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By L. Mallett

The changing demographics of the mining industry make successful passing of knowledge and skills to the next generation critical. Training methods and technologies are being developed to meet this need. Twenty years ago classroom training was largely a one-way transfer of knowledge through instructor lectures. In contrast, instructors today can use virtual reality technologies to guide trainees as they fully participate in learning experiences. Trainees can interact with the virtual work environment, co-workers, and equipment without being exposed to workplace hazards. The speed of advancement in mine safety, health, and production training shows no sign of slowing in the next 20 years. Researchers at the National Institute for Occupational Safety and Health have studied and participated in the evolution of miner training. A look at training materials they have created in the past and those they are currently developing reveals changes in methods and technologies over time and also key characteristics which have remained constant. Possibilities for the future can he discussed in the framework of an implementation of virtual reality in new miner training sessions. The example computer-based training package teaches new miners to read mine maps and provides opportunity to practice navigation skills in a virtual mine. With this 'serious game', trainees experience the look and feel of moving through an underground coal mine while in the safety of their classroom. During field-testing in 2007, trainees and instructors responded very favourably to this new way of learning. The software was usable by mine trainers with even limited computer expertise and could be installed on the affordable computers they were using for their more traditional slide presentations. The Underground Coal Mine Map Reading Training's foundation on past successful development strategies and its acceptance by today's instructors and trainees provide valuable lessons for developing training materials, strategies, and technologies for mining's future.

Jan 1, 2009

By Dana C. Reinke, David K. I Ingram

Researchers at the National Institute for Occupational Safety and Health partnered with the water well industry to develop engi­neering control technologies and training products to address noise exposure at the job site. Noise­induced hearing loss continues to be a problem in the well drilling industry. Research con­ducted by NIOSH found that air rotary drill rigs produce sound levels more than 90 dB(A) over the course of an eight­hour workday. Sounds levels above 90 dB(A), identified during hammer drilling and the hammering of casing, exposes workers to levels that can damage hearing. A typical air rotary drill rig provides no barrier, for noise and dust pro­tection, between the drill’s control panel and the drill stem. The development of a partial cab is the clearest example of NIOSH’s research partnership with the water well industry. NIOSH researchers determined that an engineering noise control to protect the oper­ator at the rig’s control panel would be effective, based on typical work site conditions. Many surface rigs do not have full cabs as a result of the original equipment manufacturer design or the high cost of aftermarket products. Developed as a partial cab, the NIOSH engineer­ing noise control design addressed stakeholders’ needs associated with cost, transport, and worker usage (Figure 1). Field tests found the partial cab effective in reducing sound levels at the rig’s control panel, a typical location for a drill rig operator. Sound levels at the control panel were reduced from 104 to 96 dB(A) (Figure 2). Coupled with continued use of personal protective equipment, such as hear­ing protection devices, the partial cab can help to reduce noise exposure. NIOSH researchers created a CD with informa­tion about noise exposure and the partial cab. Most important to well drilling companies is information on how to construct and attach the partial cab to drill rigs. The CD can be viewed on a standard computer and includes a video of the partial cab in use on a work site. Computer­aided design drawings are included on the CD and provide detail of the cab design as well as information on construction mate­rials and design details. Additionally, the CD provides background infor­mation on noise­induced hearing loss and hearing protection devices to increase knowledge about this occupational health concern. This information can be viewed by all company employees to help promote the partial cab’s importance to workers using the cab. More information on the partial cab noise control technology can be downloaded from www.cdc.gov/ niosh/mining NIOSH researchers also examined the health and safety training needs of workers in the ground water industry. It was quickly realized that most workers learn health and safety on the job and do not attend any sort of formal training. In addition, there is not a lot of time for daily “tailgate talks” or “shop talks” on health and safety issues. As a small business industry, the owner is often operating a drill rig along with his other employees. In general, new employees learn the job in an apprentice style sys­tem. As a result, workers and owners have few opportunities to access uniform health and safety information based upon the job — an outdoor work environment with daily change in work sites. With this information, NIOSH researchers devel­oped two products that deliver health and safety information to fit into the daily work of well drillers. Both are information circulars and are available through download at www.cdc.gov/niosh/mining and the NGWA Web site at www.ngwa.org/publication/ publications.cfm. These circulars are: Water Well Safety Bits. This booklet provides information in a “quick bites” style. It is pre­sented in a magazine format and can be left on

