Search Documents

By Thomas T. Read

I. INTRODUCTION. WHEN so much has been written upon a subject on which so little definite information is available as upon this, some reason must needs be assigned for adding to the volume of literature. A sufficient reason is found in the probable great future importance of China as a producer of mineral wealth. The present undeveloped state of mining in the Empire is due to many causes, among which the most important are the relatively simple needs of the population, the lack of transportation-facilities, the inelastic regulations governing the industry, and the superstitious reluctance of the people to make excavations which might disturb the spirits of the earth and air, or of ancestors. Iron is the metal most in demand, yet the needs of the population, until recently, only made necessary a production of approximately 0.5 lb. of iron per capita per year. The present annual production of iron for domestic consumption, in the United States, is nearly 600 lb. per capita. The curious state of development of transportation in this interesting country has been a greater handicap upon the mining industry than upon any other. The point upon which it hinges is the absence of a road-system. Except for a few military roads, now almost impassable, there are no roads in China; that is to say, there is no land which is set aside as a right of way, belonging to the commonwealth. Throughout the agricultural districts, generally speaking, the entire area is in private ownership, and the lines of travel are between fields. There is a constant struggle for existence between the owners of the land and the traveling public, with the natural result that the so-called roads usually

Mar 1, 1912

By William Glenn

In their account of chromium, Roscoe and Schorlemmer (Treatise on Chemistry, London, 1879) state that "In 1762 Lehmann, in a letter to Buffon, de nova minerœ plumbi specie crystalline rubra, described a new mineral from Siberia, now termed crocoisite." In 1786 Lehmann analyzed it (Nicholson's Jour., Dee., 1798) and found that it contained chiefly lead, and that the " mineralizers " were arsenic and sulphur. It was next examined in 1189 by Macquart and Vauquelin, who stated that it contained an intimate mixture of iron, alumina, and lead peroxide. The account of their work was published over the name of Macquart. Vauquelin (Louis-Nicolas) was a Norman peasant, who had studied in the village school, and at the age of fourteen was a laboratory-boy in a pharmacy at Rouen. Later, he found his way to Paris, and in 1789 was assistant to Fourcroy, a pharmacist and a teacher of note. It was here that he met Macquart, with whom he did the work on Siberian red lead, and at this time his friend Cheradame taught him his Latin.

Jan 1, 1896

By A. S. Odeh

During the last few years, several authors1-6 have advanced mathematical solutions, both exact and approximate, to the pressure behavior of a well producing from a region bounded by a circular discontinuity. The most recent solutions were reported by Carter, and by Bixel and van Poollen. Varter solved the appropriate equations analytically. Bixel and van Poollen reported a numerical solution and provided correlation charts for the interpretation of flow tests; their method uses an overlay technique and is valid for wide ranges of mobility and storage capacity ratios. The mobility ratio is defined as the ratio between k/p of the two zones, and the capacity ratio is defined as the ratio between $c of the two zones. We have developed independently an analytic solution, programmed for the CDC 1604, that agreed with Carter's.'1 The same differential equation, assumptions, boundary, and initial conditions were used. We ran 30 drawdowns and 30 buildups of a unit capacity ratio and of varied mobility ratios. We also varied the radial distances to the discontinuity, and the radii of drainage. We examined the results and obtained correlations that were simple to apply and useful in flow test interpretation. The results and the correlations reported here in graphical form allow the determination of the mobility of the two zones and the radial distance to the discontinuity. They eliminate the need to fit field data to a curve as is required in the overlay technique.6 Thus, the advantages of the present correlations are that they require less effort and they provide a unique answer. They also provide guidelines for selecting the parts of the flow test plot to be used in the interpretations. Moreover, the results obtained from the programmed analytic solution define the time intervals where the approximate solution reported by Hurstl and discussed by Larkin2 are applicable. Normal buildup and drawdown plots resulted in an early straight line, a long transition zone and a late (second) straight line. However, the second straight line will not occur if the drainage radius is not at least 10 times the radial distance to the discontinuity. The mobility of the imer and outer zones can be calculated from the slopes of the first and second straight lines, respectively, by the normal methods of the flow test analysis. We found that the radial distance to the discontinuity may be determined from the abscissa value for the point of intersection of the extensions of the two straight lines. Results similar to some of these were reported by Adams et aL7 The approximate solution compared favorably with the exact one during the first and second straight-line periods. However, during the transition zone, deviation occurred between the two solutions. Discussion of Figures Figs. 1 through 7 summarize the results of this investigation. On Figs. 3 through 7 there appears the equation of each respective plot. In this paper the mobility ratio M is defined as klp2/kzpl, where subscripts 1 and 2 refer respectively to the inner and outer zones, and dimensionless time = t, = 6.32 X In the investigation, M ranged from 0.25 to 50;

Jan 1, 1970

The 116th Meeting of the Institute is being held in New York as this Bulletin goes to press. A full account of the proceedings, together with a report of the discussion of technical papers, will be printed in the April Bulletin.

