this cash flow to work as successfully in the future as we have in the past. In the last 20 years we have had no dearth of ideas that produced calls on our capital and none of us have had any experience in operating a company with surplus cash. We hope to avoid this experience by keeping the cash flow gainfully employed in new and promising ventures, and I think that we have the organization in place that has the capacity to do so. We feel that we have a plan that works and men who can work the plan. We have a good Board of Directors and indeed perhaps an unusual Board in this day and age. Eight of its 13 members are drawn from the four families whose combined holdings still represent approximately 50% of the stock outstanding. There are three of us who work full time for the company and a wise Chairman who spends perhaps one-third of his time closely following our affairs. There are three Directors without large individual shareholdings but with broad experience and excellent judgment, and they bring an outside objective viewpoint to our deliberations. The relationship between the Board and the management is excellent and in the management we have a group of relatively young and extremely able men who have demonstrated their competence. The Executive Vice President, the Senior Vice President in charge of the Mining Division, and two of the four Vice Presidents in the Mining Division are all under 50 years of age. Of the 15 officers listed in our Annual Report only four are over 60. I am 55, feeling well, and resting easy knowing that the management will be in good and capable hands when it comes my turn to prove that no one is either immortal or indispensable. This is a comfortable feeling for me, for I am an undiversified investor and must rely -14-