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By Robert A. Jankowski, George E. Niewiadomski

INTRODUCTION The utilization of longwall mining technology in the United States has steadily increased since the first longwall plow system was installed in 1952. At the errs of FY 1992, some 76 coal mines were employing longwall mining systems for coal extraction, and approximately 78 shearer and 3 plow faces are operating nationwide at any given time. Although the number of operating longwalls has remained relatively constant over the last five years, longwall production levels have increased significantly during this period. During the same timeframe, the number of continuous miner sections has decreased by 13 pct., from approximately 1438 in FY 1988 to less than 1250 in FY 1992. According to Mine Safety and Health Administration (MSHA) data, the average production of longwall sections increased from approximately 2400 tons per shift (tps) in FY 1988 to more than 3100 tps FY 1992. In fact, the average production has more than tripled since 1978, when it was only 850 tps. Approximately 25 pct. of operating longwalls are capable of producing in excess of 4000 tps. Longwall production currently accounts for nearly 36 percent of U.S. underground coal production, compared to 4 pct. in 1978. These improvements are attributed to improved longwall equipment and increased availability, larger longwall panels and automation. While longwalls are highly productive and offer other advantages, operations employing this method of mining continue to experience dust compliance problems more frequently than other mining system. Although dust levels have remained relatively unchanged over the past five years, averaging 1.6 mg/m3 and 1.9 mg/m3 based on results of operator and inspector sampling, respectively, during FY 1992, approximately 25 pct. of the operating longwalls were in noncompliance during any given bimonthly sampling cycle. Although modest gains in longwall dust control technology have been made, these have been overshadowed by significant increases in production rates. As more coal is mined, more dust is generated (Figure 1). Therefore, the increase in longwall productivity has meant that far more dust is being produced which must be controlled. [ ] In view of the current compliance record, any efforts to further increase longwall output, as has been forecasted, must be accompanied by: (1) the reduction of dust levels at existing operations through the proper installation and maintenance of suitable engineering dust controls; and (2) the advancement of dust control technology for today's and future longwalls that will enable all face personnel o work in an environment that is free of excessive levels of respirable coal mine dust. MSHA'S RESPIRABLE DUST CONTROL PROGRAM Since 1972, federal regulations have required each coal mine operator to continuously maintain the average concentration of respirable dust in the mine atmosphere during each shift in the active workings at or below 2.0 mg/m3 through the application of environmental dust control methods. The regulations provide for further reduction in the dust standard whenever the

Jan 1, 1993

Welfare endeavor in connection with both the metal and the coal mines of Utah has shown gratifying progress during recent years and both the operators and their employees are deserving of much credit for the efforts put forth to better living, working, educational and receational conditions in most of the mining camps of the state. In the older metal mining camps of Utah, where the towns are incorporated and independent of the mining properties operating in the vicinity, less opportunity is presented for the companies to exercise efforts looking towards improved welfare conditions than is the case of camps located on company ground and under the full control of operators.

Jan 1, 1925

By Graham A. Brown

Activities in offshore mineral exploration In Australia are increasing almost daily, at such a rate that this report will rapidly become out of date. At the time of writing, February 1967, there were no commercial discoveries of offshore minerals reported in Australia, although there has been definite encouragement in many fields. While this initial encouragement has not revealed any commercial mineral deposits offshore hopes are running high in Australia for success in 1967. Why should mineral deposits be expected offshore in Australia in the first place? The reasons are many. The minerals to be discovered also are many. The reasons are based on the history of alluvial and beach mining activities in Australia's past and at the present time, and on the physical environment of the vast Continental Shelf which surrounds the continent. A brief examination of the two primary features which are necessary before offshore mineral exploration can be contemplated should be, undertaken. Two favourable environments are necessary; firstly a Continental- Shelf to form a physical environment for the accumulation of the mineral deposits, and secondly a favourable political-legal environment to give the exploration companies adequate protection during exploration, and suitable long term arrangements for the exploitation of the deposits after discoveries have been made. Australia is well endowed with both of these.

Jan 1, 1967

By Bernardo Araya López

Dada la competitividad que existe en el ambiente empresarial durante los últimos quince años, las empresas reaccionan rápidamente ante los cambios del mercado. En este sentido, el presente trabajo señala el proceso de organización que la empresa debe considerar para lograr sus objetivos y metas. De forma, que la gerencia como concepto de gestión, genere confianza y responsabilidad sobre sus subordinados y potencie las habilidades de sus trabajadores.

