A few charts may help us quantify the magnitude of the changes that have taken place. 1. The first chart shows the impact on company earnings. In the first 50 years when the company was primarily engaged in heavy construction the earnings never reached the $2 million level, and the 1949 earnings of $1. 2 million were below those recorded as early as 1912, However, as the company diversified into other fields the earnings level moved sharply upward, dipping and pausing at times along the way, but setting new highs in 1966 with annual earnings of $13.1 million and earnings this year of 16.5 million running ahead of last year, hitting $12.1 in the first nine months. 2. The second chart puts the more recent figures on a per share basis for earnings and dividends. Earnings per share have in-creased from $0.60 in 1953 to $3.06 for the year 1966 and $2.82 for the first nine months this year. Dividends have been increased every year for 17 years and in 1967 we paid $1.30, consisting of two quarterly payments of 25, two of 30, and a year-end extra of 20. 3. The third chart compares the book value per share with the change that has taken place in the market price of the shares, showing the latter at the annual high and low bid prices. In the nature of things book value in a mining company is not necessarily a reliable guide because the cost of a discovery may bear little relationship to the true value of the mineral reserves added. -3-