3. ocean shipping and this is a significant contributor to our earnings and is likely to be importantly so this year. Our land development activities are profitable but were a minor factor in last year's performance and are expected to be so for the next year or two. Hopefully after that under the new management now in place our real estate activities will produce a profit return more in line with that which we expect from mining. Our dredging activities performed unbelievably well in 1970 but circumstances were unusual and are not expected to be repeated. Our investment in and our profit from construction will be minor in 1971 and in the years ahead. Bill Loeb has suggested to me that your main questions center around three subjects: the Peruvian situation; the state of the Japanese uranium and steel industry and the effects on Utah; and the growth expectations and projects beyond the '73 - '74 period to support a continuing high multiple on earnings. I shall try to deal with each of these as best I can. The Peruvian situation is not easy to appraise, for certainly some of the actions and some of the statements made by the Government leaders have an unfriendly sound to private enterprise, and particularly to foreign private enterprise. The Government has indicated that it favors the development of mining enterprises through a joint approach in which the private company would have a Government-owned corporation as a partner. Furthermore, the junta has indicated that it expects to control the processing and the marketing of minerals produced in Peru. In the face of these requirements private capital has been hesitant to go into Peru and private enterprise has withdrawn and returned to the Government mineral deposits that in a more hospitable atmosphere they would have been eager to develop. On the other hand Marcona has thus far suffered no