Search Documents

Kaiser Aluminum & Chemical Corp. announced that it planned to spend $66 million to increase the efficiency of its Baton Rouge, Louisiana, alumina plant. The improvements are designed to reduce energy consumption but will not change the annual capacity of the plant, now rated at about one million short tons. The project was expected to be initiated immediately and be completed by 1982. ALUMINUM Producers in this country posted unalloyed 99.5 percent aluminum ingot at 53-57.5 cents per pound, yet actual selling prices were closer to 53 cents. Domestic merchants quoted unalloyed ingot on a spot basis at 54-56.3 cents. London Metal Exchange 3-month forward contracts fell during November's trading from 55,2 cents to 52.8 cents per pound.

Jan 1, 1978

By L. H. Duschak, C. N. Schuette

In the years 1850 to 1923, the United States produced 2,426,000 flasks- (73,600 metric tons) of quicksilver worth $120,500,000. California yielded 2,195,000 flasks of this total; the remainder came from Texas, Oregon, Nevada, and A.rizona. Most of this metal has been extracted from low-grade ores, those containing less than 0.5 per cent mercury or 10 pounds per ton. The finished product or " virgin metal" is made at the mine and shipped in flasks. Quicksilver is unique in being the only metal that is liquid at ordinary temperature. Because of this and other physical and chemical properties, it is perhaps more indispensable to industry than any other metal. On the other hand, the quicksilver industry of the world is of vanishing significance" when compared to the major mineral industries with respect to quantity and value of product, capital invested, or the number of men employed. The peculiar value of quicksilver is due to the fact that in some of its applications no substitute is available and in others the substitutes would be unsatisfactory or extremely expensive. Scarcely a branch of science or industry fails to make some use of mercury or its compounds. As a detonator for explosives, mercury fulminate holds first place and in safety and reliability could be replaced only by the highly expensive silver fulminate.t vThrough its use in detonators and in the metallurgy of the precious metals quicksilver is of special importance to mining. In medicine,in the manufacture of electrical apparatus, the production of pigments and antifouling paints, and the general field of experimental science quicksilver is equally indispensable.

Jan 1, 1925

By E. H. Burroughs, M. J. Gavin

The references in the following compilation are selected chiefly from the literature of the years 1915-1920 , though a few of the more valuable standard works published before that period have necessarily been included . References to many articles have been omitted purposely , because the material covered by them is duplicated in publications included in the bibliography . It is manifestly impossible for the Bureau of Mines either to recommend or adversely criticize the statements of the various writers , particularly as to cost and profit estimates in articles referring to American shales , but it is hoped that the investigator will use caution in considering such statements , as it is well known that much of the literature on this subject has been published for promotion purposes and is therefore over- enthusiastic . Bearing this fact in mind , the reader should be able to judge for himself the reliability or usefulness of these articles .

Sep 1, 1921

By K. K. Kelley

The first bulletin (269) 3 in this series, which appeared in 1932, compiled the entropy values then available for the elements and in-organic compounds, results being listed for some 150 substances. Elaborations and revisions followed in 1936 (272) and 1941 (280), when over 500 usable entropy values were tabulated. The present bulletin constitutes a further elaboration and revision. The accumulation of data since 1940 has been marked, and 800 entropy values now are available. The present bulletin also contains all the pertinent explanatory matter that appeared in its predecessors. Thus, it retains the same dual purpose of assembling the available values of the entropies at 298.16° K. of the elements and inorganic compounds and giving enough explanation of methods of calculating entropies to make the results comprehensible.

Jan 1, 1950

By C. A. Geffen-Fowler

This report, sponsored by the Bureau of Mines, presents the results of an examination of the safety of the Blind Shaft Borer (BSB) shaft sinking system and an alternative modified BSB design concept in comparison to conventional shaft sinking technology. Detailed study of the two systems was also performed to identify and recommend design changes for optimum safety conditions. A comparison of the BSB systems with conventional shaft sinking was made on the basis of relative risk levels. Risk incorporates both the frequency and the potential consequence of accidents. A safety evaluation of the component operations of the two BSB systems was performed using a Failure Modes and Effects Analysis (FMEA) methodology. The results of this analysis show generally that both BSS systems are safer than conventional shaft sinking. The potential risk of conventional shaft sinking operations could be reduced by over 30%, on the average, with the use of the original BSB system, and by an average of about 10% with the modified BSB. Design change recommendations to further improve the safety of these systems include a better fire suppression system, improved man haulage systems and more compact hydraulics. An operational safety manual was also developed for the modified BSB system.

