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By Rudolph P. Frizzi

"Abstract Pile design for building structures in the United States is typically performed by: 1) investigating and assigning engineering parameters to the respective ground bearing materials, 2) calculating ultimate pile to ground (geotechnical) capacity which is then reduced by a Safety Factor deemed appropriate by a registered Design Professional thereby arriving at an allowable pile geotechnical pile capacity, and 3) determining the required pile structural section using allowable pile section material properties. It is advantageous to use a Working Stress Design Method (WSDM) approach as one system of loads (service loads) are used in both the geotechnical and structural evaluation. There are a variety of methods used to determine the ultimate and allowable geotechnical capacity, and Building Codes often require a registered Design Professional to determine the appropriate method(s) and capacities. The International Building Code is the Code typically referenced in building design and construction in the United States. Structural design usually follows Building Code requirements and Allowable Stress Design (ASD) procedures. As design of the overlying structure typically follows a Strength Design Method (SDM) approach using factored loads, in some cases piling is first designed for pile-to-soil interaction using service loads, followed by evaluating the pile geometry for factored loads. Construction is the finalization and implementation of the designed piling. As such, project-specific technical specifications are typically developed by a registered Design Professional such that a project Owner can bid, buy, and instruct a Contractor as to the desired piling work and acceptance criteria. There are several Industry groups, including DFI, PDCA, ADSC, and ACI that provide guidance documents which the registered Design Professional can refer to in developing the piling technical specifications. It is the author’s opinion that the registered Design Professional is best suited to observe and verify the piling installation; many Building Departments require verification and documentation by a registered Professional as a condition of final acceptance.INTRODUCTIONPile design for building structures consists of: investigation, design, specification, and verification. In major metropolitan areas within the United States, Building Codes typically identify minimum requirements for each of the above steps. The International Building Code (ICC, 2012) is the Code typically referenced in building design and construction in the United States. Recognizing the ground conditions as well as piling construction means and methods can vary on a site-by-site basis, latitude is given to the registered Design Professional and Contractor to optimize the piling system for the respective project conditions. Field testing and quality control / assurance measures are typically implemented to verify the design intent is attained for the production pile elements."

Jan 1, 2014

By K. G. Matshika

"Nickel electroplating from sulphate electrolyte is an efficient process. To achieve good quality cathode, however, parameters such as temperature, nickel concentration, pH, electrode alignment, electrolyte flowrate and additives must be optimised, because these affect cathode morphology and current efficiency. It is also important to control the clarity and contamination of the electrolyte, as these have a considerable effect on the quality of the cathode surface. Delamination, surface roughness and pitting on the cathode surface can be caused by incorporation of solid particles or impurities form the electrolyte. Three types of solid particles were investigated: cuprous selenide, barium/ lead sulphate (co-precipitated) and ferric hydroxide. These particles can be found in industrial electrolytes, especially if there is a problem with the filtration step or contaminants have reacted to form insoluble particles. A rotating cylinder Hull cell was used for this investigation. It is found that the effects on morphology depend on the type of solid, concentration, particle size, current density and electrolyte flowrate. Cuprous selenide is the most detrimental, especially at higher concentrations, higher current densities and low flowrates. Increased rotational speed offers a uniform sheet of fine gas bubbles across the surface of the cathode which reduces the thickness of the diffusion layer of liquid adjacent to the cathode and increases the rate of mass transport to the cathode from the bulk liquid. INTRODUCTION Electrowinning operations are important when recovering associated by-products of nickel production, such as copper, cobalt and zinc, from pressure leach solutions. The base metal mineralization associated with platinum-group metal (PGM) production yields significant quantities of copper and nickel as by-products. The base metal refinery is vital in PGM processing as it increases the PGM concentration from mined ore by a factor of 400, in comparison with concentration by flotation (20 times) and pyrometallurgical processing (20 times) (Crundwell et al., 2011). Anglo American Platinum Ltd produces nickel cathodes by electrowinning and purges sodium from the base metal refinery in the form of sodium sulphate at the Rustenburg Base Metals Refinery (RBMR), as shown in Figure 1. This is the Sherritt acid leach process used in most base metal refineries to ensure no loss of PGMs and shows the subsequent purification steps for copper and nickel. Other refineries in Zimbabwe, such as Bindura and Empress, use the Outokumpu leach process (Pavlides, 2001)."

