In the last several years we have seen the demise of the Department of Mining and Metallurgy at the University of Melbourne, the removal of extraction metallurgy from the Department of Metallurgy and incorporation of it within a School of Mines at the University of New South Wales, and the joining of a small Department of Metallurgy with a Department of Chemical Engineering to form a Department of Chemical and Materials Engineering at the University of Newcastle. Most of these changes have been forced by the logical application of the principles of accounting, the currency for such accounting being the Whole Student Unit (WSU). It is not my intent to address the problem of attracting young people into courses in metallurgy (including extraction metallurgy) which, at present, is the only way to introduce black ink into the WSU accounting ledger. Rather, I wish to express my disquiet over the trends, illustrated by some of the above occurrences, of separating out extractive metallurgy from METALLURGY by suggesting in broad terms how a course in metallurgy should be structured. I firmly believe that the mechanical metallurgist and materials engineer need an exposure to chemical and extractive metallurgy; similarly, the extractive and process metallurgist should, in my view, have a good grounding in the interrelationships between composition, structure, and properties, this topic being the core of the basic subject physical metallurgy.