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By J. J. Montoro

The influence of blasting on the excavators’ efficiency, defined as mucking rate (amount of rock mucked per unit time) and mean bucket load (amount of rock loaded in each bucket operation), is investigated. Rock characteristics, blasting parameters (drill pattern, explosive energy, and charging), and the excavator’s performance (truck loading time and number of buckets to fill a truck) were monitored in eleven blasts in an open pit iron ore mine. ANFO, ANFO/emulsion blend, and watergel were used in the blasts and the powder factor was varied between 0.98 and 1.45 kg/m3. The mean bucket load is mainly affected by the bucket size, which is independent of the blasting parameters. Besides the relation with the mean bucket load, the mucking rate was found to be positively correlated with the explosive energy, whereas no significant correlation with the rock properties was found. The analysis of the data, together with other published works, suggests a non-monotonic relation of the mucking rate with the powder factor, with a maximum mucking rate at a certain powder factor. This is especially true when the useful work of the explosive per unit rock volume is used rather than the classical mass powder factor and when only the amount of explosive above grade is considered.

Jan 1, 2007

By Tad Crowie, Victor Delgado, Nick Katsikaros, Tim Hughes

"A number of silver producers have identified a need for a system to recover silver and gold from base metal flotation concentrates on site rather than sending the concentrate to third party smelters to improve mine economics. Historically intensive cyanidation has only been used for coarse gold gravity concentrates in batch machines but Gekko have applied the InLine Leach Reactor (ILR) to these difficult to leach concentrates.The ILR’s unique ability to operate at various solid to solution ratios, high mass capacity, the ability to handle fines, the use of peroxide to aid silver leach kinetics and simple operation has resulted in significant economic benefits to Hochschild PLC’s Selene and Arcata operations. This paper describes the commissioning phase of the ILR5000BA intensive cyanidation reactors on concentrates from the Selene mine at the Ares Concentrator.INTRODUCTIONIntensive leaching of high grade concentrates in gold ore treatment is now commonplace and is considered an essential feature of most gold circuits (Lane, Fountain and LeBrooy, 2008). The devices commonly used for intensive leaching (InLine Leach Reactor, Acacia Reactor, etc) are specifically designed for the typical coarse nature of the concentrate.In some of these intensive leach applications, significant amounts of silver are co-recovered with the gold. In fact, the intensive leaching conditions of 1 to 2% NaCN in solution and high dissolved oxygen levels, overcome the issue with silver’s slow dissolution rate in traditional CIL/CIP circuits and avoids the formation of insoluble silver sulphide minerals on the surface of the gold (Marsden, 2006).There are a significant number of mine operators producing silver in the form of mixed base metal sulphides flotation concentrates. Typically the mine operators are paid for the silver after processing of the concentrate by the base metal smelter whom recovers the silver during the refining process."

Jan 1, 2010

By Stratton-Crawley R., G. E. Agar

"A study has been done of the scale-up of laboratory bench-scale flotation to continuous plant circuit performance. It was found that the impellor speed and the air flow rate influenced the results and in this case extreme values of these operating variables were required in order to reproduce the plant rougher results in the laboratory. Despite the experimental uncertainty introduced by these extreme values, it was demonstrated that the plant performance could be predicted and experimentally reproduced with bench-scale tests.IntroductionThe mineral processing industry relies heavily on batch flotation testwork to design flowsheets, evaluate reagent s and compare various types of ore. The batch tests are generally regarded as being directly comparable within themselves, but quite often they relate poorly or not at all to continuous circuits. Obviously this dilemma generates considerable uncertainty with wide-ranging ramifications. One of the manifestations of this unfortunate situation is the commonly expressed opinion that ""it may work that way in the laboratory, but it will never work that way in the plant"".In a previous publication, a method was described whereby the results of batch bench-scale tests could be used to simulate a locked cycle flotation test series. The work to be described here is a continuation of that investigation with an extension to the simulation of an actual plant circuit. It would have been preferable to progress from laboratory batch data to a continuous pilot plant and then finally to a full-scale plant operation. However, because that possibility did not present itself, an attempt will be made to show that the performance of an existing plant circuit can be successfully simulated from batch data. The success of the procedure can be judged by the agreement among the plant results, a locked cycle test and the predicted results based on batch tests."