"This contribution is concerned with adaptive processing decisions, where the process parameters are optimally adapted to the varying properties of the material input stream. Our starting point is the geometallurgical paradigm that the varying properties of the input stream are considered known e.g. from a geometallurgical model of the mined ore body, and optimal processing parameters are computed from them, by finding the parameter seaming optimal in a computer simulation.This approach however has to work with a lot of uncertainties: The prediction of the geometallurgical ore parameters can only be done with some geostatistical uncertainty. The parameters themselves are only proxies for true ore properties. Model prediction can differ relevantly from actual process results, due to model simplifications. Due to these uncertainties the computed processing choices can turn out to be inferior to simple non-adaptive processing. In this contribution we focus on the uncertainty of the ore properties and analyse this effect systematically, by modelling this uncertainty effect mathematically and in computer simulations. The most important findings are:(a) Processing choices not taking into account the uncertainty sometimes even perform worse than simple non-adaptive processing, for the sole reason of ignoring the uncertainty effect.(b) Ore properties, not adequately reflected in the ore description, might require different approaches, in which the observed processing behaviour feeds back into process control.(c) Bayesian decision theory allows computing optimal processing choices combining the information from the mine (geostatistical predictions) and from the process feedback. These choices give much more robust choices and do not suffer from the drawbacks described for the simple approach we started from.These new approaches can substantially improve the performance of adaptive processing in existing plants."

Jan 1, 2016

By D. Mills, W. H. S. Lawson

"The need to make repairs is seldom a major consideration in the design, fabrication and installation of major components of electrical generation plants. Repair welding, however, is a fact of life in the electrical generation industry, for restoration of degradation in service, from cavitation of hydraulic turbine runners, to corrosion and fatigue damage in pressure vessels. In making weld repairs to carbon and low-alloy steels, the largest source of trouble is hydrogen embrittlement and related post-weld cracking. Various strategies have been developed to control problems from this source, including post-weld heat treatment, the use of nickel-base alloy filler metals and the temper bead welding technique. Each of these basic strategies is being applied as circumstances require; each strategy must, however, be implemented in a manner that reconciles weldment structure and hardness, degree of restraint and service environment with the consequences of unsatisfactory performance of the repaired component.IntroductionMajor working components of electric generating plants are specified and installed on the basis that, wherever technically and economically feasible, they will retain functional capacity without major repairs for the twenty-five-plus years of normal plant lifetime. Nevertheless, repairs are often required, and welding is usually an essential feature of the work. Remedial welding may be performed to correct design or fabrication errors which become evident only at the time of component installation. The most common causes of requirements for repair involve corrosion, fatigue or related processes which prove more aggressive than expected during service. Increasingly, our planning for future repair requirements is related to continual improvements which are occurring in nondestructive evaluation technology. As components are periodically reinspected during their service life, fabrication induced defects may be revealed for the first time quite late in the life of the component. When this occurs, repair must be considered wherever inaccessibility of a flaw makes it impossible to prove its inactivity. Finally, there are certain components, for instance in hydraulic turbines, which cannot be economically made or used without the expectation of service induced wear. Here, periodic maintenance welding must be regarded as a normal event."

Jan 1, 1981

Workplace Centred Learning, (WCL), is a learning strategy which helps organisations cope with the constant change in skill requirements that is part of business today. WCL focusses on the specific needs of the workplace and provides the structure and sets the standard whereby the required competencies can be transferred between individuals. Learning is considered part of the job and ownership is achieved by involving individuals in all aspects of the learning system. Each individual in a WCL system is considered both a learner and a teacher. A significant advantage of WCL over conventional training systems is that it responds quickly to changing requirements, and once in place, becomes self-sustaining. That is, once implemented, the system provides mechanisms to detect and respond to changes in skill requirements as they arise. WCL is a competency-based system with multiple levels of validation. It provides a flexible approach to skills development that recognises both the needs of the workplace and the needs of the individual. WCL was developed in collaboration with ALCAN Aust Ltd and is currently being implemented by companies within Australia and overseas.

