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By C. K. Leith

1 apologize for attempting to talk in a field in which 1 am by no means a specialist, but some of the problems brought up have much in common with other minerals. It touches the field in which we are all interested and it is a field in which our Mineral Inquiry has been giving special attention during the last two years. While it is the primary business, of course, of this Institute to consider the physical facts and technology of minerals, we now face the necessity of considering the minerd industry in its broader economic, social, and political relationships. We have run into a traffic jam—as though a load of hay had been spilled on the road. It makes no difference whether we are drivers or passengers, technical or nontechnical men, we have to get the load off the road before we can go farther. We are conscious of very many difficulties which are outside of the ordinary range of cost accounting or methods of mining or the usual thing with which we concern ourselves. We have extensive readjustments to make in our social and economic and political contacts. It is up to us to find out what is the matter. As a matter of fact, we do not know what is the matter in any comprehensive way. We have many suggestions as to difficulties here and there. Many people are working on the problem, but when the mineral industry as a whole is asked what is a reasonable course of procedure, what is its program, what would be a reasonable state or national policy, I think you will agree with me that we have no spokesman able to outline even a semblance of such a general policy. We sit back and criticize when somebody else steps in, as Governor Murray stepped in, and as many others of our state governors and legislators are stepping in, to do things which we do not think are reasonable. When they say, "What is a reasonable program? " we find ourselves caught napping. We have not agreed on a program. The other day in talking with one of the leaders of the western radical movement, I was twitting him on having no sound and comprehensive conservation program. He said, "What is yours, and what is the program of the mineral

Jan 1, 1932

By STEPHEN L. GOODALE

THE question indicated in this title was put by letter to a number of my friends working in various industries, who have charge of young metallurgical graduates. The replies were almost unanimous in stating that the college training should cover in the most .thorough manner possible those sciences which are the fundamentals - of engineering. Mathematics, physics, mechanics, electricity, chemistry, physical chemistry, and their applications to actual problems of life were mentioned in most of the letters I received. Some writers added also business law, economics,. and finance. One reply expressed it: "These subjects, well founded, mixed with good judgment, well applied, should enable the .young man to carry on the art of life successfully." One answer stated frankly what is really wanted: "As much as possible.' ' This writer mentioned .the sciences as being very important, but he wishes men ' to be trained in metallurgy also, and he concedes the omission of some advanced chemistry and physic's to secure the metallurgy. He emphasized particularly. the a we. desirability of work in college to development' He concludes his letter with a repetition of his slogan that what is wanted is as much as is possible.

Jan 1, 1930

By L. E. Young

MUCH has been said and written on this subject and probably little new can be said. However, the point of view of the operating company changes from time to time, and more stress may be laid upon a subject today than was done some years ago, and it is with this changing point of view that the following observations are presented: The writer wishes to limit the discussion to views of a company mining bituminous coal, particularly to what the production department expects of the college grad¬uate. In an editorial in MINING AND METALLURGY for February, 1929, entitled "Is. Mining Engineering Passing?" it is stated that: It is not by accident that mining engineering courses have been general rather than special and form even today the only general engineering courses widely offered and followed by engineering students.'* * * even in this age of specialization, the mining engineers remain a body characterized particularly by broad knowledge.

Jan 1, 1929

By Oliver Bowles, Carl A. Gnam

THE construction industry normally contributes extensively to the general economic welfare of all sections of the country. Billions of dollars are spent for materials and labor, and the success or failure of many business enterprises depends upon the volume of construction. The steel, aluminum, copper, cement, brick and tile, lime, gypsum, stone, sand and gravel, and several of the less prominent mineral industries are vitally concerned. Of great interest, therefore, is the accumulation of needed construction following the relative inactivity of the past five years, the recent moderate revival in building, and the prospect of a broader and more definite upturn. One may judge the magnitude of possible expenditure for construction by what has occurred in the past. The peak years were 1925 to 1928, inclusive, when the annual values of con- tracts awarded amounted to over six billion dollars. In marked contrast was the 1933 total of about 1% billion, the lowest level shown in the Federal Reserve Board Index, which goes back to 1919, and the more favorable 1935 figure of about 1.7 billion. An increase of nearly four billion over the 1935 volume would be necessary to equal the peak year 1928.

