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By AIME AIME

TRANSFER to the Bureau of Mines of the responsibility for conservation and production of helium, and announcement that a proposal has been made to the President for commercial operation of the Los Angeles has attracted new attention to the helium program of the Government. The matter is one in which mining engineers, and the mining industry in general, have a peculiar interest. Helium is a byproduct of the petroleum and natural gas industry. It is found in certain of the natural gases which have themselves been discovered, in the main, in the search for oil. If it is to be produced on a large scale, the conservation and development of the fields will necessarily be done by the men of the oil and gas industry. There is no known or expected source of supply of quantities of commercial importance save in the natural gas fields. Not all gas wells supply helium and none of them supply it in important percentages. If it were necessary to prospect a field, develop it, lay pipe lines and build production plants for the helium alone, the cost would be prohibitive. On that basis helium would necessarily be restricted to essential war uses, where cost is subordinate to need. As a byproduct of the natural gas in certain, at least, of the fields in the United States there is distinct reason for anticipating that it may be produced in amounts and at a cost that will permit its regular use in commercial airships.

Jan 1, 1925

By George A. Roberts, Arthur H. Grobe

H. H. Hausner (Sylvania Electric Products Inc., Bayside, N. Y.)—I tested the 18-8 stainless steel powder described by Grobe and Roberts and the results were excellent. The powder was compacted and sintered in purified hydrogen to a very low density (approximately 20 pct and more porosity). Where the other powders show very little ductility when sintered to such a low density, the described stainless steel was surprisingly high in ductility. I would appreciate it if the authors could give us some data on a similar powder but without silicon and also data on 430 stainless steel powder. H. S. Kalish (Sylvania Electric Products lnc., Bay-side, N. Y.)—I should like to verify the excellent results obtained by Grobe and Roberts with their pre-alloyed stainless steel powder. It seems to me, however, that their data are conservative and that even better densities and higher tensile strength can be obtained with these powders by the selection of proper particle size fractions. The accompanying data were obtained by sintering compacts pressed from the powder made by Vanadium-Alloys Steel Co. to 0.8 in. in diam about % in. high in a cylindrical double action die without the use of lubricant. The compacts were sintered for 1 hr at 2370°F in hydrogen purified by passing it through a Deoxo unit (palladium catalyst) and a Lectrodryer. Even the density obtained using the as-received (—100 mesh) compacted at 40 tsi was quite high as was the hardness. This indicates that by increasing the sintering temperature slightly above 2350°F the coining and subsequent secondary sintering operation can be avoided. With the — 325 mesh fraction, however, very much higher density can be obtained and a high hardness. I have no tensile data to present, but I feel that it is not too optimistic to expect. that unusually high tensile strengths and good ductility can be obtained in this sintered material on the basis of the density and hardness data. The sintered stainless steel made by the above-described methods came out of the furnace very bright and clean. The purified hydrogen atmosphere is important in sintering stainless steel to reduce the oxide present in the powder. The result of such a sintering is good densification and good ductility of the sintered product. G. A. Roberts (authors' reply)—We are greatly indebted to Messrs. Hausner and Kalish for their discussions of our paper. Their encouraging remarks are greatly appreciated and their confirmatory data will do much to add to the value of the paper. At the present time it is impossible to provide complete data on a similar stainless steel powder without silicon, but we do know that, in general, the properties are slightly inferior. Data on such a powder and on other stainless steel types are to be published in the near future.

