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By Ellsworth Daggett

THE system of pitwork used with the Cornish pumping engine, and which, for want of a better name, we may call the Cornish system of pitwork, consists essentially of a series of plunger-pumps, situated one below the other, in a shaft or incline, the plungers being operated by a rod called the pitman or pump-rod, which must, therefore, extend from the motor at the surface to the lowest pump. The subject will be best understood by reference to Fig. 1, in which k may be taken as typical of the ordinary plunger-pump, in which S is the suction pipe, u, the lower valve situated in the H piece T; v, the upper valve situated in the valve-box O; I, the mounting-pipe or column through which the water is carried to the surface; L, the plunger-barrel, and P, the plunger working through the stuffing-box, and actuated by the branch rod r, which is attached to the main pump-rod, R. The action of the pump is as follows : On the ascent of the plunger, acting now by suction, the water flows from the reservoir through the valve u, into the barrel, L. On the descent of the plunger, the water is forced up through the valve, v, which acts merely as a check valve, into the pipe, I, through which it is, at each successive down-stroke of the plunger, forced upward until it reaches the next reservoir, from which it is taken by another similar pump, and so on until it reaches the surface or drain-tunnel. The pump is obviously only single-acting, i. e., it acts only during one-half of its entire stroke. The weight of water raised during the up-stroke of the plunger is equal to the weight of a column of water whose base is the area of the plunger and whose height is the mean distance between the plunger-face and the surface of water in the lower reservoir, a distance not usually exceeding 12 or 15 feet, and which obviously cannot under the most favorable circumstances, exceed 25 or 30 feet. The water forced up during the down-stroke is equal to the weight of a column of water whose base equals the area of the plunger and whose height equals the length of the mounting column above the mean position of the plunger-face, say from 150 to 300 feet. Almost all of the useful work, therefore, is done on the de-

Jan 1, 1879

By Ellsworth Daggett

Jan 1, 1879

By AIME AIME

STEADY advance has been made in the art of lead smelting and refining during the year. The bringing of natural gas to the Salt Lake valley has led to its adaptation to lead smelting operations. The Tooele plant of the Anaconda Copper Mining Co. has put into practice the high blast pressure and constant volume for lead blast furnaces, which we understand was first advanced by John F. Austin. It would appear that within limits, capacity is nearly proportional to the volume of air. If the charge is dense, a constant pressure, as in the old practice. did not get much air through the charge and the furnace slowed up. The constant volume idea makes the charge smelt at the same rate as if the charge were porous. The cost of a little additional power insures capacity operation at all times.

Jan 1, 1932

By Carl S. Westerberg

Coal preparation practice and trends follow, among other factors, production trends in any given area. Considering an area the size of a state, some broad predictions may be made after a review of the annual production records. As this paper is concerned with coal cleaning in Utah, data on its production record are pertinent. Table 1 shows the percentage relation of coal production in Utah to the national total as a single figure up to 1935 which includes all recorded production. From 1935 through 1947 these data are presented by years. It is evident from these data that the production of Utah coal is ascending. The reason for this trend is industrial growth in the West resulting in a population shift which accounts for more people than the normal increase would supply together with Utah's relatively fortunate geographical location and its abundance of good-quality coal. Utah is also hopeful of supplying more coal in the future for West Coast power generati0n.l

Jan 1, 1949

J. Lainson Wills, Ottawa, Can. (Communication to the Secretary) : The localities of the Quebec and Ontario apatite deposits, and the nature of their occurrence haye been often described in the Transactions and in other publications that are readily available, and I do not, therefore, intend to discuss the many details advanced in Mr. Small's paper beyond the following two points:

