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By Frederick C. Hull

THE grain size of a metal or alloy is one of the most important factors determining its properties. In steels, for example, grain size affects hardenability, toughness and machinability; in brasses, grain size is related to hardness and deep-drawing quality. In the field of heat-resistant alloys, grain size has a marked effect on ductility, creep and endurance strength. In order to determine these effects, as well as to control the properties of materials, many accurate and rapid measurements of grain size must be made. This paper presents a new and improved method for the estimation of grain size. USUAL METHODS of EVALUATING GRAIN SIZE A frequently used method of estimating grain size is that of comparing the image of a polished and etched specimen on the ground-glass screen of a metallographic microscope with standard grain-size charts. Several types of standards are available for use with different classes of microstructures. Geometric Grids.-The Metals Handbook1 has a series of hexagonal grids ranging in size from ASTM No. I to 8. Idealized Grain Networks.-Idealized grain-boundary networks for ASTM grain sizes I to 8 are included in the American Society for Testing Materials Tentative Standard E19-39T. Standard Micrographs.- The Metals Handbook and ASTM Tentative Standard EI9-39T contain micrographs of hypoeutectoid and hypereutectoid steels ranging in grain size from No. I to 8. The grain size of annealed brass (diam¬eter of the average grain in millimeters) is obtained by comparison with 10 micrographs of varying grain size in ASTM Tentative Standard Es-39T. A handicap to accurate evaluation of grain size by this method is the fact that it is difficult to compare photographs in a dimly lighted room with the image on the ground-glass screen, or, if the general illumination is increased so that the printed standards may be clearly seen, the contrast of the image of the unknown is decreased. It is easier to estimate grain size by comparing a micrograph of the unknown with the grain-size standards. However, photographing every specimen on which the grain size is desired is too costly in time and materials to be practicable. For hardened steels, the Shepherd or Jernkontoret fracture grain-size standards are very accurate and useful, but this method obviously cannot be applied to ductile alloys such as brass, stainless steels and austenitic heat-resistant alloys. Jeffries' method for grain-size measurements consists of counting the number

Jan 1, 1947

By Frank W. Dickson, George Tunell

Five hot spring areas of the western United States show evidences of present day deposition of HgS; two also show evidences of accompanying Sb2S3 deposition. Sulfide minerals are depositing at or near the surface from hot waters that differ for each spring ai:ea in amount and kinds of dissolved matter. All the springs contain dissolved substances that act as buffering agents and that cause increased alkalinity with increasing temperature. Transport of Sb2S3 is possible in H2O and in boron and sulfide solutions. Increasing alkalinity and temperature enhance stibnite solubility. Quantitatively important transport of HgS appears restricted to alkaline sulfide solutions that contain HgS2=. Elemental mercury probably forms in deep hot waters because HgS breaks down into mercury and sulfur above 200°C, and free S is removed by reaction with water. Elemental mercury should accompany HgS2= in solutions that were at 200°C or higher. Cinnabar deposits from saturated alkaline sulfide solutions because of combinations of temperature decrease, dilution, oxidation, and reactions with wall rock: Amedee Hot Springs, Boiling Springs, and Coso Hot Springs are areas in which HgS is the only sulfide deposited. Hot waters at Amedee and Boiling Springs are supersaturated with HgS or transport colloidal HgS. Steamboat Springs waters deposit mainly silica and stibnite, but they have deposited HgS recently. Sulphur Bank waters deposit mostly stibnite and some HgS. The hot-spring waters of all springs represent highly modified deep water. Field and laboratory studies support the concept of transport of HgS in moderately alkaline sulfide solutions as HgS2=. Fluctuating deposition of stibnite and cinnabar reflects availability of sulfide or variations in deep-source HgS and Sb,S,. Silica and HgS dissolve mutually in alkaline sulfide solutions, and cinnabar and quartz would be expected to deposit simultaneously. Free mercury given off by hot-spring waters would impregnate country rocks.

