regret that the outside investor did not have an opportunity to purchase Utah stock, which was still closely held by the founders and their descendants. By 1946 the first small steps had been taken to change the direction of the company's efforts. The ranches were sold and the first mine began operations producing iron ore near Cedar City, Utah. While construction operations and the investment in this phase of the company's activities grew in the next 20 years, the major concentration was upon diversification into land development and, more especially, into mining and ocean shipping, and this concentration of effort grew in momentum as the years passed on. I show you now a second chart which is on the same basis as the first chart but extends the period from 1946 through 1965. There have been dips and pauses along the way which the 10-year moving average obscures, but the upward thrust of our earnings resulting from our change in course is clearly apparent and has given those of us in Utah's management a sense of confidence that we are on the right course. In 1965 Utah reported earnings of $11 million, or $2. 56 a share --the highest in its history, and this morning we announced our earnings for the first half of 1966 -- $5,767,000, or $1.34 a share, an increase of 9 from the comparable period last year and another record for the first six months. This brings us to where we are today and is an approiate time to pause and review the building blocks that we used to attain this gain in our profit levels. - 2 -