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By Henry J. Sandri

ACQUISITION JUSTIFICATION There are many reasons why companies consider acquisitions as a means to expand their operations. Some wish to reduce the impact of business cycles on their businesses. Others seek firms within the same industry for expansion and increased market share. Still others diversify in order to avoid takeovers. Whatever the reasons or justification, an evaluation of an acquisition candidate should be systematic and thorough. To many financial managers the concept of a systematic acquisition evaluation indicates the need for a regular set of evaluation criteria. While these are available from numerous sources, one basic parameter frequently overlooked is the application of these criteria to an industry which is different from the acquirer. This becomes particularly important when evaluating firms within the mineral industry. The mineral industry is significantly different from other industries to require different valuing techniques. • This paper will present a number of reasons why an acquisition candidate in the mineral industry should be evaluated differently from other acquisitions, including by other mineral firms. Additionally, this paper will review the most appropriate means of valuing a mineral firm. • Firms considering the acquisition of a mineral firm should understand the nature of the industry before ever making a tender offer. Some of the general considerations include the following: • Level of Capital Intensity: In the mid-1980's the start up cost for a gold mine has been between 20-200 million dollars and 500-1,500 million dollars for a bauxite operation. • Global Nature of Competition: Except for certain industrial minerals, most minerals and metals are traded worldwide and many on national exchanges, such as COMEX. • Start-Up Time: Many mining operations in developed and developing countries have long lead times, 7 to 10 years in some cases, prior to the start-up of production. • Long Term Nature of Investment: For most mineral operations payback usually occurs at least 7 years after production has started. Additionally, many mining operations will continue producing for 80-100 years. • High Level of Risk: The number of factors that a mining firm cannot control such as grade, volume, world supply and demand, plus the long payback periods tend to classify mineral firms at a higher than average risk compared to other investments. • Cyclical Nature: The mineral industry is cyclical in nature, experiencing long troughs and explosive peaks, thus making timing a critical issue. • Labor Intensive: Even with the large capital requirements needed to operate a mine, most mines are labor intensive in proportion to their capital equipment. • Location: Obviously, the nature of this industry requires operators to work in difficult locations, frequently far from civilized localities, in poor weather conditions and without proper supply and distribution infrastructure. One of the most important considerations is an understanding of asset replacement and asset value. Unlike manufacturing concerns, firms in the mineral industry are working toward the elimination, through depletion, of their asset base. Product flexibility is not available to a mining operation. A mineral firm basically has two options as its resource base is depleted: 1) replace the asset with new production, or 2) deplete the asset and close down operation, as in the South African gold mining model referred to later in this paper. An understanding of the

Jan 1, 1985

By Richard Thomas Newcomb

Chapters 5a, 5b, and 6 discuss the long- run supply of minerals and the characteristics of reserve search and production peculiar to extractive industries. It is now necessary to complete the picture by examining supply and demand in commodity markets to show how mineral prices are determined and how both price and production trends might be predicted over long periods of time. These practical interests can be served best by reviewing first some of the characteristics of the short-run static market models familiar to all readers of elementary economic texts, and then extending the theory to models of a more dynamic nature. It is important at the outset to note that economic theory provides a wide variety of economic models based on varying assumptions concerning the behavior of economic agents, the properties of the goods, the time period considered, and so on. Each variety of model offers certain analytical advantages and suffers certain shortcomings. The art of the applied economist or practioner lies in knowing enough both about the technology and practice of his problem and about theory to select the appropriate models for his analysis. In our approach it will be useful first to consider the role of markets for minerals and mineral products in relation to the efficient determination of what and how goods are produced in the whole economy, i.e., a general system of markets, before getting down to the task of analyzing supply and demand conditions in specific markets. The former study is called general equilibrium analysis, while the latter is called partial. By equilibrium is meant a state of the sys- tem under study in which supply equals demand in each market, and the prices which equilibrate the quantities offered and asked are called equilibrium prices. The tendency of prices to return toward equilibrium values if temporarily displaced, or to converge to new equilibrium values if important new conditions for supply or for demand are placed, defines "stable" equilibrium systems. The short-run describes a period in which adjustments to fixed capital are not made, although variable factors such as labor or materials can be adjusted. The long-run envisions a period in which fixed capital and other such constraints can be adjusted. Thus, it may take a sharp increase in price to bring out additional supply of a factor in the short-run with existing plant, while new capacity might permit additional quantities in the long-run without an increase in supply price.

