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May I first of all say that I am fully conscious of the great compliment paid to me when I was invited to accept the Presidential Chair for this current year. I realise that it is an onerous task by reason of the fact that the Chair has been occupied in the past by so many able and distinguished men, and I realise also that I have been set a standard which is hard to emulate. "It is my desire however, in accepting the post that I may be able to contribute in some small measure to the further advancement Of the aims and objectives of the Institute and I thank you all for the confidence you have shown in me.Secondly, on behalf of the Company and in my Presidential capacity, I want to extend to each and everyone of you a hearty welcome to Whyalla and I hope that you will all return to your respective fields of endeavour feeling that you have had a most interesting, enjoyabIe and instructive time with us here in Whyalla.In this year of 1951 marking as it does the culmination of the first 50 years of Federation in Australia and yet another half century of human endeavour and progress, we are brought to a point where it is perhaps natural that we should pause, to review what has been achieved, in that span of time, and to look at the tasks ahead.It is no exaggeration to say that the story of Australian development since the inauguration of the Commonwealth 50 years ago has no more remarkable chapter than that of the-growth of its manufacturing industries.Each decade has borne witness to steady and substantial growth of our secondary industries and whilst it is true that our financial well-being still rests heavily on our primary production, we have, as a nation, moved surely in the direction of a more balanced economy. More and...

Jan 1, 1951

By Paul E. Richardson, Edwin E. Maust

Cyclic voltammetry and surface potential (photovoltage) measurements have been carried out on galena electrodes in sodium tetraborate solutions with added HC1 and NaOH to adjust the pH over the range 2 to 13. The first technique shows that the surface species formed on moderate anodic polarization and reduced on subsequent cathodic polarization are the same over the entire pH range. At anodic potentials, a soluble metal species and excess sulfur are formed; at cathodic potentials, sulfur is reduced to a soluble species. More importantly, excess surface sulfur is formed spontaneously under zero current conditions in alkaline solutions. This has been shown to occur on both polished surfaces and on virgin surfaces produced by in situ cleavage under the electrolyte. The photovoltage gives some insight into the charge and potential distribution at the galena surface. This is found to depend on past electrochemical history and the n- or p-type semiconducting character of the electrode and is interpreted in terms of changes in the surface stoichiometry that occur during reduction or oxidation. The effect of surface stoichiometry on subsequent xanthate interactions is discussed.

Jan 1, 1976

By R. F. Domagala

SOME of the results of a program designed to study the kinetics of transformation and related mechanical properties of prototype Zr-X binary alloys systematically are presented here. The object of this program was to provide a sound basis for a scientific approach to the realization of optimum properties in binary zirconium alloys. Alloys of Zr-Mo (eutectoid), Zr-Sn (peritectoid), and Zr-Ti (a and ß isomorphous) were prepared and studied. The data herein are confined to a presentation of the results of studying the eutectoid prototype alloys. The Zr-Mo phase diagram has been determined.&apos; A definitive metallographic study of isothermaily annealed samples prepared from high purity elements served to position a sluggish eutectoid reaction, ß?a + ZrMo2, at 780°C. The compositions of the phases involved in this reaction are: ß, 7.5 ±1 pct Mo; a, <0.18 pct Mo; and ZrMo2, 67.8 pct Mo. Inasmuch as a lower purity sponge zirconium was used in this work boundary placements were rein-vestigated with the less pure alloys. Materials and Procedures Hafnium-free sponge zirconium was used to prepare all ingots. The arc melted hardness of a small button of this zirconium was found to be Vpn 168. Chemical analyses conducted at Armour Research Foucdation are shown in Table I, High purity molybdenum sheet was used as the alloy addition. A typical analysis is shown in Table I. Several 200-g Zr-50 pct Mo alloys were made by arc melting. Crushed granules of this material were used to ensure inqot homogeneity Ailoy ingots were prepared by double melting techniques. First, three 5-lb ingots of each alloy composition were are melted in 2 nonconsumable electrode arc furnace. After melting. the ingots were ground to remove surface defects. A subse-

