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With a mine output as high as 5000 tpd and mill capacity of 7000 tpd, the uranium mining and milling complex owned and operated by Kerr-McGee Nuclear Corp. in the Ambrosia Lake area is the largest in the U.S. and is likely to remain so for some time. Next year, Kerr- McGee expects to have in production another mine in Section 19 of the Ambrosia area-and will begin ore production in 1976 at its new $15-million mine at Church Rock, located northeast of Gallup, N. M., where the company has already completed the shaft work and is in the early stages of project development. Ore from Church Rock will be transported to the company's facilities at Ambrosia Lake for processing. Kerr-McGee's existing eight mines in Ambrosia Lake go to depths of about 800 to 1500 ft to tap the various horizons of uranium-bearing sands in the Westwater Canyon of the Morrison formation.

Jan 8, 1974

By G. W. MacLeod

The iron ore question in this country has been widely discussed for many years, but only recently has its real significance becoming generally understood. The exhaustion of the old Helen mine, in 1918, marked the last phase of hematite production in Ontario, and with the closing of the Magpie mine in 1921 , Canada ceased to be a producer of iron ore. For the past three years every ton of ore used in Canadian blast furnaces has been imported. In a recent issue of the Engineering and Mining Journal-Press, Arthur B. Pearsons, Assistant Editor, makes the following statement : Iron dominates the world. Some contend that coal is more vital. be-cause heat is needed to make iron and steel. But there are other sources of energy, more convenient and less costly and it is only a question of time when progress in hydro-electric development will have reached the point where coal will be but an incidental source of power and heat. Even more direct means than the generation of electricity by hydro-power eventu-ally will be developed by making available the latent energy of the sun. But iron; Science gives not the vaguest suggestion that anything will dis-place iron and steel as the most essential material tool of modem civiliza-tion. ? Hardness, tenacity, malleability-it possesses all these in unique de-gree. These are some of the qualities that make steel and iron indispensable in modern industry. The domestic consumption per inhabitant of the United States has climbed uniformly from 0.18 tons in 1900, to 0.36 tons in 1922. New kinds of machines and new types of structures are being devised every year; and steel or iron is the basis of most of them." It is unlikely that the Ontario Government were actuated by this motive when they appointed the Iron Ore Committee to investigate and report on the iron ore situation, nevertheless, these facts must have influenced them in some degree.

Jan 1, 1924

By R. C. Tait

The gold at Giant Yellowknife is intimately associated with a complex mixture of sulphides, including pyrite, arsenopyrite, stibnite, and a wide variety of antimony sulpho-salts. Direct cyanidation has never been feasible. Recovery is almost entirely dependent upon flotation, roasting of flotation concentrate, and cyanidation of calcine. In November 1958, an Edwards-type roaster and an early prototype, two stage Fluosolids roaster, were replaced by a large two-stage Fluosolids roaster of improved design. The new roaster was started at "safe" medium temperatures, but early in 1959, temperatures in both stages were gradually and deliberately lowered to determine whether continuous autogenous roasting could be maintained under exacting low temperature conditions necessary for good extraction. Operation is smooth and continuous with first and second stage temperatures controlled at 925° and 875°F respectively. Plant cyanide ex-traction compares very favourably with extraction from low

Jan 1, 1961

By Allan E. Hall, Stephen G. Hardcastle, Lucien D. Nel, Jean-Paul Saindon

A description is given of the investigation conducted at Sherritt Gordon's Ruttan Operation in Manitoba during 1986. Gas and dust concentrations were measured in the exhaust air of the major working sections to assess the potential for recirculating exhaust air into the intake air in winter to reduce heating costs. The results indicate that there is excellent potential to significantly reduce winter heating costs by controlled recirculation of exhaust air. Gas and dust concentrations vary significantly during the working shifts but have consistent trends from shift to shift and day to day. The variations in gas concentrations have similar trends but no single gas could be reliably used to predict the variation of the other gas or the dust concentrations. Dilution and the other effects which reduce pollutant levels as the exhaust air returns to surface indicate that recirculation should take place as close to surface as possible, subject to the economic constraints of the airway construction required and the extra fan energy required for the longer recirculation path. Recommendations are made for the choice and positioning of air and dust monitoring sensors and the logic of a control system. Economic analysis of the results indicates that controlled recirculation is viable at an existing mine with a pay back period of approximately two years. Incorporation of a system into a new mine at the planning stage would significantly shorten the pay back period.

