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By Laurance Reid

HIGH compression ratios, resulting from high injection pressures and relatively low recovery process pressures, constitute a major problem, which has confronted those engaged in gas recycling for condensate production since the beginning of that practice. Despite the numerous process developments and improvements, no entirely satisfactory solution for this prob-lem has been presented to date. Often, where the residue gas from the recovery process must be recompressed for subsurface injection, there is a substantial difference between the required injection pressure and the plant-operating pressure required to produce maximum recovery of condensate. These limitations result in high compression ratios, which, in turn, neces-sitate excessive compressor investment and operating cost. As an alternative, the operating pressure may be increased in order to lessen the compressor requirements but such a saving often is purchased at the expense of decreased condensate recovery, caused by operation at the higher pressure. Regardless of the choice, the net result is a diminished return on the capital invested in the project. The goal of future development in this field must be the complete recovery of all valuable hydrocarbon components in the reservoir fluid at pressures that, regarded as compressor suction pressure, will require minimum compressor horsepower to inject the residue gas into the formation. A com-pression ratio of 1.5 has been established as an optimum for modern compressor equipment." Therefore, in order to con-form to this optimum condition, a 3000-lb. injection pressure would require that the condensate recovery process be operated at 2000 lb. per sq. inch.

Jan 1, 1940

By James Norman

SPODUMENE is a lithium-bearing pyroxene, and is an important source of lithium compounds. Because of its high alumina and lithia content, it might be a desirable constituent of glass batches. The use of spodu-mene in ceramics will undoubtedly increase, as it has been shown that a mixture of the proper proportions of this mineral with soda feldspar and potash feldspar has a much lower maturing temperature upon firing than has any one of the three components.1 The mineral spodumene seldom occurs as pure mineral, but ordinarily with feldspars, mica and quartz. All spodumene-bearing rocks tested contained these minerals as gangue. Small amounts of iron and manga-nese oxides also were present, usually as stains on the silicate grains. Mica associated with the spodumene carried a considerable amount of lithia. This was discovered in flotation tailings, which, although virtually free of spodumene grains when examined microscopically, showed 0.4 to 0.5 per cent Li2O on chemical analysis. The lithia content of micas picked from the North Carolina spodumene rock was variable. Some samples contained little lithia, others more than 3 per cent. In 1938, under the supervision of Oliver C. Ralston, ? the Bureau of Mines, in cooperation with the Tennessee Mineral Products Corporation, undertook to study the beneficiation of North Carolina spodumene by froth flotation. The Bureau had previously published investigations on the beneficiation of spodumene.2,3 The methods described in the second publication' did not give good results with badly weathered spodumene rock, so that more thorough investigation of the subject was warranted.

Jan 1, 1940

By R. P. Carreker

GERMANIUM is a member of that group of ele-nents—carbon, silicon, germanium, and tin-— that are currently of particular interest because of their interesting electrical properties. Near room temperature these materials of diamond cubic crystal structure are characteristically brittle. However, there have been several recent reports that germanium is not brittle at elevated temperatures These observations may be summarized as follows: 1—Germanium single crystals were observed to creep in bending under a maximum fiber stress of 6 kg per mm&apos; (8500 psi) at 500°C and above.&apos; The creep curves were sigmoidal, with an induction period that decreased with increasing temperature. 2—Germanium crystal bars have been bent 90" about radii ten times the bar thickness at 550°C.&apos; 3—-Audible clicks were heard when l/4 in. thick crystals were bent drastically at 450" to 500°C. No microstructural evidence of mechanical twinning was observed 4—Slip lines have been observed in tensile specimens deformed at 600°C, and are coincident with (111) planes, the close-packed planes of the diamond cubic structure.] The slip direction has not been established. 5—A germanium crystal has been compressed approximately 20 pct along a <110> axis at 700°C." The results reported subsequently were obtained in exploratory experiments intended to indicate some aspects of the behavior of germanium single crystals when tested in simple tension. Specimen Preparation A single crystal bar of n-type germanium was used. It was of purity corresponding to a resistance range of 2 to 20 ohm-cm. Tensile specimens were prepared by cutting small rectangular bars

Jan 1, 1957

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute&apos;s treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and " the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local Section Appropriations, consisting of one past chairman of a Local Section, one member of the Institute&apos;s Executive Committee, and one member of the Finance Committee, shall be appointed by the President and shall pass upon requests for appropriations and authorize payments within bounds of the budget. The committee will be guided by the principles herein outlined, always having in mind the vital importance of healthy, active Sections to the welfare of the Institute as a whole. 6. According to Article XI, Section 2 of the Bylaws, requests for appropriations shall be signed by the Chairman, Secretary and Treasurer of the Section. 7. Requests for appropriations must be in the hands of the Secretary of the Institute by February 15 of the year for which they are desired.

