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By J. Trevor Eyton

This paper addresses some of the financial risk hedging mechanisms available to a corporation contemplating entering the mining business at a significant level of investment. The approach which I have adopted is that of a case study relating to the risk hedging aspects of Brascan Limited's acquisition of 46% of Noranda Inc., formerly Noranda Mines Limited, followed by some remarks on options open to mining companies for reducing financial risks. To appreciate the rationale for Brascan committing over (Can.) $800 million to the natural resource sector, some knowledge of Brascan's parent company, Edper Investments Ltd., is required at the outset. Edper Investments, prior to acquiring a 48% interest in Brascan, controlled Trizec Corporation, one of the world's largest property companies. Edper also was involved in the financial services sector through Continental Bank of Canada and Hees International Corporation. For some considerable time prior to Edper's investment in Brascan, Edper felt a need to provide a better balance to its portfolio of property and financial services. Brascan was rich in cash, relatively unleveraged, and with important existing holdings in natural resources and consumer products. The acquisition of a controlling interest in Brascan provided an opportunity to balance Edper's portfolio of property and financial services with world class acquisitions in natural resources, supplemented by consumer products and financial services. The end result of Brascan's activities over the last few years is illustrated by the following analysis of the book value of Brascan's assets at the end of December 1983. [Can.$% Millions _ Natural Resources81748 Consumer Products 654 38 Financial Services 157 9 Other Operations895$1,717100% ] Source: Brascan 1983 Annual Report. The large emphasis on natural resources came about from the fact that for Canadians operating mainly in Canada, natural resources were attractive. We were impressed by Canada's position in the world natural resource industry as illustrated by some of the following statistics: [CommodityCanadian Estimated Production In 1983 As % of World Total Newsprint 30 Potash 21 Uranium 18 Molybdenum 17 Zinc 17 Pulp 16 Nickel 16 Saw Logs 11 Silver 8 Copper 7 Lead 6 Gas 5 Oil3] Source: U.S. Bureau of Mines and Brascan estimates. In addition, the quality of Canada's reserves looked good to us. The polymetallic nature of many of Canada's orebodies offered a hedge against risk relating to any one metal. Put another way, the by-product metal credits offered a net operating cost advantage with respect to many of the metals mined. Our energy costs also appeared to provide Canada's natural resource industries with an advantage. We considered Canadian mining expertise as amongst the world's finest, as were the exploration equipment and technology developed in Canada. In addition, Canada offered a stable political climate and one we knew. Further, we felt the Canadian Government's future role in the industry would, on balance, be benign, partly because the Canadian content of the mining industry was very high in contrast to the petroleum industry. Granted, we could find cheaper sources of copper; however, to do so would involve venturing into regions where country risks were higher.

Jan 1, 1985

By Charles Hart

The art of electric smelting came with the turn of the present century and owes its existence to the introduction of alternating current, which found its first wide use in the establishment of the great power plants at Niagara Falls, N. Y. Prior to that time current was largely direct. The furnaces were electrolytic in nature and found their first metallurgical use in the production of aluminum, and this process still prevails. The normal production of pig iron up to that time was carried on in blast furnaces in which charcoal, coke and anthracite were used as the fuel. This new electric process called for sufficient carbonaceous material to reduce the oxides and impregnate the pig iron with sufficient carbon, but the remainder of the energy was to be supplied by electric power. The chemical reactions are essentially the same in electric smelting as obtains in the older blast furnace. All of these data are so well known in both methods as to need no discussion at this time, for they can be found in scientific : publications and books written during the first two decades of this century. Types of Furnaces The 40 years devoted to the practice of electric smelting may be divided into two . periods of 20 years each. The first was devoted to experimentation with furnace types and with many publications on theories and processes. The second half of this term was devoted to perfecting the types of furnaces and their active commercial operation. The arc furnace may be found in three types: (1) the direct-heating arc furnace with the positive electrode included in the bottom and the other electrode suspended above; (2) the independent arc furnace with its electrodes entirely above the charge, which of necessity depends upon heat reflected from the roof; (3) the direct-heating series arc furnace equipped with two or more electrodes suspended from the roof. Of these three types, only the last is used in electric smelting of iron ore at the present time. The elimination of the other types automatically removed many of the early designs, to the end that there are now only two general types in operation: (I) the " Electrometalls" or high-shaft furnace of Sweden, and (2) the low-shaft or pit-type furnace as offered by Tysland-Hole and Siemens-Halske. The "Electrometalls" furnace takes its name from the corporation formed by the engineers that had undertaken its perfection. After trying several designs they brought forward the furnace shown in Fig. I, which by the way is the highest development of this type of furnace as of today.l Note the trend in the lines, which have kept pace with modern blast-furnace design. The high-shaft furnace lends itself to skip filling and is fitted with tuyeres immediately under the crucible roof, whereby the gases are recycled and the roof preserved. The failure of the Electrometalls furnace in Norway, because of its inability to meet

