THANK YOU, IAN, for that generous introduction. Rest assured it did nothing to jeopardize your employment Governor Hansen, Distinguished Guests, LADIES AND GENTLEMEN: I accepted your invitation to speak today with mixed emotions. On the one hand I was delighted to have this opportunity to be with you here in Jackson Hole. While, on the other hand I had some misgivings about the danger of increasing our competition in Australia as a result of my talking to you about "Mining Down Under". On reflection, however, I decided that since Australia survived the Gold Rush of the 1860's, it undoubtedly would survive any stampede I might create in the 1960's. When God made the world, there is reason to suspect that Australia was something he thought of Saturday morning and rushed through to completion Saturday afternoon. It is in some respects badly designed and inconveniently placed -- 4, 000 miles from its major market (Japan), 6, 500 new miles from its major source of outside capital, (United States), and 10,000 miles from its Mother Country, (Great Britain). Its 3 million square miles are bounded by 12,000 miles of coastline, containing some of the best and some of the worst places for harbors in the world. It stretches 2, 000 miles east and west and another 2, 000 miles from its Southern extremity to its Northern tip. Poorly endowed with mountain ranges, the precipitation patterns produce only about 2/3rds the runoff in our Western States and much of the Australian rainfall is near the Coast, leaving most of the land arid.