The Mining Magazine
W . F . W h i t e , M a n a g in g D irector. E d w a r d W a l k e r , M .S c ., F . G . S . , E ditor.
P u b l i s h e d o n t h e 15t h o f e a c h m o n t h b y M i n i n g P u b l i c a t i o n s , L i m i t e d , a t S a l i s b u r y H o u s e , L o n d o n , E.C . 2.
T e le p h o n e : L o n d o n W a ll 8 9 3 8 . T e le g ra p h ic A d d re s s : Oligoclase. C odes : M c N e ill , b o t h E d itio n s , & B e n t l e y . R r a n p h O f f i c e s/ N ew Y o r k : A m e r. I n s t . M. & M .E . QTiR<;rpTPTmv J 12s. p e r a n n u m , in c lu d in g p o s ta g e . BRANCH O F F I C E S | C h i c a g o . 3 6 0 > N> M ic h ig a n B lv d . S u b s c r i p t i o n ] TT c £ m • --- ®—
I U .S .A ., $3 p e r a n n u m , in c lu d in g p o s ta g e .
Vol. XL. No. 4. L O N D O N , A P R IL , 1929.
O N E S H I L L I N GPR IPFC O N T E N T S
PAGE Ed i t o r i a l
N otes ... 198
G old M edals fo r C a n a d ia n I n s t i tu t e ; C o n tin e n ta l D r ift H y p o th e s e s ; I n s t i tu t io n A n n u a l D in n e r a n d G o ld M edal. The I n s titu tio n a n d G eophysics . . . . 198
T h e M arch m e e tin g o f th e I n s t i tu t io n o f M in in g a n d M e ta llu rg y w a s d e v o te d to a sy m p o s iu m o n G e o p h y sic a l P ro s p e c tin g , a t w h ic h a n u m b e r o f p a p e rs o n v a rio u s m e th o d s w e re p re s e n te d . Copper a n d T i n ... 199
T h e p re s e n t p o s itio n o f th ese tw o h ig h ly i n te r e s tin g b a se m e ta ls is r e v ie w e d . P etroleum E c o n o m ic s... 201
T he d e a th o f K a r l B e n z a n d c e rta in p ro n o u n c e m e n ts fro m A m e ric a a ffo rd th e o p p o r tu n i ty fo r a b rie f c o n s id e ra tio n o f th e s u b je c t. Re v i e w o f Mi n i n g... 2 0 2 Ar t ic l e s A R eview of C o n tin e n ta l D rift H y p o th esis . . . .D r. A rth u r H olm es 205 C om m ercial A sbestos in th e U nion of S o u th A frica . . .T u d o r G. Trevor 210 L ig h t S teel S ets as Mine R o a d w a y S u p p o r t s ... R. E . R ickard 217 P ro d u c tio n of S u lp h u r fro m P y rite s A r th u r J . Caddick 220 Le t t e r t o t h e Ed i t o r A n U n u su a l Slag S tru c tu re J . B . R ichardson 221 Bo o k Re v i e w s S u tto n ’s “ D iam o n d : A D esc rip tiv e T reatise ” ... T udor G. Trevor 222 N e w s L e t t e r s J o h a n n e sb u rg 223 M anganese ; T r a n s v a a l C h ro m ite I n d u s t r y ; R o c k B u r s ts M enace ; T r a n s v a a l E m e ra ld F ie ld ; R a d io - A c tiv e O re in S .W . A frica. T o ro n to ... 225
R o u y n ; S u d b u r y ; P o rc u p in e ; M a n ito b a K ir k la n d L a k e ; P a t r i c ia D is tr ic t. V a n c o u v e r ... 227
T h e K o o te n a y s ; G r a n d T r u n k ; P acific M in e ra l B e lt ; P o r tla n d C a n a l ; T h e W e a th e r. B r i s b a n e ... 229
L a s t Y e a r ’s O p e r a tio n s ; A C o al C risis ; T h e M o u n t E l li o tt C o m p a n y ; M o u n t I s a A c tiv itie s ; C lo n c u rry O re ; N o r th Q u e e n s la n d T in . C a m b o r n e ... 230
C o u n ty C o u n c il B ill a n d th e M in in g I n d u s t r y ; U ra n iu m a n d R a d iu m P o ssib ilitie s in C o r n w a l l ; C e n te n a r y o f S ir H u m p h r e y D a v y ; G e e v o r ; R ise in P ric e o f L e a d ; W h e a l A n d re w ; P o lh ig e y . P e r s o n a l ... 231
T r a d e P a r a g r a p h s ... 231
M e t a l M a r k e t s ... 235
S t a t i s t i c s o f P r o d u c t i o n , e t c 237 S h a r e Q u o t a t i o n s ... 240
Mi n i n g Di g e s t A G ra v ita tio n a l S u rv ey a t D ru m ry V alley, n e a r Glasgow Dr. W . F. P . M cL intock and J . Phem ister Som e R eflections up o n a G eological Com p a ris o n of S o u th A frica w ith S o u th A m e r i c a Dr. A . L . du T oit O n v erw ach t P la tin u m P la n t T . K . Prentice and R . M urdock R efining M etals b y O x id a tio n Jam es Silberstein T h e E rrin g to n L ead-Z inc-C opper M ine Reginald E . Hore A ssay fo r P la tin o id s in O res J o h n W atson T he O rigin of th e G re at R ift V alleys, K e n y a ...Dr. E rnest Parsons 241 246 249 254 255 255 257 S h o r t N o t i c e s ... 257
R e c e n t P a t e n t s P u b l i s h e d ... 257
N e w B o o k s , P a m p h l e t s , e t c ... 258
C o m p a n y R e p o r t s ... 259
C ro w n M ines, G e d u ld P r o p r i e ta r y M ines, G o p e n g C o n s o lid a te d , G o v e r n m e n t G .M . A re a s , L a n g la a g te E s t a t e a n d G o ld M ining, M ason a n d B a r ry , M o d d e rfo n te in D e e p L e v e ls, M y so re G o ld M ining, N ew S t a te A re a s , R a n d f o n te in E s t a t e s , S t. J o h n del R e y , S o u th C ro fty , V a n R y n D e e p , W it w a t e r s r a n d G old. D i v i d e n d s D e c l a r e d ... 260
N e w C o m p a n i e s R e g i s t e r e d . . . 260
E D IT O R IA L
T
E N gold m e d als h a v e b ee n p re s e n te d to th e C a n ad ian I n s titu te of M ining a n d M e tallu rg y b y th e H on. R a n d o lp h B ruce, L ie u te n a n t-G o v e rn o r of B ritish C olum bia, one m e d a l to be a w a rd e d a n n u a lly , if th o u g h t fit, to th e m e m b er o r m e m b ers m a k in g th e m o st n o ta b le c o n trib u tio n s to a d v a n c e m e n t in th e fields of m ining, m e ta llu rg y a n d geology. Such m e d als w hen a w a rd e d w ill be know n as th e “ R . R a n d o lp h B ru ce G old M edal.”C
O N T IN E N T A L d r ift h y p o th e se s, a lth o u g h belonging p ro p e rly to th e rea lm of p u re, o r r a th e r sp e cu la tiv e , geology, h a v e y e t a n econom ic significance, in a sm u c h as th e y a d m it of th e p o ssib ility of p ro g n o s tic a t
in g m in e ral occurrences. In th is issue we p u b lish th e first p a r t of a n a rtic le b y P r o fessor A rth u r H olm es, in w h ich h e e x p o u n d s, for th e ben efit of m in in g engineers, th e p re se n tly -h e ld view s of geologists on th is v e x a tio u s q u estio n . S im u lta n e o u sly we p u b lish e x tra c ts fro m a n ad d re ss b y D r. A. L.
du T o it, an in d e p e n d e n t a d v o c a te of th e th e o ry , a n d fro m a p a p e r b y D r. E rn e s t P arso n s w hich also b e a rs on th e su b je c t.
T
H E a n n u a l d in n e r of th e I n s titu t io n of M ining a n d M e tallu rg y w as h e ld in L o ndon on A pril 10 u n d e r th e c h a irm a n s h ip of th e P re sid e n t, P rofessor S. J . T ru s c o tt, w hen speeches w ere also d eliv ered b y S ir H a lfo rd M ackinder, C h a irm an of th e Im p e ria l E conom ic C om m ittee, S ir G o d fre y F e ll, S ir A u ck la n d G eddes, S ir R ic h a rd G regory, a n d th e P re sid e n t-e le c t D r. W illia m C ullen.T he G old M edal of th e I n s titu tio n of M ining a n d M etallu rg y h a s b een a w a rd e d c o n jo in tly to th e H on. W . L. B a illieu a n d W . S.