Jan 1, 1936

By Oscar E. Harder

THE TERM "physical metallurgy' is used in the title of this lecture in preference to "metallography ?because the former has a broader meaning with most audiences, some people thinking of the latter as being limited to work with the microscope. This distinction, how- ever, has not been held by the out- standing workers in the field of metallography, such as the late Professor Sauveur. In the broadest sense metallography is essentially the same as physical metallurgy. The American Society for Testing Materials has adopted-the following definition: "Metallography is that branch of science which relates to the constitution and structure, and their relation to the properties of metals and alloys." This definition might be improved by adding after "properties" -"and their industrial and scientific uses." Metallography has also been defined as the science of metals and alloys. Physical metallurgy is to be distinguished from process metallurgy in that the latter relates particularly to the production of metals from the ores.

Jan 1, 1940

By W. A. Eardley

FIFTEEN years ago the world's deepest oil well penetrated the earth about 7300 ft. That depth has now been more than doubled. Why has such deep drilling become necessary and how has it become possible? Three factors have had an important bearing: (1) Depletion of shallow zones, making it necessary to search for deeper producing measures. (2) The perfection of prospecting methods, which have been success- fully used to locate favorable buried structures, many at great depth. (3) Improvement in the quality of steels used for drilling.

Jan 1, 1940

By Gilbert E. Doan

WHEN metallurgists and other engineers meet their college classmates or former teachers, the conversation will frequently become reminiscent and finally turn to engineering education. These graduates have tested the value of their college training in the hurly-burly of the outside world so respectful attention is due their opinions, which, strangely enough, fall into two opposite categories. A member of one group expresses a deep-seated conviction that engineers should have a fuller foundation of physical chemistry, another asks for a more thorough training in mathematics, others wish a more thorough grounding in refractories, a series of courses in petroleum engineering, or in electric welding. Each alumnus of this group

Jan 1, 1937

L. C. Graton, Cambridge, Mass.—The subject of chalcocite occur; rence and its geological significance has, of course, a very important commercial bearing, as shown by the recent remark of a hard-headed mining .man: "This secondary enrichment business is one thing you geologists have put up which we can hang on to, and come out right." Most enrichments of copper ores depend upon the formation Of chalcocite from leaner sulphides. Recently it has been shown that not only does there exist this secondary or derived chalcocite, * but that in certain ores the mineral is present as an initial or original constituent, which therefore we may call primary. The desirability of distinguishing between these two kinds of chalcocite is evident and has recently been emphasized. That constitutes the first problem in this connection. I believe many who are working upon secondary enrichment of mineral deposits are giving much attention to that particular question. It is now possible to distinguish primary from secondary chalcocite in many cases. In such cases, what do we know of the' conditions under which this secondary or derived chalcocite was formed? , This is the second main question in connection with the subject. It is now plain, at least in many instances, that the formation of this derived chalcocite represents a phase of oxidation if we have in mind the primary ore as the thing acted upon. The next important question—and it is most important—is: does such oxidation go on above the zone where the rocks are saturated with water—that is, above the water level—or below, or indiscriminately above and below? Many of you have, or have had, opportunities to study at first hand, day after day, occurrences that' enable valuable conclusions to be drawn upon these and other important questions concerning the formation and significance of chalcocite. It is greatly to be hoped that your testimony will be made available and undoubtedly it will go far toward clearing up some of these doubtful points. John D. Irving, New Haven, Conn.—A short time before this meeting was called, H. V. Winchell, who was unable to be present, requested me to exhibit and describe these two samples of pyrite. (Exhibiting specimens.) They consist of fragments of pyrite inclosed in two small bottles. The first bottle shows fragments of pyrite which were immersed in water carrying copper sulphate but without SO2 for a period of two years. They remained comparatively clear and bright. No chalcocite has been deposited on them. The second bottle shows fragments of

