Search Documents

By R. W. Ballmer

Prior to initiating construction of a new mineral development project, sponsoring organizations must be convinced that the operation will be viable. Proof is typically provided by the feasibility study. Considerable man hours will be spent in assessing and evaluating data on the deposit, its environment, and the means of development. Impact studies must be made for various scales of operation, inclusion of by-products, new methods of treatment, deferent levels of integration, and infrastructure configuration. Examples of current materials handling cost estimates are provided from the ongoing investigation in which Amoco is a participant at Ok Tedi in Papua New Guinea and Gag Island in Indonesia.

Jan 1, 1979

By Thomas T. Read

THE benefits derived from stabilization of industry that might possibly be attained through some scheme of centralized economic planning have been much discussed of recent months, and opinions on the subject range from those who believe that some agency like the War Industries Board would be practicable to create and wholly beneficial in effects, to those who are equally convinced that none of the suggestions so far advanced are at all practicable, or likely to be productive of more of good than of evil. The discussion has been on the general topic, but-many of those who have written or spoken on it have introduced economic problems of the pinera1 industry; for example, Newton D. Baker, who referred to the coal industry in his address on economic planning at the Williamstown Institute of Politics on July 31, and then went on to say, "Industrial progress is made by the development of new things, but new things upset the equilibrium of any plan. Who could have planned the industrial effects of the development of the railroads, or the economic changes which you have seen attend the development of the internal combustion engine. Obviously, unless we are prepared to put world economics in a strait-jacket and, like the encyclopedists, write its full history on the theory that further progress is impossible, no such plan could be made for nations which are forging ahead as is entirely rational for nations which are still catching up."

Jan 1, 1931

By E. H. Crabtree

IN an ideal mill, with perfect milling operations, the mineral extraction would be 100 per cent, the, concentrate would be 100 per cent mineral, the tailing would assay zer.0 mineral and the milling cost would be zero dollars. Such an operation can, of course, never be attained. We can only strive to approach it as nearly as possible and in doing so most recognize .the fact that the three primary factors in milling: assay of concentrate, assay of tailing, and cost of operation bear a definite economic relationship to each other. This relation will change from time to time and will be different for different mills, depending on milling equipment, character and quality of feed, market conditions, and other factors. It is granted that for a given operation there is an economic point, but the location of this point is difficult. It is for the purpose of making some of these economic points a little more tangible that this paper has been prepared.

Jan 1, 1930

As the theme of the conference is ære-discover Otago' from the minerals point of view, it is also timely. Of the eight million ounces of gold recorded produced from Otago, perhaps a quarter of this came from the goldfields of St Bathans, Vinegar Hill and Cambrians. The most notable among them was the Kildare Hill Mine, which is the so-called Blue Lake at St Bathans today. The bottom wash encountered in this mine contained the famous Kildare lead, which averaged 7 1/2 dwt to the dish, and is still one of the richest leads of alluvial gold known in the world. The richness of this lead, the best encountered in these gold fields, is otherwise stated to have yielded more than 42 ounces of gold to the cubic yard. It should be borne in mind that this equates to about $22 000 per cubic metre, in todayÆs values. I have been told by older residents of this district that in fact about 1 million ounces came out of the Kildare mine and associated workings. In todayÆs values, this would be about 530 million dollars worth of gold. The largest mines in the district were at Surface Hill, Kildare Hill, Nicholsons, Vinegar Hill, the Never Fail claim at Shepherds Flat nearby, and at Cambrians. It would appear that in almost every case, work stopped when the bottom wash progressed too deep down dip of the anticline hills on which it was initially found. The mining methods were sluicing and hydraulic elevating, and although the gold bearing ground did not stop, eventually it exceeded the ability of the mining methods then available years ago, to work it further. When it is realised that the previous mining has removed what is likely to be only a low percentage of the gold resources in these fields, a tantalising situation presents itself today in that mining technology now available will enable another cut to be taken off these fields. As in the past, I believe this will be million ounce plus and multi-million dollar scenarios, where the economic and social benefits will become widespread prizes.

