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The Circum-Pacific area is one of the most important gigantic skarn-metallogenic belts in the world. In more than 20 coastwise countries of this region, there exist thousands skarn deposits of different types. According to the differences of major metallic elements, the skarn deposits may be classified into seven subtypes, i.e. Fe, Cu, Pb-Zn, W, Sn, Mo and Au skarn deposits. In this paper, the distribution. and geological characteristics of above-mentioned types of skarn deposits are described briefly. Skarn deposits may also be classified on the basis of the dominant calc(magnesian)-silicate mineral assemblages into four types: magnesian, calcic, manganoan, and alkaline skarn types. Magnesian skarns may be associated with Fe, Cu, Au,, Sn, B, Be mineralization, calcic skarns with Fe, Cu, W, Mo, An, Be, Pb, Zn, Sn minerailization, while the alkaline skarns occur in U(Th, Nb) deposits. The skarn deposits of both East and West Pacific rims have many general characters, but have some diferences in geotectonic settings, intensities of mineralization, distribution, and metallogenic epoches. In this paper, the minerogenetic series and the mineralizing specialities of related magmatic rocks of the skarn deposits are also discussed.

Jan 1, 1990

By James P. Bowersox

Modem mineral processing plants handle large amounts of ore and produce large tailing streams. Plant performance can be optimized when the water is quickly recovered with a thickener. The caisson thickener was developed to overcome process and mechanical problems with the conventional traction and center column units. The caisson is a hollow center column that serves as a pump house. The rake arm structure is supported by a hydrostatic bearing which sits on top of the caisson. The caisson thickener with a hydrostatic bearing has operated for many years in several mineral processing applications.

Jan 1, 1981

By M. G. Ayat

Coal degradation is the breakage of coal particles to finer sizes due to the continuous forces of attrition and gravity to which coal is subjected during mining, handling and preparation. The objective of this paper is to determine the extent of degradation that a coal slurry experiences when transported through pumps and pipelines. The examination of degradation results for a number of different coal slurries have indicated that the extent of breakage is dependent upon the physical properties of coal and the time span of circulation. These results have also indicated that certain size fractions of coal are more susceptible to breakage than others.

Jan 1, 1986

By G. W. Phelps

This discussion deals with the geology o£ the Tennessee-Kentucky ball clay deposits; their mineralogy and chemistry; methods of finding, mining and refining; and makes observations on reserves of and future prospects for these clays. Ball clays appear in ceramic formulas for manufacture of vitreous china sanitary-ware, electrical porcelains, floor and wall tile, dinnerware and artwares(l). This type of clay is used for refractory (2) and abrasive products(3), and as a suspending agent for ceramic glazes(4), engobes(5) and porcelain enamel slips(6). Although some ball clay is imported, probably 85-90 percent of ball clay used in the USA(7) is obtained from deposits in Weakley, Henry and Carroll Counties in Tennessee(8), and in adjacent Graves County, Kentucky(9). The term "ball", as applied to clay, probably derives from former mining practice in England whereby conveniently-sized blocks of clay were cut from moist clay beds by spading(10), The expression "ball" has no other technological significance. ASTM(11) defines ball clay as "a secondary clay, commonly characterized by the presence of organic matter, high plasticity, high dry strength, long vitrification range, and a light color when fired." This, and similar(12) definitions, applies to English ball clays but is not satisfactory for many American ball clays. Geology of the Tennessee-Kentucky Ball Clay Deposits Figure 1 shows that most commercial clay areas of the eastern United States lie near the edge of the Coastal Plain; a skew-shaped configuration of its landward boundary outlines the Mississippi Embayment(13), Near the apex of this basin a broad plain, with a rolling, Bullied topography(14), dips gently westward from the Tennessee River to bluffs at the edge of the Mississippi River flood plain.