Jan 1, 1982

By R. Pelton, Z. Dai, S. Yang

ABSTRACT Hydrophobic polystyrene nanoparticles were evaluated as potential flotation collectors for pentlandite. The flotation of hydrophilic glass beads demonstrated the nanoparticles’ ability to induce flotation. Deposition of nanoparticles on glass surfaces increased the contact angle and enhanced adhesion of the beads to air bubbles. High flotation recoveries were achieved when 5–10% of the bead surfaces were covered with nanoparticles. Surface functionalization—the addition of vinylimidazole to polystyrene nanoparticle surfaces—caused the nanoparticles to selectively deposit onto pentlandite surfaces in the presence of Mg-Si slimes. Ongoing work includes attempts to identify specific applications where nanoparticle collectors might be cost effective. _ KEYWORDS Flotation, Nanoparticle collector, Coverage

Jan 1, 2014

By George P. Demopoulos, Nima Parsi Benehkohal, Marianna Uceda

Lithium-ion batteries (LIBs) find wide range of applications from portable electronics to electric cars and stationary storage or renewable energy. LIB electrode fabrication is done through mixing the active material (Li-ion host) with carbon (conductive component) and polyvinylidene fluoride (PVDF), which acts as a binder. These components are dissolved in N-methyl-2-pyrrolidone (NMP) to form a paste which is then doctor bladed onto the aluminum current collector. NMP is a toxic chemical and the overall fabrication process remains costly. Efforts are made of eliminating NMP by (1) replacing the binder and (2) using a new fabrication method. Of particular interest among these new methods is electrophoretic deposition (EPD). Via the application of DC potential, particles in suspension can be electrophoretically deposited on different conductive substrates in a relatively fast rate rendering EPD feasible for industrial application. A key aspect for successful application of EPD is the formulation of a stable suspension. Within the McGill HydroMET group, we explore the potential of EPD in fabricating LIB electrodes having demonstrated its effectiveness in the case of P25 nanotitania/carbon anodes. The performance of EPD fabricated TiO2/C electrodes is compared to standard PVDF-based electrodes and shown to have comparable charge capacity. This method is now being extended to other electrode materials. In this paper an introduction to the EPD method will be made and subsequently its use in fabricating LIB electrodes will be described. The performance of the fabricated batteries is evaluated via galvanostatic charging/discharging and cycling tests.

Jan 1, 2016

By A. H. A. Robinson

Until quite recently-practically up to the present time-all but an insignificant amount of the copper produced in Canada was shipped abroad in the form of ore, matte, blister, etc., there to undergo the further treatment necessary to bring it to the refined state in which it is required by fabricators of copper. Consequently, Canadian manufacturers were forced to import nearly all the copper required in their business; and a considerable portion of the ultimate value to be derived from a Canadian raw material was lost to the country of its origin. In the early days of Canadian copper mining, when both the production and consumption of copper in Canada were much smaller than now, such a condition of affairs was perhaps economically unavoidable, and, in any case, was not a matte~ of sufficient importance to attract general attention. Later on, however, when there had been large and rapid increases both in the production and consumption of copper in Canada, it formed the basis of much adverse criticism, deserved or not, of producers of Canadian copper-criticism that became intensified during the war and subsequent years. Happily, the chief grounds of complaint have now been removed, and there are today copper refineries in Canada, either operating or under construction, that are capable, in the aggregate, of turning out amounts of refined copper greatly in excess of any indicated Canadian consumption.

