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By E. A. Holbrook

IN my thirty years of educational work in the mineral industries and other engineering fields, this past year has been the most unusual and difficult one. Contact with educators from other schools leads to the conclusion that the same situation is countrywide. The first of our difficulties came from the shortsighted policy of the Selective Service in taking out of the colleges, continuously, all engineering students as soon as they had reached their eighteenth birthday. England, Canada, and Russia, too, even in the midst of their critical war situations, had the good sense to keep their young engineering brains in college, for they realized the vital necessity of a steady flow of engineering graduates into the war industries and into the postwar peace industries. As a result of the policy of our Government, our engineering schools were left with only a handful of students who had been rejected for military service. Our colleges, faced with the prospect of several years without students and without income, hastened to give leave of absence to many of their competent teachers who quickly were taken into industry and in many instances are now being retained there at higher salaries than colleges are accustomed or able to pay their teaching personnel. We are finding it most difficult to induce these men to return to their former engineering teaching work. In my judgment, it will take us three or four years to restore our engineering departments to their former level in quality of instruction.

Jan 1, 1946

By L. O. Howard

L. D. RICKETTS, New York, N. Y.-The advance which has been made in Smelting has been in the line of cheaper cost of handling, due to larger units and decrease in losses. At the International smelter, Mr. McGregor designed everything to handle the ore under cover. But we do find an unaccounted for loss of 0.7 per cent. of our copper, which is serious. Mr. Wallace has made a suggestion that I think metallurgists ought to know of and think about. He made it years ago-and that is that one of the chief losses is undoubtedly in the charging and discharging of the calcine cars. His idea is that possibly the dryers and heaters might be put immediately over the reverberatories So that they could discharge in conveyors. They could feed on both sides, and thereby the dust raised by discharging in the cars from the hoppers could be overcome. E. P. MATHEWSON, Anaconda, Mont.-I might Say a few words on the plants we have visited So far. I was particularly struck with the cleanliness of the plants, which is next to Godliness. I noticed also that the skull-cracker arrangement they have for handling their converter slag is very good. And they have paid considerable attention to ventilation, and are taking steps to take care of the health of the men. "Safety first" has been well looked after in all the plants we have visited so far. The steel structures are right up to date, and the buildings are of the most modern type, and everything is conveniently arranged. I think the designers of the plants in the Southwest are to be congratulated on what they have done.

Jan 12, 1916

By Geoffrey Gilbert

The material that forms the basis of this paper was collected in the spring of 1922, during a ten-day visit to Ducktown by the writer in the company of Prof. L. C. Graton. The time available for the work was far too short to allow anything like a thorough study of the deposits, and structural and stratigraphic questions, though they have an important bearing on the origin of the primary ores, were necessarily left untouched. Attention was focussed on the zone of oxidation and enrichment; and by devoting most of our time to the upper levels, open pits, and old workings, and examining the deeper levels only thoroughly enough to obtain a fair idea of the nature of the primary sulfide ore, we were able to make a reasonably complete survey of the various orebodies. With this field work for a background, the writer later made a study, in the Harvard laboratories, of the specimens obtained during the visit. As some of the facts brought to light by this study appear to be new, it seems worth while to set forth the outstanding features and a proposed explanation of them. Much of the Ducktown material that is obviously of greatest significance, as regards oxidation and enrichment, is soft and crumbly. Notwithstanding the desirability of gaining from such material all possible information as to its mineral composition and textural relationships, but little has heretofore been learned regarding it; but, by suitable preparation of this material in connection with the present study, it has been possible to examine it under the microscope without any disturbance of its texture and about as satisfactorily as if it were hard, fresh ore. The information thus gained has contributed measurably to the results set forth in this paper.

Jan 1, 1924

By AIME

DURING the Revolutionary War an iron mining industry was born in the Adirondack region of New York State. New York State ores provided the iron from which were forged the links of the chain that, strung across the Hudson River, successfully kept British vessels from ascending. The industry flourished for a while and then became dormant. For the successful prosecution of World War II, the magnetite mines were revived and given considerable aid in the form of government financial support. The complete story appeared in a special issue Of MINING AND METALLURGY published in November 1943. Now, almost four years later, it is interesting to see that these "war babies" were not really such but are well-established enterprises with a bright future. A ten-day trip through the Adirondack region and to St. Lawrence County dispelled all thoughts that mining in northern New York State is a transitory industry. In addition to substan-

Jan 1, 1947

By AIME AIME

JANUARY saw the completion of the 237-ft. Upper-Narrows hydraulic debris dam on the main Yuba River in northern California. This project which is the key unit in a series of four similar structures on the Bear, American, and Yuba Rivers, removes the last obstacle to the revival of California's vast hydraulic gold-mining industry. The Upper-Narrows dam is a single-arch type of structure, and embodies the latest developments in that type of construction. One of the principal innovations used is the series of air vents in the crown (that part over which the water spills) which serve to break the vacuum caused by the spilling water, thus reducing vibration to a minimum. Electric strain gages were also embedded in the concrete of the dam, and it is hoped that by careful study of these instruments true stresses can he determined.