Jan 1, 1987

By A. O. Dady

PRODUCERS of both bituminous and anthracite coal have for many years been worrying about the gradually decreasing consumption of their product in the United States. Twenty years ago production had climbed to a peak of 569,000,000 tons of bituminous and around 90,000,000 tons of anthracite. In 1939 it was about 393,000,000 tons of bituminous and 51,000,000 tons of anthracite. This does not mean that the country is using less polver than it did twenty years ago, or that we are living in colder buildings. As a matter of fact, about three times as much electric power is now being consumed as in 1920. In general two factors are responsible for the drop in coal consumption: (1) greater efficiency in the use of coal, and (2) increased competition from hydro power, internal-combustion engines, and substitution of oil and gas for coal in conventional furnaces. As to the first factor, it took 3 Ib. of coal to generate a kilowatt-hour of electricity in central stations in 1920 and it takes 1.4 Ib. now; it took about 175 Ib. of coal in railroad locomotives to haul 1000 long tons a mile in 1920 where it talces about 120 lb. now: and marked economies have also been made in the use of coal in steel plants: in by-product coke ovens, and in other large uses. As to the second factor, three times as much electricity is produced from water power now as was produced in 1920; three times as much oil is being consumed in various ways; and likewise, the consumption of natural gas has tripled- whereas coal consumption in the same period has dropped by 40 per cent

Jan 1, 1941

By R Stefansen, T Wisdom, A Nicholson, K Rahal

The challenges of increasingly scarce water resources and the risk of dam failures has seen the mining industry turn to sustainable tailings management solutions such as dewatering and dry stacking. Filtering tailings has been seen in the past as a cost-prohibitive process for larger throughput mines. However, as larger pressure filters are developed, the economic case for filtered tailings has gained traction.Focus has largely been placed on the correct design and operation of the filters. It is critical, however, that the material handling portion of the disposal system is also properly designed and operated. Thorough testing at laboratory and pilot scale to determine the conveying properties of the filtered material needs to be conducted. This testing will insure the material handling system meets the important availability needs of the mine even during periods of variability in the upstream processes and mine plan.The control system must also be robust and flexible in design to compensate for this upstream process variability. The control system needs to allow for different flowsheets including straight filtered tails as well as EcoTails™, a low-energy solution for co-mingling waste rock and filter cake.This paper will present case studies of different material handling solutions, the testing required for them and the lessons learned from each.CITATION:Rahal, K, Nicholson, A, Stefansen, R and Wisdom, T, 2018. Material handling testing and control system requirements for dry stack tailings, in Proceedings Mine Waste and Tailings Stewardship Conference 2018, pp 361–368 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 23, 2018

By M. B. Cooke

An analytical method for the determination of the gum-forming material in gasoline has been developed by the Bureau of Mines, during a study nor in progress to determine the best rays for elimination of such constituents from gasoline. This method is similar in principle to that previously described by Smith end Cooke,2 which involved evaporation of e sample of gasoline in a small glass dish. The evaporation was started on an actively boiling steam bath and completed in an air oven at 105°C. In the improved method described below, the stem bath has been replaced by a steam heated oven in which an inert atmosphere is maintained. Air is excluded from the oven, consequently the precision of the determination is increased. Furthermore, evaporating dishes different from those previously described may be used.

Jan 1, 1925

By J. Fogarty, J. Sofra

The mobile telecommunications sector is one of the fastest growing industries worldwide. However, increasingly stringent environmental regulations are placing pressure on manufacturers to accept responsibility for end of life products. The companies are therefore exploring avenues to recover the valuable components contained within the mobile telecommunications devices thus reducing the quantities of toxic components going to landfill. Batteries used to power the devices, are typically based on either nickel-cadmium, nickel metal hydride, or lithium ion cells. They contain toxic metals including nickel, cadmium, lithium, potassium, lead, and cobalt in a complicated arrangement of battery cells surrounded by a metals then plastic casing. The Ausmelt Catalytic Waste Converter (CWC) for waste treatment and recycling is well suited to processing all three mobile phone battery types for the recovery of valuable metals in marketable products that can be recycled to industry without turning out harmful levels of toxic emissions. Ausmelt recently demonstrated the capabilities of its CWC by continuously processing 4.5 tonnes of nickel-cadmium batteries. Using Ausmelt's pilot plant facility in Australia, the nickel-cadmium batteries were processed to produce a nickel iron sulphide (matte), a cadmium fume and a final slag which satisfied CS toxicity leach test criteria and was safe f<~r disposal to landfill. This paper explores the commercial development of the Ausmelt CWC for treating each of the three battery types in light of (a) the outcomes of the recent demonstration, and (b) the current and expected future availability of batteries for processing.

