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By D. F. Scott

"DEFINITION OF THE REGION AND ITS BOUNDARIESTHE REGION of Western Canada covered by this re-port lies between the Precambrian rocks of the Canadian Shield and the structurally deformed rocks of the eastern Cordillera, extending northward from the international border to the 60th parallel. It is some 487,000 square miles in area, with a total sedimentary fill of about 535,000 cubic miles0>. It includes parts of the prairie provinces of Manitoba, Saskatchewan and Alberta and the northeast corner of British Columbia and forms part of the geological region known as the Interior Platform, commonly referred to as the Western Canada Sedimentary Basin. The bedrock comprises carbonates and evaporites of Paleozoic age that lie on Precambrian crystalline rocks and are over-lain by a relatively thick blanket of Mesozoic and Tertiary elastic rocks. The nearly flat-lying bedrock, covered by a thick mantle of glacial drift, forms the Interior Plains physiographic province."

Jan 1, 1970

By F. W. Guernsey

Of all the elements, sulphur occupies a place by itself. It is mined in situ, in such quantities and of such purity that, as regards the tonnage produced, it is the first of any element on the list. Iron and coal the great tonnage producers, are combinations of elements, while sulphur is mined and marketed almost chemically pure. It is sold, in large quantities, commercially, calling for a purity of 99.5 per cent while for medicinal purposes, the Pharmacopoeia requires only 99 per cent. purity. It is a very common commodity, and like many common things is of extreme importance, in the progress of our civilization. The substance has been known from the earliest times, the word sulphur being derived from the Sanskrit Culvari", hence the Latin Sulphur. Commercially it is also called brimstone, this word being a derivative of the Anglo-Saxon Bryne Stane or burning stone. From our younger days, we have been more or less familiar with the mineral. On the spiritual side being threatened, if we did not behave ourselves, with an ultimate consumption in a lake of fire and brimstone, (which in moments of reflexion was not pleasant to contemplate) while our bodily ills were taken care of by inward applications as a spring medicine. In both instances, the effect required, was generally attained. Sulphur occurs in nature, both free and in the combined state, it being estimated that it forms, over one tenth of one per cent of the first ten miles of the earths surface. (I do not know who did the estimating and it is not guaranteed).

Jan 1, 1923

By R. Simon, A. Khosravi

"Tensile strength of rock samples is measured by direct and indirect tensile tests in accordance with standard guidelines. Due to the difficulties in performing direct tensile test, the indirect tensile (Brazilian) test is conventionally carried out to obtain the ultimate tensile strength. A limited number of studies have been conducted to investigate the role of sample size (length to diameter ratio = L/D) in the stress distribution of the Brazilian test using numerical and analytical methods. These investigations showed that the tensile stress distribution along the loading diameter is not uniform. They also indicated that the difference between the tensile stress at the middle part and at the sides of the sample with higher L/D ratio is greater than that in the other samples.The objective of this study is to show the effect of tensile stress distribution on the fracture surface created by the Brazilian test from a morphological point of view on the samples with different L/D ratio. Hence, a series of fracture surfaces created using the Brazilian tests on the rock samples with L/D of 0.5, 0.75, 1, 1.25 and 1.5 were investigated.In this study, all fracture surfaces were scanned by a 3D laser profilommeter. A number of roughness profiles parallel and perpendicular to loading axis have been selected from the samples with different L/D ratio and spacing of 1 mm. The results show that the roughness of the profiles perpendicular to the loading axis increases with an increase of L/D ratio, while the roughness of the profiles parallel to the loading axis decreases. Furthermore, some roughness profiles parallel to the loading axis were chosen and divided into three segments. The results revealed that the segment in adjacent to the upper loading platen possesses higher roughness than the other segments."

Jan 1, 2015

By W. H. MacLean

The Matagami district lies directly west of Chibougamau on the north side of the Abi tibi greens tone belt. Ores at Matagami are volcanogenic massive sulphides and occur in the dominantly rhyolitic Watson Lake group surrounding the Bell River Igneous Complex. Rhyolites and basalts of this group, and basalts of the overlying Wabassee group in the central part of the district, are tholeiitic; calc-alkaline Wabassee rocks occur in the western part. Massive sulphides occur associated with rhyolite domes that can be delineated by paleotopographic and isopach mapping. They are mainly distal deposits that formed over an extended period of time while several volcanic units were being deposited,