Jan 1, 1981

By William L. Young

There is an old saying in Canada: "Mines are made as much as discovered." What follows is Young's perception of his experience developing and financing the Cochrane Hill gold mine project. In 1974, I came back from rutile and zircon exploration and mining in Australia. I became interested in a copper, lead, and zinc project in the Bathurst District, New Brunswick. Much field work had already been done but I was convinced that a reinterpretation of the geophysical work left room to enlarge on the known mineralization. So, with my own money I put a property deal together, found an underwriter willing to raise $100,000, and had a lawyer produce a prospectus. The prospectus was ultimately accepted for filing by the Ontario Securities Commission and I acquired funding and began work. It did not take many drill holes to determine that the interpretation was not geologically valid. However, while drilling was going on, geophysical and geochemical explorations indicated interesting anomalous zones elsewhere on the property. But by now the base metal market climate had soured and the $50,000 I had left was not enough to evaluate the new results. So I decided to farm out the property. A data folio was produced and the property was optioned to a major mining company, with Northumberland Mines Ltd. retaining a 20% free, carried interest. By 1976, the market for junior issues was so bad no under¬writer would even talk to a geologist and I still had the $50,000 in the bank and was looking for something to initiate. A Project That Went Nowhere Market research indicated that the Toronto area imported fine calcium carbonate fillers from Georgia, Alabama, and Vermont. I was aware of the specs and the fact that there is a large marble belt in Eastern Ontario. After some prospecting, I found an interesting deposit. The product was slightly high in silica and low on brightness. Research work eliminated the silica and corrected the brightness. So, with insufficient money we launched a feasibility study. This included diamond drilling, bulk sampling, special fine grinding and air classification tests, and an in-depth market survey. Our product was as good or better than those on the market. Our advantage was that delivery could be made by a two-hour truck haul to the customer. The present system of rail delivery had many problems, especially in winter. Despite everything looking rosy, we ran into a stone wall. The underwriters were singularly unimpressed because the public saw little glamour in a substance most people had never heard of. The issue would have been difficult-if not impossible-to sell. Banks and government agencies took the position that if we could get long term take-or-pay contracts then they would lend the required capital. None of the suppliers, however, would even consider a contract until production had begun and they could evaluate the production material. It was a classic "catch 22" situation. I have gone into this in some detail to show how tough the industrial mineral market can be. We eventually optioned this calcium carbonate property to a major corporation. The option agreement would give us a free, carried 15% and the right to buy up to 40% for contributing 25% of the production costs. But the experience left my company in poor financial shape. To survive, I think the entrepreneur-geologist must always have at least one project in reserve, an emergency plan. I had been searching out a new project to work on, after the calcium carbonate option was wrapped up. It was gold. Gold intrigued me and I knew quite a bit about Nova Scotian gold. I felt that with any rise in price, many of the former high-grade gold mines would have interesting potential for the larger, low grade portions of the deposits. That is how I happened on Cochrane Hill, where much work had been done in the early 1970s when gold as $4.82/g ($150/ oz). This time my timing was good. No sooner had Northumberland signed an option agreement than gold prices started to rise. In six months, they went to $27.331g ($850/oz). Even so, financing gold prospects in early 1980 was still not easy. It had been years since gold financing had been undertaken. A whole new generation of investors, with no knowledge of gold mining, had grown up. So, with accounting and legal council, we decided on a semiprivate "seed money" offering. Under the new Ontario Securities Act, this was a new-and partly tax sheltered-concept. At the time, it was very innovative.

Jan 6, 1982

By L. F. Reinartz

ANOTHER year has rolled by. We are twelve months further away from the start of the depression and. therefore that much nearer to recovery. The accumulated needs and wants 'of our lame, virile population are ready to burst their bonds as soon as confidence returns and credit is stabilized. The steel industry has been harassed by uncertainty of the Government's attitude toward organized labor's de¬mands, and irregularity in volume of production. Steel labor, if left to its own devices, would in most instances, march shoulder to shoulder with the management of steel plants in their effort to pull the industry nut of the ?red.? Cooperation between management and men has improved considerably during; the year.

