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By Karl J. C. Harries

"10.1. INTRODUCTIONDefinitions are a necessary part of every agreement. Their purposes are to assist the reader in reading and understanding an agreement and to attempt to avert potential confusion and, therefore, disputes. In some circumstances, they may be critical in deciding a dispute. As they are often substantive, they should not be treated lightly.It is far easier and less confusing for a reader to read “the Company” or “the Recipient” than to be faced with “the party of the First Part”, or to see the “Jones Property” than “that part of the property hereinbefore described in paragraph 1.01 hereof”. It is also advisable not to use “-ee” and “- or”, as in payee and payor.One thing must always be remembered: once a word has been defined in an agreement, it will always have the defined meaning unless the contrary is clearly indicated or is required to make sense of a provision.2 It can be confusing for a reader if commonly used words are defined in other than ordinary terms. Unique words that will stand out in the text are more likely to be recognized as having special meaning. It is also good practice to identify defined terms by capitalizing them in the text of the agreement. Boldfacing of definitions is also sometimes used for this purpose but, as boldfacing is not easily identified in handwritten revisions, it can be missed in the press of negotiations, especially when several typists are involved. Lack of consistency in identifying defined terms is not a fatal mistake, but it can create confusion, especially if the reader is new to the agreement or is reading it in a highly technical manner, such as when there is a dispute.If definitions used in the main text also apply to a schedule, they need not be included in both. Omitting them from the schedule makes the agreement look shorter, which to some people is a benefit. If definitions are not repeated, make certain that the schedule clearly indicates that words defined in the main text have the same defined meanings in the schedule3 and are clearly identified as defined words. In considering whether or not to repeat in a royalty schedule definitions appearing in the agreement proper, think of definitions as an aid and a reminder to the reader. Repeating them will help a reader, if only by saving the nuisance of remembering where to find them in the main text and constantly turning to it. All the definitions needed to read the schedule will be right there, so that the schedule is a self-contained document. Just make certain that, if you do repeat a definition, you repeat it in identical terms. If you have to change any defined term to make it fit the royalty provisions, use a different word or phrase as the defined term to warn the reader that he is dealing with a different concept.4"

Jan 1, 2003

By H. Ito, T. Takasu

Effects of a mechnochemical treatment to oxide Ni ores have been investigated to enhance the extractive ratio of Ni from them in acid leaching process. High intensity grinding by a planetary boll mill showed strong effect to enhance the extractive ratio of Ni, for example , 10% of extractive ratio of Ni in sulfuric acid leaching(0.05mo1/1,at room temperature) increased to more than 90% with 60min. of planetary boll milling. Effects of additives(sulfur and some oxidants) on the mechnochemical treatment have also studied. Sulfur showed almost no effect to enhance the total Ni extractive ratio but increases the selectivity of Ni extraction. More than a half of Ni could be extracted by water when Ni ore was grinded at addition of Na2S207 in the milling treatment. Some effects of mechnocemical treatments to Ni ore are summarized in this paper.

Jan 1, 2005

By E. E. White

(Cleveland Meeting, October, 1912.) IN, August, 1911, I read a paper before the Lake Superior Mining Institute' on surveying and sampling diamond-drill holes. The present paper gives a more thorough description of these methods, together with a few changes and notes suggested by further experience. Since August, 1911, the methods, used constantly by the Cleveland-Cliffs Iron Co., have been developed to a higher degree of efficiency, and have given great satisfaction. Until a few years ago but little attention was paid to the determination of the actual course of drill-holes, to the accurate sampling and analysis of the material, or to the scientific location of the drill-holes. It has now been common practice for several years in many districts to test the inclination of drill-holes by etching glass tubes with hydrofluoric acid, but the direction of deviation from the vertical has not often been determined. Methods of determining the direction by means of a compass were first developed in connection with drilling in Victoria. The latest method used on the Rand in South Africa has been recently described by John I. Hoffman.2 In the same paper Mr. Hoffman describes an ingenious method of wedging-off a drill-bole so as to start new holes at several successive points. By this means a hole can be deflected in any desired direction, and the curvature can be controlled to a considerable extent, provided the rock is soft enough to permit the hole to be wedged off. Unfortunately, in the Lake Superior district, the jasper iron-formation is so hard that it is very difficult, if not impossible, to do this. I tried to deflect one hole so as to avoid drill-rods stuck in the hole, by using a 1 Proceedings of the Lake Superior Mining Institute, vol. xvi., pp. 100 to 120 (1911). 2 Recent Practice in Diamond-Drilling and Borehole Surveying, Bulletin No. 91, Institution of Mining and Metallurgy (Apr.. 11, 1912).