Jan 1, 1968

By G. R. Gohn, S. M. Arnold

The results of stress-corrosion tests upon several non-ferrous sheet metals are presented in this paper. The metals include tough pitch copper, five binary brasses, two leaded brasses, one copper-silicon alloy, two tin bronzes, and two nickel-silver alloys. The tests indicate that for most of these sheet metals, externally applied bending stresses below the yield point (0.01 per cent offset) do not result in stress-corrosion cracking as determined by the A.S.T.M. Tentative Method of Mercurous Nitrate Test for Copper and Copper Alloys (B 154-41T).~ Only in the cases of low brass, high brass and medium leaded brass, all cold-worked 4 B & S numbers hard, was any corrosion cracking observed below the yield strength, and in all cases such failures occurred at stresses above the proportional limit for these materials. However, when some of the same materials which showed no evidence of stress-corrosion cracking at stresses below the yield strength, are stressed beyond the yield point, stress- corrosion cracking is quite apt to occur. Since experience has shown that some of these materials, particularly the brasses, are susceptible to stress-corrosion cracking under service conditions, these tests would indicate that, besides externally applied stress and corrosion, plastic deformation in addition to that resulting from the original cold working of the material is also required to produce conditions conducive to stress- corrosion cracking.

Jan 1, 1945

By Dan McLachlan

EXPERIMENTS on ionic solids,1 Cu-A1 alloys,2 and Fe-Si alloys3 have suggested that the ability of dislocations to cross-slip is one of the most important factors governing the nucleation and growth of fatigue cracks. These experiments necessarily had to be made on materials of different composition in order to vary the propensity for cross slip. However, re-

Jan 1, 1967

By R. E. Phelan

WHILE 1931 was a most important year in the history of Canadian copper smelting and refining, nevertheless, due to the low price of copper and the in- ability of the International Nickel Co. to market its full capacity of nickel. the production of both copper and nickel was considerably less than the total installed capacity for the production of these metals. IIY the nor- mal course of events, 1931 should have seen a great increase in the production. of both copper and nickel in Canada, because the large extensions to both the copper smelting plants and the copper and nickel refinery capacity, which had largely been completed in the year 1930, should be showing their effect.

Jan 1, 1932

ALABAMA Aldrich.-Lloyd, T. W. Ashland.-Downs, F. G. Geary, E. S. Auburn.-Brown, R. L. Bessemer.-Abbott, C. E. Ball, T. L. Ferguson, V. Salmon, H. S. Stuart. Q. W. Birmingham.-Adams, J. H. Aldrich, T. H. Aldrich, T. H., Jr. Allen, A. W. Armstrong, W. D. Ball, E. M. Bonnyman, J. Bush, M. W. Crawford, G. G. Davis, C. B. Ellis. E. E.

Jan 1, 1923

A SPRING meeting is to be held at Cleveland this month under the joint auspices of the Iron and Steel Committee and the Ohio Section with the cooperation of the neighboring sections in Pennsyl-vania, Illinois, and the other States of the Great Lakes region. The discussions will be focused on just one subject, that of manganese, but will cover that thor- oughly as is indicated by the following list of papers. TECHNICAL PROGRAM Some Political Aspects of the World Manganese Situa-tion. By C. K. Leith, Professor of Geology, Uni-versity of Wisconsin, Madison, Wis. Manganese Resources in Relation to Domestic Con-sumption. By J. V. W. Reynders, Consulting En-gineer, New York, N. Y. Manganese Deposits of the' Gold Coast, Africa. By Sir Arthur E. Kitson, Director of the Geological Sur-vey of the Gold Coast, London; with Notes on the Petrology of Certain Associated Manganese Silicate-bearing Rocks. By Maj. N. R. Junner. Reserves of Lake Superior Manganiferous Iron Ores. By Carl Zapffe, Manager, iron ore properties, North-ern Pacific Railway Co., Brainerd, Minn. Iron Manganese Alloys Low in Carbon. By. Sir Robert Hadfield, Hadfields, Ltd., London. Manganese in Non-ferrous Alloys. By M. G. Corson, Consulting Engineer, New York, N. Y. Importance of Manganese in the Steel Industry. By H. M. Boylston, Professor of Metallurgy, Case School of Applied Science, Cleveland, Ohio. Minnesota Manganiferous Iron Ore in Relation to the Iron and Steel Industry. By T. L. Joseph, E. P. Barnett and C. E. Wood of the North Central Min-ing, Experiment Station, U. S. Bureau of Mines, Minneapolis, Minn. Representatives of the leading steel companies, the Army, the Navy, the Geological Survey, Bureau of Mines, and leading technical societies will be present and a lively discussion of the various papers is already assured. Nearly 14 pounds of manganese is needed for every ton of steel made. Estimates indicate that the total reserves of ore in this country suitable for making ferro would hardly supply domestic requirements for ten years, even if it could all be mined in that time. The grade of ore called for by present practice must come from abroad. The present tariff policy of this country is stated to cost industry $8,000,000 in order to force production of manganese ore to the extent of $600,000. What is the wise thing to do? Should a stock be accumulated? If so, how? Is it feasible to change practice and use low-grade ore or to beneficiate the ores of this grade and meet our requirements? What progress is being made in this direction? ,These and similar questions are raised in the various papers that have been submitted and will be open for dis-cussion.