Jan 1, 1915

By E. T. Knight, John D. Gill

Much has been written and said concerning the alleged wasteful and uneconomic use of natural gas and petroleum. Espccially condemned has been the use of natural gas for the production of carbon black and the use of heavy fuel oil under steam boilers.' The critics of these usages of gas and oil have sought to make effective their verbal attacks on the industry by the repetitive expression of the words "inferior" and "superior" uses2 of petroleum. Thus, to employ natural gas for residential heating was to use it in a superior way; to use it for the production of carbon black was to use it in a wasteful and uneconomic way. To use petroleum for the production of automotive fuel was to use it in a superior way; to employ it as a residential fuel and as the prime source of power in an industrial plant was to use it in an inferior and uneconomic way. No doubt the objections to such employment of gaseous and liquid natural hydrocarbons originated in the belief that natural gas and petroleum are limited, nonregenerative mineral resources, and that the functions they perform can be just as well performed by other natural resources like coal13 of which practically unlimited reserves are known. The generations that have dominated each of the last four decades have counted reserves4 of petroleum in terms of a few years supply. Meanwhile, domestic demand for motor fuel rose spectacularly from a few million barrels in 1900 to more than 500,000,000 bbl. last year.5 The more imaginative and vocal critics drew startling word pictures of the catastrophe of 25,000,000 motor vehicles made useless and of the great automotive manufacturing and allied industries brought to an untimely end, and millions of workers left hopelessly unemployed by what they called the deplorably rapid depletion of the petroleum reserve. Many of the critics have been sincere advocates of the conservation of natural resources; many others, and in recent years probably the majority, have espoused the doctrine of conservation to promote their own self-interest rather than that of the public. The latest advocate of severe restriction in the use of petroleum for the alleged purpose of conserving the petroleum resource proposes to achieve that end by a bill,6 now before

Jan 1, 1938

By Harvey S. Mudd

WHEN talking about Europe it is well to endeavor to keep politics and economics apart but they have become so intermingled in recent years that the discussion of one topic inevitably leads to the other. Economic influences formerly prevailed over politics but today national and international economies are governed by political forces. Commerce in raw materials, food, and manufactured products is now so restricted by governmental controls that the capacity of the world to produce and to consume, to exchange goods and to pay for them, cannot be gauged by the past or predicted by a multitude of experts. In prewar days there were some yardsticks but today there are none. Thus it is hazardous to make forecasts, for in all fields of human effort the world has been cast upon an uncharted sea.

Jan 1, 1947

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 A. Lucian Walker

SILVER is not only of paramount importance to millions of people as a medium of savings and to other millions as a medium of exchange, but it is also valuable and useful in industry. Mexico continues to be the largest producer of this metal, followed by the United States, Canada, and Peru. The largest consumers are China and India, which normally absorb about two-thirds of the world's mine production, hoarding it as savings. The imports by these countries exert a powerful influence upon the price, yet neither country is on the silver standard. China having abandoned it in 1935 and India in 1893, when the rupee was definitely linked to the pound sterling. Other nations such as Persia, Ethiopia, Mexico, and many of the South American countries either have been on the silver standard or have used silver as their chief circulating medium, and most large nations use it for subsidiary coins, this use accounting for 20 to 30 million ounces annually. The arts and industries have consumed 35 to 40 million ounces each year.

Jan 1, 1937

By Oswald J. Heinrich

THIS question having been repeatedly raised, and particularly revived in a discussion at the last meeting of the Institute, I beg to submit the following remarks, based partly upon personal experience, partly upon the results of large works in Europe, establishing, years ago, the practicability of certain methods, which may therefore be considered to have passed the stage of mere experiment. Before entering upon the merits of one system or the other, it is indispensable to lay down some recognized principles, which ought to serve as guides, in arriving at fair judgments in questions of this character. In a profession like that of mining, locally so much influenced by combinations of circumstances too various to mention, it is difficult to do more than lay down the main features of a system based upon general laws and recognized facts, leaving the details to the sound judgment and experience of the engineer, who, by virtue of his education, ought to be able to make such choice and such modifications in the plans of a mine as the particular case demands. Mineral resources, in some countries the sole property of the owner of the soil, in others controlled by the strong hand of a government, are nevertheless a gift of nature, in which, indirectly, the whole of the human race has as real an interest as the immediate owner himself. This interest requires, at least, that no unnecessary waste of

