8- With the benefit of certain price adjustments this year our dredging operations may show a small profit in contrast to the loss suffered in 1960. Earnings from iron ore and ocean shipping will not be substantially changed between the two years, land development profits will show a modest improvement, and Pima's earnings will be somewhat lower. Gentlemen, so much for the past and the present. Now let's look to the future. What are we doing or planning to do to cause our company to continue to grow and to prosper? A company like ours cannot stand still or it will consume its substance. In the daily operation of our business we eat away at the assets that we have acquired in the past. The Construction Division completes a portion of the contracts on hand and subjects its equipment to wear in the process. Ore is removed from our mines and our reserves are depleted accordingly. Land is sold and our inventory of unsold land is further reduced. Unless we replenish and replace these assets, we ultimately perish. If we are to grow and prosper in the future, we must find more and better projects to take the place of those on which we are currently operating and producing a profit. Obviously we are going to continue to seek new construction work aggressively and to conduct our land development activities as efficiently as we know how, disposing of the land that we have and replenishing our land inventories when the opportunity and the circumstances are favorable for our doing so. But these divisions of our company do not lend themselves easily to discussion in specific terms, for it is difficult to talk convincingly or intelligently about profits from construction contracts you do not yet have or land that you have not yet acquired. So tonight I prefer to dwell upon the plans that we have or the steps that we are taking that are tangible and concrete.