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By G. E. Pralle

INTRODUCTION The decade from 1969 to 1979 saw the crest of a wave of investments by companies and investors, primarily from the major industrial nations, in the metals and minerals industries of the so-called lesser developed countries. This was brought about by two major considerations: 1). The higher ore grades and therefore the higher profit potential of the mineral deposits in the third world countries, and 2). The desire, particularly by the European countries and by Japan, to ensure a safe supply of raw materials not available in their own countries. The decade began with the start of the Toquepala mine in Peru and the major investments in the Bougainville mine in Papua New Guinea and the Ertsberg mine in Indonesia. It ended with the start-up of Southern Peru Copper Company (SPCC) Cuajone mine in Peru and Inco's Soroako mine in Indonesia and the investments in several major alumina or aluminum projects in Australia and Brazil. Concurrent with this huge flow of funds into the mineral resources industry of the developing world was the build-up of a psychological fear in the host countries of exploitation/domination by the foreign investors. This resulted in an increasing trend towards: 1). Nationalization of existing mineral ventures, and 2). Tougher legal/fiscal frameworks for new ones. NATIONALIZATION Nationalization appeared in its earliest form as "Mexicanization" of the petroleum industry in Mexico in the 1930's, followed later by Mexicanization of the mining industry in general. This was enacted with the Mexican Mining Law of 1961 which required that 51% of the equity be owned by Mexican nationals. Later in the decade the equity share for foreign investors was reduced to 33 1/3% for the developers of the Frasch sulphur operations in the Isthumus of Tehuantepec. However, the law was not fully implemented in the copper industry until late 1970 with the purchase of 51% of the ownership in the Cananea Mining Company. The trend toward nationalization of the copper industry progressed to Chile where in 1967 under the Government of Eduardo Frei the major North American copper companies were induced to sell a one-half interest in their Chilean mines to the State. Likewise, in 1970, "Zambianization" took place, when the two major operating companies Roan Selection Trust (Amax) and Zamanglo (Anglo American) were restructured into Roan Consolidated Mines (RCM) and Nchanga Consolidated Mines (NCCM) providing the government with 51% of the equity ownership. Whilst the earlier forms of nationalization in general constituted a fairly priced buy-out (El Teniente, Chile for US$80 million, RCM for US$117.8 million, NCCM for US$178.7 million), the total nationalization of the Chilean mining companies in 1970 under Salvador Allende did not. Later, "Western" countries joined this trend and on October 29, 1973, Mr. Gough Whitlam proclaimed that "overseas capital must continue... in partnership with Australian capital" and "in some special energy cases we have an objective of 100% Australian ownership". In 1974 Mr. Pierre Trudeau stated: "The Liberal Party of Canada sets as an objective that new resources projects in the natural resource field should have at least 50% and preferably 60% Canadian equity ownership". FOREIGN INVESTMENT The situation for the foreign investor in the worldwide resource industry rapidly deteriorated from then on. New features appeared in mineral exploitation and operating agreements, centering not only on local government/local companies ownership but also on increased taxation. The new tax rate (mineral tax, royalty, and income tax) for the semi-government companies NCCM and RCM in Zambia became an effective 73%. Likewise the much publicized and discussed renegotiated Bougainville agreement brought dramatic increases in the total "take" by the PNG Government. More innovative forms of indirect taxation made their appearance and were added to the normal tax burdens of the mineral industry which already