Jan 1, 1931

By W. Chi, R. Regan, R. A. Washington

"In uranium mines, the purification of underground mine air can be accomplished by the removal of dust particles and radon daughters using filters. Full-scale statistically designed experiments with flow rates up to 10,000 cfm have been conducted at Denison Mines Ltd. on mine air filtration with vermiculite as a filter material. Various filtration bed thicknesses were chosen, with different face velocities through each bed thickness. Results on total dust, respirable dust and radon daughter collection efficiencies were analysed statistically. It is shown that these collection efficiencies are directly related to the filter bed thickness. However, the different face velocities seem to affect only the collection of radon daughters. Optimum collection efficiencies for a clean bed of about 30% were found for respirable dust and radon daughters, and about 41>% for total dust, using an 8-in.-thick bed and a face velocity of 500 fpm. Dust build-up on the filter bed during operation led to an increase in collection efficiency, reaching 40 to 60% after two weeks."

Jan 1, 1973

By Timothy W. Ellis

Wire Bonding is the dominant IC interconnection process presently used in the semiconductor assembly industry (1). The flexibility, adaptability and cost of wire bonding will continue to keep it as the key process for the interconnection of integrated circuits to substrates. However, wire bonding still has certain technological hurdles to overcome if it is to continue following the semiconductor roadmap (2). Particular issues which need to be addressed include low overall tensile strength, low elastic modulus, low shear per unit area and mechanical loop stability of Gold based micro-alloys. The ability to produce ?Deformation Process Metal-Metal Matrix Composites? (DMMCs) is based upon the deformation nature of immissible metallic systems. For reference, the Gold (Au)-Molybdenum (Mo) phase diagram is shown in Figure 1 (3). By inspection of the diagram, Au has a very low solubility for Mo, while Mo has essentially no solubility for Au. This is the metallurgical analog of oil and water. In the Au-Mo case, this is particularly troublesome when producing precursor ingots of the alloy to be formed into wire products. In Table 1, the melting points and densities are shown for Au and Mo. As shown, the melting point of Mo is significantly higher than Au, and is very close to the boiling point of Au (2856°C). However, Au?s density is higher than that of Mo. As such, conventional casting techniques are not suitable, since solid Mo would float off the surface of an Au melt thus depleting the matrix of its alloy addition. In this work, two-phase composite wires were produced by deformation processing to develop an interconnection wire with elevated tensile strength, modulus and shear to those commonly available in the market (4). This technology has been used previously in the production of high strength electrical conductors particularly for high field pulsed magnets (5).

Oct 1, 2003

By P. R. Geoffoy, T. Koulomzine

"The discovery of the Mogador deposit concealed by 100 feet of overburden was the result of combined application of geological reasoning, ground geophysical surveys, studies of glacial float and extensive diamond drilling. The ground was acquired because it lay on the projected intersection of the Manville and Laflamme River faults. Systematic ground prospecting led to discovery of mineralized floats. A first unsuccessful exploration campaign lasted several years and consisted of 137 drill holes.In 1951 the boulder nests were reexamined and an associat'on of the mineralized float with boulders of a granodiorite, unknown in outcrops of the district, was established. Consequently, ground magnetic surveys were extended and re-interpreted, and a large anomaly interpreted as corresponding to a batholith was outlined. The existence of the batholith was immediately confirmed by drilling and the Mogador deposit discovered in third hole of new drilling programme in a zone of fractured volcanics paralleling southern contact of batholith.The Mogador deposit is a complex replacement of silicified volcanics by pyrite, pyrrhotite, sphalerite, chalcopyrite and galena carrying values in silver and gold. A total of 1,230,000 tons has been indicated, most of it now classified as fully developed proven ore."