Nov 1, 1912

By Hernán Parra

Las pruebas cerradas de flotación (ICFT) son necesarias para el diseño de plantas a niveles de prefactibilidad y factibilidad, ya sea en proyectos greenfield o brownfield. Estas pruebas se realizan después de haber hecho un estudio previo de flotación batch y se usan para simular un circuito continuo. En este trabajo se reseñan los estudios sobre el tema, se busca establecer la manera adecuada de ejecutar la práctica de laboratorio y de evaluar los resultados experimentales, con el propósito de introducir mejoras en el diseño de plantas.

Aug 30, 2017

By Paul M. Tyler

MUCH has been said in print, and much more that was unprintable, about burdensome controls, taxation, and multiplying restrictive, regulatory, or taxing activities of the Federal Government, but not so much has been said about ways and means whereby the Government can and does render economic assistance. Economics has been defined as the study of men earning a living, and economic assistance to industry as well as to individuals properly should take the form of helping enterprisers to help themselves rather than charity. Proposals to have the Government play Santa Claus must be examined carefully if -only to avoid undue favoritism to politically important persons and downright venality by potentially crooked public officials. Thomas Jefferson is credited with the remark that the best government is the one which governs least. Paternalism is abhorrent to most Americans.

Jan 1, 1947

By James F. Reynolds

Introduction There are 1.4 Gt (1.5 billion st) of recoverable coal under less than 914 m (3,000 ft) of cover in Colorado in pitching seams. Snowmass Coal Co., in cooperation with the US Department of Energy, introduced the longwall mining method in pitching seams to North America. This venture is a coal mining research program directed toward the profitable production of coal under difficult mining conditions as found in pitching seams of the western US. Snowmass Coal classifies pitching seams into the following categories for longwall on the strike in seams 3 m (10 ft) or less thick: • Flat = 0 to 10°: Normal continuous mines and shuttle cars work efficiently. • Slight = 10° to 22°: The maximum pitch that rubber tired equipment will function. • Moderate = 22° to 40°: The angle of repose of mined coal. • Steep = 40° to 60°: The limit of safe use of this roof support. • Vertical = over 60°. The longwall roof support covered here will work in all pitches except vertical. The shearer and conveyor will work in flat through moderate conditions. Longwalling across strike with this equipment in seam pitch over 60° could be accomplished with an inclined face. Development of the first longwall panel began in 1979 and was completed in 1981. The longwall equipment was installed and mining began on Aug. 11, 1981. Mine Planning and Development The original mine plan took advantage of old works abandoned in the 1960s. The gates were developed on a two-entry system with the entries rising 2° to the strike, allowing water to drain from the face. The mining method was by Alpine F6A road header continuous miners with bridge conveyor type coal transport into 5.4-t (6-st) bottom dump coal cars hauled on 1.1-m (42-in.) gauge track by 7.2-t (8-st) battery locomotives. The initial concept was to haul coal from the longwall by battery locomotive. Lack of discipline, however, was shown in the irregular direction of the gate entries, and local rolls in the coal seams severely limited the capacity of battery locomotives. Current mining law prohibits using an intake escapeway for belts or trolley locomotives. A two-entry system is the simplest method of panel development in a pitching seam. A continuous miner cannot be trammed from one entry to another because of steep "X" cuts. Thus, the development requires a continuous miner in each entry. The configuration of the old mine works resulted in a first panel longwall block of three 108 m x 1.6 km (355 ft x 5,400 ft). In panel development, the use of battery locomotives for coal hauling became evermore costly. When the panels were completed and the setup room finished, the lower gate entry was changed to a belt entry and battery locomotives were abandoned. A new slope was driven and the mine supply system was converted to rubber tire diesel supply. The latest generation of roadheader and standard high powered shuttle car-to-belt system is now used for development. Selection of Longwall Equipment Longwall mining across the strike on pitching seams is currently practiced in many nations. Equipment similar to that used by flat seam longwalls is available for pitching seam use in Great Britian and Germany. Face equipment includes a twin outboard armored face conveyor. It was selected to give maximum retention of coal on the conveyor due to flight rigidity and to prevent coal from sliding down the face and jamming the lower belt gate. Also selected was a 22-mm (0.9-in.) Dowty twin-outboard face conveyor for a 106-m (350-ft) face with a single 112-kw (150-hp) drive

