3. the company that its liquidation was seriously considered in some quarters in the early 1940's. Partly out of this sense of dissatisfaction was born a new effort to utilize the management skills and experience in better and more profitable pursuits. In the last 20 years the company has converted itself from a construction company to one of the world's leading mining companies with mining interests in coking coal, steam coal, iron ore, uranium, and copper here and abroad, an interest in a substantial fleet of specialized ocean-going carriers, land development activities, and most recently a modest stake in oil and natural gas. It earned as much money in the last 4 1/2 years as it did in the first 69 1/2 years. Today its value in the marketplace is some $1 l/2 billion and approximately 1/3 of that is held by shareholders resident in Utah. I cite this brief history of the company to you, partly because there are shareholders in the audience, but more particularly as a backdrop for the remarks I would like to make here this evening. The Utah Construction Company and its successor, Utah International Inc., is testimony of the fact that the company prosperity rises or falls depending upon management's ability to pursue activities that are in greater or lesser public demand. Company fortunes falter when management fails to change or to adjust as the public need indicates. Profitability is a merciless scorekeeper and declining profits are a signal that change is required, that old and tired programs must give way to better and more promising pursuits. Thousands and thousands of company managements everywhere are making decisions every day designed to adjust to the ever-changing scene. It is these thousands of individual decisions that collectively for the economy as a whole determine how resources are