Jan 1, 1874

By G. H. Miller

With the recent advances which have been made in science and technology and the increased use of mathematics in this area, the question of the best mathematics courses for a mining engineer to take is of major importance. The question becomes even more difficult to answer due to the recent increase in the number of different mathematics courses in the last two decades offered by the mathematics departments. Therefore, the National Study of Mathematics Requirements for Scientists and Engineers (NSMRSE) was designed to provide some answers to these questions. Approximately 10,000 scientists and engineers were selected for the Study, These individuals were placed in two categories: (1) The Awards Group, recipients of national honors or awards and those recommended by the members of the Board of Advisors as having national and international reputations in their areas of specialization and (2) The Abstracts Group, persons exceptionally productive in their research, based on the number of journal articles listed in the last five years in the Engineering Index, Scientific and Technological Aerospace Reports, Chemical Abstracts, Biological Abstracts, and the Physics Abstracts. The NSMRSE Course Recommendation Form and the Instruction and Course Content Sheet were constructed with the aid of the Board of Advisors and other consultants. For the Study, 40 courses were selected by the mathematical consultants. In order to make sure that the basic content of the mathematics courses was the same for all respondents, a brief resume of each of the 40 courses was given. The NSMRSE Course Recommendation Form consisted of seven sections. These sections were as follows: Section 1, 38 different specializations; Section 2, orientation of work (applied through theoretical); Section 3, highest degree obtained; Section 4, place of employment (academic, nonacademic); Section 5, administrative capacity (administrative or nonadministrative); Section 6, age groups (five-year intervals). Section 7 contained the 40 courses which were to be marked according to five categories: (1) Course Length, 3 to 36 weeks; (2) Applied-Theoretical Orientation, a five-point scale; (3) Course Level, freshman through graduate; (4) Knowledge of Course; and (5) Use of Course Content in Work. The Analysis The report of the data is based on the replies received from 44 mining engineers. This group was part of the Awards and Abstracts Group for all engineers. The resume of the recommended courses is reported in quintiles (upper fifth to lower fifth), since recommendations of this kind are not precise. The results of the Study are based on recommendations of the most active research men in engineering in the U.S. today; therefore, the reader should realize that these course recommendations represent an upper bound of mathematics requirements for the Ph.D. in both undergraduate and graduate work. Conclusions and Recommendations 1) Mining engineering students who plan to be active research specialists should take all those courses which are "very highly recommended" (80-10070) and "highly recommended" (60-79.9%). Those courses in the upper two quintiles and recommended by most mining engineers are: first-year calculus, third-semester calculus, elementary differential equations, applied statistics, and machine computation. Courses of "moderate recommendation" (40-59.9%) are: vectors, intermediate ordinary differential equations, the first course in partial differential equations, elementary probability, and linear programming. 2) The great majority of mining engineers indicated that they prefer a course which is concerned primarily with applications. Only the standard courses such as first-year college mathematics, calculus, differential equations, and advanced calculus received a recommendation for 50% theory and 50% practice. Therefore, all mathematics courses given to mining engineers should contain many applications and little theory. Engineers in both the applied and the combination (ap-plied-theoretical) groups indicated a definite need for applications in all courses. 3) In general, recommendations were for mathematics courses to be given for short intervals of time such as 3, 6, or 12 weeks. Only the standard courses mentioned previously received the usual one-semester or one-year recommendation. Therefore, it is of value to combine several related courses into a one or two-semester course so that the mining engineering student could acquire important mathematical knowledge at an early date in order to prepare him for his research. 4) There was little use for the newer courses in modern mathematics such as the functional analysis sequence, the modern algebra sequence, and the group theory sequence. In addition, there were uniformly very low recommendations (0-19.9%) for multilinear algebra, complex variables, mathematical logic, special functions, integral equations, approximation theory, analytic mechanics, integral transforms, and geometric algebra. Therefore, these courses should be given a low priority. 5a) Comparisons among mining engineers with different backgrounds showed that the combination ap-plied-theoretical group recommended more mathematics than the applied group. 5b) There was little difference in recommendations between the administrative group and the nonadminis-trative group. 5c) Analysis of age groups showed that those in the lower age groups gave significantly higher recommendations to courses such as the first course in partial dif-

