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By A. Panteleyev, C. S. Ney, R. J. Cathro, A. Sutherland Brown

The general distribution of metal deposits in the Canadian Cordillera can be related to its tectonic evolution. The Canadian Cordillera is naturally divisible into five longitudinal tectonic belts within which rocks are broadly similar in type, age and history. From west to east they are the Insular, Coast Crystalline, Intermontane, Omineca and Eastern Marginal belts. Seven classes of metal deposits in the Canadian Cordillera are defined and their characteristics described. These classes are skarn, porphyry, massive sulphide, stratiform, magmatic, copper in basic lavas, and vein deposits. Maps showing the distribution of medal and metal-group concentrations serve to illustrate the relations in space and time between mineralization and geologic evolution.

Jan 1, 1971

By Hidenori Hatta, Takero Watanabe, Hideo Yoshida

"The effect of the quenching rate on age hardening in an Al-6.0mass%Zn-0.75mass%Mg alloy sheet was investigated. The quenching rates and aging conditions were as follows: water quenching (WQ) or furnace cooling (FC) followed by pre-aging at 20°C,then artificial aging at 120, 160 or 200°Cwere performed. The peak strength of the FC and the WQ are very similarat120°C aging. It is important high strength was obtained even at the extremely slow quenching rate. On the other hand, the strength of the WQ significantly decreased compared to the FCat200°C aging. GP(I) zones were formed during the pre-aging at 20°C even if the cooling rate was very slow like the FC, and were transformed into the GP(II) ones at 70°C or higher and then into the ?’ phase. However, these zones were dissolved by reversion during heating to 200°C. Thus the strength of the WQ decreased. On the other hand, it is considered that an unknown cluster or GP zone with a thermal stability formed during the FC was not dissolved up to 200°C and was transformed into the ?’ phase. Therefore, a higher strength was obtained in the FC for the200°Caging.INTRODUCTIONAl-Zn-Mg alloys are widely available in commercial production because these alloy have lower quench sensitivity and can be produced by air cooling (AC). Heat treatable aluminum alloys are usually produced by water quenching (WQ) to increase their strength because a high cooling rate inhibits the precipitation of the stable phase during cooling and increases supersaturated solute atoms. However, Baba(1967)reported the strength of an Al-6%Zn-1.8%Mg(mass%) alloy without additional elements quenched by very slow cooling (15°C/min) was 96% of that quenched by WQ. Furthermore,the age hardening at room temperature (RT) occurs after annealing at 410°C followed by furnace cooling (FC, 0.5ºC/min or less)in these alloys. Therefore, the process of annealing at 410 to 430°C for 120 min followed by AC, and reheating at 230°C for 240 min, then cooling is recommended in the specifications (Japan Aluminum Association, 2011). Matsuda and Yoshida(1996)also recommended annealing at 300°C for Al-Zn-Mg alloy extruded products to inhibit age hardening at RT by precipitating the solute atoms and decreasing them in the matrix. It has been considered that the higher the content of excess quenched-in vacancy becomes by WQ, the higher aging rate at RT is obtained. Therefore,it is theoretically and commercially important to clarify the reason why the age hardening occurs relatively quickly in almost no excess quenched-in vacancies such as the FC, and why the same strength as the WQ can be obtained in the FC"

Jan 1, 2018

By J. E. Terry

This paper outlines the steps that are being taken to close the gap between training and industry and indicates areas in which more work needs to be done. Although based on experience in the Maritime Provinces, it is applicable to industrial and educational studies across the length and breadth of Canada.

Jan 1, 1970

By Enzo Palumbo, Joël P. T. Kapusta, François Larouche

In light of the rapid deployment of bottom blowing smelting in China over the last ten years, one has to wonder why it has taken the copper industry so long to adopt ultra-high oxygen enrichment via Savard-Lee type injectors. As early as 1976, Kellogg and Henderson suggested, in their landmark paper on energy usage in the copper industry, that ‘maximum use of oxygen enrichment of process air’ was one of seven ‘energy saving features’ for copper matte smelting and converting. Yet today, shrouded injection and high oxygen enrichment has not been implemented in copper bath smelting outside China and Vietnam. In this paper, the authors explore the reasons why bath smelting processes such as the Noranda Reactor and the Teniente Converter still operate around 40% oxygen enrichment, while the bottom blowing SKS/BBS process typically runs at 65 to 75% oxygen, with all three processes producing white metal. Are there fundamental metallurgical explanations for this striking difference beyond the long-standing skepticism towards high oxygen shrouded injection and its perceived high implementation cost?