Jan 1, 1992

By Richard W. Lawrence, Richard Poulin

"Numerous processes co-exist for metal extraction and for metal removal from effluents of mining operations. Each process enjoys an economic advantage, including environmental cost and benefit, if utilized in a specific situation. This applies equally to biohydrometallurgical processes. This paper will analyze four types of biohydrometallurgical processes for their economic and environmental attributes: biooxidation of refractory gold, extraction of copper from sulfide, metal removal from effluents by active sulfate reduction, and metal removal by the use of wetlands. By examining the economic and environmental advantages of these processes, generalizations can formalized and it becomes possible to define niches of application where biohydrometallurgy can be considered. Our analysis shows that biohydrometallurgy can be efficient at small scale, be more environmentally friendly than conventional technologies and is relatively easier to operate. The higher financial risk associated with unproven technologies at the commercial scale is being eliminated as biotechnology-based plants are put into production.IntroductionBiotechnology can be described as the rational exploitation of the activities of living cells or parts thereof, requiring an integrated multidisciplinary approach between biological and technical disciplines. Microbiology, biochemistry, botany, molecular biology, chemistry and engineering all contribute to practical applications in the extraction, manufacturing and service industries, and in environmental management. Considerable commercial success of biotechnology has been achieved in several sectors, including health care, agriculture, forestry and aquaculture.Over the past 40 years, industry, research organizations, government laboratories, and universities in a large number of countries have participated in investigating the utilization of biotechnology applications in mining. Today, several technologies are used commercially in well understood and engineered systems which can be grouped under the term biohydrometallurgy. Many more technologies have been demonstrated at laboratory or pilot plant scale. Although initial developments and commercial applications were aimed at metal extraction, the dramatic increase in environmental awareness, the practice of sound environmental management demanded by more stringent regulations over the past decade, and the need for low cost treatment in perpetuity, has led to serious investigation of biotechnology for environmental control. In addition, increasing power costs, lowering of ore grades, and decreasing commodity price in real dollar terms require the use of highly efficient and competitive extractive technologies."

Jan 1, 1998

By D. B. Sikka

Porphyry type copper ± molybdenum deposits typically occur in the Phanerozoic rocks and have been well documented. During the past two decades a number of porphyry type Cu ± Mo deposits which range in age from 1055 ± 35 Ma to 2970 Ma have been identified in the Precambrian rocks of Australia, Canada, China, Finland, India, Namibia and Zambia. Kalanjkhand porphyry copper deposit M. P., India which is estimated to contain 789 million tonnes averaging 0. 83 percent Cu (millhead-grade); 0.004 percent Mo; 0.2 gm/t Au; 6 gm/t Ag and a cap of 7.532 million tonnes of oxide are averaging 0.8 percent Cu. The economic potential of the expanded copper mining milling, smelting and refining complex to be built in the future at Kalanjkhand, which is the largest porphyry copper deposit discovered to date in the Precambrian rocks of the world is presented.

Jan 1, 1992

By D. B. Sikka, R. B. Bhappu

Porphyry-type copper-molybdenum (Cu-Mo) deposits typically occur in the Phanerozoic rocks and have been well-documented. During the past two decades, a number of porphyry-type Cu-Mo deposits that range in age from 1055 Ma to 2970 Ma have been identified in the Precambrian rocks of Australia, Canada, China, Finland, India. Namibia and Zambia. The Malanjkhand porphyry copper deposit M.P., India is estimated to contain 789 Mt (870 million st) averaging 0.83% copper (mill headgrade); 0.004% molybdenum; 0.2 g/t (0.006 oz/st) gold; 6 g/t (0.175 oz/st) silver and a cap of 7.5 Mt (8.2 million st) of oxide ore averaging 0.8% copper. The economic potential of the expanded copper mining milling, smelting and refining complex is expected to yield cathode copper 118.6 kt (130,700 st); molybdic oxide 830 t (914 st); gold 1.9 t (61,732 oz); silver 46.6 t (1.5 million oz); sulfuric acid 240 kt (264,500 st), copper from leach dumps 11.5 kt (12,600 st); nickel 24 t (26,400 st); cobalt 84 t (92,600 st); bismuth 16 t (17.6 st); selenium 48 t (53 st), tellurium 4.8 t (5.3 st).

