There was a time, in the memory of some here tonight, when the annual meeting of The Institute was a nostalgic occasion. Often, in the 1920s, there was comment on the decline of Australian mining and on the lack of new mineral discoveries. When some of our Presidents prayed then for a new Bendigo, and instead were given a Mount Isa, they were justifiably disappointed because of the vastly different capital requirements.In 1967 the mining picture is very different. The recent mining developments in Australia are certainly as important as several Bendigos and several Kalgoorlies. The mining industry in Australia has never been more dynamic than today (Table 1). And if we ask why it is so dynamic, the answer lies in the role which overseas capital is playing in the industry. The contribution of overseas capital should concern us not only because we are members of the mining and metallurgical profession, but also because we have a duty to make our profession contribute as much as possible to the well-being of Australians. It is not sufficient to argue that overseas capital is good for the mining industry; we must also examine whether it is good for the economy and the nation. In this context the current criticism of the inflow of overseas capital into Australian mining is useful, for it gives us an opportunity to see what has resulted from the inflow.In discussing this question I do not suggest that we emulate Captain Hancock, that legendary Moonta mine manager who, according to Oswald Pryor's cartoon, used to say to his miners: "When I say a thing is, it is, even if it isn't". The question can only be discussed on a factual basis; and I would submit that many of the important facts relating to overseas capital in our mining industry are often overlooked or ignored. I would further submit, on the basis of these facts, that Australia's present day mining industry has been largely built on overseas capital and that the overall benefits of that capital to Australia have been enormous.