5. Mining and ocean shipping have also applied the major upward thrust to our earnings and in the first 9 months this year accounted 76% for 72% of our gross profits from operations including the affiliated companies of which Marcona and Pima are the major ones. Construction's contribution has varied widely from a minus 1% in 1964 when we suffered heavy losses on a firm-price contract to build a dam in Oregon to 33% last year when construction profits were the highest in the company's history. Land development gross profits have ranged from 18% to 26% in the period 1962 through 1965 but reached their peak levels in 1964 and have dropped since that time. 6. The next chart brings out one of the contributing causes to the decline in profits from land development. Anticipating difficult conditions in this branch of our business we ceased acquiring land in 1962 and sold out of inventory, thereby increasing profits but depleting our inventory of land ready for sale. We began to replenish our inventory last year and this year but the newer acquisitions are not ready for market and make no contribution to profits. This factor, unique to the company, coupled with a generally depressed real estate market particularly in California, account for the poorer showing for our land division in the last two years. Our confidence in the future is evidenced by our new land purchases. 7. Turning now to construction, the next chart shows the total -5-