Address before the Latter-Day Saints Thursday, October 18, 1973 GENTLEMEN: At the outset let me thank you for the privilege of appearing before you today. I am delighted to be with you. Utah International traces its origins back to The Utah Construction Company which was founded in January 1900. Almost 74 years have passed but the offspring today bears little resemblance to its founder. The Utah Construction Company started its corporate life with a capital of $24, 000. In its first Z0 years of existence it functioned primarily as a builder of railroads and later diversified into other fields of heavy engineering construction. In its first 50 years the company was essentially a privately held heavy engineering construction contractor with work concentrated primarily in the United States and its foreign experience limited except for building the Southern Pacific to Mexico in the early 1920's and work in the Pacific in the World War II years. Today Utah International is no longer engaged in heavy construction and its only construction interest is passive as a limited partner in commercial construction with Haas and Haynie. Now the company derives virtually all of its income from mining and ocean shipping activities with lesser earnings from land development. The greater part of its earning power and the greater part of its assets are off shore. The shares of the company are listed on the New York Stock Exchange and held by 6500 shareholders. When Utah's fiscal year closes two weeks from now, it will report the ninth consecutive year of record earnings. 1973 represents the twenty third year in which dividends have been increased. 1973 will represent the seventh consecutive year in which Utah's shares have traded at a new high. Over its nearly 74 years of existence the company has earned some $349 million. It