Jan 1, 1941

By A Andersen

DURING an investigation of the copper-rich portion of the copper-silicon-iron system as part of an extensive research program on P.M.G. alloys, which was begun in 1937 in the research laboratory of the Phelps Dodge Corporation, it became apparent that the binary copper-silicon system below 7 per cent Si needed revision, therefore an investiga-tion was undertaken. Both X-ray methods and microscopic technique were employed. Despite the many investigations that have the clarification of this sys-tem as their object, no two successive reports on the system have agreed in placement of the alpha-phase solubility limit, and uncertainty about the secondary phase first to appear has been voiced several times.3,4,5 It was therefore not surprising, when T. Isawa's6 and M. Okamoto's7 works were reported at the time we were finishing up our experimental work, to find essential disagreement between their results and ours. But when C. S. Smith's latest work on the copper-silicon system8 was published just as we were finishing our laboratory report, it was indeed gratifying to find that the latter's diagram and ours checked in all essen-tial features, except the temperature of the peritectic line above 830° C. Many attempts were made to retain the beta phase during the present investigation, but none was successful. Isawa,6 however, reports that he has been able to obtain X-ray photograms of the beta phase. The structure, he states, is body-centered cubic with a lattice constant of 2.848 A.. at 7.2 per cent Si. Okamoto7 and Smith8 both use the designation Kappa for the hexag-onal phase, and to avoid confusion this designation will be adhered to in the present paper.

Jan 1, 1939

By J. J. Jonas, J. L. Uvira

Equipment was constructed which permitted the hot compression of 99.8 pct Armco iron and 2.8 pct Si steel at constant true strain rates of 0.05 to 1 per sec over the temperature range 600" to 1000°C. A maximum true strain of 1.9 could be attained, followed by immediate quenching or by isothermal annealing. True stress-true strain curves were obtained, and the steady-state flout stress, a, strain rate, i, and temperature, T, were found to fit the following expression: The constants A, a, n', and AH were determined for the two ,materials. The activation energies obtained for Arrnco iron and silicon steel are 66 and 80 kcal per mole, respectively, and approximate those for seu- diffusion and for creep. This indicates that hot compression is a diffusion-controlled thermally activated process. THE hot compression of iron and steel is usually carried out in the austenite temperature range,1"7 as this is the one of greatest interest with respect to industrial hot working. However, a disadvantage of testing in the austenite range is that the hot-worked structure is destroyed by the phase transformations taking place during cooling. The present study was therefore carried out in the ferritic temperature range, and the hot-worked substructures were preserved by rapid quenching after deformation. The substructural results will be described in a separate paper, and the present communication is restricted to the strain rate/stress/temperature relationship observed during hot working. The results of hot-compression testing are usually given in the form of true stress/true strain curves, with a different curve for each temperature/strain rate ~ornbination.',~,~ Sometimes simple algebraic equations are fitted to the curves, so that certain extrapolations or interpolations can be performed.1'2'5 These equations are, however, devoid of mechanistic interpretations. The present study was undertaken to show that hot compression can be described by an equation of the type used in creep studies. That is, it will be shown that the temperature dependence of the strain rate in hot working is well-represented by an Arrhenius term, with an activation energy similar to that for creep. Also it will be seen that the stress dependence of the strain rate is similar to that for creep EXPERIMENTAL METHOD AND MATERIALS The investigation was carried out with the following three ferrous materials: 1) Armco iron; 2) Armco iron with 0.26 pct Mn; 3) 2.8 pct Si steel. The first two materials were utilized for investigations performed in the temperature range 600" to 800°C; the last one was used for tests at temperatures from 600" to 1000°C. The materials were of commercial purity,* as shown in Table I. Cylinders of five different sizes were prepared by strain annealing. The resulting mean grain diameter was 3 mm in the 1-in. Armco iron and 2 mm in the other sizes and grades. Different ratios of diameter/height were used to enable the determination of the coefficient of friction. The specimen faces were provided with concentric grooves, which acted as lubricant holders during compression, as recommended by English and ~ackofen' and others.2'9 Powdered glass lubricants were applied to the samples before hot compression to decrease friction and barreling, following the practice of previous investigator~.~~~~~~~~ Different mixtures of glass powder were used for each temperature, after the determination of suitable compositions by experiment.'' Equipment for Hot Compression. Hot-compression tests were carried out on an adapted 150-ton vertical hydraulic extrusion press and also on a modified high-temperature creep machine. The modified extrusion press was used for temperatures up to 800°C. The following items were added to the press: a) a high-temperature furnace with built-in upper and lower platens; and b) a transmission assembly, which permitted the attainment of logarithmically decreasing crosshead speeds. These accessories are described in detail in Ref. 11.

