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By Michael P. Connor, O&apos

The Wing Hill Garnet Deposit, located near Rangeley, Maine, forsed through assimilation of Early Paleozoic metasediments by an intrusive Devonian gabbro. The resulting ore body is exceptionally large and high-grade, consisting of 50-70% almandine garnet. Following open-pit quarrying, the ore is trucked to Industrial Garnet Extractives' mill in West Paris for final processing. Two grades of abrasive are produced - a pure, premium grade INDUSTRIAL GARNET and the Lower grade co-product IGE UTILITY GRIT, both of which are available in a variety of sizes. INDUSTRIAL GARNET is marketed world- wide into a diverse marketplace including both loose grain and bonded applications.

Jan 1, 1985

The theme of the conference this year is diversification. One way to diversify is through acquisition. The principle underlying the winner's curse is that in competitive bidding situations where the value of the asset bid for is uncertain the winning bid will overstate the true value of the asset. The successful bidder is blessed with the winner's curse. What this paper will explore is to what extent this is true; how acquirers can avoid being blessed with the winners curse; and show how joint venture deal structures are used within the mining industry to avoid the winners curse.

Jan 1, 1996

By J. F. McMahon

Introduction The greater portion of the information presented in this paper was obtained in the course of an investigation on clay gathering and its cost in the provinces of Quebec and Ontario (1). For assistance in the preparation of the paper, the writer wishes to record his thanks to Mr. Howells Fréchette, Chief of the Ceramics and Road Materials Division of the Mines Branch. Clays are mineral substances consisting essentially of hydrous aluminium silicate which become plastic when wet, fairly hard when dry, and stony masses when burned to a sufficiently high temperature and re-cooled. Shales are clays which have been indurated by the processes of nature. Millions of tons of clays and shales are won yearly for the production of brick, tile, sewer pipe, drain tile, roofing tile, fire-brick, china-ware, wall and floor tile, cement, and a host of other products. There are certain types of clay which, due to their particular qualities and limited distribution, are mined entirely or in part for sale to manufacturers, and are even exported from one country to another, as for example china-clays or kaolins, utilized in the manufacture of white-wares and in the paper industry, due to their consistent whiteness; ball-clays, utilized in the white-ware industry, due to their bonding power and whiteness; slip-clays, used in the stone-ware industry because of their glazing properties, and in the grinding-wheel industry for their burned bonding properties; and suspension-clays, such as are used in the enamelling industry. However, the great bulk of clays and shales won are used in the production of heavy clay products, and the manufacturer of these generally owns and operates his own deposit of raw material.

Jan 1, 1933

By George R. Pratt

Although the title of this paper focuses attention to the Winnipeg coal market the following remarks should be considered applicable not only to conditions in Winnipeg but to the whole western coal industry. Technical descriptions of coal and coal-burning have been omitted. These details are already covered in other numerous publications. In discussing a market the first consideration must be the product which is required to be sold. The class, quality and price at the point of origin must be taken into account and therefore this feature will be discussed before proceeding to outline conditions in the Winnipeg local market. The writer thinks of coal as a manufactured article, not, as it is generally considered, a fuel to be dug from the ground and dumped into the consumer's bin. The work of manufacturing must be considered in detail:- 1. Consider first the coal as it is in the ground: (a) What is its fuel value? (b) Where is its market? © With what will it be in competition? 2. Consider secondly: (a) What it will cost to mine the coal. (b) What has to be done to prepare the coal for market after it is mined. This must be considered in conjunction with the answer to question 1 ©. 3. Thirdly, consider the method of business to be adopted by the producer:- (a) Is it proposed to build a market on price? Or (b) On quality?

Jan 1, 1925

By Oliver Bowles

WHEN a new type of equipment revolutionizes methods of quarrying one kind of stone, producers of other kinds focus their attention on its potentialities in their particular fields. The purpose of this paper is to discuss the accomplishments of the wire saw in slate, to show its more limited attainments in other kinds of stone, and to point out the possibili-ties of much wider application. A wire saw consists of a 3/16-in. or 1/4-in. three-strand wire cable that runs as a belt and cuts the rock by abrasion. (Fig. 1.) The teeth of the saw are sand grains carried in the grooves between the strands.