Jan 1, 1941

By C. D. Rugen

Ground raw material as fed to the cement kiln generally is a mixture of two to four components, each of which may have widely varying physical and grinda-bility characteristics. Chemically similar materials found in the same or different deposits may also differ appreciably in physical properties, depending on their crystalline structure. The calcareous or principal cement raw material may vary from a soft chalky limestone or friable cement rock at one plant to a hard limestone or oyster shell at another plant. Argillaceous materials include clays, shales and granulated slag. Siliceous and/or iron-bearing material, including sand, iron ore and cinders, may also be required in addition for certain types of mixes. Frequently differences in grindability characteristics are not given the attention they deserve in comparing grinding results at one plant with those at another or in selecting suitable circuits or equipment. Many types of crushing and grinding units are used, with numerous open and closed circuit arrangements. Both wet and dry processes are used successfully. When rebuilding or installing a new grinding department, the choice of process or circuit in some cases may be dictated by the nature of the materials being ground but in other cases it may be the result of good salesmanship or a compromise. An over-all evaluation of wet process vs. dry process grinding should not be made without considering the effects on all other producing departments in the plant. In general, the more recent grinding installations, both wet and dry, have employed closed circuits, but many older open circuits are still in successful operation. In our experience, closed-circuit raw grinding pays, because of lower power consumption and less operating labor per ton of product. However, some dry open-circuit mills with improved equipment and operating methods compare favorably in performance with dry closed-circuit units. Character of Ground Raw Mix (Kiln Feed) Grinding in the cement plant in general requires a considerably her product than in most ore-grinding operations. A distinction between fineness of kiln feed and of cement may be made in that kiln feed preferably should be ground to a limiting size,whereas finished cement should include a range of size fractions including sufficient fine flours to give a product with satisfactory physical qualities. Grinding raw mix for kiln feed therefore is more comparable to ore grinding, although the limiting size is smaller. Most kiln feeds are ground from 85 to 95 per cent passing 200-mesh, depending on mix composition. Some cement chemists believe that raw materials cannot be too he, since finer particles theoretically combine more readily and intimately in the kiln. However, there are certain definite practical objections to extremely fine kiln feed, such as loss of kiln dust, unstable material flow through the kiln and greater dificulty in control of chemical composition due to dust loss, and the disproportion of fines from the more easily ground component. Our

Jan 1, 1947

By Charles Hart

The art of electric smelting came with the turn of the present century and owes its existence to the introduction of alternating current, which found its first wide use in the establishment of the great power plants at Niagara Falls, N. Y. Prior to that time current was largely direct. The furnaces were electrolytic in nature and found their first metallurgical use in the production of aluminum, and this process still prevails. The normal production of pig iron up to that time was carried on in blast furnaces in which charcoal, coke and anthracite were used as the fuel. This new electric process called for sufficient carbonaceous material to reduce the oxides and impregnate the pig iron with sufficient carbon, but the remainder of the energy was to be supplied by electric power. The chemical reactions are essentially the same in electric smelting as obtains in the older blast furnace. All of these data are so well known in both methods as to need no discussion at this time, for they can be found in scientific : publications and books written during the first two decades of this century. Types of Furnaces The 40 years devoted to the practice of electric smelting may be divided into two . periods of 20 years each. The first was devoted to experimentation with furnace types and with many publications on theories and processes. The second half of this term was devoted to perfecting the types of furnaces and their active commercial operation. The arc furnace may be found in three types: (1) the direct-heating arc furnace with the positive electrode included in the bottom and the other electrode suspended above; (2) the independent arc furnace with its electrodes entirely above the charge, which of necessity depends upon heat reflected from the roof; (3) the direct-heating series arc furnace equipped with two or more electrodes suspended from the roof. Of these three types, only the last is used in electric smelting of iron ore at the present time. The elimination of the other types automatically removed many of the early designs, to the end that there are now only two general types in operation: (I) the " Electrometalls" or high-shaft furnace of Sweden, and (2) the low-shaft or pit-type furnace as offered by Tysland-Hole and Siemens-Halske. The "Electrometalls" furnace takes its name from the corporation formed by the engineers that had undertaken its perfection. After trying several designs they brought forward the furnace shown in Fig. I, which by the way is the highest development of this type of furnace as of today.l Note the trend in the lines, which have kept pace with modern blast-furnace design. The high-shaft furnace lends itself to skip filling and is fitted with tuyeres immediately under the crucible roof, whereby the gases are recycled and the roof preserved. The failure of the Electrometalls furnace in Norway, because of its inability to meet