Jan 1, 1976

By William R. Chedsey

ALTHOUGH few changes can be reported in educational methods at the mineral technology schools during 1940, other events have taken place of direct interest to, and that will have a profound effect upon, mineral industry education on the United States. In the erection of new buildings, some notable changes have been made on the campus, The U.S. Bureau of Mines Experiment Station at the University of Utah, Salt Lake City, was dedicated on May 20. The construction and equipment of this building cost between $300,000 and $400,000. It will be the general headquarters for the metallurgical division of the Bureau and will have a pronounced effect upon the mineral industries research program at the University.

Jan 1, 1941

By Francis A. Thomson

IN reviewing mineral industry education a year ago, occasion was taken to congratulate the Institute in general and to felicitate the Education Di- vision in particular on "the most gratifying growth which is taking place in Institute consciousness in regard to its responsibility for the recruitment and adequate training of student personnel and for the successful bridging of the difficult gap between graduation and achievement of professional status." Continuation of this growth of interest throughout 1939 is a recognition of the validity of the splendid statement of George Otis Smith that the mining students of today are the ore reserve of the Institute for the future. In this connection one recalls the equally apt expression of another distinguished geologist, George M. Fowler, who, speaking of exploration for ore deposits, says, "The place to look for elephants is where elephants have been found."

Jan 1, 1940

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 Francis A. Thornson

WITHOUT desiring to perpetrate an Irish bull I think we may safely say that the major developments of the year in mineral industry education have taken place outside of the field itself. I refer to the remark- able and-to us of the Education Di- vision-most gratifying growth which is taking place in Institute consciousness regarding its responsibility for the recruitment and adequate training of student personnel and for the successful bridging of the difficult gap between graduation and achievement of professional status. Outstanding in this respect is President Jackling's interest in the students and schools of the mineral industry. Recalling his own hard struggle to ac- quire a technical education, Mr. Jack- ling is evidently anxious to smooth the path for the youngsters of this generation. Witness his splendid gift to the

Jan 1, 1939

By William B. Plank

AN outstanding development in the field of education for the mineral industries during the past year has been an unprecedented eagerness by young men for college training in this field. The enrollment of students in the 53 mineral technology schools in the United States in 1936-'37 reached the all- time high of 7190. This represented an increase of 43 per cent in two years and was about ten per cent of all engineering students. Of these 7190 students only 980 graduated and were available - for positions in the industry. That the supply of graduates did not equal the demand can be substantiated by every school dean and by the personnel agents of many mining, metallurgical, and petroleum companies. Some of these companies last summer inaugurated the plan of employing, for the

