<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 216907
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE NEW ERA FUND, INC.
001 B000000 811-1710
001 C000000 4105472000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 STATE STREET BANK & TRUST COMPANY, INC.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 72
019 C000000 TROWEPRICE
020 A000001 ALFRED BERG
020 C000001 55
020 A000002 PRUDENTIAL SECURITIES
020 B000002 22-2347336
020 C000002 49
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 48
020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004 42
020 A000005 BURNS FRY HOARE
020 B000005 13-2692943
020 C000005 38
020 A000006 ISI GROUP
020 B000006 13-3599877
020 C000006 38
020 A000007 BEAR STEARNS
020 B000007 13-3299429
<PAGE> PAGE 2
020 C000007 37
020 A000008 MORGAN STANLEY
020 B000008 13-2655998
020 C000008 29
020 A000009 BERNSTEIN SANFORD
020 B000009 13-2625874
020 C000009 28
020 A000010 SALOMON BROTHERS
020 B000010 13-3082694
020 C000010 26
021 000000 743
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 920251
022 D000001 26196
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 304431
022 D000002 27378
022 A000003 BANKERS TRUST
022 B000003 13-4941247
022 C000003 188638
022 D000003 0
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 166910
022 D000004 13420
022 A000005 JP MORGAN
022 B000005 13-3224016
022 C000005 154873
022 D000005 1996
022 A000006 FIRST BOSTON
022 B000006 13-5659485
022 C000006 79645
022 D000006 4656
022 A000007 CHEMICAL SECURITIES
022 B000007 13-4995650
022 C000007 30721
022 D000007 0
022 A000008 HOUSEHOLD FINANCE
022 B000008 36-1239445
022 C000008 27447
022 D000008 0
022 A000009 JAMES CAPEL
022 B000009 52-1348224
022 C000009 9370
022 D000009 10553
022 A000010 BP AMERICAN
022 B000010 34-1152832
022 C000010 19294
022 D000010 0
<PAGE> PAGE 3
023 C000000 2038511
023 D000000 99074
028 A010000 10462
028 A020000 0
028 A030000 0
028 A040000 22919
028 B010000 10469
028 B020000 0
028 B030000 0
028 B040000 19591
028 C010000 7455
028 C020000 0
028 C030000 0
028 C040000 43766
028 D010000 5663
028 D020000 0
028 D030000 0
028 D040000 28437
028 E010000 13590
028 E020000 0
028 E030000 0
028 E040000 20570
028 F010000 33341
028 F020000 69424
028 F030000 0
028 F040000 17180
028 G010000 80980
028 G020000 69424
028 G030000 0
028 G040000 152463
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
<PAGE> PAGE 4
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 Y
053 A000000 N
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
<PAGE> PAGE 5
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 213034
071 B000000 234196
071 C000000 939141
071 D000000 23
072 A000000 12
072 B000000 6656
072 C000000 22791
072 D000000 0
072 E000000 0
072 F000000 6218
072 G000000 0
072 H000000 0
072 I000000 1666
072 J000000 96
072 K000000 67
072 L000000 56
072 M000000 25
072 N000000 63
072 O000000 0
072 P000000 0
072 Q000000 74
072 R000000 24
072 S000000 12
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 22
072 X000000 8323
072 Y000000 0
072 Z000000 21124
072AA000000 53793
072BB000000 0
072CC010000 122914
<PAGE> PAGE 6
072CC020000 0
072DD010000 21547
072DD020000 0
072EE000000 53877
073 A010000 0.4800
073 A020000 0.0000
073 B000000 1.2000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 76956
074 D000000 0
074 E000000 4675
074 F000000 1011754
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 2462
074 M000000 0
074 N000000 1095847
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 5454
074 S000000 0
074 T000000 1090393
074 U010000 48131
074 U020000 0
074 V010000 22.65
074 V020000 0.00
074 W000000 0.0000
074 X000000 40497
074 Y000000 0
075 A000000 0
075 B000000 1055685
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 N/A
080 C000000 55000
081 A000000 Y
081 B000000 119
082 A000000 Y
082 B000000 100
083 A000000 N
<PAGE> PAGE 7
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE HENRY H. HOPKINS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000216907
<NAME> T. ROWE PRICE NEW ERA FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 791007
<INVESTMENTS-AT-VALUE> 1093385
<RECEIVABLES> 2462
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1095847
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5454
<TOTAL-LIABILITIES> 5454
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 777328
<SHARES-COMMON-STOCK> 48131
<SHARES-COMMON-PRIOR> 48619
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10686
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 302379
<NET-ASSETS> 1090393
<DIVIDEND-INCOME> 22791
<INTEREST-INCOME> 6656
<OTHER-INCOME> 0
<EXPENSES-NET> 8323
<NET-INVESTMENT-INCOME> 21124
<REALIZED-GAINS-CURRENT> 53793
<APPREC-INCREASE-CURRENT> 122914
<NET-CHANGE-FROM-OPS> 197831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21547
<DISTRIBUTIONS-OF-GAINS> 53877
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 179604
<NUMBER-OF-SHARES-REDEEMED> 260526
<SHARES-REINVESTED> 69413
<NET-CHANGE-IN-ASSETS> 110898
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11193
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6218
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8323
<AVERAGE-NET-ASSETS> 1055685
<PER-SHARE-NAV-BEGIN> 20.15
<PER-SHARE-NII> .47
<PER-SHARE-GAIN-APPREC> 3.71
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> 1.20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.65
<EXPENSE-RATIO> .79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
