in the quoted price of our shares. Gentlemen, it was a pretty expensive lunch! The character of Utah Construction & Mining Co. has changed significantly in the last 14 years and, indeed, in the last 4 years. In the first half century of its corporate existence it was primarily a heavy engineering contractor, a leader in its field, had built its original capital of $24, 000 into a net worth of $9,900,000 after distributing $ 12, 900, 000 to its stockholders. Its total assets were $15,400,000, about 80% of which was invested in construction activities. Its earnings for the year 1949 were $1, 180, 000 with construction providing over three-quarters of the total. Today our net worth is over $67,000,000 and our total assets have increased to over $119, 000, 000. The assets which we have invested in construction are double those of 14 years ago, but now represent only 20% of our total assets. Investment in land and real estate would account for another 28%, while the remaining 52% is invested in mining and ocean shipping. As our assets have been expanded and diversified, the characteristics of our earnings have also radically changed. Let us take up in turn our three major activities - construction, land development, and mining, with which for this purpose we shall associate ocean shipping. CONSTRUCTION The term "Construction Industry" is a convenient catchall for the economist and statistician in which to place a wide variety of activities -2-