Jan 1, 1972

Mineral sands are different to almost any other commodity; however, it shares similarities with other commodity types, such as the importance of quality constraints of iron ore and coal or the importance of physical properties of diamonds. The mineral sands industry consists of two principal product streams; titanium dioxide minerals û in the form of rutile, ilmenite and leucoxene, and zircon. The principal valuable heavy minerals (VHM) include ilmenite, leucoxene, rutile and zircon. Variations of other titanium minerals occur between the end members of ilmenite and rutile, including pseudo rutile and anatase. Most mineral sands deposits are found in unconsolidated fossil shorelines several hundreds of metres to tens of kilometres and occasionally hundreds of kilometres inland from the present coastline. Mineral sands orebodies essentially fall into two categories based on the mode of deposition: alluvial or aeolian. Alluvial deposits are further split into marine beach placers (or strandlines) and lacustrine heavy mineral (HM) accumulations. Exploration for mineral sands involves the positive identification of key criteria leading to the focus of exploratory surface sampling, augering and drilling. Assaying is primarily focused around determining the percentage of HM contained within a given sample. Other results of interest include clay fines, sand and oversize. Metallurgical/mineralogical assessment is often undertaken via laboratory scale bench tests that replicate the wet concentration and dry mill processing routes. The most critical component in resource assessment for mineral sands is about quantifying HM grade, then mineralogical assemblage and then quality of those mineral species. This will determine whether a mineral sand final product is marketable or not. Mining of mineral sands is conducted either wet or dry. Wet methods are generally preferred for large tonnage, unconsolidated and low clay orebodies. Where ground conditions are hard and orebodies are small, high grade and discontinuous, dry mining techniques are generally employed. Concentration of mineral sands from the primary ore is carried out in two sections; wet, utilising sizing and gravity differentiation between HM, VHM, clay and quartz, and dry, exploiting the magnetic, electrostatic and to a lesser extent specific gravity (SG) properties of the minerals of interest. Mineral sands exploration, mining and processing faces the same operating challenges as the rest of the resource sector. Added to this are the issues that are unique to mineral sands and to which the industry devotes considerable resources to developing solutions.

Jan 1, 2009

By R. L. Stanton

"The present contribution examines, in some detail, what appear to be the three outstanding features of the field occurrence of the conformable ""pyritic"" deposits. These are their association with fragmental volcanic rocks (and derivatives), their occurrence in sediments of near-shore formation, and their highly variable structural associations.In a recent paper it has been suggested that two such ""pyritic"" de-posits in New Brunswick may have originated as marine concentrations of volcanic base metal and sulphur compounds, and that many of their present features are the result of diagenesis, folding, and regional metamorphism. This is now put for-ward as a general explanation for the particular class of deposit considered.Such deposits should, on this hypo-thesis, be regarded quite simply as an integral part of the particular geological environment in which they occur -as a normal, though minor, sedimentarry type developed, char-acteristically, in near-shore and shelf facies of intravolcanic units formed along the margins of eugeosynclines. They should not be considered -as, for example, is required by the re-placement theory -as later features simply superimposed on a geological situation to which they are genetically unrelated. Where they are associated with folds and other structures, this may be attributed, from one in-stance to another, to mechanical migration during folding, weaknesses induced by pre-existing sulphides, and, occasionally, to fortuitousness.In the light of this postulated origin, it is suggested that the first stages in regional prospecting for deposits of this particular class should be broadly palaeogeographical. Later phases of the search should then be directed to the delineation of sedimentary facies and, finally, to the investigation of geological structure."

Jan 1, 1960

Although mining, particularly of gold and coal, played a significant role in the development of New Zealand, from the time of the spectacular gold rushes of the 1860s its economic importance to the country as a whole has decreased substantially since that time. Gold, coal and non-metallic agricultural and industrial minerals have been found in economically significant quantities, however, the search for base metals has not been successful.