R obinson “ in rec o g n itio n of th e ir serv ices in th e d e v e lo p m e n t of th e m in e ra l reso u rces of th e E m p ire, w ith special referen c e to th e zinc a n d le ad in d u s trie s of A u s tr a lia .”
T he m e d al (in d u p lic ate) w ill b e p re s e n te d a t th e A n n u al G en eral M eeting of th e I n s t i t u tio n on M ay 16.
T h e In stitu tio n a n d G e o p h y s ic s T he ob ject of th e M arch m e e tin g of th e In s titu tio n of M ining a n d M e ta llu rg y w as to afford m em bers a n o p p o r tu n ity of h e a rin g th e e le m e n ta ry prin cip les u n d e rly in g th e m ore im p o rta n t know n m e th o d s of g e o p hysical p rospecting, on w h ich th e re is, be it said how ever, co n sid e ra b le lite r a tu r e a lre a d y available. P a p e rs w ere p re se n te d
b y C a p ta in H . S h aw a n d Mr. E . L an caster- J o n e s re sp e c tiv e ly on m a g n e tic and g ra v im e tric m e th o d s. D r. W . F . P.
M cL in to ck , of th e G eological S u rv e y of G re a t B rita in , also r e a d a p a p e r on the l a tte r su b je c t. P ro fesso r A. O. R ankine, of th e D e p a rtm e n t of P h y sic s in th e Im perial College, g a v e a c le a r e x p o s itio n of the seism ic m e th o d , a b o u t w h ich n o t so much, p e rh a p s, is k n o w n in th is c o u n try . The n am es of th e first tw o a u th o rs a re already w ell k n o w n to re a d e rs of th e M a g a z i n e , w h ich h a s p u b lis h e d a rtic le s w ritte n jointly b y th e m on th e E o tv o s b alan c e.
A fte r d e a lin g w ith th e e le m e n ts of m agnetic m e th o d s, C a p ta in S h aw re fe rre d to the lim ita tio n s of th is sy ste m . T h u s in fields n o t u n ifo rm ly m a g n e tic th e in te rp re tatio n of re s u lts o b ta in e d c a n o fte n b e illusory a n d , if th e m e th o d is to b e developed for th e lo c a tio n of w e a k an o m alies, a further in c re ase in r e lia b ility a n d a c c u ra c y of the in s tru m e n ts em p lo y e d is re q u ire d . Apart fro m th is , m a g n e tic m e th o d s h av e the a d v a n ta g e of b ein g th e le a s t costly. I t is possible for tw o m e n to co v e r one square m ile in 8 to 10 d a y s a t a co st of a b o u t £150 a m o n th . A p ro lo n g e d su rv e y in th e United S ta te s co st £1,500 a y e a r.
D r. M c L in to ck in th e course of his paper re fe rre d to th e tw o g eo p h y sical surveys ca rrie d o u t b y th e G eological Survey of G re a t B r ita in . T h e first of these, that o v e r th e S w y n n e rto n D y k e , form ed the su b je c t of a n a rtic le in th e M a g a z in e for D ecem b er, 1927, a n d th e second, which w as th e su b je c t of a p a p e r before th e Royal S o ciety of E d in b u rg h in N ovem ber last, a p p e a rs in a b s tr a c t fo rm elsew here in this issue. H e also show ed a sk e tc h m a p giving som e re s u lts of y e t a n o th e r su rv ey , also in S co tla n d , w h ich w ill be rec o rd e d in the S u m m a ry of P ro g ress, P a r t I I , 1928. He w as of o p in io n t h a t th e lite r a tu r e of geo
p h y sic s is n o t good, a n d th a t it m ight be m u c h e n ric h e d b y th e p u b lic a tio n of details of f u rth e r su rv ey s. T h is afforded him the o p p o r tu n ity of c o m p lain in g ag ain st the secrecy sh ro u d in g th e o p e ra tio n s of the v a rio u s com m ercial e n te rp rise s w hich have s p ru n g u p for th e e x p lo ita tio n of th e new a r t.
G ra v ita tio n a l su rv e y in g w as review ed by Mr. L a n c a s te r-J o n e s in q u ite g e n e ra l terms, w hich show ed h o w b o th su rfa c e a n d sub
d rift to p o g ra p h y affec ted re s u lts obtained b y th e E o tv o s b a la n c e . I n fa c t, h e frankly p o in te d o u t th e difficulties, b u t an ticip ated 198
A P R IL , 1929 199 adverse critic ism b y in d ic a tin g t h a t th e cost
of th e su rv e y b y th is m e th o d h a d to be considered in c o n ju n c tio n w ith th e degree of success o b ta in a b le w hen co m p a rin g it w ith o th e r m e th o d s. H is figures w ere £500 per m o n th for 100 s ta tio n s o v er a n a re a of one square m ile, in a d d itio n to th e first cost of th e in s tru m e n ts a t £1,000 to £1,500 each, of w hich five or six w o u ld b e req u ire d . In defence of th e se co sts as co m p a re d w ith those of drillin g it m u st be rem e m b ere d th a t th e resu lt o b ta in e d is th ree -d im en sio n al rath e r th a n uni-dim ensional. I n te r e s t will doubtless c e n tre on th e fo resh ad o w ed use of torsion b alan c es u n d e rg ro u n d for finding orebodies w hich h a v e “ p e te re d o u t.”
Professor R a n k in e is to b e c o n g ra tu la te d on covering a g re a t d ea l of g ro u n d in a v e ry short tim e. T h e a tte n tiv e liste n e r cam e away w ith a clear id e a of e x a c tly how a seismic su rv ey is c a rrie d o u t, ev en to th e m ajor d etails of in te rp re tin g th e re su lts obtained. A s to th e p lace to b e ta k e n by th is m e th o d in th e geophysical scheme, its g re a t a d v a n ta g e is th e re la tiv e rap id ity w ith w hich re su lts are o b ta in e d . Thus speed is m ore im p o r ta n t th a n accuracy in th is case, esp ecially if th is m ethod be re g a rd e d as th e p ioneer to be followed if n ec essary a n d possible b y another m e th o d — e.g. to rsio n b alan c e— for confirm atory purposes. In th e f u tu re som e increased a c cu rac y in th e m e th o d m a y be looked for since th e re are circ u m sta n c e s, notably those asso cia te d w ith th e lo c atio n of d eeply-buried stru c tu re s , w here th is m ethod a n d th is alone c a n b e used.
The views of Sir J o h n F le tt, D ire c to r of th e Geological S u rv e y of G re a t B rita in , w ere in the n a tu re of a n expression of his in te re s t in the m a tte r from th e first a n d of a d e te rm in a tion th a t th is c o u n try sh o u ld n o t be b eh in d others— a zeal, he confessed, th a t w as fired largely b y th e p roceedings a t th e G eological Congress in M adrid, in 1927. H ence th e surveys to w hich allu sio n h a s b een m ade above, w hich, it w ill b e n o te d , h a v e been carried o u t over a re as th e geological s tru c tu re of w hich w as a lre a d y th o ro u g h ly well know n to th e S urvey. T h e p rim e o b je c t of th e work w as th u s to e s ta b lish th e v alu e or otherw ise of th e claim s a d v a n c e d on b eh alf of g ra v ita tio n a l m e th o d s. P a rtic u la rly im p o rta n t w as h is em p h asis of th e fac t th a t geophysics is to be re g a rd e d on ly as in tro d u c to ry to th e good o ld-fashioned m ethods of lo c a tin g orebodies ; t h a t it is but an in d ic a to r, a lb e it one th e a c cu rac y of
w hich m a y becom e co nsiderable. M ining en g in eers will n o t b e c e rta in u n til, b y borin g , sinking, driv in g , a n d ex p lo rin g , th e ore is p ro d u c e d to th e lig h t of d a y !
P ro fesso r T ru s c o tt, w hen in tro d u c in g th e su b je c t, to o k th e o p p o rtu n ity of w elcom ing Mr. H a n s L u n d b e rg , th e e m in e n t Sw edish geologist a n d g eo p h y sicist, of w hose view s i t w as u n f o rtu n a te t h a t tim e d id n o t p e rm it m em b ers to h a v e th e a d v a n ta g e . W a n t of tim e also n e c e s sita te d th e d e fe rm e n t of Mr. B ro u g h to n E d g e ’s p a p e r, w h ich w as, h ow ever, p e rh a p s, a n a d v a n ta g e , as th e a u th o r w as a b s e n t a n d m a y b e p re s e n t a t th is m o n th ’s m eeting.