Jan 1, 2015

Seventy-three of the 90 naturally occurring elements that are found in the earth's crust are metals or metalloids. The quantities of metals used annually in the United States range from about 100 million metric tons (steel) to a few kilograms (osmium). The recovery of metals from discarded products or industrial process wastes, especially those metals that are used in large quantity, are very expensive, or are unusually toxic, is important to the national economy and to the natural environment. From its inception in 1910, the U.S. Bureau of Mines (USBM) has been the Government's prime source of information on metals recycling, as well as a major innovator in recycling technology. Statistical data on scrap generation and processing have been summarized annually for many years in the USBM's Minerals Yearbook. Most of the data for individual metals discussed in this report were extracted from that publication.

Jan 1, 1993

This summary of State laws on explosives wag compiled primarily to ascertain what subjects relating to their control have been acted upon by each State legislature and, in general, how they have been treated. It does not Include any legislation passed after 1942, or any proclamations, regulations, or administrative orders. It does not purport or attempt to be authoritative. If any problem arises involving interpretation of the statutes of any particular State, the original source must be consulted for the exact words used by the legislature. This summary, however, will be useful in determining whether relevant statutes exist, and in locating them quickly, with a minimum of effort. It will be of value also in comparing statutes in other States to determine what construction has been placed upon them by the courts of these jurisdictions or to contrast the varying provisions of many States upon a similar subject. To make these comparisons easier, the statutory provisions for each State have been grouped under several major topics in outline form. Although this sometimes has resulted in disruption of the continuity of individual acts, the increased general clarity and availability of comparable sections have more than justified the procedure followed.

Jan 1, 1943

By M. W. Von Bernewitz, W. J. Sharwood

So far as is known , there is no complete bibliography on sampling, therefore , this one should be of value . In it are nearly eleven hundred references , some dating back 30 years , on sampling at mines , mills , smelters , power plants , pumping stations and refineries . For convenience , there are included a few references to methods for sampling such materials as leather belting in mills , salt impregnated soils , and mine waters . All the important technical journals , - including some in foreign countries- and engineering society publications , also mining and metallurgical text - books , have been studied for anything concerning sampling , and while it is not claimed that every important reference has been listed , the bibliography is fairly complete . The arrangement is alphabetical by authors ' names , and the references are numbered serially in the crder that they appear in the bibliography . Anonyous references are listed under the name of the journal in which they appear , and are numbered like the references bearing an author's name . Patents are grouped in their numerical order , without index nu.bers . Under the heading , " U.S. Bureau of Mines Publications " , are listed all publications of the bureau that deal with sampling . While the serial number is omitted , these same references , of course , have serial numbers where they appear in the list arranged alphabetically by authors .

Mar 1, 1922

By Elmer W. Pehrson

NINETEEN FORTY-SIX was an eventful year for the mineral industries. Perhaps the most significant development was the socialization of industry in Great Britain, initiated in 1945 but carried to fruition in the coal industry in 1946. On Jan. 1, 1947, management of the coal industry will be vested in a National Coal Board, responsible to the Ministry of Fuel and Power. A sum of £164,660,000 has been provided to compensate private owners for assets transferred to the Board. The British coal industry has been a problem for many years. Production has declined to a point where serious shortages of fuel for domestic needs have developed. Exports have dwindled to a small fraction of the previous trade. Costs have increased greatly, and quality has deteriorated. The industry's physical plant has not kept pace with the rapidly mounting wage scales in recent years. Some claim that the best and most accessible coal reserves of Britain are heavily depleted. The industry has been harassed by difficult labor problems, including bad morale among the workers and a shrinking labor force.