Jan 1, 1984

By Arthur B. Yates

"The nickel deposits of Sudbury, discovered in .1885, have probably commanded as much attention as any single group of orebodies in the world. They have been the major source of the world's nickel supply since 1903, when their production first surpassed that from the Pacific Island of New Caledonia. From 1903 to 1914 the production from New Caledonia remained essentially constant, whereas that from Sudbury increased from 13,000,000 to 50,000,000 pounds a year. After 1914 the production from New Caledonia gradually dropped to about 4,000,000 pounds in 1919, where it remained until 1923. During these years the Canadian production increased steadily and since 1923 has gone up at an amazing rate to a peak of over 280,000,000 pounds in 1941. Meanwhile the New Caledonia production increased to about 10,000,000 pounds until the pressure of war raised it to roughly 14,000,000 pounds a year.The Sudbury deposits, because they have been the source of 80 per cent of the world supply of nickel, because of their economic importance to the world of metals, and because they are geologically unique in their occurrence, structure, and genesis, have attracted foremost consideration and the literature relative to their geology is voluminous. This is particularly true in regard to genesis.There is a significant and interesting parallel in time between the advancement of the science of economic geology and the great expansion of the nickel industry. The controversies regarding the fundamental classification of orebodies into generalized types were in full swing during the height of the development and expansion of the great nickel mines, and the Sudbury deposits, being the most important and the only ones of the sulphide type extensively developed, have been the chief source of information in regard to this type. The observations and the conclusions drawn thereon from numerous studies of the various mines of the district have not only influenced, but are the essence of, this chapter of the science."

Jan 1, 1954

By Walter Greaves

THIS paper describes a series of tests performed at the Hollinger mill during the past four years, in which both metal and rubber-lined pumps were used for pumping sand and slime. While conditions will not be the same at other mills, it is felt that the information gained from the tests should be of value to other operators and of assistance to them in selecting the most efficient size of pump and kind of lining for economical operation. For the successful operation of pumps with rubber linings there are certain conditions, which, if recognized at the outset, will save the operator a good deal of work and trouble. First is the necessity of keeping sharp pieces of steel, or anything that might cut the lining, out of the pumps. This can be effected by placing screens in the proper locations. Second is to recognize the fact that the rubber lining of the shell, and the rubber cover of the impeller, are subjected to very different conditions. The shell lining, :being at rest and well supported by the metal case, has a relatively easy job compared ? with the impeller covering, which is subjected to centrifugal force and has a tendency to tear itself away from the metal core. Also, the pulp travels through and past the impeller at a high velocity. These two factors, centrifugal force and velocity of the pulp, would appear to set a limit to the speed at which, for a given set of conditions, it is economical to run a rubber-covered impeller. Therefore, a pump should be large enough for the work to be done. To get the best mechanical efficiency, it must be operated somewhere near the limit of its capacity, but this may not give the best overall cost, because the saving in power, due to the high efficiency, may easily be lost through excessive wear on the lining. It would appear that this condition is more critical in a rubber-lined pump than in one lined with metal.

Jan 1, 1939

By B. G. Cousins, L. Racine, R. S. MacPhail

"FLEX 31 is a chemically enhanced sodium isopropyl xanthate that has shown improved collection properties over SIPX for copper-bearing and copper-activated minerals. Characteristics such as improvement of recoveries with lower dosages and high pyrite and pyrrhotite rejection capabilities have all been exhibited by FLEX 31.The most improved results have been seen insphalerite flotation. Plant trial work carried out in the zinc circuit at the Louvicourt Concentratorin northern Quebec has produced data showing superior grade and recoveries from rougher concentrates that previously had not been attain-able with other reagents effectively. The improvement over SIPX adds up to an almost$1,000,000 annual improvement on the mine’s bottom line at present zinc prices.IntroductionSodium Isopropyl Xanthate (SIPX) is one of the most popular flotation chemicals on the market today. Somewhat more specific than amyl xanthates, SIPX is used in a variety of ores like copper/zinc, lead/zinc, arsenopyrite/pyrite, and many others (Melis et al., 1991). An investigation carried out by Tennants Research Technology Applications (TRTA), a division of Charles Tennant & Co. (Canada) Ltd., produced a chemically enhanced SIPX that has shown all the advantages of normal SIPX along with improved recoveries of copper and copper activated minerals. The new product has been named FLEX 31. Currently, FLEX 31 is manufactured at the Prospec Chemicals, another division of Charles Tennant & Co. (Canada) Ltd.A large amount of laboratory testing pro-grams have been carried out with FLEX 31 todate (MacPhail and Cousins, 1995; Cousins and MacPhail, 1996). One of the minerals that has a defnite affinity to improved fotation is sphalerite (ZnS). Once activated with copper sulphate, sphalerite has produced some of the most spectacular test work when FLEX 31 is compared directly to SIPX. Plant trials of FLEX31 at Aur Louvicourt Inc. carried out in 1995show that FLEX 31 is far superior to SIPX for activated sphalerite flotation."