Jan 1, 2015

By Robert C. Stanley

The prominence of her mineral resources makes Canada a most fitting place in which to hold the Second Empire Mining and Metallurgical Congress, since in all probability the Dominion has more diversified mineral wealth than any other part of the British Empire. This paper is concerned with nickel, an important factor of Canada's mineral production. The richness and quantity of her nickel ores have made Canada the world's most important source of supply of the metal. Its history and diversified uses are, therefore, particularly interesting at this meeting. Early History Probably the first use of nickel by man was in the fashioning of implements, and later swords, from nickel-bearing meteorites, masses of metal that have fallen from time to time at many points on the earth's surface and which consist normally of iron carrying substantial amounts of nickel. Meteorites were perhaps the first metal known to man. The falling star, sought out with fear overborne by curiosity, was found to be a better stone than the earth-given, truly a boon from the gods. Archaeologists tell us there is good evidence that the ancient oriental peoples learned at an early date to make these stones into useful implements. The invincible blades of the great warriors of old, in China, Persia, and in northern Europe, were Heaven-sent, a fable which sounds significant of meteoric iron. Probably some of the ancient swords of Khorassan and of Damascus were of meteoric nickel-bearing iron.

Jan 1, 1927

By J. O?Shea

From the characteristics of the new (1976) electronic components and units that are being marketed, the author has tried to foresee the types and the performances of the near-future slope-monitoring equipment. Much-improved sensors, instruments and systems for pit use can now be developed - sun-powered telemetry remote stations are feasible, very sensitive as well as precise and drift-free liquid level inclinometers will be available, new techniques for distance measurement with lasers obviate the need for atmospheric corrections and the latest generation of desktop calculators have become easily programmed minicomputers. Thus, it is realistic to assume that fully automatic pit-slope monitoring systems will be operational in the foreseeable future.

Jan 1, 1978

By Roberto Antoniolli

"IntroductionSINCE ancient times, the precious metals have played an important role in influencing the course of history. Silver and gold happened to occur, although in small amounts, in those countries where the early civilizations developed. Their persistent brightness certainly amazed the primitive people, who also found it easy to shape them into ornaments •and implements. Ever since then their properties have made them seem desirable possessions.Use of precious metals as money was the natural consequence of man's desire for them. The possibility of changing an ornament into a tool or food at any time, and the ease with which such medium of exchange could be carried and hidden, further increased the demand for the two metals.Silver was probably discovered after gold and copper, and was undoubtedly found by prehistoric man as native silver. The oldest silver articles have been discovered in Chaldean tombs and date back to 5000 B.C. The earliest ascertained producers of silver were Asia Minor and the Iberian Peninsula. The Romans worked deposits in Spain, Britain, and France. In the Middle Ages, some silver was extracted from German deposits, and near the end of the Middle Ages systematic workings were carried on at Freiberg, Schneeberg, and Joachimsthal (1).Before the discovery of the New Continent, the Aztecs and Toltecs in Mexico, and the Incas in Peru, had made extensive use of silver. In the 16th century the Mexican deposits became the largest source of the world silver."

Jan 1, 1954

By B. H. Good

This paper describes the research that has been conducted -in an effort to understand the nature and causes of sulphide fires -in the Sullivan Mine. Results of the investigation have led to several theories of the origin: of the fires, the nature of the chemistry and a method for assessing: the fire potential. Recommendations and the implications for the mining operation are also discussed.

Jan 1, 1977

By C. W. Van Law

WE have just heard a very able presentation, by Mr. J. C. Cameron, on the subject of Recent Trends in Labour Relations, as they exist today in Canada (l). With minor changes, what he said applies equally to the situation in the United States. Direct negotiation between employer and employee on a man-to-man basis, wherein good faith and mutual esteem was at least sometimes a factor, has almost entirely given way to a mass struggle in which each side is represented by highly trained specialists in a new jurisprudence, built up on vote-getting labour laws, decisions in analogous cases by Boards whose members may have had very little personal acquaintance with the specific case, etc., etc. Membership in a labour union has become almost an essential requisite to a job; once in, the individual workman loses his identity and dares not act on his own initiative or even express any idea not handed him by his Union head. An honest workman cannot turn in an honest day's work, because his Union will not allow him. Leadership in the Unions has become so powerful an instrument, both politically and monetarily, that Union policies are drafted primarily to build up that power, and may have little relation to the equities of the individual case. ?While both sides still render lip-service to the doctrine that Capital and Labour can advance best by co-operation to mutual benefit, that doctrine has in effect given way to as bitter and as legalistic a struggle as any in our civil courts. There are many reasons to believe that we are, industrially, in a situation much like the European situation from 1935 to 1939; an impending war to the death with 'appeasement' as the only, unavailing, policy