Jan 1, 1995

By Paolo Bevilacqua, Paolo Antonini, Lorenzo De Lorenzi

"Italy is one of the major producers of ceramics in the world. Ceramic production requires large quantities of K-feldspar, which is commonly sourced from granites, alkali-granites, and “granitic” sands. These rocks contain other minerals, such as quartz, plagioclase and mafic minerals, which are undesirable for ceramic production. Due to the coarse mineral grains that constitute these rocks, a reasonable liberation is achieved at a relatively coarse grind size.This paper reports a study conducted on the separation of K-feldspar from quartz, plagioclase and biotite, from a feed of ground granite. The feasibility of the separation using a dynamic dense medium separation system has been investigated, as an alternative to the traditional flotation technique. The use of a two stages cylindrical vessel (Tri-Flo) was preferred to a conical vessel, due to the improved separation efficiency. Tests were conducted on two samples of crushed granite having size distributions of –3 +1 mm and –1 +0.5 mm.Heavy liquid analysis was performed on the two samples. As the rheological properties of the dense medium interact with the separation efficiency, the stability and viscosity of the dense medium were controlled and kept within an appropriate range; which was achieved with the addition of an artificial contaminant (clay) to the dense medium."

Jan 1, 2003

By Paolo Bevilacqua, Paolo Antonini, Lorenzo De Lorenzi

"Ceramic production requires large quantities of K-feldspar, which is commonly sourced from granites, alkali-granites, and feldspathic sands. These rocks contain other minerals, such as quartz and plagioclase, which are undesirable for ceramic production. Due to the coarse mineral grains that constitute these rocks, a reasonable liberation is achieved at a relatively coarse particle size.The feasibility of feldspar-quartz separation using a dynamic dense medium separation system has been investigated as an alternative to flotation techniques. The use of a two stages cylindrical vessel (Tri-Flo) was preferred to a conical vessel, due to the improved separation efficiency.In a full-scale processing plant, a dense medium separation process can be used as a K-feldspar preconcentration step. This reduces the amount of material to be treated in the more expensive processes, such as finer comminution, flotation or magnetic separation.A comparison between commercial raw materials for the ceramic industry and the “rich in feldspar” products of the Tri-Flo process is reported, and the validity of the process is demonstrated."

Jan 1, 2003

By M Hourn, G Anderson, V Lawson, P Voigt, D Mallah

As mine head grades decline and orebodies become more complex, traditional mineral processing techniques and flow sheets to achieve saleable concentrate become more difficult to design and construct. Mines with lower quality concentrates or concentrates with penalty elements are particularly under threat. The economics of such operations are far more susceptible to metal price fluctuations, concentrate treatment terms and the availability of other, cleaner concentrates. Additional value may be realised for these orebodies through improved recovery by producing a low grade middling concentrate for further processing, in conjunction with a saleable concentrate.The most economic effective way to reduce impurity levels is to do so as early as possible in the mining value chain. Technologies such as fine grinding and fine particle flotation are well established as effective methods for impurity rejection in mineral processing. What is often overlooked is how a hydrometallurgical process could also be integrated in the overall flow sheet to achieve higher overall recovery at the mill. In the base metals environment, this is probably because hydrometallurgical processes are associated with production of metal, or require the use of expensive and toxic precipitating agents once the minerals of interest are in solution. These processes can be very expensive, particularly with rising power costs and poor economies of scale in capital costs associated with low production rates from middling streams. Glencore Technology (GT) has recent experience in the treatment of middling and low grade concentrate streams and also tailings streams to complement a concentrator flow sheet in a refractory gold and base metals setting. The value proposition is the isolation of a low grade middling concentrate from the primary circuit or the tailings stream for upgrading to an intermediate product with an equal or higher grade than the primary concentrate to allow blending for sale. This allows the plant to operate on a more favourable part of the grade-recovery curve while avoiding the expense of metal production. For existing operations this is particularly attractive since it can be added to the flow sheet with no process interruptions. Two case studies are examined showing flow sheets and costings to arrive at the value proposition of the GT low grade treatment flow sheet.CITATION:Voigt, P, Hourn, M, Lawson, V, Anderson, G and Mallah, D, 2017. Economic recovery and upgrade of metals from middling and tailing streams, in Proceedings MetPlant 2017, pp 289–297 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 11, 2017