Jan 1, 1958

By Thomas E. Marshall, Timothy Batchler, Anthony T. Iannacchione

As the amount of new fractured surfaces or "damaged rock layers" within roof rock increases, the stability of the rock mass decreases. While direct measurements of this phenomenon are not easily made, there is good circumstantial evidence to support this hypothesis. For example, it is common to observe increased cracks or fractures in the immediate mine roof rock before a roof fall. Likewise, roof drill holes placed in areas that later fail often reveal increased numbers and/or separations of fractures within the rock column through time. And finally, the frequency of microseismic activity, representative of rock fracturing, increases before a roof fall. For this study, more than 700 microseismic emissions were collected from two underground limestone mine roof fall areas in southwestern Pennsylvania. Microseismic events were located and magnitudes determined using the moment magnitude technique. Moment magnitude is based on the event seismic moment, which is a measure of the seismic deformation. The amount of new fracture surface length was calculated based on the stored strain energy within the rock prior to fracture. In the two case studies presented, a significant amount of microseismic activity was observed as much as two days before the first signs of failure in the roof fall areas. Additionally, results from this analysis reveal much about the behavior of strata prone to failure and allows for the construction of hazard maps based on microseismic emissions. The potential use of this technique as a means of anticipating roof falls is analyzed and discussed.

By R. D. Sprague, C. B. Richardson

The year 1938 was the most active and successful in the history of the oil industry in southern Louisiana. Drilling showed a 16 per cent increase over that of 1937, with a total of 538 wells drilled, which yielded 315 oil wells, 19 distillate wells, 4 gas wells and 200 dry holes. Nineteen new fields were discovered during the year, all but three of which were completed by plugging back to sands previously drilled through. Electrical logging played a large part in these new discoveries as well as in the discovery of new sands during routine development of fields. Fourteen of the new discoveries produced oil, and five produced only gas and distillate. Southern Louisiana continues to lead the world in depth of drilling, which is in part due to the great thickness of comparatively young deltaic sediments near the coast and the existence of numerous sands. The present development is rather evenly distributed over a coastal strip 100 miles wide. New Fields North Tepetate, Acadia Parish.—Atlantic Refining Company&apos;s No. 1 Klumpp was completed for a new field through perforations from 7960 to 7970 ft. The initial production was 65 bbl. of 54" gravity distillate and 4 million cubic feet of gas daily through a 1/4-in. choke with tubing pressure of 2850 Ib. and casing pressure of 2930 lb. The well is in see. 12, 7 S., 2 W., just north of Tepetate field. It was drilled to a depth of 8705 ft. and plugged back for its final completion. Atlantic&apos;s NO. 2 was completed in a new sand at 8300 ft., also for distillate. South Crowley, Acadia Parish.—Humble Oil and Refining Company&apos;s No. 1 Boyd Finch was completed in July 1938, as an oil well through perforations from 7318 to 7325 ft. after plugging from a total depth of 10,222 ft. After making several hundred barrels of oil, the well went to

Jan 1, 1939

Wartime geological studies by the U. S. Geological Survey and subsequent drilling carried on by the Bureau of Mines disclosed new ore in the Illinois-Wisconsin zinc field. As a result, several companies are carrying on drilling programs to locate and define new ore bodies. The Vinegar Hill company, which operates a custom mill to handle ores from various sources, now employs about fifty men in production at their Andrews mine. The ore is usually found in a 200-ft horizon below the surface. Water problems are not serious. Commercial-grade ore ranges up to 8 and 9 per-cent zinc and the cut off is approximately 41/2 percent.

Jan 1, 1948

By Hanaoka K, Ikeda K

Kakogawa Works, Kobe Steel, Ltd. has two pelletizing plants and one sintering plant, and the blast furnaces have been operated with 30 - 50% pellets. At Kakogawa Works, various improvements in pellet quality have been carried out since the beginning of operation of the pelletizing plant. Especially, dolomite-fluxed pellets developed in 1975, have superior high temperature properties. The fuel rate of the large blast furnaces at Kakogawa Works has been reduced to 450 kg/t- hn by using a high percentage of dolomite-flux ed pellets.