Sep 13, 2001

By D Thomas

Geochemical data related to AMD for the West Coast and Southland regions have been collated into a relational database and GIS system. The types of information include; rock geochemical data, water chemistry data and aquatic macro-invertebrate abundance data. This information will be combined with eco-toxicology experiments to determine impact thresholds on aquatic ecosystems. Ultimately these datasets will be combined with remediation investigations to produce a Framework to assist decision making related to mine planning, consent and compliance.   Current geochemical research examines the controls on As concentrations downstream of gold mining areas and the variability of AMD from Brunner Coal Measure rocks. Assessment of factors that control the chemistry of Brunner Coal Measure AMD such as mine type, hydrogeology, geology, geochemistry and climate is in progress. Minerals that control the concentration of aluminium downstream of AMD point sources include alunite, jurbanite and various forms of Al(OH)3.

Jan 1, 2005

By Gilberto Thiago de Paula Costa

Este artigo apresenta o SALF, um software nacional desenvolvido para simular o processo de laminação a frio de chapas através do método dos elementos finitos. O programa utiliza a formulação implícita/rígido-plástica em suas análises. Simulações retiradas da literatura foram realizadas com o software, sendo os materiais simulados alumínio e aço, com espessuras de 3,0 mm e 1,0 mm, reduções de 5% e 30% e atrito de 0,06 a 0,15. Os resultados do SALF ficaram bem próximos dos resultados descritos na literatura. Desta forma, a partir de agora, as siderúrgicas nacionais têm uma ferramenta nacional para simular o processo de laminação a frio, a qual pode auxiliar na melhoria de seus processos e produtos.

Aug 17, 2017

By Olga D. Khmelnitskaya

The paper presents the results of research on the development of gold recovery technology from oxidized gold-copper ore of one of deposits in Russian Federation. Gold and copper grades in the ore are 9.5 g/t and 0.4%, respectively. Various options of flowsheets, such as direct cyanidation, thiourea leaching, flotation and gravity concentration followed by subsequent cyanidation of con-centration products, were tested. It was established that gravity-cyanidation technology with filtra-tion leaching tails and the use of solutions in the recirculation is the optimal option for ore treatment. The proposed flowsheet provides gold recovery for 91.0% at NaCN consumption 2.5 kg/t ac-cording to the results of pilot testing. Ammonia-cyanide gold leaching was also examined. In comparison with cyanidation, gold leaching solution in system NaCN-NH4OH-(NH4)2CO3 allows NaCN consumption to be reduced three times from 4.5 kg to 1.5 kg per 1 ton of the ore and provides the same gold recovery. Based on the laboratory and pilot plant tests results of gravity-cyanidation technology of gold dissolution, process design criteria were developed.

Jan 1, 2014

By A. R. Barnes, N. O. Lotter

Recoverable economic copper sulphide minerals such as chalcopyrite, bornite, chalcocite and covellite often occur together in varying proportions in the major copper-bearing ores, and have individual flotation requirements and characteristics. Pyrite also occurs in these ores to varying extents as the sulphide gangue, and is problematic because of its natural tendency to float quickly and easily. In a bulk sulphide float, selectivity against pyrite is desirable, particularly if it does not host other paymetals such as gold or silver. At the same time it is a requirement to float all of the copper sulphides despite their electrochemical differences. The electrochemistry and semiconductor properties of these minerals are reviewed, together with implications for flotation with and without collector addition. Mixed collector systems for the improved flotation of these sulphides are proposed as a solution. The use of xanthate and dithiophosphate in the collector suite allows the co-existence of dixanthogen and free dithiophosphate radical because the latter has a higher redox potential requirement than xanthate to oxidise to the dithiolate. Because some of these minerals require dixanthogen, and others, free thiolate, to generate surface hydrophobicity, a bulk flotation of all the species becomes possible in the overlapping area of Eh and pH between the two dithiolate equilibrium lines on the Pourbaix diagram. The arsenic-signature copper minerals are added to the study, since many copper operations encounter arsenic as a penalty element in the saleable concentrate. It is shown that the addition of arsenic to the copper and iron sulphides alters the semiconductor and electrochemistry properties, and in turn, its flotation characteristics. The degree of mineral association and liberation between these minerals can be a complicating factor due to textural associations, and should also be considered in the process as a next step.

