as a railroad builder, and later as a builder of dams and other forms of heavy engineering construction. In its 68 years of existence it has earned a total of $147 million. Only $25 million, or 17% of this total was earned in the first 50 years when the company acted principally as a contractor competing for heavy engineering construction business. The turning point in Utah's affairs came when it decided that there were better uses for the skills that it possessed than merely limiting its efforts to contract construction and turned to applying these same skills to the fields of mining and land development. With this change in objectives we have transformed Utah from a heavy engineering construction company to the diversified company which you see today, engaged as it is either directly or through affiliated companies in the mining of iron ore, uranium, steam coal, coking coal, and copper; in ocean transportation of bulk cargo; in land development; and in heavy engineering construction, both domestically and overseas. The change has been rewarding to the shareholders. The company has earned more in the last two years than it did in the first 50 years. Using 1949 as a bench mark, that year the company earned $1. 2 million, which was below the profit recorded as early as 1912. In 1967 we earned $16. 5 million. As a heavy contractor we always had the problem of worrying about where our next meal was coming from. Today we have a backlog of undelivered mineral sales for Utah's uranium, steam coal, coking coal and iron ore of over $1 billion, 34 times last year's sales of these minerals. Not included in this figure is the $735 million of unfilled long-term contracts -2-