Jan 1, 1941

By C. D. Rugen

Ground raw material as fed to the cement kiln generally is a mixture of two to four components, each of which may have widely varying physical and grinda-bility characteristics. Chemically similar materials found in the same or different deposits may also differ appreciably in physical properties, depending on their crystalline structure. The calcareous or principal cement raw material may vary from a soft chalky limestone or friable cement rock at one plant to a hard limestone or oyster shell at another plant. Argillaceous materials include clays, shales and granulated slag. Siliceous and/or iron-bearing material, including sand, iron ore and cinders, may also be required in addition for certain types of mixes. Frequently differences in grindability characteristics are not given the attention they deserve in comparing grinding results at one plant with those at another or in selecting suitable circuits or equipment. Many types of crushing and grinding units are used, with numerous open and closed circuit arrangements. Both wet and dry processes are used successfully. When rebuilding or installing a new grinding department, the choice of process or circuit in some cases may be dictated by the nature of the materials being ground but in other cases it may be the result of good salesmanship or a compromise. An over-all evaluation of wet process vs. dry process grinding should not be made without considering the effects on all other producing departments in the plant. In general, the more recent grinding installations, both wet and dry, have employed closed circuits, but many older open circuits are still in successful operation. In our experience, closed-circuit raw grinding pays, because of lower power consumption and less operating labor per ton of product. However, some dry open-circuit mills with improved equipment and operating methods compare favorably in performance with dry closed-circuit units. Character of Ground Raw Mix (Kiln Feed) Grinding in the cement plant in general requires a considerably her product than in most ore-grinding operations. A distinction between fineness of kiln feed and of cement may be made in that kiln feed preferably should be ground to a limiting size,whereas finished cement should include a range of size fractions including sufficient fine flours to give a product with satisfactory physical qualities. Grinding raw mix for kiln feed therefore is more comparable to ore grinding, although the limiting size is smaller. Most kiln feeds are ground from 85 to 95 per cent passing 200-mesh, depending on mix composition. Some cement chemists believe that raw materials cannot be too he, since finer particles theoretically combine more readily and intimately in the kiln. However, there are certain definite practical objections to extremely fine kiln feed, such as loss of kiln dust, unstable material flow through the kiln and greater dificulty in control of chemical composition due to dust loss, and the disproportion of fines from the more easily ground component. Our