Jan 1, 1952

By Robert S. Archer, L. W. Kempf

It is now well known that the structure of aluminum-silicon alloys can be refined in a rather remarkable manner, with consequent improvement of physical properties, by certain treatments applied to the molten metal shortly before casting. The differences between the treated and the untreated alloys are so marked that special terms are used to distinguish them, the untreated alloys being referred to as "normal" and the treated alloys as "modified." The first practical method of accomplishing this result was that of A. Pacz,1 which consists in treating the molten metal with a salt flux of which the active ingredient is sodium fluoride. The result can also be brought about, and in a more economical manner, by the addition of small quantities of metallic sodium (or potassium) to the molten alloy shortly before casting.2 The action of the Pacz flux evidently consists essentially in the production of free sodium by the reaction of sodium fluoride with aluminum. The changing of a normal alloy to a modified alloy is referred to as "modification" and any process for accomplishing this result is a "modifying" process. Modified aluminum-silicon alloys were introduced several years ago, and it has been demonstrated both in the laboratory and in commercial practice that it is no simple matter to produce castings having the maximum or nearly the maximum properties which under favorable circumstances can be obtained. The alloys are rather sensitive to small changes in chemical composition, and the modifying process must be carried out in a very particular manner to obtain the best results. Extensive experimental work has been carried out in the laboratories of the Aluminum Co. of America with the object of determining the conditions that must be observed to make these alloys of the greatest possible value. It was necessary to learn how to control the modifying process

Jan 1, 1926

SME-AIME Fall Meeting and Exhibit

Jan 9, 1979

By J. M. Boutwell

I. Introduction. THE object of this paper is to present a concise statement on the genesis of the copper- and lead-deposits of the Bingham Mining District, Utah. It is essentially a condensation of a chapter in a detailed report on this district, together with so much on geologic features, and on the character and occurrence of the ores as bears on the problems of ore-deposition. The studies upon which the paper is based were undertaken in 1900 under the direction of S. F. Emmons, Geologist-in-Charge of the Section of Metalliferous Deposits, U. S. Geological Survey; and a little additional data was secured in subsequent years. The evidence then obtained as to the genesis of the replacement copper-ores has led, to conclusions which differ somewhat from explanations hitherto current. Accordingly, it seems desirable briefly to present the facts together with the resulting conclusions in a separate paper.

Nov 1, 1905

By F. V. Lenel

This discussion is concerned with the method of manufacturing, the design possibilities, and the properties of pole pieces for direct-current electric . motors and generators made from iron powder. In such applications as pole pieces, the electric and magnetic properties of the material are of major importance, therefore they are discussed somewhat more fully. However, the main advantage in making pole pieces from powders lies in the rapid and inexpensive method of manufacturing these pieces, and in the flexibility of design, rather than in their superior electrical properties. As a matter of fact, pole pieces from iron powder have found their principal field of usefulness in small electric motors for controls and similar applications where the highest possible flux density in a given design is not required. Fig. I shows a number of different designs for pole pieces made from iron powder. The steps involved in fabricating them are: (I) briquetting—with each stroke of the briquetting press a complete . pole piece is produced; (2) sintering, and (3) sizing, which is a one-step coining operation in a hand-operated punch press. Conventionally small pole pieces are made from laminated electrical sheet steel stock by punching out the laminations and riveting them together (Fig. 2). The powder method has the advantage of being rapid and inexpensive; also, it makes possible the molding of pole pieces with a round hub, which are better from a design standpoint, as will be shown later. It is difficult to make such round-hubbed pieces from laminated stock. The pole pieces could, of course, be machined from solid stock, but this method is not widely used. The raw material for making pole pieces from powder is straight iron powder without the addition of any alloying ingredients. However, the grade of powder used is of considerable importance, as will be shown later when the influence of the grade of iron powder upon the magnetic properties is discussed. Pole pieces are briquetted in the same way that other iron-powder machine parts are made. Because the pole pieces are flanged—i.e., they have a hub and a wing section—they are made in presses that apply pressure from both ends. For best mechanical and magnetic properties, the density throughout the piece should be even and also should be constant from piece to piece. For that reason a powder of constant compressibility from batch to batch is needed for briquetting pole pieces. One method of obtaining the required magnetic properties is to sinter the pole pieces at temperatures higher than are used for most iron-powder parts. A temperature of 2400°F. and an atmosphere of hydrogen has been found satisfactory. No automatic furnaces of the roller hearth or mesh-belt type have yet been developed for such high temperatures. A box-type furnace heated with Globar heating ele-