Jan 1, 1997

By A. S. H. Kabir

Due to the high specific strength and excellent corrosion resistance, Ti-6A1-4V has been widely applied in aerospace industries. In this study, the welding performance of 3.2-mm and 5.1-mm thick Ti¬6A1-4V sheets was studied using a 4 kW continuous wave Nd: YAG laser. It is found that the use of filler wire, matching the parent metal composition, can bridge the joint gap and produce full penetrated welds up to a width of 0.6 mm without cracking. The laser welds were characterized in terms of the bead geometry, defects, microstructures, and hardness. With increasing joint gap, the percent porosity area increased, reaching just over 1% of the fusion zone area at a gap width of 0.6 mm for the 3.2 mm and 5.1 mm thick sheets. The maximum underfill depth in the Ti-6A1-4V laser welds was about 5% or 7% of the sheet thickness for the 3.2-mm and 5.2-mm thick materials, respectively, meeting the AWS D17-1 specification. The microindentation hardness was maximum in the fusion zone and sharply decreased through the heat affected zone until reaching the base metal value.

Jan 1, 2011

By Z. Yang, M. J. Collins, N. E. Tuffrey, R. J. Kalanchey, I. M. Masters

The high elevation of China Western Mining Company (WMC)' s Ganhe refinery, and the high iron content of concentrates produced by the WMC mines, were key factors in the selection of pressure leaching by WMC for their new zinc refinery. This paper describes the results of pressure leaching test work conducted by Sherritt in Fort Saskatchewan with a sample of WMC concentrate from Qinghai Province in China. Results from batch pressure leach tests and a four-day pilot plant campaign are reported. The pilot plant campaign included continuous operation of a two-stage pressure leach circuit, as well as neutralization and iron removal steps, resulting in the production of iron-free zinc sulphate solution. Greater than 98% zinc extraction was achieved in pressure leaching, while producing solution containing about 9 g/L H2SO4 and 2 g/L Fe. Following neutralization and iron removal, the solution contained about 170 g/L Zn and less than 10 mg/L Fe. Overall recovery of sulphur in the zinc concentrate feed to elemental sulphur byproduct was about 85%, while 75 to 80% of the indium in the feed was recoverable from the neutralization residue. The test results highlighted the technical and economic advantages offered by the Sherritt Zinc Pressure Leach Process and provided the required data for the engineering design.

Jan 1, 2008

By Adrian Dance

Barrick Gold Corporation?s wholly owned subsidiary, Barrick (Granny Smith) Pty. Ltd. operates the Granny Smith operation in Western Australia and has been operating a SAG/ball mill (SABC) circuit for a number of years processing a blend of secondary crushed, open pit and underground material. With closure of the open pit in 2008, Granny Smith was considering different options to process underground only material at a lower throughput. Using the existing equipment available on site, a number of circuits were evaluated by Metso Process Technology & Innovation (PTI) through modelling and simulation. A single stage SAG mill circuit was selected based on power requirements and operating efficiency. In April 2008, Granny Smith started operating their SAG mill in single stage, processing primary crushed feed and using their existing pebble crusher for scats. Smaller cyclones were used to control the final grind size. PTI surveyed the new single stage circuit in July 2008 under normal and high rock load conditions to show the effect on final grind size. Granny Smith continued to operate this circuit until the end of 2009, when alternate feed sources resulted in a return to the complete SABC circuit at a higher tonnage once again. The variable speed, single stage SAG mill proved itself to be very efficient and flexible option to process the hard underground Wallaby Deeps material. This paper will review circuit performance following the conversion to single stage in comparison with the full SABC circuit.

Jan 1, 2012

By Saravarim A.