Jan 1, 1985

By M. S. Azun

The authors' paper did not explain the facts and reasons why state companies are established and what their role is in international industrial mineral trading. Also. I do not agree with the conclusion implying that the main goal for state companies is to capitalize natural resources. Almost all state companies are founded by certain laws and their activities are arranged by state regulations. Their only aim is to operate mineral deposits for their people and to protect the rights of the people. Although some ore deposits, such as nonstrategic or small, may be exploited by privately owned companies, the state has the right to control the operation and production. Activities of state companies may or may not be widened because of the character of the deposits and the importance of the mineral market involved. For some countries, although governments may occasionally change hands, the policy of the mineral trading system is not affected by this change. There is no doubt that any government desires to make more earnings to increase GNP, when it is involved in operating and trading mines. It wants to produce and sell the finished products, instead of unprocessed ones, if possible. When it is known that some mineral deposits are relatively rare, such as Turkish boron deposits, the government can nationalize the mines to control production and affect the market. If there is an abundance of a certain mineral in the market, the government can cut production and set a floor price, such as Canadian potash. Also, when production of a specific mineral is unique, such as Turkish chromite, the price of such mineral may be set by correspondent government. One may add that if some governments with their state companies produce a certain mineral in a larger amount, they may decide to establish a cartel to protect their production and price. These are the facts followed by government-owned state companies and partially government-owned companies. The reason being charge of many deposits by the state companies is always the same: "protect" the mineral rights of the people.

Jan 1, 1985

By J. M. Weehuizen

Complete details are given of the drilling method by which two shafts were sunk at the new Beatm'x mine of Staatsmijnen in the Netherlands. The nature of the rock strata in the Dutch mining district determined choice of the drilling rather than the freezing method. Data for each step and details of the equipment used are given in the illustrations. Staatsmijnen was founded in 1902 with government financial backing, but it is run as a private enterprise, on a commercial basis, with the normal fiscal obligations. The company now has four mines in operation with annual outputs amounting to 7 1/2 million tons of coal. In 1952 it was determined that a new mine—the Beatrix—would be opened. Details of the shaft-sinking operation are described in this paper. SHAFT LOCATION The coal-bearing carboniferous rock in the Dutch mining district is overlain almost completely by soft water-bearing strata, which at the site of the new shafts are about 1600 ft thick. The sinking of the new shafts through this soft water-bearing overburden (Fig. 1) is a costly and time-consuming affair. From the two availaible sinking methods: 1) Poetsch's well known freezing method or 2) the drilling method of Honigmann-de Vooys, the latter was preferred, not only because of its relative cheapness, under the prevailing conditions, but primarily because by using the drilling process, a special type of shaft lining of steel, concrete, and bitumen could be used. The new shafts, located 330 ft apart, have an inner diameter of 18 ft, 4 1/2 in. The boreholes, which have a diameter of 25 ft and which were drilled through nearly 1600 ft of overburden and some 100 ft of carboniferous, each contain more than 29,000 cu yd—by far the largest in the world. DRILLING METHOD The drilling method is based on the use of mud-flush—a thin mixture of clay and water—to keep the borehole filled during the entire drilling period and during insertion of the lining (Fig. 2). The pressure of the mudflush against the borehole wall is greater than that of the water in the surrounding

Jan 1, 1961

By Fred J. Miller

FRED J. MILLER was born in Ohio, in 1857. He had a common and high school education, supplemented by personal study and special instruction. After serving a 4-year apprenticeship and working in various capacities in machine shops, he became a contributor to mechanical journals and finally a member of the editorial staff of The American Machinist, where he remained for twenty years, the last ten years as editor-in-chief of the magazine, and vice-president of the publishing company. On retiring from journalism, he was for nine years general manager of a group of typewriter factories, and was then commissioned Major of Ordnance in the U. S. Army, being stationed during most of his service at Rock Island Arsenal, where he organized the Civilian Service Division of the Arsenal. He is now a member of the Technical Advisory Committee of the War Claims Board at Washington. Major Miller became a member of the American Society of Mechanical Engineers in 1890, and has always taken an active interest in its affairs, having served on a number of important committees, and as a member of Council from 1904 to 1907, inclusive. He was elected President in December, 1919.