Jan 1, 1936

W: 0. HOTCHKISS, Madison, Wis. (written discussion*).-Mr. George's paper on. "The Wisconsin Zinc District" is a very complete and clear description, which it is a pleasure to read. His discussion of the origin of the ores is the least satisfactory part, and Mr. George correctly states present knowledge when he begins his paragraph on a origin with the words "the general supposition is, etc." There is still much to be learned regarding the details of the processes by which the ores have reached their present situation. In this the Wisconsin district differs not at all from other mining districts. It is my hope that Mr. George and others, equally clear-thinking, who are in close touch with these operations will be able at an early date to give us more information on this subject.

Jan 3, 1918

By Thomas D. Kaufmann

Introduction What drives the price of gold? Supply and demand, of course. But in ways far different from the forces that drive the prices of other major metals, such as steel, aluminum, and copper. Gold, in fact, is one of the few commodities where both buyers and sellers are happy when the price goes up. Current production, production costs, and variations in production have little influence on its price. Gold inventories are so tremendous that current production has small impact on the amounts available to the market at any time. Worldwide gold inventory and production The world's inventories seem to be between 78 and 98 kt (2.5 and 3 billion oz). Since biblical times, the gold miners of the world have produced about 98 kt (3 billion oz), mostly in this century. Only small amounts have been thrown away and most of it - more than 78 kt (2.5 billion oz) - remain in bullion, coins, or jewelry. About 40% is held by central banks and other governmental authorities, 30% by private individuals as bullion or coins, and about 30% as jewelry. Except for some of the jewelry and the few industrial applications, this inventory is constantly available in marketable form at a price. By comparison, gold production is indeed small. The US Bureau of Mines estimates that the world produced 1.5 kt (50 million oz) of gold in 1986. Consequently, production increased world inventories by only 2%. Variations in production have a negligible or very short-term effect on the supply and, consequently, on the markets for gold. Although South Africa mines about 40% to 50% of the world's annual production, continuing labor strife there does not seem to have ruffled gold prices. Determining gold's price Gold prices, however, do determine cutoff grades in the mines and, thus, do influence production. Nonetheless, changes in production have little impact on the inventory supply. Consequently, it has small influence on the price of gold on the market. With a fairly stable supply, price changes are driven by changes in its demand. Unlike other metals, very little of the demand for gold comes from industry. Dental, electronic, and other industrial uses for gold consume less than 46.6 t/a (1.5 million oz per year). It would be safe to assume that such uses are less than 124 t/a (4 million oz per year) for the entire world. Variations in the 124 t (4 million oz), compared to a supply of 78 kt (2.5 billion oz) of supply can have only a negligible effect. Production net of industrial uses adds perhaps 1% annually to world inventories. This could, in time, affect markets. The increase, however, is mostly absorbed by population growth - more people wanting to own gold - and by gold being put in more attractive forms, such as coins. As an ancient Lydian king discovered, minting bullion permits

Jan 9, 1987

By T. A. Oberhellmann

The Wobbler Feeder is a comparatively new materials handling and separating device. It is essentially a materials separating or scalping machine, particularly adaptable to separation of oversize particles from mine-run ore and to the separation of oversize materials from overburden, where the removal of oversize materials is necessary, as is the case in conveyor stripping. In construction, the Wobbler Feeder is simply a set of transverse bars of manganese steel, or other wear-resisting alloy steel, each having an elliptical cross-section with the major axes of adjacent bars displaced by ninety degrees so when rotating in unison, the pre-determined space between the bars remains constant.

Jan 1, 1959

By S. E. Wolfe

AKNOWLEDGE of the density of a pulp or suspension is frequently required by the millman, to whom fluctuations in density, which occur in all mill circuits, are of importance and interest. There ,are many w.ays currently in use to determine density and probably the most common method is to take samples of the pulp. The proper sampling of the material is no easy matter, particularly when the pulp contains a sand fraction which settles rapidly. For example, when filling a liter container from the overflow of a classifier, it is al-most impossible to fill the can completely and yet prevent overflow. If there is an overflow, the pulp remaining in the can invariably has an excess of sand and the indicated density will be too high. To surmount such difficulties, and to obtain a continuous indication of the density of a pulp at any desired depth, the simple indicator shown diagrammatically in Figure l was designed by the writer in 1951. Its component parts, numbered as in Figure 1, are as follows.