Jan 1, 1982

By Theresa Y. Schulz

It is interesting to study the noise standards that have been promulgated in the US over the last decade or so. These regulations are likely to have long-lasting impact. The Occupational Safety and Health Administration (OSHA) Hearing Conservation Amendment (March 1983) continues to have influence not only in the workplace but in the debate over new regulations. Both the Mine Safety and Health Administration (MSHA) and Federal Railroad Administration (FRA) regulatory preamble documents state the desire to be consistent with OSHA. An examination of Table 1, which compares the major components of the three regulations and the 1998 NIOSH “best practices” criteria, depicts the extent to which that intent is met. There has been some regulatory activity in the last decade which may give some hope for evolution and updating based on the wealth of science that has occurred during the last quarter of a century since the OSHA regulation was enacted. However there has also been some “back-sliding” toward more lenient standards. The MSHA noise standard made regulatory progress in September 2000 by emphasizing engineering and administrative controls, followed by personal protective equipment, in the hierarchy of noise intervention. MSHA’s requirement for technician certification (today only available from CAOHC) strengthened the training requirements for audiometric testing in hearing conservation programs and MSHA also added the requirement of dual hearing protection at 105 dB TWA. There were many subtle differences between OSHA and MSHA based on comments and a desire to clarify some of the vague aspects of the OSHA noise standard, and meet the needs of the regulated mining industry. One example pertains to the ceiling for exposures. OSHA says, “no exposures >115 dBA,” which is interpreted to mean no unprotected exposures above that level, giving credit for the assumed effectiveness of hearing conservation programs, hearing protection devices and administrative and engineering controls. MSHA specified that a “P” code1 violation be issued for any protected or unprotected exposures >115 dBA. The Federal Railroad Administration (FRA) noise standard for railroad operating employees, which went The Modern Evolution of Hearing Conservation Regulationsinto effect February 26, 2007, was expressly based on the OSHA standard but also uses MSHA for comparison. The preamble states that the FRA defers to OSHA as the “primary regulator of noise in the workplace,” but also acknowledges the need for some departure from the OSHA regulation (FRA Preamble II.B). As an example, FRA requires testing at 8000 Hz “because it will allow employers to identify hearing loss sooner.” The FRA rejected MSHA’s hierarchy of noise controls in favor of requiring specific engineering interventions and focusing on appropriate hearing protection which would still allow communication and audibility, and identification of excessive noise through employee-filed “excessive noise reports.”2 Where OSHA has no specific mandate requiring employees to take advantage of the employer-paid audiogram, it has been traditionally a condition of employment and is generally accepted that OSHA-covered workers require an annual audiogram. MSHA addressed this issue in its preamble; however, they made no significant change. MSHA employers are required to offer annual audiograms but MSHA stopped short of requiring employees to comply with annual audiometric testing. The MSHA preamble does allow that mine operators can also make audiometric monitoring a condition of employment. FRA requires employees to

By Claude Cunningham

Difficulty has always attended the evaluation of rock breaking energy available from explosives, owing to the complexity of the way in which it is released, and the destructive amplitude of the pressures. Many problems have arisen and continue with this difficulty, including the following: I. Formulation of improved compositions to deliver appropriate energy levels to the blasthole walls, or to deliver previous results at improved cost. How appropriate is it to use various ingredients, such as Aluminium, water, salt? 2. Claims over energy issues, resulting in wasted time and expense, over things that sound good in theory but are very difficult to tie down. 3. Purchasers of explosives make decisions based on claimed “Bang per Buck” from different manufacturers, where the estimate of “Bang”comes from simplistic numbers from various, very unequal detonation codes. The above problems are escalating as time progresses. Using the high level IDeX PC 2000 detonation code, we have found a way to portray the differences between formulations in a way which relates to their breaking effect in the field. The basic method is to plot the adiabat from the detonation state to full expansion in units which express the practical implications. Energy alone cannot deliver results, so we use the curve to examine its manifestations: pressure and temperature. Internal energy is plotted with these. The method displaces relative energy numbers, as it portrays the context in which the energy is available. It is used here to compare an ANFO, an emulsion and a doped emulsion, as well as the effect of Aluminium. The effect of the shock pressure regimes and temperature correlate well with what is seen in the field.

Jan 1, 2000

By James A. Martin

In relating geology and mineral resources to the nongeologist engaged in planning and zoning, a major hurdle to overcome is often the concept of natural resources. Statements listing such "resources" generally include and often may he limited to such items as "open space", "buildings of historical value", "forest and wilderness areas", and "sites of natural beauty" but seldom mention minerals even where they are of significant economic importance to the area. Unfortunately, mention of mineral resources is often limited to statements calling for tight controls on mining to prevent "ravaging of the land". While, the concept of sequential use involving mining is sometimes acknowledged, it is frequently done in such a manner that this approach is discouraged. In the conflict for land between urban development, recreational open space and mineral extraction, far too often the mineral industry will be the loser. In Missouri, there have long been continuing requests for geologic and resource data for planning purposes from city and county government and from Federal agencies for inclusion in the various river basin studies and Soil Conservation Service projects. These reports vary in detail from concise statements of the geology of an area to rather lengthy reports on mineral and water resources, bed rock and engineering geology characteristics. In most cases, these reports as written were directed to a geologically-oriented reader. Our initial approach to presenting geologic data to the land-use planner was in the area of engineering geology with attempts to show the limitations that bedrock and soil conditions can place on development. The first formal reports, engineering geology studies of urban areas, were released by the Missouri Geological Survey in