Jan 1, 2016

By Elizabeth Wademan

Recessions Eventually End ??Companies aggressively cutting production and inventories ??these will come in-line with demand ??U.S. home inventories are declining ??Housing becoming more affordable ??Global trade recovering after collapsing ??Lower oil prices should act as a stimulus Protracted Deleveraging Process Beginning ??Era of leverage-driven consumption is over ??Greatest destruction of consumer wealth since WWII ??Consumers will no longer be able to substitute capital gains for savings ??Shift towards savings will be a headwind to economic growth ???Paradox of Thrift?

May 1, 2009

Most coal mines in Chongqing Area are highly gassy mines and liable to outburst of coal cnd methane. In order to harness mine environment and raise the Prodction capacity, methane predrainage is generally taken as a main preventive measure against outburst by all mines. In the recent ten years, the drainage volume per year has increased from 38.25 million m3 to mote than 100 million m3 with a volume over 12 m3 per tome of coal. In some mines, the draining rate is approaching to 50 percent, the rate in mining districts is up to 60 to 70 percent. The predrainage volume accounts for one fourth of total drainage volume. All these have effectively prevented the occurrence of coal and methane outbursts.This is the current situation of methane predrainage in coal mines in Chongqing area, the methods of predrainage to prevent outbursts and related parametres comprise:1. methods, technologies, supervision and effect of predrainage in different geological and mining conditions,2. the change of methane parametres pre-and post-drainage and the analysis of the effect of methane predrainage to prevent outbursts, and3. ways to improve the effect of methane predrainage.Thus the safety, reliability and production of Changqing Coal Mines will be enhanced.

Jan 1, 1991

Traditional loading systems have relied for many years on wheel and track loaders, power shovels, conveyor belts, and more recently, hydraulic front shovels. Each has certain advantages and disadvantages, depending largely on job conditions. Hydraulic backhoes were introduced several years ago as still another truck loading option. At first, buckets were small and backhoe use was limited to small earthmoving projects. Now, as backhoes are equipped with shorter sticks and bigger buckets to move larger quantities of earth. The "mass excavation" concept offers an excellent truck loading option in many situations. System Development and Advantages Mass excavation was first used successfully by contractors in site development and highway construction, loading both on-highway and off-highway trucks. Operators were able to take advantage of the excavator's ability to work in poor underfoot conditions and dig in tough materials. The technique was first applied to mining in the kaolin mines of central Georgia. Kaolin, one of the world's most abundant minerals, is used to make paper, paint, ceramics, rubber, plastics, and many other products. Since kaolin clay is slippery when wet, load-out with wheel loaders is very inefficient. Also, kaolin is found in very spotty deposits due to the weathering process involved in its formation. Consequently, draglines are also impractical for kaolin mining since they don't have the mobility to move between clay deposits. In response to these mining conditions and kaolin characteristics, mines began using excavators in mass excavation as early as 1976. They have developed a system that takes advantage of the excavator's •high penetration and breakout force in tight materials; •fast-cycling hydraulics; •ability to work in poor underfoot conditions; and •mobility in comparison to draglines. This loading method has been successful in Georgia's kaolin mines and now can be applied to other mining operations as well. The excavator's ability to carefully dig spotty ore deposits is an asset at uranium mining operations. Any mine can take ad-

Jan 3, 1982

By W. L. Chen

In the United States hydraulic cyclones have been used for thickening, classification and cleaning in coal preparation plants for many years. The cleaning cyclones presently in use are based on using a "heavy medium", such as a fine magnetite and water pulp. The latest addition to cleaning cyclones is the one which uses ?water only?, or simply called "Hydrocyclone". Just as was the heavy medium cyclone, the hydrocyclones were originated in the Netherlands (1, 2). Plants using hydrocyclones were built in Europe (3) and test plants were erected in Canada (4, 5, 6) and India (7). Roberts and Schaefer Company has built four plants using hydrocyclone circuits. One additional plant is in the process of construction.