Jan 1, 1958

MRS. SIDNEY J. JENNINGS, President, MRS. ARTHUR S.. DWIGHT, First Vice-President, MRS. KARL EILERS, Second Vice-President, MRS. H. W. HARDINGE, Third Vice-President, MRS. BRADLEY STOUGHTON, Recording Secretary, MRS. AXEL 0. IHLSENG, Corresponding Secretary, MRS. ARTHUR S. DWIGHT, Acting Treasurer. Welfare Committee MRS. C. C. BURGER, Chairman, Sub-Committees Americanization Belgian Relief MRS. LEVI HOLBROOK, Chairman, MRS. HENRY H: KNOX, Chairman, Emergency MRS. HERMAN A. PROSSER, Chairman. Since the annual meeting held in February, 1917, when the Woman's Auxiliary to the A. I. M. E., was formed, the work of organization, which of necessity must be slow, has steadily gone forward. Under the Chairmanship of Mrs. C. C. Burger of the Welfare Committee, three active sub-committees have been formed: that of Americanization; under Mrs. Levi Holbrook, who is eminently fitted for such a position, by her active and valuable work in a number of the fine patriotic societies of our country; the Belgian Relief Committee, under Mrs. Henry H. Knox, which has clone phenomenal work in the three months of its existence, and whose report is later given in detail; and the Emergency Committee under Mrs. Herman A. Prosser, which has a fund already established, and is. in close touch with Major Arthur S. Dwight, ready to act when necessity arises. The officers of the Auxiliary feel more than gratified at the response so far received, and in a later issue will print extracts from letters, if permission can be gotten from the writers, showing the interest and enthusiasm that have beer aroused by the formation of a Woman's Auxiliary. Answers have even come from far Korea "the hermit nation," from Australia, from South America, showing what a bond of sympathy and, helpfulness is in process of growth. It is our sad duty to announce the death of our Treasurer, Mrs. George D. Baryon, who, from the very inception of our plan to organize, was an inspiring and valuable co-worker. Her place will be difficult to fill. Mrs. Arthur S. Dwight is Acting Treasurer at present. The Auxiliary wishes to express its heartiest thanks to Mr. Stoughton, the genial and efficient Secretary of the A. I. M. E., for his cooperation and valuable suggestions in the difficult work of organizing. He has indeed been "a guide, philosopher and friend." SUSANNE M. IHLSENG (MRS. AXEL 0.), Corresponding Secretary.

Jan 7, 1917

MRS. SIDNEY J. JENNINGS, President MRS. ARTHUR S. DWIGHT, First Vice-President MRS. KARL EILERS, Second Vice-President MRS. H. W. HARDINGE, Third Vice-President MRS. BRADLEY STOUGHTON, Recording Secretary MRS. AXEL 0. IHLSENG, Corresponding Secretary MRS. HARRIS K. MASTERS, Treasurer Welfare Committee MRS. C. C, BURGER, Chairman Sub-Committees Americanization Belgian Relief MRS. LEVI HOLBROOK, Chairman MRS. HENRY H. KNOX, Chairman Emergency MRS. HERMAN A. PROSSER, Chairman A very successful meeting Of the Council of the Woman's Auxiliary was held Wednesday, July 18, and plans for war relief work were thoroughly discussed. The Belgian Relief Committee has sent out the following letter to the ten local sub-committees, which were formed to raise money to feed the Belgian children: "The Commission for Relief in Belgium announced in a letter from Mr. Hoover that after the first of June the United States Government would take over the relief of Belgium and Northern France and called attention to the following paragraph: ?Naturally, having built up such an effective organization you will desire to keep it alive as far as possible, and we venture to suggest that, although the general relief of the countries involved will now be met by the Government appropriations, emer-gencies and special conditions may arise which could only be met by private donations. In such circumstances your organization will afford a ready means of meeting the demands of the situation, whatever they may be. Should any of your contributors