"As mine head grades decline and orebodies become more complex, traditional mineral processing techniques and flowsheets to achieve saleable concentrate become more difficult to design and construct. Mines with lower quality concentrates or concentrates with penalty elements are particular under threat. The economics of these operations are far more susceptible to metal price, concentrate treatment terms and the availability of other, cleaner concentrates. Additional value may be realised for these orebodies through improved recovery by producing a low grade middling concentrate for further processing, in conjunction with a saleable concentrate.The most cost effective way to reduce impurity levels is to do so as early as possible in the mining value chain. Technologies such as fine grinding and fine particle flotation are well established as effective methods for impurity rejection in mineral processing. What is normally overlooked is how a hydrometallurgical process could also be integrated in the overall flowsheet to achieve higher overall recovery at the mill. In the base metals environment, this is mainly because hydrometallurgical processes are associated with production of metal or use of expensive and toxic precipitating agents once the minerals of interest are solubilised. These processes can be very expensive, particularly with rising power costs and poor economies of scale in capital costs associated with low production rates from middling streams.Glencore Technology (GT) has recent experience in the treatment of middling and low grade concentrate streams as well as tailings streams to compliment a concentrator flowsheet in a refractory gold and base metals setting. The value proposition is the isolation of a low grade middlings concentrate from the primary circuit or the tailings stream for upgrading to an intermediate product with an equal or higher grade than the primary concentrate to allow blending for sale. This allows plants to operate on a more favourable part grade-recovery curve while avoiding the expense of metal production. For existing operations this is particularly attractive since it can be added on with no process interruptions.Two case studies are examined showing flowsheets and costings to arrive at the value proposition of the GT low grade treatment flowsheet."

Jan 1, 2017

By F van de Venter, J Monama, T Kale

For a multitude of years fine iron ore, -1 mm, across the world has been deposited as discard material in tailings facilities. This contributes to environmental problems, decreases plant yield and increases the cost of processing. Fine iron ore recovery processes are often deemed unfeasible or uneconomical, due to the complexity of the reclamation thereof in comparison with high-grade ores. However, recent advances in the recovery of fine iron ore using the Optima Classifier® has shown great promise. The Optima Classifier® is a new hindered settling separator that makes use of an upward current of water for density separation. It’s unique design combines three different separating zones for increased efficiency and recovery. In this study the potential of the Optima Classifier® to produce a +63 per cent Fe concentrate from -1 mm feed material was evaluated from a standalone and process perspective. It was found that a +63 per cent Fe product can be produced from a single stage, using the Optima Classifier®. Fine iron ore feed with an average head grade of 50 per cent Fe was upgraded to average concentrate grades of 63.2 per cent Fe. Displaying upgrade ratios of up to 1.26 in a single stage. A three-stage, rougher, cleaner and scavenger system did however show the best performance with recoveries of up to 70 per cent, yielding 56 per cent of a 63 per cent Fe product. Furthermore, the dewatering of the product and tailings was evaluated using the UltraG ultra-fine dewatering screen ensuring dry, stackable material. The tailings could be used in codisposal, while loads on thickeners and filter presses are significantly reduced. The high throughput of the Optima Classifier® ensures a small plant footprint, minimal civil and structural requirements and low operating utility consumption such as electricity, minimising the carbon footprint of a fines beneficiation plant. The Optima Classifier® in combination with the UltraG dewatering technology has provided a platform for economical recovery of fine iron ore, both current arising and historical. Providing opportunity to lower plant operating costs, reduce environmental liability of tailings facilities and increasing immediate process water recovery

Sep 18, 2023

By D. Auerswald, M. Kotze, V. Yahorava, T. Udayar

Uranium can be recovered from lower grade uranium ores (<800 mg/kg U3O8), leach residues, and waste dumps cost-effectively via resin-in-pulp (RIP). Using this technology, no solid/liquid separation or washing of the leach residues are required. Furthermore, the uranium recovery can be higher than with conventional methods. RIP technologies have, however, been perceived negatively due to concerns around potential resin fouling and losses. This paper highlights the advancements made in RIP and discusses a number of potential applications where the technology could deliver economic and consequential environmental benefits by reducing the uranium levels in the waste.

