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 qualit