Jan 1, 1938

By J. B. Macelwane

Historically whenever application of scientific results to a new problem required the special experimental background, the economic outlook and the practical knowledge characteristic of the engineer, a curriculum in that type of engineering based on the professional requirement grew up in the engineering colleges. This is precisely what is happening now in geophysical engineering. THE Mineral Industry Education Division of AIME has long been interested in geophysical education. Organized in 1938, a Committee on Geophysical Education presented a number of reports in succeeding years. The AIME is an engineering society; hence it might be expected that the interest of the Mineral Industry Education Division would have centered about the relation of courses in geophysics to engineering education. However, this was not the case. The burden of the discussion held under the auspices of the Committee on Geophysical Education bore on geophysics in general and particularly on its relation to geology. In the decade that has passed since those meetings much water has flowed under the bridge. Not only have the geophysical sciences developed at an extraordinarily rapid rate but the practical importance and the range of their applications have spread in ever widening circles and have even assumed a very prominent place in research programs of the military, the Army, the Navy and, particularly, the Geophysical Research Directorate of the Air Force at Cambridge, Mass. So enormously have the geophysical sciences as such grown in scope and in degree of specialization that no one man in a lifetime of study can hope to master the theoretical and experimental complexities or even to follow intelligently in the published literature all the varied accomplishments of basic research in these fields. As in the other sciences, most of the results of geophysical research have potential economic value and are being applied to a wider and wider range of human needs. Here we see a parallel with the older sciences and their relation to engineering. Whenever the applications of scientific results required the special experimental background, the economic outlook, and the practical knowledge characteristic of the engineer, a curriculum in that type of engineering grew up in the colleges and universities. In the words of the "Report of the Committee on Adequacy and Standards of Engineering Education" in the January 1952 number of the Journal of Engineering Education: "Engineering education in America was not developed after a preconceived plan. It evolved in parallel with the needs of a growing country, a country engaged in the development of a vast industrialization. From the first it filled a practical need, and its design emanated largely from an evaluation of the professional requirement." The advent of the railroad created a need for scientifically trained engineers and the response was the curriculum in civil engineering. The development of steam power created the demand for a curriculum in mechanical engineering. Neither of these types of engineers was trained to cope with the requirements of electrical power, and so there came to be a curriculum in electrical engineering. The advent of radio communication and of electronics during the first World War and in the years that followed resulted in the establishment of electronics engineering, sometimes within the curriculum in electrical engineering and sometimes independent of it. The complexities of industrial management have created an ever increasing demand for industrial engineers and the consequent building up of a curriculum in industrial engineering. The wide industrial application of chemical processes required a type of engineer whose background was training in chemistry but who was able to design processes and plants on an industrial scale; hence we have the curriculum in chemical engineering. The advent of the airplane created an entirely new set of problems which were solved by the training of aeronautical engineers. Many of these have called for more and more science and mathematics. Such was the history of the older engineer-

Jan 1, 1953

By J. B. Macelwane

Historically whenever application of scientific results to a new problem required the special experimental background, the economic outlook and the practical knowledge characteristic of the engineer, a curriculum in that type of engineering based on the professional requirement grew up in the engineering colleges. This is precisely what is happening now in geophysical engineering. THE Mineral Industry Education Division of AIME has long been interested in geophysical education. Organized in 1938, a Committee on Geophysical Education presented a number of reports in succeeding years. The AIME is an engineering society; hence it might be expected that the interest of the Mineral Industry Education Division would have centered about the relation of courses in geophysics to engineering education. However, this was not the case. The burden of the discussion held under the auspices of the Committee on Geophysical Education bore on geophysics in general and particularly on its relation to geology. In the decade that has passed since those meetings much water has flowed under the bridge. Not only have the geophysical sciences developed at an extraordinarily rapid rate but the practical importance and the range of their applications have spread in ever widening circles and have even assumed a very prominent place in research programs of the military, the Army, the Navy and, particularly, the Geophysical Research Directorate of the Air Force at Cambridge, Mass. So enormously have the geophysical sciences as such grown in scope and in degree of specialization that no one man in a lifetime of study can hope to master the theoretical and experimental complexities or even to follow intelligently in the published literature all the varied accomplishments of basic research in these fields. As in the other sciences, most of the results of geophysical research have potential economic value and are being applied to a wider and wider range of human needs. Here we see a parallel with the older sciences and their relation to engineering. Whenever the applications of scientific results required the special experimental background, the economic outlook, and the practical knowledge characteristic of the engineer, a curriculum in that type of engineering grew up in the colleges and universities. In the words of the "Report of the Committee on Adequacy and Standards of Engineering Education" in the January 1952 number of the Journal of Engineering Education: "Engineering education in America was not developed after a preconceived plan. It evolved in parallel with the needs of a growing country, a country engaged in the development of a vast industrialization. From the first it filled a practical need, and its design emanated largely from an evaluation of the professional requirement." The advent of the railroad created a need for scientifically trained engineers and the response was the curriculum in civil engineering. The development of steam power created the demand for a curriculum in mechanical engineering. Neither of these types of engineers was trained to cope with the requirements of electrical power, and so there came to be a curriculum in electrical engineering. The advent of radio communication and of electronics during the first World War and in the years that followed resulted in the establishment of electronics engineering, sometimes within the curriculum in electrical engineering and sometimes independent of it. The complexities of industrial management have created an ever increasing demand for industrial engineers and the consequent building up of a curriculum in industrial engineering. The wide industrial application of chemical processes required a type of engineer whose background was training in chemistry but who was able to design processes and plants on an industrial scale; hence we have the curriculum in chemical engineering. The advent of the airplane created an entirely new set of problems which were solved by the training of aeronautical engineers. Many of these have called for more and more science and mathematics. Such was the history of the older engineer-

