In 1949 we had a net worth of $9. 9 million. Today it is $96 million. The 150 shareholders of 1949 have grown to over 4400 shareholders today. This growth has been accomplished without resort to acquisitions, since the only new shares that were issued to acquire the assets of other companies were the 514,755 shares issued to obtain the 40% interest held by the public in Lucky Mc Uranium Corporation when that company was merged into Utah in 1960. Any company that takes risks will make mistakes, and we are no exception. However, it is worth-while to examine in some detail the record of the new projects which have brought about the growth in the Utah picture. For those of you who are interested or may become interested in Utah Construction & Mining Co. as an investor, it is important to realize that our growth in earnings has stepped up as we have infused the business with new profit centers, and these in turn have continued to grow after they have been planted and become firmly rooted. While our construction activities have been more profitable in the last two years than ever before, evert though the investment in this phase of our business corresponds closely with that of 1949, the major growth in our earnings has come from our investment in iron ore, copper, uranium, coal, ocean shipping, and land development. Let's examine these in greater detail. In 1952 Utah acquired control of an iron ore concession in Peru and proved up a large quantity of ore. This was not Utah's first venture -3-