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IN accordance with a programme arranged by a committee of the Institute, consisting of Mr. William P. Shinn, of St. Louis, chairman, and Mr. Joseph D. Weeks, of Pittsburgh, secretary, the member's of the Institute, with their ladies and invited guests, assembled in Chicago on Sunday morning, August 22d. A special train, provided by the Chicago and Northwestern Railway,. left Chicago on Monday morning at 7.50 o'clock, and conveyed the party to Marquette, arriving at 9 o'clock P.M. Here the steamer Northern Queen, which had been chartered by the committee for the accommodation of the Institute, was in waiting, and the members and ladies at once took up their quarters on the boat. EXCURSIONS IN THE MARQUETTE IRON REGION. Local Committee. EXECUTIVE. -J. C. Morse, chairman; C. Y. Osburn, secretary ; D. F. Wadsworth, treasurer; C. H. Hall, H. Merry. RECEPTION.-S. P. Ely, J. P. Pendill, E. Breitung, W. F. Swift, A. P. Swineford, J. C. Fowle, C. G. Griffey. TRANSPORTATION.-Samuel Schoch, D. Morgan, D. H.. Merritt, J. Pickands. FINANCE.-Peter White, A. W. Maitland, W D. Rees, E. R. Hall. EXCURSIONS.-W. E. Dickinson, H. A. Burt, A.. Kidder, C. E. Wright. REFRESHMENTS.-J. Q. Adams, H. H. Stafford, Joseph Kirkpatrick, D. H. Bacon. On Tuesday the iron mines in the vicinity of Negaunee and Ishpeming were visited, transportation being provided by special trains on the Marquette, Houghton and Ontonagon Railroad. In the morning the McComber, South Jackson, and Jackson mines were inspected, and in the afternoon the Cleveland, New York, Lake Superior, and Barnum mines. Dinner was provided at Negaunee, and gracefully served by, the ladies of the town. In the evening the first session of the Institute was held in the saloon of the steamer. The President, William P. Shinn, of St. Louis, congratulated the Institute on the happy consummation of the wishes of its members to have a meeting on Lake Superior. After tedious and baffling negotiations arrangements had been com-

Jan 1, 1881

By H. Foster Bain

The war has brought about many changes in the Western States, and some have deep pr sent or potent al economic significance. The West has been feeling severe growing pains for a number of years. Especially since the beginning of preparation for national defense and through the period of

Jan 1, 1945

Domestic: Middle West-,11.. B. Newcombe Eastern District-J. French Robinson1 Kansas-Henry A. Ley 2 Oklahoma-Henry A. Ley 3 Texas, except Gulf Coast and Panhandle-M. G. Cheney 5 Texas Panhandle-W. E. Hubbard and H. E. Crum 6 Gulf Coast-L. P. Teas 7 South Arkansas, North Louisiana and Mississippi-H. K. Shearer 8 Foreign Mexico-V. R. Garfias and C. 0. Isakson 9 Canada-Line M. Farish 10 Venezuela-C. W. Hamilton 10 Colombia-J. T. Duce 12 Peru-O. B. Hopkins 12 Trindad-Williaim J. Millard 13 Dutch East Indies-Fred B. Ely 13 Rumania-I. I. Gardescu . .. . 14 India-Eric J. Bradshaw 14

Jan 1, 1931

By ERNEST F. . SURCEIARD

work have been published from time to time by the Survey.' A detailed report on the Birmingham district, with maps, has been completed, and will be published within the next year." In the following paper it is aimed to present only an outline of the geologic relations of the ores, since the Appalachian geology of Alabama has been discussed by many previous writers, but to describe rather fully the ore of the Birmingham district, and to discuss its relations and probable extent. IT. OUTLINE OF THE GEOLOGY. 1. Stratigraphy. The pre-Pennsylvanians rocks exposed in and along the borders of the valley-regions of Alabama, range from middle Cambrian to Mississippian (Lower Carboniferous), and at the SW. extremities of the valleys these rocks are overlain by coastal-plain deposits of Cretaceous and Tertiary age. A generalized section of the pre-Pennsylvanian Paleozoic rocks for the valley-regions is given in Table I. TABLE I.-Section of Pre-Pennsylvanian Paleozoic Rocks in Valley-Regions of Alabama. System. Formation and character. Thickness. Ft. Shale and sandstone 300 to 2,200 Carboniferous (Mississippian- Limestone and shale 300 to 800) I Sandstone and shale 50 to 200 1 Fort Payne chert and limestone 100 to 300 Devonian Chattanooga shale 0 to 30 Silurian Clinton (" Rockwood ") shale, sand¬ stone, and iron-ore 200 to 700 Ordovician Chickamauga ("Trenton") limestone.. 200 to 800 Cambro-Ordovician Knox dolomite and chert 1 2,200 to 2,700 basal dolomite 500 to 600 Cambrian Conasauga shale and limestone 1,000" to 1,500 - I a Base not. exposed.

