6 - in the fiscal year ending October 31, 1976. Dividends have grown from 18.3c in 1966 to $1.15 in 1976. Earnings have grown at the compounded rate of 19% for the last 20 years, 23% for the last 15 years, 28% for the last 10 years and 37% for the last 5 years. I think it is fair to say that the company has made good progress and has served its owners well. Why should the shareholders of a company that has fared so well vote overwhelmingly yesterday to merge with General Electric? In my view it was concern about the growing concentration of Utah's earning power in a single commodity produced in a single country. The risks that were of concern to Utah International standing alone were not the least unreasonable to take when the assets of General Electric and Utah were combined. Indeed, of all the minerals coking coal has perhaps the most promising prospects. Australia certainly offers one of the best combinations of favorable geology and favorable investment climate. Furthermore, Utah has in hand mineral reserves that should be and, under merged conditions, will be promptly developed. The source of gross profit and other income has undergone change in the past 5 years. Mining is the overwhelming contributor, oil and gas is a positive contributor, and land development a losing venture in recent years. Affiliated companies and joint ventures were substantial contributors in the first three years, modest profit contributors in 1975, and the source of a loss of over $9 million in 1976. While there are other entities in this category, Marcona and Cyprus-Pima are the principal components.