11 - of our operations. I do not intend to predict here or elsewhere the magnitude of the 1975 earnings improvement. This can be greatly influenced by negotiations now underway between the Japanese steel mills and the New South Wales coking coal producers whose contracts are priced annually. With the backing of Australia's Minister for Minerals and Energy they opened the bargaining by asking for a price of $57 a ton. The Japanese mills have offered $43. Canadian producers recently settled at $47 and prices paid U. S. producers are higher still. No agreement on price has yet been reached but it has been agreed that whatever change in price is finally agreed upon it will be retroactive to April 1st. Implicit also is the view that a comparable price adjustment will be granted for Utah shipments so that export licenses, controlled by Australia's Federal Government, will be forthcoming without difficulty. Our present price on Japanese shipments is around $31 and obviously a price increase of anything like the magnitude being mentioned will bring substantially increased gross revenues to UDC this year and next. This may prove to be an embarrassment of riches! When we consider what the future holds for Utah we must contemplate Utah's future in Australia, because this is the major source of present earnings as well as a source for future expansion in coking coal, in iron ore, and even other minerals. In weighing this question one must also understand the respective roles of the States and of the federal government under the Australian system, for the States are far more important there than in the United States. It is the