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By David Turnbull

In most reactions involving solids the transformation kinetics may be represented by the combination of two processes —those of nucleation and of growth. For example, Mehl and his coiq-orker in their studies on the transformation of austenite to pearlite in steels have been able to describe the kinetics in terms of the rates of nucleation and of growth. By micrographic examination of their specimens they determined the nucleation rate (rate of appearance of pearlite colonies) as a function of time, of percent transformation, and of temperature. They observed that after an incubation period in which no nuclei are observed, the number of nuclei appearing per unit time per unit of untransformed grain boundary area, increases at an increasng rate with time. When recrystallization rates have been interpreted in terms of rates of nucleation and growth and the rate of nucleation determined, an incubation period followed by an increasing rate of nucleation has also been reported. Among the studies in which this phenomenon has been observed are those of Kornfeld and coworkers3 on cold-drawn aluminum wire, of Anderson and Mehl4 n the recrystallization of aluminum sheet, and of Stanlcy and Meh15 on the recrystallization of silicon ferrite sheet. The existence of an incubation period during which no nuclei are observed does not appear to have been reconciled with the generally accepted Volmer-Becker theory of nucleation in condensed systems. This theory ostensibly requires the rate of appearance of nuclei to be independent of time. Volmer-Becker Theory In order to form a stable nuclcus of a new phase B in a mother phase A, the molecules or atoms of the mother phase must surmount a free energy barrier whose height is determined by the volume free energy change accompanying the transformation and the energy of the surface separating the two phases. The free energy difference between nuclei of various sizes and the molecules or atoms of the mother phase is plotted schematically in Fig I as a function of the radius of the nucleus r. This free energy difference is plotted for two values of the change of free energy per atom, (Jb — ja) accompanying the transformation when the volumes of the two phases are infinite. One of these values of (Jb—Ja) corresponds to a temperature above the temperature To at which the phascs A and B are in equilibrium, and the other to a temperature below To. In order for a nucleus of phase B to be stable at a temperature T² < TO, its radius must be equal to or greater than the critical value r* for which the free energy of formatioil of the nucleus is a maximum, the of phase B having radii equal to or less than r* will be called embryos hfehl and Jetter," in discussing the kinetics of nucleation in solid systems, suppose that embryos of critical size are formed

Jan 1, 1949

By Jr. Carmichael

"THE MAYO AREA was prospected as early as 1887. The first major activity started in 1898, when the Stewart River and its tributaries were examined for placer deposits, and in succeeding years the district became a small producer of placer gold. The first discovery of the lead-zinc-silver mineralization which has become the main interest of the district occurred in 1906, when a vein was found in the canyon of Galena Creek on the northwest slope of Galena Hill. This deposit was later known as the Silver King mine. In 1919 further discoveries were made on Keno Hill, approximately 15 miles east of the Silver King, the most important being the No.9 vein. Directly or indirectly, these finds are attributable to the search for placer gold, as galena was frequently found in the stream gravels.The 1919 Keno Hill discoveries were acquired by Yukon Gold Co. and operated through a subsidiary, Keno Hill Ltd., from 1920 to 1923. Most of the production came from No.9 vein. In 1921 Treadwell Yukon Corporation entered the field and acquired the Ladue mine. This company continued to operate for 21 years. It acquired in succession the Ladue, Sadie, Friendship, Lucky Queen, Elsa, Silver King, and Calumet mines. Its record of successful operations is very largely the achievement of the late Livingston Wernecke. Under his direction, the Treadwell Yukon Corp. produced metals with a gross value in excess of $21,000,000, in the face of greater transportation problems than exist today and with considerably lower metal prices.Treadwell Yukon ceased operations in 1942. Its entire assets were acquired in 1946 by United Keno Hill Mines Ltd., which has substantially increased the original holdings. It has drawn the bulk of its production from the Hector mine, adjacent to the Calumet. The Hector was not developed by Treadwell Yukon because of legal disputes among the vendors. It has proven to be the largest deposit yet discovered in the district."