Jan 1, 2014

By John K. Hammes

INTRODUCTION From the point of view of the consumer, the cost of mineral commodities might be viewed as the total price industry pays for mine output. Similarly, the mining company engaged in the ongoing business of finding, developing and operating new mines is concerned very much today with the distribution of all the revenue paid for mine output and not just with its direct or controllable cash costs. In other words, what will the labor force, the supplier of energy, explosives, and reagents, and the supplier of government services, management, capital, and the ore reserves receive for their contribution to production? A significant amount might be categorized as what economic theory classifies as economic rent. Mining companies are finding it increasingly difficult to negotiate concession or work contracts to develop ore reserves in lesser developed countries, just as they find themselves accused of taking excess profits in their own countries. The principal difficulty in reaching mutually satisfactory agreements in many cases is the difficulty in establishing an acceptable distribution of income, in particular the distribution of economic rent. (See Chapter 7). Further, it is logical that the decisions and policies of the interested parties be they government or industry should be and will be influenced by their competitive position relative to determining the distribution of economic rent. The raising of finance for a mining project today may be inhibited by too biased an extraction of economic rent by entities other than the risk takers, the mining companies. ECONOMIC RENT A British economist (Ricardo D. McGraw-Hill, 1955) first proposed the concept of economic rent (See Drechsler, H.D. earlier in this Chapter.) Ricardo pointed out that no rent would be paid until land became scarce. Ricardo also stressed the distinction that the price of farm produce was not higher because of the rent paid on farm land but that the rent or price of more fertile farm land was higher because the price of produce is higher. This led to the concept that economic rent is not a cost and that it is therefore not price determining, but is itself price determined. Economic rent may be viewed as a cost if cost is equated with the concept of payment or distribution of income to any factor used in production. However, if it is a criterion that a payment must be made to the supplier of the factor of production, then economic rent is not truly a cost because it is not necessarily distributed or "paid" to the supplier. Consider the commodity A which occurs in three grades: Al, A2, and A3. Any grade may be used as a substitute for another grade in all of the industrial uses of A. However, in industries X and Y the different grades have different productivities. Table 1 shows the relative productivities of each grade in industries X and Y, and in all other industries [~]. [ ]

Jan 1, 1985

By Charles E. Heinrichs

IN the last decade one of our oldest and largest non-metallic metallic mineral industries has been the subject of persistent technical research, the results of which are another example of the benefits following the systematic application of scientific principles. The consequent improvement in the technique of phosphate recovery represents the greatest material advance in the industry since the discovery of phosphate in Florida in 1881. Moreover, these successes have stimulated interest and development in numerous other nonmetallic industries. Strange as it may seem, and despite the fact that the phosphate deposits of Giles County, Tennessee, together with those of Polk and Hillsborough Counties, Florida, have yielded more than 50,000,000 long tons in the last twenty years, the mineralogy of phosphates has been given scarcely any space in our technical literature. For many years it was the general consensus that these so-called phosphate rocks represented a physical mixture composed principally of tri-calcium phosphate, together with smaller quantities of calcium carbonate, calcium fluoride, iron phosphate, aluminum phosphate and other less important constituents. More recent investigations, however, led to the conclusion that these phosphates really represent a complex mineral in which calcium, iron, aluminum, phosphorus pentoxide, carbon dioxide, and fluorine all form a definite part of the molecule. Colony, after a careful study, utilizing chemical, microscopic, and X-ray diffraction methods, reported that American phosphates consist principally of calcium-carbono-phosphate of the staffalite type.

Jan 1, 1933

Carbon sequestration in planted forests provides an immediately available, low cost option to address the greenhouse impacts of coal mining and coal utilisation in a carbon constrained world. In addition, planted forests also offer the opportunity to address other environmental issues, particularly salinity and loss of biodiversity. Given salinity is characteristically associated with agriculture in the 500 to 700 mm rainfall belt, then where such forests can also produce commercial timber products, they offer the additional opportunity to establish new, diversified rural employment in both timber growing and processing. In the majority of Australian catchments affected by salinity, where rainfall is generally less than the 700 mm limit to conventional forestry, and where groundwater reserves are often saline, the objective of achieving economically viable forestry production presents a significant challenge. In 1996, Saltgrow commenced a collaborative breeding program to combine the salt and stress tolerance of E camaldulensis, with the growth rate, stem form and wood properties of the commercial species, E grandis and E globules. This program aimed to produce trees with the potential for commercial rehabilitation of saline landscapes. Results covering a range of site conditions from SaltgrowÆs network of over 100 trials around Australia are presented. The opportunity for commercial plantations integrated with agriculture in low to medium rainfall areas to address salinity and sustainability will be discussed. In addition, the significant potential for partnerships between land-rich, cash-poor farmers, catchment management authorities seeking to invest in public good projects that enhance environmental sustainability, and major carbon producing industries with either mandated or voluntary requirements to curtail net emissions will also be discussed.

