director, and not merely one of the actors or the stagehands. We were discontent with just reinvesting our funds in construction assets which almost never appreciated in value above their original cost but, on the contrary, declined rapidly in value after the date of purchase. We con-vinced ourselves that the real rewards went to the creators and not the caretakers, and we have dedicated our efforts accordingly. "To play the creative role effectively and to administer the wealth created obviously required an addition of new skills and a strengthened organization. Our success in accomplishing this may well prove to be our greatest achievement of the past decade.... "I emphasize the importance of personnel here, because while any management must in some measure 'run on its record', it is particularly important in a project-type business like ours. We have no franchise with the consumer, no patent protection, no impregnable defense against competitive 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." I said it eight years ago, and I see no reason to change it today. I would only add that in the interim I have grown more confident that the Utah organization can get the job done. This gives me a continuing degree -20-