Jan 1, 1940

By Valentine Garfias

THE various phases of the Mexican oil industry have received so much publicity that there is little to add to the discussion of present and future production, extent and importance of prospective fields, and status of petroleum legislation, to mention but a few of the angles of the Mexican oil problem. However, out of this wealth of information, which is generally of contradictory nature, the average petroleum man is at a loss to know something definite regarding the various questions involved so, keeping the foregoing in mind, it has been the writer&apos;s aim to record in a concise form the most reliable and up-to-date information regarding the salient features of the Mexican oil situation. PRESENT STATUS OF MEXICAN OIL INDUSTRY Production During 1921 The Mexican oil fields, during 1921, produced in round numbers 203,000,000 bbl. of which 176,000,000 bbl., or 86 per cent., were exported, the bulk of -these exports, or about 73.3 per cent., going to the United States. The Mexican exports were divided by grades as follows: Light crude, 47.0 per cent.; heavy crude, 22.0 per cent.; tops, 3.5 per cent.; fuel oil from light crude, 24.0 per cent. The balance, or 3 1/2 per cent., includes the bunker fuel shipments and the coastwise trade in Mexico, which is not classified as to grades. The figures show that, in importance, the light-oil fields from about 755 per cent. of the Mexican petroleum industry.

Jan 4, 1922

THE following employment items are made available to AIME members on a nonprofit basis by the Engineering Societies Personnel Service, Inc , operating in cooperation with the Four Founder Societies Local offices of the Personnel Service are at 8 W 40th St , New York 18, 100 Farnsworth Ave, Detroit, 57 Post St , San Francisco, 84 E Randolph St , Chicago 1 Applicants should address all mail to the proper key numbers in care of the New York office and include 6c in stomps for forwarding and returning application The applicant agrees, if placed in a position by means of the Service, to pay the placement fee listed by the Service AIME members may secure a weekly bulletin of positions available for $3 50 a quarter, $12 a year MEN AVAILABLE Executive Engineer, 37, married, 3 children Now Resident Manager nonmetallic underground mine and processing plant Management and operational experience in gold, copper, zinc, limestone and lime products manufacture Mine plant design and construction, underground mines and quarries Excellent references Currently employed but available reasonable notice Prefer U S M-687-426-E-5-San Francisco Metallurgical Engineer, 29, married, one child, B S Metallurgical Engineering Five years&apos; practical experience in milling and laboratory research Available thirty days Prefer West or Southwest U S A M-689¬522-E-1-San Francisco Experienced Mining Engineer, university graduate, 40, married Twenty years&apos; experience all phases metal mining, past 13 years as manager, excellent cost and safety record Available short notice Best references and complete professional record available upon request M-690

Jan 1, 1952

A group of prominent engineers and contractors of Chicago and vicinity have cooperated in forming a Joint Committee on Military Engineering. The founders are members of all of the leading engineering and contracting organizations of Chicago, including the local branches of the national engineering societies. The purposes of the Committee are to further military preparedness among engineers, contractors and their associates by the following means: (1) Courses of lectures; (2) assigned reading; (3) studies and practical instruction in military engineering;. (4) assisting engineers to qualify as officers in the National Reserve Corps of Civilian Engineers; (5) urging enlistment in and support for engineer troops of the National Guard and such other organizations as the Government may create; (6) furthering instruction in military engineering in training camps and the attendance in them of those qualified; (7) by such other means as from time to time may be deemed advisable. The Joint Committee has already prepared a program covering the vital points outlined. To date the program is practically complete for a period extending from April 20 to July 25. Something of interest will be taken up each week, including lectures by Lieutenant-Colonel W. B. Judson, Engineer Corps, U. S. Army; two lectures by Major P. S. Bond, Engineer Corps, U. S. Army; Lieutenant-Colonel Mason M. Patrick, Engineer Corps, U. S. Army, and several exhibition drills, terrain exercises and inspection trips under the direction and guidance of various officers of the Engineer Troops of the Illinois National Guard. Additions to the program will be made from time to time.