Jan 1, 1920

By G. W. Josephson

VIRTUALLY every year inventors find one or more startling new uses for one of the varied products of the nonmetallic mineral industries. For example, in November a major step toward positive control of rainfall was made when an experimenter converted a cloud to snow by dropping a few pounds of solid carbon dioxide into it. Other examples of ingenuity in the development of markets and production methods are noted in the following pages. For most of the industrial mineral products one of the outstanding features of 1946 has been the high level of production. There are exceptions, such as quartz crystal and lithium, whose production capacity during the war outgrew current peacetime needs, but they are few. Some technical men point out that this prosperity is not an unmixed blessing to technologic progress, because so much effort must go into day-to-day production problems that relatively little opportunity is left for the pursuit of new developments.

Jan 1, 1947

THE John Fritz Medal Board of Award, at its regu¬lar annual meeting Oct. 19, awarded its gold medal to Herbert Clark Hoover. Thus ended a process of selection begun a few years ago. The award was tentatively made a year ago by the Board, which is composed of sixteen recent past-presidents of the four national societies of Civil, Mining and Metallurgical, Mechanical, and Electrical Engineers, having together a membership of nearly 60,000. The sixteen members of the Board are: American Society of Civil Engineers : C. E. Grunsky, Robert Ridgway, George S. Davison and John F. Stevens ; American Institute of Mining and Metallurgical Engineers: William Kelly, J. V. W. Reynders, Samuel A. Taylor and E. DeGolyer; American Society of Mechanical Engineers: Fred R. Low, D. S. Jacobus, Dexter S. Kimball and Charles M. Schwab; American Institute of Electrical Engineers: Farley Osgood, M. I. Pupin, C. C. Chesney and Bancroft Gherardi.

Jan 1, 1928

By G. T. Jackson

The Alaska Gastineau Mining Co.'s mine is located at Perseverance, about 4 mi. east of Juheau, Alaska. Its property consists of a group of claims, the lode system traversing these claims for a distance of 11,000 ft. (3352 m.). It is shown in Fig. 1. The ore deposits occur in what is known as the Juneau gold belt. This gold belt can be traced for about 50 mi. northwest of Juneau and 40 mi. southeast. It consists of a single band, several hundred feet wide, in which stringers and veins of quartz, carrying gold, occur in a slate formation near its contact with some altered volcanic rock known as greenstone. The Perseverance orebody consists of stringer lodes, having a strike northwest and southeast, dipping about 60° to the northeast. These

Jan 1, 1920

By Albert J. Phillips

SEVERAL important changes have been' made during 1933 in the compilation and distribution of technical literature to those interested in nonferrous physical metallurgy. The Institute of Metals, of Great Britain, announced that preprints of all its papers would be distributed monthly to all members in combination with their bulletin of abstracts. The A.I.M.E. has announced that it will distribute to all members of the Institute of Metals and Iron and Steel Divisions a monthly bulletin entitled Metals, which will carry preprints of all publications of interest to the members of these two divisions. The American Society for Steel Treating has declared its intention to change its name to the American Society for Metals in order to indicate the broader scope of its activities. The abstract service of Metals and Alloys has been improved and expanded, covering practically the entire field of metallurgical literature. These changes and innovations now provide unparalleled reference service entirely in the English language.

Jan 1, 1934

By I. Ionel Gardescu

During the latter part of 1930 an agreement was reached among operators in Rumania to curtail the production of oil to about 100,000 bbl. per day. This agreement lasted only a few months and 1931 shows a new peak in production with an average yield of 136,900 bbl. per day as against an average of 116,600 bbl. per day for 1930. The total production for 1931 was 49,210,000 bbl.; an increase of 18.4 per cent over the previous year's production. It is interesting to compare the percentage production of the major companies to the potential production figures determined by the Government in September, 1930 (Table l), on the basis of which the proposed curtailment was to have been made. The three companies listed first in this table show an increase in average production for 1931 over their estimated potential production rating. This increase might be attributed at least in part to the recent development of the Boldesti field, which is controlled by these companies and of which the production at present is nearly 10 per cent of the total oil output for Rumania. Among the other fields, Moreni still holds first place with an output of 33.6 per cent, followed by Gura-Ocnitzei with 29.3 per cent. In both these fields the main source of oil is from the deeper Meotic sands. Other