Jan 9, 1917

The meeting of the Institute at St. Louis brought together many members of the Women's Auxiliary, and Mrs. Philip N. Moore, who was nominated as the Director for the St. Louis Section, took the occasion formally to inaugurate the organization in that district. A meeting was held at the Planters Hotel, anti after discussion as to, the aims and objects of the. Auxiliary, officers were nominated for the' Section; the meeting then adjourned for two days, to he resumed in Joplin.. Here a very successful meeting was held, at which the Vice-Chairman, Secretary, and Treasurer were elected. A great deal of interest was arouse under the able directorship of Mrs. Moore the St. Louis Section is likely to become a large and active organization. The president of the Women's Auxiliary, in opening the meetings, told the ladies present of the inauguration of-the-Society in February, 1917, and of the work which had been accomplished up to date. She told how the Society devotes itself to patriotic and humanitarian work along lines acceptable and interesting to the Mining Engineer, standing always alongside and behind the men of the profession. The Central Welfare Committee of the organization has three Sub-Committees: Foreign Relief, Emergency, and Americanization, and under one or other of those heads most of the work of the' Society has been done. Mr. Hoover was responsible for the inception of the Foreign Relief Committee, as its first work was the collection of funds for the supplementary meals for the Belgian Children. Under the energetic administration of Mrs. H. Knox, this sub-committee raised $12,100 in the period between the February meeting and the Declaration of war by the United States, when our government took over the entire duty of feeding starving Belgium. The organization of the Belgian Relief Committee, as it was styled, still remains, but the members are now asked to take up the question of relief in France. The President, Mrs. S. J. Jennings suggested at the St. Louis meetings that one way of working for the foreign relief alight be that all the members of the Auxiliary should, during the period of the war, forego all giving' and receiving of Christmas presents, except those they have been accustomed to give to the poor or in charity, and those they would give to the men in the services of the United States; that the money usually spent on the Christmas gifts should be put into a fund to be sent abroad for the fatherless children of France, as a gift from the families of the Institute. A good deal of discussion followed this proposal, as some of the ladies felt that children should have their Christmas gifts as usual. The Director of the Section emphasized the truth that the Christmas spirit was the .spirit of giving and sacrifice, and that no sacri-

Jan 1, 1918

By P G. Greenhill

The Wonawinta silver project near Cobar in NSW is under development by Cobar Consolidated Resources Limited (CCR). RMDSTEM Limited is part of the owner’s team for feasibility, design, engineering, construction and commissioning.With a 51Moz resource CCR is one of the largest pure silver players in Australia. A probable reserve of 14.3Moz has been defined for a mine life of approximately five years. The silver mineralization is contained in host rock composed of clays and oxidized limestone. The ore also contains on average 1.3% lead as cerussite, and other minerals. A simple circuit consisting of slurrying of the ore, gravity treatment of the coarse fraction to recover lead, silver extraction using CIL, elution and the Merrill Crowe silver recovery process, has been developed.The “value engineering” approach to this development pioneered over the past decade by RMDSTEM has meant that RMDSTEM has delivered the bankable feasibility study at a cost of $0.07 per resource ounce. It is highly cost effective making efficient use of shareholders funds as well as being very time efficient. This paper describes the application of the value engineering approach to the development of the Wonawinta project.

Aug 8, 2011

By Henry E. Wood

Cleveland Meeting, October, 1912.) IN my opinion, the concentration of minerals by flotation is the most interesting problem in ore-dressing, and will command eventually far more consideration than it has at present. For many ores it furnishes a complete method of concentration absolutely independent of specific gravity, and thus simplifies the milling of many difficult combinations. Not having to recognize the influence of specific gravity, we are also able to dispense with some of the complications resulting from classifying-conditions. Where flotation cannot be used for a complete separation of the minerals from the gangue, it will be found, in nearly all cases, to save those portions which are generally lost by reason of their fine state of division. For this reason, it should be looked upon mainly as an aid to general concentration, although there are many ores so well adapted to flotation that more than 90 per cent. of the valuable metals can be recovered from them in one operation by this process. In presenting the results of my investigations in. flotation, I have endeavored to theorize as little as possible. That side of the subject has been extensively discussed by others. My earliest work with flotation was done in 1895, when I used various oils, grease, soap, etc., with results that were remarkable. I did not realize then that with water alone equally good separations could be made. Up to 1906, my endeavors were confined to attempts to keep the concentrates on the tables well wetted and away from exposure to the air. In common with others, I observed that when there was any obstruction in. the wash-water on the table of sufficient size to divert the water to either side, the concentrates collected, and, on exposure to the air, would promptly float away. This convinced me that the sulphides were all good " swimmers," and that if,

Nov 1, 1912

By Cameron Dunn, Callum Fryer, Carmen Hu, Craig Sewell, Peter Stakne, Andrew Raine

