from 35 to 64. Ten of the fifteen officers were recruited for or came up through the mining side of the business and, since this is a business that we have been in for a relatively short time, this obviously affects the length of service of these employees. But even these officers have been with the company 12-1/2 years and their presence with the company coincides with its period of greatest growth and prosperity. This suggests that the management team that has compiled the record of the recent past will be in place for some time in the future, and I for one have confidence that these men will continue to give an unusually good account of themselves. This they will have to do to justify the confidence that investors have placed in the future of our company, according it as they have the highest price-earnings ratio of any of the major mining companies in the country. On the basis of the market value of the shares outstanding Utah has risen from the unranked to the fourth largest mining company. Based on the aggregate market value of the shares outstanding, only International Nickel, Kennecott, and American Metals Climax are larger and by this yardstick we have passed many large and seasoned companies whose current earnings exceeded ours by several times. This is an uncomfortable position for any chief executive, for it demands that the company continue to out perform the rest of the industry simply to maintain the company's place in line. This is our task and we are dedicated to its accomplishment. We have the men to do it. We have the money to do it, and with our share of luck, we will do it. 15.