Jan 5, 1916

By F. A. Hill

Coal mining in the State of Washington offers many interesting problems for the mining engineer, due to the varied physical conditions occurring in different fields, and often in the same mine. The different coal seams worked in the same mine commonly require different mining and transportation methods for economical operation. The coal measures have inclinations ranging from 5&apos; to vertical, and in the same mine the dip of the coal may vary from 30&apos; to 50 . In all fields, the seams are extensively faulted, folded, and sheared. The quality of the coal produced ranges from brown lignite to bituminous coking coal, the following being typical analyses: Very little of the coal contains as much as 0.75 per cent. sulfur. The brown lignites occur mostly in Lewis and Thurston Counties, and as a rule are very cheaply mined. This coal has been successfully used in locomotives of the Oregon & Washington Railroad, after equipping them with specially designed fireboxes. The sub-bituminous coals occur in all the coal-mining counties. Their cost of production varies widely, according to the character of the formations, the pitch, and the wall conditions. This makes a fairly good steam coal, but the lump is used mostly for domestic trade, after grading into lump, nut, and pea. The coking coal is used for making coke, and for locomotive and other boiler fuel. It yields a strong metallurgical coke, quite high in ash, though seldom exceeding 18 per cent. ash. Most of it is susceptible to

Jan 1, 1920

Soil Testing for Engineers. By T. W. Lambe. Published by John Wiley & Sons. 165 P. $5.00.-Filling a need for a text for the teaching of soil testing in the laboratory, this book is also of value as a reference for practicing engineers and for personnel in soil laboratories. Following an introductory chapter on general laboratory procedures are chapters devoted to the individual laboratory soil tests which are commonly employed. Apparatus, supplies, recommended procedures, discussion of procedure, calculations results, and numerical examples are provided for each test. Brief derivations of formulas and explanations and discussions of calibration procedures and special techniques are given in the appendix. Mesabi Pioneer. Copyrighted 1951 by the Minnesota Historical Society.- Publication of this book has been made possible by a generous gift to Society from the E. J. Longyear Co. of Minneapolis. This book covers the evolution of the Mesabi Range from a wilderness into the nation&apos;s greatest iron producing area. In this book is found the first hand experiences of Edmund J. Longyear who saw the development of the range from its beginnings, and who himself took a notable part in it. In 1890 Edmund J. Longyear sank the first diamond drill hole on the Mesabi. During the next two decades he sank pits and holes- 7133 of them-throughout the length and breadth of the Mesabi Range, exploring for iron ore. He saw roads and railroads built. He watched the range communities--Hibbing, Chisholm, Biwabik, Mountain Iron and the others change from exploration camps to

Jan 11, 1951

By W. A. Oates, J. S. Blakemore, E. O. Hall

AS part of an investigation into the effect of hydrogen on the serrated yielding of Ni-Cu alloys,&apos; it was necessary to determine the solubility of hydrogen in the alloys of interest. With the exception of the work by Fukusima and Mitui2 who investigated the solubility of hydrogen in solid Ni-Cu alloys at 20 wt pct intervals at 1050°, 700°, and 350°C, the information in the literature is limited.3-10 Alloys were prepared from deoxidized Analar Copper and Mond Nickel pellets.&apos; Wire samples were hydrogenated at 7.8 atm in an autoclave consisting of 5 ft of thick-walled Inconel 600 tube with a resistance furnace around the middle portion. The top end, at room temperature, was fitted with a safety valve, a calibrated pressure gage, and a sample inlet, while the bottom end, again at room temperature, was filled with water. After reaching equilibrium samples were quenched by dropping from the high-temperature region of the autoclave into water. They were then quickly transferred to liquid nitrogen where they were stored until analyzed for hydrogen using an Exhalograph.11 The results, which are shown in Fig. 1, represent the mean of two separate determinations on each sample. Because of the lower level of hydrogen at the high copper end of the series, the results here are of poor precision using this method. Fortunately, the results of Himmler9 using the Sieverts technique are available for these copper-rich alloys (>80 at. pct Cu)