Jan 1, 1969

By J. L. Whitlock

An attached growth aerobic biological treatment process has been developed at Homestake Mining Co.'s Lead operation which not only oxidizes free and complexed cyanides, including the stable iron complexed cyanides, but also thiocyanate, and the oxidation byproduct ammonia. Through the employment of a mutant strain of bacteria which has been gradually and specifically acclimated to the waste, these potential pollutants are mineralized to relatively harmless sulfates, carbonates, and nitrates. The resultant effluent, through toxicological testing, has been shown compatible with the receiving stream, which serves as a cold water marginal trout fishery.

Jan 1, 1985

By Ulick R. Evans

I Should like to commence by saying how much I appreciate the honor which the American Institute of Mining and Metallurgical Engineers has done me in inviting me to visit your country, and to deliver this lecture before you. In choosing a subject, and in deciding what to include and what to omit, I have endeavored to discuss as far as possible work carried out recently in Europe with which you may not be unduly familiar. It would be poor return for your hospitality, and a mistaken sort of compliment indeed, if I were to load the lecture with accounts of researches carried out in your own country—researches with which you are probably better acquainted than I. Not that I have in any way excluded work done on this side of the Atlantic from my survey; one would indeed find it difficult to write on this, or on any other branch of science, without mentioning American work. But I have endeavored as far as possible to concentrate on aspects of the case which will, I hope, be comparatively fresh to you, and I feel fairly certain that this will be in accordance with your own wishes. Films Produced at Elevated Temperatures If a strip of iron is heated strongly at one end, the other end remaining cold, there is produced over the heated portion a layer of oxide scale, the thickness of which diminishes steadily with the distance from the hot end. Somewhere in the middle of the strip, the thickness of the oxidized layer will become comparable to the wave length of light, and over this region the thin films give rise to a series of beautiful interference tints, commonly known as "temper colors." The colors are caused by the fact that two trains of light waves are reflected respectively from the outer and inner surfaces of the oxide film, and the possibility arises that the "crests" of one series of waves may coincide with the "troughs" of the other, thus diminishing the intensity of the light of some particular wave length. The state of affairs in this part of the strip is shown diagrammatically in Fig. 1, in which the film thickness is enormously exaggerated, of course, in comparison with the length of the strip; the

Jan 1, 1929

By Ulick R. Evans

I Should like to commence by saying how much I appreciate the honor which the American Institute of Mining and Metallurgical Engineers has done me in inviting me to visit your country, and to deliver this lecture before you. In choosing a subject, and in deciding what to include and what to omit, I have endeavored to discuss as far as possible work carried out recently in Europe with which you may not be unduly familiar. It would be poor return for your hospitality, and a mistaken sort of compliment indeed, if I were to load the lecture with accounts of researches carried out in your own country—researches with which you are probably better acquainted than I. Not that I have in any way excluded work done on this side of the Atlantic from my survey; one would indeed find it difficult to write on this, or on any other branch of science, without mentioning American work. But I have endeavored as far as possible to concentrate on aspects of the case which will, I hope, be comparatively fresh to you, and I feel fairly certain that this will be in accordance with your own wishes. Films Produced at Elevated Temperatures If a strip of iron is heated strongly at one end, the other end remaining cold, there is produced over the heated portion a layer of oxide scale, the thickness of which diminishes steadily with the distance from the hot end. Somewhere in the middle of the strip, the thickness of the oxidized layer will become comparable to the wave length of light, and over this region the thin films give rise to a series of beautiful interference tints, commonly known as "temper colors." The colors are caused by the fact that two trains of light waves are reflected respectively from the outer and inner surfaces of the oxide film, and the possibility arises that the "crests" of one series of waves may coincide with the "troughs" of the other, thus diminishing the intensity of the light of some particular wave length. The state of affairs in this part of the strip is shown diagrammatically in Fig. 1, in which the film thickness is enormously exaggerated, of course, in comparison with the length of the strip; the