Jan 1, 1995

By Mary Ellen Bruce Large

"INTRODUCTIONIn partnership with California Department of Transportation (Caltrans), Federal Highway Administration (FHWA), and with support from International Association of Foundation Drilling (ADSC), Deep Foundations Institute (DFI) organized a workshop on quality assurance (QA) practices for acceptance of post-grouted drilled shafts in conjunction with DFI’s 40th Annual Conference on Deep Foundations. The 1½-day workshop was held on October 15-16, 2015 at the Oakland Marriott City Center in Oakland, CA.Post-grouting, in the context of this workshop and report, refers to the alternative design and construction of base-grouted drilled shafts wherein a grout distribution system is installed during construction and used to grout the base under pressure after the drilled shaft concrete has gained adequate strength, resulting in a stiffer axial-compression load-displacement relationship and additional possible ground improvement effects. The primary goals of the workshop were to•?Identify and summarize the state of the practice for design, construction, inspection, verification, acceptance criteria, reliability and performance of post-grouting.•?Identify gaps and needs in quality assurance that should be addressed for successful use of post-grouting.This report is structured to follow the workshop program: workshop presentations outlined the state of practice and views from owners, engineers and contractors on acceptance of post grouting methods for drilled shafts; and subsequent workshop discussions attended by a small invited group of participants focused on identifying areas of agreement and disagreement on post-grouting best practices, acceptance criteria, design and verification procedures, and inspection requirements. A partial list of attendees of the open and closed sessions is provided as Appendix A, and copies of presentations are included as Appendix B.FHWA and Caltrans are the primary audiences for this report, and its content will be used to develop a roadmap for deploying the findings into policy and practice. The secondary audience is the broader industry group, and the report content will be disseminated in a variety of formats."

Jan 1, 2016

By L. Hartsell Cash

INTRODUCTION Created in 1944 to help rebuild those economies, principally in Europe, which were seriously damaged or destroyed during the Second World War, the World Bank--or to use its correct name, the International Bank for Reconstruction and Development-began its operational phase by making a loan to the Government of France to accomplish two tasks: (i) to import coal for space heating purposes; and (ii) to buy new machinery and equipment to help rehabilitate its coal mines. Once the thrust of reconstruction in postwar Europe was largely accomplished, the World Bank Group (for today the World Bank has three separate lending windows) turned to mobilizing funds to improve living standards in developing countries, which remains its primary goal today. Over this period of time, the World Bank Group has continued to assist the world mining industry in various ways and, since 1955 the World Bank Group has financed mining or mineral processing projects with loans/credits totalling $1.5 billion. The World Bank Group consists of two institutions--the World Bank itself and the International Finance Corporation (IFC), which was founded as a separate institution in 1956 and three separate lending windows--the World Bank, the International Development Association (IDA), and IFC. The World Bank loans are provided at commercially-related interest rates but have grace periods usually of up to 3 to 5 years and repayment periods ranging from around 15 to 20 years. Since the World Bank raises its operating funds on the international capital markets in varying currencies and in varying interest rates, it relends a basket of currencies at floating interest rates which are fixed every six months to reflect the Bank's own borrowing cost. At the present time, the interest rate is just below 10% per year and in addition, a one-time front-end fee of 1/4 of 1% is charged. Also, a commitment fee of 3/4% per year is charged on the undisbursed amount of the loan itself. For loans to industrial and mining projects, it is normal to charge an additional guarantee fee of 1 to 1.5% in addition to the annual interest rate. This guarantee fee is payable to the government of the country in which the project is carried out since, by its charter, the World Bank is required to have the guarantee of the host government for each loan made in a specific country. By far the greatest source of lending funds within the World Bank Group is that of the World Bank itself and for the fiscal year ending June 30, 1984, the World Bank approved loans totalling $12 billion. The second lending window within the World Bank Group is IDA which performs the same functions as the Bank itself and has the same staff. Nevertheless, its loans (called credits) are made on much softer terms and are made to the poorest nations only. IDA funds are subscribed by the wealthier countries, usually as grants, and these are relent as credits to those countries with the lowest per capita income. IDA credits are made for 50 year periods, including 10 years of grace, to the government itself. The credits are interest free, but there is a service charge of 3/4% per year on the amount withdrawn and outstanding to defray the administrative costs of IDA. Credits approved during fiscal 1984 totalled $3.5 billion. The third lending window is IFC. While IFC is a separate corporation and operates quite separately from the World Bank and has its own staff and regulations, it works very closely with the World Bank on its overall approach to the mining sector and to a particular country. IFC's mission is essentially to supply venture capital and to stimulate development of the local private sector in capital markets as well as to promote the international flow of private capital to developing countries. Unlike the World Bank and IDA, the IFC does not lend directly to governments

