In the above discussion, little reference has been made to shortage of total world supplies as an argument for international coöperation. This is an argument often cited, and with some effectiveness during the war. It is the writer's view that this phase of the problem has been much exaggerated. Except for certain periods during the war, in considering the world as a whole adequate supplies of all mineral commodities have been available at all times. They have been developed as rapidly as needed, in some cases more rapidly; and geological conditions seem to indicate that this condition will continue for some time in the future, through national and individual effort. Combined efforts of governments seem hardly necessary as yet to accomplish this purpose. In fact, there is rather more danger of over-development, without due regard to the working of the interest rate, which might be prevented by international coöperation. The main problem now is not one of total supplies, but of their effective and equitable distribution.

EXPLORATION IN ITS INTERNATIONAL RELATIONS

When an explorer or prospector leaves his own country to discover and acquire minerals in other countries, with a view to exportation, it is reasonably obvious that he must first acquire a sound knowledge of at least some of the elements of international trade in minerals,—such as shipping facilities, rates, tariffs, attitude of the government toward ownership, toward export, etc. For example, the prospector for oil in foreign countries will not get very far without considering the recent steps taken by foreign governments, and mentioned on pp. 131-132.

The necessity of study of the international situation in conducting domestic exploration is not so generally recognized; and yet anyone today who confines his attention solely to the local physical facts of the situation, and who ignores international considerations, may find himself in difficulties. The investigation of international questions is not merely desirable from the standpoint of general information, but may be vital to the business or professional success of the explorer. For instance, he might take up the exploration and development in the United States of fertilizers and ferro-alloy minerals which are ordinarily imported; and without understanding the severe limitations imposed by the foreign situation, he might find himself with a property, sound from a physical standpoint, but financially a failure. It is comparatively easy, by running over the long list of mineral commodities used in the United States, to eliminate, on international grounds, a considerable number from the field inviting financial success, and to concentrate on others whose economic relations are sound. In the rapid changes during and since the war, the necessity for consideration of world conditions has been brought home at heavy expense to many business and professional men engaged in the mineral industry.

VALUATION IN ITS INTERNATIONAL RELATIONS

For mineral commodities of limited supply and steady demand, market conditions may be more or less taken for granted, and valuation may be based on local considerations. For a large number of mineral resources, however, the competitive market conditions are anything but stable, because of foreign competition. It is necessary not only to know the basis for this competition, but also to be able to follow intelligently its various changes. The value of many of our mineral deposits in recent years has varied widely with changes in the foreign situation.

RELATIVE POSITION OF THE UNITED STATES IN REGARD TO SUPPLIES OF MINERALS

The United States is more nearly self-sustaining in regard to mineral commodities as a whole than any other country on the globe. The following statement summarizes qualitatively our position:

1. Minerals of which our exportable surplus dominates the world situation:

Copper.
Petroleum has belonged in this class until recently. In the future imports will be required (see 5 following).