Jan 12, 1983

By H. Akbari

Ordinary portland cement (OPC) is the key pozzalonic component of the concrete mix widely used as a construction material worldwide. B illions of tons of OPC are used in the construction industry each year. However, calcinations of limestone and silica that produce OPC also produce almost an equal amount of C O2 during the cement manufacturing process. Thus, OPC production accounts for nearly 7% of all anthropogenic C O2 emissions each year. The main objective of this study was to develop a geopolymer-based composite to be used as a substitute for OPC in concrete application to significantly lower the carbon footprint of the construction industry. A waste material produced during the coal combustion process was used as the main raw material for the geopolymer-based composite. It was mostly the nonmetallic content of the F-type fly ash produced from the combustion of bituminous coal. The authors envisioned extracting some of the valuable metal oxides from fly ash prior to using the major nonmetallic portion of the fly ash for geopolymer concrete application. The results obtained from this study showed that the compressive strength of geopolymer concrete compares favorably with that of conventional concrete prepared using OPC.

Dec 1, 2013

By Raymond E. Davis

LET'S imagine we are at the Grand L Coulee Dam, where daily 15,000 barrels of low-heat Portland cement and 27,000 tons of processed aggregate in various sizes are mixed to produce 30,000 tons of concrete. Inspect the autographic records which show for each 4-cu-yd. mixer batch of concrete the weights of its constituent materials including its several sizes of aggregate, cement, and water, and which also show the period of mixing and the consistency of the mix. Watch the inspectors sample and test the aggregate for gradation and moisture content of sand, and sample the concrete for homogeneity. Watch the huge buckets deposit the concrete in the forms. It looks too dry to handle, but the concrete vibrators make it melt away. Just enough vibration fully to com- pact the mass, but not enough to produce segregation of the materials; the inspector says when. See the sprinkler system covering all hardening concrete with a spray so that it may not thirst for water. Watch the cleaning of the top of an old lift preparatory to placing a new lift; the sand blasting; the blow-down; the mop-up; the minute inspection.

Jan 1, 1939

By J. A. Ober

"In 2015, the estimated value of nonfuel mineral production in the United States decreased by 3 percent from that in 2014 (Table 1), mainly as a result of decreased metal and metallic mineral prices, especially iron ore, copper and precious metals. Lower metal prices were attributed to decreased consumption, especially in China and increased global inventories. Several U.S. metal mines were idled in 2015, including the only U.S. rare earths mine at Mountain Pass, CA. Downstream processors also were affected, with smelters and refiners either shutting down or idling production lines. Increases, however, took place in the value and quantity of production of industrial minerals, especially those used in the construction sector, including cement, construction sand and gravel and crushed stone. Trends in mineral-related sectors of the domestic economy, except for iron and steel manufacturing, aluminum manufacturing, coal mining and metals mining, all experienced growth (Table 2).Discussion of mine production is frequently segmented according to the type of materials produced within the broad categories of metals and industrial minerals (also known as nonmetallic minerals). Industrial minerals can be further subdivided as construction aggregates and other industrial minerals. Metals tend to have higher unit values but very low production quantities compared with those of industrial minerals, which have higher production quantities but are lower-valued materials, such as crushed stone or construction sand and gravel. Therefore, for discussion and analysis of the performance of the nonfuel minerals industry, the value of production is used rather than the tonnage produced. Tonnages of construction aggregates are orders of magnitude larger than those for most other mineral commodities thus making direct comparisons based on weight meaningless (Fig. 1).Mineral industry performanceThe estimated value of domestic nonfuel mineral production, including metals ($26.6 billion) and industrial minerals ($51.7 billion), in 2015 declined to a total of $78.3 billion, from $80.8 billion in 2014 (Table 1). However, as shown in Fig. 2, minerals remained fundamental to the United States economy, contributing to the real gross domestic product at several levels, including mining, processing and manufacturing finished products. Net exports of mineral raw materials and old scrap were $14.4 billion. Domestic raw materials, along with domestically recycled materials, were used to produce mineral materials worth $630 billion. These mineral materials, including aluminum, brick, copper, fertilizers and steel, and net imports of processed materials (worth about $32 billion) were, in turn, consumed by downstream industries with a value added to the gross domestic product estimated to be $2,490 billion."

