13- inroads. We are a dealer in wasting assets, a merchant of land, a performer of services. To continue to grow we must add assets of potential earning power greater than those we consume each year in the performance of our normal activities. It takes men of special quality to recognize and translate into reality the profit opportunities that are ever present in a dynamic and changing economy. True, we now have a stream of earnings flowing from a wealth of assets that never were present when we relied solely on construction. Certainly some of these are favorably situated and stand to benefit from growth trends in their field. Marcona has a future profit potential that certainly should carry earnings well beyond levels enjoyed in the past. It serves the world market which requires rapidly increasing quantities of imported iron ore whether it be the United States, the United Kingdom and Europe, or Japan. Marcona has acquired additional reserves adjacent to but outside of the Santa concession. This year the company has undertaken the $22,000,000 first step in a program designed to make marketable the huge reserves of ore having a high iron content but excessive sulphur, thereby eliminating the self-imposed marketing limitation dictated by the reserves of direct shipping ore available. The rate of earnings in the future will have its ceiling set by management's willingness and ability to invest funds to expand capacity and the market's ability to absorb the company's output. As a mine Marcona has many advantages an unusually low investment per ton of annual capacity, an ideal 12 months' working climate, close proximity to the sea coast, vast reserves of high quality ore economically mined and easily beneficiated. Nor are we now concerned with