Principles of Mining: Valuation, Organization and Administration; Copper, Gold, Lead, Silver, Tin and Zinc. by Herbert C. Hoover

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McGraw-Hill Book Company, 1909 - Mines and mineral resources - 199 pages

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Page 167 - In these days of largely corporate proprietorship, the owners of mines are guided in their relations with labor by engineers occupying executive positions. On them falls the responsibility in such matters, and the engineer becomes thus a buffer between labor and capital.
Page 168 - Given a union with leaders who can control the members, and who are disposed to approach differences in a business spirit, there are few sounder positions for the employer, for agreements honorably carried out dismiss the constant harassments of possible strikes. Such unions exist in dozens of trades in this country, and they are entitled to greater recognition. The time when the employer could ride roughshod over his labor is disappearing with the doctrine of laissez fairc, on which it was founded....
Page 168 - The sooner some miners' unions develop from the first into the second stage, the more speedily will their organizations secure general respect and influence. "The crying need of labor unions, and of some employers as well, is education on a fundamental of economics too long disregarded by all classes and especially by the academic economist. 'When the latter abandon the theory that wages are the result of supply and demand, and recognize that in these days of international flow of labor, commodities...
Page 182 - Mr. HC Hoover has tabulated the risks of mining as follows.:* " 1. The risk of continuity in metal contents beyond the sample faces. " 2. The risk of continuity in volume through the blocks estimated. 3. The risk of successful metallurgical treatment. ; 4. The risk of metal prices, in all but gold. 5. The risk of properly estimating costs. ' 6. The risk of extension of the ore beyond exposures.
Page 19 - Proved ore: Ore where there is practically no risk of failure of continuity. "Probable ore: Ore where there is some risk, yet warrantable justification for assumption of continuity. "Prospective ore: Ore which can not be included in the above classes, nor definitely known or stated in any terms of tonnage.
Page 193 - Unlike the doctor, his is not the constant struggle to save the weak. Unlike the soldier, destruction is not his prime function. Unlike the lawyer, quarrels are not his daily bread. Engineering is the profession of creation and of construction, of stimulation of human effort and accomplishment.
Page 16 - ore in sight" and "profit in sight" have been of late years subject to much malediction on the part of engineers because these expressions have been so badly abused by the charlatans of mining In attempts to cover the flights of their Imaginations. A large part of Volume X of the "Institution of Mining and Metallurgy" has been devoted to heaping infamy on these terms, yet not only have they preaerved their places in professional nomenclature, but nothing has been found to super cede them.
Page 43 - What rate of excess return the mine must yield is a matter of the risks in the venture and the demand of the investor. Mining business is one where 7 per cent above provision for capital return is an absolute minimum demanded by the risks inherent in mines, even where the profit in sight gives warranty to the return of capital.
Page 163 - Australians in mines, leads the writer to the conclusion that, averaging actual results, one white man equals from two to three of the colored races, even in the simplest forms of mine work such as shoveling or tramming.
Page 11 - , where, under the heading of ' Percentage of Error in Estimates from Sampling ' he wrote : value and volume. It is but a basis for an estimate, and an estimate is not a statement of fact. It cannot, therefore, be too forcibly repeated that an estimate is inherently but an approximation, take what care one may in its founding. While it is possible to refine mathematical calculation of averages to almost any nicety, beyond certain essentials it adds nothing to accuracy and is often misleading '. Professor...

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