Jan 1, 1893

By L. G. Austin

If S (x) is the specific rate of breakage of size x and B (x, y) (see Table 1 for Nomenclature) is the cumulative breakage distribution function, the Herbst Fuerstenau2 assumption is that Inserting this assumption into first-order grinding equations it has been shown" that there are then simple analytical solutions to the grinding equations, as shown in Table 2. In this context "plug flow" is defined as all material passing through the mill in the same length of time, the residence time t. The term "n fully-mixed" means that the mill has a residence time distribution" which can be treated as if the mill were n equal fully mixed sections in series. In addition it has been shown that the assumption of Eq. 1 also leads to simple analytical solutions for closed-circuit, steady-state grinding with an ideal classifier at the mill exit returning oversize to the mill feed. The solutions are also given in Table 2, with µ as the ideal classifier cut size, C the circulation ratio, and Q (x) the size distribution of the circuit product. The specific surface area of these size distributions is where the density-shape factor k. is assumed to be constant with size. In practice, most methods of size analysis or area [ ] measurement have a finite lower limit, so that the integration is really performed from xm, to xm, For a realistic degree of grinding the value of So is dominated by the fine sizes because of the 1/x factor. Consider batch grinding of a feed of size y to y + dy. The batch grinding solution given in Table 2 is then [ ] The fresh surface area produced is the area of the fines plus the area of the original material remaining minus the area of the original material, [ ] Little error is introduced by neglecting the last term on the right-hand side since at t = 0 it is zero, and when t is significant the first term dominates because of the fine sizes produced. In addition, the form of P (x, t) for [ ] realistic values of S (x) 2t ax° is such that the major fraction of fresh surface produced is contained within the bottom 10% of weight of broken material, that is, for sizes for which P(x, t) < 0.1 (providing y is not near x.,). Thus for surface area purposes Eq. 3 can be approximated by [ ] becomes providing again that the feed sizes are coarse relative to xmi. Then the fresh area production is and W is the mass in the mill. The rate of surface production is WK, and the specific surface is Kt. From Table 2, the specific energy is mt/W so surface production per unit energy is [ ] Surface produced per unit energy input = KW/m (8) where m is the energy input of the mill. Clearly, identical reasoning applies to open-cycle, plug-flow grinding, with t replacing t, and Eq. 8 is obtained again. Considering open-cycle, fully mixed grinding, similar reasoning gives P(x) - t S(x) for surface area purposes, and

Jan 1, 1974

PUBLIC hearings began before the Committee for Reciprocity Information on May 24, 1950, for the purpose of unearthing data and opinion that will be helpful in the forthcoming reciprocal tariff and other trade-barrier negotiations at Torquay, England, on September 28th of this year. The conference this fall will constitute the "third round" of tariff negotiations under the General Agreement on Tariffs and Trade concluded at Geneva in 1947. The United States plans to negotiate with 17 other countries on possible tariff modifications on various articles all the way from baby carriages and bottle caps to lead and zinc-bearing ores. On May 31, June 1 and June 2, spokesmen appeared before the Committee for Reciprocity Information on behalf of the domestic lead and zinc mining industries. Producers of these metals protested the inclusion of paragraphs 391 (lead-bearing ores, dust and mattes), 392 (lead bullion, lead in pigs and bars, and scrap lead), 393 (zinc-bearing ores of all kinds), and 394 (zinc in blocks, pigs or slabs, and zinc dust) of the Tariff Act of 1930, as amended in the list of articles to be considered for possible tariff concessions at Torquay. It was pointed out that although operating costs have more than doubled since 1939 tariffs on these metals were actually higher in that year than at present. This, coupled with the detrimental effects of the recent series of devaluations, has sounded the death knell for a substantial number of domestic lead and zinc mines-a most undesirable development in the face of the ominous international situation, according to these spokesmen. It was urged that higher rather than lower tariff rates are needed on these metals. The opinion was expressed that it was inconsistent to foster a high living standard in our western areas and then, once it is attained, to undermine that condition by minimizing the protection that was partly responsible for it. The main theme of some arguments implied that although every effort should be made to close the "dollar gap" abroad, serious consideration must be given the methods employed lest our national security position be jeopardized in the process. The House Committee on Foreign Affairs completed hearings on H. J. Res. 236, to provide for United States membership and participation in the International Trade Organization. Hearings began on April 19th and ran for over five weeks. Many witnesses from industry and government presented voluminous testimony, which will not be available for public distribution for several weeks. However, it is no secret that the most controversial provisions of the Draft Charter of the ITO are: (1) Article 17 (Chapter IV on Commercial Policy) which would obligate members to negotiate for the reduction of tariffs and the elimination of trade preferences; (2) Article 20 which would prohibit the use of quantitative restrictions for protective purposes; (3) Article 16 which promulgates rules to implement the principle of non-discrimination in international trade; and (4) provisions permitting the use of protective measures for promoting economic development, particularly in backward areas, even though such provisions are inconsistent with those of the three articles cited above. United States membership in the International Trade Organization is essential to the successful operation of that body in view of this country&apos;s position as the economic giant in the present international trade pattern. Many countries are reluctant to take any action toward the ratification of the charter until it is known what course America will pursue. However desirable or undesirable the ideal of free multilateral trade may be it is unlikely that this Government&apos;s participation in the ITO will materialize soon. Advices in Washington indicate that H. J. Res. 236 will not be enacted during the present session of Congress. The legislative pattern designed to secure Congressional approval of the ITO is similar to that of the St. Lawrence Seaway project. The Seaway project was pending in treaty form for several years before the Foreign Relations Committee of the Senate and when the Administration decided to incorporate this project into bill form it was found that, while it passed the House promptly, the Senate decided to pigeonhole it because of the obvious intent to circumvent the constitutional prerogative of the Senate to advise and consent to the ratification of treaties. The ITO bill may be slated for a similar fate. It is deemed essential by western Senators and Congressmen that the present session of Congress enact some form of mining legislation before its adjournment, now set for July 31st. These legislators from prominent ore-producing states do not desire to return to their home areas in the fall emptyhanded. Aside from that, it is entirely superfluous to reiterate the necessity for maintaining a healthy domestic mining industry as a bulwark against a sharp rise in the temperature of the "cold war". Now that S. 2105 has failed a new bill is taking shape in the Senate Interior and Insular Affairs Committee. It is similar in language to H. R. 8221 (to encourage the conservation and development of the mineral resources of the United States) reported by the House Public Lands Committee on May 3, 1950, but so far has failed to receive approval of the House Committee on Rules. There are some qualified observers in high circles in Washington as well as in the mining industry who favor a tax incentive program to stimulate investment in mining enterprises, as opposed to a conservation and exploration program. The Bureau of Mines and the Treasury Department have undertaken a joint study to determine the need for modification of the tax laws as they apply to mining. The study is scheduled for completion before the end of the year, and appears to be supplementary to the investigation initiated by the National Minerals Advisory Council which culminated in the submittal of recommendations to the Secretary of the Interior in December 1949. The "cold war" is largely responsible for the increased demand for metals. Stock-pile purchases and heavy industrial demand due to military needs distort markets and disrupt normal price trends. Such activity has an unhealthy influence on metal production, luring some producers into a state of dependency on the continuation of this condition. When stock-pile objectives are met sometime in the future purchases must then come to a halt unless international "fireworks" are touched off. It can only be hoped that technological improvements and further mechanization of mines coupled with the stimulus of a rising population will offset the anticipated drop in industrial demand and cessation of stockpile purchases when the international crisis abates.