Nov 1, 1908

By S. Garcia, J. Gebhardt, D. McBride, A. Hernandez, A. Esplín, M. Cross

The Minera Yanacocha operation consists of several heaps interconnected with ponds and gold recovery plants and presents various operating challenges. A comprehensive process model has been developed in order to better understand the effects of certain operating parameters and inventory issues. An integral component of the process water/mass balance is a model of each heap that describes heap behavior based on the individual characteristics of the heap. The heap models are linked to a mass balancing program in order to track flows and concentrations throughout the circuit. A case study of the process heap model is presented for the La Quinua heap, including results for the normal base line operation and several operational problems such as loss of solution flow to the heap (i.e., pump failure), increased flow to a section of the heap (i.e., pond volume control), effect of significant rain events, and impact of a change in material properties (i.e., change in ore type). The impact on heap operating efficiency is discussed with regard to effects on recovery and gold solution grades.

Jan 1, 2007

Executive HOWARD N. EAVENSON, Chairman FREDERICK M. BECKET EDGAR RICKARD ERLE V. DAVELER WILLIAM WRAITH Finance HENRY KRUMB, Chairman PAUL I). MERICA J. V. W. REYNDERS H. G. MOULTON, Consultant Admissions JOHN M. LOVEJOY, Chairman GEORGE D. BARRON DONALD M. LIDDELL ELI T. CONNER WILLIAM W. LYNCH Alternates WM. H. BASSETT, JR. L. B. LINDEMUTH W. A. SINSHEIMER

Jan 1, 1934

O.F.S. Branch, Welkom Minutes of a Committee Meeting held in the V.LP. Lounge of the Welkom Club on Tuesday, 26th June, 1973, at 5.00 p.m. Present Mr C. J. Isaac (in the Chair), Mr D. A. Smith, Mr G. Young,

Jan 1, 1974

By Steinar L. Ellefmo, Thomas Kuhn

The deep-sea ocean floor offers a great potential for mineral resources. The evaluation of these resources is both time consuming and costly and require as any resource evaluation data; geodata. The collection of hard data, physical samples, is of course preferred because the associated uncertainty is low. However, the collection of soft data or image derived data can offer a valuable supplement. In this paper image derived nodule uncertain abundance data from an area in the Pacific is utilized. Implementing these uncertain data improves the estimation when the quality of the estimation is measured using the classification indicators like the kriging standard deviation, the relative prediction error, the slope of regression and the weight of the mean. It is concluded that uncertain data is better than no data. INTRODUCTION The deep-sea offers vast mineral resources (Cathles (2011), Hannington et al. (2011), Hannington (2013), Singer (2014)). A mineral resource can according to increasing geological confidence be classified as an inferred, an indicated or a measured resource. The classification is performed by a competent- or qualified person and is dependent on the amount, quality and characteristic of available geodata. The competent person must have at least five years of experience relevant to both the style of mineralisation, the type of deposit and the performed task. Typical examples of a “task” is for example resource estimation and classification or planning- and execution of exploration activities and presentations of the results. The competent person must also be a member or a fellow of a professional organisation and thereby be bound by reporting code (-s) that defines minimum standards, recommendations and guidelines for public reporting.