Jan 3, 1918

By A. Arrott, G. S. Ansell

A model is proposed to account for the observed strengthening behazlior of ferrous martensites. me model is based upon the inheritance of carbon-rich regions by the martensite which were present in the FERROUS martensite is formed by a nucleation and shear mechanism when austenite is cooled, at a rate which is fast enough to suppress the formation of pearlite, below a critical temperature (Ms ). Although the mechanism of the transformation process appears to be well understood,1,2 the mechanism re- austenite prior to transformation. These carbon-rich regions strengthen the martensite in a manner analogous to the strengthening effect due to a finely dispersed second phase. sponsible for the observed high strengths exhibited by ferrous martensites is uncertain. In this paper, a model is proposed to account for the strengthening of ferrous martensite. MODEL The maximum solubility of carbon in austenite is 1.98 wt pct as compared with a maximum solubility of 0.025 wt pct in ferrite. Prior to transformation, the carbon in the austenite is nonuniformly dis-

Jan 1, 1963

ONE DAY IN the mid-1880s, in a suburb 0f Pittsburgh, Pennsylvania, there dismounted from a train the two foremost leaders of the day in the coal and steel industries-Andrew Carnegie and H. C. Frick. Their attention was drawn to a well-loaded car of coke, which their experienced eyes recognized as a superior product. "I'll bet you that coke is from the H. C. Frick Coke Company," Mr. Frick challenged. "I'll bet it was shipped by my company." In a spirit of fun Mr. Carnegie accepted the wager. Mr. Frick lost the bet: the coke had come from M0rewood, one of three sites being operated under the direction of a young entrepreneur, Erskine Ramsay. If Mr. Frick's confidence was somewhat dented by this occurrence, the responsibility was his own. He himself had opened the way for Erskine Ramsay to become the youngest of mine superintendents; and he had dispersed all dissension regarding his choice with the words : "I'm not interested in his years, I'm interested in his record. He makes more coke in an oven than any other superintendent. And I'll take 'em out 0f the cradle if they can make coke... Suppose he is only twenty years old? ... The d --- kid is a genius, I tell you." Erskine Ramsay was to follow in the tradition of Carnegie and Frick. Not only was he ambitious and a worker his background had prepared him for it. Coal mining was in the Ramsay blood. His father, Robert Ramsay, of whom the son once stated that he had no superior as coal mining and mechanical engineer in this country, once accounted in these words for the phenomenal accomplishments which had attached to the name "It does no harm to belong to a family of mining engineers who are just as good as any in America-if it is myself that says it." Anyone acquainted with Robert Ramsay's character realized that he was not given to overstatement. And the above-mentioned Mr. Carnegie encountered young Ramsay again, a few years later in his career, and wrote of him to young Erskine's father, that he was "going to be a credit `tae us a' " (a quotation from Robert Burns.) Nor have Mr. Ramsay's achievements been identified exclusively with the industrial field in which he early asserted himself. He has been an inventor whose techniques in mining engineering have received international recognition. As an investor of foresight, he has benefitted others immeasurably, as well as himself, being an influential factor in the upbuilding of several communities in his chosen and well-loved adopted home state of Alabama since 1887. He is a philanthropist whose benefactions have run into millions, the chief beneficiaries being educational and charitable institutions. Amidst his accomplishments the lighter side of life has not been neglected and he is known for his hospitality, his