"The aim in flotation systems is to control the grade and recovery of the product., numerical method or sampling and analysis is used to achieve this goal. Weakness of measuring instruments, lack of process knowledge, deficiencies in management and data processing in the control of flotation cells, has led the academic and industrial units to use numerical models. In this regard, using the results obtained from the experimental design carried out in the DTP line of Gol Gohar industrial and mining complex, a regression model was developed based on the analysis of variance. To present this model, after variance analysis of factors and interactions, all models were investigated and the final model was created based on 75% of the data. The model was tested with the remaining 25% of the data to confirm the goodness of the fit. The coefficient of determination for training and testing resulted 71% and 74%. Moreover, a feed forward back propagation neural network with different layers and neuron was used to model the results. The best network structure was 6-27-1 and the coefficient of determination for this network was 99% and 98% for training and test respectively. Given the complexity of neural network models and the relatively low accuracy of the regression model, neural network has a priority assuming we have access to a specialist. In addition, the results obtained from neural network can be used as expert systems to control and optimize the flotation cells.INTRODUCTIONThe primary objective of the flotation cell control is to maintain the product's (in this case tailing) recovery and grade, which represents the index for process efficiency and product quality. Continuous estimation of these indexes requires a significant amount of maintenance, and calibration of the continuous analyzers, in order to maintain an acceptable level of accuracy. Weakness of measurement equipment, lack of process knowledge and the general deficiency in management and processing of data in the flotation cell control, will lead industrial units to use smart methods such as mathematical models, regression and neural networks in near future (Panahi, Abdollahzadeh, & Sam, 2010). Artificial neural networks are inspired by the very complex structure of human brain in which millions of nerve cells solve problems or store information by communicating with each other. The duty of neural networks learning. It should be noted that learning in artificial neural networks is limited, and what is practically considered is the computing power of the network. A neural network consists of units called neurons, and has the capacity to handle a set of input data to produce a desired output data set. Each of these input and output data sets can be assumed as a vector (Soltanmohammadi & Noparast, 2006)."

Jan 1, 2016

"RÉSUMÉOn discute les principales sources de dilution au cours d’une exploitation souterraine. Les différentes définitions de la dilution en usage sont analysées. Une nouvelle méthodologie de calcul simplifiée et facile à utiliser dans la pratique minière est présentée. Cette méthodologie permet de remplacer les différentes expressions analytiques en usage par les deux facteurs de dilution seulement : un «facteur de dilution planifiée» lié à la sélectivité d’abattage au niveau de la planification minière et un «facteur de dilution additionnelle » permettant de juger de l’efficacité du contrôle de terrain et de la dilution pendant l’exploitation souterraine. L’application de cette méthodologie donnerait un outil nécessaire aux niveaux de la planification, du suivi des travaux d’exploitation et d’éventuelles études comparatives des coûts entre les différentes situations minières.ABSTRACTThe principal sources of dilution during underground evaluation and mining are discussed, then definitions of ore dilution currently in use are analyzed. These definitions vary depending on the authors. A new ore dilution evaluation methodology is proposed, replacing the ten different analytical expressions by only two: the planned dilution factor related to the stoping selectivity, done at the mine planning level, and the additional dilution factor related to the efficiency of the dilution control measures during stoping operations. The conclusion shows that the use of this methodology would be a definitive asset in planning, in stoping operations follow-up, and in future costs comparison studies between mining operations."

Jan 1, 2001

By K. K. Panthi, P. K. Shrestha

"Displacement of rock mass around a tunnel opening varies according to the rock mass properties, insitu stress conditions and applied support in the tunnel. Such displacement is also altered by presence of bands of rock mass that differ in properties. This paper focuses on the deformation behavior of rock mass around tunnel openings at four tunnel sections in Kaligandaki headrace tunnel where extensive instrumentation was done. Based on the actually measured tunnel displacement records and actually measured support pressure; back analysis has been done to estimate rock mass properties and insitu stresses. Numerical analysis has been done to analyze and assess the deformation behavior of the rock mass around the tunnel sections.INTRODUCTION Instrumentation and monitoring of tunnel convergences have significant importance in evaluation of tunnel stability. One of the key aspects of monitored data is that early convergences can be used in estimation of long term convergence. In addition, these data can also be used in evaluation of rock mass parameters and in-situ stresses around the tunnel. Convergence around a tunnel periphery may vary according to rock mass quality. Presence of bands of different rock mass may hinder the displacement pattern in the tunnel. Particularly, displacement characteristic of tunnel periphery in schistose, foliated and deformed rock mass is altered by presence of bands of comparatively stronger rock mass, e.g., quartz veins or presence of shear seams or faults. Similar observations were also recorded in monitored tunnel sections in Kaligandaki headrace tunnel, located in the Nepal Himalayas. Extensive monitoring was done by installing multiple point borehole extensometers (MPBX) at three different locations of the tunnel periphery at four different tunnel sections. In addition, convergence measurements by tape extensometers and installation of pressure cells to record support pressures were also carried out at each of the tunnel sections. Observations showed that the tunnel convergences varied according to rock mass quality, in-situ stress and effective support pressure.Rock mass parameters and stresses have significant role in the extent of tunnel deformation, but these parameters are often unknown or difficult to predict. Back analysis based on actual tunnel displacement records and known support pressure is believed to be an important method in such endeavor. This paper performs back analysis to evaluate rock mass parameters and discusses correlation of rock mass behavior with tunnel deformation and applied support. For this purpose, the rock mass parameters are estimated from actual tunnel displacement records, mapped rock mass quality records and laboratory tested data. Then, numerical modelling is conducted to correlate post peak behavior of the rock mass with actual tunnel displacement."

