in the steel industry. Using Japan as an example the cost of moving iron ore from Peru to Japan in the most modern vessels is l/6th of what it was 10 years ago when 10, 000 tonners were the customary carrier. As a result Japan has been able to increase the average distance from which it imports ore by 60% while decreasing the average delivered co6t by 40% because the transportation component has declined by some 60 to 70%. These economies are not available to all mines, for both at the shipping port and the receiving port deep water must be available, and in this respect Marcona is so blessed. This is not true of many other foreign mines. Today the Marcona Corporation has a consolidated net worth in excess of $94.2 million and for the calendar year of 1966 earned $12.1 million and for the first 7 months of 1967 has earned $8.4 million. The initial investment by the original stockholders totaled $7 million, of which Utah provided its position and $2 million in cash, receiving $3 million Second Preferred and 41% of the common. The Preferred stock was retired in 4 years and Utah's share of the dividends paid from this venture amounted to $11.6 million, with the balance of the earnings plowed back to finance the beneficiation facilities, purchase the ships, and expand the operation. While operating margins have declined since the inception of Marcona as others saw and seized the opportunities in the international movement of iron ore, Marcona's earnings this year will once again set new records. MT. GOLDSWORTHY. Our most recent venture in iron ore is in Western Australia where -9-