Jan 1, 1949

By R. Vernon Helm

Four tables listing values for the various physical properties of those sulfur compounds most likely to occur in petroleum and petroleum products are given herein. The data necessary to bring the first compilation2/ in this subject up to date are given in table I -Revised and Additional Data, which includes boiling points, refractive indices, densities, and freezing points. Tables 11-, III, and IV are published for the first time and include refractive indices for the F, C, and G&apos; lines of hydrogen and the helium D:3 line; surface tensions and viscosities, and refractivity intercepts, specific dispersions, specific refractions, and parachors. The need for information concerning the sulfur compounds in petroleum is becoming-more urgent because of the necessity of refining larger quantities of high-sulfur crude oil to meet the rising demand for petroleum products. For a number of years the Bureau of Mines has been engaged in research to make available more information concerning the properties of the sulfur compounds in petroleum. The petroleum industry has recognized the value of such studies, and as a result the American Petroleum Institute has established Research Project 48A to study sulfur compounds. The investigations under this Project are to be done in Bureau of Mines laboratories as a cooperative project in connection with the work already started.

Jan 1, 1949

By W. W. Stephens

As part of the Bureau of Mines program directed toward more effective utilization of the mineral resources of the United States, a number of processes for production of sponge iron have been investigated. The use of sponge iron as a raw material for production of steels and other ferrous alloys offers several possible advantages over the conventional pig-iron and scrap process, especially for utilization of the smeller, widely distributed iron-ore deposits of the western United States. Although considerable information has been made available on various processes for production of sponge iron, little information 118.6 been published heretofore on the problems and costs involved in melting the sponge iron for production of steel. The present Paper reports the results of tests conducted at the Bureau of Nines pilot plant at Redding, Calif. in which several different types of sponge iron Were used as charge material for production of steel in a 4-ton-capacity basic arc furnace.

Jan 1, 1949

By W. D. Mcmillan

Soapstone is the term applied to an impure, massive, soft rock with a greasy feel. It is of variable composition, consisting chiefly, however, of talc, tremolite, and chlorite. Although limited quantities of soapstone are used as building material, in fireplaces, and in the manufacture of laundry tubs, sinks, laboratory-table tops, and-oven and furnace blocks, the principal part of the production is ground for use in roofing paper, insecticides, and as a filler in asphaltic paints.

Jan 1, 1949

By F. W. Horton

Investigation of an extensive deposit of chromite-bearing actinolite-talc schist situated on the summit of Casper Mountain, 10 miles south of Casper, Wyo., was one of the first projects Undertaken by the Bureau of Mines under the Strategic Materials Act (Public 117, 76th Cong., Ch. 190, 1st sess.), for which an appropriation became available August 9, 1939. During the previous summer; the Geological Survey? made? a magnetometrical survey of the area in which the schist occurred. It was exposed in several small lenses and two larger ones aggregating about 19?acres in area. Although the occurrence of chromite here had been known for many years, the only work done on the deposit was the digging of? a few shallow pits on some of the more promising outcrops. From August 23 to December 3, 1939, the Bureau of Mines investigated the larger of the two main schist bodies. Twenty-four trenches having a total length of 8,073 feet were dug across the deposit, and its subsurface extension was explored by 3,623 feet of diamond drilling. Over 32 tons of samples were shipped to the Metallurgical Division of the Bureau of Mines at Reno, Nev., for reduction, analysis, and ore testing. In all, there were 853 individual samples. Geological maps, based upon examination of outcrops, trenches, and drill cores, as well as a contour map of the area were made by the Geological Survey.

Jan 1, 1949

By Donald F. Reed

During the first 6 months of 1948 the Bureau of Mines investigated the titania, deposit on the Wynn 0. Christy property in northern Hot Spring County, Ark. The property is situated in Magnet Cove, about half a mile north of the Magnet Store and U. S. Highway 270 (fig. 1). The purpose of the investigation was to determine the extent and grade of the ore body and to obtain a representative sample of the ore in as nearly natural condition as possible for use in metallurgical testing. All of the titania that has been marketed from Arkansas mines has been in the form of rutile from a deposit about 2 miles west of the Christy property. The titania in the Christy property occurs principally as brookite, which, with fragments of novaculite, quartz, and limonite, is imbedded in red clay. It is difficult to recover a core of the material. Three types of drills - a diamond drill, a bucket drill, and a Baker cable-coring tool operated on a churn rig - were employed in an effort to procure proper samples in their natural state. The Baker tool was found to be the most efficient and to be capable of drilling to a depth of 150 feet, making 80 to 100 percent core recovery (fig. 8). Total footage drilled was 1,536.9 in 21 holes, of which 7 were diamond-drill holes, 13 were bucket drill holes, and one was drilled with the Baker tool. The ore body was found to be 900 feet long, 500 feet wide, and more than 141 feet deep and contained 5.8 percent TiO2 and 0.52 percent 1720. Most of the deeper drill holes bottomed in ore, and there is a possibility that the ore may persist to a depth of several hundred feet. The Metallurgical Division of the Bureau of Mines is conducting experimental work at the Mississippi Valley Experiment Station at Rolla, Mo., for the purpose of developing methods of concntrating and utilizing the ore.