Jan 1, 1971

By Ernst M. Cohn

The demonstrations of the "Silent Sentry" by Union Carbide Corp. in 1957 and of a special tractor-plow by Allis-Chalmers in 1959 ushered in the technology era of fuel cells. The idea for direct conversion of chemical to electrical energy, first published in 1801 by Davy in England and Ritter in Germany, has been kept alive by a few people through 150 years: Grove built the first hydrogen-oxygen fuel cell in 1839; Mond and Langer made electrolyte contributions around 1890 that are still used today; Baur worked on coal-based cells from 1900; Bacon started his work in the '30's, which resulted in the first multi-kilowatt unit in the '50's; Davtyan studied molten-salt electrolytes in the '40's, followed by Ketelaar in the '50's; and Justi developed highly active electrodes in the '50's, to name only some of the pioneers. Despite the tremendous increase in research and development of fuel cells, these direct energy converters are still in their infancy. They will find their functional application in space, where power density must be maximized and product water utilized. These early systems will provide valuable experience in system engineering and reliability.

Jan 9, 1964

By Sam Tour

WHAT is a die-casting and what is the die-casting industry? From the literal translation of the words "die" and "casting"' one concludes that a die-casting is a casting made in a die. The casting may be of any metal or alloy or, for that matter, may be of some nonmetallic material capable of being cast, such as plaster of paris or glass. The die may be of any material that will take successive casts so it need not necessarily be metallic in nature. The term "die-casting," therefore, is indeed broad, though in practical usage it has come to mean the casting of metals and their alloys in metallic molds or dies. Even this limitation of the term leaves -a broad field, for castings may be made in a number of different ways. For example, the molten metal may be allowed to run into the die by gravity it may be sucked into the cavity of the die, it may be forced to take the contour of the cavity in the die by centrifiugal force, or it may be forced into the cavity under hydrostatic pressure. In England, castings made by practically all of these

Jan 1, 1935

By Francis Cameron

Gloomy predictions that domestic mineral reserves are approaching exhaustion are unwarranted and may be harmful, this author contends. Specific mineral forecasting errors in the Paley Report are cited to support this contention, and steps that can be taken to insure a progressive mineral industry capable of keeping pace with the major raw material needs of the nation through advancing technology are suggested. Mining is both exciting and rewarding —although at times somewhat frustrating— and we all can have real pride in our industry, in its people, and in its accomplishments. It is, however, with concern that I have noted a deterioration in this Country in what might be called mining's stature and in the growth of a belief in many quarters that our mineral reserves are rapidly approaching exhaustion. In other words, there is a popular image that we are fast becoming a "have not" nation in many respects and that the domestic mining industry can no longer be considered, in the vernacular of Wall Street to offer much in the way of "growth potential." I do not subscribe to this hypothesis, nor do I be-li4ve that the record of the mining industry bears this out. However, let me add that we can, in time, talk ourselves into this frame of mind and we can hasten the day when this very well might come about by unnecessary and unwise legislation or regulation. My remarks today are basically designed to give my reasons for refuting this negative philosophy and to review our record. With your help, I know we can improve our image, and the public's recognition of our industry's peculiar problems. The progress of our civilization over the centuries has been fundamentally based upon proper use of raw materials, both agricultural and mineral, and upon energy, human or otherwise. As the standard of living has progressed century by century, the demands for mineral raw materials have increased in an irregular, but steadily rising progression. Fortunately, those minerals on which we depend most, i.e., iron, coal, petroleum, copper, aluminum, lead, and zinc have been neither too difficult to find nor to process into useful form. Iron, the most useful of all metals, is present in various amounts in most rock types and soils. Gold, seemingly the most generally desired (but certainly not the most useful of all metals), occurs in sea water in a far greater total tonnage than has been won from all of the world's known gold mines. If the latter is true, then why do we not see large installations treating sea water for the recovery of its gold content? The answer, of course, is that even the French, who seem, from their recent actions, to value gold above all else, have not devised a way of doing this at a profit. Theoretically, it is possible, but not with today's technology at a cost which would justify the effort. Man has exploited only those mineral concentrations which accidents of nature have placed within his so far limited means of finding and utilizing. What we geologists and engineers refer to as an orebody is nothing more than a concentration of minerals, exploitable with available knowledge, that will yield a value greater than the value attached to the energy and capital required to produce it. What is "ore" and what is not "ore" is, in the end, a matter of economics. The economic problem stems from the physical and chemical character of mineral deposits. The good Lord stacked the cards heavily in favor of rising costs by limiting the amount of the higher grade ores easily available. As the best and most accessible ores are depleted, it becomes necessary to work harder and with greater ingenuity to produce more from less accessible and lower grade resources. The quantity of mineral raw materials we can have in the future will be determined largely by what we can afford to pay for them in terms of human effort, capital outlay and production energies. We will always have the problem of cost with us and our only real means of keeping ahead of rising costs is by continually improving our technical abilities. We, in this country at least, no longer have open to us large and unexplored virgin wildernesses in which a pick-and-shovel prospector might uncover an untouched mineral bonanza. The rest of the world also has few conventional frontiers left in which the explorer-prospector is free to roam. We do, however, have enormous land areas unexplored, and untouched po-

