6- which we have operated. Today you will find our people working in the French Congo, in Pakistan, in Australia, in Peru, and other foreign countries, as well as in the United States. While the construction activities of the company no longer are our primary source of income, I am pleased to be able to report to you that our construction staff has not lost its skill. This year we were awarded a special Certificate of Appreciation by the United States Corps of Engineers for the outstanding performance of our group in constructing an important missile project at the Schilling Air Force Base. Our Construction Division utilizes less capital than either Mining or Land Development, but employs substantially more of our people. Quite apart from the results that Construction may have achieved as an activity in itself, I would like to emphasize here that this is not the sole measure of its benefit to our efforts, for construction has been the tool, the art, or the skill that has greatly facilitated our entry into the mining and the land development phases of our activity. The last and the newest of our major activities is hydraulic dredging, and here the record is not altogether pleasant reading. We have under our control two of the largest, newest, and most efficient dredges in the world today, and they have only one real disadvantage they haven't made us any money. They do well enough when they are working, but they have enjoyed a considerable leisure, a luxury we can ill afford because the carrying cost of idle new dredges is very heavy indeed. The dredging industry in the United States has substantially more plant capacity than there is work available, and there has been a particular dearth of work of the type where the large dredges that we own would enjoy a competitive advantage. Competition