the spectacular new developments in iron ore, coal, and alumina are dependent upon the export market and were made possible certainly in part by the not always appreciated impact that the development of very large specialized bulk carriers has had on drastically reducing the cost of ocean shipping and thereby making it possible for mines to serve markets remote from them. This change, in which Utah's affiliate, Marcona, played a leading role, has made it possible for iron ore to move from Peru to Europe and Japan, coking coal from West Virginia to Japan and now makes it economical to ship iron ore and coking coal from Australia to Japan or Europe, as well as alumina from Australia to Tacoma. As an example, the cost of moving iron ore by water from Peru to Japan compares closely with the rail cost of shipping it from Atlantic City, Wyoming to Provo, Utah. Let's take iron ore as our next example, for it is doubtful whether we will ever again see results quite so dramatic as those which followed the Commonwealth's administrative decision in 1962 removing the 20-year embargo on the export of iron ore. Australia has only one integrated steel company which has ample reserves under its control. But the opening up of an export market brought to light large deposits of iron ore in the Pilbara district of Western Australia, some of which had been known for some time but not reported, partly because of the export embargo and partly because of the State's government's policy of not granting leases. Since 1963 when iron ore legislation was further relaxed, seven or eight large contracts have been entered into with the Japanese steel industry for the export of -7-