Jan 1, 1947

By R. L. Fullman

Relationships are derived between average dimensions measured on a polished cross section and the spatial dimensions of particles dispersed as uniform cylinders. The equations are applicable to the measurement of rods or plates without the stipulation that they be extremely thin. QUANTITATIVE analysis of the elements of mi-crostructures has been limited by a lack of knowledge concerning the relationships between observations on plane surfaces and the spatial nature of the structure. This paper is an extension of previous efforts to establish equations suitable for the quantitative investigation of microstructures. The equations derived fill two gaps in the range of particle shapes for which measurements may be required, namely those shapes lying between extremely thin plates and equiaxed particles (approximately spherical), and those intermediate between equiaxed particles and extremely thin rods or needles. In a previous paper' equations were developed relating dimensions measured on a polished cross section to the average spatial dimensions of particles in the form of spheres, extremely thin plates, and extremely thin rods. For extremely thin rods the dimensions measured on a polished cross section were found to depend on the radius only, so that no information concerning the rod lengths or number of rods per unit volume could be obtained from observations on a cross section. In this paper equations are derived relating dimensions measured on a polished cross section to the spatial dimensions of particles in the form of identical cylinders. These equations may be used to evaluate the dimensions of rods, as well as the dimensions of plates, without the stipulation that the plates or rods be extremely thin. The impossibility of evaluating the length of extremely thin rods from planar measurements appears as an increase in the amount of data required for a given precision, as the length-radius ratio increases. Consider a sample containing particles of a phase in the form of cylinders of uniform radius T and height t. If the cylinders are randomly oriented, as in a sufficiently large sample of a fine grained poly-crystalline material, area and lineal analysis may be carried out with parallel cross-sectional planes and lineal traverses. If the cylinders are not randomly oriented, it is necessary to randomize the orientations of the cross-sectional planes and traverse lines. Let a unit cube be cut from the sample, and a cross-section plane be passed through the cube parallel to one of the cube faces. The number of particles N, cut by the cross-sectional plane per unit area is equal to the number of particles N, per unit volume times the probability p1 of a plane intersecting a single randomly positioned and randomly oriented cylinder in the cube. Let J be the maximum cylinder dimension in the direction normal to the cross-section planes, as shown in Fig. 1. Since, of the various possible positions for the cross-sectional plane over the unit length from top to bottom of the cube, only those positions existing over the length J

Jan 1, 1954

By Guy R. Johnson

In working brown iron-ore mines on the system employed at Longdale, namely, stoping from the top down, the usual procedure is to drive a succession of upraises from the lowest adit to the highest, or to the top of the deposit, as the case may be. These up-raises are usually driven 120 feet apart., along the strike of the vein,. As the work goes on, they are connected by levels, 10 feet spa* (vertically), and then serve as chutes. A transit is useless in surveying these chutes, and the writer has for several years made use of a hanging compass. The method of using this instrument, described in a former paper (Trans., xx.,.105), embracing as it does the use of a cord and several strips. of wood,

Jan 1, 1894

By M. E. Lombardi

Discussion of the paper of AI. E. LOMBARDI, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 105, September, 1915, pp. 2109 to 2114. C. D. KEEN, Shreveport, La.-Did Mr. Lombardi include in his figures the purchase price of the property? M. E. LOMBARDI, Berkeley, Cal.-No. C. D. KEEN.-Suppose I pay $1,000 per acre for it, and in four or five years it is worked out. M. E. LOMBARDI.-That is a question of depreciation and must be added to my figures. MARK L. REQUA, San Francisco, Cal.-You say it cost $35,000 to $40,000 a year to maintain 1,000-bbl. per day production? M. E. LOMBARDI.-Yes, 1,000 bbl: a day would cost $40,000 a year to maintain.

Jan 12, 1915

By R. L. Watts

Successful mining of taconite has required the solution of a series of difficult problems, including more efficient magnetic separation. Progress in this field is evidenced by reductions in operating and capital costs made possible by the advances in permanent magnetic materials and in new circuits for better utilization of these materials. The advent of the flux control circuit appears to be one of the more important breakthroughs in permanent magnet drum design circuitry and has contributed greatly to the economics and metallurgical requirements of the modern day taconite concentrators. High strength permanent magnetic separators are now replacing electro types in many applications requiring field strengths of 900 - 1000 gauss measured at 2 in. This is made possible by the new circuits having gauss readings at 2 in. previously attained only by electromagnets.

Jan 12, 1967

By T. O. Meyer, J. R. McVey

A 10-channel automatic data acquisition system has been assembled for underground use with the Bureau's "Tunnel Stress Relaxation Gage". The automated system was needed to improve data collection by providing a rapid, long-term printout of measurement data in tunnel stress relaxation experiments. Special unit assembling and packaging of all measurement equipment, to be used in typically hostile mine environments, is the subject of this report. Even though automatic data acquisition systems have been in use for years, none have been developed with the accuracy herein described for use in such an environment. The object of this report is to inform researchers of a workable, proven, dependable underground data acquisition system. We have found that giving attention to these packaging details many times spells the differences between success and failure of underground tests.