The Woodsmith Project is located in north-eastern England within the North York Moors National Park. The strata contains the world’s largest known high-grade Polyhalite resource of around 2.66 billion tonnes. The Project was initiated by York Potash Limited (YPL), a subsidiary of Sirius Minerals plc., but in March 2020, a takeover was completed by Anglo American, one of the largest mining companies in the world. Polyhalite is an evaporite mineral and contains essential nutrients required for plant growth. The Polyhalite will be extracted via two deep mine shafts and transported underground from the mine site to a Materials Handling Facility on a Mineral Transport System (MTS), which comprises a high-capacity conveyor belt system located within a 4.9 m ID tunnel. In 2018, STRABAG were awarded with the design and construction of the MTS tunnel and associated infrastructure, including the high-capacity conveyor system. The scope of work consists of 300 m of open cut, 100 m SCL tunnel, 36.5 km TBM drive (originally anticipated as three separate TBM drives) along with a network of underground caverns at the Woodsmith Mine. The construction of two 380 m deep intermediate access shafts was later awarded as Amendments to the Contract. The tunnel is constructed using a Herrenknecht Single Shield TBM. As a result of how the various elements of the project have developed over time, the first TBM drive has been extended to ~29 km making it the worlds longest single heading TBM Tunnel when complete. The option of completing the entire tunnel length with a single heading TBM drive is currently being assessed by Anglo American and STRABAG. This unprecedented tunnel length requires two intermediate shafts to provide essential access and services, the first intermediate shaft is at Lockwood beck (LWB) and the second is at Ladycross (LDX). The LWB shaft has been constructed utilising the innovative Blind Boring technique never used before in the UK. This paper will explain the methodology and technical risk management associated with this technique. The authors believe that the collaborative approach between all contract partners is and continues to be the important contributor for the success of this project.

Jun 13, 2023

By R. R. Potter

"New Brunswick became a separate province in 1784, shortly after the influx of a large number of Loyalists from the United States. Many of these people settled along the Saint John River, including the area of excellent farmland near the present town of Woodstock. There were indications that some of these early settlers recognized iron formations in the vicinity of Woodstock about 1820, however the nature of the deposits was not known until 1836 when Dr. C. T. Jackson, a geologist commissioned by the State of Maine, investigated the mineral potential of the area. Jackson(1) described the ""ore"" as compact red hematite yielding 44 per cent pure metallic iron, and suggested that sizable tonnages may be present. It was about this time that an extensive limonite deposit was found in north-central Maine, near Mt. Katahdin. Other iron depostis were found in the Nictaux area of Nova Scotia, and a few years later at Londonderry* (Fig. 1). In 1837, Richard Ketchum of Jacksonville, on whose land iron ores had been found, petitioned the provincial government to incorporate a company. After much study, the York and Carleton Mining Company Bill was passed on March 15, 184 7. Several other petitions were passed permitting the company to construct roads, obtain woodland, etc. (2) . The first blast furnace was erected in 1848 on the west bank of the Saint John River near the mouth of Lanes Creek."

Jan 1, 1999

By R. R. Potter

"IntroductionAlthough iron formations were recognized in western New Brunswick about 1820, commercial production was not achieved until 1848. The Jacksonville deposits near Wood stock were developed first, and ore was treated at a blast furnace constructed 5 km to the southeast on the Saint John River. Several charcoal burners were also constructed. Pig iron was produced sporadically until 1884, when operations were finally suspended. There was little further interest in the area until 1953, when Stratmat Ltd. initiated an ambitious exploration program. At the same time, the company carried out research on an electric-reduction process to produce metallic iron and ferromanganese. The technical feasibility of this process (Udy process) was confirmed, however the high energy costs were prohibitive and work ceased in 1957. Some metallurgical research was carried out by Mandate Refining Ltd. about 1970 and more recently by the New Brunswick Research and Productivity Council.The Years Prior to 1848New Brunswick became a separate province in 1784, shortly after the influx of a large number of Loyalists from the United States. Man y of these people sett led along the Saint John River, including the area of excellent farmland near the present town of Woodstock.There were indication s that some of these earl y settlers recognized iron formations in the vicinity of Woodstock about 1820, however the nature of the deposits was not known until 836 when Dr. C.T. Jackson, a geologist commissioned by the Stat e of Maine, investigated the mineral potential of the area. Jackson (1836) described the ""ore"" as compact red hematite yielding 44 per cent pure metallic iron, and suggested that sizable tonnages may be present. It was about this time that an extensive limonite deposit was found in north-central Maine, near Mt. Katahdin. Other iron deposits were found in the Nictaux area of Nova Scotia, and a few years later at Londonderry."

