11- and is currently selling in excess of $4 a share. To market and deliver iron ore from Peru more efficiently the owners of Marcona Mining Company also formed Compania San Juan, S. A. and its wholly-owned subsidiary, San Juan Carriers, Ltd. Through these two companies we entered the field of ocean shipping and acquired 5 large specialized ore carriers and have a sixth on order. These vessels, together with those we charter, haul ore from Peru to the United States, Germany, Japan, and Argentina and backhaul cargoes ranging from Sumatra oil to Volkswagons. In this way we have not only earned a satisfactory profit from our selling and shipping activities, but have made our competitive position more certain by assuring low cost ocean transportation. 3. Another factor that has expanded Utah's past and potential earnings and has excited investor interest is its land development activities. Among its principal holdings are some 4,300 acres in the Moraga Valley, an industrial park in South San Francisco, acreage in South Alameda created by dredging sand from the Bay and, in fact, manufacturing the land, extensive acreage on the outskirts of the Vandenberg Air Force Base, and a new purchase of land in the Pauma Valley in Southern California near San Diego. For the most part, Utah contents itself in the residential field with developing the land into lots which are sold to home builders is the area. On its commercial and industrial land the company may either sell the land or offer the purchaser a complete service whereby we will design, build, finance, and lease a store or a plant to the potential user. We are optimistic about the future of this type of activity which in the past few