While our plans for developing the coking coal in the Northern Area of Queensland represent the largest segment, it is still only one part of a capital expansion program which contemplates going forward with four additional capital expansion programs, assuming subsequent market developments substantiate our judgment and make it possible to convert these plans to realities. If all of these proposed programs come to pass the total new capital expenditures involved would be in the neighborhood of $180 million. We expect now to be able to finance the United States and Canadian programs out of cash on hand plus cash flow from operations plus some liquidation of low yielding assets presently held. Before we talk more extensively about our plans for the future, perhaps it would be well to put these in perspective by looking backward to examine where the company came from and where it stands today. Starting as The Utah Construction Company at the turn of the century with $24,000 capital furnished by four Utah families, the company enjoyed early success, first as a railroad builder and later as a builder of dams and other forms of heavy engineering construction. It took the company sixty years to earn its first $60 million. The last $60 million was earned in less than five years. Behind this change in pace lies the story that we would like to tell you today, for the nature of the company has been transformed and its objectives changed. For most of the first fifty years the company acted principally as a contractor, competing for heavy engineering construction business as -2-