C o p p er a n d T in
A m ong b a s e m e ta ls c o p p e r a n d tin a re p ro b a b ly th e c e n tre of th e g re a te s t in te r e s t.
S p e c ta c u la r p rice ch a n g es h a v e of la te b ee n w itn e ssed in th e fo rm e r, w hile th e l a t t e r h as for lo n g b e e n th e source of m e n ta l if n o t of a c tu a l fin an c ial sp e cu la tio n . C onsidering first th e p o sitio n w ith re g a rd to co p p e r, it is n o t so v e ry m a n y y e a rs since th e m a rk e t for t h a t m e ta l la n g u ish e d , w ith e v e r-p re se n t fe a rs of o v er-p ro d u c tio n . C o n seq u en tly a fte r th e big p o st-w a r boom of 1920 v alu es slipped a w a y a n d c a sh s ta n d a r d copper, w hich h a d a v e ra g e d £98 in t h a t y e a r, d ro p p e d in 1927 to a n a v e ra g e of £56. T he circ u m sta n ce s w hich p ro d u c e d t h a t fall w ere also in s tru m e n ta l in b rin g in g a b o u t th e fo rm a tio n of th e o rg a n iz a tio n know n a s th e C opper E x p o rte rs In c. to h a n d le th e U n ite d S ta te s p ro d u c e rs’ e x p o rt business in copper, a n d , a lth o u g h th a t b o d y co m m enced to fu n c tio n in th e l a t t e r p a r t of 1926, c o n sid er
a b le tim e elapsed before its ex iste n ce b ecam e a p p a r e n t in th e m a rk e t. S u b se q u e n tly a n o th e r o rg an iz atio n , th e C opper I n s titu te , w as c re a te d , w hich, how ever, confined its a c tiv itie s to th e U n ite d S ta te s hom e tra d e , a n d th ro u g h w hich it w as in te n d e d th a t th e p ro d u c e rs sh o u ld b e k e p t in close to u c h w ith th e g en e ral p o sitio n of th e in d u stry , a n d th u s p r e s u m a b ly b e a b le to re g u la te su p p lies to d e m a n d a n d b rin g a b o u t u n ifo rm ity in prices.
I t is no d o u b t la rg e ly d u e to th e o p e ra tio n of th e se tw o o rg a n iz a tio n s t h a t th e re m a rk a b le a d v a n c e in co p p er p rices is to be a ttr ib u te d , a lth o u g h , of course, th e ir efforts w ould h a v e b e e n fu tile b u t for th e eq u a lly re m a rk a b le e x p a n sio n w itn e ssed in co n su m p tio n . T h is in c re ase c a n b e s t b e v isu alized b y sc ru tin iz in g th e A m eric an
d eliveries of refined co p p e r for th e d o m e stic a n d th e e x p o rt m a rk e ts . I n 1924 th e se co m b in ed to ta lle d 1,319,783 s h o rt to n s, w h erea s in 1928 th e y a m o u n te d to no less th a n 1,657,681 s h o rt tons. I t is p ro b a b le , how ever, th a t th is fa c to r alo n e w o u ld n o t h a v e b r o u g h t a b o u t th e en o rm o u s im p ro v e m e n t in co p p e r v alu es w hich h a s a c tu a lly been seen, for th e sim ple rea so n t h a t w ith o u t th e re stric tio n im p o sed u p o n c o m p e titiv e selling b y th e o rg a n iz a tio n of th e C opper E x p o rte rs Inc. it w ould n o t h a v e b ee n possible for th e p ro d u ce rs to r e a p th e full a d v a n ta g e of th e im p ro v e d situ a tio n . L a s t y e a r th e deliveries a c tu a lly exceed ed th e p ro d u c tio n of refined co p p er, so t h a t th e A m eric an stocks, w hich a f te r all fo rm th e k ey sto n e of th e situ a tio n , w ere re d u c e d fro m ju s t o v er 95,000 to n s to a little o v er 65,000 to n s, a d ro p of close u p o n 30,000 to n s. T h a t th e re w as ju stific a tio n for a s u b s ta n tia l im p ro v e m e n t in th e selling p rices is, th e re fore, obvious, b u t w h e th e r it w a r ra n te d th e trem e n d o u s a d v a n c e w hich h a s b e e n seen is a v e ry differen t m a tte r. As tim e w e n t on, h ow ever, it b ec am e o bvious t h a t p ro d u c e rs w ere in c o n tro l of th e p o sitio n a n d , w ith co n su m p tio n a c tiv e ev e ry w h e re , u se rs a p p a r e n tly b ec am e a p p re h e n siv e an d h a s te n e d to cover th e ir re q u ire m e n ts b o th p re se n t a n d p ro sp ec tiv e . F u ll a d v a n ta g e w as ta k e n b y th e co p p er p ro d u c e rs of th is b u y in g m o v e m en t. T h e ir a c tio n , indeed, se rv e d to s ta m p e d e b u y e rs a n d prices, w ere a d v a n c e d a g a in a n d ag a in , ea c h successive rise o n ly a c c e n tu a tin g th e fea rs of co n su m ers a n d th e c u p id ity of p ro d u ce rs.
T h e w hole m o v e m e n t w as no d o u b t clev erly en g in eered a n d w as m o st a c c e p ta b le to m in in g a n d sm e ltin g in te re sts , th o u g h th e sa m e ca n h a r d ly b e sa id fro m th e co n su m e rs' s ta n d p o in t. U n d u ly h ig h p rice s e n d b y checking th e d e v e lo p m e n t of c o n s u m p tio n a n d a v e ry la rg e a b s o rp tio n is n e c e s sa ry if to - d a y ’s big o u tp u t of c o p p e r is to go on b ein g u se d as soon as it is p ro d u c e d . E le c tric a l d e v e lo p m e n ts h a v e b ee n th e m a in s ta y of th e m a rk e t, w hich is illu s tra te d b y th e fa c t th a t of th e A m eric an deliv eries a b o u t 60 p e r cent, a re in th e s h a p e of w ire b a rs , use d for w ire d raw in g . L a t te r ly th e d e m a n d from consum ers h a s su b sid ed , w h ilst offers of co p p er for re-sale h a v e m a d e th e ir a p p e a r an ce everyw here. T h e s h a rp d ro p in s ta n d a r d w hich en su ed w h en it w as u n m is ta k a b le th a t th e d e m a n d for e le c tro ly tic h a d eased off g av e ev id en ce t h a t th e rise h a d b een a lto g e th e r o v erd o n e , b u t th e re is e q u a lly th e d a n g e r t h a t th e fall m a y go too
fa r, e sp ec ially w ith th e sto c k s of sta n d a rd d a n g e ro u sly sm a ll. I t is to b e h o p e d , how
ev er, t h a t th e m a r k e t w ill b e p e r m itte d to s e ttle do w n a t a re a s o n a b le le v el w ithout fu rth e r v io le n t re a c tio n s . In th e long run
“ A lice in W o n d e rla n d ” m a r k e ts such as h a v e b ee n seen la te ly in c o p p e r a re positively h a rm fu l to all co n cern ed .
T u rn in g to tin , th is m a r k e t re c e n tly has n o t d isp la y e d such w ide flu c tu a tio n s as that for co p p e r, a n d , in d e ed , for som e other m e ta ls, b u t n e v e rth e le ss v a lu e s h a v e been m a in ta in e d w o n d e rfu lly w ell d u rin g a period w hen fla b b y a n d n e rv o u s c o n d itio n s might e a sily h a v e b ee n e x p e rien c ed . A y ear or tw o ago th e s h o rta g e of tin ca u se d b y the fa ilu re of p r o d u c tio n to re sp o n d adequately to th e in c re a se d calls for th e m e ta l resulted in excessively h ig h prices, cash standard a v e ra g in g o v er £291 in 1926. E ventually p ro d u c tio n w as p u sh e d u p everywhere, w h ilst dozens of new c o m p an ie s w ere formed to ex p lo it fre sh a re a s a n d o p en new mines.