Jan 1, 1932

By Russell Salter, Edwin J. King

SINCE 1950, when perhaps two or three cyclones were being tested in Arizona, the number in use has grown to about 100. Most of these have come into operation within the last two or three years, and according to information supplied by various mining companies, the number will continue to grow for several years more. In mills that have been recently constructed, cyclones dominate the fine classification field, removing grit from lime slurries, producing smelter flux, reducing concentrate thickener overloads, classifying molybdenite in grinding circuits, and conditioning flotation feed. Four major copper companies are now testing cyclones in primary grinding circuits, and one concentrator soon to begin operation will classify entirely with cyclones. In at least two instances these versatile machines have been given a vital role in the construction of tailings disposal systems.

Jan 8, 1957

By R. J. Brison, O. F. Tangel

The development of a new method of mineral separation was sponsored by the International Salt Company, which requested Battelle Institute to investigate means for improving the quality and appearance of rock salt from the Company's Detroit mine. Although developed specifically for removing impurities from rock salt, the general method may be applicable to other separation problems. The principal impurities in rock salt from the Detroit mine are dolomite and anhydrite which represent 2 to 5 pct of the weight of the mined salt. In the size range from 1/4 to M in. (the range of primary interest in this project) the impurities are only partially liberated from the halite in normal production. Further size reduction to improve the liberation of impurities is not practicable in view of the market requirements for the coarse grades of rock salt. Laboratory separations in heavy liquids showed that, to improve the quality and appearance of the rock salt substantially, it would be necessary to remove not only free gangue particles but also a large proportion of the locked-in particles. Because rock salt is an inexpensive commodity, a low-cost process was required. Gravity methods were, of course, considered. The heavy-liquid separations indicated that a split at an effective specific gravity of 2.2 to 2.3 would be required. (The specific gravity of pure halite is 2.16.) Heavy-media separation was investigated but had the disadvantages that it was necessary both to operate with saturated brine and to dry the cleaned salt, and that the cleaned salt was darkened by the magnetite medium. Air tabling was tried but did not give the desired separation. It soon became apparent that established methods would not provide a satisfactory solution and work was undertaken on the development of a new process to solve the problem. PROCESS DEVELOPMENT Preliminary Experiments: At the start of the investigation, an analysis of the problem indicated that the diathermacy of rock salt—that is, its ability to transmit radiant heat—might form the basis for an efficient separation process. Under this theory, the impurities might be selectively heated by radiant heat. The particles could then be fed over a belt coated with a heat-sensitive substance so that the warm impure particles would adhere preferentially to the coating. After the initial experiments, made by heating the rock salt with an infrared lamp and separating the product on small sheets of resin-coated rubber, proved encouraging, a small continuous separation unit was set up. This comprised 1) a simple heating unit consisting of a vibrating feeder covered with aluminum foil and an infrared lamp mounted above the feeder and 2) a separation belt 6 in. wide and 36 in. long. A sketch of the device is shown in Fig. 1. Results with this apparatus confirmed the fact that a good separation was possible. It was apparent, however, that a considerable amount of experimental work would be needed to develop the scheme to a practical and economical process. The Process: Basically, the process consists of two main steps: 1) selective heating by radiation and 2) separation of the heated particles on a heat-sensitive surface. Because neither of these steps had previously been utilized commercially in mineral processing, it was necessary to do basic research on both aspects. Factors studied in the investigation included type of heat source, design of heating unit, design of separation belt, selection of heat-sensitive coating, removal of heated particles from the belt, contact between particles and coating, and maintenance of the heat-sensitive surface. Part of the experimental work was carried out on a small-scale unit consisting of the 36x6 in. belt and auxiliary apparatus, and part on a larger unit. For simplicity, discussion of work on both of these units is grouped together. SELECTIVE HEATING Radiant-Heat Source: The essential requirements for a radiant-heat source were 1) that the radiant heat be in a wave length range which is effectively absorbed by the impurities but not absorbed appreciably by the rock salt and 2) that it be dependable, practical, and economical. Selection of a heat source of suitable wave length range was one of the first considerations. It is well known that pure halite is highly transparent to radiant energy in wave lengths from 0.3 to 13 microns. However, the available data on infrared transmission by dolomite and anhydrite, particularly in the range below two microns, were not complete enough to serve as a reliable basis for selection of a heat source. Although it may have been possible to obtain sufficient data on infrared transmission and absorption to enable one to select the best heat source, a more direct procedure was used. This consisted simply of exposing the crude rock salt to each of several types of radiant-heat source on the small continuous separation device. The heat sources investigated, approximate source temperature used, and calculated wave length of maximum radiation are tabulated in Table I. Of the two types of tungsten-filament lamps investigated, both the short wave length photoflood lamps and the longer wave length infrared lamps were satisfactory from the standpoint of selectivity