Jan 1, 2000

By J. R. Martson

The arrangement of the larger furnace at the United Verde smelter, together with the boiler layout and connecting flues, is shown in Fig. 1. The important dimensions are given in the figure, and cross-sectional areas of combustion space, flues, etc., are recorded. The location and extent of the baffling in the boilers also are shown because of their importance in the interpretation of the data. Two boilers serve each reverberatory furnace. They are of the class M-26 Stirling type (rated at 713 boiler hp. each). Steam is generated at 178-lb. gage pressure at a total temperature of 528" F., from feed water at a temperature of 113" F. The feed water is condensate from turbogenerators plus make-up softened by the lime-soda process. The make-up is rather large in amount as it must match the amount of steam consumed in reciprocating blowing engines and the like, which are not served by surface condensers. As a result the boiler feed water has a hardness of 1.5 to 3.0 grains per gallon, but this results in the formation, during six months to one year of boiler operation, of scale only of "eggshell " thickness or less. The boilers are set at the same elevation as the tapping floor of the furnace, which results in the introduction of the waste-heat gases at the top of the front bank of tubes and necessitates the inversion of the usual baffling arrangements. The boilers are equipped with valve-in-the-head soot blowers, which keep most of the dust blown off the surface of the tubes, but it is necessary to supplement the soot blowers by high-pressure air lances, inserted by an attendant through side doors in the boiler setting. Deposits of coal ash and of dust from the furnace charge accumulate in the flues between the reverberatory furnaces and the boilers and this necessitates cleaning of these connecting flues by hand during the greater part of one of the three 8-hr. shifts during each 24 hr. This cleaning operation requires the opening of clean-out doors, which, of course, has some effect on the yield of steam. Revebberatory Furnace Practice The United Verde furnaces are fired with pulverized coal of sub-bituminous type of which the screen and chemical analyses are given in Table 1.

Jan 1, 1934

By K Jupp, T J. Howard

Cliffs Natural Resources Pty Ltd (CNR) operates iron ore mines in the Koolyanobbing region of Western Australia, about 50 km north of the town of Southern Cross. Ore is trucked from three geographically isolated sources to the crusher at Koolyanobbing, where it is blended before and during crushing. Lump and fines products are produced and railed to Esperance for ship loading and export to Asian customers. CNR is examining alternative processing paths, from mining to ship loading, with the aim of improving efficiency and reducing costs. Modifications to the system must be consistent with potential future expansions and maintain the low inter-shipment grade variability on which CNR prides itself and has built a strong relationship with its customers. In searching for the optimum process design, many options from mine face to ship loading must be evaluated and compared. Pilot plant studies are infeasible, while complex mineralogical interactions, competing goals and numerous possible system configurations limit the applicability of theoretical analysis. It was therefore concluded that simulation modeling would provide the confidence to take the next step into production trials. This paper describes techniques applied at CNR to simulate grade variability resulting from potential process design changes. The simulation models are easily run Excel-based modules, with each module representing a different part of the process. The modules use extensive Visual Basic macros driven by Excel&apos;s user-friendly interfaces. Presentation of the results is enhanced by Excel&apos;s excellent graphical capabilities. The simulation software stores and graphically presents time-stamped data from a run, enabling detailed analysis of different process configurations. Final success of a simulation run is measured by inter-shipment variability (standard deviation and process capability) and in-process ore tonnages. Meaningful results from the simulations require the initial input data contain the same correlations present in the real production environment, between the mineral components, production linkages and across time. The data also have to allow simulation of potential changes to mining method and introduction of new pits into the blend. Mining data from the real operations under study are therefore used, with average grades and variability adjusted to match potential future development proposals. It is also necessary to filter out medium and long-term variations from the production data as this variability is best controlled through the conventional medium to long-term mine planning process, not by the process design being studied. The filtering was carried out using a Fourier transform technique, which is described.