Jan 7, 1950

By Paul H. Price

The history of the salt industry in West Virginia dates back nearly two hundred years; however, the history of salt as an important raw material for the chemical industry is much more recent. The earliest record of West Virginia salt was in 1753, when a raiding party of Shawnee Indians attacked frontier settlements in Virginia taking captive a number of the pioneers. One of these, who later escaped and returned to her friends, described how the Indians camped at a salt spring on the banks of the Kanawha River and evaporated the water to obtain a supply of salt to take back to Ohio with them. Settlement of the Kanawha Valley began in 1774, that same year the Battle of Point Pleasant ended the Indian&apos;s power in the Ohio Valley; and settlement of the Kanawha Valley progressed rapidly with a consequent increase in the importance of the Kanawha Licks as a source of salt. In those days the evaporation of the brine was a family matter for which the family wash-kettle was commandeered.

Jan 1, 1949

By B. D. Saklatwalla

FOR the proper understanding of the inclusion of certain elements in this review it seems necessary to state the meaning of "rare metals." Certain elements occur in deposits limited in extent or concentration, so that the extraction of the element in relation to market conditions becomes uneconomical. Others may occur in extensive and rich deposits but the reduction of the metal may be difficult and costly. Both these conditions effect the same result, namely, make the metal rare and costly. As an example of the first kind may be mentioned radium and of the second, calcium.