Jan 1, 1980

By John C. Smock

THE question of the proper valuation of mines of iron ore was suggested to me by the difficulties experienced in getting answers for the United States Census Office, while I was engaged in the work of collecting the statistics of mines in New Jersey and New York The answers to the questions relating to values of real estate of mine properties varied so greatly that it was necessary to revise them according to some general principles of valuation. Generally the returns of mine proprietors Seemed to be too low. There were, however, examples of what would be termed excessive valuation. The Subject appeared to be of practical importance, and led to the paper here presented. The following table of selected mine statistics is given, prefacing the discussion of the principles of valuation. It is in part made up of census returns and partly of data obtained directly from mine owners and managers. The mines which were Selected for the Several groups and mining districts include nearly all of those from Which the more full and carefully filled returns were received, and are also representative of their respective districts. Hence the averages obtained from them become good types of these groups or districts. The mines of New Jersey appear in Six groups, each containing from three to eleven mines, or, in all, thirty-four mines. The magnetic iron ores of New York are in four well-marked groups, and there are twenty-six mines in them. Then follow the red hematite mines of St. Lawrence and Jefferson counties; and, lastly, the brown hematite groups of Dutchess and Columbia counties, and those of the adjacent parts of Connecticut and Massachusetts. The whole number of mines represented by the table is eighty-eight, of which twenty-eight are hematite mines. The first column gives the value of the real estate; the second that of the plant; the third is the sum of these two, or the capital invested. Then follow the number of men employed, the amount of wages paid during the census year, and the value of materials used in mining and preparing the ores for market.* The seventh column gives the total expendi- * The value of materials is somewhat uncertain in many cases, as royalties are included under this head. Likewise, under wages, the cost of explosives and light is often included. Hence it is impossible to draw the line sharply between these items of expenditure.

Jan 1, 1882

By W. F. Brace, James D. Byerlee

Although prediction of failure of rocks may be ultimately possible without knowing in detail how failure occurs, understanding of this process is certainly of fundamental interest in rock mechanics. Of the various failure mechanisms, probably brittle fracture is of greatest interest. Recent reviews have brought this subject nearly up to date (Hock,1 Price,2 and Jaeger 3) and here, we summarize certain recent developments. As our understanding of brittle fracture is derived almost solely from laboratory studies this will amount to a review of certain laboratory experiments. New studies in four areas are pertinent; these concern 1) the volume changes which accompany brittle fracture, 2) the propagation of cracks in compression, 3) certain frictional characteristics of rocks and minerals at high pressure, and 4) the law of effective stress for crystalline rocks. Our objective here is less to present an entirely consistent, complete picture of how a rock fractures than it is to emphasize gaps in our understanding and, thus, suggest areas that need further study. Progress is still painfully slow in this field and perhaps this approach will stimulate new work. OBSERVATIONS Although the behavior of large rock masses is most often the concern in rock mechanics, the number of large-scale experimental tests is still vanishingly small. Our experimental observations arc, by and large, still made on small, relatively flaw-free, rock samples. Here also we report the behavior of small samples.

Jan 1, 1967

By C. B. Richardson, R. D. Sprague

The year 1938 was the most active and successful in the history of the oil industry in southern Louisiana. Drilling showed a 16 per cent increase over that of 1937, with a total of 538 wells drilled, which yielded 315 oil wells, 19 distillate wells, 4 gas wells and 200 dry holes. Nineteen new fields were discovered during the year, all but three of which were completed by plugging back to sands previously drilled through. Electrical logging played a large part in these new discoveries as well as in the discovery of new sands during routine development of fields. Fourteen of the new discoveries produced oil, and five produced only gas and distillate. Southern Louisiana continues to lead the world in depth of drilling, which is in part due to the great thickness of comparatively young deltaic sediments near the coast and the existence of numerous sands. The present development is rather evenly distributed over a coastal strip 100 miles wide. New Fields North Tepetate, Acadia Parish.—Atlantic Refining Company&apos;s No. 1 Klumpp was completed for a new field through perforations from 7960 to 7970 ft. The initial production was 65 bbl. of 54" gravity distillate and 4 million cubic feet of gas daily through a 1/4-in. choke with tubing pressure of 2850 Ib. and casing pressure of 2930 lb. The well is in see. 12, 7 S., 2 W., just north of Tepetate field. It was drilled to a depth of 8705 ft. and plugged back for its final completion. Atlantic&apos;s NO. 2 was completed in a new sand at 8300 ft., also for distillate. South Crowley, Acadia Parish.—Humble Oil and Refining Company&apos;s No. 1 Boyd Finch was completed in July 1938, as an oil well through perforations from 7318 to 7325 ft. after plugging from a total depth of 10,222 ft. After making several hundred barrels of oil, the well went to