Jan 1, 1953

By M. D. Cooper

UNDERGRADUATES in mining engineering may be prepared for work by giving them sound instruction in the courses generally considered essential to the profession. The industry is not deeply concerned about the details of those courses. The average man in the coal industry does not wish to insist upon a rigid program. Therefore, he differs little from those in the teaching profession who evidently are not unanimous in their opinions, or all college catalogs would be alike. For the good of the profession, it is just as well that there should be differences in regard to details. It appears that students graduating in mining engineering from the accredited institutions receive similar instruction. It is taken for granted that the graduate will have a good understanding of English, mathematics, mechanics, electricity, chemistry, physics, geology, and surveying, in addition to his major courses in mining. Somewhat belatedly, industry hopes he will have had at least an introduction to the subject of labor relations, the importance of which is only too clear at present. The coal industry expects, of course, that students in mining engineering will be taught the strictly mining subjects by men who have had practical experience in the mines and who keep themselves well informed in regard to current methods. While the undergraduate is subject to the control of members of the teaching profession, industry expects him to be trained in certain ways that are not a part of his textbooks, but can be made an inseparable part of his development by the skillful supervision of his teachers. Of the desired characteristics, dependability is of the utmost importance. Probably most employers would overlook certain short-comings if the young graduate demonstrated that he was thoroughly dependable. If he always appeared at the right place at the right time with the proper equipment, he would soon be well established as a welcome member of his organization. The graduate who gets a reputation for being undependable will have little opportunity for advancement. Closely allied to dependability is loyalty. Athletic teams and social groups in college tend to develop loyalty which may well be carried over into industry. This does not mean that the graduate has to be satisfied with customary practices. The average manager is glad to see the graduate make constructive criticism as long as he demonstrates his loyalty at the same time. It is important that his loyalty keeps him alert arid ready to take helpful action for the benefit of his organization, and especially to stand with it during times of stress. With or without an introduction to labor relations in college, the graduate is expected to develop ability in this most important field. Beginning with himself, he will find it essential to deal agreeably with his immediate associates. Getting along in friendly fashion with his own small group will be a great help as his responsibilities increase and he is required to deal with larger numbers of persons. On a higher scale, his interest in his community may grow at the same time by voluntary work in any one of a great number of useful activities. Industry expects the graduate engineer to be a mature man at the time he gets his first job. Supposing that he has better than average intelligence, industry expects him to continue to grow intellectually and to fit himself for responsible jobs when they are offered to him. For this reason, employers are apt to look over his college record to see what he did that would indicate his fitness for leadership. There is interest in knowing what he did beyond the requirements. As evidence of his mental growth, it is expected that the graduate will do independent thinking; that he will not take too much for granted. When he reads a report, he should develop the ability to see whether the subject is new or whether it is just a description of an old method that has been superseded by something better. For the same reason, the graduate should be able to accept conditions that have been arrived at by sound experience rather than cling to something else that seems better in theory. In this connection, it may be remarked that the ability to operate successfully a personal budget will be noteworthy, as it may be assumed that a man who knows how to conduct his own affairs will be prepared to assume the larger responsibilities of industry. Membership in AIME will indicate to the employer that the graduate is interested in the mining industry as a whole. Therefore, it is good evidence of something more than a local outlook. Quite apart from college training and mental ability, the newly employed graduate will be expected to be willing to do hard manual labor for a time. This will give him an understanding of the actual conditions of work done by those he supervises later. He will gain their confidence and be able to see that the work is carried on in a safe and efficient manner. Part of this experience may be acquired in his summer vacations during his undergraduate career. Such work would make a favorable impression on a prospective employer, especially if the graduate showed a willingness to continue it until he was prepared for something better. To summarize, the man in authority in the coal industry will not quarrel with the professor of mining engineering over details of curriculum. He will be pleased if the school sends him graduates who possess a good foundation in the courses studied, and who may be depended upon to do their work faithfully and intelligently. Such men will be ready when the time comes to assume their places as leaders of an essential industry.