Jan 1, 1939

INTRODUCTION The International Finance Corporation (IFC) is affiliated with the International Bank for Reconstruction and Development (World Bank) but operates with a separate staff and funding. It supplements the activities of the Bank by providing, to private business, equity and loans without government guarantees in whatever form and combination most suited to the project. IFC frequently complements the Bank&apos;s activities by utilizing, for example, the Bank&apos;s public sector infrastructure activities to support IFC&apos;s private sector projects. In the case of local financial institutions especially, IFC collaborates with the Bank by providing technical and financial assistance. IFC is the world&apos;s largest multilateral organization which finances private sector business in developing countries. IFC&apos;s fundamental purpose is to promote the economic development of its developing member countries through the support of the private sector. Of the 124 member countries of IFC, more than 100 are developing countries. Since it began operations in 1956, IFC has been associated with more than 2,000 companies and financial institutions in supporting over 700 business ventures in more than 80 countries. The total capital costs of these projects exceeds $26,000 million. In the 1984 fiscal year, IFC approved 62 projects in 37 countries with a total project cost of $2,473 million. IFC will make investments only if sufficient capital cannot be obtained on reasonable terms from other sources. IFC often serves as the catalyst for a project by encouraging other investors--from inside and outside the host country--to make their own equity investments along with the local sponsor for a particular project. IFC&apos;S SPECIAL ROLE The significance of IFC&apos;s role extends beyond just its financing and technical assistance: IFC&apos;s capability to raise investor confidence in a project and to help all the participants to arrive at mutually satisfactory investment arrangements is its distinctive character. Direct Investments IFC invests in all types of projects both large and small. Heavy industrial ventures not only supply essential materials and equipment for other domestic enterprises, but also earn foreign exchange through exports. In recent years, increased emphasis has been placed on agriculture and agribusiness products, aquaculture, food and food processing, and other renewable and nonrenewable resources such as metals and energy. [ ] An overall objective of IFC is to assist entrepreneurs and others in the private sector raise the needed capital for business ventures. IFC does not compete with, nor seek to replace private initiative and capital. Rather, IFC helps to raise funds in order to undertake projects that would otherwise be held back by the lack of adequate funding. IFC can do this in several ways: IFC can invest in equity and make loans for its own account. But beyond that, IFC can reach out into the international capital markets in search of additional capital. Because of IFC&apos;s 25 years experience and record, outside investors who might otherwise be

Jan 1, 1985

By Hermann Bach, Walther Hänig, Willi Gehrhardt, Ernst Theurich, Walter Langner

With the construction of the Magdeburg zinc works, the Georg von Giesche&apos;s Erben Mining Co. of Breslau has to a certain extent completed the program of reconstruction which it set as its goal after the boundaries of Upper Silesia were drawn by the Treaty of Versailles. During its history, covering.more than two centuries, zinc and lead mining has been its chief activity. Through the new boundaries established, it lost to Poland all its mines and smelters, including five distillation smelters. Of its extensive properties, there remained only an apparently unimportant and unexplored portion of the old Bleischarley ore field which, however, happily made possible the resumption of its old business. In 1925 the Deutsch-Bleischarley shaft-only a few kilometers from the old Bleischarley shaft—was sunk and developed, and in May 1926 production of lead and zinc ore was resumed. As facilities for smelting were lacking, the ore was at first delivered to the neighboring smelters, which had now become Polish. Realization of the plan to build its own zinc works had to be postponed at first for lack of capital. In the meantime, however, plans for the new works were worked out in all details. After extensive experimentation in a semicommercial pilot plant it was decided, at the end of 1928 and the beginning of 1929, to use the electrolytic process and, for economic reasons, to place the works at Magdeburg. With zinc at the approximate price level that had ruled since the Deutsch-Bleischarley mine had begun working, it was hoped that the plan could be completed in 1930 with the company&apos;s own resources. However, falling metal prices, already noticeable in 1929, made this impossible, and further postponement for a time became necessary. Finally, at the end of July 1933, the funds for building the works became available, in the form of a loan granted under the first employment

Jan 1, 1937

By Arthur Zentner

THE PAST YEAR saw important developments in all the main branches of zinc metallurgy, which can only be douched on briefly here. Vertical Retort Smelting-The New Jersey Zinc Co. reports their operations to be about as last year when the number of vertical retorts at the Palmerton plant was increased from 16 to 28. The first unit of eight vertical retorts at Oker, Germany, to treat the Rammelsburg complex ore was completed early in the year. A second unit has been under construction and is probably ready to start operations about this time. Each unit is rated for 10,000 metric tons of zinc per year. A plant of 40,000 metric tons annual capacity is the goal. A reflux plant was also built to make high-grade zinc. The plant program is being -carried forward with government finan¬cial assistance, as was the case with the electrolytic zinc plant at Magdeburg. Government subsidies cover mining and &apos;smelting, and allow for depreciation and reasonable return on invested capital, according to U. S. Bureau of Mines reports.