Jan 1, 1929

By A. H. Rhoades, D. T. King, R. J. Gray

Tests and methods of detecting oxidized coal are studied. Particular emphasis is placed on the microscopically discernible changes that accompany the chemical and physical changes affecting the technological properties of coal during oxidation. Coal samples were used from the low-volatile Pocahontas No. 3 Seam, McDowell County, W.V., and from the high-volatile Cedar Grove Seam, Mingo County, W.V. Tests conducted include: carbonization, free-swelling index, phase inversion, froth flotation, Gieseler plasticity, oxygen by difference and by neutron activation, volatile matter, pH of coal slurries, alkali solubility, and electrostatic charge.

Jan 1, 1977

By Benjamin N. Webber

The peninsula of Nicoya contains virtually all of the known manganese deposits of Costa Rica. These are south and west of the Tempisque River, which flows across the peninsula near its juncture with the mainland. This peninsula forms the westernmost part of the province of Guana-caste, which is the northern. of the two Pacific Coast provinces of Costa Rica. The larger villages are connected by ox-cart roads and trails. The area may be covered on horseback without difficulty except during the rainy season, when rivers are in flood and difficult to ford. This is particularly true of the Rio Seco-Guay-jiniquil area, where there are no inhabitants and few open trails through the tropical jungle. Santa Cruz and Sardinal are served by the Taca Airlines, two planes a week from San Jose and Puntarenas. The port of Puntarenas has excellent loading facilities but none are available nearer the manganese districts; there ore must be lightered to vessels standing offshore. Physiography In Costa Rica there are three physiographic divisions: (I) the central plateau (Mesa Central), a somewhat dissected lava platform upon which are superimposed volcanic peaks, some of which are still active; (2) the Atlantic lowlands and (3) the Pacific lowlands. The peninsula of Nicoya and the larger part of the province of Guanacaste lie within the Pacific low- lands. The term "lowland" indicates relation to the central plateau, as the peninsula of Nicoya is largely mountainous. The mountains of Nicoya form the southern extremity of a range of low hills, which are almost continuous along the Costa Rican coast to the Nicaraguan border. The coast line shows evidence of subsidence. The Gulf of Nicoya obviously is the drowned valley of the Tempisque River. The west coast of Nicoya shows many rocks, shoals, bays, inlets and small islands as evidence of a sea encroachment. The altitude of the manganese deposits ranges from 0 to 800 ft. Topography is of the mature type of wide valleys and low hills, often with abrupt slopes. The climate is tropical and humid; rainfall of 125 in. falls largely between Sept. I and Jan. I. Vegetation often is very dense, the Rio Seco-Guayjiniquil area being truly tropical jungle, containing many hardwoods. History and Production The production of manganese ore in Costa Rica apparently dates from the first World War. It reached a peak of about 10,000 tons in the year 1919, then declined rapidly. Evidence of this period of prospecting has rotted away or been swallowed by the jungle. The war now in progress apparently revived the interest in Costa Rican manganese and has encouraged further prospecting. Deposits long known have been redenounced and trails have been cut through the jungle to them. Many new deposits have been discovered in the last

