Financial liberalisation and the advance of financial innovation in a number of developed economies has been blamed for the break-down in the demand for money based on simple sum measures. This break-down has prompted research into Divisia measures of the demand for money. Like many developing countries, Pakistan is going through a period of financial deregulation which goes hand in hand with financial innovation due to increased competition in the banking industry. This paper employs the methodology of cointegration to compare simple-sum and Divisia level estimates of the demand for money for Pakistan for the period 1974Q4 to 1992Q4. Simple sum measures of M1 and M2 were compared with Divisia versions. The paper reports little evidence in support of the superiority of the Divisia monetary aggregates. Both types of measure produce a stable demand for money and perform satisfactorily in post-sample stability tests, although the Divisia measure appears to perform marginally better on conventional statistical criteria. However, our conclusions have to be qualified by the limitations of the data and the knowledge that the period of financial innovation and deregulation has been relatively recent. The policy significance of the results suggests that currently there is no advantage from switching from simple-sum to Divisia aggregates at the existing level of official aggregation as the proper indicator of monetary policy. However, if financial deregulation and innovation continues at the current pace, the Divisia aggregates may in future prove to be the better indicator.

Representative coal samples from the eastern salt range (Modern Engineering and Kishor coal mines, Pakistan) and the central salt range (Punjmin coal mine, Pakistan) were collected and examined for their chemical composition. The chemical characteristics indicate that the salt range coal belongs to  sub-bituminous category. Washability analysis on selected coal samples (6.70 ´ 0.212 mm) using zinc chloride solution with a specific gravity from 1.3 to 1.7 were executed. The results classify the central salt range coal as easily washable while, the Eastern salt range coal as moderately difficult to wash. Jigging, shaking table and spiral techniques were applied to check the cleaning amenability of the salt range coal through these techniques. Among these techniques, shaking table revealed the most promising results for all the three coals. Punjmin coal showed the maximum rejection of ash of 55% and that of total sulphur of 74% with a recovery of 46%.

Discharged water from mines shows alteration in its physical properties and may be acidic depending upon the concentration of heavy metals and sulphate ions, which pose hazardous effects on groundwater and ecosystem. This paper deals with the characterisation of water being affected by coal mining in the Basharat area of Punjab. Total eleven samples were collected from different water sources including groundwater, mine outflows, mine inflows and surface water in the vicinity of Hassan Kishor Coal Mine. All samples except that of groundwater showed higher turbidity, lower pH values and higher total solid contents. Higher concentration of iron and copper in all samples indicate higher acid mine drainage (AMD). Relatively larger concentration of calcium in groundwater as compared to its presence in other samples demonstrates quashing effect of overlying limestone to the AMD.