Jan 1, 1939

By Stephen E. Merritt, T. Carl Shelton

Surveying and mapping are used to locate and visually portray objects, lines, or areas in relation to a reference point or line. The actual making of the measurements to locate the objects and points falls under surveying while mapping is concerned with putting the survey information into a graphical form. Generally, the type or class of proposed survey depends on the precision required. Some surveys may need only approximate measurements which can be obtained by simply pacing or by using an ordinary measuring tape; others may require much accuracy, thus calling for the use of an engineer&apos;s transit or theodolite along with a graduated steel tape for horizontal measurements, or a level and a graduated rod for measuring vertical distances. Mapping is likewise dependent on accuracy requirements. For example, a general layout showing the relative position of surface facilities may not call for a large scale of dimension or great precision whereas for detailed work, a large scale plus care in plotting points and drawing lines and curves are important factors. SURVEYING METHODS There are many kinds or types of surveying methods. Some examples include: land surveying for determining boundaries of land areas ; route surveying for locating roads, highways, right-of-ways, and haulways; city surveying for laying out lots, streets, and alleys ; and mining surveying for projecting mine openings and locating mining operations. There are other types of surveying than those named, but in general, the type of method to be used will depend on the purpose for which the survey is to be made.

Jan 1, 1973

By Eric R. Braun

Ore reserves in the Republic mining district were nearly exhausted in 1984 when hole D-54 intersected a vein twenty- eight feet in drill width averaging 1.57 opt gold and 11.95 opt silver below post-mineral lake beds. The discovery area, termed "Golden Promise", has announced proven and probable ore reserves of approximately 372,000 tons averaging 1.0 opt gold and 4.5 opt silver, and drilling indicates another 756,000 tons of mineralized material containing 0.37 opt gold and 1.4 opt silver (Hecla fourth quarter 1986 report). This paper describes new geological interpretations made as part of a district research study sponsored by Hecla Mining Co., which led to the D-54 discovery. Important new geological concepts include: 1) re-interpretation of the volcanic stratigraphy of the district and recognition of a suite of pyroclastic rocks that are unique to the Republic graben, 2) identification of disseminated subaerial mineralization at a paleosurface that corresponds to the newly described upper contact of the Sanpoil Volcanics, 3) recognition that epithermal veins have a maximum productive vertical range of 0-500 meters, measured from the paleosurface, and 4) veins exhibit visual and geochemical vertical zoning within the productive zone with highest gold occurring at an optimal depth, which is interpreted as the average depth of hydrothermal boiling.

Jan 1, 1987

By R. W. Waterfill

MANY existing ore deposits of valuable metals have been worked out in their upper surface levels and the continued productivity of these mines is dependent on their extension to greater depths in the earth. The maximum depths at present reached are about 6000 to 8000 ft. below the surface, with no evidence of an impoverished ore vein. These mines are widely distributed; some of the best known are in South Africa, Brazil, India and in the western sections of the United States. Among the factors which increase the difficulty of working these mines at increasing depths are hoisting, rock pressure and temperature. The manner and effectiveness with which these problems are met will, no doubt, determine in a large measure the ultimate depths to which any mine can be profitably worked. The most critical of these three factors at present is the increase in temperature with depth. The high temperature and humidity in many of these mines at present is severely detrimental to the health of the workers and greatly hampers their efficiency. Some have almost reached a condition in which the human system cannot survive. The problems involved in the cooling and ventilation of mines have all been ably analyzed and presented in previous articles. For this reason, only a resume of conditions affecting the cooling and conditioning of deep and hot mines will be given in this paper before attention is directed to possible methods of improving atmospheric conditions in the working levels.

Jan 1, 1929

By R. H. Thurston

THE writer became convinced, many years ago, that the generally accepted values of the coefficient of friction for lubricated surfaces were not applicable to such heavy machinery as he had been called upon, in the course of professional work, to design, to construct, and to operate. Experience frequently seemed to indicate, also, a wide departure, in such cases, from the accepted "laws of friction." In the year 1869, or earlier, he invented an apparatus to redetermine these laws and these coefficients for a wide range of temperatures, pressures and velocities. The construction of the machine was delayed, however, some time, and no experiments were made for several years, when, finally, the construction of the apparatus was commenced in the workshops of the Stevens Institute of Technology, and experiments were begun in the Mechanical Laboratory organized by the writer in connection with the Department of Engineering. These machines have now been in use about five years, and have furnished an immense amount of valuable information. Those now in use are of two styles: one designed and built by the Class of 1877, Figs. 1 and 2; the other a much larger machine, Figs. 3 and 4. The first has been already frequently described,* and a working drawing of the second has been also published.† For convenience, engravings of both are herewith reproduced. In the “&apos;77 machine,” a journal, F, is made on the overhung extremity of a shaft carried in the two bearings, B B&apos;. This journal is grasped by brass boxes which are carried in a pendulum, II H. They are forced against the journal by a screw which compresses a coiled spring with a pressure which is read off on the scale, N H. A weight at the lower end of the arm, at I, gives it the necessary resistance to deflection. The angle of deflection is measured on the * In Scientific American, Railroad Gazette, Jour. Frank. Inst., Johnson&apos;s Cyclopaedia, Knight&apos;s Mechanical Dictionary, etc. † Railroad Gazette, Jan. 18th, 1878, p. 25.