Jan 1, 1949

By Benjamin N. Webber

The peninsula of Nicoya contains virtually all of the known manganese deposits of Costa Rica. These are south and west of the Tempisque River, which flows across the peninsula near its juncture with the mainland. This peninsula forms the westernmost part of the province of Guana-caste, which is the northern. of the two Pacific Coast provinces of Costa Rica. The larger villages are connected by ox-cart roads and trails. The area may be covered on horseback without difficulty except during the rainy season, when rivers are in flood and difficult to ford. This is particularly true of the Rio Seco-Guay-jiniquil area, where there are no inhabitants and few open trails through the tropical jungle. Santa Cruz and Sardinal are served by the Taca Airlines, two planes a week from San Jose and Puntarenas. The port of Puntarenas has excellent loading facilities but none are available nearer the manganese districts; there ore must be lightered to vessels standing offshore. Physiography In Costa Rica there are three physiographic divisions: (I) the central plateau (Mesa Central), a somewhat dissected lava platform upon which are superimposed volcanic peaks, some of which are still active; (2) the Atlantic lowlands and (3) the Pacific lowlands. The peninsula of Nicoya and the larger part of the province of Guanacaste lie within the Pacific low- lands. The term "lowland" indicates relation to the central plateau, as the peninsula of Nicoya is largely mountainous. The mountains of Nicoya form the southern extremity of a range of low hills, which are almost continuous along the Costa Rican coast to the Nicaraguan border. The coast line shows evidence of subsidence. The Gulf of Nicoya obviously is the drowned valley of the Tempisque River. The west coast of Nicoya shows many rocks, shoals, bays, inlets and small islands as evidence of a sea encroachment. The altitude of the manganese deposits ranges from 0 to 800 ft. Topography is of the mature type of wide valleys and low hills, often with abrupt slopes. The climate is tropical and humid; rainfall of 125 in. falls largely between Sept. I and Jan. I. Vegetation often is very dense, the Rio Seco-Guayjiniquil area being truly tropical jungle, containing many hardwoods. History and Production The production of manganese ore in Costa Rica apparently dates from the first World War. It reached a peak of about 10,000 tons in the year 1919, then declined rapidly. Evidence of this period of prospecting has rotted away or been swallowed by the jungle. The war now in progress apparently revived the interest in Costa Rican manganese and has encouraged further prospecting. Deposits long known have been redenounced and trails have been cut through the jungle to them. Many new deposits have been discovered in the last

Jan 1, 1949

By T. R. Lippard

PURE gypsum may be broken down into its constituents as follows: [ ] Standard specifications (ASTM Designation C22-25) state that a material shall not be considered gypsum if it contains less than 64.5 pct by weight of CaS042H2O. Anhydrite, the second calcium sulphate mineral found in nature, may be broken into its constituents as follows: [ ] PROPERTIES OF GYPSUM AND ANHYDRITE Pure gypsum is colorless to white but various impurities change its color to shades of gray, brown, red, or pink. It has a hardness of 2 in the Mohs scale and can be scratched with the fingernail. The specific gravity of pure gypsum is 2.3 to 2.4, so that rock gypsum, free from moisture, weighs about 145 lb per cu ft. Gypsum crystallizes in the monoclinic system in tabular crystals that exhibit good cleavage

Jan 1, 1949

Jan 1, 1887

By John V. Beall

There is an underlying surge to mining in the Philippines." So said A. R. "Ham" Reed, general manager Itogon-Suyoc Mines, Inc., to this reporter last November. Itogon-Suyoc is a small company with a struggling gold mine, a mixed sulfide mine and some prospects. In the Republic of Philippines (ROP), politics, which have an effect on mining, create some uncertainties. By July 1974, no mining company may have more than 40% foreign ownership. The ownership provision is a matter of concern to such important companies as Atlas and Benguet Consolidated and is generally considered a deterrent to new foreign investment. Under these circumstances, Reed's comments are of interest. On foreign prospectors: Don't come in cold; find a Philippine partner or buy into a company already here. Physical conditions of exploration are tough-terrain, communications -but the mineral potential is excellent.

Jan 4, 1969

THE committee in charge of arrangements for the meeting of the Institute in September has com-pleted its program. The headquarters of the meeting will be at the Palace Hotel, San Francisco, and the registration committee will be at the hotel all day on Sunday, Sept. 24, and from 8 a.m. until noon on Monday. On Sunday afternoon, automobiles will be available for sightseeing trips around the city. Monday will be devoted to technical sessions. In the morning, there will be sessions on Mining and on Iron and Steel; in the afternoon, sessions on Mining and Milling. At these sessions, in addition to the papers mentioned in the tentative list printed in August, there will be presented three papers on the geology, mining and milling of the Comstock lode; one on the Aztec mine, Baldy, N. M.; one on the Colombian oil fields; and one on charcoal precipitation of cyanide solutions. The luncheon on that day will be Dutch Treat, for men only, at the Engineers Club. On Monday evening, there will be an informal buffet supper at the home of F. W. Bradley. On Tuesday morning, a party of 50 men will leave for Hetch Hetchy. During the four days of the trip, the party will see the Priest tunnel and earth dam under construction by steam-shovel and hydraulic-fill methods, the Big Creek shaft and tunnel, early intake power plant and tunnels and the Hetch Hetchy dam under construction. For those who remain in San Francisco, Tuesday will be "San Francisco Day." There will be motor trips to the Presidio, Cliff House, Golden Gate Park, and other points of interest, and shopping trips to Chinatown. On Wednesday, "University of California Day," the party will be guided through the university by members of the Mining Association, the affiliated stu-dent society, and will see the Greak Theatre and not-able buildings. Thursday will be "Leland Standford, Jr. University Day." Automobiles will leave the Palace Hotel at 10 a.m., and will return from the university at 4.30 p.m. Friday has been reserved for trips to the Selby Smelter, to Mt. Tamalpais, or to other points of interest. Arrangements will be made to visit the mines or gold dredges in California, if members desire to do so, but such trips must of necessity be considered special trips and arrangements will have to be made to suit the convenience of the individual or party. The Golf Committee will make arrangements for those who wish to play golf.

