8- a good start has been made at the El Segundo Industrial Park. To us real estate investments are inventory and work-in-process. They must be acquired with care, developed with skill, and sold to the best advantage that the market will permit. It costs money to carry real estate and ready it for sale and the time lag between acquisition and sale makes it the more imperative that the future be forecast with accuracy. Our approach has been considerably more cautious than that of many other operators, and we have not bought property on speculation in the hope of a quick turn nor in the hope that by holding it undeveloped for many years the change in value would more than cover the carrying costs. We have looked to the performance of a service as the principal source of our profits, although we have benefited by the upward trend of prices that has taken place. In our opinion the land that we have acquired is good inventory strategically located in the path of population growth and industrial expansion. The cost on our books is well below existing market values. MINING In our mining activities I have already touched on some of the truly significant developments that have put these operations on a sounder footing and placed them in a position to provide a greater flow of future earnings, although in some cases the annual flow will be reduced. To maximize the profit potential, we have made additional investments in beneficiating facilities at Utah's Iron Springs mine, at Marcona's iron ore operations in Peru, and at Pima's copper property in Arizona. Each has had