Jan 1, 1953

By Robert Stefanko

With passage of the Clean Streams Act of the Commonwealth of Pennsylvania and its impact on the coal industry, considerable research has been conducted to explore various approaches to the problem, including deep-well disposal. Available drillhole data from gas and oil wells were used to develop cross -sectional maps for various portions of the state and potential disposal zones were evaluated. Bethlehem Mines Corp., faced with a severe water problem at its Marianna operation in Washington County, cooperated with the Dept. of Mining at The Pennsylvania State University in establishing a 1500-ft well into the Salt Sands for the purpose of determining the feasibility of mine water disposal. The thickness, porosity, and permeability of the formation at the well site proved to be below what had been anticipated from drillhole data. Further, subsequent hydraulic fracturing did not improve the flow characteristics of the well; pumping pressures remained in the range of 1800-2000 psig for disposing of water at the rate of 150 gpm. The legal problems of disposal at the site were very formidable. When the Salt Sands proved to be less than satisfactory, permission could not be obtained to dispose in other promising formations. The paper details many of the problems associated with the experimental well and makes an assessment of the potential for deep-well disposal of mine water. The concept of disposing of liquid industrial wastes by deep-well injection is not a new one. Brines associated with crude oil long have been disposed of in this manner, with the additional benefit of aiding secondary oil recovery. More recently, with the expansion of nuclear energy, the lethal, highly radioactive wastes which are by-products of the fission process have created severe disposal problems. During the past ten years, a variety of industries have resorted to subsurface disposal, some of the details of which are given e1sewhere.l,2 The list reveals wide variations in injection rate, pumping pressure, cost, and waste disposition. Included are successful installations in Western Pennsylvania. Enactment of more restrictive clean-water legislation in Pennsylvania recently had a great impact on the coal industry. Among its provisions was the reclassifica-tion of most mine water as industrial waste whose dis-posal is prohibited in any stream of the Commonwealth. This had the effect of accelerating research in a variety of areas, although treatment methods still retained primary interest. When a feasibility study of deep-well disposal was proposed to the Pennsylvania Dept. of Mines and Mineral Industries, the Coal Research Board (CRB) approved it. This paper summarizes the efforts on this project. Acid mine water is a chemically complex liquid. having no definite quantitative relationship among its constituents. However, it is the iron disulfide (FeS2) associated with practically all coal seams that produces the objectionable products present in acid mine water when combined with air and water. The principal contaminants are sulfuric acid (H2SO,) and ferric hydroxide (Fe(OH)2. Ferric hydroxide is a rust-colored gelatinous precipitate that coats stream bottoms and destroys aquatic life. However, other ions and bacteria are present in acid mine water in varying amounts.

Jan 1, 1971

By E. M. Norris

Phosphate deposits are distributed widely over the earth's surface. Of the known areas of deposit, eight fields are of particular interest because of their vast reserves of high grade phosphatic material and the volume of their production that goes to the world's great consuming areas. These fields, in the order of their present economic importance, are situated respectively in Florida, French Morocco, Kola Peninsula of U.S.S.R., Tunisia and Algeria, Tennessee, Montana-Idaho-Wyoming-Utah, Ocean and Naru Islands in the Gilbert group, and in Egypt. The Rocky Mountain deposits have a comparatively low ranking in the phosphate trade of today, but this field contains one of the largest known reserves of phosphatic material, associated with which are recoverable trace minerals, which are of increasing importance in our national economy. The first discoveries of phosphate rock in the western states were recorded in Cache1 and Rich2 counties in Utah, respectively in 1889 and 1897. Mining operations were begun on these deposits near Montpelier, Idaho, in 1906. During the latter year geological studies of the phosphate beds were started by Weeks and Ferrier of the U. S. Geological Survey. These studies have been continued to the present day by a distinguished roster of the Survey's technicians. As a result of this systematic exploratory program, the Survey has published a series of bulletins, papers, and maps, which provide the mining public with a comprehensive study of the exposed

Jan 1, 1949

By Lewis M. Haupt

Discussion of the paper of Mr. Granger, presented at the New Haven meeting, February, 1909, and published in Bulletin No. 25, January, 1909, pp. 1 to 37. LEWIS M. HAUPT, Philadelphia, Pa. (communication to the 'Secretary*) :-This subject is of great interest to me, and I am noting progress and conditions as a test of my own judgment in advocating what I believed to be the nearer, cheaper and better route at Nicaraugua. I have as yet learned nothing to change my views, or modify the convictions which led me to retire from the Commission; but that is not the issue to-day. Our government is committed to the Panama route, and is bound to " make good." There are many points presented by Mr. Granger which seem to me worthy of very serious consideration. But when all is said there remains the risk of seismic convulsions, to which either form of canal is subject; and I fail to see that the risk would be reduced by making the cut deeper, with greater surcharge of lateral pressure upon the side walls. A severe earthquake in the rainy season would doubtless close either type of canal. One of the arguments in favor of the Panama route most insisted on, was that Nature had provided good natural harbors at its termini. Recalling this, it has interested me to note that the cost of creating the necessary harbors is estimated at $27,000,000. Mr. Granger refers to this, and quotes the Board's report to the effect that, on the Atlantic side, it will require 5 miles of jetties to " make an excellent harbor out of a wretched one." The vulnerable part of Mr. Granger's paper seems to me to lie in the admission that the plant required is still in the embryonic stage, and that at least one machine should be built and tested " to demonstrate that the theoretical strains and forces work out in practice exactly as expected." This, how-