Jan 1, 1938

By WALTER B. JONES

PIG iron was first produced in Alabama in 1818 from limonite or brown ore and since then much of this ore has come from the so-called mineral district of northern Alabama, especially along the Cretaceous-Paleozoic contact. For many years the Russellville district in Franklin County, where the first blast furnace was erected, produced more than 100,000 tons of brown ore annually. Limonite has been reported at many places in the Coastal Plain region, where the formations are of Mesozoic and Cenozoic age, but these scattered deposits were never considered to be of much commercial importance. However, in the last three years a considerable quantity of this ore has been scraped up and shipped, particularly from the city of Greenville in Butler County.

Jan 1, 1938

By Karl W. Mote

CALIFORNIA&apos;S iron and steel industry had its beginning in San Francisco in 1849 when the first iron casting was poured at the old Union Iron Works. Soon after, in 1856 at Grass Valley, enough iron ore was smelted to supply pig iron for the castings of a quartz mill there. From 1880 to 1886, iron ore was produced from the Hotaling mine in Placer County and converted to pig iron in a local blast furnace using charcoal. From 1907 to 1914, the Noble Electric Steel Co. produced pig iron from iron ore mined at the Shasta Iron Co. mine, and followed this for three years in the production of ferro-alloys. Between 1917 and 1941, the State&apos;s industry in- creased its capacity for open hearth and electric furnace scrap treatment, but the real impetus was supplied by the need for more steel at the beginning of World War II. The result was the State&apos;s first integrated steel plant-the Kaiser Steel Corp. facilities at Fontana.

Jan 7, 1958

By Carl W. Volz

NORWAY&apos;S metallurgical development, which has extended over many centuries, is intimately associated with that country&apos;s unique topography and climatic conditions. It is a rugged mountainous country, with a most irregular shore line, bordered by thousands of islands forming a natural protection for shipping. There are an endless number of lakes, and innumerable rivers and waterfalls, many fed by glaciers and melting snow. Rainfall is abundant. Though half of the country is north of the Arctic Circle, it is warmed by the Gulf Stream, so that the average temperature is about 45°, or 20° higher than other parts of the world in the same latitude. A sub-

Jan 1, 1935

By H. H. Stoek

(Wilkes-Barre Meeting, June, 1911.) THE origin of the Mine-Rescue Service of the State of Illinois can be traced to two distinct sources, the work of the Rescue Station at Urbana and the Cherry disaster. During the early part of the year 1909, the Technologic Branch of the U. S. Geological Survey, now the Bureau of Mines, in connection with the Illinois Geological Survey and the College of Engineering of the University of Illinois, established at the University of Illinois, in Urbana, a branch rescue-station to supplement the work of the Pittsburg station of the Geological Survey. As a result of the work of training at the station in Urbana by R. Y. Williams, mining engineer, and James Webb, foreman of the Bureau of Mines, and the use of the helmets at several mine-accidents in the State of Illinois, . the people of the State were somewhat familiar with oxygen-helmets when the Cherry disaster occurred, in November, 1910. The oxygen-helmets were successfully used in connection with that disaster, and upon the recommendation of the Illinois Mining Investigation Commission, the Legislature of the State, assembled in special session during the winter of 1910, passed a bill appropriating $75,000 for the erection and maintenance of three rescue-stations, stipulating that they should be located in the northern, central, and southern parts of the State. The Act also provided that the stations should be in charge of a Commission of seven, two representing the United Mine Workers of Illinois, two the mine-operators, one the Federal Bureau of Mines, one the State mine-inspectors, and one the Department of Mining Engineering of the University of Illinois. This Commission was called together by the Governor of the State, Aug. 2, 1910, and since that time three stations have been located, built, and equipped: at La Salle for the northern

