5. countries and this phase of the business will be lost to the United States and to the other consuming countries. The cost of imported minerals may be raised through higher royalties, higher taxes, and insistence on sharing in the equity on an inequitable basis. The U. S. economic system will become much more vulnerable to interruptions in mineral supplies, necessitating the carrying of larger inventories. Mineral processing plants will have to relocate in some cases near deep harbors to avoid heavy rail charges for imported materials. The waterfront unions will be in an even stronger position to cripple the economy. These are the problems I see ahead. We ignore tham at our peril. So endeth the lesson.