Jan 1, 1965

By José Geraldo da Silveira, Luiz José Gonçalves, André Mendes Carneiro Lyrio, Raylander Rocha Pessoa, Péricles Guimarães Oliveira Aguiar, Guilherme Ribeiro do Espírito Santo, Filipe Soares Pontes

Este trabalho tem como objetivo apresentar a origem do projeto inovador do cadinho do Alto-forno 2 além do planejamento, a implantação e os resultados obtidos no Alto-forno 2 da Aperam South America após a reforma. O trabalho de pesquisa e desenvolvimento teve início em 2012 após a primeira marcha fria com conseqüente redução das temperaturas da soleira. Foram realizadas diversas reuniões, discussões e seminário sobre alto-forno com especialistas de diversas empresas. A mudança de redutor carvão vegetal para coque por seis meses serviu para comprovar parte da teoria construída pelo time da redução. Para, por fim, culminar no conceito por trás do problema do AF2 e então o novo design do cadinho que foi proposto e implantado na reforma iniciada em dezembro de 2017. Após sua implantação, conforme teorizado pelo time, uma nova gama de resultados e patamar de operação foram atingidos, comprovando diversas das teorias formuladas.

Oct 1, 2019

By Alastair Torrance, George Boucher

The authors were involved in the Trial Blast work at Chek Lap Kok, the site of the new Hong Kong Airport. As part of that work a series of computer programs including 3x30, QFRAG, DESIGNER and 3DMUCK was employed to predict various aspects of the trial blast programme. These aspects included fragmentation and muckpiie shape. This provided an excellent opportunity for these programs to be calibrated, verified and compared under controlled conditions. The results indicated that computer simulation has reached a high level of sophistication and good correlation between prediction and measured results was found.

Jan 1, 1994

By Marcelo Ferreira Martins, Breno Totti Maia, Sandro Luís Zahner, Leandro Martins Perreira, Paulo Roberto Ogliari Hopperdizel, Geraldo Vieira da Silva

O reator EOF foi desenvolvido no Brasil nos anos 80 com características únicas. O pré-aquecedor de sucata e a distribuição dos pontos de injeção de gases oxidantes e combustíveis conferem estas características. Um reator dinâmico e versátil capaz de adequar-se a grandes variações de carregamento de gusa e sucata, porém com equipamentos de injeção calcados ainda nos princípios da concepção da tecnologia. O objetivo deste trabalho é apresentar a etapa 1 de uma seqüência planejada de 3 etapas os desenvolvimentos que visam o aumento de produtividade do EOF. Nessa etapa 1 são apresentadas os ganhos relativos a modificação do número de pontos de injeção de oxigênio e a adequação desses pontos para condição supersônica de sopro.

Oct 1, 2019

By P. S. Kotval, H. Hahell

PRECIPITATION of M23C6 carbides at grain boundaries in austenitic steels and nickel base superalloys has received considerable attention. Hatwell and Berghezan,1 in a study using carbon extraction replicas, observed that dendritic growth of the M23C6 carbide phase occurred at grain boundaries in austenitic steels. Merrick and Nicholson2 have observed that in thin foils of "Nimonic 75" alloy the precipitation of M23C6 carbide was discontinuous at grain boundaries. Lewis and Hattersley3 have suggested that the type of M23C6 precipitation observed in Ni-Cr austenites represented the early stages of discontinuous precipitation. In a more recent study, Singhal and Martin4 have concluded that grain boundary M23C6 precipitation involves the migration of an austenite grain boundary by a mechanism very similar to that proposed by Tu and Turnbull.5 Tu and Turnbull's suggestion essentially involves grain boundary migration under the driving force arising from the difference between the surface free energies of the opposite sides of the plate. Thus, Singhal and Martin's observation4 implies that the first stage of discontinuous precipitation has taken place and that the grain boundary has provided a diffusion short circuit for the sub-stitutional solute atoms (principally chromium) which assist the preferential growth of the M23C6 plate in contact with the grain boundary. However, no evidence of the characteristic cellular morphology typical of discontinuous precipitation was found in Singhal and Martin's studies. Presumably, this is due to the low volume fraction (i.e., low supersaturation of solute) of the precipitating carbide reported by Singhal and Martin.4 Recently, Raymond6 has studied precipitation of the M23C6 carbide in Incoloy alloy 825 and shown that the growth of this phase is perpendicular to grain boundaries at 1400°F and in the plane of the grain boundary at 1700°F. The former aging condition resulting in discontinuous or "cellular" precipitation. Raymond has suggested an explanation for this behavior based on the relative rates of chromium diffusion by volume and grain boundary diffusion at the two different aging temperatures. In the course of a recent investigation on precipitation behavior in several ' strengthened superalloys, precipitation of M23C6 carbide at grain boundaries was studied. Under conditions of a high degree of supersaturation, the M23C6 carbide precipitates in the discontinuous or cellular morphology in Waspalloy (Ni-18.51 Cr-2.0 Fe-3.53 Mo-1.16 Al-2.78 Ti-0.09 C). This note presents electron microscopy observations of this mode of precipitation and its effect on mechanical properties. Specimens of Waspalloy after "solution" heat treatment at 1950°F show essentially single phase matrix with a few residual particles of "primary" MC carbide. In normal commercial heat treatments, precipitation of Ni3(Al,Ti) ordered fcc r' phase occurs throughout the matrix and M23C6 precipitates as globular particles at the grain boundaries. In these commercial heat treatments the degree of supersaturation during precipitation is low. However, if specimens of Waspalloy are quenched from the solution heat treatment temperature of 1950°F and then aged at an aging temperature where the degree of supersaturation is high, discontinuous precipitation of M23C6 occurs. Figs. 1 and 2 show thin foil micrographs of Waspalloy, solution heat treated at 1950°F, water quenched, and aged at 1292° and 1598°F, respectively, for 500 Fig. 1—Thin foil of Waspalloy, solution heat treated at 1950°F for 1 hr, water quenched, and aged for 500 hr at 1292°F. Magnification 15,500 times. Fig. 2—Thin foil of Waspalloy, solution heat treated at 1950°F for 1 hr, water quenched, and aged for 114 hr at 1598° F. Magnification 13,000 times.