Jan 1, 1985

By Barbara A. Filas

The IFC goal is to promote private sector investment in developing countries which will reduce poverty and improve people?s lives. The developing country goal is to promote health, education and employment opportunities that improve their economies and their standard of living. The mining company goal is to Promote successful ?triple bottom line? mining projects that will grow shareholder equity

May 1, 2002

By Paul D. Tomlingson

Numerous worthwhile benefits accrue to the industrial organization that is supported by a maintenance organization performing at a world class level. That organization will be favored with consistently reliable production equipment. It will be assured of meeting production goals. Its product will exceed marketplace standards. Its customers will see them as a quality organization. Its employees will enjoy job satisfaction and the plant will realize continuing profitability. Every industrial plant aspires to achieve ?world class? status knowing it can compete favorably with the best, most profitable organizations in the world. The trick is to achieve the attributes that qualify your organization for world class status. But there are no world class maintenance organizations. Rather, there are world class industrial organizations that include a world class maintenance organization. Maintenance, by itself, is a service provider, dependent on the support and cooperation of other departments. When that service is exceptional, it is made that way because maintenance is operating in a plant environment that requires it to be exceptional. Managers have created an environment in which maintenance can be exceptional. The plant, mine or facility manager must acknowledge from the start that maintenance is not a stand-alone effort of a plant maintenance department. It will require the joint efforts of all plant departments. Quality material support and full cooperation from operations, for example, are among the essential requisites for effective maintenance and achievement of world class maintenance status. When attributes such as these are reinforced by dedicated plant managers, profitability soon follows.

World class ore deposits can be defined commercially as deposits which contain metal concentrations in the upper quartile of resources size and/or grade, world wide, from which economic extraction can be undertaken, over a production period exceeding ten years, at a cost below the weighted average cost of cumulative production of the contained principal commodity of mines world wide.

Jan 1, 1993

By Joseph Sawicz

By now, the concept of remotely controlling heavy equipment in underground mines has become commonplace. Personnel safety is the biggest justifier for remote control, followed by an inherent cost saving (in certain cases) when wireless video is added to the mix. There are a handful of vendors targeting this need, and for years the mines have remained loyal to their brand. But as the number of remote-control related accidents and maintenance costs increase it forces our industry to take another look at this commonplace concept. And as the blinders are taken off, the mines are getting the revelation that not all remote control systems were created equally. This paper highlights the differences between various remote control systems, and then moves into an in-depth look at HARD-LINE?s package which drastically cuts maintenance costs, and also provides a solid investment toward full Tele-operation.

Apr 1, 2005

By C. Augustus Carlow

THE subject which has been allotted to me is so vast and far-reaching that it is impossible to deal adequately with it in the time available. A complete survey would occupy the spare time of any one man for many years, whereas the time available to me is measured in weeks In the circumstances, I have been fortunate in securing the aid of several willing collaborators, and shall endeavor to re present such information as presently exists in published form, examine the situation critically in the light of present-day conditions, and arrive at certain conclusions' which I shall venture to put forward for your consideration No one who has lived through the past 25 or 30 years, and who has witnessed the amazing achievements of recent scientific research, would venture to deny the possibility that new sources of energy-may yet become available, or to prophesy to what extent these may be harnessed to the service of mankind So far as we can see, however, coal, as a source not only of power and heat but also of that wonderful range of derivatives that form the raw materials of so many industrial processes, must continue to play a vital role in our economic life It is the chief mineral fuel, exceeding all other mineral resources in value, production and demand In value coal overshadows the industrial metals, while of the sources of energy-coal, oil, gas and water power-the first named is the most important Thus, for example, in the United States, coal as a fuel (that is, as a source of heat and power) is still predominant, the figures of percentage of

Jan 1, 1947

By AIME AIME

MANY of the important papers to be presented at the World Congress of Engineering at Tokyo, in November, 1929, are being furnished by members of A.I.M.E. and a list of them is given below: "Fifty Years of Physical Metallurgy,,-by H. M. Boylston, Case School of Applied Science, Cleveland, Ohio.