May 1, 2016

By Yi Luo

Bolting the mine roof is one of the noisiest underground mining operations. The main contribution to the noise is the drilling of the roof bolt holes, especially drilling in hard rock. Previous research shows that the specific energy consumed in drilling bolt holes is inversely proportional to the bite depth (i.e., penetration per drill revolution). Less specific energy at a reasonably high bite depth means less energy is wasted in the drilling process for producing heat, bit wear and noise. Therefore, proper control of the drilling operation to achieve a reasonably higher bite depth can reduce drilling noise from its sources as a proactive noise control approach. In order to explore the feasibility and develop the proactive technology for reducing drilling noise, drilling tests have been conducted in laboratory settings. The preliminary results show that significant reduction in noise dose can be achieved by drilling in medium hard rock with uniaxial compressive strength of about 276 bars (4,000 psi) and at a reasonably high bite depth of about 4.6 mm/rev (0.18 in./rev). This paper presents the findings from laboratory experimental studies.

By AIME

NEW YORK'S largest hotel, the Pennsylvania, will be filled with mining and oil men and metallurgists the third week of February when some 3000 AIME members, their wives, and guests will gather for the Institute's 1948 Annual Meeting-its 166th general meeting. Except for the usual Sunday afternoon and evening sessions of the Mineral Industry Education Division at the Columbia University Men's Faculty Club, the big assembly will be under one top and members will not this year have to consult compass and map to find their next session. Possibly enervated by the stupendous effort of the Anniversary Celebration last spring and the plethora of highly successful fall meetings, the various committees have been a trifle slow in arranging their social and technical programs, but in mid December as we go to press there is already much to report indicative of substantial fare and high interest. The definite timetable schedule will appear in the February M&M.

Jan 1, 1948

By CHARLES M. A. STINE

THE value of chemical research has been so thor¬oughly demonstrated in the last few decades that the general public has become "research-conscious" to an extent which allows the advertising agent and publicity man to make use of research as a selling point in his advertising campaigns. We thus see the advertisements of concerns in the most varied industries stressing the research which is back of their products. The reason for this "research-consciousness" of the general public. is primarily that the products of research have increasingly engaged public attention and have. revolutionized our daily life. When we. reverse the flight of .time and imagine ourselves-in the century previous to our own, we find that we are .without the automobile, the radio, the improved telephone and electric light, refrigerated transportation, the airplane, X-rays, and many other things now taken for granted. A generation ago we find gloomy prophets foretelling the certain over-population .of the world within a few decades and an insufficiency of food due to lack of the fixed nitrogen which is now so plentifully ours.

Jan 1, 1930

By Harry V. Warren

Introduction Any person concerned with the welfare of mining in British Columbia cannot help being perturbed by the fact that the industry, to an alarming extent, is living on its capital. The great majority of mines and mining camps of today represent a heritage handed down by the prospectors of yesterday. It is true that mining engineers, geologists, mineral dressers, metallurgists, and their fellow scientists and engineers have played an honourable, indeed a vital, part in he1ping to make our producing mines, often after costly and extensive underground development and extended researches. It is also true that the mineralization at the Sullivan, Britannia, and Copper Mountain mines was all discovered before the turn of the century. Likewise the Cariboo, Bridge River, Hedley, Ymir, Rossland, Boundary, Slocan, Salmo, and Portland Canal mining areas, although they had not all been developed, were all known more than fifty years ago. Furthermore, every one of these camps owed its discovery and eventual exploitation to the fact that encouraging ' mineralization occurred at the surface. Where would the mining industry of British Columbia be today had those precious outcrops been buried beneath twenty to forty feet of glacial drift or other overburden? Anybody familiar with the geology and geography of British Columbia will probably agree that finding new mining camps is going to be an increasingly difficult and costly business: disappointments there will be in abundance. Nevertheless, most persons will probably also agree that other valuable mines and even mining camps await discovery by those who will prove resourceful and lucky enough to unearth them. It has become increasingly obvious to the authors of this paper that any new too1s which can aid either prospectors or engineers in their search for new orebodies should be welcome. This paper outlines our efforts to develop biogeochemistry and related techniques to the point where they may be considered as useful tools in the search for hidden mineralization.