Jan 1, 1935

By R. J. Brison, W. C. Bleimeister

The International Salt Company has long been interested in finding an efficient process for the removal of impurities from rock salt, and particularly from the rock salt produced at the Detroit mine. Methods which have been used previously at the Detroit mine included both hand sorting and differential crushing in a Bradford breaker with rejection of the oversize. Neither of these methods was adequately effective. The development of a new process for removal of impurities from rock salt has been described in the preceding article." Basically, the process consists of exposure of crude rock salt to radiant heating which selectively heats the impure particles. Subsequently the heated particles are removed by adhesion to a heat sensitive-coating on a conveyor belt. This method was found to be effective in improving both the quality and appearance of rock salt by the rejection of the dark, impure particles. The first commercial unit employing the new thermoadhesive method of dry separation of minerals was installed at the Detroit mine of International Salt Company in Detroit, Mich. (Fig. l). This unit was first put into operation in March 1957. The purpose of the Detroit installation was 1) to serve as a pilot plant for evaluating the process on a commercial scale and 2) to produce marketable quantities of rock salt of improved quality and ap- pearance. The design of this plant was based on the results and information obtained from a 1-tph pilot plant at Battelle Memorial Institute. DESCRIPTION OF PLANT Location: The separation plant was installed underground near the crushing and screening plant, for this was the most suitable location from the standpoint of material handling. Furthermore, ample space was availabe at this location. Because the process requires a relatively constant temperature, the uniform year-around temperature of the mine (57°F) gave an added advantage to an underground operation. Feeding: The rock salt is conveyed to a surge bin, from which it is fed to the heating unit by a conveyor. The feed-rate control consists simply of an adjustable gate at the bottom of the surge bin. The plant may be fed either No. 1 grade of rock salt (0.279 to 0.375 in.) or No. 2 grade (0.375 to 0.500 in.) with a maximum input capacity of 500 tons per 15-hour day. Heating Unit: The heating unit (Fig. 2) consists of a panel of infrared lamps suspended inside a low-speed revolving screen. The radiant-heat panel, which is curved for most effective utilization of the heat, holds 240 infrared lamps of standard industrial type, each rated at 500 watts. The position of the panel is adjustable so that it can be placed centrally over and to within 6 in. of the salt bed on the screen. The entire heat panel is suspended by rollers in ¦ R. J. Brison and O. F. Tangel: Development of a Thermo-adhesive Method for Dry Separation of Minerals.

Jan 1, 1961

By M. K. Sichone

Anglo Platinum?s Waterval smelting complex based in South Africa operates the Anglo Converting Process (ACP) that produces SO2 offgas. This SO2 offgas is treated in a double-contact, double-absorption acid plant allowing for conversion efficiencies higher than 99.90 %. The catalytic converter used in the acid plant to convert the SO2 to SO3 is a 4-bed reactor loaded with a combination of cesium-promoted and conventional vanadium pentoxide catalysts. In June 2008 there was a shutdown, in which one of the main activities was to screen the catalyst. Before this shutdown, the operator would control the converter pass temperatures manually, via the SCADA, especially during plant start-ups after which some of the automatic temperature controllers were used. After the shutdown, the control philosophy was revisited and all temperature controllers were put on auto mode during plant start up. Furthermore the set points of the pass inlet temperatures were reduced to maximize conversion in the first two passes. The result has been a reduction of SO2 emissions, from a daily average of 50 ? 70 ppm to as low as 20 ppm for similar sulphur dioxide and oxygen concentrations. Further work has been done to maintain high bed temperatures in the third and fourth passes at low SO2 strengths by splitting the gas stream between pass 1 and 2 thus increasing the SO2 content in the gas to pass 2. This increases the temperature of the gas exiting the second pass, which results in higher temperatures in passes 3 and 4. Comparison of the converter performance prior to and after the changes is made. The benefits of partially bypassing the first pass to increase the SO2 content in the gas to the second pass are shown. Conclusions and scope for further work have been drawn from the comparisons.