Jan 1, 1969

By Francis Cameron

Mining is both exciting and rewarding-although at times somewhat frustrating-and we all can have real pride in our industry, in its people, and in its accomplishments. It is, however, with concern that I have noted a deterioration in this Country in what might be called mining's stature and in the growth of a belief in many quarters that our mineral reserves are rapidly approaching exhaustion. In other words, there is a popular image that we are fast becoming a "have not" nation in many respects and that the domestic mining industry can no longer be considered, in the vernacular of Wall Street, to offer much in the way of "growth potential." I do not subscribe to this hypothesis, nor do I believe that the record of the mining industry bears this out. However, let me add that we can, in time, talk ourselves into this frame of mind and we can hasten the day when this very well might come about by unnecessary and unwise legislation or regulation. My remarks today are basically designed to give my reasons for refuting this negative philosophy and to review our record. With your help, I know we can improve our image, and the public's recognition of our industry's peculiar problems.

Jan 4, 1968

By Robert Bosworth

THE liability for damages to the surface caused by subsidence is an ever present threat in all underground mining. In ordinary lode mining, this threat rarely materializes into an action, due to the method of mining metaliferous ores, the dip of the veins, and the nature of the ground itself. In the mining of coal, however, this threat is very real. The coal frequently lies close to the surface, in beds underlying large areas of land the surface of which is suitable for agricultural or urban development. Furthermore, the coal is generally mined by the "room and pillar" method and when the pillars of coal are removed, the subjacent support is destroyed. This question of the duty of surface support has now become a very live one in Colorado. What was waste prairie land a few years ago, has become valuable agricultural land dotted here and there with growing towns. Frequent references. will be made here to Colorado conditions and adjudicated cases, but those conditions and cases and the conclusions to be drawn therefrom are equally applicable to all coal-mining states. Briefly stated, the question: is "Does the owner of the substrata or underlying mineral owe any duty of surface support to the owner of the superjacent strata or surface?" There is no absolute duty of support owed by the mineral owner and this assertion is made with full knowledge of numerous expressions to the contrary by courts of Pennsylvania, Illinois, Colorado and other coal-mining states. Whether or not any duty exists depends upon the circumstances surrounding each case, and since in the nature of things those circumstances are rarely identical, there can be no absolute rule.

Jan 1, 1927

By Harry M. Conger

It is a pleasure for me to keynote this first Western Regional Minerals and Coal Conference here in the Black Hills of South Dakota. It is pleasing for two main reasons. First, Homestake Mining Company has been associated with the Black Hills since 1875 when gold was discovered following Custer's trek through the Hills during 1874. Second, the future mineral development of the Black Hills will depend, to a great extent, on minerals and metals covered in this conference. The metals and minerals that are featured in this conference have unique similarities--and important differences--and therefore, will be of great interest to all who are involved in our industry in this area of the country. Precious metals have always been, and likely will always be, subject to political influence; they are only partially affected by the demands of our industrial economy. Energy minerals, while more directly affected by industrial stimulus, are also politically sensitive. In this regard, the need for a minerals policy affecting the energy sphere has been made very clear to us in the last five years. More importantly, the lack of a national policy and purpose relating to our total future energy needs has severely affected the overall economy and security of this country. Very briefly today, I would like to outline for you my thoughts on the future of these most important minerals. I will start by a discussion of precious metals, primarily my favorite precious metal, gold. A brief history of gold will be helpful in setting a perspective for forecasting its future although it is difficult to give a brief description of a metal that has been prized by man for over 6,000 years. Until recently, as you know, gold was held by the Federal government as a metal to be owned by the government only and

Jan 1, 1983