Jan 1, 1950

The value of U.S. mineral raw material output reached a record $63.1 billion in 1975. This high exceeded the 1974 value of $55.2 billion by 14 percent. Among the three major mineral categories -fuels, metals, and nonmetals -only fuels showed an increase in value. Both the metal and nonmetal categories showed declines in value. The significance of this nearly $63 billion mineral output can be noted in the fact that it is the basis for the subsequent production of over $270 billion a year in energy and processed materials. Of the 78 individual mineral commodities included in these 1975 totals, only 17 registered gains in output, while 45 registered value increases, reflecting higher prices.

Jan 1, 1976

By A. F. Roberts

The subject of mine fires is a very wide one. To give reasonable coherency, the paper concentrates on the behaviour of fires in the ventilated airways of mines; spontaneous combustions are not considered. The following topics are considered in some detail: 1) Material selection: Performance requirements for mining materials in terms of flammability and smoke/fume production; methods of test and need for relevance to mining conditions. 2) Fire growth: The influence of material properties and method of use on the rate of growth of fire in a mine roadway; the influence of ventilation, slope, material orientation, proximity of walls and roof on fire behaviour. 3) The fire in the ventilation network: The influence of fire on the ventilation distribution; the circulation of fire products in the network. The influences of these topics in determining fire control strategy are then considered but topics such as fire detection and fire extinction methods are not reviewed in detail. An extensive Bibliography on papers relating to mine fires is included.

Jan 1, 1989

By Xinhua Wang, Qiangqiang Wang, Yubin Li, Shusen Li, Lifeng Zhang

"Numerical simulation on the fluid flow in a Flow-Control Mold (FC-Mold) were performed. The motion of inclusions were calculated. With FC-Mold, the flow pattern and surface velocity become more symmetrical, and at higher casting speed the velocity of liquid steel in the top region of the mold was largely reduced with the highest velocity of the meniscus reducing from 0.65 mis to 0.4 mis, and the meniscus shape became flatter. With FC-Mold, more inclusions approached to the surface of the slab and the amount of inclusion in the center of mold became fewer. Larger inclusions were easier to remove, however, the EM filed of the FC-Mold could hardly improve the removal of inclusions from the molten steel.IntroductionElectromagnetic brake technology is an effective method to control the flow pattern within continuous casting mold, together with other casting parameters, nozzle design and mold geometry [1-5]. Due to the interaction between the applied magnetic flux and the conductive molten steel inside the mold cavity, a force is generated in the direction opposite to the jet flow, which can decelerate the high speed steel jet from the SEN ports. The potential benefits include fewer surface and internal defects, fewer inclusion especially at higher casting speed. However if used imperfectly, electromagnetic forces can have opposite effect [6]. Numerical models are the best tool to optimize electromagnetic flow control. In the current study, numerical simulation was performed to investigate the flow field in a continuous casting FC-Mold, and the effect of different operation parameters on the flow, surface level and velocity in FC-Mold were discussed."

Jan 1, 2013

By Johnny Zhang, Yang Anguo, Li Weifeng, Xueyi Guo

"SKSTM oxygen bottom blowing smelting technology was developed by SKS-ENFI at SKS Smelter, Hunan in the 1990s to replace the conventional sintering process and thus to meet the high national EHS standard for lead.Since then, two major milestones have been achieved:1. Since 2002, the SKS oxygen bottom blowing smelting-blast furnace reduction has been in operation at SKS, YGL, Chizhou smelter etc. Now in China, about 50% of the lead (4.2 millions t/year) is produced using SKS process; and2. Since 2008, the blast furnace has been replaced by direct reduction of molten rich lead slag at YGJ smelter, which is more energy-efficient since no slag cooling is required. This two stage process (SKS Oxidation- Direct Reduction) is named as the YGL process.Since 2008, numerous technological innovations have been implemented in the furnace design, process control, and maintenance at YGL. The plant has been successfully demonstrated its unique excellent performances on all aspects from processing capacity, product quality, energy reduction, cost reduction and emission reduction. The purpose of this report is to update all the improvements with proven tracks.Meanwhile, a preliminary comparison on the following aspects between the YGL process and other similar technologies has been discussed:1. Plant design and operating conditions;2. Mass and heat balances, metal (Pb, Ag) recovery;3. Consumables, oxygen gun and refractory lining life;4. Energy consumption and operating costs;5. Sulfur capture and emission reduction etc.It is concluded that the modified SKSTM process is a clean SO2-free emission process. The process is characteristic of other features such as no extra fuel addition, low capital with a small foot-print design, low OPEX, high throughput, easy operation, long refractory lining life and high productivity (95%+ on line time annually). It offers an alternative cost-effective technology for lead smelting industry."