Jan 1, 2009

By C. L. Reichardt

"Pressure exerted on gold producers by regulators, project financiers, and civil society in the wake of the Baia Mare tailings spill in Romania during 2000 prompted most responsible gold companies to sign up to the International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide in the Production of Gold (the Code). The Code stipulates a ‘cradle to grave’ approach more comprehensive than that applied to any other mining reagent and poses particular challenges for operators who use cyanide-bearing tailings for backfill. This paper examine some of the challenges for Code compliance facing deep underground gold mines that employ backfill technology, most particularly the requirement to demonstrate that the potential migration of cyanide (and its degradation products) from emplaced backfill will not have an unacceptable impact on worker health and safety or on the receiving environment, either during mine life or after closure.Although the Code only contains a single reference to backfill, more careful consideration confirms that most sections of the Code that deal with tailings management are potentially applicable to mines where tailings material is used for backfill. Certain principles of the Code also pertain to aspects of operations, worker safety, emergency response, training, and dialogue with stakeholders relating to backfilling practice.For gold mines of the Far West Rand, the most significant cyanide-related risks associated with backfill operations relate to worker exposure to cyanide-bearing seepage and HCN gas. There is potential for seepage of cyanide-bearing water from backfill to compromise the beneficial use of surface and groundwater, and thus impact on downstream users and ecosystems. However, the extreme depth of mining and the specific geological and hydrological controls on the Far West Rand suggest that the potential environmental risks associated with backfill are likely to be considerably less significant than the cyanide-related risks to the workforce."

Jan 1, 2007

By Scott Martin

This paper will discuss the challenges currently facing the mining industry. By sharing experiences gained in the CIM Leading in Mining Course, I will highlight what’s working, what’s not, what are the challenges, what are the concerns, what are the opportunities, what needs to happen. Specifically, I will discuss what is currently happening with leadership and leadership development in members’ own organizations, what skill sets are important to develop in different hierarchical groups and how comprehensive leadership courses like the leading in Mining course can help improve leadership within individuals and the industry. Leadership development is a process not an event.

Jan 1, 2014

By R. R. Sayers

A series of coal- mine catastrophes in the latter part of the first decade of this century focused public attention on the need for safety in mines and resulted in the establishment of the Federal Bureau of Mines , whose primary function was to promote safety and improve hygienic conditions of workers in the mineral and related industries . These activities are carried out by the Safety Division of the Bureau's Health and Safety Service . In general , the work performed by the Safety Division personnel may be classified as educational and investigative . Instruction is given in accident prevention for mine officials and miners ; first aid to the injured ; the use and care of oxygen breathing apparatus ; and advanced mine rescue and recovery operations . A specialized safety course is offered to the petroleum and gas industries . Division personnel also aids in or directs rescue and recovery work after mine fires and explosions ; assists at first - aid and mine rescue contests ; conducts safety exhibits and demonstrations ; and presents safety talks , often accompanied by sound safety motion pictures or latern slides , before employee and official groups , at meetings of Holmes safety chapters , at mining institutes , and at other safety or technical gatherings . Coal - mine fires and explosions are investigated , as well as quarry or metalmine explosions and fires , miscellaneous accidents , health and safety hazards , and safety conditions at mines and plants ; safety devices are investigated and developed . Field studies cover ventilation , methods of allaying suspended coal - dust particles , prevention of dust accumulations , the proper use of rock dust to prevent or limit explosions , explosives practices , and the care and use of underground equipment . The results of these studies and investigations are widely applied in the various training courses and are prepared as reports and recommendations , which are submitted to interested persons or are combined and distributed to the public as bulletins , technical papers , miners ' circulars , information circulars , and reports of investigations . These studies also afford a basis for the development of new or modification of old Safety Decisions of the Mine Safety Board of the Bureau of Mines . The following pages review the accomplishments of the division as regards safety during 1942,2/ with like information for a series of recent years and summaries to date . A striking feature of the division's work has been the safety education of more than 1-1/2 million persons who have taken first -aid and mine rescue training courses . That these efforts over a period of 3 decades have been successful is revealed by the decline in coal - mine fatality rates and a somewhat smaller decrease in metal - mining and quarrying fatality rates .

