Status of the Milling Industries

IT is always a pleasure for me to join in the Ameri-can Mining Congress, for not only has my own professional life been closely linked with the industry, but the Secretary of Commerce is specifically enjoined in the organic act creating the office to promote and foster the interests of the mining industry. And it is a vital part of our national life. It is one of those indus-tries without which. the nation could not go on for a week. It ranks second only to the agricultural industry in its contribution to our raw materials. Its production amounts to nearly 6 ½ billions annually, providing direct support to probably ten millions of our people through employment to about two million workers. But the in-dustry has a greater importance than even these figures indicate, for with agriculture, forestry, and water power it furnishes the raw materials upon which the whole work of our civilization rests. When the raw ma-terials of our mines emerge. from manufacture with the added expenditure of labor and capital upon them, they have a wholesale value of over fifteen billions of dollars. And in this, the second stage of their application, they give employment to another two million workers and support to about ten million more of our people. A large portion of these manufactured commodities must filter through the retail trade; their total value when delivered to the consumer exceeds twenty billions of dollars. And from this distribution arises the support of many more millions of our people. It is estimated that the products of agriculture when they reach . the consumer, with transportation, manu-facturing, and distribution costs added, have about the same value as the mineral industries-each of them thus contributing about one-quarter of our total na-tional income. No other continent has demonstrated its possession of such a magnitude of minerals as has ours, and such a bountiful distribution over our whole land. But our mineral resources differ in one essential from our other natural resources-they are not renewable. Agricul-ture, forests, and water power replenish their supplies from season to season. Some people conclude from the non-renewable character of the mineral supply that they must shortly be exhausted. The practical question is ,one of time, and time in these matters needs to be measured in generations, and apprehension of exhaus-tion needs to be tempered with many probabilities in-cluding the advance in technical methods of extraction. In some of our minerals, such as coal, iron, and building materials we can, through a knowledge of their geologi-cal structure and occurrence, make fairly good estimates of our reserves. We. know that they will outlast many generations of Americans. In non-ferrous metals and oil, geology affords us no great basis for an estimate of future supply. We only know of the occurrence of minerals of this type by actual exposure of them, and we can thus make no estimates except upon reserves which have been proved by actual development by the process of mining. To develop them ahead merely for national satisfaction of assured future supply would imply an unbearable waste of capital. The consequence is that in these groups there is never a demonstrable assurance of more than a few years' supply ahead of us. Yet we have never failed from year to year to find new deposits and extension of old deposits.