Jan 1, 1961

By William N. Poundstone

What attracts young engineering graduates into the coal industry? What do these young men expect of a career in coal mining? These questions are often asked and debated by mining men throughout the country. In order to present a comprehensive answer to them, an opinion survey was conducted at West Virginia University's School of Mines among the junior and senior classes and part of the sophomore class. The tabulation of the answers showed that the present-day mining engineering student is an older, more mature individual as compared with former years and as compared with other present-day college students. The average age of the country's record-breaking 150,000 college graduates is 24 years. Among this year's mining graduates at West Virginia University, 78% are of this age or older. Over half (54%) of those polled in the survey are married. This is com- pared to 30% as a national figure. Of those married, 38% have one child and over 6% have two children. The entire senior group covered by this survey has averaged almost three years in the armed forces. An article entitled "The Class of '49" in the June issue of Fortune magazine states that this year's class is the oldest, most mature class in history. Our survey indicates that the mining engineering students at West Virginia University are well above the average in this respect.

Jan 1, 1949

By E. P. Pfleider

DIAMOND drill research work was initiated at the School of Mines, University of Minnesota, in late 1949. The Drilling Symposium held in Duluth that spring highlighted the problem of high cost and core recovery and the need for controlled testing. An advisory committee made up of informed representatives of both mining companies and drilling companies was formed to suggest and advise on a program of drill research. A Hy-Mac hydraulic drill unit, see Fig. 1, especially designed for experimental testing, was obtained for this work by the School of Mines through the courtesy of the Carboloy Co. It is an extremely flexible unit, capable of exerting a forward thrust of about 1750 lb and turning at speeds from 650 to 2200 rpm. The feed arrangement is so designed that the advance can be set either at a constant rate or permitted to vary at a fixed pressure, see Fig. 2. The

Jan 1, 1952

By W. Smith, F. G. Rinker, D. Beggs

Early in 1965 the Surface Combustion Division of the Midland-Ross Corporation was awarded the contract to engineer and construct a taconite pelletizing plant for the National Steel pellet plant, administered by the Hanna Mining Co., near Keewatin, Minn. This plant, which will have an annual capacity of 2,400,000 long tons, will produce pellets from magnetite concentrate using a new process developed through a joint research program by Midland-Ross, Hanna Mining, and the National Steel Corp. The work that culminated in the decision to construct this plant is the result of a research program for the development of the Midland-Ross heat fast process for the production of prereduced or metallized pellets. PELLETIZING PROCESS There are many acceptable methods for producing oxide pellets from ground iron ores and concentrates, and all of these give an acceptable product for blast furnace utilization. The vertical shaft furnace, the traveling grate, and the grate-kiln have been installed in many pelletizing plants in the northern hemisphere; therefore, the acceptance of these methods and the problems associated with them are well understood. However, this research project investigated a method for improving upon these processes to produce a high quality oxide pellet at a low operating cost.

