utah co of the americas a western hemisphere trade corporation was engaged in residential and office building construction in canada highway construction in colombia and construction work for marcona mining company in peru compania utah s a a mexican corporation performed harbor work at guaymas and mazatlan and paving work at obregon utah australia limited a nevada corporation operating in australia was formed during the year to conduct continuing construction activities in australia and related areas the company has been successful in ac quiring a good backlog of work in australia including contracts for the construction of a large shell loading plant tunnel work industrial plant construction and dam construction utah construction company also owns a 12.25 per cent interest in utah construction limited an affiliated company which has been spon soring a joint venture for the construction of the big eildon dam in australia this dam was completed during 1955 and today is the largest dam ever completed in the southern hemisphere the company has operated profitably and has disbursed approximately 75 per cent of its earnings each year to its stockholders the company will be liquidated as rapidly as conditions permit probably before the end of 1956 utah construction company or its subsidiaries also participated in joint ventures concerned with military and naval installations on guam railroad rehabilitation in korea military housing on okinawa and a large earth-filled dam in france which was awarded to our group shortly before the close of the year foreign construction work carries added hazards over domestic con struction and on the average brings with it greater percentage profits com mensurate with the extra risks we have achieved some degree of protec tion by diversifying our foreign construction work among a number of countries so that we are less vulnerable to adverse political c development in any single country