T h e re s u lt of th is b ro a d in flu x of new capital w as a s te a d y e x p a n sio n in p ro d u ctio n , alike in th e F e d e r a te d M a lay S ta te s an d other im p o r ta n t p ro d u c in g ce n tre s, th e world’s o u tp u t in 1928 b e in g e s tim a te d a t about 171,800 to n s, c o m p a re d w ith a b o u t 153,500 to n s in 1927 a n d 141,000 to n s in 1926. In face of th is in c re a se it w as obvious th a t con
su m p tio n w o u ld n e e d to b ro a d e n if the sc a rc ity of m e ta l a n d th e re su ltin g excessively h ig h p rices w ere to co n tin u e , b u t apparently it failed to do so a t a r a te e q u a l to th a t of th e e x p a n sio n in o u tp u t, w hich is clearly ev id e n c e d b y th e fa c t t h a t d u rin g th e year 1928 th e v isib le su p p lies ex p a n d e d b y fully 8,000 to n s. E v e n th is 8,000 to n s does not te ll th e w hole sto ry , for a la rg e quantity of tin is kn o w n to h a v e b ee n d e a lt w ith by th e h o ld e rs in such a w a y t h a t it does not a p p e a r in th e recognized tr a d e statistics.
T h e r e m a rk a b le a c tiv ity of th e m otor car in d u s tr y is resp o n sib le for a h e a v y con
s u m p tio n of th e m e ta l, w h ilst th e in
cre a se d use of tin c o n ta in e rs accounts for th e a b s o rp tio n of a d d itio n a l quantities in th e tin p la te in d u s try , th e grow th in b o th d irec tio n s b ein g la rg e ly in America.
I n face of th e in c re ase d o u tp u t a n d the grow ing visible su p p lies th e inference is irre sistib le th a t p rices w o u ld h a v e declined to below £200 b u t for th e p e rs is te n t support re n d e re d to th e m a rk e t in re c e n t months b y w h a t is p o p u la rly know n a s th e “ group.”
T h e com position of th is g ro u p is a jealously g u a rd e d se cret, a lth o u g h it is generally believed t h a t its m e m b e rs a re closely
A P R IL , 1929 201 associated w ith la rg e p ro d u cin g in te re s ts a n d
h ave S to ck E x c h a n g e a n d p o ssib ly b a n k in g affiliations a n d co n n e ctio n s. W h o e v er th e y m ay be, how ever, th e y e v id e n tly ta k e th e view t h a t sooner o r la te r c o n su m p tio n w ill increase sufficiently to a b s o rb th e w hole m ine o u tp u t, a n d , b e lie v in g t h a t i t is o n ly a question of tim e before th e p re se n t a p p a r e n t surplus will all b e re q u ire d , h a v e la id th e ir plans to c o n tro l th e e n tire p ro d u c in g a n d consum ing ra m ific a tio n s of th e in d u s try , a n d also to d ic ta te p rices to th e w orld. T im e will show w h e th e r th e y h a v e r e a d th e fu tu re a n d their own a b ilitie s co rrec tly . M ean tim e tin prices are v e ry p ro fita b le to m o st m ines a n d the “ group ” o p e ra tio n s h a v e b een of g re a t benefit to th e m in in g in d u s try .
P e tr o le u m E c o n o m ic s
Space h a s b e e n d e v o te d in th e se colum ns from tim e to tim e to a co n sid e ra tio n of som e of th e b ro a d e r a s p e c ts of th e econom ics of p etroleum , b o th from th e p o in t of view of the use of th e refined p ro d u c ts as fuels a n d lu b rican ts a n d from t h a t of th e p a r t p la y e d by m ining engineers a n d te ch n o lo g ists in th e production of th e ra w m a te ria l. T h e tim e is opportune for a rev iew of th e field on ac c o u n t of two rec en t ev e n ts. W e refer re sp e c tiv e ly to th e d e c la ra tio n t h a t a n y re s tric tio n of o u tp u t in th e w o rld ’s la rg e s t p ro d u c in g country w ould b e c o n tr a r y to th e S h e rm a n A nti T ru st law a n d to th e d e a th of K a rl Benz.
The la tte r e v e n t affords o p p o r tu n ity for a retro sp e ct, th e fo rm e r for a p ee p in to th e future.
H err K a rl B enz w as v ir tu a lly th e co
founder of th e a u to m o b ile in d u s try , h a v in g been u n til la te ly th e h e a d of th e m o to r m a n u fa ctu rin g bu sin ess in G e rm a n y th a t bears his n a m e . T h e re ca n b e no d o u b t th a t th e p erfe c tio n of o u r m o d e rn civ iliz a
tion— if such i t b e d ee m e d — is la rg e ly d u e to the p e tro l engine a n d its big b ro th e rs th e Diesels. T he g ro w th of th e se in d u strie s has d efin itely a n d fu n d a m e n ta lly affec ted the p ro d u c tio n , n o t o n ly of p e tro le u m , b u t also of coal, to s a y n o th in g of su c h allo y m etals as tin , copper, le a d , zinc, a n d alum inium .
T u rn in g now to th e p o sitio n in re sp e c t of the su p p o sed e x istin g a t te m p t to c o n tro l a n d even red u c e th e o u tp u t of cru d e p etro leu m , as a lre a d y p o in te d o u t th e ex istin g law in th e U n ite d S ta te s p re v e n ts in te r-S ta te a g re e m e n ts a n d a n y ch an g e m u s t b e acco m p a n ie d b y th e F e d e ra l re g u la tio n of prices,
to w hich course th e p re se n t a d m in is tra tio n is opposed.
A cu rio u s in v ersio n h a s ta k e n place. W hen cru d e oil w as first o b ta in e d b y drilling, th e w h ite sp irit d is tilla te w as a w a ste p ro d u c t, b ein g b u r n t in v a s t q u a n titie s to g e t rid of it. N ow , ho w ev er, su c h is th e n u m b e r of p e tro l engines, th e o p p o site s ta te of affairs e x ists a n d th e in d u s try o fte n h a s difficulty in finding m a rk e ts for th e h e a v y fra c tio n , chiefly fu el oil, a n d th is in sp ite of th e c o n tin u e d a d v a n c e s in th e d e v e lo p m e n t of th e h e a v y -o il engine. T h is w a n t of b a la n c e in th e m a rk e tin g of th e p ro d u c ts d eriv e d fro m th e refin in g of c ru d e p e tro le u m is s ta te d to b e th e p rim e cau se of th e flu c tu a tio n s in p rices, p a rtic u la rly th o se of m o to r sp irit.
Tw o fa c to rs , w e th in k , a re e v e n tu a lly going to p ro v e decisive— th e r a te of th e a p p ro a c h in g e x h a u stio n of p re s e n t prolific p ro d u c in g a re a s a n d th e r a te of im p ro v e m e n t in m e th o d s for th e m a n u fa c tu re of sp irits a n d oils fro m coal, b e th e y fro m c a rb o n iz a tio n or h y d ro g e n a tio n processes.
T h a t a v ir tu a l c o n tro l of cru d e oil o u tp u t on th e o th e r sid e of th e A tla n tic , in face of th e a b o v e -o u tlin e d c o n sid eratio n s, is still possible m a y b e re a d ily a p p re c ia te d if th e m e ta l co p p er b e ta k e n as a n an a lo g u e . A t p re s e n t A m eric a c o n tro ls th e w o rld ’s copper m a rk e t, b e in g th e la rg e st single p ro d u c in g u n it. T h e c o p p e r p ro d u c in g fields in th e S ta te s a re w id ely d isse m in a te d a n d th e S h e rm a n law s p re v e n t in te r -S ta te a g re e m e n ts ; y e t a ll p ro d u c ts a re disp o sed of th ro u g h one clea rin g house, w hich a c ts lik e a v a lv e for th e w hole in d u s try . P e rh a p s a sim ila r e x p o rtin g o rg a n iz a tio n for oil in a g re e m e n t w ith o th e r w orld p ro d u c e rs m a y e v e n tu a te .
F in a lly , a w o rd of w arn in g . C o n tro l of a c o m m o d ity g en e rally m e an s a risin g price.
T h a t s u b s titu te s for p e tro l h a v e a lre a d y b ee n th o u g h t of is c le a r a n d c o m p e te n t a u th o ritie s h a v e p ro p h esie d th e use of su c tio n g as for a ll h e a v y m o to r vehicles in y e a rs to com e, a s D r. M u rra y S tu a r t p o in te d o u t in h is a rtic le d ea lin g w ith th e re c e n t F u el C onference, in o u r issue of N o v e m b e r la st.