Jan 1, 1960

By R. Luchese de Moraes, J. A. Matthews, C. Feliciano Bruzual

The role of biomass char in blast furnaces has been re-examined by scientists worldwide, as a feasible option to reduce the carbon intensity of ironmaking. This contribution makes a technical and economic analysis of the ferro gusa industry in Brazil, with the last 172 charcoal-Blast Furnaces operating in the world. A key strategic question is presented: what is the current status and future prospects of biomass use in Blast Furnaces? Findings provide significant implications to metallurgists: while ferro gusa from charcoal is regarded as carbon neutral iron with low impurities, there are limiting factors that hinder the further proliferation of charcoal-BFs: biomass generation requires vast extensions of arable land and aggregates have low production capacity. Additionally, most of the charcoal is presently generated in beehive kilns with low yields. These elements combined make charcoal-hot metal expensive in price. With respect to the future prospects of biomass, the injection of small biochar particles through the PCI rigs in BFs (here coined Bio-PCI) and iron ore sintering may offer a practical alternative to significantly reduce the CO2 emissions in the ironmaking process.

Jan 1, 2015

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 R. D. Brown

"AbstractIn order to raise the enormous amounts of capital which will be essential for the development of Canada's mineral and petroleum resources, this country's resource industry must be permitted to earn an acceptable rate of return. The existing tax regime, with its high rates, complexities and misdirected incentives, presents a serious obstacle to our resource industries in their development of Canada's immense , but increasingly lean, resources. Government tax and other policies are not the only cause of the crisis now facing the resource sector in Canada, but a reformed tax system, with stable and reasonable tax burdens, is required if Canada's resources of minerals, oil and natural gas are to continue to contribute in the future, as in the past, to our national well-being.An independent task force, organized under the auspices of the Canada West Foundation, has recently completed a wide -ranging report: on the future development of Canada's mineral, oil and gas resources. This five-volume report, completed after almost two years of research and study, concludes that Canada •is facing a major crisis •in the development of our resources, It states that unless corrective action is taken now, mineral production and exports could decline drastically after 1985, at the same time that Canada would face massive bills for imported oil because of inadequate and declining production.The task force, chaired by the author of this article, has put forward recommendations for a fundamental shift in both federal and provincial policies in order that Canada's mineral reserves can be developed in the national interest. This article consists of excerpts from the summary of the task force's report."

Jan 1, 1977

By K. M. Tompson, R. L. Armstrong, C. I. Godwin

"Tungsten skarn deposits on the Clea property in the Selwyn Mountains, Y. T., are related genetically to a quartz monzonite stock, about 500 metres in diameter at the surface. Lower Paleozoic sedimentary rocks are metamorphosed for a distance of 3 km from the stock. Tungsten-bearing skarn mineralization within the altered sedimentary rocks is of two types: sulphide-rich pods and calc-silicate beds. The most significant scheelite concentration is in calc-silicate beds near or adjacent to the quartz monzonite stock. Discordant K-Ar and Rb-Sr isotopic dates indicate that the stock is probably of early Late Cretaceous age, 94 Ma or slightly older, and that it cooled slowly. High initial 87Srl86Sr ratios and disequilibrium relationships between K-jeldspar phenocrysts and groundmass minerals in the porphyritic phase of the granitic rock , and between different granitic rock specimens, indicate contamination of crystallizing magma by old sialic continental crust which extends westward under the Selwyn Basin.This study is significant to regional tungsten exploration. Granitic rocks associated with tungsten deposits, in this part of the Canadian Cordillera at least, appear to have specific isotope characteristics that indicate they were generated at a specific time and in a particular way.IntroductionThe Clea tungsten skarn property (Fig. I) is owned by Canex Placer Limited, and lies in the Selwyn Mountains (Bostock, 1948) near the eastern margin of the Selwyn Basin (Wheeler and Gabrielse, 1972), Yukon Territory. The property covers a 20-square-mile area centered near latitude 62°47 ' north and longitude 129°52' west, and is accessible by helicopter. An airstrip and the terminus of a summer-use gravel road at MacMillan Pass, Yukon, are about 20 miles to the northnorthwest.This paper deals mainly with the geochronemetry of granitic rocks from a stock associated with tungsten mineralization on the Clea property. We show that these rocks have specific characteristics that not only define the genesis of this stock, but also have significance for regional tungsten exploration around plutons in the Canadian Cordillera."