Jan 1, 2015

By D. R. Boyle

"The basal type uranium deposits in south central British Columbia occur within unconsolidated, late Miocene fluvial paleochannel sediments that overlie major fault zones within the Okanagan Highlands Intrusive Complex. Prior to the formation of mineralization, paleovalleys containing host sediments were flooded by Pliocene valley basalts of the Plateau Basalt Formation. Five uranium deposits have been outlined to date, of which the Blizzard (4020 tonnes U) and TYee (650 tonnes U) are the largest. The basement intrusive complex underlying the deposits varies in age from early Cretaceous to Eocene and is comprised of quartz monzonite, granodiorite, Coryell monzonite, porphyritic granite and pegmatite.The mineralized host sediments comprise a complex sequence of interfingering conglomerates, arkosic sandstones and mudstones. Organic material is abundant in many, but not all, mineralized beds. Uranium mineralization is present in the form of uranous (ningyoite) or uranyl (saleeite, autunite) phosphates coating clastic grains and filling voids. Because of very strong reducing conditions related to large concentrations of marcasite and organic material, ningyoite is the only uranium mineral in the Tyee deposit, whereas the Blizzard deposit contains a more complex assemblage of minerals (saleeite, autunite, ningyoite). The observed paragenetic sequence of mineral precipitation in the Blizzard deposit (autunite-saleeite-ningyoite) indicates that the uranyl minerals, saleeite and autunite, are primary. Small amounts of Zn, Ni, Co and Mo have been introduced into the Blizzard deposit whereas Mo is the only non ore-forming element enriched in the Tyee deposit. Mn is the only depleted element in both deposits."

Jan 1, 1986

By G. V. Fernandez

Sociedad Minera Cerro Verde S.A.A leaches secondary copper sulfides. In recent years, the mine has introduced innovations that have improved the management of mineral crushing, agglomeration, curing, and leaching. The crushing plant, for example, uses the concepts of degree of balance and percentage of time in an operationally balanced state which, displayed in real time, facilitate more intensive and uniform utilization of the crushers. High agglomerate quality is ensured with the correct dose of moisture, which is adjusted to the changing characteristics of the mineral through the use of electrical conductivity measurements. The amount of acid used for curing the agglomerate is also adjusted by using quality control information. Finally, the stockpile irrigation regime is managed using the criteria established by the "Lixiviant Request Rate", which optimizes the addition of leaching solution, creating such benefits as faster recovery, and reduced acid and energy consumption.

Jan 1, 2007

By D. T. White

Pressure acid leaching of nickel laterite ores typically involves the production of an intermediate product that is releached and refined to pure nickel and cobalt products. BHP Billiton is developing the Ravensthorpe Nickel Project to produce up to 50,000 t/y of nickel via a mixed hydroxide intermediate, which will be refined at its Queensland Nickel (QNI) Yabulu Refinery near Townsville, Queensland. The hydroxide precipitation flowsheet has been adapted to process high magnesium ores through an atmospheric leach stage, eliminate iron(III) as jarosite and oxidise iron(II) during neutralisation. The neutralisation conditions are controlled to precipitate aluminium, chromium and silicon, and to ensure good solid-liquid separation. Soluble impurities such as magnesium are purged with the tailings stream and will be managed over the long term by crystallisation in evaporation ponds.