Jan 1, 1949

By K. E. Stanfield

One of the initial projects under the oil-shale research and development phase of the Synthetic Liquid Fuels Act, Public- Law 290, 78th Congress, approved April 5, 1944, was a survey of oil shales of the United States for the selection of a site for an oil-shale demonstration plant. The oil shales were assayed by the conventional Bureau of Mines retort method proposed by Karrick and described by Guthrie in a more recent publication. From previous experience and that had in making these assays, it became evident that the assay method should be modified or replaced by a more satisfactory one. There are several outstanding objections to the Bureau of Mines oil-shale assay method: (1) the oil yields are frequently smaller than those obtained by other types of assay equipment and by commercial retorts; (2) the assayed oil yield represents only a portion of the organic matter in the shale, which under more favorable conditions, may, Jae converted, more completely into oil; (3) the retorting procedure is controlled mainly by trial-and-error methods; and (4) the assay requires approximately 6 hours for completion.

Jan 1, 1949

By Hillary W. St. Clair

The purpose of this investigation was to determine the practicability of refining crude aluminum-silicon alloy or aluminum scrap containing silicon and iron by selective dissolution in zinc of the aluminum from the alloy followed by distillation of the zinc from the aluminum.

Jan 1, 1949

By John Paul Gries

During World War II, when the curtailment of imports led to an unprecedented demand for domestically produced mica, beryl, and other pegmatitic minerals, the Bureau of Mines and the Geological Survey entered upon a program designed to expedite the production of these minerals from the Black Hills area of South Dakota. The program involved mapping, sampling and drilling many pegmatite dikes found in the southern portion of the area and beneficiation tests in the field and in the Bureau of Mines laboratories at Rapid. City, S. Dak., Rolla, Mo., Salt Lake City, Utah, and College Park, Md. This paper describes the mode of occurrence and the sampling and beneficiation tests on one dike, the Helen Beryl pegmatite, which was investigated as part of the general pegmatite study in South Dakota. Investigation of the Helen Beryl Pegmatite by the Bureau began in August 1943 and was terminated in April 1944. During this period the Bureau took a series of bulk samples from pits for beneficiation tests, drove an adit through the center of the dike to obtain feed for a bulk-sampling plant operation, and finally drilled a series of long holes to sample the deposit further. Geologists of the Federal Geological Survey mapped the deposit and the faces of all excavations and logged drill holes from sludge samples recovered from long-hole drilling.

Jan 1, 1949

By John C. Lyons

"The Wabana iron ore deposits occur as flat-dipping beds of oolitic hematite and chamosite, of Lower Ordovician age, which outcrop for 3 miles along the northwest coast of Bell Island, Conception Bay, Newfound-land, about 16 miles from St. John's.The deposits occur in three zones, Upper, Middle, and Lower beds, separated respectively by 30 feet and 215 feet of shale and sandstone. They are primary sediments laid down in a shallow tidal basin by the precipitating action of a marine environment on iron-rich fresh waters flowing into the basin.The ore-bearing zones, while of wide areal extent, are not uniform beds of hematite that can be mined wholesale. The action of waves and currents during sedimentation; the delta pattern, velocity, and transporting power of streams flowing into the basin; the contours and oscillations of the sea bottom on which the sediments were laid have all been fundamental in the emplacement of richer and thicker mineable sections, and of lean zones so intercalated with shale as to be unmineable.The preservation of the deposits is due to their location in the Conception Bay syncline and to a considerable upthrust of the country east of the bay in post-Ordovician time.The hematite deposits were first recognized as such in 1892, and soon after were acquired by the Nova Scotia Steel and Coal Co. They are now being mined by Dominion Wabana Iron Ore, Limfred, a wholly owned subsidiary of the Dominion Steel and Coal Corporation, Limited. Production started in 1895, and up to the end of 1955 totaled 58,588,516 long tons of hematite ore, having an average dry analysis of about 51 5 per cent iron, 11 8 per cent silica, 0·9 per cent phosphorus, and l ·5 per cent moisture. About 40 per cent of the total tonnage mined has come from surface stripping and on-shore mines. These areas have now been almost completely depleted, and operations are confined to submarine mines extending for two miles off shore under the waters of Conception Bay. Three sub-marine slopes are currently in operation, Nos. 3 and 4 working in the Lower Bed and No. 6 in the Middle Bed. A general picture of the workings is shown in isometric projection in Figure 1. Submarine mining has been entirely by the room-and-pillar method, with an extraction of 60 per cent. The deepest workings, at a vertical depth of 1,850 feet below sea-level, have a rock cover of about 1,500 feet. No mining is done in areas where the rock cover is less than 200 feet. To date mining has explored six square miles of a potential area that may exceed 50 square miles."