Jan 1, 2018

By J. D. Bardill

"The Stoddard mine, Cheshire County, N. H., was explored by the Bureau of Mines in 1944 as a source of the strategic fluorite. It was reported that the vein persisted in the bottom of old workings and the geology of the immediate area indicated the possibility of finding additional lenses.In its program of exploration of mineral deposits, the Bureau of Nines has as its primary objective the more effective utilization of our mineral resources to the end that they make the greatest possible contribution to national security and economy. It is the policy of the Bureau to publish the facts developed by each exploratory project as soon as practicable after its conclusion. The Mining Branch, Lowell B. Moon, chief, conducts pre¬liminary examinations, performs the actual exploratory work, and prepares the final report. The Metallurgical Branch, R. G. Knickerbocker, chief, analyzes samples and performs beneficiation tests. Both these branches are under the supervision of Dr. R. S. Dean, assistant director.Special acknowledgment is expressed for the cooperation and assistance given by Robert F. Sherwood of the United Feldspar & Minerals Corp.; by McHenry Mosier, chief, College Park Division, Mining Branch, who aided in re¬vising this report; and by J. B. Zadra, chief, College Park Division, Metallurgical Branch, and others of his staff, who assisted in performing the beneficiation tests and analyzing samples. The field work was under the direction of Harry P. Hermance.The property lies on the southern boundary of the town of Westmoreland, Cheshire County, N. H., at approximately 72° 39’ west longitude, 42° 27’ north latitude, in the Keene, N. H. (G.S.) quadrangle.Good gravel roads lead from paved State Highway 63 to the property. A dirt road in fair condition suitable for truck leads to the nine.Dwight H. Smith, Putney, Vt., is the owner and has leased the property to the United Feldspar & Minerals Corp., 10 East 40th Street, New York 16, N. Y.Property titles were not investigated.The fluorite deposits of Cheshire Count', H. H., have been known for many years, being reported by Jackson, (Geology and Mineralogy of New Hampshire, by Charles T, Jackson, 1844) and by Hitchcock, in1878 (Geology of Now Hampshire, vol. 3, 1878, by Charles H. Hitchcock). A large pit on the largest or east vein was mined by Lovat Frazer from about 1908 to 1917, This operation is reported to have produced approximately 3,500 tons of fluorspar. In 1917, the American Steel & Wire Co, took over the mine end is said to have produced 3,500 tons of fluorspar before relinquishing the lease in 1923.From 1935 to 1937 the New Hampshire Fluorspar Cc. operated the Stoddard mine, working chiefly on the most westerly of the three known veins on the property, as well as doing some preliminary work on the small central vein. In 1938, the United Feldspar 6 Minerals Corp. leased the mine, and less than 100 tons of fluorspar was produced from exploration and development work, No mining has been done since that time."

Sep 1, 1946

Executive HOWARD N EAVENSON, Chairman FREDERICK M. BECKET EDGAR RICKARD ERLE V. DAVELER WILLIAM WRAITH Finance HENRY KRUMB Chairman PAUL D. MERICA J V W REYNDERS H G MOULTON, Consultant Admissions JOHN M LOVEJOY, Chairman GEORGE D BARRON - DONALD M LIDDELL ELI T CONNER - WILLIAM W LYNCH

Jan 1, 1935

By H Möller

The purpose of this paper is to give an overview of the corrosion behaviour of steel in seawater. It is shown that the corrosion products (oxy-hydroxides and calcareous deposits) that are formed during corrosion in seawater have a significant effect on the corrosion behaviour of steel. The chemical composition of the steel determines how protective the oxy-hydroxide corrosion product is. The composition of the seawater influences the nature of the calcareous deposits. This needs to be considered when artificial solutions are used to simulate the corrosion behaviour of steel in seawater. A 3.5% NaCl solution is used frequently for this purpose, but because no calcareous deposits can be formed in this solution, erroneous results in terms of corrosion rates are obtained. The more complex ASTM D1141 artificial solution can be used to include the effects of ions other than Na+ and Cl- in synthetic seawaters. The importance of these other ions on the formation of calcareous deposits is discussed. Keywords: Steel, corrosion, seawater, calcareous deposits, oxy-hydroxides

Jan 1, 2006

The accompanying supply/demand flow diagrams and 10-year tables for mineral and fuel commodities present essential data required by government, industry, and others to formulate policies and programs that can help assure an adequate and continuing supply of mineral raw materials. The 10-year data base terminates with 1975 figures because adequate world information was not available beyond that date. The selected mineral supply/demand tables and flow diagrams comprise but one "output" from the massive body of information and data collected and compiled by the Bureau of Mines on a continuing basis covering mineral production, consumption, prices, shipments, imports, exports, and stocks, as well as industry activities in all States and abroad.