Jan 3, 1927

[EDMUND M. WISE, Chairman ROBERT H. LEACH, Past-Chairman D. K. CRAMPTON, Vice-Chairman CARL E. SWARTZ, Vice-Chairman W. M. CORSE, Treasurer LOUIS JORDAN, Secretary 29 West 39th St., New York, N. Y. Executive Committee 1941 1942 E. A. ANDERSON FRANCES H. CLARK D. L. COLWELL W. L. FINK W. P. SYKES J. T. NORTON 1943ERIC R. JETTE LOUIS W. KEMPF GEORGE SACHS]

Jan 1, 1940

By Martin T. Broome

INTRODUCTION The Luanshya Mine is situated in the southern part of the Zambian Copperbelt. The copper ore deposit is stratiform, and is preserved in a synclinorium known as the Roan/ Muliashi basin. Roan shaft (formally called No.14 shaft) is located at the eastern end of the syncline and is theoldest of the presently operating hoisting shafts, being sunk during the 1930's. It presently hoists some 45 per- cent of the total Luanshya Mine production. A cross-section through the shaft is shown in figure 1. The ore formation on the south limb is unmined on this section because until recently it was believed that such mining might cause damage to the shaft. This paper examines the influences of adjacent mining on this so-called 'shaft pillar', and describes the mechanics of subsidence of the pillar itself. GEOLOGY AND STRUCTURE Figure 1 shows the general form of folding in the vicinity of Roan shaft. The north and south limbs of the main syncline approach parallelism, with the bottom of the trough fairly smoothly rounded. The axis of the - trough plunges to the west-north-west at 6° - l0°. A brief summary of the major lithologies present in the Roan basin is given in table 1, however, the performance of the overall structure during progressive mining of the ore horizon is controlled by the following features in addition to the mining method. Intraformational Contacts These are characteristically weak in most geological environments. The BC/RL7 contact is an unconformity between moderately weak quartz-biotite schists below (unconfined compressive strength 40 - 80 MN/M 2), and strong quartzites above (U .C .S. 170-200 MN/M2) Subsequent formations are conformable, and planes of weakness are generally the result of contrasting lithology (see below). Weak Interbeds The Rt7, RL6, RL5, RL3 and RU2 horizons consist predominantly of quartzitic rocks, i.e. conglomerates, quartzites and argillites, and as such are generally strong and considered suitable for the positioning of development. Between these however, lie two much weaker dolomitic horizons, the RL4 and RU1. The Rt4 is the main hangingwall aquifer, and must be drained prior to mining. Drainage results in an extremely weak, blocky cavernous horizon which usually requires support if exposed by development. Similarly, the RU1 formation is comprised mainly of dolomites and dolomitic arqillites which are weak and cavernous. In the eastern part of the Roan/

Jan 1, 1981

HAVING demonstrated to you above the practice of bringing silver to its ultimate fineness and perfection, it now remains for me to describe how the two kinds of metals that are found in the smelting product that you made from the ores are to be brought to their end: One is copper and the other lead, and perhaps a third is gold, if per-chance the silver that you refined in the cupeling hearth contained any. It would be almost impossible that it should not contain any, because either a little or a lot is almost always found as an admixed substance not only in silver but in. every one of the other metals as well. But in order to continue in sequence, you must suppose that there is some gold and that, of the two materials you have that I mentioned above and told you to save, one is the matte (calling it according to the usage of Germany, * since I do not know a more exact or better word for describing it to you) and the .other is the litharge that you took from the cupeling hearth. In addition, the hearths themselves are saturated and full of lead. If these things should remain in their present condition they would be useless bodies without any perfection. First, taking one of the three said parts, as a material of greater quantity and also as a thing that needs greater labor, and because, being reduced to the point I have told you with smelting and evaporation, it is nearer to its end, I shall tell you what must be done in order to bring it to pure copper. As I have told you, there are two materials on hand, one of which is the matte and the other the litharge. Each at first sight seems a half-burned thing; one has already been finished metal and the other is to be, but in my opinion the matte is nearer to its end than is the litharge because the latter has been dried by the power of the fire and re-formed from another body. Now leaving aside the discussion of this thing, after the matte has been well evaporated and reduced, it is taken and put on a forge. In front of the tuyère a receptacle is made of stones that neither calcine nor melt, or of coals and powdered clay, in the form of a little cradle that is longer than it is wide and not very deep. Its length should be about one and a half