Jan 1, 1945

By K. T. Audt

The Yayoi period, from about 300 B.C. to A.O. 300, represents a time of important changes in Japanese history. During this period the advanced rice culture of the Asian continent was introduced to Japan, along with the techniques of animal husbandry, spinning, bronze casting and metal working(1) . As was the case in the Jomon period (11000 B.C. to 300 B.C.), the Yayoi period is traditionally defined by a particular type of pottery, characterized by the use of the potter's wheel and an extreme simplicity of decoration and form(2) . Pieces of this pottery were found in 1884 in a district of Tokyo, known as Yayoi-Cho, not far from Tokyo University. Within a decade the name Yayoi had come to be used for the period which also saw the first casting of metals in Japan121. During the Yayoi period, the foundation of the ancient Japanese state was laid as the individual small communities were unified and as labour specialization and social levels developed. In fact, the Yayoi may be the true ancestral culture of Japan(3) . However, the origin of the Yayoi is not definitely known. One theory indicates that the Yayoi people may have been driven from the Asian mainland (via Korea) by the dynastic wars that accompanied the unification of China under the Ch'in and Han and that these settlers rapidly displaced the Jomon. Bronze objects and the cultivation of rice may have arrived about the same time - in the third century B.C. Iron was in Japan within another century, but since it rusts badly and disintegrates, only a few small pieces are known from such an early date(4) . After about 50 B.C., the Yayoi cultures of western Japan were in fairly close and regular contact with the continent via Korea(5)

Jan 1, 1999

By R. W. Hodder

"Archean lode gold deposits of both vein and chemical sedimentary types typically have major enrichments of certain rare elements, including Au, Ag, As, Sb, B, W, Se, Te and Bi, coupled with low or negative enrichments of the more abundant and mobile base metals, Cu, Pb and Zn. On the other hand, in massive base metal sulphide deposits Au, Ag, Cu, Zn and in some instances Pb are all enriched by a factor of 200 to 2000 t:'Jf'1pared to background and there is no large separation of gold relative to the base metals.The fluids from which gold was precipitated in veins were at temperatures of 320 to 480°C, at lithostatic pressure, had significant C02, and Na """" K; whereas the fluids which generated base metal deposits were at 250-300°C, at hydrostatic pressure, had C02 < < H20 and Na > > K.Many lode gold deposits are characterized by K, C02 and Si additions to their enveloping rocks, whereas base metal deposits typically have a fixation of Fe, Mg, Si and S in footwall rocks. Lode gold deposits may also have a relatively large halo of low-temperature oxidative, sadie spilitization in enclosing volcanic rocks, where seawater has later streamed into cooling stocks or flows that have initially acted to focus gold mineralizing fluids along thermal contraction fractures. The submarine environment is one hydrologically appropriate for the mixing of two initially independent hydrothermal systems, and the blending of their separate characteristics. Hence, lode gold and base metal massive sulphide deposits appear to be products of two distinctly different crustal and hydrological regimes. The former involves a high-temperature, high-pressure discharge of fluids which probably were generated during dehydration accompanying burial and progressive accumulation of volcanic-sedimentary sequences, with an additional influence of marine water in the near-sea-floor environment. The latter represents thermally driven convection of ocean water at lower temperatures and under hydrostatic conditions.Auriferous fluid systems with only minor base metal content could plausibly be generated during dehydration accompanying burial and metamorphism, when the water-to-rock ratio is low and halogen availability is limited by crustal abundance (- 60 ppm Cl). These two factors may constrain the uptake of the abundant base metals into fluids, but the solubility of rare elements is not constrained by limited fluid; and preferential uptake of Au along with other rare elements may be promoted if such elements compete more successfully for the limited halogens than the base metals, and/or have an alternative complexing agent such as CO or C()j-."

