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Show Fare WESTERN MINERAL SURVEY By George D. Clyde - CIRCULATION Church Street Phone EM 49 tain confidence in the strength of our basic resources. We may have to tighten our belts, but we are going to make out all right Here are some of the special factors that will have a bearing on Utahs economic future: To look at the dark side of the picture first, production of copper is not likely to return to normal levels for sometime, production of lead and zinc even longer, due to depressed prices and foreign imports. Offsetting these economic weak spots, however, are these favorable factors: Steel production is likely to return towards normal soon, as much of the steel used over the past three or four months has been drawn from inventory. Spending for highway construction in 1958 will be about double the 1957 figure, and will go still higher in 1959. This should have a wide effect in assisting Utah prosperity. Stimulus to Utah business of reclamation construction at Glen Canyon and Flaming Gorge should be most helpful. is holding up bet. Employment ter than was anticipated under the circumstances, and Utah is now passing the low point in . To individuals who may have lost their jobs due to the tempoAll news appearing In the Western recession or due to the flucMineral Survey Is obtained from sources rary believed to be reliable but no responsibility tuations or seasonal employment Is assumed lor accuracy of statements. or for some other cause the sitReproduction of any material from this is dead serious. But the uation must have written permission publication from the published. seriousness of the situation is largely dependent on the outlook e for the immediate and is to or That fture. whether say, (Continued from Page 1) not job opportunities will be more Rock withdrawal in the Fallon freely available again soon. area of western Nevada, according to the office of Sen. Arthur V. To get a clearer and more accurate view of the outlook for Watkins. Elimination of the extension of Utah, 1 invited a number of outa huge military withdrawal in standing economists and financial Nevada results in retention of ap- experts, from the public and private universities in the State and proximately 650,000 acres of the from private business, to my ofpublic lands for multiple purpose fice for a discussion. The results use, including mining and grazing. of discussion that were basically Acceptance of this compromise although they pointed seasonal employment sycle. paved the way for final approval reassuring; up some definite problems we of the military withdrawal which must face. It confirmed my belief National emphasis on the miswas supported by public land usto we not should siles be that try program should provide a ers and conservationists generally. in face stimulus to Utahs econthe of marked changSen. Arthur V. Watkins, Rep. beshould we as nor have a number of inwe omy, William A. Dawson (R) of Utah ing conditions, realcome should We be stallations panicky.. directly concerned with and Rep. Walter Baring in our this main istic and program. appraisals, opposed the approval in commit1 miltee, by amendment, of the lion acre Sahwave Extension and the Black Rock withdrawal, thereby leading to a compromise action "wherein the U.S. Navy voluntarily receded from its insistence on the 650,000 acre Sahwave Extension," says Sen. atkins office. Following the developments in the Treasury Action Spotlights Gold When the U.S. Treasury took Mountain West's drilling and mining down tOO million dollars from the free gold reserves of the nation operations. Read how thi area is recently to meet current bills, it caused a renewed interest in the fast developing into an oil and gas question of gold. Associated Press business writer Sam Dawson notes that this redrilling center as well as one of the serve, once nearly three billion dollars, is now down to 400 milworld's major uranium sources. lion dollars. The free gold reserve" is that emergency fund established in 1934 as a result of the of gold at $35 an ounce by this country. Uncle Sam still has 22 billions in gold holdings about 12 billion of which is earmarked for legal backing of the currency. But central banks of European countries, etc., have perhaps nine billion dollars of U. S. money which under our laws they are entitled to convert to gold from our holdings. Individual foreigners have estimated six billions which could be transferredto through these central banks American gold. Editor L. M. HILL EXPLOSIVES... long-rang- . over-ly-optiniist- (D-Ne- v) SothelienonU.S. gold amounts to about 21 billion of the total 23 billions on hand in holdings. Mr. Dawson notes that the Russians are probably producing more than 140 million dollars in new gold each year while output in U.S. has dropped to only 34 millions. The decline is attributed by the mining industry to failure oi gold prices to keep up with inflation." Some nations, such a.r Canada, subsidize gold production in order to keep up output. 21, 1958 Report from Utah's Gov. United Fund Elects Prexy Someone has very aptly said that when your neighbor loses his job, we are in a recession. ADVERTISING When you lose your own job, we are in a real depression. EM Box 2608 Salt Lake City, Utah There have been some definite indications of an economic slowae second class matter at 8alt Entered Lake City. Utah, under Act o! March 3, down, or recession, in the Nation 1879. within the last several weeks. Subscription rates: $5.00 for two years; The prevalent belief in informed 83.00 for one year. sources is that, it will not turn Please mention Western Mineral Surrey into a genuine depression on the when wrltlnf to adrertlaera. Advertising national level. rates on application. NEWS 421 Friday, February TIIE WESTERN MINERAL SURVEY 2 ic Eric C. Aaberg, Utah general manager and vice president of the Mountain States Telephone and Telegraph Company was elected president of the Salt Lake Area United Fund for the year 1958 at the regular monthly board of directors meeting. Mr. Aaberg .succeeds Raymond L. Arnold, president of the Arnold Machinery Company whose term of office expires. Other officers elected at the meeting on Tuesday, February 4, were vice presidents: LaMar D. Gulbransen, president Richard A. Utah State AFL-CIO- ; VanWinkle, vice president and general manager of Strevell Paterson Finance; Mrs. Jerry (Esther) Landa, a housewife, and treasurer for the 1958 year will be William L. OMeara, trust officer of the Continental Bank and Trust Company. In his first official task, Mr. Utah takes Aaberg awarded Appreciation Plaques to 13 members of the board whose term of office has expired. A number of these board members were among tbe group who first formulated the United Fund organization in the Salt Lake City area. They are: Mrs. Ernest F. Baldwin, D. Ford Crandall, Elmer Davy, Paul J. Mrs. Ralph Duvall, Mrs. L. Wm. Felt, Dwight Manwaring, Edward M. Naughton, Phil J. Purcell, Lawrence Schroder, Harold J. Steele, Halley Thomas, William T. Thurman. De-Vin- e, . Mr. Arnold was also presented with an award for his outstand- ing leadership to the Fund during the 1957 year. Mr. Arnold was reelectedf to the board. At the same meeting reports were heard from each of the committee chairmen who have served under Mr. Arnold. a beating! World overproduction, cheaply produced foreign imports and reduced demand have driven metal prices down. As a result, the value of Utah's mineral production dropped a from $374,696,000 in 1956 to $300,683,000 in 1957 loss of $70,013,000. Employment, payrolls and tax payments are down threatening Utah's prosperity. Every Utahn should demand a policy of American products for Americans. - UTAH MINING ASSOCIATION "From tho earth comes on abundant Ufa for all" |