Apr 1, 1943

By Mark G. Lafontaine

Underground 802.11 wireless communications has become widely adopted for automation and communication purposes but maximizing the wireless signal presents many obstacles given the harsh environment as well as the presence of materials and conditions that can reduce signal propagation. Changes in elevations and curvatures in ramp to drift transitions also affect the wireless signal. Based on the requirements of wireless applications such as voice, data, or location tracking, the wireless site survey is the key tool for measuring and predicting signal strength and signal-to-noise ratio. These readings help determine the maximum distance between access points in order to sustain an overlapping wireless signal where required. This paper describes the methodology and tools used for measuring 802.11 wireless signal strength in an underground mine environment in Northern Ontario. The physical characteristics of the mine and the actual recorded wireless signal data will be presented in order for the audience to gain an understanding of the factors that affect signal throughput. Antenna selection used for the site survey will also be discussed as it played a key role in propagating the wireless signal.

May 1, 2013

By R. R. Sayers

That the maintenance of proper air conditions is a most important factor in the control of occupational hazards is shown by the large amount of material presented each year through the technical journal's on the effects on workers of injurious dusts, gases, and variations in temperature and humidity.. SUMMARY OF RECENT LITERATURE ON EFFECTS ON WORKERS OF EXPOSURE TO DUSTS The subject of the control of dust and dust diseases continues to be a matter of serious concern in most of the industrial countries of the world, as indicated by the following summary of reports published in a number of foreign countries as well as in the United States. Australia. The Workmen's Compensation Act of 1920 for New South Wales3 provided for the promulgation of schemes for the compensation of workers dis- abled by silica or other dust. In 1924 the prevalence of silicosis and tuberculosis among Sydney stonemasons, quarrymen, sewer miners and rockchoppers was investigated by a Technical Committee of Inquiry, appointed upon the recommendation of the New South Wales Board of Trade. The findings of this committee were published by the Government in 1925. No scheme was promulgated by the Government and in 1926 the Act was amended limiting its scope to workmen disabled by disease caused by silica-dust. This was promulgated and gazetted on September 16, 1927, and applies to men working in sandstone as stonemasons, quarrymen, rockchoppers, and sewer miners in the County of Cumberland.

Feb 1, 1931

By C. H. Larsen

A 9-month study of the uses of wire rope associated with U. S. underground coal mining is reported. Rope applications are broken down into hoisting and nonhoisting applications where "hoisting" refers to transport in vertical and inclined shafts. The former receives the greatest emphasis since it represents the most critical rope application from the stand-point of production and safety. The discussion of hoisting practice includes aspects related to the mine operators as well as those related to the equipment builders and wire rope manufacturers. U. S. state and Federal laws regulating hoisting and wire rope use are also presented and discussed. Canadian and other foreign hoisting practice and laws are included. The state of the art in electromagnetic nondestructive inspection of hoist ropes is presented. Capabilities and use of one Canadian electromagnetic device are discussed in great detail. Conclusions are drawn regarding the present state of wire rope and hoisting technology in U. S. coal mines. Recommendations are made for improving rope practice, in general, and hoisting, in particular, consistent with greater safety.

Jan 1, 1971

By A. Kapito

The ferrite-pearlite microstructure is the most popular microstructure for alloys used in structural applications, including railway wagon wheels. These alloys have been designed through alloying and thermo-mechanical processing to have a refined microstructure. Ferrite-pearlite alloys are low cost, weldable, have good fabricability, and are reliable under extreme conditions. Given these performance attributes, it seems unlikely then that their dominant position as structural steels would ever be challenged by alternative microstructures. One major achievement in the development of ferrite-pearlite steels has been in the refinement of their interlamellar spacing to very fine distances of the order of < 0.3 um. A refined microstructure increases the hardness of the alloy, thus increasing its life under wear conditions. The interlamellar spacing in pearlitic steels has, however, been refined almost to its theoretical limit. The increasing demand for speed and increased axle loading on railway wagons requires the use of stronger, tougher, and more durable materials. This has opened the window for the development of novel bainitic steels. Bainitic alloys have a higher level of microstructural refinement than pearlitic ones. They have shown to have good wear resistance and rolling-contact fatigue resistance, and high toughness. This paper will discuss the progress to date on the development of bainitic railway wheel alloys. Four alloy chemistries have been chosen for possible further development.

