2- Apart from Canada, the recipients of this capital are largely the underdeveloped countries - Venezuela, Peru, Brazil, Chile, India, Liberia, Gabon, Mauretania, Sierra Leone, Malaya - and waiting in the wings, Australia, Swaziland, South Africa, and others. Gone is any fear of an impending iron ore shortage, for the world reserves will support the 1962 rate of consumption for 250 years. Among the world producers in 1950, every country but the U.S. has expanded its production spectacularly in the last 14 years. In 1950 the U.S. depended primarily on its own production, supplementing it with minor imports of high quality ore from Sweden, Brazil, and captive mines in Chile. We even exported more ore to Canada than we imported from that country. Our imports increased 300% from 1950 to 1962 and by 1970 should be over 5 times the 1950 rate. Today half our imports come from Canada, another 30% from Venezuela, and the balance from Chile, Brazil, Peru, Liberia, with the latter country scheduled to rise sharply in the immediate future. The change in Europe and the U. K. has been even greater. In 1950 its ore supplies were largely provided internally - Sweden and France exporting their surpluses to the other countries - and supplementing with ores from Colonial possessions in North Africa. By 1962 overseas imports had increased four-fold and by 1970 should be at 11 times the 1950 rate. Today 38% of the overseas imports come from South America, 34% from Africa, 12% from Canada, and 15% from as far away as India and Goa.