Jan 1, 1947

By IPMI Educational and Scientific Foundation

It is with great pleasure that we announce the availability of this fourth issue of the IPMI Journal, a publication of the International Precious Metals Educational and Scientific Foundation. This digital peer reviewed publication has been created as a vehicle for the sharing of technical information related to the science and technology of precious metals. Since 1976, the International Precious Metals Institute has championed the exchange of information of critical importance to the precious metals scientific and commercial communities through its various communications vehicles. This has included instructional videos, annual conference symposia, special topic committee meetings, regional seminars, and professional and student achievement awards. Due to the breadth of important topics related to all aspects of precious metals, it has been the vision of the IPMI to provide a publication available to the general public that would become a key source of pertinent topics containing high quality publications by experts in their fields of study. Historically, the IPMI has attracted world renowned experts in many fields (including Nobel Laureates Henry Taube, Ei-ishi Negishi, Robert Grubs, Professor Ben Feringa, and David MacMillan) in the dissemination of discoveries, inventions, and industry proven practices. Such information has a total value greater than the sum of its parts as seemingly unrelated innovations from distinct focus areas can be adapted to solve problems. Because of this important characteristic of information exchange, we have decided to create a digital journal, available to the general public, that will not only communicate state of the art discoveries and sound practices, but will also review historical communications from the IPMI’s archives that have value and use even in today’s environment. On behalf of the members and leaders of the IPMI, we hope you will find value in this new publication.

Dec 1, 2020

By Karl J. C. Harries

"11.1. INTRODUCTIONA royalty is the most common form of interest retained by an owner who is disposing of his property or by a joint venturer who ceases, voluntarily or otherwise, to participate in the joint venture.1 Rarely does a non-participating party have a direct interest in the property and/or assets of a project, except during the period when a non-participating joint venturer may be having his interest diluted.2 In fact, it is most unwise to permit a non-participating party to have such an interest. It may give rise to significant problems that could prevent or substantially delay the development of an orebody and require a considerable amount of time, effort, and money to correct.3In negotiating a royalty, it is important to be aware that there is no law or convention that says, “You just don’t do that in a royalty agreement.” As with any agreement, inventiveness and flexibility on the part of the negotiator are not just assets, but virtual necessities. It is also for this reason that it is essential to read the royalty provisions, particularly the definitions, fully and carefully, especially if you are the recipient. On the other hand, if your inventiveness and flexibility cause your accountant to question the advisability of one of your ideas, pay close attention to him.4 He will, no doubt, have had experience with many royalties, and no competent professional adviser disparages a client’s ideas without good reason. Besides, he will probably be the person who will be determining the royalty or certifying the determination of it. At the very least, he will be auditing your general financial statements, which must, of course, reflect the royalty determination. Heeding his advice not only may make the determination easier but also will probably save you money in professional fees later on. Nevertheless, do not simply accept his comments or recommendations without understanding what they mean, why they have been made with respect to your royalty agreement (sometimes professionals have comments that they make as a matter of course and, even though they may be valid, you should require them to be justified to you), and how they will affect your royalty determination.It is surprising how many corporate payors insist that their standard royalty provisions5 be used as a matter of policy, thereby effectively tying the negotiator’s hands. It is even more surprising, and to professional advisers frightening, how many of the senior employees who insist that such a policy be adhered to, virtually without variation, do not know what is in the standard provisions and would be hard-pressed to explain them to a property owner. If standard provisions are appropriate, by all means use them, but do allow experienced and sensible negotiators some flexibility and make sure that everyone within the corporation who may have to use such provisions – negotiator and supervisor alike – knows what they contain and why they are as they are. For example, there are often good and convincing reasons to describe a deduction in a certain way or to include a certain specific type of deduction. On the other hand, quite often the answer to the question “why?” is that “it has always been there”; this is, or should be, an unacceptable answer. In any event, if you, as the negotiator, appear to know what you are talking about, are familiar and comfortable with your royalty provisions, and are backed up by your boss with the same words or reasoning, a property owner cannot help but be satisfied that you are knowledgeable, even if he still does not agree with your provisions. Finally, if you do use standard provisions, make sure that they are reviewed and updated regularly."