Jan 1, 1982

By J. Mackintosh Bell

External trade strongly influences the well being of all nations. In the modern economic mechanism, no country is so well endowed that it has not to import commodities from others and to export its products in turn to make good its deficiencies, to rectify or improve its financial structure. From the standpoint of international commerce, Canada is strategically well placed. On the south she is bounded by the richest country in the world. On the east she faces the Atlantic, on the west the Pacific. On both coasts there are fine harbours to which lead great lines of railway that span the continent. Canada is now fifth among the exporting nations of the world. For disposal abroad, she has enormous quantities of primary commodities and substantial amounts of manufactured goods as well. But she is far from being self-sustaining. She is unusually dependent on foreign trade, not only because of the commodities she has to sell but because of the lack of many essential articles she does not or cannot produce. To Canada, external commerce is vastly more important than internal trade. The wealth of nations is decided by their ability to produce more than they need, to sell more than they buy, and to build up favourable balances resulting from trade or services. With few countries, however, are returns perennially satisfactory. Fruitful periods are followed by leaner years. In times of prosperity foreign credits are increased, monetary systems strengthened, reserves accumulated to withstand recurring days of strain. Today, the foundations of financial systems are being re-examined, "dogmas hitherto accepted as canonical are being questioned" . It is not only in Europe and America that men search for illumination in problems arising from monetary restrictions.

Jan 1, 1933

By T. Y. Chong, J. A. Folinsbee, M. Fullam

PJV Dome Mine has used some form of gravity concentration since start of milling operation in 1909 to recover free milling gold. Amalgamation and conventional jigs were first used and were replaced with the Knelson Concentrators in 1993. The Knelson concentrates produced were upgraded on a conventional shaking table prior to smelting and refining into gold bullion. In May 2002, a comprehensive review of the latest gravity recovery technology led to a piloting campaign aimed at further improving gravity recovery. The Knelson concentrates, subjected to intensive cyanide leaching in an Acacia pilot plant, were found to be amenable to intensive cyanide leaching with over 98% of the gold being dissolved within 24 hours. An Acacia Intensive Leach Reactor was successfully installed and commissioned in December 2002, to replace the shaking table. his paper describes pilot scale testing, installation, commissioning and optimization of the Acacia Intensive Leach Reactor. Also, the economic impacts on down stream processes are highlighted.

Jan 1, 2005

By G. Van Weert

In the spring of 2010 double refractory ores from historical stockpiles were processed through Barrick&apos;s Goldstrike pressure oxidation facility, thereby providing preg robbing feeds for a variety of metallurgical testwork. This paper describes the effects of amount, type, place and time of addition of activated carbons on CIL gold recovery and shows that native carbon in plant PDX&apos;ed discharge solids can still preg rob gold loaded activated carbon.

Jan 1, 2011

By R. W. Brigstocke

History The birth of the mining industry of Canada took place about 1670. According to Salone (Salone E., La Colonisation de la Nouvelle France, page 205) the first discovery of ore in the country was made by an iron-master, Monsieur de la Potardiere, near Trois Rivieres, Quebec. Under French rule some prospecting was done; but at this time no one seemed to consider the working of mines practicable. It was not until the time that Begon became Intendant, when the Marquis of Vaudreuil was Governor, that mining was attempted. Begon was a patron of industrial arts and did his best to promote home manufactures. The mining industry was developed under his regime and discoveries of copper and lead ores were made in 1730. About this time the St. Maurice Forges were erected to treat bog-iron ore, and they were in operation for many years. Prior to 1747, iron pans to the value of £21,000 were manufactured, together with bar-iron and plough-shares. About 1769, that is, ten years after the conquest by Wolfe, stoves and other articles, and, later, potash kettles, appeared. What is still more interesting to us-or was, at least, to General Wolfe-is that cannon balls made at the St. Maurice Forges delayed his operations. A map dated 1744, a copy of which appears in the report of the Ontario Bureau of Mines for 1913 (Vol. XIX), indicates the extensiveness of the wanderings of the French and also shows the location of the lead mine on the east shore of Lake Timiskaming. Bog-iron ore was turned into metal, with charcoal for fuel, at Norman-dale, Norfolk county, Ontario, in 1813, and at Clementsport, Nova Scotia, in 1825. In a volume published in 1672, reference is made to the occurrence of coal on the Atlantic seaboard, and in 1677 Monsieur Duchesneau, the Intendant, levied a royalty of twenty sous per ton on all coal taken from Cape Breton.