Jan 1, 1951

By M. D. Cooper

UNDERGRADUATES in mining engineering may be prepared for work by giving them sound instruction in the courses generally considered essential to the profession. The industry is not deeply concerned about the details of those courses. The average man in the coal industry does not wish to insist upon a rigid program. Therefore, he differs little from those in the teaching profession who evidently are not unanimous in their opinions, or all college catalogs would be alike. For the good of the profession, it is just as well that there should be differences in regard to details. It appears that students graduating in mining engineering from the accredited institutions receive similar instruction. It is taken for granted that the graduate will have a good understanding of English, mathematics, mechanics, electricity, chemistry, physics, geology, and surveying, in addition to his major courses in mining. Somewhat belatedly, industry hopes he will have had at least an introduction to the subject of labor relations, the importance of which is only too clear at present. The coal industry expects, of course, that students in mining engineering will be taught the strictly mining subjects by men who have had practical experience in the mines and who keep themselves well informed in regard to current methods. While the undergraduate is subject to the control of members of the teaching profession, industry expects him to be trained in certain ways that are not a part of his textbooks, but can be made an inseparable part of his development by the skillful supervision of his teachers. Of the desired characteristics, dependability is of the utmost importance. Probably most employers would overlook certain short-comings if the young graduate demonstrated that he was thoroughly dependable. If he always appeared at the right place at the right time with the proper equipment, he would soon be well established as a welcome member of his organization. The graduate who gets a reputation for being undependable will have little opportunity for advancement. Closely allied to dependability is loyalty. Athletic teams and social groups in college tend to develop loyalty which may well be carried over into industry. This does not mean that the graduate has to be satisfied with customary practices. The average manager is glad to see the graduate make constructive criticism as long as he demonstrates his loyalty at the same time. It is important that his loyalty keeps him alert arid ready to take helpful action for the benefit of his organization, and especially to stand with it during times of stress. With or without an introduction to labor relations in college, the graduate is expected to develop ability in this most important field. Beginning with himself, he will find it essential to deal agreeably with his immediate associates. Getting along in friendly fashion with his own small group will be a great help as his responsibilities increase and he is required to deal with larger numbers of persons. On a higher scale, his interest in his community may grow at the same time by voluntary work in any one of a great number of useful activities. Industry expects the graduate engineer to be a mature man at the time he gets his first job. Supposing that he has better than average intelligence, industry expects him to continue to grow intellectually and to fit himself for responsible jobs when they are offered to him. For this reason, employers are apt to look over his college record to see what he did that would indicate his fitness for leadership. There is interest in knowing what he did beyond the requirements. As evidence of his mental growth, it is expected that the graduate will do independent thinking; that he will not take too much for granted. When he reads a report, he should develop the ability to see whether the subject is new or whether it is just a description of an old method that has been superseded by something better. For the same reason, the graduate should be able to accept conditions that have been arrived at by sound experience rather than cling to something else that seems better in theory. In this connection, it may be remarked that the ability to operate successfully a personal budget will be noteworthy, as it may be assumed that a man who knows how to conduct his own affairs will be prepared to assume the larger responsibilities of industry. Membership in AIME will indicate to the employer that the graduate is interested in the mining industry as a whole. Therefore, it is good evidence of something more than a local outlook. Quite apart from college training and mental ability, the newly employed graduate will be expected to be willing to do hard manual labor for a time. This will give him an understanding of the actual conditions of work done by those he supervises later. He will gain their confidence and be able to see that the work is carried on in a safe and efficient manner. Part of this experience may be acquired in his summer vacations during his undergraduate career. Such work would make a favorable impression on a prospective employer, especially if the graduate showed a willingness to continue it until he was prepared for something better. To summarize, the man in authority in the coal industry will not quarrel with the professor of mining engineering over details of curriculum. He will be pleased if the school sends him graduates who possess a good foundation in the courses studied, and who may be depended upon to do their work faithfully and intelligently. Such men will be ready when the time comes to assume their places as leaders of an essential industry.