Jan 1, 1945

By HENRY M. HOWEL

1. Introduction.-The first part of this papers treats of the causes and the restraining of piping in steel ingots; the second& considers the causes and the restraining of -segregation; and the third proposes certain precautions in engineering specifications concerning these two defects. Into their causes I have looked carefully, with the purpose of arriving at rational methods of restraining them, and at efficient ways of detecting. and measuring the harm which they cause, so as to benefit the public by reducing this harm at once effectively and with the least expense to the manufacturer, and therefore in the end with the least expense to the consumer. In Part I., I infer that the pipe is chiefly due to what I, call the virtual expansion of the outer walls of the ingot in the early part of the freezing. I find that the upper and smooth-faced part of the pipe probably forms while the interior is still molten, but that the lower, steep, and crystal-faced part probably forms in metal which is already firm. Of the five causes which may co-operate to limit the depth of the pipe, I find that three-blow-holes, sagging, and the progress of freezing from below upwards-are usually effective. I find that the pipe may be lessened by casting (1) in wide ingots,; (2) in sand molds, especially if these are pre-heated (this is rarely expedient); (3) at the tops instead of at the bottom; (4) slowly; (5) and with the large end up; (6) by the use of a sinking-head or other means of retarding the cooling of the top; (7) by permitting blow-holes to form; and (8) by liquid compression.) Most of these I consider in some detail, and in particular I dwell on the advantages of casting with the large end up, and I propose certain administrative arrangements to permit this.

Mar 1, 1907

By K. Reinhardt

THE idea of burning blast-furnace gases directly in gas-engines, instead of under steam-boilers, as had previously been done, was first put into practice barely ten years ago, almost simultaneously in Great Britain, Germany and Belgium. The pioneers of this movement made their first experiments with small engines. After these experiments had given satisfactory results, and it had been shown that the thermal value of the poor blast-furnace gases, in spite of defective scrubbing, could with safety be directly transformed into mechanical work in the gas-engine, there very soon arose a considerable demand for gas-engines of large power, similar to the large steam-engines employed in metallurgical works. In face of these sudden requirements, the gas-engine builders were placed in a difficult position; for up to that time the gas-motor was considered as suitable for small engines only, and it was generally believed that the limit of size bad been attained with 100 to 150 effective h.p. in a single cylinder. Manufacturers of gas-motors, however, did not underrate the advantages offered by this new field for their manufactures, and it so happened that in Germany the Berlin-Anhaltische Maschinenbau-Gesellschaft, of Dessau, was the first to undertake the construction of a 600-h.p. two-cycle gas-engine, with two cyl¬inders of the Oechelhäuser-Junkers type, for the Hoerder Mining & Smelting Company. The engine was started in 1898, and, with a few improvements and alterations, is still working satisfactorily. This engine worked with astonishingly high of efficiency, considering the period. The builders were therefore