Jan 1, 1976

By George A. Morgan

The production and processing of crude petroleum and natural gas are the dominant economic sectors of the Middle East. The IS countries that constitute the region accounted for 26% of world crude petroleum output, 17% of world natural gas plant liquid production, and almost S% of world dry natural gas production. About 66% of total world crude petroleum reserves and 31 % of total world natural gas reserves are in the Middle East. Transportation and port facilities in the region are geared to expediting efficient and rapid shipment of these materials. U.S.-dollar-denominated export sales of these fuels, estimated at $120 billion in 1989, provide funding for further diversification of the mineral industry. This is usually through development of downstream facilities for producing energy intensive metals such as aluminum and byproducts of the fuels such as petro-chemicals and fertilizers. Earnings from the industry are also channeled by sever-al Governments in the region to mineral industry projects in Africa and elsewhere. A fairly wide range of nonfuel minerals is produced in the region. However, the variety of minerals produced, output levels, and the size of the overall nonfuel mineral economy is dominated by Iran and Turkey. Turkey, with a diverse mineral production and strategically situated between Europe and the Middle East, ranked among the top three world producers of boron, chromite, pumice, and strontium. It was also a significant world producer of magnesium com-pounds, mercury, and sodium sulfate. Iran had generally lower output owing to 9 years of neglect to the mining sector between 1979 and 1988. It was a significant producer of gypsum and fifth in world production of strontium. Despite a very small domestic mineral industry, Israel was second in world production of bro-mine and a significant producer of phosphate rock and potash. Jordan ranked fifth in world production of phosphate rock. Iraq ranked about eighth in world production of sulfur, a commodity of major importance in the metallurgical, petrochemical, and fertilizer industries.

Jan 1, 1992

By W. A. Smith, M. C. Bekker, C. Marnewick

Projects or project-orientated approaches have become a common form of work in nearly all sectors of economies. This has led to concepts such as ‘projectified’ and ‘project orientated’ organizations. By defining projectification of a company, industry, or economy as the share of project work in total work, one can reasonably determine the impact that project management, and by default projectification, has had on that company, industry, or economy in terms of staff optimization and allocation. This paper presents the results for such a projectification study of the South African mining industry. This sector has long been a significant contributor to the country’s economy from a gross value added (GVA) and employment point of view. Understanding the impact of projectification and the project management way of work on this industry may potentially add significant value to both the mining and project management knowledge areas. We show that although the mining industry is considered by some to operate in archaic ways, the level of projectification has increased over time, and now represents approximately one third of all work conducted.

May 1, 2021

By I Cameron

Simulation is increasingly being used to analyse mineral processing operations and explore efficiency options. Engineers that use simulation are rightly concerned with the quality and applicability of the underlying models. However, many of these models have a significant empirical component, and the best structure for this component may not be apparent. There is an opportunity to improve the quality and application range of these models by exploring potential structures for this empirical element. One approach to this problem is the use of structural optimisation, which is a formalisation of the model development process. This method searches through a family or hyper-structure of candidate models for a model that is optimal with respect to some measure of model quality. This method has been applied to the modelling of an industrial flotation circuit. The result was a model that was a significant improvement over a number of standard models reported in the literature. Structural optimisation provides a method to compare potential models in a systematic and efficient way, and hence to improve the structure of process models.

Jan 1, 1998

By C. P. McCormack

THE Cuyuna manganiferous iron ores can be a principal source of manganese for the iron and steel industry in the United States, provided metallurgical methods as a whole are adjusted so as to use run-of-mine ore. The use of manganese in steelmaking is growing. Increasing amounts of impurities in raw materials call for more manganese, a constant cheap supply of which is wanted. There are few deposits of ore in the United States carrying over 35 per cent. manganese that can be mined and marketed at a profit in normal times. We are largely dependent on foreign ores. The small domestic deposits should rightly be held in reserve for an emergency, such as a war, when importation might cease. Even the production from lean ores, concentrated it may be, might not carry us through a protracted stringency. The Cuyuna district is, therefore, during normal times capable of supplying a large total of manganese. The ores are iron ores containing 5 to 25 per cent. of manganese with the inverse range of 52 to 28 per cent of iron. The manganese costs no more per unit in the ore than the iron, because cost of mining, largely by open-pit methods, is not affected by the manganese content. The manganese units should, perhaps, command a higher price, but as their value is contingent on metallurgical practice, a higher price may be justified only when a shortage in manganese occurs. Manganiferous iron ores can never entirely supplant straight manganese ores though methods are employed that will permit them to do so partly. For the manufacture of ferromanganese, ores carrying above 42 per cent. manganese are needed. Ores with manganese running between 20 and 42 per cent. are used for making spiegeleisen. But established practice in certain plants, based on the admixture of manganiferous iron ores to straight iron ores has greatly lessened the consumption of high-priced, scarce, manganese alloys with good results.