Jan 1, 1949

By C. M. Offenhauer

Abstract Zirconium markedly affects the formation of graphite in cast iron and may promote the formation of normal flake gaphite, fine flakes of eutectiform graphite, or spheroid nodular graphite, according to the composition of the Iron and the amount of the zirconium addition. Usually, it is employed in the form of a complex addition agent in order to facilitate its introduction and to guide its effect. The reported applications of zirconium as an inoculant for the production of pearlitic high-strength cast iron indicates that it is most effective as a silicon-manganese-zirconium alloy. Added in this form it reduces chill and minimizes zones of ferrite and eutectiform graphite. In low-sulphur cast iron, zirconium in amounts greater than 0.10 per cent tends to promote the development of eutectiform graphite. These irons are characterized by freedom from primary cementite or normal flake graphite and exhibit very little tendency to shrinkage on solidification. In hyper-eutectic low-sulphur cast iron, zirconium causes the formation of a partially nodular graphite structure. A combination of magnesium with silicon-zirconium alloy was found to produce completely nodular graphite structures without the hazards associated with the addition of elemental magnesium.

Jan 1, 1949

By C. Harold Riches

This article is directed co a commentary on the patent system in its relation to the public interest. As man gained supremacy over his environment, he could devote progressively increasing portions o his time to improving his standards of living. In the history of the human race, we have advanced from the hollowed floating log to the modern steamship of the present age; from the sickle and flail to the reaper and combine; from the trumpet and drum as a means of communication co the telegraph, telephone, and radio; from the horse and ox cart to the automobile, truck, aeroplane, and train; and so on ad infinitum through the list of inventions on which are based the industrial and political economies and standards of living we enjoy today. It has also been a long road from the day of the alchemist and his closely guarded secrets to the era of the patent system and its storehouses of knowledge open to the world. The alchemist and the craft and merchant guilds closely guarded their secrets. In fact, they largely opposed innovations on the grounds that they might injure profits and restrict employment. In these days of unrest, with great clamour out of doors for radical changes in our political and industrial economies, it may not be untimely to examine one of the keystones which support the economic structure we know as the free enterprise system, the system which is predicated upon the right of the individual to own property. Many, through impractical idealism, ignorance, confused thinking, or blind political prejudice, advocate the substitution of ownership by the State ? for the right of ownership by the individual. As civilization has advanced to the high standards of living we enjoy today through the efforts of a comparatively few inventors, the patent system which has provided the incentive that created the inventions on which our industries and our employment are based is fully understood and appreciated by a comparatively small percentage of our people. As a result, the patent system, as a keystone in our free enterprise economy, is an apt target for destructive criticism, with the thought, possibly, that by eliminating or drastically restricting the several rights to individual ownership one by one, ownership by the State will progressively replace ownership by the individual.

