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 - When this stage arrives, violence disappears in favor of negotiation on economic principles, and the unions achieve their greatest real gains. 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.
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 168 - ... the real controlling factor in wages is efficiency, then such an educational campaign may become possible. Then will the employer and employe find a common ground on which each can benefit. There lives no engineer who has not seen insensate dispute as to wages where the real difficulty was inefficiency. No administrator begrudges a division with his men of the increased profit arising from increased efficiency. But every administrator begrudges the wage level demanded by labor unions whose policy...
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 cannot be included in the above classes, nor definitely known or stated in any terms of tonnage.
Page 43 - Mr. Hoover in his admirable work on mine valuation says: | " 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 48 - ... always staking his capital on the probability of having it returned within a certain time. In other words, he is gambling on the life of the mine. If a man invests money in a mining stock which yields only 5 per cent. on Annual Rate of Dividend Number of years of life required to yield — per cent interest, and in addition to furnish annual instalments which. if re-invested at 4 Per Cent. will return the original investment at the end of the period. Per Cent. 5 Per Cent. 6 Per Cent. 7 Per Cent....
Page 42 - ... some of the porphyry coppers, the large Rand amalgamations and a few others, where the ore reserves are enormous, amortization tables may be applied, but in the vast majority of mines it is out of the question. The theory of redemption or amortization of capital, according to Mr. Hoover, is that: "A portion of the annual earnings must be set aside in such a manner that when the mine is exhausted the original investment will have been restored.
Page 193 - But the engineering profession generally rises yearly in dignity and importance as the rest of the world learns more of where the real brains of industrial progress are. The time will come when people will ask, not who paid for a thing, but who built it. To the engineer falls the work of creating from the dry bones of scientific fact the living body of industry.
Page 43 - Where the profit in sight (which is the only real guarantee in mining investment) is below the price of the investment, the annual return should increase in proportion. There are thus two distinct directions in which interest must be computed — first, the internal influence of interest in the amortization of the capital, and second, the percentage return upon the whole investment after providing for capital* return.

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