Jul 1, 1909

By H. C. H. Darley

The principal causes of unstable boreholes* have been known for many years. For example, in a paper published in 1938, Halbouty and Kaldenbachl listed nearly all the classes of troublesome shales that we know today. Much progress has been made since then, but we still have difficulty in identifying the cause of hole problems and consequently in selecting the right technique for combatting them. This subject was discussed at length by Kelly2 in a recent paper and much valuable information was provided. In the Shell Laboratory it was felt that there was a need for a better understanding of the basic mechanisms underlying the various forms of hole instability, and accordingly, a study was undertaken. This entailed reviewing the physics and chemistry of shales, developing tests for characterizing shales, and constructing a model to study borehole stability. Full simulation of underground conditions was not attempted; for example, we used reconstituted shale specimens, and often simple solutions or suspensions rather than practical drilling muds. Such procedures are necessary in order to establish mechanisms, but caution must be exercised in applying the results to the more complex conditions in the field. Part I — Compaction Swelling and Dispersion of Shales Compaction of Sediments Shales are formed by the compaction of sediments. Water is expressed as sediments are buried by subsequent layers, and the degree of compaction is proportional to the depth of burial, provided the water is able to escape easily to permeable formations. The younger sediments, when recovered at the surface, soften and disperse when mixed with water; the older shales have undergone diagenesis (alteration of the clay minerals, secondary cementation, etc.), and remain hard and unaffected by water. In this paper we shall apply the term "shale", as the drilling engineer does, to everything from clays, which are highly reactive to water, to completely lithified materials such as claystones and slates, which are completely inert. However, because these materials behave quite differently when encountered in the drilling well, it is desirable to develop a simple means of characterizing them. The feature that distinguishes the various shales is their dispersibility in water —soft clays disperse readily, harder shales disperse slowly when agitated, the lithified materials will not disperse at all unless milled. In the dispersibility test used in our study, a weighed amount of dry shale particles in the 12-to-100-mesh-size range was placed in a tube filled with distilled water and allowed to soak for 16 hours. The

Jan 1, 1970

By R. H. Atkinson, R. N. Rhoda

An improved technique has been developed for the deoxidation of palladium with aluminum which is especially suitable for use in making small castings with an induction-melting and casting machine. The effect of various crucible linings on the efficiency of the residual deoxidizer and accompanying oxide film in protecting palladium against oxidation during remelting also has been examined; the preferred crucible lining consists of zirconia cement. THE objective of this work was to develop a simple method of deoxidizing induction-melted palladium which would be suitable for use by manufacturers of jewelry and other small castings. In a common method of deoxidizing torch-melted palladium a piece of aluminum foil is dropped on the surface of the molten metal. If a film is present, which is usually the case, it must first be removed by oxidizing the molten metal thoroughly because it would interfere with the entry of the aluminum into the melt. Removal of the film is probably facilitated by a mild fluxing action of the silica crucibles which are used for torch-melting. However, removal of an alumina film from molten palladium in the crucibles normally used for induction melting is a much slower process and it became necessary to modify the de-oxidation procedure. In the modified procedure the charge is simply melted and the desired amount of aluminum, crimped to one end of a tungsten wire, is plunged through the film into the palladium and the wire immediately withdrawn. The trace of tungsten which dissolves along with the aluminum can be avoided, if considered objectionable, by using a palladium wire. In view of the persistence of the alumina film under the conditions of induction-melting it also was decided to ascertain the efficiency of this film in protecting palladium against oxidation during repeated remelting and casting. Melting Equipment and Materials The equipment used for melting and casting consisted of an Ecco GC:6, 6 to 8-kva high-frequency converter and an Ecco M34B centrifugal casting machine. This unit is being increasingly used for making jewelry and dental castings and it also has been found useful in making exploratory melts of a variety of nickel alloys, for which purpose it is well suited on account of its speed of melting and economy of material. A description of the machine and its operation will be published elsewhere.' A common palladium jewelry alloy, 95.5 palladi-um-4.5 ruthenium (referred to as "palladium" in the trade), was selected for the deoxidation tests. It was available as melting stock which had been melted in air to free it from oxidizable impurities, and also as clean scrap from previous melts which had been deoxidized with aluminum. The latter was thought to be typical of clean "palladium" scrap to be found in a manufacturing jeweler's establishment and it is also similar to one brand of "casting palladium." By the same token, the oxidized melting stock corresponds to "casting palladium" after the latter has been melted and thoroughly oxidized: Pure aluminum wire (99.9 pet), 0.032 in. diam; 1 in. = 0.036 g. Scrap tungsten wire, 0.014 to 0.020 in. diam. Argon, commercial water-pumped; 99.9 pet pure Experimental Procedure Samples of about 50 to 75 g of the palladium alloy were melted in a crucible lined with a proprietary refractory alumina cement. Some charges were melted in air, others in argon. The oxidized melting stock was melted and solidified a number of times in order to remove as much oxygen as possible before deoxidizing, but this treatment was unnecessary in the case of scrap. In either case the metal was deoxidized with aluminum (0.01 to 0.05 pet) by the