Nov 1, 1906

By W. E. Bonini, E. A. Hickok

IN the course of an investigation directed toward expanding ground-water facilities in Essex and Morris counties, New Jersey, the Board of Water Commissioners of the city of East Orange authorized a seismic-refraction survey' for the purpose of de-lineating bedrock topography below unconsolidated overburden. Results of the survey were highly satisfactory and led to the preparation of a comparatively detailed bedrock contour map. Knowledge of the bedrock depth and configuration was an important aid in selection of sites for test drilling. The portion of the East Orange Water Reserve under consideration is in the flood plain of the Pas-saic River about 10 miles west of Newark, N. J. The flood plain is about 175 ft above mean sea level and is bordered by low hills rising to elevations of approximately 250 ft. The bedrock underlying the Water Reserve consists of sandstone and shale of the Triassic Brunswick formation and is covered everywhere by deposits of unconsolidated glacial outwash sand and gravel, lacustrine clay, and recent river silt as much as 150 ft thick. Yield of wells in the sandstone and shale averages 100 to 200 gpm. Since production wells constructed in the sand and gravel aquifer in the buried river valley shown on the contour map (Fig. 1) yield 300 to 1400 gpm, it was proposed to locate additional production wells in this buried valley, where the yields per well would be maximum. In 1939 and 1946 the East Orange Water Dept. had electrical-resistivity surveys made to determine depths to bedrock. From the resistivity data the exploration company prepared a bedrock contour map. A well field expansion program begun in 1955 utilized this information to locate sites for test wells along a predicted northward extension of the buried valley in which existing production wells are located. After several test wells (wells 201-205) had been drilled, it became apparent that the resistivity information was unreliable." For example, test well 201 recorded bedrock at a depth of 72 ft, whereas the resistivity depth determination was 130 ft. As a consequence, the test drilling program was temporarily suspended and a seismic survey was under- taken to determine the topography and extent of the buried valley known from well records to underlie the existing well field. In the first phase of this study, several seismic shot point locations were placed at sites where well logs had been obtained previously. This procedure is necessary in a new area to determine whether the seismic method is applicable and what degree of accuracy is to be expected. At the East Orange Water Reserve, depths obtained from the shot points near test wells 202, 203, and 204 were within 8 to 11 pct of the depths logged (Table I). With this assurance that accurate results could be obtained, additional seismic spreads were located on the Water Reserve. Using a portable refraction seismograph, in the fall of 1955 a crew of four men shot a total of 29 reversed seismic spreads in a period equivalent to six field days. Charges as heavy as 3 1b of 40 pct dynamite were necessary at a few places to overcome ground vibrations caused by traffic on nearby highways. At most other sites, a 1-1b charge was sufficient. Travel-time plots were made for all spreads, and depths and true velocities were calculated according to formulas for multiple sloping layers by Ewing, Woollard, and Vine.' The plot of spread 7 (Fig. 2) is typical of the short spreads in which bedrock was shallow—about 50 ft in this case. Where there were not enough arrivals through the bedrock to define the high velocity bedrock line, the spreads were lengthened. This was done by placing shots on line several hundred feet away from each end of the line of geophones. It was then possible to construct complete reverse plots for both short and extended shot points (see spread 27, Fig. 3). Four individual depths were calculated from each extended spread. Three and in some cases four seismic layers were observed. The surficial layer had a velocity range of 900 to 1200 fps, the lowest velocity recorded. This seismic layer is above the water table and is interpreted as recent river silt. The bedrock had the highest velocities, which ranged from 10,600 to 16,400 fps. Intermediate velocities ranged from 4500 to 6800 fps. In every case the intermediate layer was within

Jan 1, 1959

By Frank G. Snyder

The Precambrian of Midcontinent United States includes a metamorphic belt of probable Middle Precambrian age, a belt of Keweenawan volcanics and sediments, and widespread igneous activity that extended from Iowa to Texas. Most of the present structural configuration of the Midcontinent was developed by epeirogenic movements during the Paleozoic. The dominant elements are basins and arches. Three major metallogenic provinces occur in the Midcontinent. They include the Missouri Precambrian iron ores, the Lake Superior copper ores, and the Mississippi Valley lead-zincbarite- fluorite deposits. Several large iron deposits, occurring in rhyolite and andesite host rocks, are known. Both discordant massive bodies and replacement- type bodies occur. The iron deposits are believed to have been formed during the period of igneous activity. They are essentially the same age as the volcanics and older than the granites that intrude the volcanics. The Lake Superior copper ores include two established districts, the Keweenawan district and White Pine, and the copper-nickel deposits in the Duluth gabbro. The lead-zinc-barite-fluorite deposits include four major districts, Southeast Missouri, Upper Mississippi Valley, Tri-State, and Illinois-Kentucky, and at least eight minor districts. Ore may occur in stratiform deposits and in veins. The major districts all contain stratiform deposits, but several have produced appreciable quantities of vein ore. Only vein deposits are known in some of the smaller districts. The major features of all districts can be catalogued in terms of host rocks, structural patterns of districts, types of ore-bearing structures, and mineralogical characteristics. From these features, a Mississippi Valley type ore body, in its type area, can be defined.

