State College for dinner and in the evening the Division's executive committee held a brief session There were four technical sessions Friday morning, Mining, afternoon, Beneficiation, Saturday morning, Industrial Minerals and Beneficiation There was an informal banquet at the Nittany Lion Inn Friday night with 93 present Edward Steidle was toastmaster Brief talks were made by President F C Flint and Secretary Ross Purdy, of the American Ceramic Society, Oliver Bowles, Chairman, Industrial Minerals Division, Adrian Morse, assistant to the president, Pennsylvania State College, and George Otis Smith, past president A I R'I E

Jan 1, 1937