Jan 1, 2012

The September General Meeting of the Institute was held in Kelvin House, Johannesburg, on 16th September, 1970, at 3.00 p.m. Mr V. C. Robinson (President) was in the Chair. There were also present one hundred and eighteen Fellows, including Dr J. M. Bereza, H. P. Carlisle, R. J. C. Goode, Dr J. P. Hugo, P. Lambooy, Prof R. P. Plewman, W. W. Malan, Dr J. T. McIntyre, Dr M. D. G. Salamon, L. W. P. Van den Bosch, P. A. von Wielligh (Council Members), A. Bain, G. P. Bennet, D. L. Carson, G. L. H. Diering, M. E. E. Douglas, F. A. B. Fouche, R. Fourie, A. R. C. Fowler, E. B. Gordon, J. S. Hay, G. H. Henderson, S. D. Hill, A. C. Hofmeyr, J. M. Jacobs, A. F. Lee, D. G. Malan, L. J. Prince, W. G. Pyne-Mercier, A. H. Mokken, Dr W. S. Rapson, R. R. Richardson, H. V. Solomon, C. G. Sowry, G. G. Stanley, G. R. Still, D. L. Starkey, D. L. Taylor, E. W. Thiel, I. E. Van Aswegan, M. van Ryneve1d Steyn, N. B. Vinson, H. Wheeler, Dr A. Whillier, R. A .Wilson, C. F. Ziervogel. Forty-two Members including R. C. Bertram, F. Collier, G. C. Currie, O. Davel, J. M. Gosnell, A. Hazell, Dr N. C. Joughin, F. Kleinschmidt, D. Love, R. B. Macgillivray, D. Mather, R. D. R. Munro, R. S. Pearson, J. J. Peisl, T. J. Pole, A. J. Rossouw, R. G. B. Skirving, G. S. Schwartz, K. Stee1e, H. A. G. Slater, A. Taylor, B. A. Thomas, P. L. Vaughan, D. T. Watt, W. Wilson. Nineteen Associates including R. K. Briggs, S. I. Du Preez, P. G. Gaylard, P. H. Hartslief, W. M. Mackay, A. D. Ross. Three Students: V. S. Care, R. J. Drummond, P. J. Pretorius. Thirty-one Visitors including C. P. S. Barnard, D. W. Bosch, M. Bain G. L. Brown, G. D. Behrens, C. Coetzer, D. M. Gilbart-Smith, R. L. Man, Dr G. J. Stander, M. W. L. Steinobel, R. H. E. Thorpe, T. D. van Wyk, P. H. van Zyl, E. Vereecken, J. J. H. Viljoen. Secretary, D. C. Visser. Total present: 215. OBITUARIES The President: "It is my sad duty to announce the death of the following: Bruce Donaldson Crawford, Fellow, who joined the Institute in 1951 and passed away on 29th April, 1970. Donald Joseph Powrie, Life Fellow, who joined the Institute in 1935 and passed away on 22nd July, 1970. As a mark of respect to the memory of the deceased and in sympathy with the bereaved I would ask you all to rise and observe a few moments' silence." MEMBERSHIP The President: "I have much pleasure in announcing that the names of the under-mentioned candidates, having been published in accordance with By-Law 5.2.2, Council has elected them to membership of the Institute in the following grades: Associate: WiIliam Norman Carter. Students: Roman Michael Dabrowski, Sean George Dean Eaton, Alan Philip Stonham Howard, Anton du Preez Roos, Richard Harold Tourle. MEMBERS TRANSFERRED TO A HIGHER GRADE From Graduate to Member: Terrance Alexander Ward. From Associate to Member: Bernard Andre Thomas. "I welcome the newly elected members to the Institute and congratulate the members who had been transferred to a higher grade." CO-OPTION The President: "I wish to advise members that, in terms of clause 3.9 of the Constitution, Mc. H. P. Carlisle had been co-opted to serve on Council." PAPERS FOR PRESENTATION The President: "We have two papers today, and I am first going to call on Dr Stander the Head of the Water Division of the C.S.I.R., who IS well known to many of you for his work and talks on pollution, who has had more than a little to do with this industry, and who has been I would say, of the greatest possible assistance to the mining industry in overcoming the problems of pollution which are so prevalent in industry of this nature. He, Mr Henzen and Mr Funke have written this paper, 'The disposal of polluted effluents from mining, metallurgical and metal-finishing industries, their effects on receiving water and remedial measures.' This is the Water Year, as you know, and it is most appropriate that we should have such an authority to talk to us on this very important topic. I now have much pleasure in asking Dr Stander to introduce his paper." After the presentation of the paper the President said, "Gentlemen, I am sure that you would like me on your behalf, to thank Dr Stander very sincerely for a paper which I think has enabled us to get a completely new slant on the Water Year. There are many people who have put their finger on this campaign and said, it is all a gimmick. There are others-I suppose notably some of the bridge clubs which operate on week-day afternoons in Parkview-who seem to think that this is a quick way of getting early rain. Of course, it is not. This is a most important paper which we have had given to us this afternoon. You probably found it here when you arrived and have not read it-I was very lucky to be able to read it last night, and there is an awful lot of meat in it. For as long as I have been associated with mining in any way, there has been a problem of polluted effluent-of effluents carrying a mineral load from mining, and I think Dr Stander is absolutely right-and, of course, the Commission is right when they say that this is not merely the problem of mine management or mine owners-this is a problem which affects every single human being in this country.