Jan 1, 1932

By J. A. Jr. Carpenter

Expanding world economic prosperity, probable peaking of conventional petroleum production in the coming decades and environmental concerns require efforts to increase the efficiency of, and the development of alternatives to, petroleum-based fuels used in automotive transportation. In January 2002, the U.S. Department of Energy (USDOE) and the U.S. Council for Automotive Research (USCAR) of the "Big Three" traditionally-USA-based automakers, DaimlerChrysler, Ford and General Motors, formed the Freedom Cooperative Automotive Research (FreedomCAR) Partnership to fund high-risk, high-payoff research into advanced automotive technologies with the potential for eventually lowering the USA&apos;s nearly complete (95%) dependence on petroleum, 55% imported, for its transportation fuels. FreedomCAR replaced the Partnership for a New Generation of Vehicles (PNGV) which existed from 1993 to 2001. In January 2003, the energy-supply industry joined with the FreedomCAR Partnership forming the FreedomCAR and Fuel Initiative (FC&FI) to develop the technologies needed for the mass production of fuel-cell vehicles using hydrogen as fuel and the infrastructure needed to deliver the hydrogen to the consumer. The goal is to enable the automotive and energy-supply industries to make commercialization decisions in 2015 on large-scale introduction of such vehicles and on developing the infrastructure beginning in 2020. In addition to work on fuel cells and hydrogen infrastructure, the FC&FI conducts research on technologies with the potential for nearer-term energy efficiency and environmental benefits, such as new engine concepts, lightweight materials, and engine-electric hybrid propulsion systems. Lightweighting is seen as crucial for shorter and for longer term benefits because hybrid and fuel-cell powertrains are expected, at least in the early stages of adoption, to be heavier and more costly per unit of power than the standard internal-combustion, gasoline- or diesel-fueled powertrains they replace. Research and development (R&D) on casting of aluminum automotive components were major parts of the PNGV and R&D on casting of magnesium automotive components have been and are so under FreedomCAR. This presentation will review those efforts.

Jan 1, 2006

By Joanna LaForte

"In response to “Arctic Mineral Wealth —Equitable Participation with Aboriginal Landowners – A slow or fast process?”, this author’s impression is one that, to her, seems obvious — this is definitely going to be a slow process. To question this issue seems ridiculous, unless the mining industry is considering following the same patters of the past, thereby adding to the suppression and injustices to which the aboriginals are so accustomed. To make genuine progress, where trust and good communication has been achieved with time as a factor in proceeding, the author feels, without a doubt, that the triangle of industry, government and aboriginals will seriously have to be restructured or eliminated. Anytime you mix government with progress, along with other problems, you are looking at bureaucracy, and that takes time. Issues such as the settlement of land claims have not been resolved, and in all likelihood could take forty years to finalize. Aboriginals have been suppressed for centuries by governments and industries with ethnocentric ideologies, and now that they are in a position to reclaim their lands, attain their own economies and government, and truly secure a wealthy, self-sufficient legacy for their descendants, how can anyone imagine they’ll move quickly? This author also strongly disagrees to some sections of Mr. Wakefeld’s article and will expand on her objections.We question whether aboriginals under-stand the process of mine development. If we encounter an electrical problem in our home, o we not call an electrician without having to learn the trade ourselves? This comparison seems simplistic, but does convey a point. As cited, “there are now over 100 000 aboriginals who have completed post-secondary education.” Are the numbers revealed in Mr. Wakefeld’s paper there to scare us? Is he suggesting that without the industry’s haste, the aboriginal’s new found intelligence could pose a problem to the mineral explorer. While it is true that not all are highly educated, the aboriginals have specialists in market fluctuations, feasibility studies and the needed skills. They have specialists, such as their representative organization of COPE 1984, (the Committee for Original People’s Entitlement), who under-stand their cultures, language and desires. Their education should expedite the negotiations and end the power struggles equitably. Aboriginal people are not stupid. Once they have reason to be proud, regain their communities and know the direction that they’re headed, their self-determination will return."

Jan 1, 1996

By Paul Billingsley

NICKEL Plate mountain coincides closely with that portion of the Hedley mining district which is of economic interest. From it has come almost the entire past production, and the active mines of the present epoch, Nickel Plate-Sunnyside and Hedley Mascot, lie in a compact group near its summit. The Hedley district, which is 210 miles due east of Vancouver, is situated in the Okanagan range of southern British Columbia, where this rather gentle uplift is deeply dissected by the canyons of the Similkameen and its tributaries. The region is essentially part of the Interior Plateau of the Province (Figure 1), but is adjacent to easterly elements of the Coast Range. The Similkameen canyon, 4,000 feet in depth and frequently less than 4 miles from rim to rim, traverses the district from northwest to southeast. The deepest and narrowest portion of the canyon lies between Hedley and Keremeos, 18 miles to the southeast. At Hedley, an important tributary, Twenty Mile creek, enters from the north in a bold canyon, making a focus of unusually rugged topography. Nickel Plate mountain occupies the sector to the east of this junction (see Figure 2) and its flanks are ringed by the cliffs of Twenty Mile canyon on the west and by those of the Similkameen canyon on the south. On the east, it slopes gently to the hanging valley of Eighteen Mile creek, and on the north, with only slight loss of elevation, it merges into the moderately hilly surface of the plateau.