Jan 1, 1942

By R. S. Dean

T HE theory of hardening by heat treatment was, as usual, the most actively discussed phase of metal working theory and in spite of the fact that it is now ten years since the dispersion theory was proposed by Messrs. Merica, Waltenberg, and Scott, it still retains a dominating influence. It is being increasingly recognized. however, that in its simplest form, that is, the purely mechanical effect of very fine crystallites distributed through a groundmass, it is distinctly in- adequate. To explain the observed facts we are obliged to assume some well-defined intermediate stage between supercooled solid solution and conglomerate, however fine be the particles of the latter. This intermediate has been inferred by Gaylor and Preston to be "the rejection of the atoms of the dissolved metal from the lattice of the solid solution accompanied by the possible formation of molecules."' Perhaps this may well be designated as the formation of supersaturated solid solution. Some very definite evidence of such an inter- mediate stage has been found in the hardening of steel where it appears that the very hard martensite may be considered as a supersaturated solution of carbon in a iron. The X-ray spectrometry of drastically quenched steel shows a tetragonal lattice whose parameter changes by tempering at 100" until it coincides with the cubic lattice of iron.? The same gradual change of the tetragonal to the cubic lattice has been observed by Sekito when esamining layers on increasing depth below the surface of a quenched carbon steel.

Jan 1, 1930

By F. N. Rhines, T. E. Leonitis

The oxide scale that forms upon magnesium at elevated temperatures is non-protective in the sense that the rate of oxidation is constant and thus does not decrease with the growth of the scale as it does with other common metals. This generality was first stated by Pilling and Bedworth' and has been verified by Suzuki2 and by ScheiL3 Pilling and Bcdworth argued that the nonprotective characteristic could be predicted from the fact that magnesium oxide occupies less space than does the metal from which it springs, wherefore the scale is not expected to cover the metal so completely as to exclude all direct access to the atmosphere. Linear oxidation is thought by Scheil to be common to all cases where the reaction occurs at the oxide-metal interface. According to Suzuki," he product of high-temperature oxidation in the air is MgO contaminated with no more than traces of a nitride. When the metal is allowed to burn freely a fume composed of cubic crystals of Mg04 is given off. Delavaults observed that excrescences form upon liquid magnesium and alloys in thc course of oxidation. Beyond this it is known that the use of atmospheres containing small quantities of sulphur dioxide6 or carbon dioxide serve to retard the oxidation of solid magnesium and that beryllium' and calciums minimize the oxidation of molten magnesium exposed to the air. Many studies have been devoted to the nature and rates of "protective" oxidation, as exemplified by the cases of copper and iron, wherein the rate is characteristically parabolic. The theory of parabolic oxidation is well developed.~ Linear oxidation, on the other hand, has received but little attention and the theories proposed by Pilling and Bedworth and by Schcil have yet to withstand careful examination. There exists no comprehensive survey of the high-temperature oxidation of magnesium (or of any other metal that exhibits linear oxidation) over a broad range of temperature, under a variety of atmospheric conditions and covering a large group of alloys. It has been the purpose of the present investigation to provide such a survey, with the object of gaining a fuller understanding of linear oxidation, especially as applied to magnesium. Experimental Procedure and Results The experimental studies undertaken were of two kinds: (I) measurement of the rate of oxidation as influenced by the 6c