Jan 1, 1929

For the mineral industry, sustainability seems to mean socially positive and ecologically neutral mineral extraction. Mines are financed and developed in response to demand for their products. The purpose of my paper is to indicate the potential dimension of demand. As part of an unrelated study which I undertook ten years ago, it became apparent that there is a persistent relationship within communities between infant mortality and mineral use; greater mineral use corresponds to a lower rate of infant mortality. This comes as no surprise; sufficient potable water, a reliable supply of food, hygienic waste disposal, hot water and refrigeration all improve the chances of survival of the more vulnerable members of any community. The predictable provision of these facilities requires the application of minerals. This relationship is supported by a table (Appendix 1) included in the UNICEF publication, æThe State of the WorldÆs Children 2001Æ. This table lists regional infant mortality rate (IMR) statistics from around the world, including a listing for æindustrialised countriesÆ. Such countries experience an IMR lower by an order of magnitude than any other region. æIndustrialisedÆ inevitably involves the use of metallic and energy minerals. The principal use of copper is in the generation and distribution of power; it is fundamental to any industrialisation. IMR is a valuable connection because it quantifies caring for the young, a vital strategic driver of human behaviour independent of time, place, fashion or economic circumstances. I have tabulated the population, IMR and the copper demand per head of population for countries containing over 99 per cent of the population of the world in the years 1950, 1960, 1970, 1980, 1989, and 1999. These countries have been consolidated into four groups, Very High, High, Medium and Low rates of infant mortality (UNICEF has used this terminology; the Low group includes all the æindustrialised countriesÆ). The purpose of this consolidation was to reduce the volume of work, to dampen out the impact of regional wars and business cycles, and to dampen out the variable quality of information. Based on the pattern of the copper demand, population and IMR over the last 50 years, I have projected the likely copper demand in 50 years time. A dominant feature of my tabulation is the increase per decade in copper use per head and a corresponding reduction of the IMR. The word æuseÆ is preferred to æconsumptionÆ because it is estimated that over 80 per cent of all the copper ever mined is still in circulation There are two major influences at work; one is the absolute increase in population (UN estimates for 2050 are updated periodically) and the second is the movement of countries into a higher pattern of use and lower IMR. For example the Medium group in 1989 had an infant mortality rate approximating that of the Low group in 1960. With the population of the Medium group (which includes Russia and China) forecast to reach 2.6 billion in 2050, the world copper demand in that year will be significantly greater than the present figure. Nevertheless it will not be as great relatively as the increase of over 300 per cent in the last 50 years.

Jan 1, 2002

By Arthur Zentner

THE essentials of the electrolytic zinc process, as now used in commercial plants, date back to work done by Letrange in 1881. He used sulfuric acid to leach roasted sulfide and ,oxide ores, purified his solution very much as we do now, and electrolyzed the purified zinc sulfate solution. Ten years later Hoepfner developed a process using chloride solutions, and built three plants. One in England operated until 1924 in one of the works now merged in the Imperial Chemical , Industries, Ltd. Ashcroft built a plant in 1898 in the Broken Hill district of Australia. He used both chloride and sulfate solutions.. While his work failed, the aid his published results have been to later workers has made him an outstanding contributor to the de- velopment of the electrolytic zinc process. A good deal of work was done in the following years, aiming to electrolyze zinc chloride solutions and fused zinc chloride. Quite a bit of work on sulfate solutions was also done in the last years before the war. With the outbreak of the war, metal demand and rise in metal prices provided the stimulus which resulted in the remarkably rapid commercial development of electrolytic zinc. In this last period of development, all the work brought to commercial fruition has been with sulfate solutions. The high-density process, or the Tainton process, is used, as you know, in the Sullivan electrolytic zinc plant at Kellogg, Idaho, and will be used in the Evans- Wallower plant now being built at East St. Louis. The low-density process is used by the other plants now operating in the United States and other countries. There are now in operation and under construction four electrolytic zinc plants in the United States, two in Canada, two in Italy and one each in Australia, Rhodesia, Poland, Norway and Germany.