Jan 1, 1968

By Herbert Hoover

DURING the year, the' Institute has made the most remarkable growth in its history. Our actual increase in membership was 1816 and therefore was 80 per cent. larger than any previous year. Even without expectation of any abnormal growth, we should pass in the year 1921 the 10;000 mark. The causes of this increased growth are not far to seek.. They lie in the widening vision of the Institute's work, not only in its relation to' the profession but as an avenue of service to the nation as a whole. The Institute is today in the first rank of influence among public institutions in the country. During this year we have, for the first time in many years, had a ?deficit of some $3000 in our finances. The sum is not important, but it- does indicate the tendency of the times, and that is the high cost of living:' The increase in our expenses lay, to the largest degree, on the publishing side of the Institute's work. If we compare the year 1918, as a fairly repre¬sentative year, with that of 1920, we find that the costs of issuing the' Institute's publications, after deducting the income received from these publications, shows a .net increase of about $33,000. for the year. This has been to some degree due to the enlarged membership but to a large degree due to the cost of the paper and printing.

Jan 1, 1921

Jan 1, 1967

By Richard Paul Seelig

THE following review covers published information on pressing of metal powders at room temperature. Only those operations are considered which occur between the time the powder is filled into the cavity and the compact is ejected from the die. Thus, this review does not concern hot pressing, coining or sizing feed or flow problems, commercial presses nor designs. It was also necessary to disregard to a large extent the effect of pressing on subsequent operations and on properties after sintering. The pressing operation is considered independently in its function to compact loose metal powder into useful shapes which can subsequently be handled. There are some comments by the writer in connection with a few of the findings quoted in the literature in order to stimulate thought and discussion. The selection of references quoted in the text is in some cases arbitrary although an attempt was made to favor papers containing novel ideas, techniques or results which may stimulate future research. In order to enable the reader to check further into the subjects mentioned, the original, rather extensive, bibliography is appended even though not all the references are touched on in the printed version of this review. EXPERIMENTAL APPROACH The equipment used by various workers, for example a die design created by Bridgman,22 is very interesting. The die insert has a conical external surface. The vertical pressure exerted on the punch transmits itself to the die which in turn is pushed harder into its tapered retainer. Thus, the higher the pressure exerted on the punch, the higher also the pressure exerted inwards on the die inserts. In as much as this pressure counteracts the internal pressure from the compact the two stresses balance each other so that it is possible to obtain tremendous pressures without breaking the die. The die collar was made from an oil hardening tool steel, heat treated to a tensile strength of some 300,000 psi. The die was closed at the bottom by a plug made from special tool steels. Bridgman found that there is no steel which will withstand a compressive stress of 700,000 psi without continuous slow flow or immediate fracture. Therefore, the only material suitable for use in the pressing punch was sintered carbide. In view of the ingenious design it was possible to use special tool steel as die material. Jones22 raises the question whether this method of pressing has practical application in powder metallurgy. Al- though these tremendous pressures cannot readily be utilized without many special precautions, the tapered die and retainer idea is believed to be useful even for lower pressures. Bridgman, himself,8 calls attention to the fact that the properties

