During 1966 our dividend was increased from $1. 00 to $1. 10 with payment of a year-end extra of 10, making the 16th consecutive year in which the dividend payment has increased and the 34th consecutive year in which dividends have been paid. The market value of our shares increased from $2 9 to $40 during the fiscal year, making it a happy year for our shareholders. Let's look ahead and see what we are going to do for an encore. Despite the gains reported, the most important developments that occurred in 1966 are not reflected as yet in the income statement. Let me outline the steps taken that give us confidence that our earnings will continue to expand in 1967 and for the next several years thereafter. The Mount Goldsworthy property was brought into production within the original capital cost estimates, Utah's one-third share being approximately $17 million. Deliveries are being made under a 7-year contract to the Japanese steel industry calling for 1-1/2 million tons for the year ending March 31, 1967 and 2-1/2 million tons yearly thereafter. A trial cargo has been sold in Europe and we are hopeful of additional sales in that quarter. This venture is now operating profitably and should make a material contribution to Utah's results in future years. Since 1960 Marcona has invested $74 million in mining and beneficiation facilities and now has an annual capacity to produce over 6-1/2 million tons including over 3 million tons of pellets. Another $45 million has been spent or committed for the purchase of additional ships. While competitive conditions in the international iron ore markets are currently severe, we -7-