ENGINEERING BEFORE AND AFTER WAR 55 



capital required to mine eight tons of coal a year in Eng- 

 land is difficult to estimate, but it may be taken approxi- 

 mately to be 5/., and the capital for plant and machinery 

 to convert it into electricity at iol., making a total of 15?. 

 In the case of water-power the average capital cost on the 

 above basis is 40!., including water rights '(though in ex- 

 ceptionally favored districts much lower costs are re- 

 corded). 



From these figures it appears that the average capital 

 required to produce electrical power from coal is less than 

 one-half the amount that is required in the case of water- 

 power. The running costs, however, in connection with 

 water-power are much less than those in respect of coal. 

 Another interesting consideration is that the cost of har- 

 nessing all the water-power of the world would be about 

 8,000 millions, or equal to the cost of the war to 

 England. 



Dowling has estimated the total coal of the world as 

 over seven million million tons, and whether we appraise 

 it at is. or more per ton its present and prospective value 

 is prodigious. For instance, at 6s. $d. per ton it amounts 

 to nearly one hundred times the cost of the war to all the 

 belligerents. 



In some foreign countries the capital costs of mining 

 are far below the figures I have taken, and, as coal is 

 transportable over long distances and, generally speak- 

 ing, electricity is not so at present, therefore it seems 

 probable that capital will in the immediate future flow in 

 increasing quantity to mining operations in foreign coun- 

 tries rather than to the development of the more difficult 

 and costly water-power schemes. When, however, capi- 

 tal becomes more plentiful the lower running costs of 

 water-power will prevail, with the result that it will then 

 be rapidly developed. 



As to the possible new sources of power, I have already 

 mentioned molecular energy, but there is another alterna- 

 tive which appears to merit attention. 