Jan 2, 1925

By Joseph W. Richards

This method of briquetting flue-dust, or flue-dust mixed with fine ores, or, in a few exceptional cases, coke-dust, has come into large commercial use in Europe, and a small plant is already in operation in the United States. It promisea to become of such great importance to the iron industry of the United States that the following description will certainly interest the majority of our pig-iron producers. Discovered in 1908, the process Tests upon the observation of Dr. Schumacher that blast-furnace flue-dust, while possessing of itself no binding or cementing properties, acquires strong cementing properties if mixed with a very small amount of certain salt solutions, the amount of which is so small that the resulting cementation appears to be rather by catalytic action of the salts added than by the mass-action of such chemicals. To be more specific, fresh blast-furnace flue-dust mixed with from 5 to 10 per cent. of its weight of magnesium chloride or calcium chloride solution—that is to say, with from 0.25 to 2 per cent. of its weight of magnesium chloride or calcium chloride—acquires the property of setting within a short time, from 15 to 60 min., and forming a hard cemented briquette. Alkaline solutions appear to have no action such as described, and they even interfere, if present, with the action of the magnesium and calcium solutions. When treated in this way the flue-dust briquette sets very hard, apparently from pure excess of cementing- and setting-power. It is, therefore, possible to mix with the flue-dust a considerable proportion of inert ore or like material, which has no setting-power by this process, and thus to make a compound briquette containing large quantities of ore mixed with flue-dust, but in which the flue-dust may be regarded as the cement or binding-material. A particularly strongly cementing flue-

Jan 1, 1913

By Thomas A. Simpson, Tunstall R. Gray

The Birmingham district first produced steel from Alabama hematite ores in 1899. Since then, the district generally produced more than 6.0 million gross tons of ore a year to the late 1950's. Production has declined since then to an annual rate of about 1.5 million gross tons. Reserves calculated for the district are sufficient to last many years. Mining in the district is now confined to Woodward Iron Company's Vance and Pyne mines. The rocks exposed consist of about 15,000 feet of consolidated Paleozoic sediments with a thin veneer of unconsolidated Cretaceous sediments in the Vance area. The district is characterized by a distinctively parallel and subparallel, slightly arcuate series of faults and joint systems. In view of available information, it seems reasonable to conclude that the Birmingham red ores are of sedimentary origin, modified to a small extent by diagenetic replacement after original deposition.

Jan 1, 1968

By AIME AIME

Report of Committee 24, of the International Association for Testing Materials, presented at the Brussels Congress, 1906. Republished for use at the 94th Meeting of the American Institute of Mining Engineers, New York, N. Y., February, 1908. Discussion by letter is requested by the Secretary of the Institute. The Committee appointed for the solution of Problem 24 consisted of the following members Prof. H. M. Howe, New York, N. Y. (Chairman); L. Levy, Paris, France (Vice-Chairman) ; Prof. D. Tschernoff, St. Petersburg, Russia (Vice-Chairman) ; Prof. Albert Sauveur, Cambridge, Mass. (Secretary) ; Van Drunen, Ixelles, Belgium; Lieut.-Col. H. Tusen, Copenhagen, Denmark ; E. P. Martin, Abergavenny, England ; A. Pourcel, Paris, France ; H. Brauer, Dortmund, Germany ; Dr. Prof. H. Wedding, Berlin, Germany; P. Verole, Milan, Italy ; A. Baalsrud, Christiania, Norway ; A. R. v. Dormus, Vienna, Austria ; A. Sailler, Vienna, Austria; Bureau des Forges, St. Petersburg, Russia; Prof. N. Belelub-sky, St. Petersburg, Russia ; N. Jossa, St. Petersburg, Russia ; Maj.-Gen. M. Korobkoff, St. Petersburg, Russia ; S. Smirnoff, St. Petersburg, Russia ;.Ladislaus v. Tetmajer, Budapest, Hungary ; H. H. Campbell, Steelton, Pa. Early in February, 1905, a list of species and varieties of iron and steel, with definitions, drawn by the Chairman and Secretary of Committee 24, was sent to every member of this Committee with a request for comments and suggestions. A special request was sent to the following gentlemen . for the equivalents in their several languages of these species and varieties : A. , Pourcel, Paris, France; Prof. H. Wedding, Berlin, Germany ; J. A. Brinell, Stockholm, Sweden ; Prof. H. I. Hannover, Copenhagen, Denmark; Prof. P. Kley, Delft, Holland; P. Verole, Milan, Italy; Col. Cubillo, Trubia, Spain. This present report, which is based upon our original list and definitions, and upon the replies to these requests, consists of four parts I. A polyglot, which gives the names of the chief classes of iron and steel in English, French, German, Swedish, Danish and Dutch. We .regret that we have failed to get the Italian and Spanish names. II. English definitions of principal classes of iron and steel. III. A glossary of special sizes and shapes of iron and steel. IV. A note on the boundary between steel and cast-iron. I. POLYGLOT, IN ENGLISH, FRENCH, GERMAN, SWEDISH, DANISH AND DUTCH, OF THE CHIEF CLASSES OF IRON AND STEEL, AND OF THE APPARATUS IN WHICH THEY ARE MADE. This list is not intended to be complete, but rather to include only those varieties which are of interest to the Association.

