Henry Smith Munroe, 1911 Encyclopædia Britannica (1911)
“ In many instances, indeed, profits are more or less uncertain during the whole life of the mine, and it is evident that the value of the mining property must be more or less speculative. In the case of a developed mine its life may be predicted in many cases with absolute certainty—as when the extent of the mineral deposit and the volume of mineral can be measured. In other cases the life of the mine, like the value of the mineral, is more or less uncertain. Further, both time and money are required for the development of the mining property before any profit can be realized. ”