By J. W. Thompson

"The Republic of Colombia on December 30, 1919, enacted a new petroleum law. The Act is expressly limited to mineral oil, natural gas, bitumen, wax and fossilized resin and to asphalt intended for export.The law is not only intended to encourage local investors, but to attract foreign capitalists for oil development. Provision is made for a special edition ion of the law in such languages as the Government may deem necessary to give it extensive circulation within the country and abroad. The published editions must contain the provisions of the law relating to alienship and naturalization.All public lands, or what are termed unclaimed lands, are open to flee prospecting for the purpose of discovering the deposits named in the law, A prospector must obtain from the Government a, license which binds him to deliver to the Government topographic plans of the lands prospected, together with reports of their prospective yielding capacity. This license does not vest the li¬censee with any preferential right for contracting or leasing and may be drawn by the Government at any time.If a discovery is made by a licensee of any of the deposits named and he desires to exploit the same, he must present a memorial or application to the Ministry of Public Works, stating:- (a) the location and municipal district in which deposit beds are found; (b) boundaries of the zone of exploitation, which shall not be more than 5,000 or less than 1,000 hectares; (c) the names and nationality of all persons for whom the lease is sought and the action and time within which,they propose to make the exploitation; (d) the name of the corporation and its legal representatives with their residences; (e) if an alien, he must state his willingness to comply with the law relative to alienship and naturalization; (f) agreement to abide by all of the provieions of the law with regard to Government supervision, payment of taxes, rate of lease and causes of forfeiture; (g) the rate of rent or royalty that the applicant offers to pay, together with any other circumstances that may make the proposed lease advantageous to the Nation."

Apr 1, 1920

By Harvey T. Gracely, Mark J. Woodhull

DURING the past few years a marked refinement has taken place in the design of electric power shovels for the mining industry, increasing their digging ability and speed of operation without adding to their total weight. The increase in pay load has been accomplished by a more rigid engineering analysis of shovel design, involving the adoption of new special alloy steels, new sections, and new welding methods. Emphasis has been placed on lightness with increased strength, which is most clearly shown in the front-end equipment where dipper, handle and boom are new in design, material, and construction.

Jan 1, 1938

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

By D. A. Singer, J. C. Griffiths

"One of the most useful approaches to a complex problem is to model the system which gives rise to the problem and to perform simulations through the model to find appropriate solutions. The Engel Model may be used as such a simulator to investigate the problem of the exploration for natural resources.The Engel Model is based on a two-stage search procedure in which a known area (A) which contains m prizes is subjected to search by n coverings. During the first-stage search the sensor system records signals which may be a response from prizes (that is, true signals) or may be false. Signals tend to cluster around a prize and a cluster size consists of s signals. If a circle of radius R is drawn around each signal some will overlap and the overlap from s signals contains a prize. The cost of a single covering in which each point of the area comes under observation once, is designated E1. Second-stage detailed search is expensive and is confined to areas of overlap of s circles; it leads to the location of prizes. Second-stage search of the whole area costs Ea units. The expected value, V, of a prize is known and its development cost is E3 units.The sensor system characteristics are defined by the circle of radius R around a signal, which should be small compared with the total area A and enters the model as a parameter a x R2/A. The probability of a false signal during a single covering of a circle of radius I is a known constant, A.This model was applied to the search for uranium ore bodies using two different types of occurrence. In the first, the Wyoming Basin type, the area is relatively large (A = 1 496 square miles) and a few (m = 4) large prizes occur (expected value V = $30 million). In the second area, which represents the Ambrosia Lake region of New Mexico, the area is smaller (A = 212 square miles) and contains many (m = 200) smaller prizes (expectedvalue of a prize V,$2 million). The three costs, E1, E2, E3, are adjusted to the different circumstances in the two areas.Simulations were performed using n = 1 to 40 coverings with cluster sizes s = 0 to 19; the radius R was varied from 0.52 to 3 miles (and, therefore, a = 0.002 to 0.133 0, respectively, dependent on the area of interest). The value of A was varied from 0.01 to 0.10.Profitable programs were found over a wide range of the parameters; the two areas required different strategies to achieve maximum profit. In the Ambrosia Lake region a few passes (n = 4 to 6) with small cluster sizes (s = 2 to 6) are more profitable, whereas in the Wyoming Basin region a large number of passes (n = 35 to 40) and cluster sizes of s = 5 to 10 are most profitable.As pointed out by Allais (1957) the larger prizes are the most important in deciding the successful outcomes of exploration programs, and the profit margin in the search for a few large prizes is sufficient to yield success over a wide range of programs. Such programs require very large investments if they are to be successful.To refine the Engel Simulator as a decision-maker in selecting the most profitable exploration programs it is necessary to obtain firm estimates of the sensor system characteristics, that is, of R, a and ? (lambda)."

