that's easy to find. Not only must we increase our reserves and our production rate, but present milling capacity is inadequate to meet the indicated demands. For those of us who now find ourselves with a relatively good reserve position this turn in events has been most rewarding. The discriminating investor who wants to participate in this growing field of nuclear power finds the choice of investment vehicles severely limited. Of the four equipment manufacturers in 1966, G. E. obtained 48% of the business, Westing-house 31%, but nuclear earnings are dwarfed by their other activities. So it is with Anaconda and Union Carbide in the mining end. This finally led the investor to our stock, and we got removed from the other dogs in the kennel and were tagged with a new respectability by being reclassified from "mining and construction" to the "nuclear power industry." With the peculiar logic of the investment community we now were entitled a multiplier of 16 or 17 instead of 11. Our company-wide earnings were up 20% last year over the preceding year and 81% over the level of two years ago, but uranium earnings improved less than profits from our other activities. However, the price of our shares is up over 300% in the last 29 months, up 40% in the 5 months since the end of our 1966 fiscal year. This may not sound like much but just the increase in market value alone in the last two years is 30% more than the total earnings of the company in the entire 67 years of its existence. It's like golf - every shot makes somebody happy. - 4