add, enjoyed very much indeed. Since we sell the A. E. C. 1 million pounds a year and we now do so at a price about $3 lower, we have lost almost $3 million profit before tax in comparison with our 1968 experience, and this is a heavy burden to overcome. We have offset it in some measure by uranium sales to private customers at prices above the government price and strengthening as the years go on. However, the delay experienced in nuclear reactors coming on stream has reduced the near-term demand for uranium, softened the near-term market, and make it difficult to sell uranium in the early years of the 1970's. The longer term outlook for uranium in our opinion is brighter than ever. Existing uranium reserves are insufficient to meet the indicated requirements and theoretically would be consumed by 1977. New uranium must and I am confident will be found to service the requirements, and we foresee a strong market for uranium at higher prices in the last half of the 70's. Nor are current conditions conducive to a booming market for real estate. Utah has accumulated a substantial land portfolio largely in California. We believe it has been purchased judiciously and ultimately can be sold off profitably. However, the present shortage of mortgage money and high interest costs are serious obstacles that slow the pace of sales from existing projects and make it unwise to initiate vigorous new real estate development projects while these conditions exist. We do anticipate that in 1970 our income from real - 12-