Jan 1, 1980

By W. D. Sinclair

"Between 1934 and 1956, nearly 31 million grams of gold were produced in the Matachewan area from deposits on properties belonging to Young-Davidson Mines Limited and Matachewan Consolidated Mines Limited. In 1979, production from these properties was renewed by Pamour Porcupine Mines Limited.Most of the gold produced has come from relatively lowgrade deposits (3.4 gl t or less) that occur in an east-trending belt of dykes and irregular bodies of trachytic syenite. Although small by comparison, these deposits have some of the characteristics of porphyry copper-molybdenum deposits. The mineralized syenite contains up to 5 per cent disseminated pyrite and is highly fractured and cut by quartz and quartzcarbonate veinlets. Gold occurs as native gold along fractures, in quartz veinlets and as minute inclusions in pyrite. Minor chalcopyrite and trace amounts of scheelite, molybdenite and galena are also present. Mineralization was accompanied by potassic alteration, consisting mainly of potassium feldspar.Some gold was also produced from small, but higher-grade, deposits in volcanic rocks. These deposits occur near the syenite-hosted deposits and consist of quartz veins and stringers mineralized .with pyrite and gold. Minor gold is present in some low-grade, porphyry-type copper-molybdenum occurrences and, locally, in large, isolated quartz veins.Lead isotope analyses suggest that the gold deposits were formed at about 2700 Ma and were locally remobilized at approximately 2400 Ma, following the Kenoran orogeny. The deposits appear to be genetically related to felsic magmas emplaced in an epizonal environment and deposited from hydrothermal solutions relatively concentrated in S and K20."

Jan 1, 1982

By F. D. Forgeron

"ONE OF THE FIRST DOCUMENTED APPLICATIONS of soil geochemistry in the Canadian Shield was that carried out by Chisholm in the Kenora district in 1949. This survey proved successful in outlining sulphide-associated gold veins utilizing cold-extractable metals. Since then, mining companies, government agencies - both provincial and federal - and universities have conducted soil investigations. Some of the results are documented in publications, others are on open file in provincial and federal mines departments and, unfortunately, many other investigations with both successful and unsuccessful results are buried in company files or have been discarded. This paper deals with soils within the scope of chemical studies of overburden in the Canadian Shield. The subject is a broad one and some definition is required. The soil investigations discussed herein are those aimed at the testing of specific targets more or less in the source area. This definition distinguishes soil investigations from other overburden studies which commonly monitor metal accumulations at some substantial distance from the metal source. Naturally this distinction is relative, because in many instances there is overlap."