Jan 1, 2003

By Keith K. Griffiths

Computers are a valuable tool to the aggregate industry and should not be overlooked. The selection of proper mechanical components is necessary. Merely the addition of a computer to operate a mechanical system will not guarantee that the system will work. Material delivery by rail or truck for stock-piling and intra-plant material transfer can be accurately supervised by automation with simplified controls for the layman to use. There are mechanical problems that occur in material blending and load-out systems when such a system is automated. Such things as material flow, bridging, stockpiling methods, overloading of equipment and safety must be considered. How these problems can be overcome by proper selection of compatible mechanical and computer equipment will be discussed. Also, there are many individual material circuits in a plant that can be computerized at a nominal cost. This type of computer installation will not necessarily result in increased production, but it will produce greater efficiency in manpower. These small computers, binary counters, memory circuits and other devices and their application to the aggregate industry will also be presented. A careful evaluation of the mechanical and computer inter-relationship by someone understanding both "Rocks and Electronics" is essential to proper handling of material by computers. Computers for the mining industry may be either digital or analog computers. Unless the computer is to control some type of chemical process, such as a cement plant, the, analog computer is not required and the digital computer' will be quite adequate and less expensive.

Jan 1, 1967

By ALICE V. Petar

Through the courtesy of the State Department, the Bureau of Mines has received a compreensive report on the jede industry of Burma, pre- pared by American Consul Winfield H. Scott, Rangoon, Burza. This mater- ial is the main basis for the present circular, although free use also has been made of reports on the jede industry in China and Germany by consular officers in those countries, to whom footnote credit is given. The word "jade" is said to be derived from the Spanish "piedra de ijada" (hijada) meaning, literally, "stone of the side," as jade was supposed to cure pains in the side; nephrite (a jade mineral) was named from the Greek word meaning kidney, because it was formerly warn as a re- medy for kidney diseases. To the Burmeso, jade is known as "Kyauksein," or green stone, and to the Chinese, all varieties of the material are referred to as "Yu" or "Yu-chi", According to Confucius, jade was symbolical of. justice, harmony, intelligence, and humanity, and the Chinese of today believe that by using ornaments made of this stone, the wearer is. protected from the "evil eye" as well as from diser.se. Ornaments of carved jade were known to the ancient civilizations of Mexico and Peru and to the peoples of other sections. of Central and South America, Jade ornaments also have been found in the lake dwellings of Switzerland and in Crete; thile in China, as far back as the Chou dynasty (B. C. 1122 B. C. 255) it was used in the production of various classes of precious vessels and as insignia of rank.

Jan 1, 1936

By K Morrison

Australia’s ageing population means that by 2050 there will be 2.7 people of working age to support each Australian aged 65 years and over compared with five working people per retiree today and compared with 7.5 in 1970 (Swan, 2010). This means that there is going to be a greater demand on social services – for medical and aged care – from a smaller private income base. How will this gap be met? Australia is fortunate in that it has vast resources of mineral wealth; from iron ore, nickel and gas in Western Australia to the giant copper and uranium deposits at Olympic Dam in South Australia.The prospect of a meaningful profit based tax on this vast mineral wealth has been lost through Australian government’s handling of the issue in 2010 and with an industry fiercely opposed to the prospect of a mining tax. Hence, new ways of thinking are required. This paper looks at the issues facing the implementation of a novel scheme whereby Australia leases the mineral resources it extracts and thus derives income over the decades the metals are in-use in pipes, wires and structures with a premium paid for unreturned material or that used in dissipative applications. Applicable minerals could include copper, aluminium, nickel and rare earths. If Australia simply digs up and sells the metals once, the buyer becomes custodian of that resource and they benefit from controlling the future ‘above-ground’ resource stock.A complementary driver for a leasing scheme is the increasing importance of chain-of-custody following initiatives of the Responsible Jewellery Council with gold and diamonds, now with the potential to extend across commodities. The Australian minerals sector could thus position itself as a premium supplier with high social and environmental credentials.Recognising the implementation challenges, this paper includes a review of how such a system could be enforced to ensure that the metal is tracked throughout its life. It concludes with a discussion of the rates and terms should such agreements hold and suggestions for institutional arrangements for enforcing compliance.

