McLeod: Without getting into the argument as to how well we can know our resource levels specifically in the immediate short term, I would like to make one or two points about the future, and perhaps try and persuade people that they are not really facing a doomsday. It is fair to say that over the last few years the rate at which we have increased our resources has far exceeded the rate at which we have used them, and this is likely to continue for quite a few years yet._x000D_
As people are now looking for a substitute for petroleum, later on we will be looking for a substitute for coal, should the position get serious. After all man is pretty versatile, has plenty of initiative-and makes allowances for experience. It has been demonstrated here by the way people are looking at use of low quality coals and better use of the coals that are available. It would be fair to say that what now we regard as economically submarginal deposits will, by the time we need them, become economic. I think that there is quite a lot in front of us in exploration and finding new reserves. I would like to have comment from yourself sir, because I recall reading a report of a meeting, here in Wollongong I think it was, in which you addressed the local branch on the future of coal in Australia, and you said that the coal basins of Australia had been well explored and there was not much chance of new discoveries. Since that time we have seen some thousands of millions of tonnes turned up in the Galilee Basin of Queensland, we have seen five hundred million tonnes turned up in Lake Phillipson in South Australia. Do your previous comments still apply? I would like to hear from some of the exploration people, who are operating on an Australia-wide basis, as to how they regard our chances of discovering significant new deposits and significant extensions of known deposits. H,artnell: Mr. McLeod has asked me to comment on what he has just said. I think that the important thing is that our knowledge of the main coal basins in Eastern Australia is increasing in detail but for the most part the extent of coal basins is not being increased in respect of their superficial areas. There are additions but they are not substantially changing our expectation of what the main coal basins will be. I believe that our task is essentially to intensify our knowledge of the main coal basins that we know about. This is important for example for the various reasons that Mr. Roach was talking about, that is the problem of surface alienation, jeopardising the chance of recovery when you go to underground operations. My approach to this whole problem is predicated on the belief that coal has a special destiny to perform in the next fifty years. I believe that it is going to take up to fifty years and maybe a little longer before the enormously demanding technology for nuclear power recovery is in fact achieved. When it is achieved the supply of energy to the world will be enormous, much beyond what we have ever even dreamed about. The mind boggles at what the people of the middle of next century, of two thousand and fifty, will command in the way of physical resources. It is going to be, I believe, tremendous, but the technology involved is very demanding. I mentioned to Mr. McLeod the other day that according to the information that I got in November last, 60% of the nuclear power stations in the United States were out of action, by automatic cut offs because of safety requirements. The technology of breeder reactors seems each year to be a bit further off. In the meantime coal I am sure is going to be called on to supply power directly to fluidised bed and other technologies for power generation. It is going to be called upon in the near future, I believe, to supply liquid fuel on a vast scale and the only thing in my view that we should be thinking about is whether the coal producing countries of the world will succeed in producing as much coal as is going to be demanded. I believe the real challenge to the coal mining industries of the world is that they may fail to do what is going to be demanded of them. This is a challenge I believe to mining technology. I think that we should be working deliberately and energetically finding ways and means where underground recoveries, instead of averaging 50%, can average 50% plus, plus, plus, and this is the first requirement. We should be spending many millions every year, here and overseas, on increasing our means of winning coal because every tonne of coal that is alienated and left irrecoverable in the earth is going to weaken the capacity of the coal mining industry to fulfil, what I believe to be its destiny in the next 50 years.