Jan 1, 2006

By R. P. Nicholson

On September 3rd, 1947, the Acadia Coal Company put into operation a central coal preparation plant. This plant was designed to process all coals mined by this Company in the Pictou County coal field. The problem, briefly, was to make a three-way separation of the raw coal fed into the plant. It was desired to remove all stone, metal, and wood from the marketable coal and to produce a splint coal from the raw material which would be suitable for making power. This splint coal product is belted directly to the power plant which is adjacent to the wash plant. To attain this object it was therefore necessary, first, to wash the raw coal, removing all splint, stone, metal, and wood. The stone, metal, wood, and highest-ash splint had then to be removed by a second washing in order to obtain the lower-ash splint for use in the power plant. The plant is on the east side of the Allan colliery, in the town of Stellarton (see accompanying photograph). It is of steel frame construction with wood siding, covered on the exterior with corrugated galvanized iron. Considerable concrete had to be poured for the foundation piers as the plant site is largely 'fill' ground. This necessitated the construction of extremely heavy footings containing a large amount of reinforcing steel. In all, 884 cu. yds. of concrete were poured for the various pits, tanks, and foundations; its average test was about 3,500 lb. per square inch. At the time the plant was constructed, the steel shortage in Canada and the United States was acute and, in order to obtain steel for the structure which is four stories high- an unused part of the Allan bankhead was torn down. Enough steel was obtained from this demolition to fabricate the new plant.

Jan 1, 1948

By J. S. Fox

Major-element data for unaltered, unmineralized felsic host rocks from a number of stratigraphically simple, massive volcanogenic Zn-Cu(-Pb) sulphide deposits of low metamorphic grade have been compiled. The petrochemical affinities of these host rocks have been determined (by standard means and by discriminant analysis) and compared. This comparison indicates that volcanogenic deposits in felsic terrains are not restricted to the classical calc-alkaline rock association as previously thought, but can actually be hosted by rocks showing a range of iron content. There is a positive correlation between differentiation trend and are tenor. Zn-Cu ores usually have iron-rich felsic hosts (most Canadian Shield deposits); Pb-Zn -Cu ores have iron-poor felsic hosts (Japanese, Iberian and Tasmanian deposits). This parallels the antipathetic relationship between iron content and background lead levels evident in young, unmineralized, island arcs as well as in many older belts. Correlations between differentiation trend on one hand and massive ore mineralogy and the relative proportions of various rock type (including rhyolite, quartz-porphyry and coarse pyroclastic rocks) on the other are also evident. It is concluded that the recognition of a calc-alkaline differentiation trend cannot be used as a prospecting guide, as has previously been proposed. However, in view of the above correlations, the recognition of a given trend may aid in the formulation of an effective exploration philosophy.

Jan 1, 1979

By F. Stober, D. Wanblad, J. Ndlovu, L. R. Nelson, L. P. S. de Villiers

The single six-in-line furnace of the Polokwane Smelter is the largest installed high-intensity furnace for platinum group metals (PGM) base metals sulphide smelting in the world. The furnace employs state-of-the art technology to deliver a planned throughput of 650 000 t/a dry concentrate at a design 68 MW power input. This furnace, at double the capacity of previously existing PGM furnaces, offers low unit operating and capital cost through the resulting economies of scale. Key features of the design include:

Jan 1, 2005

By Sydney H. Ball

It is a peculiar anomaly that while the world uses the term "rich as a gold mine" as the superlative figure of speech descriptive of wealth, the shares of gold mines are not as popular investments in America as certain of them should be. One of the most able of Manhattan's bankers is a director in an investment trust with a portfolio the value of which has gone the way of other such portfolios. Luckily a couple of years ago a few hundred shares of Homestake were purchased, and since then the trust has not only received therefrom satisfactory dividends but has benefitted from a large appreciation in their value. At each directors' meeting, however, the banker in question, Cato-like, suggests the sale of these shares, gold shares being, in his opinion, too speculative to be included in the portfolio of any trust. A short time ago the financial pages of one of our great metropolitan papers featured an article listing the corporations still paying dividends at the 1929 rate. Gold-mining shares were, the article stated, excluded, although in reality every gold mine on the New York Stock Exchange paid higher dividends in 1932 than in 1929. This 'Alice in Wonderland' treatment of the gold-mining shares is admittedly a bit confusing to those of us who believe that the shares of certain gold-mining companies have a rightful place in any well diversified portfolio. It should, however, here be recorded that whereas, fifty years ago, in America, gold-mining shares were considered by the public as instruments of nefarious gambling, now shares of the better gold mines are sought by astute investors. In England for well over a generation their value as sound investments has been widely recognized.

Jan 1, 1933