The Professional Examination Of Undeveloped Mineral Properties.

(Chattanooga Meeting, October, 1M.) THE terms " developed " and " undeveloped " are necessarily relative and cover a wide range; but the latter is here applied to cases in which the information at hand falls short of a clear demonstration of values, and conclusions must be reached from a study of the geological conditions of the particular deposit, interpreted in the light of similar and closely related deposits. Such an inquiry might be characterized as an effort to reach reliable conclusions from insufficient data. But the engineer engaged in commercial work finds himself often face to face with apparently such problems; and while he may realize with regret that a small amount of intelligent development would add enormously to the value of his conclusions, he is compelled to recognize the demand of a business situation for a prompt decision as the basis of immediate action. In a case within my knowledge, the question involved was the purchase of 50,000 acres of coal-land, and 10 days was the limit within which this question must be decided. Of course, it was impossible to make a satisfactory examination within that time; but the 'instructions were "to make the most complete examination and the most positive recommendation possible." Such instructions are often given; for, no matter how much time an investor may have, he is likely to put of his decision until the last moment, and then discover that he needs more light and advice. It does not follow that engineers, after full explanation and mutual understanding of the situation, should decline to undertake examinations thus limited. In the case just mentioned, while only the broadest view was possible, half the time available was sufficient to show that the property was a good purchase. The timber alone was subsequently resold for more than the entire purchase-price of the