3. one of the world's major mining companies helps to explain why the company has developed as it has. Twenty years ago Utah was a construction company with newly emerging interests in mining. Over 86% of its gross revenues were derived from its construction activities. Its net worth was $16 million, its annual earnings $2.2 million or 20% a share, and its dividend 5 a share. The stock sold over the counter at around $1 a share on the present basis, a discount of 30% from the conservatively stated book value. By the time I first appeared before this Western Investment Forum five years and six days ago, the company had changed its name from The Utah Construction Company to Utah Construction & Mining Co. It had made considerable progress and had already begun to attract investor attention. Gross revenues, net income, and dividends had all been at record levels for three years running, and the price of the stock, still unlisted, was around $18, three times the low price three years previous. 64% of gross revenues as reported were still derived from the company's heavy engineering construction and dredging activities but mining had become the major source of earnings with parent company profits bolstered by important contributions from Marcona and Pima. In 1967 the company earned $16 1/2 million or $1.28 a share with a 43 dividend. Stockholders' equity had increased to $96 million or $8 1/2 a share. The record of the company was good and its prospects brightening. In the ensuing five years the pace of change has not slackened. Since that time the company has sold its heavy engineering construction and dredging assets, changed its name to Utah International Inc., and listed its shares on the New York and Pacific Coast Stock Exchanges. In each succeeding year it