Jan 1, 1959

By B. Wilshire, P. W. Davis

It has been shown that grain-boundary migration during high-temperature creep can reduce or even prevent the formation of intercrystalline voids, giving a considerable increase in ductility.' A similar observation has been made in a recent investigation of the creep properties of various grades of nickel and nickel alloys. The results can be illustrated by the observations made on: a) Pure vacuum-cast nickel (99.993 pct Ni) b) Impure vacuum-cast nickel (99.97 pct Ni) c) Pure nickel containing internal voids (produced by a process of intering). d) A substitutional solid solution alloy of pure nickel containing 1.16 pct Sn. All the materials were given a high-temperature anneal (>850°C) to produce a stable grain size of 7 to 10 grains per linear mm. The apparatus and techniques used to obtain the present results have been described elsewhere.' In this series, grain growth was observed only in the highest-purity, vacuum-cast metal. Thus we may consider that in the other materials grain-boundary migration was prevented by either preexisting voids or solute atoms. The effect of migration on the creep ductility of the above materials can be seen from Fig. 1, which

Jan 1, 1962

By Hubert E. Risser

Although, for about a half-century the percentage of coal production provided through strip mining has steadily increased, recent trends indicate that a peak in percentage (not tonnage) is being approached, principally because of the decline in economic adrantage enjoyed by strip mining compared to underground mining. Factors contributing to the decline are the decrease in the margin of advantage in manpower requirements held by strip mining; an increase in depth and volume of overhurden, requiring larger equipment and capital investment; increasing lack of reserve land blocks large enough to support extensive strip mining operations; more stringent legislation for reclamation of stripped land, with increasingly higher costs of such reclamation; and the increasing costs of land surface rights for strip mining. Already there has been a peak and suhsequent decline in relative importance of strip mining insome major Eastern coal-producing states; trends indicate that a peaking for the whole Eastern region is on the way. Although, in the West the pressures are less severe, they will, nevertheless, reduce to an increasing degree the advantage that strip mining has possessed. For about half a century, strip mining has been providing an ever-increasing share of total coal output in the United States, and in the past 30 years this share has grown from less than 8% to 33.7%, as shown in Fig. 1. Fig. 1 also shows that strip mining is gaining faster in the West than in the East. From 1961 to 1967, output from strip mines grew 63.6 million toqs, or 52.2%. Certainly there is nothing in such performance to indicate any peaking in the level of strip coal-mine production. But the fact is that, if not in actual tonnage, strip mining appears to be reaching its peak in relative importance, at least east of the Mississippi River. And the area east of the Mississippi provides 90.0% of the strip and 94.9% of the total coal production of the nation. The relative economic advantage which spurred strip mining's growth for a third of a century has been diminishing markedly in recent years. Fig. 2 shows evidence of this decline. From 1947 until 1961, strip tonnage output remained fairly stable, at the end of the period showing only a 12.5% decline. Meanwhile, underground coal production fell 44.5%. As the result of the greater decline in underground coal, strip coal in 1961 furnished 30.3% of the total coal produced, compared to only 22.1% in 1947. In the succeeding six years, however, underground coal output increased by 76.5 million tons, while strip output increased only 63.6 million. Further evidence of the strengthening of underground coal's relative position — or if you will, the weakening of strip coal's position — can be found in the major coal stripping states: Illinois, West Kentucky, Ohio, Pennsylvania, Indiana, and West Virginia, which in 1966 provided 80% of the nation's strip coal. Fig. 3 shows what has been happening in three states lying in the Appalachian field and in the total output of these three states. In the figure, the column height represents the output of coal mined by all methods. The number at the base of each column is the percentage mined by stripping. In Pennsylvania and Ohio, the percentage of strip mining increased between 1956 and 1961, but by 1966 had declined from the 1961 level. In West Virginia, a decline occurred during the first five years but was followed by a rise. In January 1968, Coal Age published an article listing the locations and capacities of new large mines in the planning and construction stages that would be operating by 1968-1971. The plans for West Virginia and Pennsylvania indicated all the new mines would be underground. Except to the extent they might replace existing under-