F u rth e rm o re , th e d isp la c e m e n t of fuel oil for s te a m ra isin g in sh ip s is a p ro b a b le o u tc o m e of th e a d v a n c e s m a d e a n d c o n te m p la te d in p u lv e riz e d coal firing. I t is as well, th e re fo re , to b e a r in m in d t h a t a n y c o n c erte d a c tio n w h ich re s u lts in a n ap p re c ia b le in c re ase in th e price of oil m a y o p e ra te to th e u ltim a te d is a d v a n ta g e of th o se resp o n sib le for it.
R E V IE W O F M ININ G
In tr o d u c tio n .— D u rin g th e p a s t m o n th tr a d e h as c o n tin u e d q u ite good, b ein g h e lp e d b y th e closing of th e n a tio n a l fin an c ial y e a r w ith a la rg e r su rp lu s th a n h a d b een a n tic ip a te d . Som e a tte n tio n h a s also b een given to th e final re p o rt of th e B a lfo u r C o m m ittee on I n d u s tr y a n d T ra d e , w hich am ong o th e r th in g s fav o u rs Im p e ria l P re ference a n d th e ju d icio u s a p p lic a tio n of S afeguarding. A m ong m e ta ls copper, lead, a n d zinc h a v e all h a d sp e c ta c u la r increases, b u t th e y h a v e n o t been r e ta in e d . A s to tin, th is is low er, a lth o u g h th e la te s t figures from th e U n ite d S ta te s show a n in c re ase in th e deliveries for M arch.
T ra n sv a a l.—-The o u tp u t of g o ld on th e R a n d d u rin g M arch w as 830,829 oz. a n d in th e o u tsid e d is tric ts 35 700 oz., m a k in g a to ta l of 866,529 oz., a s c o m p a re d w ith 778,559 oz., 36,725 oz., a n d 815,284 oz.
resp e ctiv ely for th e p rev io u s m o n th . T h e n a tiv e s e m p lo y ed a t th e gold m in es a t th e e n d of th e m o n th to ta lle d 197 646 a s co m p a re d w ith 196,150 a t th e e n d of F e b ru a ry .
T he R a n d M ines re p o r t for 1928 show s a p ro fit of £526,190, fro m w h ich d iv id e n d s to ta llin g 100 p e r ce n t, h a v e b ee n p a id , ab so rb in g £511,288. W ith re g a rd to in v e stm e n ts, th e re p o r t show s t h a t a s u b s ta n tia l h o ld in g in T rin id a d L ea seh o ld s h as been a c q u ire d a n d t h a t th e c o m p a n y is also la rg e ly in te re s te d in th e N o rth V enezuelan a n d T o co y u com panies.
The U nion C o rp o ratio n p ro fit fo r la s t y e a r w as £428,582, as c o m p a re d w ith
£386,160 for 1927, ag ain e sta b lish in g a record. A final d iv id e n d of 3s. 6d. a sh a re , m ak in g 5s. 6d. for th e y e a r, is to b e p aid , as ag a in st 5s. for 1927. T h e rese rv e h a s been increased b y £146,356, of w hich
£30,000 is from la s t y e a r ’s pro fit, th e a m o u n t now sta n d in g to th e c re d it of th is a c c o u n t being £630,570.
T h e P re m ie r D ia m o n d r e p o r t c o v e rin g th e y ea r to O cto b e r 31, 1928, s ta te s t h a t th e co m pany resu m e d its d eliv eries as fro m J a n u a r y 1 of th a t y e a r, its sales to th e close of its financial y e a r rea lizin g £878 541.
T he profit for th e y e a r w as £356,821, d iv isib le b etw een th e G o v ern m e n t a n d th e c o m p a n y . Tw o d iv id en d s to ta llin g 12s. 6d. w ere p a id on th e preference sh a re s, w h ich a b s o rb e d
£
100
,000
.C ap e C olon y.— R eference w as m a d e la s t m o n th to th e p roposed fo rm a tio n of a n
im p o r ta n t m a n g a n e se co m p a n y . F u rth e r p a r tic u la rs of th is u n d e r ta k in g a re given by o u r S o u th A fric an c o rre sp o n d e n t in h is le tte r a p p e a rin g in th is issue. T h e p o sitio n of the p ro p o sed ra ilw a y to c o n n e c t th is p ro p erty w ith th e e x is tin g lin e is in d ic a te d in the m a p on p ag e 210.
R h o d e s ia .— T h e g o ld o u tp u t of S outhern R h o d e sia for F e b r u a r y w as 44,551 oz., as c o m p a re d w ith 46,231 oz. for Ja n u a ry . O th e r o u tp u ts for F e b r u a r y w ere :— Silver, 6,403 oz. ; coal, 60,796 to n s ; asb esto s, 992 to n s, a n d m ica, 12 to n s.
T o c a r ry o u t p la n t ex te n sio n s to meet th e a n tic ip a te d a d d itio n a l d em an d s for fuel d u rin g th e n e x t few y ears the a u th o riz e d c a p ita l of th e W a n k ie Colliery C o m p an y h a s b ee n in c re a se d b y £100,000 to
£1,100,000, in 10s. sh a re s.
I n view of th e u n s a tis f a c to ry course of d e v e lo p m e n ts on th e S h a m v a , arrangem ents w ere m a d e w ith D r. M alcolm M aclaren—
w ho r e p o r te d o n th e p r o p e r ty som e four o r five y e a rs ago— to v is it th e m ine again.
S u m m a riz in g D r. M a c la re n ’s re p o rt, it is s ta te d th a t , w h e re a s th e p ro sp e c tin g work in th e la s t tw o or th re e y e a rs h a s proceeded in th e e x p e c ta tio n t h a t th e S h am v a ore- b o d ies w ere p itc h in g w e stw a rd s, th e develop
m e n t in th e d e e p e r w o rk in g s on th e No. 10 le v el h a s show n th is view to be in all p r o b a b ility e rro n e o u s a n d t h a t th e ore shoots a re p itc h in g in a n e a s te rly directio n . Dr.
M aclaren h a s, th e re fo re , in d ic a te d th e nature of th e d e v e lo p m e n t w o rk t h a t should be c a rrie d o u t a n d i t is to be proceeded w ith w ith o u t d elay . A s h e p o in ts out, tw o f u rth e r y e a r s ’ life a re in d ic a te d in a n y case, th e p ro lo n g a tio n th e re o f being d e p e n d e n t o n th e re s u lts of th e exploratory w o rk rec o m m e n d e d , a n d h e ad d s that n in e m o n th s of in te n siv e p ro sp e c tin g should be sufficient to show w h e th e r th e orebodies p e rs is t e a s tw a rd in d e p th .
W e s t A fr ic a .— R e p o rtin g to th e Governor of th e G old C oast C olony on th e principal p o in ts of econom ic in te r e s t em erging from th e a c tiv itie s of th e G eological S urvey in 1 928-29, S ir A lb e rt K itso n refers to the c o n firm a tio n b y D r. C ooper of th e existence of la rg e d e p o sits of good b a u x ite 45 miles w est of K u m asi, in th e Y a n a h in district.
T hese a re e s tim a te d b y D r. C ooper to contain a b o u t 180 m illio n to n s of g o o d ore.
R eference is also m a d e to th e discovery 202
A P R IL , 1929 203 by D r. C ooper of m a n g an e se ore of fair
grade am o n g th e b a u x ite d ep o sits. T he possibility of p ro v id in g h y d ro -e le c tric pow er to w ork th is a re a is s ta te d to b e u n d e r consideration.
A u str a lia .— T h e g o ld o u tp u ts of all th e A ustralian S ta te s for w hich s ta tis tic s are available show ed d ecreases la s t y ea r, th e co m p a ra tiv e figures bein g as follow s :—
1927. 1928. D ecrease.
oz. oz. oz.
W estern A u stra lia . 408,552 393,405 15,147
Victoria 38,620 34,000 4,620
New S outh W ales . 18,032 12,831 5,201
Queensland 36,411 12,080 24,331
P erhaps th e foregoing is to som e e x te n t responsible for th e a n n o u n c e m e n t of th e C om m onw ealth P rim e M inister, th a t it has b een d ecid ed to m a k e av a ila b le th e sum of £250,000 fo r th e assista n c e of th e A ustralian gold m in in g in d u stry .