Jan 1, 1941

By E. Shum, V. G. Papangelakis

"Attempts to reduce the energy requirements of water recovery in the process industries have resulted in the development of techniques to freeze and purify aqueous solutions that take advantage of local climatic conditions. Natural freezing is a technique by which aqueous solution is exposed to freezing air temperatures, resulting in the production of a layer of ice on the surface. As the ice layer tends to exclude solute, a concentrated solution is formed. However, due to dendritic ice growth along the advancing growth front, small quantities of solution are trapped within the ice, decreasing the purity of the water recovered. The ice produced can then be allowed to thaw in order to recover the water using low grade plant heat. As the more concentrated parts of the ice melt first, a purer ice remains. In this study, 0.5 molal magnesium sulfate solution was frozen under simulated natural freezing conditions at temperatures between –1 and –6°C. The ice produced was thawed at either room temperature or 50°C. Up to 40% of the water was recovered with a separation efficiency of above 95% when thawing at room temperature.INTRODUCTION Advances in refrigeration technology have made low-temperature separation processes increasingly appealing to an energy-conscious society. The latent heat of freezing of water is about seven times smaller than the latent heat of evaporation providing freezing with a strong thermodynamic advantage over the traditional evaporation-based processes. The result is the development of a wide variety of processes that fall under the term Freeze Concentration (FC), which describes a variety of techniques in which an aqueous solution is concentrated by the creation and subsequent removal of ice (Williams et al., 2015).FC processes exploit the freezing behaviour of aqueous solutions as dictated by their respective water-salt phase diagram. When, for example, a solution of magnesium sulfate is cooled to a temperature below its freezing point but above its eutectic temperature of –4.1?C (Figure 1) then, if the concentration of MgSO4 is less than the eutectic concentration (about 1.7 m), ice will form until the solution concentration reaches its equilibrium concentration at the given temperature on its phase diagram. If the concentration is greater than the eutectic concentration, MgSO4 solid will precipitate until the concentration reaches equilibrium. It is for this reason that ice can be selectively produced in FC processes (Randall & Nathoo, 2015)."

Jan 1, 2017

By Arthur Notman

For the period January 1st, 1942, to January 1st, 1946, the American Bureau of Metal Statistics records the gold production of the world as 118,788,000 fine ounces. If we include 1946 at the same rate as 1945 (26,- 590,000), we arrive at a total of 145,378,000 fine ounces in the past five years . Included in these figures are estimates of Russian output at 4,000,000 ounces per annum for the five years, and 1,300,000 ounces per annum for Korea and Japan. The remaining 120,000,000 ounces represent the aggregate production from official reports of the other gold producing areas of the world, with the exception of the 1946 figures, as noted above. At $35.00 per fine ounce, this represents $5,188,230,000. According to the reports of the Federal Reserve System of the United States, on December 31st, 1941, the monetary gold reserves of the United States were $22,736,- 600,000 (at $35.00 per fine ounce) , while on October 31st, 1946 (latest available) , they had fallen to $20,402,000,000, a decline of $2,334,600,000. Adding this decline to the value of the new production for the five years, we have a total of $7,522,830,000, which has been absorbed by the rest of the world since Pearl Harbour, a rate of absorption of over $1,500,000,000 per annum. This has taken place at a rime when the advocates of purely managed currencies had convinced many people that gold performed no really essential function in the world&apos;s economy, and that we could get along perfectly well without it. It was pointed out that gold could not be eaten, it could not clothe our nakedness, it could not shelter us from storms, and, therefore, it was a non-essential, even though it could be used to settle international balances of trade. Apparently, the world as a whole still regards it as preferable to the paper promises of governments, however sound, relatively, they may appear. Actually, we have no way of measuring the true strength of this feeling, because the principal governments of the world have made it legally impossible for their citizens to own gold, except in the form of ornaments.

Jan 1, 1947