Jan 1, 1951

By W. B. Plank, A. C. Callen

WAR and normalcy do not walk hand in hand, whether it be in industry, the educational field, or in the daily lives of individuals. Schools and departments offering curricula in mineral engineering have been seriously disrupted, beginning with 1942 and reaching a low during 1944. Selective Service regulations and voluntary enlistments have effectually stopped the flow of college-trained men into the mineral industry, and the flow into the colleges is little more than a dribble. The year just closed has been a most serious one for our institutions. Until March many of our faculties had been kept reasonably intact because of the large training programs of the Army and Navy. Although the number of

Jan 1, 1945

MINERAL INDUSTRY EDUCATION DIVISION Established as a Division January 15, 1932 Harry H. Power, Chairman J R. Van Pelt, Vice-Chairman J. Donald Forrester, Secretary-Treasurer Missouri School of Mines and Metallurgy, Rolla, Mo

Jan 1, 1952

Established as a Division December 15, 1948 Clayton G Ball, Chairman Louis C Raymond, Vice-Chairman Sheldon P Wimpfen, Vice-Chairman Henry T Mudd, Vice-Chairman A H Lindley, Jr, Secretary-Treasurer Division of Foreign Activities U S Bureau of Mines Washington, D C

Jan 1, 1956

Development of Technical Education for the Petroleum, Industry. By H C GEORGE (Min & Met, June, 260 2000 words) With a growth of 718 per cent in the petroleum industry from 1901 to 1931, there was a corresponding increase in the demand for technically trained men in the industry This was first met by increasing numbers of college graduates from the old established courses m chemistry, geology and engineering However, there began to be felt a need for scientists and engineers specially trained for the petroleum industry In 1912 the University of Pittsburgh established the first department in any university in the world that offered major work in petroleum engineering and petroleum geology In Europe, the first major work in petroleum engineering was offered in England in 1913 at the University of Birmingham The University of California and Stanford University offered major work in petroleum engineering in 1915 Since that time at least 10 other American universities and colleges have offered major work and at least 12 others are now offering some courses dealing with petroleum, and the petroleum industry.

Jan 1, 1935

By Charles H. Fulton

THE Engineering Education group began its sessions Tuesday morning, Feb. 16, as a Committee and wound up the day as the Institute's fifth " Division." C.II. Fulton presided. The first paper for discussion was entitled "Teaching Management in Engineering Schools,"' by Eugene McAuliffe, president of the Union Pacific Coal Co., space for which may be found later in these pages. In it, Mr. McAuliffe argued that an engineering student should be taught the knowledge of men, much as a medical school teaches surgery. He then went on to indicate, out of the wealth of his administrative experience, the problems an executive needs to be equipped to handle, and said that every student engineer should look on himself as a potential manager.

Jan 1, 1932

By Thomas T. Read

REVIEWING the events of the year in mineral industry education, a certain amount of either amusement or irritation, depending upon one's viewpoint, can be derived front the section dealing with mining engineering in Walter B. Pitkin's "New Careers for Youth" which appeared during the summer. On p. 102 Prof. Pitkin says "The mining engineer is disappearing .. . because . . . the profits of mining decline rapidly with the age of the mine." In his "Are Too Many Students Taking Mining Courses?" published in the May issue of this journal, W. B. Plank presents statistics showing that there was some decline in student enrollment in mining and metallurgical courses in 1932-3 and 1933-4, compared with 1930-31, but that the decline was proportionate to that in all lines of engineering study combined. Informal reports from Institute officials that have visited tinning schools during the fall indicate that nearly all schools showed an increase in enrollment for the current school year. Pre else statistics will be made available by Prof. Plank at the Annual Meeting. His study last year provided, for the first time, accurate and complete information on the enrollment in mining schools, as well as the number of various courses and the degree granted, and it will be interesting to have comparable figures for this year. Prof. Pitkin's views on the future opportunities for mining engineers were discussed at some length - on pages 439-4.40 of the November issue of MINING AND METALLURGY.