A t th e b eg in n in g of la s t m o n th a s t a r t w as m ade w ith th e W ilu n a R a ilw a y , w hich is being c o n s tru c te d b y th e W e ste rn A u stra lia n G overnm ent, a n d i t is e x p e c te d to b e com pleted n o t la te r th a n th e e n d of N o v em b er.
In th e m e a n tim e d ev e lo p m e n ts on th e W ilu n a mine c o n tin u e to b e of a n en c o u rag in g
character.
I t h as been d ecid ed b y th e d ire c to rs of the L ak e View a n d S ta r, in v iew of th e vigorous d e v e lo p m e n t p ro g ra m m e w hich is being u n d e rta k e n in th e H o rseshoe section, to d iscontinue d riv in g so u th in to th e C haffers lease for th e p re se n t a t levels o th e r th a n the 2,770 ft. a n d 3,140 ft. A t th e la tte r level a d riv e h a s b ee n s ta r te d so u th from th e b o u n d a ry a n d d riv e n 16 f t., th e first 5 ft. av e rag in g £8 10s., th e n e x t 6 ft. £20, and th e la s t 5 ft. £13, in ea ch c a se o v er a w idth of 72 inches.
L ast m o n th new s cam e to h a n d t h a t owing to e a r th tre m o rs th e m a in s h a ft of the S o u th K a lg u rli h a d b ee n d a m a g e d betw een th e 1,350 ft. a n d 1,500 ft. levels, which w o u ld h a v e th e effect of red u c in g the o u tp u t a n d g ra d e of ore tr e a te d d u rin g the n e x t th re e m o n th s , b y w h ich tim e it is e stim a te d th e re p a irs w ill b e co m p le te d a n d the s h a ft p u t in good o rd e r ag ain . I t is to be h o p ed th is u n f o rtu n a te occu rren ce will no t in a n y w a y in te rfe re w ith th e d iv id e n d s, for th is is th e o n ly u n d e r ta k in g w h ich h a s for som e tim e p a s t r e g u la rly re p re se n te d W estern A u s tra lia in th e d iv id e n d p a y in g list.
T he h ig h e r m e ta l p rices a re cau sin g som e of th e B ro k e n H ill m in es w h ich su sp e n d ed o p e ra tio n s to th in k a b o u t reo p en in g , th is
p a rtic u la rly a p p ly in g to th e B lock 14—
w hich su sp e n d e d o p e ra tio n s ow ing to th e low p rice of m e ta ls a b o u t 18 m o n th s ag o — a n d th e J u n c tio n N o rth .
F o r th e h a lf-y e a r to D ec em b e r 31 la s t th e B ro k en H ill S o u th tr e a te d 163,600 to n s of ore, a ssa y in g 1 4 '2 % le a d , 6 oz. silver, a n d 1 1 '7 % zinc. T h e le a d c o n c e n tra te s p ro d u c e d w ere 32,988 to n s, a s s a y v alu e 6 2 '2 % le ad , 2 7 1 oz. silver, a n d 6 ’7% zinc, a n d th e zinc c o n c e n tra te s 31,983 to n s, a ssa y v alu e 2 ’2 % le a d , 1 7 oz. silver, a n d 4 9 '3 % zinc. T h e e s tim a te d su rp lu s for th e h alf- y e a r w as £140,000.
T a sm a n ia .— T o rr e n tia l ra in s a n d th e b u rs tin g of a d a m h a v e re s u lte d in g re a t d am ag e a n d serious loss of life to th e m in in g to w n sh ip of D erb y . L a te s t new s is to th e effect t h a t fo u rte e n h a v e p erish ed , in c lu d in g th e a s s is ta n t m a n a g e r a n d e ig h t em ployees of th e B riseis m ine, a n d th e g en e ral m a n a g e r cables t h a t th e p la n t is d e s tro y e d a n d th e w ork in g s flooded.
I n d ia .— T h e C ham pion R eef re p o rt for 1928 s ta te s t h a t 111,162 to n s of ore w as m illed, th e to ta l gold o u tp u t b ein g 63,337 oz.
T h e n e t incom e for th e y e a r w as £261,596 a n d w o rk in g costs a g g re g a te d £222,475, leav in g a p ro fit of £39,121, a g a in st £40,934, w h ilst th e d iv id e n d is Is. p e r sh are, a g a in st 9d. for 1927. T h e ore reserv es a t th e en d of 1928 w ere e s tim a te d a t 269,356 to n s, an increase of 9,135 to n s.
T h e O oregum re p o r t for 1928 s ta te s t h a t 150,000 to n s w as m illed, th e gold o u tp u t a m o u n tin g to 90,830 oz. F o r th e y e a r th e n e t incom e w as £374,061 a n d w o rk in g costs
£274,134, le av in g a p ro fit of £99,927. T h e fin al d iv id e n d of Is. on th e p referen c e a n d o rd in a ry sh a re s m a k e s th e t o ta l for th e y e a r 2s. 9d. a n d I s . 9d. p e r sh a re re s p e c tiv e ly , or 5% below 1927. T h e ore rese rv e s a t th e en d of 1928 w ere e s tim a te d a t 295,133 to n s, a decrease of 58,201 to n s as co m p a re d w ith t h e e n d of th e p rev io u s y ea r.
B u rm a .— In o rd e r to com ply w ith th e te rm s of th e lease u n d e r w hich th e B u rm a C o rp o ratio n , L td ., h o ld s its p r o p e r ty — w h ich specifically re q u ire t h a t it shall r e m a in u n d e r B ritish c o n tro l a n d th a t c e rta in of its officers m u s t b e B ritis h — i t h a s b ee n fo u n d n ec essary to effect c e rta in a lte ra tio n s in th e a rtic le s of asso ciatio n . F o r th is p u rp o se a m e e tin g of sh a re h o ld e rs h as b een called for th e 1 5 th in st.
M a la y a .— So as to finance th e com ple
tio n of th e e re c tio n of th e d red g e on th e H ong k o n g T in p ro p e r ty th e 40,000 reserv e
sh ares h a v e b een offered to th e sh a re h o ld e rs a t 10s., in th e p ro p o rtio n of one new sh a re fo r e v e ry co m p lete fo u rte e n o ld sh ares.
C a n a d a .— L a s t y e a r th e m in e ra l p ro d u c tio n of C a n a d a re a c h e d th e n ew re c o rd of
$273,446,864, or $26,090,169 a h e a d of th e 1927 figures. T h e gold o u tp u t w as 1,891,000 oz., v alu e $39,091,000, a n in c re ase of 2-1%
in q u a n tity a n d v alu e, w h ilst th e co p p e r p ro d u c tio n w as 202,000,000 lb., v a lu e
$28,488,000, a n in crease of 44-1% in q u a n t ity a n d 65-7% in v alu e. T h e o u tp u ts of nickel, lead, zinc, a n d asb esto s w ere all h ig h e r, b u t th e p ro d u c tio n of silver a t 21,922,000 oz. w as lower.
W ith re g a rd to th e c o p p e r refin ery to be jo in tly c o n s tru c te d b y th e C o nsolidated M ining a n d S m eltin g C o m p an y a n d V e n tu re s
— to w hich reference w as m a d e la s t m o n th — it is now s ta te d t h a t S u d b u ry , O n tario , is th e p roposed site for this.
A m ong th e p ap e rs r e a d a t th e a n n u a l co n v e n tio n of th e C a n a d ia n I n s titu t e of M ining a n d M etallu rg y , w hich, as m e n tio n e d la s t m o n th , w as h e ld th is y e a r a t W in n ip eg , w as one on e x p lo ra tio n w o rk b y ae ro p la n e , Mr. J o h n H am m ell, th e p re sid e n t of th e N o rth e rn A erial M ineral E x p lo ra tio n C om pany, d escrib in g th e ir first y e a r ’s w ork.
A to ta l of 100,000 m iles of flying w as done, re su ltin g in n u m e ro u s p ro p e rtie s, of w h ich p a rtic u la rs w ere given, bein g d iscovered.
T h e p la n a d o p te d w as to d iv id e th e c o u n try in to d is tric ts u n d e r engineers, s e ttin g dow n p ro sp e c to rs a t lik e ly sp o ts a n d m a in ta in in g d a ily or w eek ly c o n ta c t w ith th e m .
