3 - each particular bear has risen, made his prediction, and retreated into the woods a new one has emerged to take his place. So far the predictions for those who acted upon them have proved expensively premature. This is not to suggest that "the past is prologue", for obviously it becomes increasingly difficult to sustain a high growth rate as a company increases in size. What the record does suggest is that Utah International has enjoyed considerable success in adjusting its operations to the changing scene, moving into areas of greater promise and moving out of areas of vulnerability and declining importance. So much for the past. Today we find Utah serving a world that is in severe economic recession. The company's present activities are concentrated in the following areas. It furnishes coking coal and iron ore to the steel industry. It produces steam coal, uranium, oil, and gas for energy uses. It mines copper ore and sells copper concentrates, is engaged in ocean shipping of bulk commodities, and continues a modest participation in land development. Including equity in affiliates, joint ventures, and partnerships, the contribution to gross operating profits in 1974 was respectively--mining 91%; oil and gas 5%; ocean shipping 9%; land a negative 5%. 73% of this was earned outside of North America. Japan is our most important customer, being a large buyer of coking coal, iron ore, and copper concentrates. In 1975 the company has three principal concerns that occupy management's particular attention. These are the recession and its impact on company profit centers, the political climate in the