Jan 1, 1879

NEW MEMBERS The following list comprises the names of those persons who became members during the period Nov. 10, 1916 to Dec.10, 1916. BARNSDALL, THEODORE N., Treas. & Mgr., Highland Gas Co., 24 West Corydon. St., Bradford, Pa. BEASLEY, FRED E., Asst. Supt., Copper Refinery, Consolidated Mining & Smelting Co., Trail, B. C., Canada., BREWSTER, THOMAS T., Vice Pres., Gen. Mgr., Mt. Olive & Staunton Coal CO., 1012 Federal Reserve Bldg.,-St. Louis, Mo. BRINDLE ARTHUR ST. C.... Mining Recorder&apos;s Office, Trout Lake, B. C., Canada. BULLOCK, Harry E., Pres Kentucky-Jewel Coal Co., Lothair, Ky. BUTLER, PERCY BENNETT, Mine Operator :..P. 0. Box 335, Joplin, Mo. BUTLER, ROBERT S Supt., Three Johns Mining CO., ,Joplin,.Mo. CABOT, Godfrey, L., Carbon Black Maker, Gas Engr., 940 Old South Building Boston Mass.

Jan 1, 1917

The primary object of this paper is to describe the present metallurgical practice of the Emperor Combined Mill, wherein ores from the adjoining and Associated Mining Companies, Emperor Gold Mining Company Ltd., Loloma (Fiji) Gold Mines, N.L., and Dolphin Mines, Ltd., are treated for the recovery of gold and silver.The mining field is located in the foothills, five miles from the sea, on the northern side of Viti Levu, the largest and most important island of the Fiji group.The orebodies occur in basalt and associated ash beds overlain by andesite, tuffs and sediments. The basalt is a dark greenish-black rock and in much of the ore mined is weathered with alteration of the olivine to serpentine and iron oxides, of the augite to chlorite and of the minute included crystals of iron ore to other iron oxides. Into the basalt intrudes a considerable number of andesite dykes, and the lodes occur as veins in these dykes, as &quot;flatmakes&quot; along fissures or, ash beds extending horizontally from the dykes and at the contact of the basalt and the andesite dices.The Emperor orebody is the largest and most important, and consists essentially of massive, shattered, well altered and mineralized basalt.Little or no free gold occurs in the ore at present being milled, the most important host minerals for gold being the tellurides sylvanite and hessite, next in importance being the sulphides, pyrite, marcasite and arsenopyrite. Chalcopyrite is present in quantities large enough to be troublesome in the subsequent concentrate treatment section, while sphalerite, tetrahedrite, bornite, galena and native tellurium are present in small quantities.Unimportant occurrences of native copper have been observed in both Dolphin and Emperor orebodies.

Jan 1, 1953

By A. B. Cox, L. W. Wark

In an earlier paper1 measurements of contact angles due to the effect of xanthates on mineral surfaces were reported. The solutions in which these measurements were made differed widely from those of modern flotation circuits. It is intended, however, by introducing, one at a time, the other principal reagents of flotation, to approach gradually the solution composition of flotation liquors. The work now described is an attempt to determine the effect of one of the most important of these reagents—namely, sodium cyanide—on the establishment of air-mineral contact. The work has been carried out for the following companies: Broken Hill South, North Broken Hill, Zinc Corporation, Electrolytic Zinc of Australasia, Mount Lyell Mining and Railway, and Burma Corporation. Since the effect of cyanide is inseparably connected with the alkalinity, the results cited below deal with the mutual effects of alkalis and cyanide. Alkalis alone exert a significant effect on the air-mineral contact but comparatively large amounts are required. Since the addition of a small amount of cyanide greatly decreases the degree of alkalinity necessary for the suppression of contact at surfaces of any of the minerals experimented with (except galena) and since alkalis are rarely used alone in practice, little attention has been paid to cyanide-free solutions. It was shown in the previous paper that, excluding the dixanthogen effect, whenever contact was practicable at all in an ethyl xanthate solution the angle of contact was 60". There is, therefore, less necessity to measure equilibrium contact angles; in fact, the experiments herein described have generally been conducted with a view to determining whether contact is possible and not to measuring the actual value of the contact angle. The separations which have generally to be effected in dealing with complex sulfide ores are: (1) galena from sphalerite, pyrite, etc.; (2) sphalerite from pyrite and/or gangue minerals; (3) copper minerals from pyrite and gangue minerals; (4) pyrite from gangue minerals; (5) chal-