Jan 1, 1970

By Emanuel Trotz

As the long-felt need of a reliable and easily-managed pyrometer has now been fully supplied, by the latest form of Professor Wiborgh's pyrometer, an account of this instrument will, per-

Jan 1, 1893

By K. P. Fournier

This report describes work on the problem of predicting oil recovery from a reservoir into which water is injected at a temperature higher than the reservoir temperature, taking into account effects of vis cosity-ratio reduction, heat loss and thermal expansion. It includes the derivation of the equations involved, the finite difference equations used to solve the partial differential equation which models the system, and the results obtained using the IBM 1620 and 7090-1401 computers. Figures and tables show present results of this study of recovery as a function of reservoir thickness and injection rate. For a possible reservoir hot water flood in which 1,000 BWPD at 250F are injected, an additional 5 per cent recovery of oil in place in a swept 1,000-ft-radius reservoir is predicted after injection of one pore volume of water. INTRODUCTION The problem of predicting oil recovery from the injection of hot water has been discussed by several researchers. l-6,19 In no case has the problem of predicting heat losses been rigorously incorporated into the recovery and displacement calculation problem. Willman et al. describe an approximate method of such treatment. 1 The calculation of heat losses in a reservoir and the corresponding temperature distribution while injecting a hot fluid has been attempted by several authors.7'8 In this report a method is presented to numerically predict the oil displacement by hot water in a radial system, taking into account the heat losses to adjacent strata, changes in viscosity ratio with temperature and the thermal-expansion effect for both oil and water. DERIVATION OF BASIC EQUATIONS We start with the familiar Buckley-Leverettg equation for a radial system:* This is sometimes referred to as the Lagrangian form of the displacement equation. If the injection water is at some temperature Ti which is above reservoir temperature TR, then lw, the flowing fraction which is water, is a function of both water saturation and fluid temperature at any given time and position in the reservoir. The temperature dependence of lw results from the temperature dependence of the viscosity ratio µo/µm of which lw is a function. Thus:

Jan 1, 1966

INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company's generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client's customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C's") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C's such as irrevocable/revocable L/C's, time L/C's, confirmation/advising L/C's and transferable L/C's. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

By A. Eilers

COMPOSITION OF CHARGES AND CONSUMPTION OF FUEL AT VARIOUS WORKS. A MARKED peculiarity of most of the smelting-works of the Far West is the looseness with which accounts of the operations are kept. Indeed, probably over half of the works do not keep any detailed accounts at all, the yearly gross statement of profit or loss being considered sufficient for all purposes. The reasons for this must apparently be sought in the as yet unsettled state of all business relations, and in the deplorable fact that only in isolated cases educated metallurgists are in charge of the smelting-works. Continual and regular assays of the ores, by-products, and slags, are almost unknown, so that it is impracticable to ascertain, even approximately, the losses in the smelting processes. Of cases where regular accounts are kept of the quantities of ore smelted, of the composition of charges, and of the fuel consumed, I know only two or three. Under these circumstances it is extremely difficult to collect figures which cover the operations for a considerable length of time, and which are so valuable for the metallurgist, who wishes to get an insight into the economy of smelting operations, as shown by practice. Figures obtained by personal observation, which can of course cover only the brief space of the visit of the travelling metallurgist, must, therefore, be made to replace the more valuable data. The writer has had occasion, during the last and the preceding summer, to visit the larger number of the Western lead-smelting works, and offers, in the following pages, such data relating to the economy of lead-smelting in the blast furnace at various works, as he has been able to obtain. The only object in doing so is to place these figures on record, so that they may be from time to time supplemented with other data, which are now wanting. I. EUREKA CONSOLIDATED COMPANY'S SMELTING-WORKS. These works smelt the ores from the mines of the same company on Ruby Hill, Eureka, Nevada. The supply is almost unlimited,