Jan 1, 1949

By A. L. Engel

As a part of the program of the Rare and. Precious Metals Experiment Station, Reno, Nev., in connection with investigations of treatment methods for precious and precious-base metal ores, to further conservation and recovery of precious and base metals, tests Were made on samples from the Buzzard Mine, located in the vicinity of Placerville, Calif. These samples represented ore exposed during previous development work, in tunnels and a shaft on the property, including highly oxidized material from the surface zone and sulfide ores from depths of 150 to 300 feet. The surface samples contained little base metal and only enough gold 80 that economic exploitation of them would depend on development of a large tonnage of ore, low-cost mining methods, and satisfactory treatment methods. The sulfide samples were valuable enough to warrant further exploration and development and, if present in suitable tonnage, the installation of a treatment plant for recovery of both precious and base metals. The oxidized surface-zone samples carried 0.11 to 0.14 ounce gold per ton. Standard amalgamation and flotation tests of these samples gave low recoveries. Standard cyanidation tests indicated high consumption of lime and cyanide and gold extraction of 79.4 and 82.7 percent. Water-leaching the ore after crushing to minus 10-mesh improved cyanidation considerably. Ex-tractions of 82.7 to 85.8 percent were obtainec1 with lime consumption of 6 to 7 pounds per ton of ore and cyanide consumptions of 1 to 4 pounds. Grinding the samples to minus 200-mesh followed by water-leaching and cyanidation gave improved extractions of 91-92 percent of the gold, but with slightly increased consumptions of lime and cyanide.

Jan 1, 1949

By A. S. Dawson

Introduction The purpose of this paper is to discuss, in a general way, the application of geological principles in the exploration for, and development of, deposits of industrial minerals. Mention of geological factors pertaining co specific minerals will be by way of illustration only. Since many prospectors are little acquainted with the geological setting and mode of occurrence of deposits of these minerals, some prospecting possibilities in the field will be pointed out. Geology is a tried and proven tool in the search for and exploitation of metalliferous deposits and of oil and gas fields, but, so far at least as Canada is concerned, only very rarely has a directed, intensive search been made for deposits of industrial minerals. Examples might be cited, however, where, in other countries, such investigations have yielded rich rewards. Thus, development of the vitally important potash deposits of New Mexico was the result of a deliberately planned programme of geological investigation, first by United States Government agencies, and later by private interests. War or the threat of war, or peace-time industrial expansion, can render concentrated exploration for specific minerals desirable or even essential. Such exploration is, primarily, a geological problem. Admittedly, there is in general less scope for the application of geology in the search for, and development of, deposits of industrial minerals than of metalliferous minerals, oil, etc. Where the latter are concerned; the objective of exploration is to find a material that is valuable, within broad limits, no matter where it is located or how it occurs. The unit value of the material is limited only by the amount of the valuable constituent in the formation- its possible upper limit is tremendously high. On the other hand, many industrial minerals constitute in themselves 90 per cent or more of the formation- their amount cannot increase and their unit value is commonly low. Moreover, for commercial exploitation, the deposit must, in general, be reasonably close to markets or to plant or other facilities for processing the raw material, since, owing to its low value, this cannot be transported any great distance. As a consequence, intensive geological search for and investigation of such deposits has been restricted to industrialized areas. Obviously, however, it is good insurance for any operator to understand the geological background of his deposit, particularly in the case of new developments.

Jan 1, 1949

By E. A. Gulbransen, J. W. Hickman

Recent work by the authors1 on the oxide films formed on alloys of titanium and zirconium with nickel and copper indicated that an investigation of the oxides which form on alloys of copper and nickel might permit the relative rates of formation and diffusion of the ions of these metals to be determined. This binary system is of further interest since the alloys which form are of the solid solution type over the entire range. In addition nickel is much more oxidation resistant than copper. A comparison of the free energies of formation of the simple oxides which may occur on these alloys indicates that nickel oxide should be observed over the entire time and temperature ranges of oxidation for all alloy compositions~i In order for nickel oxide to predominate on the surface, it is necessary that nickel ions form and diffuse to the surface. Two factors which may influence the formation of nickel oxide may be the ionic sizes, where cu+ is o.,,6-,4 and ~i++ is o.,oh;, and the charges on the ions. On the basis of size, Ni++ should diffuse more readily than Cu+ while on the basis of charge, Cu+ should form more readily than Ni++. According to Uhlig2 passivity to corrosion in an alloy appears at a critical composition which for copper-nickel alloys is related to the tendency of the d band of electronic energy states to fill with elec-trans. This in in the copper- nickel alloys corresponds to 40 at. pct nickel at which composition Uhlig2 (quoting La Que&apos;s data) states that the alloy system becomes passive. Magnetic and specific heat data indicate that the d band of copper-nickel alloys is flied at 60 at. Pet Or or 4O at. pct nickel. Matt and Jones3 have shown that if, on alloying nickel with copper, one considers a copper atom to be identical with a nickel atom except for an extra electron (nickel has the configuration: 3ds 4s2 and copper: 3 dl0 4s) then at 60 at. pct copper or 40 at. pct nickel enough electrons are contributed by copper to fill the d band of the alloy. At this composition the magnetic susceptibility approximates zero according to Grew.4 Although the electron diffraction data will not determine the rates of the several reactions which may occur during oxidation, yet a determination of the structures of the surface oxides may yield information concerning the relationships, if any, which may exist between the oxide structures which form and that composition where the magnetic susceptibility approximates zero. It is quite possible, of course, that the mechanisms of the oxidation and corrosion reactions may be so widely different that no correlations between them may be possible. Survey OF Literature The metals, copper and nickel, which are face-centered cubic, form solid solution alloys which are face-centered cubic with no superstructure for all compositions. Three oxides of nickel have been investigated structurally by X ray diffraction. Of