Jan 1, 1971

By S. Y. Tshipeng, A. T. Kaniki

"RÉSUMÉ La lixiviation acide d’un minerai oxydé cupro-cobaltifère en milieu non réducteur et en milieu réducteur en utilisant le Fe2+ et le métabisulfite de sodium (SMBS) a été étudiée et les résultats ont été comparés. Les tests de lixiviation ont été effectués à température ambiante, dans une pulpe à 30 % solide, avec une vitesse d’agitation de 600 tr/min, un potentiel redox de 350 mV pour les tests en milieu réducteur, et un pH de 1,8. Les tests de lixiviation avec usage du SMBS comme réducteur ont donné la meilleure cinétique de lixiviation du cuivre. Pour le cobalt, c’est l’usage du Fe2+ qui a donné la meilleure cinétique de lixiviation. L’augmentation de la dose du fer dans la solution au-delà de 5 g/L a influencé négativement les rendements de lixiviation du cuivre et du cobalt. ABSTRACT Acid leaching of a copper-cobaltiferous oxide ore in a non-reducing environment and in a reducing environment using Fe2+ and sodium metabisulfite (SMBS) was studied and the results compa¬red. The leaching tests were performed at room temperature, in a 30% solids pulp, with a shaking speed of 600 rpm, a redox potential of 350 mV for the tests performed in the reducing environment, and a pH of 1.8. The leaching tests using the SMBS as a reducing agent produced the best copper leaching kinetics. As for cobalt, the best leaching kinetics was achieved using Fe2+. An increase in the amount of iron in the solution above 5 g/L negatively influenced copper and cobalt leaching yields. INTRODUCTION La République Démocratique du Congo (RDC) est un pays reconnu dans le monde pour son sous-sol qui regorge d’énormes quantités de cuivre et de cobalt (USGS, 2014; Palisade Research, 2016). La technique qui semble être la plus recommandée pour extraire à la fois le cuivre et le cobalt des minerais oxydés cupro-cobaltifères est la lixivia-tion acide en milieu réducteur. Cette technique est appliquée par la majorité des sociétés minières qui exploitent ces minerais dans l’ex-province du Katanga en RDC, à savoir: Tenke Fungurume Mining, Mutanda Mining, Kamoto Cop¬per Company, Sicomines, Gécamines, Boss Mining, Chemaf, Ruashi Mining et Somika. L’usage d’un agent réducteur est indispensable pour l’obtention d’un bon rendement de lixiviation du cobalt. En effet, plusieurs chercheurs s’accordent sur le fait que le cobalt trivalent de l’hétérogénite (CoO·2Co2O3·6H2O) est insoluble à l’action de l’acide seul; il ne devient soluble qu’après réduction en cobalt bivalent (Mwema, Mpoyo, & Kafumbila, 2002; Mulaba-Bafubiandi, Ndalamo, & Mamba, 2007; Ferron, 2008; Seo, Choi, Kim, & Tran, 2013; Stuurnam, Ndlovu, & Sibanda, 2014)."

Jan 1, 2018

By A. Fawcett, B. C. Dyer

Abstract - The basis of the tomographic velocity imaging technique is briefly described and an application of the method to detect and image a cross-section through a chromite pod is presented. Using the chromite application as an example, the relative costs of tomographic data acquisition and processing are compared with those of diamond drilling to obtain similar resolution. A number of different tomographic survey configurations and the potential role of the method in surface and underground exploration are discussed.

Jan 1, 1994

By R. H. Pemberton

"THE Mattagami district of Quebec has, during the past few years, experienced intense exploration by virtually every mining company operating in Canada. As a result of this activity, a number of well-mineralized zinc-copper bearing bodies have been found, some of which will almost certainly go into production. Much of the area has undergone what is now termed ""Saturation Prospecting"" or intense and detailed geological and geophysical surveying, followed by the drilling of nearly all possible bets. Considering only the airborne geophysical surveying, some blocks of ground have been flown by virtually every geophysical instrument which has to date been installed in an aircraft. A list of these different geophysical instruments would include: l. Fluxgate-type total field magnetometers 2. Vertical field magnetometer ,3. Nuclear-precession magnetometers 4. Single-frequency out-of-phase electromagnetometers 5. Dual-frequency out-of-phase electromagnetometers 6. Horizontal component measuring electromagnetometers 7. In-phase and out-of-phase electromagnetometers8. Dip-angle measuring electromagnetometers."

Jan 1, 1961

By K. H. J. Clarke

"ALTHOUGH nickel was not identified as a separate element until a Swedish scientist, Axel Frederick Cronstedt, did so in 17 51, its utilization dates from pre-historic times. From its humble beginnings nickel has grown in importance until, today, in our clocks, television sets, automobiles, and air-planes, in our bridges, tableware, farm implements, and the equipment which processes our food, it is constantly at our service.For convenience in assembly, data and information relative to The Marketing of Nickel will be outlined in five phases: (A) Sources, (B) Distribution, (C) Utilization, (D) Market Development, and (E) Conclusions."

Jan 1, 1960

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'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