Jan 1, 1970

By J. P. Piguet, Y. Wileveau

ABSTRACT : An experimental programme for damage assessment was performed in the vicinity of the main shaft of Andra’s Underground Research Laboratory, currently under construction in the East of France, when the shaft is crossing the Kimmeridgian marls between 80 and 100 m depth. The mechanical behaviour was analysed by mean of convergence and displacement measurements. The disturbance into the wall was assessed using numerous methods such as measurement of sonic velocities, permeability measurement and VSP measurement in radial boreholes. The intensity of the damaged zone is low, and its extension does not exceed 0.5 time the radius of the shaft. It does not seem to depend on blasting patterns. ZUSAMMENFASSUNG : Ein Forschungs- und Versuchsprogramm wurde aufgestellt, um die beschädigte Zone im Bereich der Kimmeridgemergel zwischen 80 und 100 Meter Tiefe beim Zugangsschacht des im Bau befindlichen Andralabors im Osten Frankreichs zu berechnen. Das mechanische Verhalten der Formationen wird auf der Grundlage von Konvergenz- und Verschiebungsmessungen ermittelt. Verschiedene Messmethoden, wie z.B. mikroseismische Geschwindigkeite Messungen, Permeabilitäs- und Beschleunigungsbestimmungen in strahlenförmigen Bohranordnungen, erlaubten die Ermittlung des Beschädigungscharakters der Schachtwand. Die Intensität der beschädigten Zone ist niedrig, ihre Ausdehnung übersteigt nicht die Hälfte des Radius des Zugangsstollens und scheint unabhängig vom Schema der Sprengstoffanordnungen zu sein. RESUME : Un programme expérimental visant à évaluer la zone endommagée autour du puits d’accès du Laboratoire de Recherche Souterrain de l’Andra actuellement en construction dans l’Est de la France a été mis en œuvre lors de la traversée des marnes du Kimméridgien entre 80 et 100 m de profondeur. Le comportement mécanique des formations est évalué à partir de mesures de convergence et de déplacements. La mise en œuvre de nombreuses méthodes, telles que des mesures microsismiques, des mesures de perméabilité et d’accélérométrie en forages radiaux, a permis de caractériser l’endommagement en paroi du puits. L’intensité de la zone endommagée est faible et son extension ne dépasse pas 0,5 fois le rayon du puits. L’endommagement semble indépendant des schémas de tirs testés.

