efficient equipment resulting in sharp increases in productivity. With this increase in efficiency and with the discipline exerted from competition from international sources and from competing minerals, prices of minerals have - for the most part - been reasonably stable. 1. The price of coal is less than it was 10 years ago with a 30% increase in daily wages offset by a 60% increase in the output per man-day. 2. Lead and zinc have risen recently, but lead is still below the levels prevailing in 1965 and 1966, while zinc is just now equal to those levels. 3. Iron ore prices per iron unit have held the line reasonably well. 4. Aluminum ingot prices have only recently surpassed slightly the 1960 level. 5. Copper has its own two-tier price system. The domestic producers, after the long and costly strike of 1967, have advanced the domestic producers price from 38 to the present 44 to 44-l/4, but have held the level decidedly below the prices on the London Metal Exchange. When the U. S. copper industry was on strike, the London price hit 87 and has fluctuated widely since that time, dropping down into the high 40's but now back around 60. Over the next several years new foreign mines will bring the world demand/ supply picture into better balance and bring pressure to bear on foreign copper prices. -2-