Jan 1, 1946

By T. E. Leonitis, F. N. Rhines

The oxide scale that forms upon magnesium at elevated temperatures is non-protective in the sense that the rate of oxidation is constant and thus does not decrease with the growth of the scale as it does with other common metals. This generality was first stated by Pilling and Bedworth' and has been verified by Suzuki2 and by ScheiL3 Pilling and Bcdworth argued that the nonprotective characteristic could be predicted from the fact that magnesium oxide occupies less space than does the metal from which it springs, wherefore the scale is not expected to cover the metal so completely as to exclude all direct access to the atmosphere. Linear oxidation is thought by Scheil to be common to all cases where the reaction occurs at the oxide-metal interface. According to Suzuki," he product of high-temperature oxidation in the air is MgO contaminated with no more than traces of a nitride. When the metal is allowed to burn freely a fume composed of cubic crystals of Mg04 is given off. Delavaults observed that excrescences form upon liquid magnesium and alloys in thc course of oxidation. Beyond this it is known that the use of atmospheres containing small quantities of sulphur dioxide6 or carbon dioxide serve to retard the oxidation of solid magnesium and that beryllium' and calciums minimize the oxidation of molten magnesium exposed to the air. Many studies have been devoted to the nature and rates of "protective" oxidation, as exemplified by the cases of copper and iron, wherein the rate is characteristically parabolic. The theory of parabolic oxidation is well developed.~ Linear oxidation, on the other hand, has received but little attention and the theories proposed by Pilling and Bedworth and by Schcil have yet to withstand careful examination. There exists no comprehensive survey of the high-temperature oxidation of magnesium (or of any other metal that exhibits linear oxidation) over a broad range of temperature, under a variety of atmospheric conditions and covering a large group of alloys. It has been the purpose of the present investigation to provide such a survey, with the object of gaining a fuller understanding of linear oxidation, especially as applied to magnesium. Experimental Procedure and Results The experimental studies undertaken were of two kinds: (I) measurement of the rate of oxidation as influenced by the 6c

Jan 1, 1946

By d&apos, C. Antonio, S. H. Reichman

In the course of our studies of the annealing behavior of vapor-deposited silver films we have determined the electrical resistivity as a function of annealing temperature for films in the thickness range of 630 to 3240A. Fig. 1 shows the resistivity of the silver films vs film thickness in as-deposited and annealed conditions. The films were prepared by depositing 99.999 pct pure silver from molybdenum boats onto Vycor substrates. Deposition was conducted at a residual pressure of 5 x 10"6 Torr at rates of 20 to 408, sec-'. Thicknesses were determined using a multiple-beam interferometer. During annealing, resistance was measured using the four-probe method. Measurements were made every 5°C during two consecutive anneals to 300°C under a continuous vacuum of 2 x X6 Torr. The heating and cooling rates during annealing were approximately l° and 2°C min-', respectively. Typical resistivity vs temperature curves are shown in Figs. 2 through 4. There is an inflection point evident at 120°C on Fig. 2, the first anneal of a 3240A film. This inflection point was found on all films above approximately 1!00A on both first and second anneals. Below 1400A the inflection occurred at approximately 180°C. Figs; 3 and 4 show the first and second anneals of a 1370A film. The inflection point occurs at 180°C on the first anneal and approximately 120°C on the second. Our interpretation of this phenomenon is based on oxygen liberation from the film surface. It is well-documented that the presence of oxygen on silver surfaces causes a reversible increase in resistivity.1"3 The liberation of this oxygen, for example during vacuum annealing, would therefore cause a decrease in resistivity as observed on Figs. 2, 3, and 4 as a change in slope. This is accounted for by the decomposition of Ag20 on the film surface. The free energy of AgzO becomes positive between 125" and 225°C.4 The thickness dependence of the inflection points can be explained as an orientation effect. The films used in this study were preferentially oriented with their (111) planes parallel to the Substrate.''~ In addition it has been sten that the thinner films, below approximately 1500A, possess a decided "hill and valley"

Jan 1, 1969

By K. A. ACKLEY

The petroleum industry experienced a year of satisfactory accomplishment in Oklahoma during 1945. Crude oil production was increased, a new record for recent years was established in well completions, and refinery operations were maintained at a maximum level. Daily average crude oil production increased to 382,000 bbl., reflecting a 13.5 per cent gain compared with production during the previous pear. Total wells drilled during 1945 amounted to 2556, a gain of 28.7 per cent over 1944 Refinery throughout averaged 187,500 bbl. daily, an increase of approximately 4 percent over the preceding year.

Jan 1, 1946

COMMITTEE IN CHARGE SPENCER PENROSE, Chairman A. E. CARLTON, Chairman Finance Committee GEORGE M. -TAYLOR, Vice-chairman. J. DAMSON HAWKINS, Secretary DENVER COLORADO SPRINGS Finance Finance T. B. STEARNS A. E. CARLTON RICHARD A. PARKER SPENCER PENROSE T. B. BURBRIDGE GEORGE M. TAYLOR A. L. BLOOMFIELD, Treasurer Arrangement Registration DAVE G. MILLER LOREN C. LENNOX FRANK BULKLEY HORACE F. LUNT GEO. E. COLLINS J. M. TIPPETT Entertainment Arrangement and Entertainment F. H. BOSTWICK GEORGE M. TAYLOR F. E. SHEPARD J. D. HAWKINS HOWLAND BANCROFT A. E. CARLTON B. P. MORSE A. L. BLOOMFIELD J. G. PERRY THOMAS B. CRONE E. P. ARTHUR ETIENNE A. RITTER CRIPPLE CREEK PUEBLO THOMAS B. CRONE J. F. WELBORN E. B. ARTHUR H. B. CARPENTER N. S. GREENSFELDER L. B. EAMES A. E. CARLTON F. ROBINSON B. F. HILL J. G. WILLIS