Jan 1, 1969

(Under this heading will be published notes sent to the Secretary of the Institute by members or other persons introduced by members.) No. 504.-Member, technical graduate, draft exempt, who has been employed as research chemist in cyanidation and flotation for past 5 years, desires position with large company as metallurgist or assistant mill superintendent. Especially experienced in flotation of gold and silver ores, but am also familiar with flotation of lead-zinc ores. Foreign service not desired. Will be at liberty after Dec. 1, 1918. No. 505.-Member, graduate mining engineer, with 8 years&apos; practical experience, including experience as superintendent. Desires position as engineer, foreman or superintendent of mine. No. 509.-Petroleum geologist and engineer, member, now engaged in consulting work, with five years&apos; experience in Mid-Continent and Eastern fields, desires position with responsible concern either in South or South American countries. No. 510.- Chemical engineer, member, technical graduate, at present officer in Chemical Warfare Service of the United States Army, desires position in the East. Several-years&apos; experience in design, construction, and operation of chemical and metallurgical plants. Minimum salary, $200. Available Jan. 1, 1919. No. 511.-Mining engineer, 32 years old, single, desires position. Speaks Spanish and French. Recently manager of large copper mines. Experience in steam shovel and underground mining. No. 512.-Mining engineer, technical graduate, member, 32 years old, single, 10 years&apos; experience in United States, Mexico and Central America in mining, prospecting, milling, chemical research and business experience. Speaks Spanish. Open for engagement as superintendent or assistant. Can give references as to ability and integrity.

Jan 1, 1919

By I. Iwasaki

In the flotation of iron ores and nonmetallic ores desliming is the key to a successful operation; the technology of flotation of well-deslimed ores has become fairly well established. When finely disseminated ores are ground to liberation, however, conventional desliming of the fully dispersed pulp results in an excessive loss of valuable constituents. Selective flocculation of iron oxides followed by removal of dispersed siliceous slimes is a new development and is one of the most promising approaches to the treatment of finely disseminated, oxidized iron ores, available in vast quantities both here and abroad (1,2,3). To apply selective flocculation to the variety of refractory iron ores or to cope with the fluctuations in an individual ore and the make-up water, the factors governing this technique must be clearly formulated. For the removal of siliceous and clayey slimes from oxidized iron ores by selective flocculation, the optimum conditions are extremely sensitive to the mineralogical characteristics of the ore, the type and the amount of soluble salts in pulp solutions, and the mesh-of-grind. Certain starches appear to function better than others (4, 5). Selection of the proper reagents and their judicious use is important not only for their efficient utilization but also for minimizing the adverse effects they might exert on the flocculation and flotation steps, and the pollution the effluents might cause when discharged, either intentionally or accidentally, into lakes and streams. In the present article some of the major factors that influence the selective flocculation of iron ores are summarized.

Jan 1, 1979

WHEN Magma Copper Company in 1952 set about finding $100,000,000 to finance the project of developing and equipping the property of its lusty progeny, the San Manuel Copper Corporation, A. J. McNab, president and guiding genius for both companies (and incidentally a mining engineer by profession), determined that he would avoid the mistake frequently made in such circumstances, of underestimating the cost, and thereby running short of funds before the job was completed. The fear that this might happen was one of the reasons why insurance companies, one potent source of "big" money, were reluctant to finance the enterprise. How, they asked themselves, would Magma, a relatively small company, get additional money in such a contingency? Insurance officials&apos; thumbs were turned down. Conditions Imposed by R.F.C. The upshot was the negotiation by Mr. McNab for San Manuel of a contract with the Reconstruction Finance Corporation, dated July 10, 1952, whereby needed monies in amount up to $94,000,000 would be advanced as a loan, bearing 5 per cent interest. Arrangements were made for the separate financing of the new $10,000,000 town, needed for the project, through the Del E. Webb Construction Company of Phoenix, Arizona, and M.O.W. Homes, Incorporated, of Los Angeles. Thus the $94,000,000 drawing account was believed ample to provide for building the railroad, the mine plant, the concentrator, and the smelter, as well as for the underground development of the mine needed to start production. As a matter of fact, only

Jan 1, 1957

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute&apos;s treasury; and these appropriations should be as. large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local Section Appropriations, consisting of one past Chairman of a Local Section, one member of the Institute&apos;s Executive Committee, and one member of the Finance Committee, shall be appointed by the President and shall pass upon requests for appropriations and authorize payments within bounds of the budget. The committee will be guided by the principles herein outlined, always having in mind the vital importance of healthy, active Sections to the, welfare of the Institute as a whole. 6. According to Article XI, Section 2 of the Bylaws, requests for appropriations shall be signed by the Chairman, Secretary and Treasurer of the Section. 7. Requests for appropriations must be in the hands of the Secretary of the Institute by February 15 of the year for which they are desired.