Jan 1, 1935

SUGGESTIONS that existing schools give instruction bearing on the mineral industry, or that schools for that purpose should be established in the United States, began to be made early, and it would require too much space to catalogue them all. Some of the more important may be mentioned to indicate their general character. In the "advertisement to such parents as have now (or expect to have) children prepared to be educated in the College of New York," which appeared in the New York Mercury of June 3, 1754, Samuel Johnson, the first president of King's College, the predecessor of Columbia, said that it was the "design of this college to instruct and perfect the youth," among other things, "in the arts of Numbering and Measuring of Surveying, and Navigation and Geography. . . . and in the Air, Water and Earth around us, and the various kinds of Meteors, Stones, Mines and Minerals, Plants and Animals; and in the knowledge of all Nature in the Heavens above us, and of everything useful for the Comfort, Convenience and the Elegance of Life . . . " Though the concept that natural science should be used to enlarge the bounds of human life was thus implicit at Columbia from the , very beginning (John Stevens graduated from it in 1768, James Renwick in 1807, Horatio Allen in 1833, and A. W. Craven in 1899), it was only during the period of Renwick's professorship of Natural and Experimental Philosophy and Chemistry (1830- 1853) that much attention was given to applied science.* Among the Austin papers, published by the American Historical Association,~ there is a draft in Stephen F. Austin's handwriting of a proposed memorial from the legislature of , Missouri to Congress, not only urging "the propriety and utility * See chapter 4 for early interest in this subject in Philadelphia.

Jan 1, 1941

By Thomas T., Read

SUGGESTIONS that existing schools give instruction bearing on the mineral industry, or that schools for that purpose should be established in the United States, began to be made early, and it would require too much space to catalogue them all. Some of the more important may be mentioned to indicate their general character. In the "advertisement to such parents as have now (or expect to have) children prepared to be educated in the College of New York," which appeared in the New York Mercury of June 3, 1754, Samuel Johnson, the first president of King's College, the predecessor of Columbia, said that it was the "design of this college to instruct and perfect the youth," among other things, "in the arts of Numbering and Measuring of Surveying, and Navigation and Geography. . . . and in the Air, Water and Earth around us, and, the various kinds of Meteors, Stones, Mines and Minerals, Plants and Animals; and in the knowledge of all Nature in the Heavens above us, and of everything useful for the Comfort, Convenience and the Elegance of Life . . . " Though the concept that natural science should be used to enlarge the bounds of human life was thus implicit at Columbia from the very beginning (John Stevens graduated from it in 1768, James Renwick in 1807, Horatio Allen in 1823, and A. W. Craven in 1829), it was only during the period of Renwick's professorship of Natural and Experimental Philosophy and Chemistry (1820- 1853) that much attention was given to applied science.* Among the Austin papers, published by the American Historical Association,2 there is a draft in Stephen F. Austin's handwriting of a proposed memorial from the legislature of Missouri to Congress, not only urging "the propriety and utility

Jan 1, 1941

By Donald H. McLaughlin

MINERAL industry activities have not been seriously hampered by a lack of men with higher training. The balance between opportunities for employment and advancement and available personnel has been a happy one, with enough competition to stimulate effort but not the unfortunate conditions arising from an overabundance. of employment seekers. Nearly all mineral industry educational institutions have been concerned about the falling enrollment in mining and metallurgical courses of study during the past decade. But industry has drawn upon a supply of many types of technically trained men apart from those who prepared their careers specifically in the mineral industry. Some schools have made this possible by uniting geologists, mineralogists, and others with students in mining and engineering. On the other hand, some schools have combined their department of mining engineering with an over-all engineering department and continue to send their graduates into the mineral industry by another route. On the whole, this seems to be a good trend and is likely to result in men better trained for current problems than would have been possible under the older rigid curricula.

Jan 1, 1947