Jan 9, 1966

By D. J. Coolidge, H. L. Sheakley

THIS paper does not deal with all sands used in the glass industry in Missouri; it covers only that used in the plate-glass factory at Crystal City. However, it is probably safe to say that other sands, pro- [ ] duced throughout the state for this purpose, are of identical nature. The glass sand used in Missouri is commonly called the St. Peter deposit, which is ascribed to the Ordovician Rock series in the form of sandstone. This St. Peter deposit, aside from a few small outliers, covers a large area of eastern Missouri. It forms, through a broad curve, the northeast margin of the typical Ozark region between Cape Girardeau on the southeast and Mineola, Montgomery County, on the northwest. The belt is extremely irregular, varying from one to ten miles in width; its length is 150 miles in a straight line. [ ] The outcrop near the entrance to the Crystal City mine appears in the form of a sandstone bluff approximately 30 ft. high, running along Plattin Creek (Fig. , I). Above the sand rock an overburden of Joachim limestone appears, which, thickens to nearly 300 ft. and forms the hill commonly called Buck Knob. Test holes, where drilled at various points and the drillers' log indicate that the St. Peter deposit ranges in thickness from 63 to 71 feet. PROPERTIES OT THE ST. PETER SAND From an analysis of the glass sands of the St. Peter formation in Missouri, the follow-

Jan 1, 1942

By George A. Miller

THE outstanding characteristic of the American business man is that he likes to run his own business his own way, without any interference from his wife, his friends, his bankers, and least of all from his government. The oil man, like the miner, is an American business man in which this special characteristic is even more pronounced. It may be because he has been an explorer and is more nearly like those pioneering Americans who explored, developed, and built these United States.

Jan 1, 1944

By R. Bainbridge

THE Consolidated Mining and Smelting CO. of Canada Ltd. has operated a lead smelter at Trail, B. C., for many years. In order to take advantage of metallurgical advances, as well as to improve materials handling methods, this company, commonly known as "Cominco," commenced planning a program of smelter revision and modernization some years ago. The first stage of this program involved the design and construction of a new blast furnace gas cleaning system. The selection of equipment, the design of facilities, and preliminary operating details of this system will be dealt with in this paper. The essential problem was to clean and collect 100 tons of dust daily from 153,000 cfm* (12,225 lb per min) of lead blast furnace gas which varied in temperature from 350º to 1100°F. Because it was desired to collect the dust dry, either a Cottrell or a baghouse cleaning plant was to be selected. Comin-co's many years of experience with both systems provided a background for choosing the most satisfactory installation. All information pertinent to the two methods of dust recovery was carefully investigated, and it was decided to replace the existing equipment with a baghouse. Very briefly, the reasons for this decision were as follows: 1—A baghouse installation would be practical because the SO2 content of the gas was low and corrosion would not be a problem if the baghouse operating temperatures were held sufficiently above the dew point. 2—Variations in the physical characteristics of fume and dust, which are inherent in this blast furnace operation, should not substantially affect the operating efficiency of a baghouse. 3—For the same capital cost, metal losses (stack and water losses) would be appreciably less in a baghouse. 4—A baghouse would be easier to operate, and would not require the use of highly skilled labor. 5—Operating and maintenance costs of a bag-house would be lower. 6—The only available space for reconstruction was relatively small, and not suited to a Cottrell installation. Once the baghouse system was decided upon, detailed design of the installation was begun. Baghouse Design Gas Cooling: Before the required capacity of the baghouse could be determined, the method of cooling the gas to the temperature necessary for bag-house operation had to be chosen. The problem confronting the design engineers was how best to cool 153,000 cfm of gas from a temperature ranging from 350°F to brief peaks of 1100°F, down to 210°F, the maximum safe baghouse inlet temperature. A survey of existing blast furnace gas temperatures in the outlet flue showed that the normal range was as given in Table I. The obvious choices of cooling method were: 1— cool completely by the addition of tempering air; 2—utilize a heat exchanger; 3—cool by radiation; and 4—cool with water spray in conjunction with the admission of tempering air. The advantages and disadvantages of the various cooling methods were: Air Addition: To cool completely by the admission of tempering air involved tremendous volumes, Fig. 1. For example, to cool 1 lb of blast furnace gas at 450°F requires 1.84 lb of air at 80°F or 1.60 lb at 60°F. As it is necessary to design for peak conditions, it can readily be seen that volumes of tempering air in the order of 1,500,000 cfm would have to be handled. Using the normal design figure of 2.5 cu ft per sq ft of bag area, a baghouse installation comprising some 600,000 sq ft of filter cloth would be necessary. Such design requirements would be prohibitive, not only from a standpoint of capital expenditure, but also because of space limitations. Heat Exchanger: The utilization of a heat exchanger was given serious consideration. A horizontal tube unit using air as the medium to cool the required volume of blast furnace gas from 400" to 250°F was investigated. Cooling above 400°F would be done by water spray, and below 250°F by admission of tempering air. The estimated capital cost of such a unit was found to be prohibitive. From an operating standpoint, there was considerable doubt as to whether the soot blowing equipment provided would effectively keep the dust from building up on the tube surface. The performance of heat exchangers operating on dusty gas in other company operations had not been too favorable. Radiation Cooling: Although somewhat cumbersome, gas cooling by radiation from 'trombone' tubes or other similar equipment (cyclones) is employed in many metallurgical operations. Such an installation was also considered. However, calculations showed that an installation much larger than the space available would be required to handle the gas volume involved. For example, to cool 153,000 cfm of blast furnace gas from, say, 600' to 250°F (i.e., remove in the order of 58,500,000 Btu per hr with heat transfer rates varying from 1.1 Btu per sq ft per hr per OF for the higher temperature ranges to 0.88 Btu per sq ft per hr per OF for the lower ranges) would need a cooling area of some 175,000 sq ft.