Jan 1, 1946

Geological and Natural History Survey of Wisconsin, The University of Wisconsin, Madison, Wis - E. F Bean, State Geologist. A complete list of publications of this Survey will be sent upon request Only a portion of the Bulletins and Maps fall within the scope of this directory, and most of them are available They are: Bulletin 4, Building and ornamental stones of Wisconsin (1898), $2 50, 6, Preliminary report on the copper-bearing rocks of Douglas County, and parts of Washburn and Bayfield counties (1901), 50 cents, 7, The clays and clay industries of Wisconsin (pt 1) (1901), 50 cents; 14, Report on lead and zinc deposits of Wisconsin (the report is out of print but the 18 maps which accompanied it can still be had) (1906), 20 cents (a series of six maps, supplementary to these (1909), may be had for 6 cents), 15, The clays of Wisconsin and their uses (1906), 50 cents; 16, The geology of north-central Wisconsin (1907), $2, 17, The abandoned shore lines of eastern Wisconsin (1907), 50 cents, 19, Zinc and lead deposits of the Upper Mississippi Valley (1907), 25 cents; 34, The limestone road materials of Wisconsin (1914), 50 cents, 35, Underground and surface water supplies of Wisconsin (1915), $150, 36, The physiography of Wisconsin (new edition now in press) (1916), $125, 41, A study of methods of mine assessments and valuation (1914), 50 cents; 44, Mineral land classification in parts of northwestern Wisconsin (1915), $5, 45, The peat resources of Wisconsin (1915), 50 cents, 46, Mineral

Jan 1, 1933

By Tracy Jarrett

In 14-karat gold alloys, as in 10-karat gold alloys,3 the addition of such metals as zinc, nickel, copper and silver produces a wide range of physical and chemical proper-ties such as color, hardness, corrosion resist-ance and melting points. These important factors made gold alloys desirable in the optical work and for jewelry. In 14-karat gold alloys, as well as in 10-karat or 12-karat, it is possible to have two golds of the same color, one of which will corrode more than the other, although it may be harder. Some of these alloys have been investigated by F. E. Carter,1 E. M. Wise,5 and L. Sterner Rainer.4 In this group of alloys the gold content of 58.3 per cent (14-karat) was held constant, while the copper varied from 36 to 24 per cent. The balance of the alloy consisted of one, two, or three of the metals silver, zinc, and nickel. All the alloys were melted in an induction furnace and cast into an ingot that meas-ured 3 by 1/4 by 3/4 in. The method of determining the melting points, color deter-minations and acid test have been discussed in previous papers by the author.2,3 It is necessary to use small test bars (Fig. r). The tensile bars were annealed at 1300°F. for 20 min. and then air-cooled. There being a very marked drop when the yield point was reached, "the drop of the beam" method was used in determining the yield point.

Jan 1, 1940

By C. E. Shoenfelt

The deepening of the General Crude Oil Company&apos;s No. 1 Meyers, NE. NE. SE. of sec. 22, 24S., 36E., in the Cooper area of Lea County, in April, 1934, resulted in the discovery of an oil field of major importance. The discovery well is an old well drilled by Cranfill $ Reynolds and completed in July, 1929, in limestone at 3438 ft. for an initial production of 90,000,000 cu. ft. (estimated) of &apos;gas. Deepening operations were started early in April, 1934, and cores were taken from the old total depth of 3438 to 3508 ft. A Haliburton test taken through the drill stem at 3439 to 3460 ft. showed 50,000,000 cu. ft. of gas with an increase of 5,000,000 cu. ft. between 3461 and 3474 ft. When completed the well tested 12,000,000 cu. ft. of gas and 5000 bbl. of oil at 3474-3508 feet. The new oil field—the result of this discovery—is between the Eunice and the Jal fields, closer to the productive area of Jal than to that of Eunice but far enough away from both to be considered a separate area. Eventually, all of these pools may be joined together by productive oil wells to form a single unit of large size. They lie in a general northwest-southeast alignment and the intervening areas have not been condemned by dry holes. In the drilling campaign that followed this discovery, 24 wells were drilled, of which 23 were oil wells with combined initial productions of