Jan 1, 1873

By A. Eilers

A MARKED peculiarity of most of the smelting-works of the Far West is the looseness with which accounts of the operations are kept. Indeed, probably over half of the works do not keep any detailed accounts at all, the yearly gross statement of profit or loss being considered sufficient for all purposes. The reasons for this must apparently be sought in the as yet unsettled state of all business relations, and in the deplorable fact that only in isolated cases educated metallurgists are in charge of the smelting-works. Continual and regular assays of the ores, by-products, and slags, are almost unknown, so that it is impracticable to ascertain, even approximately, the losses in the smelting processes. Of cases where regular accounts are kept of the quantities of ore smelted, of the composition of charges, and of the fuel consumed, I know only two or three. Under these circumstances it is extremely difficult to collect figures which cover the operations for a considerable length of time, and which are so valuable for the metallurgist, who wishes to get an insight into the economy of smelting operations, as shown by practice. Figures obtained by personal observation, which can of course cover only the brief space of the visit of the travelling metallurgist, must, therefore, be made to replace the more valuable data. The writer has had occasion, during the last and the preceding summer, to visit the larger number of the Western lead-smelting works, and offers, in the following pages, such data relating to the economy of lead-smelting in the blast furnace at various works, as he has been able to obtain. The only object in doing so is to place these figures on record, so that they may be from time to time supplemented with other data, which are now wanting. I. EUREKA CONSOLIDATED COMPANY'S SMELTING-WORKS. These works smelt the ores from the mines of the same company on Ruby Hill, Eureka, Nevada. The supply is almost unlimited,

By Herbert Kilburn Scott

The information in this paper was collected by the author during a five years' residence in the State of Minas Geraes. Outside the State itself, very little is known of the gold-field. Such accounts as have been published are antiquated and contained in publications mostly out of print. The increased attention now attracted to the natural resources of Brazil, and the probability that American capital will be, in the near future, largely invested there, will make an up-to-date account specially useful at this time. I. Historical and General. Soon after the Jesuits founded what is to-day the city of S?o Paulo, gold was discovered in the streams of the neighborhood; and this incited the natives, known as paulistas, to look for it farther afield. After many expeditions into the interior, gold was found in quantity in placer-deposits in the vicinity of Ouro Preto, in 1699, by a prospecting party headed by Antonio Dias. The name of Ouro Preto (black gold) was given because of the superficial dark coating of the gold, and the inhabitants of the district were known as mineiros (miners). Later on, the placers of Cuiaba, in the State of Matto Grosso, were discovered in 1718, and those of the State of Goyaz in 1724. All this territory was at the time a private colony, but on account of its increasing importance it was taken over by the Crown, and in 1739 a royal governor was appointed, with his nominal capital in S?o Paulo, though for a number of years the real capital was Ouro Preto. In 1711 Ouro Preto was raised to the rank of a city, with the name of Villa Rica de Ouro Preto (" rich city of black gold"); and in 1720, by reason of administrative difficulties, Minas Geraes was constituted a separate colony from S?o Paulo, with Villa Rica as its capital. The site of this city

Jan 1, 1903

By D. H. Newland

During the year 1907 an investigation of the Clinton formation in New York has been carried out under the direction of the State Geologist, and a full account of the results has been prepared for publication.' The more important economic features of the report are summarized in the present paper. Previous knowledge of this, the type, section of the Clinton has been contributed mostly by Hall and Vanuxem in their reports for the Natural History Survey of New York, which were issued in their final form in 1842-43. Brief accounts of the ore-occurrences have been given by 13. T. Putnam? J. C. Smock: A. H. Chester: and E. C. Eckel.5 Prof. C. H. Smyth, Jr.,6 has discussed the origin of the Clinton ores in two papers, which, so far as the local occurrences are concerned, have removed all doubt that may have existed on that subject. Distribution of the Clinton Formation. The Clinton strata in New York State are restricted to a single belt, which extends from the eastern central part to the Niagara river, which it crosses, and thence continues for some distance into the province of Ontario. The New York

Jan 1, 1910