Jan 1, 1947

Jan 1, 1967

By C. J. Wilhem, J. M. Devine

A corrosion-testing apparatus which operates in the field and which will determine the comparative resistance of various ferrous materials to corrosion by gaseous hydrogen sulfide at ordinary temperatures is described. The principle of the uniform method of testing is to allow natural gas containing hydrogen sulfide, direct from its source in the field, to flow over the group of specimens for a given period of time, and subsequently to estimate the corrosion sustained by each specimen by determining its loss in weight. The comparative results obtained when specimens of 47 representative ferrous materials of described typical composition \\ere tested at ordinary temperatures with natural gas containing hydrogen sulfide are given in tables showing average penetration of metal, Inches per year. The primary purpose of the work Mas to determine the possible utllity to the petroleum and natural gas industries of ferrous materials that are commercially available, and no attempt is made to discuss the results of the tests from the metallurgical standpoint. The following is a summary of the results obtained: 1. Steels containing 12 to 27 per cent of chromium showed the highest resistance to corrosion. The presence of nickel In these high-chromium steels did not affect their resistance. 2. Steels containing approximately 5 per cent of chromium showed comparatively high resistance, but somewhat less than that of the high-chromium steels.

Jan 1, 1934

By Robert H. Leach, C. H. Chatfield

THIS paper gives a brief summary of the process of manufacture of sterling silver, and some of its more important physical properties, as observed in commercial production of rolled sheet and wire. Although papers have been published by Turner and Smith,1 Rose,2 Sperry3 and Jordan,4 there are few technical data available, and unfortunately the time allowed for the preparation of this paper has not been sufficient to make it as comprehensive as the title might indicate. ANALYSIS OF STERLING SILVER Fine or pure silver is too soft for coinage and the manufacture of articles in which strength and resistance to wear are desired. From the earliest times of which we have record, copper has been the metal generally used to harden silver. Analyses of coins and silver articles from ancient tombs show varying amounts of copper, and old Roman silver objects in the British Museum have approximately the same analysis as our sterling. The first authentic record of the establishment of a stand¬ard alloy is during the reign of Henry II in England. During the twelfth and thirteenth centuries, the people in the Eastern Provinces of Germany had a reputation for the standard and purity of their silver coinage, and it is said that Henry II employed some of these Easterlings, as they were called, to improve and standardize the English coinage, which had become debased. The peculiar standard adopted is probably accounted for by the system of weights used. A troy pound contains

Jan 1, 1928

By Harry C. Wiess

PETROLEUM has come to be one of the most important and essential of the mineral re- sources of the nation. It is the most advantageous source of mineral fuels and of lubricants, and as such it has provided in large measure for the phenomenal development in our modern means of travel and in the facilities for transportation by land, sea, and air. Without it the remark- ably rapid industrial and social progress in our country during the past thirty years could not have occurred. In view of its important place and the fact that petroleum is irreplaceable and existent in limited quantities in nature, its conservation is essential.