Jan 1, 2003

By Yuhua Wang, Haitao Zheng, Guangli Zhu, Yuehao Zhao, Fushun Yu, Dongfang Lu

"Spodumene, feldspar and quartz possess similar surface properties, which make the difficult to separate spodumene from other silicate minerals by flotation. The differences of crystal structure, surface property and floatability of three minerals were studied by various technical means. The results show that Li-O and Al-O bonds in spodumene structure are not strong and easy to be broken. However, Al-O and Si-O bonds in feldspar and Si-O bond in quartz are very strong and not easy to be broken. High contents of Al and Li on spodumene surface were found by XPS measurements, which is benefit for the adsorption of anionic collector. The surface energies of main cleavage planes of spodumene (110), feldspar (001) and quartz (001) are 1.88 J/m2, 2.97J/m2 and 2.68J/m2, respectively. Hence, the exposed surfaces of feldspar and quartz are not saturated and easy to adsorb OH- ions from solution and cause the lower IEP than spodumene. The contact angles of three minerals in water are lower than 16º, suggesting that the hydrophilicity of three minerals is high, and the order of hydrophilicity is quartz > feldspar >spodumene. Correspondingly, contact angles and flotation recoveries of spodumene are bigger than that of feldspar and quartz in presence of a combined anionic and cationic collector named YOA.INTRODUCTION Flotation technology plays most important role for the recovery of spodumene from pegmatite ore. Generally, spodumene with fresh surface is easy to be floated using soap and oleic acid as collector, and the best flotation pH range is 4.0 to 9.0. However, the flotability of spodumene will become worse when its surface was polluted by slime which produced by the weathering of spodumene and other silicates (Dresler et al. 1998; Moon and Fuerstenau 2003; Menéndez et al. 2004; Yu et al. 2015). In addition, the species of Ca2+, Fe3+, Mg2+ and other metal ions in pulp can not only activate the flotation of spodumene, but also the activation of gangue minerals, and then the flotation selectivity of spodumene from gangue minerals became wores (Wang and Yu 2007; Yu et al. 2014). In order to eliminate the negative effects of slime and metal ions on the flotation of spoddumene, the desliming and long time scrubbing with the addition of NaOH and Na2CO3 were adopted. Usually, NaOH shows the activation for spodumene flotation, and the recovery of spodumene increases with the increase of NaOH dosage. Na2CO3 can eliminate the non selective activation of Ca2+, Fe3+, Mg2+ ions in the pulp, and the concentrate grade of spodumene increases with the increase of Na2CO3 dosage. Anionic collectors such as chelants, hydroxamic acid, oxidized paraffin soap, naphthenic acid and oleic acid were widely used for the flotation of spodumene (Dresler et al. 1998; Moon and Fuerstenau 2003; Menéndez et al. 2004; Yu et al. 2015)."

Jan 1, 2018

By David B. Gladwin

Regional characteristics in the coal resource base have resulted in application of different mining methods across Canada. Longwall methods predominate in eastern Canada, whereas open pit, hydraulic and room-and-pillar methods are utilized in the west. Both provincial and federal agencies have regulatory responsibilities and both also share in the development of R&D programs. This paper outlines the scale and scope of the various agencies involved with health and safety R&D in our expanding coal mining industry. Specific R&D activities in ventilation, dust control, explosion hazards, tunnel boring, strata control and truck braking, which form part of the national program, are outlined.

Jan 1, 1982

By George Collins

AT the meeting of the Western Division of the American Mining Congress, held in Denver last September, papers were read by F. H. Brownell, a vice-president of the American Smelting and Refining Co. and chairman of its finance committee, and by H. Foster Bain, former director of the United States Bureau of Mines and now secretary of the A. I. M. E.. which dealt thoroughly with certain phases of my sub-ject. These addresses can hardly have failed to awaken serious reflection in all who listened to them; but their implications have apparently not penetrated the con-sciousness of bankers, economists and statesmen, whose business it is, or should be, to prepare for the economic and social changes which must inevitably follow, if the conclusions which I shall outline hereinafter are true. In discussing this subject I wish to disclaim any intention or desire to forecast the course of the metal markets or the immediate prospects of the mining in-dustry. The facts' adduced must inevitably influence the value of metals, the activity and profitableness of mining, and perhaps also the social status of those en-gaged in it. But my forecasts do not refer to this year, next, year, or the year after. The nearest ap-proach to a date on which I will venture is that the relative scarcity of gold may begin to make itself felt in something like ten years from now, but its effect will not culminate for several years thereafter. Scarcity of new gold is likely to be offset, to some extent, by increasing use of currencies based on credit; but unless it is found possible to dispense with the gold standard altogether, this can hardly prevent a great ultimate fall in commodity prices. This fall, moreover, is likely to be more severe in manufactured goods than in what are, popularly termed raw ma-terials; and most of all in those manufactured goods which are susceptible to the greatest degree to cheapen-ing by mass production, and which are least counter-affected by increasing metal prices; by which I mean those in which the cost of metal contained forms a relatively small, element in the total cost of production.

Jan 6, 1927