Dec 1, 1911

By A. P. Cohen, D. W. Fuerstenau

Methods of accounting for the feed size in analyzing the size distribution shift during comminution have been discussed in a number of papers.1,2,3 Based on experiments which charles2 performed with single Pyrex specimens, Schuhmann4 pointed out that the size modulus of an assembly of particles should be determined by the energy expended per unit volume (or mass), independent of the size of particle being comminuted. In this same paper, Schuhmann derived the Charles energy-size reduction relationship by considering that complex comminution operations can be considered to be the summation of many individual comminution events, each of which must be governed by Were 6wi is the mass of a particle receiving the impact, 6Ei is the energy delivered to the particle, ki is the size modulus of the product resulting from the impact, a is the distribution modulus of the assembly of particles, and A is a constant. Recent experiments on the compression loading of Pyrex spheres ranging in size from 1/8 to l-in. diam have shown that the size modulus of the fragments is determined by the strain energy at fracture per unit mass, independent of sphere diameter.&apos; The objective of the present investigation has been to determine experimentally whether the size distribution of the product from such a complex comminution process as rod milling is determined only by the energy expended per unit mass independent of feed size. Samples of each Tyler sieve fraction ranging from 4x6 to 48x65 mesh were prepared from crushed Brazilian quartz crystals. One kilogram of each fraction was ground at 60 pct solids in an 8x9 1/4-in. mill containing 17.5 kg of rods (26 rods, 5/8-in.; 10 rods, 3/4-in.; and 5 rods, 7/8-in. diam). In each test, the mill was run at 77 rpm for 15 min. Size distributions were determined by a wet-dry sieving technique. Table I presents the size distribution of the products obtained by grinding each of the size fractions. Because the size distributions are so nearly alike, they are plotted in Fig. 1 by shifting each size distribution for the different feed sizes one screen fraction to the right. Thus, the lowest point in each size distribution represents 400 mesh and each of the other sieve sizes must be shifted accordingly. A single regression line was calculated by combining the data for the six tests, excluding the coarsest feed and the two finest feed fractions. 6 This regression line, which is given by (Y \0.88 where y is the cumulative percentage of material

Jan 1, 1962

By M. M. Neale

The pottery department has been aptly described as the "heart of the zinc plant," md every operator of a horizontal-retort plant is acquainted with the fact that good retort practice is the keystone of the smelting process. Since retorts and condensers are clay products, it is obvious that improvements in other branches of the ceramic industry should be observed for possible adoption in the pottery process for zinc smelting. Deaeration of clay bodies is one of the improvements that have become fully, established in many brick and pottery plants. Our investigation of a number of these installations always yielded the same answer—improved practice. Improvement in workability, elimination of laminations, less porosity, greater wet and dry strength, were among the claims put forth for this process. All of these features are exceedingly desirable characteristics in the manufacture of a zinc retort. A preliminary test, which involved truck transportation of deaired slugs over a relatively long distance, did show the value of many of these characteristics in forming the retort. Results from the standpoint of , longer retort life in the smelting furnace were not outstanding. The idea lay dormant for several years but was revived again in 1940, when it was decided to make whatever changes were necessary in the equipment for pottery manufacture to fully demonstrate the process. A number of the manu- facturers of machinery for clay work were asked to submit proposals, and the plan finally adopted was extremely simple and economical. Machine FOR DeaeRRATING Selection of the &apos;&apos;Straight-line&apos;&apos; principle for conversion of the "Wettengel" pug mill to a &apos;&apos;vacuum-extrusion" machine preserved some usable parts of the original equipment, such as the drive mechanism, and main shaft. The converted machine consists of a feed hopper, a compression and shredding zone, a vacuum chamber, and an extrusion barrel, as shown in Fig. I. In operation the clay mix travels from the feed hopper into the compression zone, where it is compressed and finally forced around the tapered cone into the vacuum chamber. As it enters this chamber the clay body is shredded into thin plates, for exFosure to the vacuum. The shredder consists of a hub mounted on the main shaft, to which are bolted segmental sections, each of which carries shredder knives. The compression zone and extrusion barrel function as seals for the vacuum chamber and the shredded clay mix is agitated thoroughly during its exposure to the vacuum. A vacuum pump, equipped with a 3-hp. motor, is attached to this chamber, and maintains 25 to 26 in. vacuum during operation of the mill. Changes in Practice Prior to the adoption of the deaeration process, our standard pottery practice called for double mixing in the combination 7