Jan 1, 1935

By D P. Obeng, L Reemeyer, R Holmes

The Zinifex Century Mine employs a large number of Detritor mills for fine and ultra-fine grinding to liberate silica and sphalerite at 80 per cent passing 7.5 microns before final zinc flotation. A joint project between CSIRO Minerals and the Zinifex Century Mine was carried out to evaluate the Detritor mill performance. Plant surveys were conducted around the Detritors in conjunction with laboratory tests. The survey data showed that the Detritors in the ultra-fine milling circuit performed well. They reduced a feed F80 sizing of 46 microns to a product P80 sizing of 7.5 microns at a gross energy consumption of 37.2 kWh/t. Scale-up of ultra-fine milling Detritors was studied using a 0.55 kW laboratory batch unit and a 355 kW full-scale Detritor by processing Century zinc concentrate with 1 mm sand media. The results indicated that the 0.55 kW laboratory mill underestimated the energy consumption of the full-scale Detritor by about 20 per cent for a product P80 of seven microns. The performances of a horizontal IsaMill and a vertical Detritor were compared as ultra-fine milling devices for processing Century zinc concentrate. The experimental data demonstrated that, when using the same grinding media, the energy efficiency of the two mills is similar despite the difference in mill designs. The Detritors used for regrind duty at the Century Mine performed poorly when processing feed at 80 per cent passing 88 micron. The energy consumption was high and the product size distribution was broad with particles above 100 microns in the feed unbroken and particles below ten microns overground. A coarser ceramic media of 3 mm was therefore tested in a laboratory Detritor to process the regrind Detritor feed as an alternative to the 1 mm Colorado sand used at the Century Mine. The ceramic media reduced the energy consumption significantly and produced a narrower product size distribution, which is more desirable for the downstream flotation process.

Jan 1, 2007

By W. E. Pugh

The object of the following is to discuss a few of the problems encountered in the practical field application of reflection seismology. Very little has been published on this phase of the work and it is to be hoped that discussions will be presented by many seismologists who have met with these problems in the field. No attempt will be made to discuss the general principles of reflection prospecting, nor to outline the general field procedure. These phases have been presented more or less in detail in previous publications1 while economy of space and time prevents their being repeated or amended here. If, in the following pages, some criticism is offered of those who have already given their time and efforts to present valuable papers on reflection shooting, we trust that it will be accepted in the constructive light under which it is offered. We do not wish to give the impression that the following paragraphs represent ultimate achievement in field procedure; they are presented more to illustrate methods we have found satisfactory thus far. We believe that the following three subjects are inexorably linked with the continued future successes and more widespread use of the reflection method which, at the present time, is the most

Jan 1, 1934

By H. J. Wasson

DEVELOPMENTS in Venezuela during the past few months have been obscured by the hap-penings in Seminole and, more recently, those in southwest Texas. The question has been asked whether or not the opening of these vast new, prolific areas in the United States may not have depressed prices to a point so low as to give the developments in the Caribbean countries a serious setback. Nothing of the kind, however, has taken place, and on the contrary, there has been demonstrated the fact that Venezuela can profitably produce great quantities of oil under existing market conditions, and at the same time finance the foundation for further large expan-sion in the future. The three big factors which contribute to place Venezuela in a unique position and tend to insure the steady expansion of its oil industry are, in the order of their importance: I. Reasonable oil laws backed by a sound govern-ment, which comprehends the all-important fact that the country&apos;s prosperity depends on the prosperity of its industries, in a word, perceiving that the goose which lays the golden egg merits considerate treatment. II. The low cost of placing Venezuela oil on our At-lantic seaboard; not over $0.60 per barrel. III. The uniformly high average production per well and the large area of some of the individual pools. Under these conditions Venezuelan producers may be expected to continue steady and profitable ex-pansion even in the face of further market slumps. Their position is analogous to that of the low-cost copper producers, and unless artificial barriers, such as tariffs, come into play, Venezuela will steadily grow in importance. Within less than five years it should be second only to the United States among the oil-producing countries of the world.

Jan 10, 1927