Jan 8, 1918

By G. St. J. Perrott

A study of certain fundamental characteristics of liquid-oxygen explosives has been made. A discussion is given of the factors affecting the life of the cartridge and the relation between explosive strength and oxygen content. The explosive properties of L.O.X. cartridges packed with a variety of lampblacks, gas blacks, and other materials have been experimentally determined by means of the ballistic pendulum, Bichel gage, and measurement of the rate of detonation. DURING the past year, the Bureau of Mines has carried on an investigation of liquid-oxygen explosives (L.O.X.) to supplement the work described in previous publications.' The present paper gives results of the first part of this work, which was a laboratory investigation of the properties of typical combustibles used in L.O.X., and the relation of these properties to the absorption and retention of oxygen by the explosives and their explosive characteristics. No attempt will be made to describe the development of liquid-oxygen explosives, because this phase of the subject has been well covered. The L.O.X. cartridge consists of a paper wrapper filled with an absorbent combustible material that is saturated with liquid oxygen by soaking it therein. After saturation, the cartridge is removed from the liquid and fired with fuse and cap, or electric detonator, in a manner

Jan 12, 1924

By P. H. G., Durville

ANY metal which contains even a small percentage of aluminum possesses certain peculiarities of appearance and properties which are exhibited both when the metal is melted and after it solidifies. Pure aluminum, or an alloy containing a small proportion of aluminum, can be melted without flux-except for a layer of charcoal-because a film of aluminum oxide and metal forms at the surface of melted aluminum. Although very thin, this film is air-proof, and it prevents the metal underneath from oxidizing. This oxidized film does not move easily on account of its toughness and high surface tension. One very important point in connection with this process of still casting has not been strongly enough stressed, namely, that the same kind of surface film with the same peculiarities forms over the surface of all melted alloys that contain even a small proportion of aluminum. Experienced foundrymen know how desirable it is to cast aluminum under its "skin" or under the surface of the film which tends to remain still. In the case of red copper, when in fusion, the surface shows pure copper only. This' is due to the fact that liquid copper constantly absorbs the copper oxide which forms on the surface. By closely examining melting copper the oxide can be seen dissolving in the bath, and going into solution just as pulverized sugar dissolves in water. When copper is cast in the open, either in wire bars or cakes, the surface of metal exposed to the air is covered by a film of black oxide that cannot be absorbed by the metal.

Jan 1, 1927

By Thomas R. Stauffer

The principle that conventional schemes for taxing petroleum or mineral resources are "inefficient" is illustrated using simulation calculations tested against an "ideal" system. Inefficiency is defined as the relative success in maximizing expected government revenues from the resources. Most systems fail because: 1) they leave oil in limbo, i.e. unproduced because of excessive fiscal burden; or 2) they unnecessarily increase the variance in the explorationist'c, rate of return by undertaxing large fields and overtaxing smaller but infra-marginal fields. This increases his discount rate and reduces taxable surplus. An "ideal" tax system is specified which maximizes government revenues while minimizing risk to the operator. Two criteria are developed: 1) the tax falls to zero on fields which yield only the minimum necessary rate of return ("marginal" fields); and 2) the after-tax present value of all fields is the same for all fields above a threshhold size. In particular, marginal fields, while contrib- uting little to expected values, do contribute to reducing variance and hence risk praemia by distributing the exploration costs over a higher probability of successful outcomes.

Jan 1, 1982

By Edwin Dudley Martin

DURING the past twelve years the iron and steel industry has made a major advance through the development of the continuous wide strip rolling mill. So far-reaching have been the results that not only has a better product been sold at a lower price but this improvement in quality has permitted manufacturers of products using steel to make important savings in the cost of fabrication. The net result has been a better product at lower cost to the consumer without reduction in either employment or of wages paid within the industry. That is why the iron and steel industry is proud of its attainment. Being a basic industry of strategic importance, such an advance in technology has had its effects on our internal economy, our standard of living, and our industrial power as a nation in both peace and wartime.

Jan 1, 1939