Jan 1, 2009

By T. T. Chen

Hydrometallurgical products are difficult to characterize because of their fine grain sizes, heterogeneity, often amorphous structures and water soluble or hydrated constituents. Such products are advantageously studied using complementary mineralogical techniques including >50, ore microscopy, SEM-EDX, electron microprobe analysis, selective leaching and wet chemical analysis to determine the phases and their morphologies, to identify specific element carriers, and to elucidate the chemical reactions occurring during the metallurgical process. Sample preparation is an important consideration for these materials. For extremely fine-grained particles, or soft and brittle products such as elemental sulphur, the study of loose powder mounts provides information not available from the examination of polished sections. To demonstrate the application of the various mineralogical techniques, commercial zinc roaster calcines and leach residues, copper refinery anodes and anode slimes, and laboratory bornite leach residues were examined in detail. The various sample preparation and mineralogical methods are presented, and the use of these complementary and practical mineralogical techniques to improve the understanding of a particular hydrometallurgical system is discussed.

Jan 1, 1989

By Ivor Jenkins

PROCESSES employing controlled atmospheres in the heat-treatment of metals and alloys are now well established on an industrial scale, and the general principles involved and the advantages to be gained in the use of the technique have received considerable publicity over a period of years. During this time the greatest emphasis has been on the establishment of the process in industry, the main effort being devoted to development work on various types of atmospheres, their useful fields of application and the design of suitable heat-treatment furnaces in which they are to be used. The various types of controlled atmospheres are fairly well standardized, but there still remains a considerable field for the investigation of related problems, in connection with both the gas-generating equipment and the surface chemistry of the heat-treatment of metals, especially in complex controlled atmospheres. This paper describes certain investigations of this nature that were carried out in England up to 1939. The development of processes employing controlled atmospheres has been associated to a very large extent with the heat-treatment of steels, both because of the major importance of steel in industry and the many diverse and difficult problems of surface chemistry involved when steels of such a wide range of composition are heated in the presence of active gases Controlled atmospheres such as dissociated and burnt ammonia or charcoal gas are used in the heat-treatment of low-carbon and high-carbon steels, but from certain points of view a suitable atmosphere generated by the partial combustion of city gas is to be preferred. Both the ammonia derivatives are comparatively expensive, and even if the burnt ammonia is regenerated, thereby reducing operating costs, the capital expenditure of the gas plant may make it prohibitive for the smaller type of furnace installation. Charcoal-gas generators are not without their operating difficulties: especially those associated with the quality of the charcoal, clinker formation and the removal of carbon dust from the generated gas. City gas has the advantage of being comparatively cheap and "on tap" in most if not all industrial centers. The use of raw city gas as a protective atmosphere in the heat-treatment of steels has been described,1 but it presents certain difficulties because of its complex composition and its explosive nature when mixed with air. These factors, together with the tendency toward sooting at elevated temperatures, arising mainly from the hydrocarbon gases present, all militate against its use as a protective atmosphere in industrial furnaces. The following analysis, based on the analyses of city gas in different localities in Great Britain, indicates the wide limits existing

Jan 1, 1947

By S. L. Aaroe

"TYRETHANE PRODUCTSTyrethane® is the family brand name which has been adopted by The W. S. Tyler Company of Canada, Limited to identify its polyurethane products. Since we have been manufacturing Woven Wire Cloth for over one hundred years and have been the innovator for most of the product improvements and developments of that industry, it is only natural that our first and primary efforts involve the use of Tyrethane® as a screening medium. The product is ideal for application in the mining industry and other operations where the rate of wear on existing media is exceptionally high.In the event that you have already had some experience with polyurethane it should be poirted cut that there are many grades of the material. The polyurethane used in Tyrethane® Products will be compounded in a variety of chemistries and different heat treatments will be used to develop best mechanical properties to handle specific applications. However Tyrethane® will not be a ""cure all"" but when it is properly applied as a screening medium it will assist by lowering the unit cost for screened materials.Prior to an explanation of the advantages of Tyrethane® let's review the conventional screening media whose applications may be considered as good candidates for replacement by Tyrethane®.1.,Woven Wire Cloth.2.,Perforated metal screens.3.,Rubber faced perforated metal screens.4.,Perforated rubber screens.5.,Cast steel screen segments and weldiments.6.,Profile wire.In most cases a Tyrethane® section is designed for a one for one replacement of the material now being used. It is rarely necessary to modify the screening equipment to enable you to install the Tyrethane® Product although it may be desirable to take some steps to improve the service life of hold down components such as Clamping Strips or Tension Members. Those parts can be encapsulated in polyurethane if necessary.To fabricate the Tyrethane® section we have three basic building blocks. They are: (1) Small molded segments having square or slotted openings, (2) Reinforcing material and (3) the raw liquid polyurethane."

