the next 5 years, just as they have approximately trebled in the past 5 years. Second, much of our mining income is derived from iron ore, steam coal, coking coal, and uranium, and these particular minerals are relatively stable in price compared to the more violent price fluctuations that characterize copper, lead, and zinc. Third, our recent past performance has earned us a new measure of investor confidence and brought our shares more prominently to the attention of the investing public. Fourth, for the most part our mines are located in politically stable areas and, while we are not completely immune to political risk, we are perhaps less vunerable than some of the other major mining companies. Considering the change that has taken place in Utah's affairs I think that it is fair to conclude that recently we must have been doing something right, and tonight I would like to share with you some of the philosophy, the strategy, and the operating methods that we have followed and which we believe have helped us improve our performance. Every management is charged with the responsibility of operating the enterprise in the best long range interests of the shareholders. But this statement standing alone requires further refinement and definition. How does the shareholder benefit? It seems to us that the shareholder of a going concern benefits in only two ways from entrusting his assets to your care -- dividends and capital appreciation in the price of his shares. Of these two benefits the more valuable for even the low bracket shareholder is capital gains for this will serve him better than ordinary income. However, a blend of both is -6-