U n ite d S ta te s.— A n official in tim a tio n w as m a d e la s t m o n th to th e effect t h a t th e A rizo n a C opper C o m p an y h a d so ld th e ir com plete in te re s t in A m eric a to th e P h elp s- D odge C o rp o ratio n , th e a m o u n t in v o lv e d being p u t a t a b o u t th re e m illion sterlin g . A t a m e e tin g on th e 1 0 th in st. it w as decided to p u t th e c o m p a n y in to v o lu n ta ry liq u id atio n . A n in te rim d is trib u tio n of 40s.
per share is to be m a d e a b o u t M ay 21.
V e n e z u e la .— To p ro v id e fu n d s for p la n t a n d in te n siv e d ev e lo p m e n t w o rk , a n d possibly to ac q u ire a d d itio n a l p ro p e rtie s, th e c a p ita l of th e B o liv a r V enezuela G old M ines h as b een in c re ase d fro m £600,000 to
£1,000,000, in £1 shares.
S p a in .— T he n e t pro fit of th e T h a rsis S u lp h u r a n d C opper C o m p a n y for 1928 w as £122,029, w hich c o m p ares w ith £73,088 for 1927, th e d iv id e n d bein g 10 p e r c e n t., a g a in st 8 f per cen t. A g e n e ra l re se rv e fu n d h a s been cre a te d w ith a n a llo c a tio n of
£25,000, to w h ich th e £10,000 s ta n d in g at c re d it of re se rv e in su ra n c e f u n d account is also to b e tra n s fe rre d , th e c a r ry forw ard bein g £82,139, a g a in st £85,110 b r o u g h t in.
A new lode is s ta te d to h a v e b e e n discovered to th e n o rth , b u t its full e x te n t c a n n o t be g au g e d a t th e p re s e n t sta g e of developm ent.
P o r tu g a l.— O w ing to th e im p ro v em en t in th e p rice of w o lfra m , it h a s b e e n decided to re -o p e n th e w o lfra m m in e of th e B eralt T in a n d W o lfra m C o m p an y . I n th e course of h is re p o rt th e c o m p a n y ’s consulting en g in e e r s ta te s t h a t a la rg e to n n a g e of p a y a b le ore h a s b e e n e x p o s e d a n d a t the p re s e n t p rice of w o lfra m h e e s tim a te s a profit of £20 p e r to n .
R o u m a n ia .— I t w o u ld seem th a t the p re s e n t R o u m a n ia n G o v e rn m e n t has rec o g n ize d th e n e c e s sity of o u tsid e assistance if h e r m in e ra l re so u rce s a re to b e developed, a m e a s u re u n d e r w h ich fo re ig n c a p ita l will be on th e sa m e fo o tin g as R o u m a n ia n capital in th e d e v e lo p m e n t of th e m in e s h a v in g been a p p ro v e d . C e rta in re s tric tio n s are, however, still to b e im p o sed w ith re g a rd to ad m in istra
tio n a n d la b o u r a n d i t re m a in s to be seen how th e s e w ill w o rk .
C o n s o lid a te d M in e s S e le c tio n .— The p ro fit for 1928 of £79,836 co m p ares with
£63,164 for 1927. T h e d iv id e n d is m ain
ta in e d a t 2 0 % , w h ich w ill a b s o rb £100,750, to m e e t w hich £22,000 is tra n s fe rre d from d iv id e n d e q u a liz a tio n a c c o u n t, against
£30,000 th e p re v io u s y e a r. T h is ac co u n t now s ta n d s a t £18,000.
C h e m ic a l a n d M e t a llu r g ic a l C orpora
tio n .— A n u m b e r of ch a n g es h av e been r e c e n tly m a d e in th e m a n a g e m e n t, D r. E. T.
A n d re æ h a v in g b ee n e le c te d c h a irm a n in place of S ir F re d e ric k Mills, w ho h a s resig n ed owing to p re ssu re of w o rk in o th e r d irec tio n s, whilst Mr. F ra n c is A r n a tt h a s b een a p p o in te d joint m a n a g in g d ire c to r to a c t w ith Mr. Stanley S m ith . Mr. W a lte r M c D e rm o tt a n d Mr.
A tk in so n A d a m s h a v e also le ft th e b o a rd on a c c o u n t of th e in c re a se d calls on th e ir time.
P e tr o le u m .— T h e e s tim a te d w orld pro
d u c tio n of c ru d e p e tro le u m for 1928, based on in fo rm a tio n o b ta in e d fro m official sources, is 1,322,896,000 b a rre ls, as co m p a re d with 1.261.073.000 b a rre ls for 1927. T h e greatest in c re ase is in th e p r o d u c tio n of Venezuela, w h ich fro m 63,134,000 b a rre ls for 1927 has ju m p e d to 106,000,000 b a rre ls for 1928.
In n e a rly e v e ry o th e r c o u n try th e p ro d u ctio n h a s also in creased , th e p rin c ip a l exception b ein g M exico, w hich show s a d ecline of 13.971.000 barrels.
A REVIEW OF T H E CONTINENTAL DRIFT HYPOTHESIS
By A R T H U R H O L M E S, D.Sc., A .R .C .S., F.G.S.
Professor of Geology, The University, Durham.
T h e author discusses the W egen er hypotheses and some possible causes of continental drift.
L ate in 1926 a S y m p o siu m on W e g e n e r’s th eo ry of c o n tin e n ta l d rift w as h e ld in N ew Y ork b y th e A m e ric a n A sso c iatio n of P etroleum G eologists. In th e course of a spirited a n d fru itfu l d iscussion som e of th e leading geologists of A m eric a a n d E u ro p e expressed th e ir co n sid ered o p in io n s on an extrem ely co m p lex g ro u p of p ro b lem s, and th e A ssociation h a s now h a p p ily m a d e these c o n trib u tio n s a v a ila b le to a w id er
S ectio n C of th e B ritis h A sso c iatio n a t G lasgow h a s g iv e n u s an u n riv a lle d co m p a r a tiv e s tu d y of th e Palaeozoic M o u n ta in s y ste m s of E u ro p e a n d A m eric a (4). T h e tim e is th e re fo re o p p o rtu n e , n o t o n ly for a rev ie w of th e se p u b lic a tio n s b u t for a g en e ral su rv e y of all th e re le v a n t d a ta a n d h y p o theses.
Th e We g e n e r Hy p o t h e s e s.— A d v o ca tes of th e W e g en er g ro u p of h y p o th e se s assum e
Fi g. 1 .— We g e n e r's Co n c e p t i o n o f t h e Wo r l d i n t h e Ca r b o n i f e r o u s Pe r i o d.
Heavily sh aded p o rtio n s in d ic a te deep seas ; h o riz o n tal lines shallow w a te r ; u n sh ad ed p o rtio n s d ry land.
Reproduced fr o m Di s c o v e r y, M a y , 1 9 2 2 , by courtesy of M essrs. B enn Bros., Ltd.
audience (1). M eanw hile D r. A. L. d u T o it, an in d e p e n d e n t a d v o c a te of c o n tin e n ta l drift, h a d c o m p le te d a r e p o r t on a co m parativ e s tu d y of S o u th A frica a n d S o u th America m a d e possible b y five m o n th s intensive w o rk in B ra z il, A rg e n tin a a n d U ruguay (2). S till m ore re c e n tly in his P resid en tial A d d r e s s 1 to th e G eological Society of S o u th A frica, d u T o it h a s co m p ared these tw o la n d m asses fro m th e p o in t of view of m e tallo g en ic p ro v in ce s (3). F in a lly , Mr. E . B. B a ile y in a m a s te rly ad d re ss to
1 A b s tra c ts a p p e a r elsew here in th is issue of th e
Ma g a z i n e.
t h a t d u rin g Palaeozoic tim e th e c o n tin e n ts w ere assem b led to g e th e r m ore closely th a n th e y a re a t p re se n t. A n ta rc tic a , A u s tra lia a n d I n d ia w ere g ro u p e d a g a in st s o u th e rn a n d e a s te rn A frica, a n d th e se, w ith S o u th A m erica a g a in s t w e ste rn A frica, fo rm e d a single la rg e c o n tin e n t— a co m p re sse d e q u iv a le n t of th e m o re fa m ilia r G ondw analand of o rth o d o x geology. S im ila rly , in th e n o rth , N o rth A m eric a a n d G re e n la n d fo rm e d w ith E u ro p e a n d A sia a c o n tin e n ta l blo ck w hich h a s since becom e kn o w n as L a u ra sia . To th e c o m b in a tio n s of th e se tw o, W eg en er gives th e n am e Pangcea : his co n cep tio n of it is illu s tra te d in Fig. 1.
