For the purposes of this paper it is proposed that we should assume, for a short time, the role of the prospector, and take a look for ourselves at one particular Canadian mineral resource, iron; and having done so, should then, more dangerously, assume the mantle of the prophet, attempting to forecast what that metal may mean in the economy of Canada during the years immediately ahead.

As everyone here will know, the amount of iron produced in the course of the astonishing and proliferous mineral output of the last fifty years, has been small, sporadic, and, for certain periods, non-existent. Now, for the first time in Canadian history, we stand on the verge of a great age of iron production, which will certainly have a profound influence on the economic development of this country, of the North American continent, and quite possibly beyond. In addition, iron production, on the scale which can now be reasonably expected, may well prove to be the greatest single factor in redressing our financial and trade imbalance with the United States, and in tipping the scales towards the accomplishment of the long-awaited St. Lawrence Deep Seaway. The purpose of this paper will be to attempt to give some factual underpinning to these large assumptions.