Jan 1, 1939

By Harold L. Overton, Leonard B. Lipson

The first paper in this series1 outlined practical methods for applying the theory of steady-state flow of an ideal Bingham plastic liquid through a circular pipe and axially through a stationary concentric annulus to the enginekring analysis of friction loss problems. In the present paper the properties of another useful rheological model, the pseudoplastic generalized Newtonian liquid, are considered. The terminology applied to the rheological models is derived from the following classification of rheological models. The term "generalized Newtonian" is a class designation applied to models which do not have yield points but which exhibit a dependence on shear rate. The term "pseudoplastic" applies to a sub-group of models within this class which exhibit a decrease in "viscosity" with increasing shear rate. The term "power model" refers to a mathematical model proposed for describing the behavior of the pseudoplastic liquid. This model is of interest since certain of the salt saturated, oil emulsion, and "low solids" drilling fluids, inverted emulsion- and oil-base drilling fluids, aqueous gels, gelled crudes and blocking agents employed in hydraulic fracturing operations are of this type. The present treatment considers the equations describing steady-state Poiseuille flow through a circular pipe and a stationary concentric annul us, and Couette flow between concentric rotating cylinders for a particular pseudoplastic model. As in the previous paper' it is demonstrated how these equations can be applied to engineering calculations of friction losses. Graphical procedures for recovering the various flow curves and cxample calculations are included. A method for simplifying turbulent-flow correlations is also proposed. PROPERTIES OF PSEUDOPLASTIC GENERALIZED NEWTONIAN LIQUID In contrast to the Bingham plastic the generalized Newtonian liquid is yield point-free. However, in the flow region the relation between stress and rate of shear is not linear as it is with ordinary Newtonian fluids. If the stress increases with shear rate at a less than linear rate the system is called pseudoplastic. While there is no yield point in this system, the Bingham advocates' coined the term pseudoplastic to distinguish this kind of behavior from Bingham plastic behavior. For the pseudoplastic a plot of flow rate vs friction loss or rpm vs torque, from pipe flow or rotational viscometer measurements, respectively, generally has three qualities: (1) it can be clearly extrapolated toward the origin; (2) there is very little slope at the origin. This accounts for the high apparent viscosities at low mixing and pumping rates; and (3) the flow curve possesses a continuous curvature which gradually diminishes as the shear increases. Rheological measurements on a pseudoplastic liquid can be easily misinterpreted as indicating Bingham plastic behavior. A typical case in point is illustrated in Fig. 1. These data were obtained from measurements on an oil-emulsion mud using a commercially available rotational-type viscometer (Model 35 Fann V-G meter). Applying the "two-point"* method3 gives a plastic viscosity of 17 cp and a yield point of 24 lb/100 ft2; at the same time weighting material settles very easily in this system. This illustrates that it is not possible to distinguish between the pseudoplastic and the Bingham plastic from only two data points. It is possible to determine qualitatively which model is more appropriate by a combination of dynamic and static measurements. Experience indicates that the simplest criterion for the Bingham plastic liquid is that the calculated dynamic yield point should be of the same magnitude as the measured gel strengths. For the oil-emulsion drilling fluid illustrated in Fig. 1, a value of 4 lb/100 ft2 was obtained for gel strengths measured

By AIME AIME

THE 123d meeting of the Institute was held in New York Feb. 14 to 17, 1921. The total registration was 1199, as compared with 1138 at the New York meeting in 1920. The weather was a strange and welcome contrast to that of last year, when New York was buried under six feet of snow as the result of the fiercest blizzard in its history. This year there was no snow, and the weather was said to be much more like an Arizona winter than New York. A complete program of the Technical Sessions is on p. 9. The discussions of the papers presented will be published in pamphlet form as soon as possible and will be noted in MINING AND METALLURGY in the usual way.

Jan 1, 1921

By John K. Gustafson

The title of my talk is "The Gold Miner and the Future of Gold." This title might just as accurately have been stated as "Gold and the Future of the Gold Miner." Since prehistoric times gold has been sought by mankind for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value and lubricated trade between peoples. For at least 6000 years, gold has been used to barter for other commodities. It has been prospected for, treasured, made into works of art and personal adornment, and from time to time has been the object of conquest. Because of its predominant role in recent centuries as a basis for money, economists began to think of it solely in these terms. Annoyed by the disciplinary pressure of gold on the money manager's desire to manipulate money, the famous economist, John Maynard Keynes, characterized it as a "barbaric relic of the past", a characterization repeated by William McChesney Martin, Jr., when he was head of the Federal Reserve Bank. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world.' It is the most ductile metal known. An ounce of gold, for example, can be drawn into a continuous wire over 35 miles long. It also is so malleable that an ounce of gold can be beaten into films ten one-millionths of an inch thick sufficient to cover 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of gold weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity, only slightly less than silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity both to light and infrared rays. Because of these qualities, in addition to its rare beauty, industrial and artistic uses of gold have been growing rapidly. On a world basis, a recent study estimated that in 1960 about 750 tons of gold were used for fabrication, and that the amount had grown to about 1296 tons in 1968. My objective in this talk is to discuss with you the present and future supply of and demand for gold on a worldwide basis and the effect these forces are likely to have on the price the miner can expect to receive for the gold he produces. This is a highly controversial and risky subject to discuss before any audience. Nevertheless, it is a subject that I live with constantly as Chairman of the

Jan 1, 1972