Jan 1, 2012

By Henry P. Wheeler

As recently as 1915, helium was available only in very small quantities at a cost equivalent to $2,500 per cubic foot. It was a laboratory curiocity, and its properties were of interest to a limited number of scientists (11).3/ During the past 30 years, however, helium has grown from a plaything of scientists to a factor of importance in the prosecution of the recent war. Navy blimps filled with nonflammable helium proved to be more than a match for German submarines operating in the Atlantic. American bombers were able to fly unheard-of distances to drop bombs on Tokyo, Nagoya, Yokahama, and other Japanese cities because they had been made lighter with magnesium, arc-welded in a helium atmosphere. The Army utilized helium-filled radio-sonde balloons to obtain vital information concerning weather conditions affecting D-day invasions and other military maneuvers.

Jan 1, 1946

By T. Holmes, D. C. Russell, G. Jolly

"The AMEC Oakville office is involved in the design and construction of an iron ore concentrator located in Liberia. Currently, the site ships Direct Shipped Ore (DSO) to overseas customers. The DSO mine-site and port can experience heavy annual rainfalls. The IMSBC Code requires that cargoes are only accepted for loading when the moisture content of the cargo is less than its Transportable Moisture Limit (TML). The moisture content of the DSO has, on occasions, risen to near or above its TML. AMEC was asked to advise whether the concentrate produced from the new concentrator would or would not have the same problems with moisture content and ship loading as the DSO.INTRODUCTION Liberia was, at one time, the world’s sixth largest exporter of iron ore and used some of the most modern mining operations of their time. However, the country has not produced iron ore over the past seventeen years because of civil unrest. The return of stability to the country has allowed the redevelopment of the iron ore industry. ArcelorMittal Liberia (AML) obtained a concession for mining in the Nimba County area of Liberia (Figure 1) in December, 2004 and has studied the known iron ore deposits and former mining operations in this area. It began phase 1 operations in June 2011 with the direct shipping of high grade ore at a rate of up to 4Mtpa. The processing of the lower grade ore in phase 2 of the project requires additional processing capability to produce at the design rate of 15Mtpa. DSO and Concentrate The DSO in the first phase is selectively mined at an average grade of 60% Fe, and then crushed and screened to -10 mm with no washing or concentration. Testing of samples has indicated a size distribution that is finer than typical sinter feed material, although critical material below 0.10 mm is low in most cases, and overall the ore is coarser than typical concentrates or ultrafine products (Feasibility study report, 2011). The phase 1 DSO facility will cease operation after the phase 2 concentrator comes into operation."

Jan 1, 2014

By D. Eastick, S. Hardcastle

"Over the last few years, a multi-faceted feasibility study has been evaluating the introduction of hydrogen fuel cell-powered equipment into underground mines to replaced diesel engine-powered equipment. The analysis has shown that under normal operating conditions fuel cells could at the very least be an environmental and health benefit by eliminating combustion engines and their unwanted by-products. However, they could also generate significant reductions in the amount of ventilation a mine needs to supply when compared to dieselized operations; this would further decrease a mine’s energy consumption, its associated greenhouse gas impact, and also reduce a mine’s significant ventilation-associated costs. Fuel cell-powered equipment also has the advantage of lower noise and heat production compared to its equivalent diesel-powered counterpart.The degree to which fuel cells can generate ventilation benefits in underground mines depends upon a number of operational parameters and mine specific qualifiers such as current ventilation control or management, mine depth, inherent dust conditions, and minimum velocity requirements.However, another major consideration in the introduction of fuel cells in underground mines will be the safety requirements associated with diluting and removing the potentially explosive hydrogen in the event of a gas leak. In outside surface applications, it is possible to use dispersion, buoyancy, time, and lack of ignition sources as mitigating factors in deriving a low risk of an explosion. However, in underground operations, these factors change, and dispersion and buoyancy are limited; time may not be available and, in non-coal mines, ignition sources are not typically controlled. When a hydrogen leak occurs, the availability of sufficient ventilation to dilute and effectively remove the gas will be critical. Consequently, ventilation may be the prime risk controlling factor. In this paper, the authors evaluate the potential benefits of replacing diesel engines with fuel cells in powered production equipment, discuss the mitigating qualifiers that could limit ventilation savings, and evaluate solutions to retain and maintain an additional ventilation capacity in the event of an emergency situation, such as a hydrogen leak from the fuel cell stack or its distribution system."

Jan 1, 2007

By J. Mackintosh Bell

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

Jan 1, 1933