OCR Text |
Show u THE IMPORTANCE OF MINING In normal times, few industries contribute as much to prosperity as does mining. By some token, depression in the mining industry has an adverse effect on many other businesses and professions. In many states, for example, mining was a leading-industry leading-industry from the standpoint of employment, investment of capital and tax payments. Storekeepers, farmers, doctors, doc-tors, skilled and unskilled laborers depended upon it for a large part of their livelihood even though they had no direct connection with it. The money it created permeated the whole industrial structure, stimulating purchasing power, providing jobs and aiding progress. With the collapse of metal prices, this purchasing power was lost and no financial blow could have been so severe to the mining states. During depression, mining has been at an even lower level than most other industries. That is why economists attach great importance to "bringing back mining" and why. they hail jubilantly every sign of a mining revival. |