MR. CHAIRMAN, LADIES AND GENTLEMEN: You see before you a weary traveler who thus far this year has traveled over 70, 000 miles, equal to three times around the world. I've crossed the equator four times and the last time my watch and my stomach were on the same schedule was the first week in January. Only an invitation as tempting as yours would have lured me again from home, and I appreciate the privilege of being asked to speak to you today. I want to talk to you about the uranium mining industry and the part that it seems destined to play in the production of electric energy in the years ahead. As investment bankers I know that you are surfeited with forecasts about the future growth of the electric utility industry. But, on the assumption that you and your wives have something better than this to talk about at home, let me remind you that the demand for electric energy is doubling almost every ten years. Putting it another way, between now and the year 2000 it will be necessary for the United States to add seven generating systems the size of the total generating system existing in 1965. The rate of increase in the Free World outside of the United States is at an even faster pace. Historically the generating plants have been driven by water power or by thermal power with the conventional forms of energy being coal, oil and natural gas. Recently a new contender has entered the scene nuclear power, produced from uranium, and it's the story of the uranium mining industry that I would like to tell you today.