Nov 22, 2011

By H Allday

The mining industry’s attention has shifted over the last decade with the recovery from the downturn resulting in greater development of innovation and new work methods in a bid to remain competitive and deliver higher productivity. The emphasis on cost reduction to improve profit margins has primarily been the focus of the “work smarter” campaigns embraced within the industry. But is this strategy holistically the best-for-business, or does it place a ceiling on revenue opportunities and inhibit mining companies from truly maximising value? Businesses need to maintain a balance between active cost management and revenue generation often resulting in cost reduction strategies at site level. These strategies have merit, assessing areas of cost wastage across operations and creating space for opportunity. However, this potentially can create distractions from the goal of enabling growth and lead to the sacrifice of quality and delivery. Focusing too heavily on cost reductions without addressing revenue generation is an unprofitable lens to look through, and the relationships between cost, revenue, quality and profit margin can often be overlooked resulting in missed opportunity to maximise value. How these relationships are effectively employed by mining companies to reap the rewards from an overarching corporate perspective down to site level remains a fluid concept depending on the nature, operating market and strategy of the business. A common directive from businesses to their operations is to strive for greater profitability and productivity. The quantification of these requirements, and the nature of the cascading message delivered, impacts the methods employed by the operational team to meet the expectations of the business. Cascaded strategies, if not delivered with appropriate participation and buy-in can often be perceived to be knee-jerk and create frustration for operations who are squeezed to deliver on expectations by slashing site costs. This squeezing is not only felt by the mining operation but at the individual level and can result in increased team stresses. In some cases, this may also steer behaviours towards activities that result in corner cutting and an elevation of operational risk, potentially increasing associated incidents and injury. Driving down costs by any means can create an unhealthy tunnel vision where value is no-longer assessed for best-forbusiness results. By flipping the viewpoint to a value-based approach revenue opportunity may be realised and potentially exceeded, however this opportunity may be missed if value is over shadowed by a cost heavy focus. By analysing a selection of real operational cases (ranging from mining contractors through to in-house mining giants), it becomes apparent that practical revenue maximisation strategies are not only key to an increase in value and cash flow but to a stronger understanding of business drivers for sites and operators alike. In the cases evaluated additional revenue opportunities are foregone in favour of cost reduction strategies resulting in negative impacts on the associated operations and wider businesses. Alignment towards value generation is king. If strategies are not implemented focusing towards value and revenue maximisation, the opportunity loss experienced by mining operations could continue be great and the question should be posed; when the next up-turn hits will operations be ready to reap the rewards or still have a glass ceiling above their heads?

Mar 15, 2021

By AIME AIME

T HE appointment of Herbert Hoover to the portfolio of Commerce in the President's Cabinet is to engineers the fulfillment of a long deferred hope to have an engineer in high political office and is a matter of congratulation to us for three reasons; because he is a mining engineer who represents the highest type of idealistic engineering effort; because he is a past president of the Institute; and because he has probably a broader grasp of world problems than any other living engineer. Frank A. Vanderlip in the preface to his book "What Happened to Europe" tells of the many interviews he had with the most prominent men in Europe which were made possible for him by his eminence as a banker and by the courtesy of the American ambassadors. He cites by name such well known figures as Austin Chamberlain, Sir Auckland Geddes, Monsieur Delacroix, Monsieur Briand, Mr. Padkrewski, Mr. Venizelos, Colonel House, General Pershing, Mr. Baruch, and many others and says :