Jan 1, 1949

The purpose of this paper is to list by tabulation and flow sheet, the operating equipment and installations in use at Rosebery, and to refer to particular items which may be of interest for purposes of comparison, or because they possess some unusual feature. The general perspective has been taken from the viewpoint of operating and maintenance experience.The sequence begins with ore breaking and transport and proceeds through milling operations. The paper is in two sections, first, mechanical equipment, second, electrical equipment. A brief outline of a scheme for using gravel wash for stope filling, which is in course of installation, has also been given.

Jan 1, 1949

By Nelson Hogg

"THE NOR-ACME gold mine is located close to the north shore of Snow Lake, at 54°53' north latitude and 100°03' west longitude. It is about 75 air miles east of Flin Flon, and 36 miles by road from Wekusko at Mile 81 from The Pas on the Hudson Bay Railway.The claims which contain the Nor-Acme orebodies were staked in 1927 by C. R. Parres, who, with his sons, held the ground until 1938 when Nor-Acme Mines Limited was incorporated. In 194 l, on the recommendation of F. Ebbutt (1), this property was optioned by the Howe Sound Exploration Company, Ltd. A program of 50,000 feet of diamond drilling resulted in the outlining of two orebodies containing an estimated 5,000,000 tons with an average grade of 0.15 ounces per ton to a depth of 1,000 feet.A period of inactivity during the war years was followed by the construction of a mining plant capable of treating 2,000 tons of ore per day. Milling started in March 1949, and to the end of 1954 has resulted in the production of 383,793 ounces of gold and 32,906 ounces of silver from 3,331,403 tons of ore.General GeologyThe general geology of the Snow Lake area is described by J. M. Harrison (2), and will not be discussed here except insofar as it affects the Nor-Acme orebodies. The orebodies occur in rocks of Precambrian age that have been classified by Harrison as the Snow group, comprising meta-morphosed sediments interbedded with acid and basic volcanic rocks. The volcanic rocks include pyroclastic types which are unique in the region, a fact which led to their classification in the Snow group rather than the more widespread Missi group that generally occupies the same stratigraphic position above the Amisk group (Figure 1)."

Jan 1, 1949

By A. L. Engel

The sample of ore on which the work described in this paper was done came from Mina Oriente, Carrizal Bajo, Provincia de Atacama, Chile, South America, and was sent at the request of the Chil.ean Government through the Foreign Minerals Division of the Bureau of Mines. This ore had been tested locally for treatment by flotation and cyanidation without satisfactory results. An additional difficulty was the absence of water near the ore deposits, so that in any treatment method considered the water requirements would have to be very low. It was desired to develop a practical method of recovering the gold and, if possible, the copper in the area. No data of previous investigations were made available. The sample received was mostly quartz, highly brecciated, with limonite and hematite in the fractures. Copper occurred as malachite and azurite, also in the fracture s and to a slight extent as a stain in the quartz. Some fine-grained pyrite with a little arsenopyrite occurred within the quartz. An occasional grain of chalcopyrite was observed. No free gold was seen during examinations of the ore, but amalgamation indicated that some was present.

Jan 1, 1949

By Balmer Neilly

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

Jan 1, 1949