205
I t w ill b e o b se rv e d t h a t in th is u n fa m ilia r lo o k in g m a p th e S o u th po le is s itu a te d n e a r N a t a l ; a second a s su m p tio n is th e re fo re t h a t th e re h a v e b ee n e x te n siv e g e o g ra p h ic a l ch a n g es in th e p o sitio n of th e poles. T h e p re se n t d is trib u tio n of th e c o n tin e n ts is re g a rd e d as a r e s u lt of fra g m e n ta tio n b y riftin g , follow ed b y a d riftin g a p a r t of th e blocks ; G o n d w a n a la n d h a v in g b ro k e n u p d u rin g th e M esozoic, a n d L a u ra s ia d u rin g th e C ainozoic. T h e c o n tin e n ta l b lo c k s a re v isu a liz ed as sla b s of g ra n itic a n d gneissose ro c k s w hich, b ein g ric h in silic a a n d a /u m in a a re m n e m o n ic ally re fe rre d to as sial. T h e blocks of sial “ flo at ” in a s u b s tr a tu m of b asic or u ltra b a s ic ro c k w h ich , bein g c h a ra c te riz e d b y silic a a n d m a g n esia is c a lle d sim a. T he lig h te r sial of th e c o n tin e n ts p ro je c ts on a n av e ra g e n e a rly 5 k m . a b o v e th e h e a v ie r sim a of th e ocean floor. T h e tw o chief forces to w h ich W e g en e r a p p e a ls to en g in ee r th e d riftin g pro cess a re differ
e n tia l g r a v ita tio n a l forces w h ic h a c t on th e p ro tru d in g blocks of sial. T h e y a re resp e c
tiv e ly (a) th e E o tv o s pohlflucht o r e q u a to ria l d r if t te n d in g to m ove th e c o n tin e n ts to w a rd s th e e q u a to r ; a n d (b) a w e stw a rd d rift of th e c o n tin e n ts due to tid a l fric tio n .
T he e q u a to ria l d r ift is illu s tr a te d b y th e re la tiv e a p p ro a c h of A fric a a n d E u ro p e a n d b y t h a t of P e n in su la I n d ia a n d A sia.
P re v io u sly , for lo n g geological ages, th e se m ore s ta b le reg io n s h a d b ee n s e p a r a te d b y a n u n s ta b le , ste a d ily d o w n -sin k in g b e lt, th is c o n s titu tin g th e geosy n clin e k n o w n as th e T e th y s. B e tw ee n th e a p p ro a c h in g c o n tin e n ts th e th ic k a c c u m u la tio n s of se d im e n t b ec am e c o m p re sse d a n d folded, sq u e ez ed a n d m e ta m o rp h o sed , u n til b y flow age a n d o v e r
th r u s tin g th e y sp la y e d o u t o v er th e a d v a n c in g b lo ck s a n d rose in th ic k e n e d c o n to rtio n s b etw e en th e m as th e g re a t A lp in e -H im a la y a n m o u n ta in sy ste m . T h e N ew Z e a la n d a n d N ew G u in e a m o u n ta in s a re also in te r p r e te d a s re su lts of e q u a to r ia l d rift, th e fo rm e r h a v in g b ee n fold ed w hile N ew Z e a la n d w as in “ th e p ro w of th e m o v e m e n t,” b efo re it becam e d e ta c h e d fro m A u s tr a lia a n d w as le ft b eh in d .
T h e m o st sp e c ta c u la r e x a m p le of w e ste rly d rift is p re se n te d b y th e A m ericas w ith th e ir g r e a t C ord illeran ran g e s facin g th e P acific from A la sk a to P a ta g o n ia . T h e m o u n ta in s a re re g a rd e d as th e c ru m p le d f ro n t edge of th e sial. L ag effects o n th e e a s te rn m a rg in s of th e c o n tin e n ts a re seen in th e isla n d festo o n s of A sia a n d in th e a rc s of th e A n tilles b e tw e e n N o rth a n d S o u th
A m eric a, a n d of th e s o u th e rn A n tille s betw een S o u th A m e ric a a n d A n ta r c tic a .
I t w ill b e g a th e r e d t h a t W e g e n e r com
p le te ly ig n o res th e c o n tra c tio n h ypotheses of m o u n ta in b u ild in g ; h e a s se rts, in fact, t h a t w e h a v e n o p ro o f t h a t th e e a r th is c o n tra c tin g . H e also r e je c ts th e hypothesis ac c o rd in g to w h ich th e A tla n tic a n d Indian o cean s a re in te r p r e te d as o cc u p y in g basins p r o d u c e d b y th e in b re a k in g of fo rm er con
tin e n ta l a re a s, d u e to g r e a te r ra d ia l con
tr a c tio n t h a n t h a t su ffe re d b y adjacent co lu m n s of th e c ru s t. L ik e th e similar d o c trin e of s u b m e rg e d la n d -b rid g e s this h y p o th e s is a p p e a rs to b e f a ta lly a t variance w ith th e im p lic a tio n s of b o th iso sta sy and seism ology. W e g en e r does n o t d e n y th at th e reg io n s in q u e s tio n w ere fo rm e rly land.
W h a t h e d en ies is t h a t th e la n d can have g one do w n in to th e d e p th s , a n d since it is n o lo n g e r th e re h e a d o p ts th e alternative c o n c lu sio n t h a t p a r t of th e la n d h as glided a w a y sid e w ay s re la tiv e ly to th e o th e r part, le a v in g a re g io n w h ere th e sia l is thin, p a tc h y , o r p e rh a p s a lto g e th e r ab sen t. In re c o n s tru c tin g fo rm e r h y p o th e tic a l contacts, allo w an ce m u s t be m a d e , of course, for the f a c t t h a t c o n tin u ity of sial w ith sial does not n e c e ssa rily m e a n c o n tin u o u s la n d . The low er lev els of th e sia l p la tfo rm s h av e always b e e n m o re o r less flooded b y oceanic waters, as th e y a re to -d a y in th e B a ltic a n d North S ea, a n d c o n s e q u e n tly th e re is no need to v isu a liz e L a u ra s ia a n d G o n d w an alan d as h a v in g b e e n p e r m a n e n tly free from epicon
tin e n ta l seas.
T h e O p p o s i n g L a n d s o f t h e A t l a n t i c . — M ost of W e g e n e r’s c ritic s a re concerned to d is c re d it th e significance of th e original so u rce of his in s p ira tio n — th e apparent p a ra lle lism of th e o p p o site shores of the A tla n tic . V a n d e r G ra c h t r ig h tly lay s little s tre s s on th e v a lid ity of g eo g ra p h ica l pattern as a n a rg u m e n t. If d r ift h a s occurred at a ll it is m e c h a n ic a lly im possible th a t the sial b lo ck s co u ld h a v e m o v e d w ith o u t both in te rn a l a n d p e rip h e ra l d isto rtio n . N everthe
less, if th e A tla n tic is re a lly a n enormously w id e n e d r ift, th e n th e re m a in s of transverse s tr u c tu r e s t h a t e x is te d befo re th e rifting a n d d riftin g b eg a n , sh o u ld still occupy p o sitio n s co n s iste n t w ith th e ir presumed fo rm e r c o n tin u ity , th o u g h n o t, perhaps, as W eg en er suggests, as closely “ as th e lines of a to rn d ra w in g w o u ld c o rre sp o n d if the pieces w ere p la c e d in ju x ta p o s itio n .”
A rg a n d ’s co n c ep tio n of v a ry in g plasticity in th e e a r th ’s su rfa ce la y e rs is a valuable
A P R IL , 1929 207 corrective to th e e x a c tly fittin g co ast-lin es
of W eg en er’s to o d o g m a tic m a p s. M atch in g is to be a n tic ip a te d , b u t t h a t i t w ill b e as precise as h a s b e e n claim ed is n o t to be expected.
S chuchert p re s e n ts a u se fu l su m m a ry of the geological s im ila ritie s a n d differences
b etw e en th e o p posing A tla n tic la n d s. H e a d m its t h a t W eg en er is c o rre c t in co n n e ctin g th e C aled o n ian tr e n d s of B rita in w ith th o se of N e w fo u n d la n d (Fig. 2) b u t h e den ies t h a t th e H e rc y n ia n tr e n d s of E u ro p e co n n e c t w ith th e A p p a la c h ia n s. A g ain st th is view w e m a y refer to B a ile y ’s te c to n ic m a p s of