Jan 1, 2014

By C. O. Swanson

CALCULATING the average grade of a gold deposit is a problem that presents certain unique difficulties. Particularly troublesome is the fact that the average of the samples taken from a deposit is likely to be higher than the grade of the ore that is eventually mined, even when allowance is made for dilution and other factors resulting from the mining operations. It would seem that this situation is due to the presence in the deposits of structural peculiarities which have not been properly taken into account, since estimating the average grade of the broken ore produced from the deposits does not present the same difficulty. It is therefore evident that structural considerations are of prime importance in estimating the grade of a deposit. This fact is clearly realized and taken into account in cases where the boundaries of the orebodies and the variations within them are easily recognized. But in many gold deposits this condition is not satisfied, a circumstance which can be regarded as the main source of difficulty. Lacking definite information concerning the structure, we are apt to use certain procedures which are either empirical or based on general probabilities.

Jan 1, 1945

By Georgene Renner, Chee Theng, William Gleason

"In February 2018, drawn in part by the states’ proud mining heritage, SME took its Annual Conference & Expo to Minneapolis, MN for the first time. More than 5,000 people and 554 exhibitors converged on the Minneapolis Convention Center for three days of networking, exhibiting and technical sessions.The state’s mining legacy, one that continues today, is fueled in large part by its vast iron ore resources in the northern part of the state. The historical significance of the mines in the Mesabi Range, otherwise known as the Iron Range north of Lake Superior, cannot be understated. “Mining is a way of life here,” said U.S. Congressman Rick Nolan of Minnesota’s 8th Congressional District. A native of the Iron Range, the three-term U.S. congressman was one of the featured speakers of the opening keynote session. “We like to think we contribute enormously to the well-being of this country and the world. We were the source of the iron ore and steel that helped win two world wars. And we like to think that we are part of the progress that has taken place in the United States ever since.” Nolan kicked off the keynote sessionthat focused on innovation and its part in the mining industry. The session included Rene Aquilar, vice president of corporate affairs and sustainability, Antofagasta Minerals Group; Bob Anderson, vice president for research and development, 3M; Rolf Weberg, executive director, Natural Resources Research Institute, University of Minnesota-Duluth and Christopher Beck, executive vice president and president, Nalco Water. The panel session looked at U.S. and global minerals production, and the importance of the United States to maintain a major role in the minerals industry, both as a producer and as a technology leader. The panel also touched on the global mining industry and the issues that impact mining around the world. Sustainability, the use of water in mining and earning a social license to operate were among the topics discussed by the panel.Speaking of the importance of mining, Nolan conceded that talking about the benefits of mining to the crowded auditorium at the SME conference might be akin to a preacher speaking to the choir, but, following the adage that all politics are local, he continued to illustrate his point by emphasizing the importance of mining to the Great Lakes.“A study by Homeland Security concluded that 13 percent of the nation’s GDP comes out of Lake Superior through the locks at Sault Ste. Marie and most of that is iron ore,” said Nolan. “That study found that, if those locks fail, it would create a national depression. It would put millions of people out of work. That ore and those minerals supply the steel mills, the auto industry, the heavy industrials. They are the heart of our economy. The study concluded that if the states that make up the Great Lakes were a nation, it would be the fourth largest economy in the world.”"

Jan 5, 2018

By AIME AIME

EDWIN W. KEMMERER, professor of international finance at Princeton, in a speech before a banking conference at Urbana, Ill., on Nov. 26, stated that the increase in the store of gold held by the United States is not so alarming as it appears on the surface. Excerpts from his address, as reported by The New York Times, follow: "It is significant . . . that the value of gold as expressed in its purchasing power in the United States during the last half-dozen years has been higher than at any other equivalent period since our records began 140 years ago. Our so-called 59-cent dollar today buys about 25 per cent more goods at wholesale than did our old dollar in the prosperous year 1926, and an ounce of gold will now buy considerably more than twice what it did then. This present high value of gold is one reason for its recent large production.

Jan 1, 1941