nual world production
is used or smelted within the countries of origin, the remaining
one-third being exported. Of the minerals moving internationally, coal
and iron constitute 90 per cent of the tonnage.

The metal smelting capacity of the world in terms of yearly production
of crude metal is estimated at nearly 100,000,000 short tons. Of this
amount about 80 per cent is located in the United States, England, and
Germany. The United States alone has over half of the total. Of the
oil-refining capacity the United States controls nearly 70 per cent.

One of the significant features of the situation above summarized is the
concentration of production and smelting in a comparatively few places
in the world. This statement applies with even more force to the
individual mineral commodities.

Water may be regarded as a mineral resource in so far as it is utilized
as a commodity for drinking, washing, power, irrigation, and other
industrial uses. For purposes of navigation and drainage, or as a
deterrent in excavation, it would probably not be so classed. While it
is not easy to define the limits of water's use as a mineral resource,
it is clear that even with a narrow interpretation the total tonnage
extracted from the earth as a mineral resource exceeds in amount all
other mineral resources combined.

WORLD ANNUAL PRODUCTION OF MINERALS IN TERMS OF VALUE

In terms of value, mineral resources appear in different perspective.
The annual world value of mineral production, exclusive of water, is
approximately $9,000,000,000. This figure is obtained by dividing the
annual value of the United States output of each of the principal
minerals by the percentage which the United States output constitutes in
the world output, and adding the figures thus obtained. The values here
used are mainly selling prices at the mines. It is impossible to reduce
the figures absolutely to the value of the mineral as it comes from the
ground; there are always some items of transportation included. This
method of figuring is of course only the roughest approximation; the
values as obtained in the United States cannot be accurately
exterpolated for the rest of the world because of locally varying
conditions. However, the figures will serve for rough comparative
purposes.

Of this total value coal represents roughly 61 per cent, petroleum 12
per cent, iron 6 per cent, copper 5 per cent, and gold 3 per cent.

In terms of value, about 25 per cen