6- Liberian subsidiary, San Juan Carriers, Ltd., which owns five large specialized bulk carriers aggregating 176,000 dead weight tons and has a sixth vessel of 18,000 tons being built in a Japanese shipyard. The balance of the shipping requirements are provided by charters on the open market. Backhaul cargoes are taken when it pays to do so and range from a long-term contract of affreightment with Standard of California to carry Sumatra crude to California refineries to spot cargoes of wheat, automobiles, fertilizers, and other bulk commodities. The vessels we own were acquired at a cost of approximately $29,000,000 and were purchased at favorable prices. These vessels were financed in part by bank borrowings of $19,700,000, which have now been reduced to $8,862,000 and should be retired by the end of 1962. Our investment in Cia. San Juan has earned us $5,959,000 to the end of our 1959 fiscal year, $825,000 of which was received as a dividend and the balance reinvested. This venture has not only been profitable but has provided assurance of low-cost transportation of Marcona ore to market, thereby minimizing the impact of the violent fluctuations that characterize the charter market and assuring that Marcona ore can be competitive in the world markets regardless of the condition of the shipping market. The next major source of our earnings is from our land development and real estate activities and this branch of our business actually now employs more funds than any other part of our operations. Our present investment in land development on a consolidated basis amounts to some $30,000,000 about one-half of which is in our Alameda projects. Let us classify these real estate activities into two broad types. The first is our Special Ventures in which we acquire a property and build on it an income-producing structure, ultimately hoping to resell the package at a