Mar 1, 1908

By C. Gregory Knight

Adequate planning for the development, operation, and reclamation of a surface mine requires attention to present and future uses of land, both on the mine site and in the mine vicinity. This paper outlines land use implications of surface mining, and suggests procedures that could link mine planning, mine operation, and reclamation to more general land use concerns. Mining is viewed as a temporary use of land that may irretrievably commit land resources away from some future activities, but may allow other uses, some of which may have been impossible without mining. The paper accepts the premise that surface mining should attempt to minimize environ-mental damage and to maximize future alternative uses of land by appropriate reclamation. I. The Effect of Surface 1'1ining on Land Use Surface mining is a temporary utilization of the land most often criticized because the disturbances it creates are of far greater duration than the actual extractive operation, Resource recovery disrupts existing activity on the land, at least temporarily, and

Jan 1, 1977

By Walker BV

Mining activity has been an integral component in the New Zealand economy since the early days of European settlement. Recently in common with other Pacific Rim countries there has been a resurgence of investment in gold. A sustained and increasing exploration effort has resulted in the rapid development of alluvial gold mining operations, a number of hard rock gold discoveries, and a general optimism about New Zealand's prospectivity. New Zealand's attitude to mining development, in particular hard rock gold mining is influenced by high environmental values and a concern, largely through absence of examples, that modern mining may not perform to community standards. While these environmental concerns are wide spread there is a growing realisation that gold mining, if properly managed, can take place within acceptable environmental standards and that it has the potential to contribute significantly to New Zealand's economy. New mining developments have an important role to play in this process. The mining industry in New Zealand is now at a crossroads. Having invested substantially and confirmed the potential for gold mining developments it has found itself in a rapidly changing economic environment as the Labour Government puts in place a number of fundamental economic reforms. The reforms are intended to free up the economy removing the rafts of subsidies and protective measures which have stultified initiative and growth. A fundamental reform of the public service has been initiated including corporatisation of trading activities and the establishment of a Department of Conservation to administer estensive areas of Crown land. Both petroleum and mining taxation are being reviewed with the intention of creating a more neutral competitive environment. Mining legislation is also being re-examined with both efficiency and equity objectives. While the current environment is characterised by uncertainty and rapid change, the outcome will be a more market-oriented stable policy environment, to the mutual benefit of the industry itself and the New Zealand Community.

Jan 1, 1987

By Balmer Neilly

To one with so little experience in matters pertaining to currency, international finance, and foreign trade, this is surely an ambitions venture on my part. However, this is a subject of prime importance to all seriously minded Canadians and, if we are to obtain any clear understanding of the factors involved, we must study the facts and debate such points as may remain at issue. During the last few years, the world' s better known economists have described the gold standard in all its ramifications and in such detail as to leave many of us even more confused than before. If we, then, are to acquire any real conception of its meaning and use, I think we must reduce it to its fundamentals and start from there. To my way of thinking, gold in ? trade and commerce is the symbol of honesty. When you seek to discharge a debt by tendering paper you hand the recipient an I.O.U. which may or may not be good, for the purchase of goods or services to the extent of its face value. When, however, you discharge a debt by the payment of gold, it constitutes a complete and final discharge. There are no reservations - no ifs and ands - and the transaction is definitely closed to the satisfaction of all concerned. Gold, then, is evidence of accumulated and transferable wealth that is immediately acceptable in practically every part of the world. However, there is not nearly enough gold to meet the demands of world trade, and. many years ago this deficiency gave rise to what we now describe as our banking system.

Jan 1, 1949