Jan 1, 1953

By P. E. Fitzgerald

SOME readjustments in the research programs of most of the oil companics and petroleum engineering schools have been made necessary by the war. The most obvious change has been the conversion from production engineering to problems more closely related to the nation's was effort. Many laboratories now devote much of their time to studies on products to be derived from petroleum. such as synthetic rubber, toluene, and substitutes for critical materials. Others are working to improve motor fuels including high-octane gasoline and the special lubricants required by the wide geographical range of the present conflict. Of great importance is the experience of the geophysicists, who are now devoting a great percentage of their time on instrument research and production or special apparatus required by the armed forces.

Jan 1, 1943

By Joseph E. Pogue

FOR a number of years the petroleum department of The Chase National Bank has been making a continuing study of the financial aspects of thirty oil companies. (See Pogue and Coqueron, "Financial Analysis of Thirty Oil Companies," pamphlet, The Chase National Bank, November 1945, for data covering eleven years, 1934-1944, and the list of the companies making up the group. See also "Capital Employed in the Petroleum Industry," by the same authors, M&M, November 1944.1 This group represents a large sample of theAmerican petroleum industry, covering about two thirds of the business. Certain aspects of this study concern the capital employed in crude oil production, the main features of which arc presented in this paper.

Jan 1, 1946

By George C. Heikes

ALTHOUGH the application of light metals in war materiel increased during the year, based on the number of uses, the trend in aluminum and magnesium production in 1944 was characterized by a sharp decline in the production of both metals accompanied by a further accumulation of large Government reserve stocks. Several primary reduction plants were curtailed to prevent building excessive inventories. By the end of the year, however, a lively revival of war production took place when resistance stiffened on the western front in Europe. Production of primary aluminum ingot was reduced from over 90,000 tons per month at the start of the year to 45.000 tons per month by the end of the year.

Jan 1, 1945