Jan 1, 2005

By A. S. Bayne

WITH the great increase in the use of power-driven machinery in industry, and consequent large-scale operations, the hazards to which , workmen are exposed have become much more numerous than at the beginning of the century. This is especially noticeable in mining. In the past thirty years or so, improvements in methods of excavation and metallurgy have made possible the exploitation of deposits which would have failed to make ore in previous years. This improvement, together with the in-creased use of machinery, has facilitated the mining of tremendously greater tonnages with a marked decrease in unit cost of production. This &apos;speed up&apos; in mining creates numerous problems demanding close attention of operators and necessitates careful prep;tratory planning, as well as diligent supervision of actual operations. Underground openings increase in size so fast, and all phases of mining, mucking, and transportation proceed at such a rate, that a short period of reduced vigilance on the part of operators . results in disaster, both from the standpoint of safety and economies. Happily, the challenge of increased hazards has been successfully met by a general application of the slogan &apos;Safety First&apos;. Today, we have large manufacturing concerns devoted entirely to the development and production of safety equipment for the protection of workmen in various branches of industry. Machinery manufacturers, in co-operation with their mining customers, have included the best possible in foolproof devices in the manufacture of hoists, compressors, boilers, electric motors, and equipment of all kinds. Mining companies and private individuals spend thousands of dollars and devote a great deal of time to research with the single object of preventing accidents and combating miners? diseases. Governments throughout the world have written regulations into their statures for the protection of miners and operators. Staffs are appointed to enforce these laws and investigate accidents to ascertain means of preventing them for the future benefit of the industry.

Jan 1, 1938

By Paul M. Tyler, Carle R. Hayward

DOES it pay to do really good work? Quite likely the practical millman will answer that it does not. The preparation of ores for market is primarily a business enterprise, and by and large the individual operator does not bother his head about squandering our national resources or making easier the job of the smelterman. Having accepted such ore as he may get fro111 the mine, his job is to make the best possible showing with his mill fro111 the standpoint of financial return. His success is measured in dollars and cents, and he has no rightful reason to expect more than scant acknowledgment of any other achievements from the stock- holders of his company who in the last analysis are his employers.

Jan 1, 1936

By HILAND BATCHELLER

COMMENT on the economic significance of the special alloy steels seems inevitably to reduce itself to an attempt to peer into the future of the industry in which we are interested. We are all familiar with the historical development of iron and with the almost complete replacement of iron by steel. Those who have been connected with the industry since its .early days have had the satisfaction of witnessing the greatest industrial development the world has seen. As the cartoonists of the muck-raking decade liked to picture steel as an ogre armed with a spiked club, his hands reeking with blood and with golden coins dripping from his pocket, fiercely seeking for more widows and orphans to devour, I choose to call on my imagination to create a gigantic but beneficent robot of such marvellous mechanical skill. that it quickly transforms millions of tons of otherwise worthless material into the infinite variety of useful products which are so largely responsible for our present civilization.

Jan 1, 1931

By AIME AIME

AT the end of September, &apos; the metal-producing industries were almost prostrate, the production of fuels was largely curtailed, there was a fair degree of activity in general manufacturing, while retail trade was moderately good. Looking at industry on the whole, there was a large percentage of unemployment, the degree of which has increased, progressively, month by month since the beginning of 1921. There is the prospect of much destitution and misery this winter; yet while&apos; in some, quarters, idle workers are already being fed from, commissaries; in other quarters profligacy; in "spending continues, unabated. Amid this confusion in conditions there is;&apos; much that appears paradoxical, but in fact it is not so and indeed everything is running pretty true to form: Such activity in production as there is to be seen is mainly in textiles; - leather goods, foodstuffs, etc., i.e., consumption goods for immediate use. Even in hard times 105,000,000 people must buy a good deal of clothing and food. Besides this there is indispensable repair work and- maintenances. Thus, the good business of the year in white lead for painting. The chief uses for the metals, however, are in the production of capital goods, and except for occasional and special reasons nobody in his senses is capitalizing anything at present prices for labor. Hence several millions of men are idle. The impoverishment of Europe and the exhaustion of her credits adds to this by curtailing our export trade.

Jan 1, 1921