Jan 1, 1976

By Melitza Cornejo

La lixiviación con cianuro es el proceso utilizado por la industria minera para extraer oro y plata. El cianuro es un compuesto tóxico para la mayoría de los organismos vivos. Sin embargo, muchos microorganismos son capaces de tolerarlo e incluso degradarlo. En ese sentido, el texto caracteriza y analiza la composición de las comunidades microbianas de suelos y aguas contaminadas por residuos de cianuro, producto de la actividad minera en la región La Libertad a través de la metagenómica dirigida al ADNr. De forma que se logró aislar e identificar molecularmente 89 cepas microbianas, como los géneros Pseudomonas, Bacillus y Alcaligenes. Asimismo, la capacidad de degradación del cianuro ha sido establecida en base a pruebas in vitro considerando estas cepas, ya sea individualmente o en consorcios.

Jan 1, 2017

By C. Hazotte, M. -O. Simonnot, V. Houzelot, B. Laubie, M. Guilpain, B. Jally

"More than 400 plants in the world are able to accumulate nickel (Ni) in their aerial parts at concentrations higher than 10 g per kg of dry biomass. Then, Ni can be recovered from the biomass of these hyperaccumulator plants. Agromining is a chain consisting in growing such plants and producing metal. It has been developed thanks to the combined know-how of agronomy and hydrometallurgy. Hydrometallurgical processes have been designed; two different pathways were developed: i) acid leaching of ashes after biomass combustion and ii) direct Ni water extraction after biomass grinding. Experiments with 2 species of Ni hyperaccumulators (A. murale from the Balkans and R. bengalensis from Malaysia) have shown that the first process is very robust and transposable. For the second one, the way Ni is stored in the plant has a strong influence on extraction. A. murale transformation was explored in more details from the lab scale to the pilot scale. Results proved that Ni is totally transferred into the aqueous phase after 2 hours at 90 °C. A life cycle assessment has clearly shown the environmental interest of this approach (especially by detoxifying agricultural soils). INTRODUCTION Agromining is an emerging phytotechnology aiming at recovering metals thanks to hyperaccumulating plants (van der Ent et al., 2018). These plants are able to accumulate very high concentrations of metal in their aerial parts. For example, for nickel, the hyperaccumulation threshold is 0.1%, i.e. 10 grams of metal per kilogram of dry biomass. There are some advantages to use this technology instead of conventional mining techniques: •,Treating unconventional metal resources: they can be (i) natural soils with low concentrations but also low fertility because of the metal presence (like serpentine soils for Ni) (Bani et al., 2015), (ii) mine tailings or (iii) industrial wastes (like surface treatment sludge) after soil construction (Rue, 2017);"

Jan 1, 2018

By Derek Perkins

"Brenda Mines Ltd. operates an open pit copper and molybdenum mine located in south central British Columbia. The main economic mineralization is chalcopyrite and molybdenite. Pyrite, galena and sphalerite are also present in varying quantities. The mineralization is present in small veins and fractures in a porphyritic quartz diorite host rock.The mill processes approximately 30,000 tonnes of ore daily. The ore is crushed in three stages and then ground in conventional rod mill - ball mill circuits with cyclone classification. The cyclone overflow is fed to the bulk flotation circuit as a pulp with a density of 50% solids. The particle size distribution is approximately 35% plus 65 mesh. Bulk rougher and cleaning flotation produce a concentrate grading approximately 20% copper and 4% molybdenum. This concentrate is fed to the separation circuit, where the copper is depressed with sodium hydrosulphide and the molybdenum is floated. These products are further ground and then upgraded by column flotation. The molybdenum concentrate is pumped to the leach plant to reduce concentration of lead and copper. It is then washed, filtered, dried and packed for shipment to Europe. The copper concentrate is filtered, dried and subsequently shipped to Japan.Prior to November 1977, the mill flotation control was carried out by the assay laboratory using a Philips PW 1540 sequential x-ray spectrograph. The assay set consisted of twelve samples, analysed on a two hourly basis for copper, molybdenum, lead, iron and silica.In order to provide elemental composition information on a much shorter sampling interval and to produce speedier control analysis for automating process control, an Applied Research Laboratories PCXQ on stream analyser was purchased. The installation of this analyser, reduced the turnaround time of the control analyses from (2) hours to (20) minutes. At Brenda, the following assays are used in the mill control strategies."