Jan 1, 1944

By Peter Allen, John R. Stuermer

COUNTRY RISK ANALYSIS A company operating in a foreign country assumes all the risks that it would at home. However, beyond these, it assumes risks that arise from the unique political economic, financial conditions of the foreign country which it operates. These risks are known as "country risks". The importance of these risks has grown appreciably in the recent past (particularly in the aftermath of Iran&apos;s revolution in the late 1970s and Mexico&apos;s debt rescheduling of 1982-83), and as a result, country risk analysis has become an increasingly useful management tool. Country risk analysis seeks to assess the probability that countries will service their aggregate foreign liabilities on time, as well as the probability that country conditions could inhibit the debt service capability of private sector debtors. This involves assessment of both the ability and the willingness of countries to meet their external liabilities in a timely fashion. "Ability" is linked economic and financial variables: principally, a country&apos;s economic structure, foreign exchange generating capacity and debt service burden. On the other hand, "willingness" is tied to political factors: mainly the economic/financial orientation of government policy and the stability of economic decision making. Ability: Economic, Financial Conditions and Prospects Judgement of a country&apos;s ability to meet foreign financial obligations begins with a detailed study of a country&apos;s external balance sheet which compares the country&apos;s foreign liabilities and assets. Table 1 below presents country balance sheets for Mexico, Korea and Indonesia. [TABLE 1 The External Balance 3-,-et 1983 (billions of dollars; Indonesia Mexico Korea Foreign Liabilities 31.1 67.6 40.5 By Source: Bank 13.1 75.5 26.3 Non-bank 18.0 12.114.2 Foreign Reserves 9.3 4.7 7.0] The large magnitude of Mexico&apos;s external debt (nearly $90 billion), compared to foreign assets of approximately $5 billion, illustrates the weakness of this country&apos;s external payments position, and the main reason that it has been unable to meet interest and principal payments and been forced to reschedule its foreign debt. On the other hand, the relationship between Korea&apos;s external liabilities and assets ($50.5 billion and $7 billion, respectively), is more favorable and helps explain why Korea has been able to meet debt service payments and maintain its access to the international capital markets. Indonesia has even a more favorable relationship between its foreign assets and liabilities, $31 billion and $9 billion, respectively, and its debt is mostly lower interest rate, non-bank debt, making for a less onerous debt service burden. After the balance sheet, the analysis turns to a comparison of the country&apos;s foreign exchange earning capacity and its prospective financing requirements, that is, the country&apos;s future earnings stream

Jan 1, 1985

By G. R. Speich, L. Zwell, H. A. Wriedt

HORNBOGEN1 has recently shown that it is possible to measure the degree of segregation accompanying cellular precipitation in ferritic Fe-Zn alloys by measuring the lattice parameter of the ferrite phase within the cell. In extending this work to study a wider range of composition and to evaluate the free-energy change accompanying the growth of the cells, the lattice parameter and the boundary of the a! phase in Fe-Zn alloys were redetermined to check the earlier work of Schramm.2 This appeared to be necessary since the Fe-Zn diagram has been drastically revised since the work of Schramm. Stadelmaier and Bridgers3 have recently shown that, contrary to prior belief: the y iron field is closed and the a phase boundary extends to an a + T + L peritectic at 782°C where peritectic a contains 42 at, pet Zn. The phase T in equilibrium with the a solid solution has a composition near Fe3Zn10 and a cubic 081 type structure.&apos; The alloys were prepared by two different methods. In the first method carbonyl iron powder (400 mesh, 99.8 pet pure) and high-purity zinc powder (200 mesh, 99.99 pet pure) were mixed in a ball mill and then pressed in a die at 40,000 psi pressure to make compacts with a diameter of 5/8 in. and a thickness of l/4 in. These were sealed in evacuated quartz capsules, gradually heated to 1100°C over a period of 1 week (3 days at 600°C) 3 days at 800°C, 1 day at (1100°C), and then quenched in iced brine. For the alloys containing 23.4 and 30.1 at. pet Zn, the final homogenization anneals were performed at 1000" and 850°C) respectively, to prevent melting. In the second method, alloys were prepared by saturating high-purity iron millings (0.001 in. thick, 99.9 pet pure) in zinc vapor. For each alloy the impregnation was conducted at a fixed vapor pressure of zinc and a fixed temperature between 750&apos; and 800°C. When saturated, the millings were quenched in water. The compositions of the alloys prepared by both methods are shown in Table I. The lattice parameters of the ferritic solid solutions were determined by comparing the 26 values of their 310, peaks (using Co Ka) or of their 211 , peaks (using Cr Ka) with those of corresponding peaks for high-purity a iron. The 20 values were measured at room temperature with an X-ray dif-fractometer (G.E.-XRD5). By using a fiducial value of 2.8664Å for the lattice parameter of pure a iron at 25oC,5 the lattice parameters of the zinc-bearing

Jan 1, 1964