Jan 1, 1921

By Douglas B. Silver

"Editor’s note: Douglas B. Silver, Portfolio Manager, Orion Resource Partners, was the keynote speaker at the 2017 SME Annual Conference & Expo in Denver, CO on Feb. 19, 2017. He also gave the keynote address to the SME Annual Conference in 2008. The following is his 2017 keynote address with a few of the slides that were presented. The full speech is available on YouTube https://www.youtube. com/watch?v=uF0qwGJIX3UIn 2008, I had the privilege of giving SME’s keynote address. At that time the financial markets were on the verge of collapse and my presentation described the issues. Unfortunately I was correct, and global markets went into a steep nosedive, creating the largest economic downturn since the Great Depression.In hindsight, there were plenty of signs that this was coming. The Supercycle had created massive new wealth. This wealth was largely invested in the United States due to the country’s political stability and credit worthiness. In 2004, the large investment banks convinced the U.S. Securities Exchange Commission (SEC) to allow them to triple their borrowing leverage ratios. This made the banks more vulnerable to market volatility. The banks then lent money to NINJAS - people with no income, no job and no assets. Even worse was the fact that these unqualified home owners used adjusted-rate mortgages (ARMs) which they, of course, intended to refinance prior to interest rates rising. These mortgages were then bundled up by the banks and sold to investors as “safe” investment products. The money flowed into these products because the rating agencies gave these instruments high marks. These same agencies earned their fees from the very same banks seeking high ratings. (No conflict there). Private debt exploded and peaked out in 2008.These mortgage products were sold in an unregulated shadow banking system and the ARMs came due. Toxic mortgage default rates skyrocketed and the mortgage-backed securities collapsed in value. This house of cards had a negative feedback loop that accelerated the market crash and resulted in more than $1.5 trillion being lost in the securitization sector, a 47 percent decline in the Dow Jones Industrial Average, foreclosure rates skyrocketing and housing prices collapsing. The financial markets were in a nosedive."

Jan 8, 2017

By B. F. Westfall

Throughout the 1960's and 1970's world trade grew rapidly, reaching a peak of USS1.8 trillion in 1980. Since then the world recession of the early 1980's shrunk trade to about US$1.6 trillion. The reduced cash flow to developing economies made it difficult to service their huge international debts, Nowadays lenders are reluctant to grant Third World countries additional credit. The shortage of export financing, plus trade barriers set up by developed countries, is further inhibiting international trade. Therefore, countries are turning to new and creative alternatives to financing imports of consumer as well as of investment goods. Non-cash transactions, including different forms of countertrade, are rapidly growing alternatives to traditional trade financing patterns. In 1983 about 30% of international trade, or close to US$600 bill ion, were presumably done by non-cash transactions, up from barely 2% in 1976. By year 2000, half the world trade is likely to be conducted on basis of barter. As of mid-1984 some 88 nations used countertrade regularly and Governments of at least 15 Latin American countries had arranged or mandated commercial countertrade.

Jan 1, 1986

By K. W. Lentz

The Maybell Mill of, Trace Elements Corporation, Unit of Union Carbide Corporation is located approximately five miles northeast of Maybell, Colorado, and twenty-five miles northwest of Craig. It is located in the midst of the uranium ore deposits whose presence, made it possible. In November 1953 Russel Cutter, Chief Geologist for the original Trace Elements Corporation, picked up high readings on a scintillometer while flying over this area. Later, with George Morehouse, Chief Engineer for the original. Trace Elements Corporation, he started a search for surface indications. In this search, they found an out crop which can be regarded as the discovery lode on this property. The actual locating of claims and acquiring free lands and state lands was begun in March 1954. During 1955 enough drilling was done to indicate that a sufficient tonnage of ore existed to make possible a mill. These ore deposits are located in the Browns Park formation which is an unconsolidated sandstone with a few hard lime ribs running through it. The geologists tell us that this region was once a vast basin which became filled with wind blown sand and volcanic tuff, Later on, ground waters brought uranium into the basin which precipitated out in the sand. During the late summer and fall of 1955, a small pilot plant was operated under the supervision of John L. Chapman testing these Browns Park ores. During the operation of the pilot plant, three small open pits were developed and the ore from these pits shipped to Union Carbide Nuclear Company, Division of Union Carbide Corporation, at Rifle. To date all ore is being mined from open ptis. In the fall of 1956 the original Trace Elements group signed a contract with: the AEC for a mill at Maybell and on November 5, 1956, Union Carbide acquired the Trace Elements Corporation properties and contract. During the next two months, intensive research was carried out on the Browns Park ores by our research lab at Rifle. They also checked some of the metallurgical results which had been obtained through the operation of the pilot plant by the original Trace Elements group. During this period, a report on Trace Elements Corporation ores was also prepared by the Colorado School of Mines Research Foundation. This report contained data on representative samples of the ore tested for the original Trace Elements group. From this research and study a flow sheet was decided upon.