Jan 8, 1973

By T. F. Witherbee

The subject of an article in the Engineering and Mining Journal for October 13th, 1877, namely, Blast Furnace Treatment of Silicious Iron Ores,, is of great interest to myself, and doubtless to many others who hare been troubled with a seemingly unaccountable percentage of silicon in their pig iron. It is to be regretted that the author of the article did not give us complete details of his charges, and thus prevent a possibly fatal error in the very beginning of the discussion of the points raised in his communication. As it now stands, I think we will have to fall back upon the statement that, " every conceivable mixture of fluxes and ores (A and B) has been used." Let us first, in order to simplify the calculations, do with she

Jan 1, 1879

By Dale I. Hayes

Combined loader and transport, the Gismo is now built for sale in one size, 5 to 6 tons. It will operate in a minimum opening of 7x7 ft and can be built to operate at lower heights. Where space limitations are not a factor it could be designed with much greater carrying capacity-12, 18, or 25 tons-to be powered with a standard heavier tractor. The Gismo is mounted on crawler tracks of the same design as the tracks of the small Allis- Chalmers HD-6B tractor used to power it. With the HD-6B tractor it will negotiate upgrades of 12 pct and downgrades of 20 pct. The next tractor size would make the device feasible for steeper grades or for a machine of larger capacity at moderate grades.

Dec 1, 1956

By M. J. Greaves, Alan English

Pelletizing on a commercial scale is only 10 years old; yet in this period more than 150 million tons of pellets have been produced. Instrumentation and controls have played an important part in the development of an entirely new industry in almost unprecedented time. Initially, most control circuits used in the pelletizing industry were manually operated, since the confidence factor in instruments and controls was quite low at that time. This changed considerably in recent years and improvements in the use of instruments and controls have probably developed more rapidly in pelletizing than in any other metallurgical process. Now, within a decade of the start of commercial operations, the use of manually operated controls has changed and consideration is being given to the utilization of computers for data logging and control purposes.

Jan 7, 1965

By Richard H. Ross

A broad definition of' "Mill Design" might cover everything from the first tentative choice of general process to the final structural details for construction. The first phases are mainly concerned with metallurgy and economics and the final stages with the mechanics of putting the selected equipment together into an integrated plant. It is the purpose of this article to discuss only data, derived from laboratory testing, that contributes directly to design of the milling plant itself, and only the plant design phases that are influenced by laboratory testing. Most ore beneficiation testing is devoted to determining recoveries, grades of products, elimination of impurities, reagent and supply requirements, etc. having little to do with physical plant design although these factors are of prime importance in the evaluation of a mining project.

Jan 3, 1964

By Stephen E. Erickson, Donald G. Oss

The need for instrumentation and automatic control of the various parameters in the heavy media process of iron ore beneficiation has been apparent for some time. Continued demands for higher grade, competitive products from the Mesabi Range have made it necessary to increase the efficiency of the process in every possible way. In a typical heavy media flow scheme for iron ore beneficiation (Fig. 1) a sized, prepared feed (generally about minus 1 ¼ in. to plus ¼ in.) is fed to a heavy media separatory vessel, along with a ferrosilicon slurry. A separation of the feed is made on the basis of specific gravity. Low density particles overflow a tailings discharge weir, while high density ore particles sink to the bottom of the high density pool and are moved away to the concentrate discharge chute.

Jan 5, 1962

By William E. Ford, Edward Salisbury Dana

276. Cohesion, Elasticity. - The name cohesion is given to the force of attraction existing between the molecules of one and the same body, in con- sequence of which they offer resistance to any influence tending to separate them, as in the breaking of a solid body or the scratching of its surface. Elasticity is the force which tends to restore the molecules of a body back into their original position, from which they have been disturbed, as when a body has suffered change of shape or of volume under pressure. The varying degrees of cohesion and elasticity for crystals of different minerals, or for different directions in the same crystal, are shown in the prominent characters: cleavage, fracture, tenacity, hardness; also in the gliding-planes, percussion-figures or pressure-figures, and the etching-figures.

Jan 1, 1922

By Chester Washburne

LEASING the Teapot dome to the Mammoth Oil Co. is the culminating anticlimax of the "conserva-tion movement." It is just the touch required to make a full fiasco of the whole affair. If the revered wielder of the "Big Stick" were still with us, we could hear it fall harder than it did on Ballinger. Of all the oil reserves set aside by presidential decree, there was only one which certainly could con-serve much oil for the future. This was Naval Reserve No. 3, on the Teapot dome, Wyoming. After secret negotiations, carefully guarded from the press and from the knowledge of other oil men, we are suddenly informed that this last and only known chance to save much oil for future naval needs has been given away for early development.

