3- the performance of heavy engineering work on a contract basis as a service for others. Today Utah Construction & Mining Co. is both a holding and an operating company with five principal areas of activity. From an earning standpoint the most important of these is mining, and here we are concerned with iron ore, uranium, coal, and copper. Our second major source of profits this year will come from our general construction activities, which are conducted on an international basis and spread throughout 15 countries on six continents. The third major source of profits in the current year is from our interest through an affiliated company in ocean shipping. A fourth major area of activity is land development, which is concentrated primarily in California and which involves a substantial commitment of company assets, although current earnings are of modest proportions. The last major area of activity is the field of hydraulic dredging, which will make a small contribution to our earnings for the present year, although historically it has been a losing venture. These activities are conducted by the parent company directly or through 28 active wholly owned subsidiaries, through joint ventures with other companies, and through investment in 20 affiliated companies, of which three are worthy of special mention, Utah Construction owns half the voting stock and 41-1/4% of the equity stock of Marcona Mining Company which is engaged in iron mining in Peru. We own a similar interest in Cia. San Juan, S.A. which bears the responsibility for the sale and delivery of the iron ore produced by Marcona Mining Company to its steel producing customers in the United States, Europe and Japan. Cia. San Juan transports this ore using 26 ships having a capacity