Jan 1, 1959

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

By V. F. Parry

Under the present emergency every consumer should store as much coal as he can. Although there is no shortage of coal, there is likely to be a shortage of labor to mine excessive quantities in the fall, and railroads cannot be expected to deliver coal promptly on account of the need for transporting war materials. Some miners must join the armed forces, and those who are left may be unable to mine coal as rapidly as you will need it when winter comes. When the first cold days arrive, there may be a shortage of trucks to deliver coal. Deliveries may be planned in advance, and your turn might not come until it is too late.

Jan 1, 1942

By Joan Weinberg

Real output expanded at a 3.0% rate worldwide in 1987, a slightly lower pace than the 3.2% rate in 1986. The decline was accounted for largely by slower growth in the U.S.S.R. and the East European countries, as well as in the developing countries (table 1). According to the International Monetary Fund, output of industrial countries output grew 3.1% and rose most strongly in Japan, the United Kingdom, and Canada (table 2). U.S. economic growth remained at 2.9%, the same as in 1986. Consumer and government spending declined in industrial countries, while gross fixed investment: rent increased. This increase in fixed investment expenditures could be attributed partly to lagged results of some 1986 developments: the fall in oil prices, declining interest rates, and exchange rate changes. The U.S. budget deficit, as well as the large external deficits and surpluses among major industrial countries, hindered further growth .2 A report from the Organization for Economic Cooperation and Development (OECD) indicates that the impact of the October stock market crash was short-lived because it hit economies that were growing strongly, anyway.3 The growth of output in the developing countries slowed in 1987; however, output declined in the fuel-exporting developing countries. These countries have been adversely affected by weakness in oil prices and the depreciation of the U.S. dollar. The weighted average of inflation rates in industrial countries--as measured by the [ ] GNP deflator, was 2.9% in 1987, down from 3.4% in 1986. Prices rose 3.0% in the United States, up from 2.6% the previous year. Inflation for 1988 is expected to remain slightly higher in the United States than in Japan and the Federal Republic of Germany because of recent exchange rates changes and the elimination of slack productive capacity and labor in the U.S. economy. Prices in developing countries as a whole rose more than 10 percentage points in 1987. Higher import prices, caused by

Jan 1, 1988

By Notman, Arthur

THIS is a day of surpluses, some good and some not so good. One can hardly pick up a newspaper, magazine, review or economic treatise without confronting the fact that we have or are threatened with more .of certain goods than we have use for, whether it be corn, wheat, cotton, coal or oil, -lumber, 'leather, newsprint, automobiles, zinc, lead, copper or what not. How did this unprecedented state of affairs arise? Who is to blame? How shall we avoid smothering ourselves in our own production? The voice of the farmer is raised in appeal to the Government to relieve him from the dilemma of his own fertility. In answer the Government employs thousands of experts and spends millions of dollars to aid the farmer. But to what end? To make him still more efficient so that he may produce even greater surpluses? Not satisfied with the result, it spends other millions to prepare vast areas of the arid land of the West for more farmers to cultivate and insure yet larger surpluses. Then what? Naturally another appeal to the Government to fix prices by financing the

Jan 1, 1928