primarily engaged in the heavy construction business. At the end of that time the company had experienced an average annual compound growth in its earnings of 5% and had achieved a net worth of not quite $10 million. It had operated in the black most of the time but profits and dividends were of modest proportions. It entered the 1950's as a heavy construction company that had made modest beginnings in mining and in land development. It emerges from the 1960's as a well diversified mining company with lesser interests in land development, construction, and ocean shipping. In these 20 years its annual growth rate has averaged over 16. 5% and accelerated to 27. 5% in the last 5 years. Comparing 1969 to 1949, earnings were 21 1/2 times greater, dividends 16 times greater, and the price of the shares over 50 times greater, although the market in 1949 was not significant because the stock was still then closely held. The stock is now listed on the New York Stock Exchange and the company has some 5,500 shareholders scattered over the 50 states and a number of foreign countries. So much for where we have been. Let's see where we are now. As we enter the 70's we find that Utah Construction & Mining Co. is engaged directly or through affiliated companies in the mining of iron ore in Utah, Peru, and Western Australia, uranium from two mines in Wyoming, steam coal sold for the generation of electricity from a mine in New Mexico, copper in Arizona, coking coal in Queensland; in the ocean transportation of bulk commodities; in land development; and in hydraulic dredging and building -2-