TITLES AND ABSTRACTS OF PAPERS 99 



all, then, in fixing the economic limits to the utilization of domestic mineral 

 deposits, comes the balancing of cost of production with the value of the 

 product. 



The proper valuation of national independence in raw materials therefore 

 requires a careful weighing of the emergency factor, which introduces the 

 insurance idea, as well as an estimating of future possibilities of lower costs 

 as the industry develops. The incidental or the ultimate advantage may be 

 so large as not to be seen by those who take too close a view of cost account- 

 ing or are short-sighted in their outlook on the nation's business. The old 

 contradiction of penny-wise and pound-foolish holds true today in matters of 

 cents and dollars. 



A composite diagram of either current output or future reserves of the 

 essential minerals for the countries of the world would show so large a cen- 

 tralization in North America as to suggest that here is a group of nature- 

 favored nations. This strategic advantage expresses itself in the well recog- 

 nized large degree of self-sufficiency of the United States, so that the question 

 of economic limits to domestic independence concerns a relatively small num- 

 ber of minerals and makes our problem quite different from that in other and 

 less favored nations. However, whether the debatable list includes only chro- 

 mite, manganese, pyrite, and potash or is much longer, clear analysis of the 

 economic problem is needed, for cost-keeping on a national scale is the only 

 safeguard against a loss which is real, even though not at once apparent. 



It is true that the measure of economic worth must be the welfare of the 

 individual, the community, and the people of the nation, and not the dollar 

 of profit to the corporation or the State, yet only a successful industry can be 

 made to serve both owner and workman and the public as well. If the product 

 is not actually worth its whole cost, no camouflage of bounty or tax exemp- 

 tion or import duty will long conceal the inherent weakness of the industry. 

 The basic importance of the raw material resources to the country makes it a 

 prime public duty of citizens generally to know the facts regarding the min- 

 eral industry, and to ascertain these facts the intensive study of our own re- 

 sources is not enough ; we must also acquire a comprehension of what min- 

 erals other countries contain to supplement what we have at home. 



Eead in abstract from manuscript. 



Discussion 



Dr. G. F. LouGHLiN : Following Doctor Berkey's remarks, it appears that 

 more team-work in geology is required. There are geologists and geologists. 

 Some are particularly adapted to certain lines of research: others more in- 

 clined to industrial application of geologic results: others perhaps who have 

 not concentrated in specialties may be well adapted to administrative or some 

 other line of work. While these different men may have cooperated more or 

 less in the past, they need to keep in closer touch with each other now, and 

 also to keep in closer touch with technologists and commercial organizations 

 if geology in its many branches is to be of the greatest service to the public. 



Dr. F. E. Wright : There is a tendency at the present time to emphasize the 

 utilitarian aspects of science; research is measured by its "usefulness." This 

 attitude is justified, provided the quality of usefulness is gauged correctly. 