Jan 9, 1922

By J. Ralph Finlay

In latitude 4" S., about fifty miles from the Pacific, and in the amphitheater on the west flank of the Andes, which is drained by the river Tumbez, is the ancient town and mining district of Zaruma. The town is picturesque in the extreme, perched on a ridge 1800 feet high, between two lovely mountain rivers, looking out upon neighboring hills and valleys clothed in rich green, relieved by many hamlets roofed in red tiles, and, at greater distances on all sides, upon mountain slopes of gloomy forest crowned by the bare summits of the Andes. General Description. The gold-mines, discovered in 1549, mere worked extensively by the Spaniards in the 16th and 17th centuries, until their success was curtailed by the exhaustion of the oxidized surfaceores, and the uncovering of the refractory and hard ores underneath. The industry slowly declined until it was nearly or quite at a standstill in 1878, when an unfortunate English company, organized by Chilian promoters, acquired some of the best properties and began to work them. This company, after an extravagant début, relapsed into a struggle against poverty and mismanagement, and finally collapsed in 1894. In 1896 the English mines and many others, covering most of the district, were acquired by the South American co., formerly the South American Development Co., of New York. (See Figs. 1 and 2.) The vein-formation of Zaruma is extensive and complex, and the ores are somewhat refractory. In the immediate neighborhood of the gold-bearing veins the formation seems to be altogether volcanic, consisting of rather fine-grained holocrystalline diorite; but a few miles away, on either side, some gueisses and crystalline schists are to be found. About four miles south of the mines, and beyond some intervening granites, appear

Jan 1, 1901

One Hundred Sixteenth Meeting of the Institute, Monday, Feb. 18, to Thursday, Feb. 21, inclusive, 1918 A preliminary program, for the New York Meeting was printed in the January Bulletin, and a more detailed program was mailed to all members early in January. The following schedule is the outcome, of sundry committee meetings up to the middle of January. Committee on Arrangements J.` E. JOHNSON, JR., Chairman BRADLEY STOUGHTON, Vice-Chairman RALPH W. DEACON MRS. S. J. JENNINGS E. M. SHIPP J. V. N. DOER A. R. LEDOUX G. D. VAN ARSDALE L. `V. FRANCIS . . F. T. RUBIDGE ARTHUR L. WALKER Summarized Program MONDAY, FEBRUARY 18 9 a. m. to 5. p. m. Registration at Institute Headquarters. 10 a. m. Sessions on Coal and Non-Ferrous Metallurgy. 12.30 p. m. Luncheon at Engineering Societies'. Building. 2 p. m. Visit to Subway Workings.

Jan 2, 1918

By JAMES SCULLY

For the last 4 years political leaders have found a new subject on which they can safely generalize wihout creating opposition. That subject is commodity prices. Since the four-fold increase in OPEC crude oil prices, public attention has focussed as never before on the subject of commodity prices. To advocate stabilizing commodity prices is akin to supporting motherhood or peace or better schooling. Everyone gives lip service to the concept that stable commodity prices are desirable. It is easier to state the principle than to achieve it. Prices that are stable in terms of one currency may be clearly unstable in terms of a different currency. This has become a troublesome matter since 1971, when the world's leading trading currencies were set free to float in relation to each other. To illustrate: consider copper prices in the interval between the end of 1974 and the end of 1977. During those 3 years, the copper price in pounds sterling on the London Metal Exchange rose by 25 per cent. During that period, however, in terms of the USA dollar equivalent, the price was unchanged. And during that period, in terms of the German mark equivalent the price shrank by 13 per cent while the Japanese yen equivalent fell by 20 per cent. Thus a price that appears stable in dollars, rose in terms of pounds sterling and fell in terms of marks and yen. Had this result been achieved as a consequence of an international effort to stabilize prices, an American would have said the effort was successful. An Englishman would have said it had failed to prevent a price rise. And a German or a Japanese consumer would have been happy to have covered his copper needs at a lower cost in terms of his own currency.

Jan 1, 1978