record has been good." You now have the opportunity at first hand to judge whether the management looks competent on the face of it, and it is up to me to convince you that Utah Construction & Mining Co. is a well conceived operation, whose record has been good and is likely to improve. Let me begin with a thumbnail sketch of what Utah Construction & Mining Co. does, relying on the Annual Report and Fact Book that have been put at your places to supply details that we cannot cover here in the limited time available. Suffice it to say that from its beginning in 1900 until around 1945 the company was primarily engaged in heavy construction and, although a recognized leader in its field, its earnings never exceeded $1, 600, 000 and that peak was reached in 1919. Shortly after the close of World War II Utah began to seek means of making its earth moving abilities pay richer rewards. Thus commenced a series of diversifications into related types of activities so that now, in addition to its heavy construction work performed here and abroad, our company either directly or through affiliates, engages in the mining of iron ore, copper, uranium and coal, in ocean shipping, and in land development. Although our construction work remains at a historically high level, it now accounts for only 14% of our net invested assets, while mining accounts for 47%, ocean shipping 13%, and land development 26%, with mining and ocean shipping providing the major part of our profits. That the recent record has been good, and our diversification well conceived, is amply supported by the rapid and sustained increase in Utah's -2-