Jan 1, 1989

By AIME AIME

HE State of Utah has an area of 84,990 sq. mi., and like other inland states in the West its population, although steadily increasing, is relatively small. The fact that it is a state possessing vast mineral resources is attested by a careful study of statistics which have been compiled by Federal and State investigators. Some idea of the extent of these resources and the degree of development of a particular state or region may be gained by such a study, but in the case of Utah statistics and other available information fail to portray completely the true extent and value of its existing metallic and non-metallic resources. The State is probably more widely known for its production of metallic ores which has placed it in an eminent position among the metal mining states of the Nation.

Jan 1, 1925

By Judson H. Whitman

To evaluate intelligently and to market a source of rare earth raw material, it is necessary that the producer understand the requirements of the processor and the manner in which these requirements effect the value and salability of his product. This paper will be an attempt to aid in such an understanding. The majority of rare earth processors are primarily chemical companies, not mining or metallurgical companies, as the complexities of the processing procedures are&apos; much more chemical in nature than metallurgical. The rare earths and the rare earth industry are normally divided into two groups - the ?light? or cerium group and the ?heavy? or yttrium group. They are so named because cerium and yttrium are the most common elements in &apos;heir respective groups and are so divided on the basis of mineralogical and chemical characteristics. The dividing line of the two groups is not rigidly fixed but usually is considered as being between samarium (atomic number 62) and europium (atomic number 63). Although the two groups are quite similar, processing procedures differ significantly, hence most processors tend to specialize in one group or the other. There is, however, a growing tendency toward participation in both groups.

Jan 1, 1960

By R. L. Hills

America&apos;s industry uses about 44% of the total energy consumed by the nation directly as fuel burned in industrial plants or indirectly as fuel burned by utilities to provide electric power. In addition, industry requires raw materials or feed stocks derived from fuel sources or having fuel value. This represents about 11% of total U. S. energy consumption, bringing industry&apos;s portion to about 55%. Adding that portion of energy consumption required by the transportation sector to move raw materials, intermediates, and finished products, the total energy impact of industry approaches 213 of total U. S. consumption. It is obvious that American industry has the largest share in the task of balancing energy demand and supply. What are we going to do? -- We must increase the supply of energy and increase the beneficial results obtained from each unit expended. Both avenues, unfortunately, are limited in extent and speed. Increases in supply cannot occur without drastic and permanent increases in cost. These increases in cost are un- desirable and inflationary but do provide incentive for the rational businessman to expend the effort and money required to improve the effectiveness of energy in industry.

Jan 1, 1975

By Arthur Notman

For the period January 1st, 1942, to January 1st, 1946, the American Bureau of Metal Statistics records the gold production of the world as 118,788,000 fine ounces. If we include 1946 at the same rate as 1945 (26,- 590,000), we arrive at a total of 145,378,000 fine ounces in the past five years . Included in these figures are estimates of Russian output at 4,000,000 ounces per annum for the five years, and 1,300,000 ounces per annum for Korea and Japan. The remaining 120,000,000 ounces represent the aggregate production from official reports of the other gold producing areas of the world, with the exception of the 1946 figures, as noted above. At $35.00 per fine ounce, this represents $5,188,230,000. According to the reports of the Federal Reserve System of the United States, on December 31st, 1941, the monetary gold reserves of the United States were $22,736,- 600,000 (at $35.00 per fine ounce) , while on October 31st, 1946 (latest available) , they had fallen to $20,402,000,000, a decline of $2,334,600,000. Adding this decline to the value of the new production for the five years, we have a total of $7,522,830,000, which has been absorbed by the rest of the world since Pearl Harbour, a rate of absorption of over $1,500,000,000 per annum. This has taken place at a rime when the advocates of purely managed currencies had convinced many people that gold performed no really essential function in the world&apos;s economy, and that we could get along perfectly well without it. It was pointed out that gold could not be eaten, it could not clothe our nakedness, it could not shelter us from storms, and, therefore, it was a non-essential, even though it could be used to settle international balances of trade. Apparently, the world as a whole still regards it as preferable to the paper promises of governments, however sound, relatively, they may appear. Actually, we have no way of measuring the true strength of this feeling, because the principal governments of the world have made it legally impossible for their citizens to own gold, except in the form of ornaments.

Jan 1, 1947