Jan 1, 2014

By P. Nicholls

THOUGH the burning of fuels extends far back into antiquity, and though fuel beds are the most common and widely distributed example of chemical actions and engineering practice, there has been little attempt to group fuel beds by types or to define the principles associated with them. This paper does not profess to cover completely the subject of fuel beds. It suggests some of the over-all principles of the two more com-mon types. No new investigational data are included, but the deduc-tions are largely based on a recent publication of the U.S. Bureau of Mines1. DEFINITION OF TYPES There are three primary types of fuel beds: (1) Underfeed, in which the fuel and the air move in the same direction; (2) overfeed, in which the fuel and the air move in opposite directions; (3) crossfeed, in .which the fuel and the air move at right angles to each other. The principle that fixes the type is the relation between directions of the flow of fuel and of air. Fig. 1 shows the three types diagrammatically. All other types are compounded of these three in a simple or more or less complex manner. It does not follow that these three type designations are limited to the methods used in representing them in Fig. 1; they may be turned in any direction, and as long as the relative directions of the fuel and air are the same the type is not changed. For example, A as shown resembles a pot-type stoker, but the air and fuel can move downward as in the so-called smokeless heating boiler furnace. Also, C can be placed hori-zontal, as in chain-grate stokers. For this reason, the terms used to designate the three types are not all that could be desired; more logical ones could be coined, but those used probably are satisfactory until the discussion of fuel-bed types becomes more common.

Jan 1, 1935

The U.S. economy continued to expand during 1986, although at the slowest pace since 1982 when the current business expansion began. Real gross national product (GNP) grew about 2.6%, slightly below 1985 growth but significantly below that of 1984. The continuing expansion was fueled pre-dominantly by rising personal consumption expenditures as well as growing Government purchases of goods and services. Fixed investment, although positive, failed to grow at the rate of the overall economy. The trade deficit, which increased more than 30% over the record 1985 level, continued to depress economic growth despite significant declines in the price of petroleum and the value of the dollar. On a more positive note, domestic employment continued to grow--increasing over 2 million from the 1985 level--and inflation and interest rates declined. The unemployment rate dropped slightly to 7.0%. Of direct importance to the mineral-producing industries, expenditures for consumer and producer durables as well as investment in residential construction each grew faster than the overall economy, but investment in nonresidential structures fell more than 10% from the 1985 level. The level of real capital spending declined about 3% in 1986, following strong gains in 1985 and in 1984. Capital expenditures for new plant and equipment bottomed out in the second quarter and expanded in the third and fourth quarters. The decline in the first half of the year was partially attributed to uncertainty arising from the then-proposed tax bill. Also, there was little impetus for corporations to invest in new capacity since factories were operating at less than 80% of capacity during most of the year, in part because of continued competition from imports.

Jan 1, 1986

Council for 1998/99 President R.P. Mohring President Elect J.R. Dixon Vice Presidents Senior M.H. Rogers Junior Dr L.A. Cramer Immediate Past President Dr N.A. Barcza Honorary Treasure J.A. Cruise Members of Council J.P.W. Bennie E.G. de Villiers A.A.B. Douglas F.M.G. Egerton R. Graham Dr R.G. Gürtunca Dr R.V.R. Handfield-Jones P.J. Knottenbelt R.G.B. Pickering* P.S. Piper Prof. R.F. Sandenbergh Dr T.R. Stacey D.J. van Niekerk P.J. Venter J.C. Viljoen

Jan 1, 1998