Jan 1, 1935

By H. O. Hofman

THE leading antimony mineral is stibnite. In smelting stibnite ore two processes are available, precipitation and roasting-reduction. The former is suited only for high-grade ores. As low-grade ores are more common than high-grade, roasting-reduction is of greater importance than precipitation. In the roasting process the aim may be to leave the oxidized antimony in the ore, or it may be to volatilize as much of the antimony as possible, collect the volatilized oxide as a rich intermediary product and smelt it for antimony, leaving the gangue poor enough to be considered a waste product. Whichever way the roast is conducted certain difficulties inherent in stibnite are encountered. These are: 1. The low melting point of stibnite which; according to Pelabon,1 is 550°C., according to Wagemann2 540°C., and according to Borgström3 546°C. 2. The ignition temperature: According to Friedrich,4 stibnite, if heated in air, begins to oxidize at 290°C. if the size of a grain is 0.1 mm. in diameter; at 343°, if 0.1 to 0.2 mm.; and 430° if 0.2 mm. 3. The fusibility of a mixture of Sb2S3 and Sb203 which in the form of kermesite (Sb2S3)2.Sb203 melts at 517°C.5 4. The volatility of Sb2S3 and Sb203, for which no numerical data appear to exist, although practical experience has shown that they are volatile at low temperatures.

Jan 1, 1916

By C. B. Jordan

LAVES and Wallbaum&apos; have described TiRu and TiOs as having the same structure as TiFe; they had previously described the latter compound as having the CsCl structure. On the other hand, a careful investigation of the structure of TiFe by Duwez and Taylor- ailed to reveal the ordered CsCl structure, finding instead a random arrangement of titanium and iron atoms on the points of a body-centered-cubic space lattice. Consequently, it is not clear whether Laves and Wallbaum proposed the ordered or the disordered structure for TiRu and TiOs. In order to settle this question as to the structural type and to obtain values of the lattice para- meters (thereby completely determining the structures), the present investigation was undertaken. Samples having the compositions TiRu and TiOs were weighed out accurately from iodide titanium supplied by the New Jersey Zinc Co., ruthenium powder from Goldsmith Brothers Smelting & Refining Co., and osmium powder from Wildberg Brothers Smelting & Refining Co. No analysis was made of any of these metals. According to the respective analyses of the suppliers, total impurities amount to less than 0.03 pct in the titanium and to less than 0.5 pct in the osmium. The purity of the ruthenium is not known. The alloys were prepared by arc melting in a furnace of the type described by Schramm, Gordon, and Kaufmann.9 pecimens for X-ray diffraction were obtained by crushing the ingots and passing the resulting powders through a 200 mesh screen. Diffraction patterns were made with a powder

Jan 1, 1956

By Peter M. Anderson

IN recent years many prophets have arisen who hold that gold has outlived its days and that its monetary use is now an anachronism. These prophets include well-known politicians, economists and businessmen. Some of them have called it a joke that metal should be dug up at heavy cost in Africa and elsewhere and shipped to the United States of America only to go underground again at Fort Knox. Others have claimed that all the gold in the world could be sunk in the ocean without anyone being the poorer. The fact that you have invited me to address you on the future of gold may perhaps reflect the fears caused by these various predictions. At present the prophets&apos; taunts show no sign of coming true. The demand for gold is greater than ever before, although stocks held are the largest in history. Nearly all governments have gone to great lengths to suppress any demand that might be made by the public; they have reserved to themselves the right to hold gold and have lost no opportunity of satisfying their own demands. Where the public has been allowed to buy gold, the demand has proved impressively strong. In India the price of gold equals about $82 per fine ounce, having been $90 earlier in the year; in Egypt $65 to $70, after having been $87, and elsewhere it is even higher. In Palestine, for instance, the golden sovereign is traded at about £5, equivalent to $86 per fine ounce, having been nearly £6, equivalent to some $100 per fine ounce, earlier in

Jan 1, 1947