Jan 1, 1929

By Peter Hood

Data on world-wide geophysical activity in mining exploration programs are collected annually by the Society of Exploration Geophysicists' Geo-physical Activity Committee as part of a continuing service to the industry. The data are obtained by sending out questionnaires to all organizations which are known to be carrying out mining geophysical work; the organizations canvassed include mining companies, contractors, government departments and universities. The questionnaire is divided into three sections; namely, ground methods, airborne methods and research. The data compiled from the questionnaires show that world-wide utilization of mining geophysical methods reached a new high in 1967 with total expenditures of (U .S.) $32,323,240. This was divided as follows: ground methods, $18,106,785; airborne methods, $10,-123,405; and research, $4,093,050. For the ground methods, most money was spent on the induced polarization technique ($5,681,780); electromagne-tic methods were second in reported expenditures ($2,010,900). The total reported geophysical line mileage flown was 1,275,072 line miles, with aeromagnetic surveying being the most popular airborne method. The total amount spent on aeromagnetic surveys was $5,832,564 for 895,420 line miles. This gives an average cost of (U.S.)$6.50 per line mile.

Jan 1, 1968

By Warren B. Davis

Introduction If a subject this broad were to be covered in even moderate detail, it would require a set of books about the size of an encyclopedia. Since an acceptable length for this paper is a small fraction of one book, it will have to consist of a few samples of the subjects that I think are the most pertinent to World Fossil Fuel Economics. I plan to discuss the trends in world energy demand, particularly in the U. S. and Europe; the consumption patterns and cost patterns of oil, gas and coal; the prospects of synthetics; and some of the effects of government regulation of fuel economics. World Energy Demands Fig. 1 shows Free World energy consumption by principal areas for the period from 1950 to 1970 and a forecast for the period from 1970 to 1985. These figures include only the measurable forms of energy. An example of energy consumption that is not measured is the wood a peasant might cut in the forest and bum in a fireplace to heat his home. This omission probably is a very small part of the total. This forecast is not identical with that of Wayne E. Glenn (see Page 22), but the differences in total energy consumption are not significant. The U. S. consumption, which was 55 percent of the world total in 1950, had declined to 45 percent by 1970, and is expected to decline further to 38 percent by 1985. Western Europe has consumed 28 percent of the total from 1950 to 1970 and is expected to lose share slightly between 1970 and 1985. The most spectacular gainer is Japan, which increased consumption from 2.5 percent in 1950 to 7.5 percent in 1970, and is expected to reach nearly 17 percent by 1985. The over-all Free World total has grown from 62 quadrillion Btu (equivalent to 29 million B/D of crude oil) in 1950 to 151 quadrillion by 1970, an average growth rate of 4.5 percent/year. This total is expected to grow at a rate of 5 percent/year between now and 1985, reaching 315 quadrillion Btu (equivalent to nearly 150 million B/D). Fig. 2 shows which fuels supplied this energy between 1950 and 1970, and gives an estimate of how it will be supplied between 1970 and 1985.

Jan 1, 1971

More gold is being produced now than ever before in recorded history. All over the world huge quantities of ore are being mined and processed, thanks to historically high prices for gold and the use of processing techniques demonstrated as cost efficient in the last 20 years. Over the past 10-15 years prices for many other metals have been depressed, and gold has accounted for a significant proportion of worldwide exploration and development expenditures(l)1. The revenues generated from gold mining are providing greater return on investment, more jobs, and more tax revenues to national governments than ever before. Emerging nations are using the gold industry as a springboard for development; developed nations are continuing to fuel their economies with gold industry revenues; and China and countries of the former Soviet Union are using the gold industry to generate foreign exchange, modernize their mining industries, and take the first tentative steps toward private sector participation in their economies.

Jan 1, 1994

By J. Klemenic

This paper presents an analysis of gold production and prices over an extended period. Production patterns are provided for the world as a whole and for the five major producing countries. Gold prices as a function of interest rates, as measured by municipal bond rates, are given for the period 1947 to the present. World gold production has had a phenomenal increase since 1980, with the exception of South Africa, all major producing nations participated in this increase, even though the price of gold generally has been decreasing since the high level attained in 1980.

Jan 1, 1993

By John J. Cioston

THE steadily rising flood of gold production from all parts of the world has created an avalanche of rumors regarding the stability of the present price of this metal. Markets have been unsettled from Johannesburg to London from New York and Toronto to Melbourne, despite repeated denials from, American and British authorities of any immediate intention to alter the price. Various economists and financial writers have blossomed forth with predictions that the price would be set at the old level of $20.67 per oz.; some have even been so brash as to state That a price of $15 would be necessary to bring production within control. These effusions, based entirely upon monetary theories and with no regard to production costs, serve to confuse rather than clarify the situation.

Jan 1, 1937