Jan 6, 1922

By W. R. Ingalls

During the last two years, and especially during the last six months, a number of important articles upon the new methods for the desulphurization of galena have been published in the technical periodicals, particularly in the Engineering and Mining Journal and in Metallurgie. I proposed for these methods the type-name of " lime-roasting " of galena as a convenient metallurgical classification,'and this term has found some acceptance. The articles referred to have shown the great practical importance of these new processes, and the general recognition of their metallurgical and commercial value which has already been accorded to them. It is my present purpose to review broadly the changes developed by them in the metallurgy of lead, in which connection it is necessary to refer briefly to the previous state of the art.

Jan 1, 1907

By S. C. Schaeker, A. W. Schlechten, A. H. Larson

PARRAVANO and Malquori' studied the equilibrium of H2S-Hz with molybdenum and its lowest sulfide which they believed to be MoS2. Mc Cabe' has shown that its composition is actually Mo2S3 and determined its dissociation pressure by means of Knud-sen effusion measurements. Stubbles and Richard- son3 have recently studied the equilibrium of gas mixtures of H2S-HZ with the two-phase solid mixtures of Mo-MozS3 and Mo2S3-MoS2. The latter investigators found that M02s3 deviated slightly from the stoichiometric composition, but they did not determine the homogeneous region of the disulfide phase. Morimoto and Kullerud, studied the Mo-S system by quenching, microscope, and X-ray methods and concluded that the disulfide is stoichiometric. The present investigation was concerned with the measurement of the sulfur vapor pressure variation with composition at 1100°C in the homogeneous region of "MoS2". These measurements were made by reacting: 1) molybdenum powder (99.97 pct Moj with sulfur vapor, and 2) MoS1.g9 (formed by reaction of Mo + H2S) with sulfur vapor in a quartz capsule. Conditions were controlled to form an equilibrated phase within the homogeneous region of the disulfide. The quartz capsule was sealed off initially under a vacuum and the residual gases were gettered by titanium powder contained in one end of the capsule. A mixture of Mo + S or MOS,., + S was in the other end. The section containing the titanium powder was heated for 24 hr at 700°C and then removed by flame sealing. The end of the capsule containing the charge was then heated to 1100°C. The other end of the capsule was maintained at a temperature which would produce the desired sulfur pressure in the capsule (liquid sulfur distilled from the charge mixture was retained in this end). After equilibration, the capsule was removed from the heating assembly and rapidly air-cooled. It is assumed that equality existed between the total sulfur pressures (PT) in the two ends of the capsule and not between the partial pressures of the different molecular species (S, SZ, Three separately controlled heating elements were used to maintain the proper temperature gradient over the length (approximately 12 in.) of the capsule. A thermocouple-Wheelco "Capacitrol" system was used for temperature control of the two end heating elements within 2"C. The center heating element was controlled directly by a " Power -stat". Separate controlling and measuring thermocouples were used for both end heating elements. Pt-Pt(l0 pct Rh) thermocouples were used for 1100°C and Chromel-Alumel thermocouples were used for lower-temperature control and measurement of the assembly. Silver foil was wrapped around the end of the capsule containing the liquid sulfur to insure a constant temperature zone. The thermal gradient over the entire length of the capsule was measured to: 1) ascertain that the length of the constant temperature zone of the liquid-sulfur end and the sulfide end was sufficient, and 2) ascertain that the liquid-sulfur zone was the zone of lowest temperature. The data obtained in this investigation are shown in Fig. 1 and Table I. The total sulfur pressure (PT) and p(S2) were calculated from the data of Braune et UZ.~ The compositions of the equilibrated disul-

Jan 1, 1964

By Ira B. Jorafemon

In the interesting Institute symposium of the preservation of peace by force, through mineral control, one important aspect of the question was not presented. This is the responsibility the United Nations, and particularly the United States, will incur the through limitation of the economic activities of nations that are now friendly to us, as well as of nations that are enemies or are under the control of enemies. After the war all nations, friends as well as enemies will be poor. Hunger and bankruptcy will, will like the sword of Damocles, hang over the heads of all of us on this blundering planet. When the actual fighting is over, there will be a universal attempt to squirm out from under the sword by resuming production of peacetime goods, for trade as well as immediate consumption.

Jan 1, 1944