Jan 1, 1983

By K. O. J. Sidwell

STRATMAT LIMITED, through its subsidiary, the Strategic Manganese Corporation, controls two adjoining iron-manganese properties five miles west of Woodstock, New Brunswick. One is a staked property of 77 claims traversed by one trunk highway, several secondary roads, and a branch line of the Canadian National railway. The other property, a 20-square-mile Concession immediately to the north-east, is also traversed by an excellent network of roads. Both proper-ties are situated in gently rolling farmland. The deposits were discovered in 1836 by Dr. C. T. Jackson. The first attempt to exploit them was made in 1848 when a blast furnace was erected with a capacity of 7 tons per day. The ore was mined by a series of deep trenches that followed the folds of the enclosing slates. In the late years of operation, bog iron ore from Burton and Maugerville, in Sunbury county, was used in conjunction with the Wood-stock ore. An additional 5-ton furnace was erected in 1863 and mining was carried on intermittently until 1884. No further extensive work was done until 1953. During the period of activity, approximately 70,-000 tons of ore are said to have been smelted ( 1). During these earl y operations the Iron Ore Hill and Moody Hill deposits were partially opened, with the ?bulk of the furnace feed being mined from the Iron Ore Hill workings. The low tenor and apparently limited extent of the deposits, the high. ?content of phosphorus, and the increasing scarcity of fuel, were the chief factors that brought the enterprise to an end.

Jan 1, 1957

By Arthur Taggart

A GENERAL awakening of interest among mill men concerning the mechanical efficiencies of their crushing machines is evident from a perusal of the recent files of mining publications. Considering the large part of the power bill which must be debited to the crushing department, such. interest is natural. When, however, the articles on the subject are read, the only statement upon which the writers agree is that fine grinding consumes a large amount of power, and that the machine which, from a concentration standpoint, offends as a slime producer is, for that reason, a serious offender in wasting power. When the mill man attempts to find a method for measuring the power wasted, or to compare the efficiency of one machine with that of another for the same work, he is confronted with a choice of methods which lead to conflicting results. There are two reasons why the work of crushing is not more generally understood. In the first place, experimental data are difficult to obtain; and in the second place, before these data can be put in general form certain assumptions must be made. A difference in these assumptions by different investigators has led to conflicting conclusions. This conflict has resulted in the proposal of two laws. The first of these is the so-called Rittinger's law, which is variously stated as follows: . "The work of crushing is proportional to the reduction in diameter."-R. H. Richards: Ore Dressing, p. 304 (1903). "The Work required to crush rock is very nearly proportional to the reciprocals of .the diameters crushed to."-A. Del Mar: Engineering and Mining Journal, vol. xciv, No. 24, p. 1129 (Dec. 14, 1912). "The Work done in crushing is proportional to the surface exposed by the operation, or better expressed for this purpose, the Work done on a given mass of rock is proportional to the reciprocal of the diameter of the final product, assuming that all the mass has been reduced to one exact size, which is only theoretically possible."- A. 0. Gates: Engineering and Mining Journal, vol. xcv, No. 21, p. 1039 (May 24, 1913).

Jan 1, 1914

By O. W. Ellis

Introduction During the month of September, 1928 enough money had. been promised by private individuals and corporations to comply with the Research ?Foundation Act 1928 (Chapter 57, 18 George V) of the Province of Ontario. The Ontario Research Foundation (referred to below as O.R.F.) may be said to 1iave come into being at that time. Under the terms of this Act, the Treasurer of the Province was empowered to match dollar for dollar of the sums subscribed by private .corporations and individuals up to a limit of $1,000,000. However, the response to the appeal for this by the Premier of the Province, the Honourable Mr. G. Howard Ferg uson, was so exceptional that the Act was amended in 1929 so as to empower the Treasurer to increase the maximum contribution on the part of the Province to $2,500,000. In March, 1933, the Chairman of the Foundation, Sir Joseph Flaville, Bart., was able to report that, in the interval between the Premier's appeal and December 1st, 1932, private enterprise had paid ?into the treasury of the Foundation $1,670,050, and that the Provincial Treasurer had assumed responsibility for a like sum. The endownment Fund of the Foundation was, therefore. $3,340,100. This sum was ?invested a lm~ s t entirely in Government securities, in securities guar. anteed by the Government, and in 1mmicipal securities. Sir Joseph Flavelle remarked at that time that "The payment of $1,670,050 to the Endowment of the Foundation by private persons and corporations is a somewhat remarkable performance when it is remembered that for three of the five years the business of the country has been suffering from a severe depression". Since that time it has been the consistent policy of O.R.F. to live within the income derived (1) from the investment of its Endowment Fund and (2) from fees collected for services rendered.

Jan 1, 1950