6 - Pima's earnings were down sharply in Utah's first half, reflecting a decrease in copper prices received of 11 a pound and an 18% decline in shipments. In these circumstances copper's contribution this year to gross operating profit will not rival 1974's strong performance when copper was in second place without a close pursuer. Some of the major copper producers have reduced output in an effort to bring supply more in line with reduced demand but inventories continue to pile up and prices continue weak. Copper is very sensitive to general business conditions and a sharp increase in world economic activity may be required before copper is restored to robust health. Cyclical always, copper still is an appealing mineral to have in Utah's view and we continue to seek it. Ocean shipping is the other major area suffering declining fortunes. Utah International here participates directly in a modest way through Utah Shippers but its major interest is through its 46% ownership of the Marcona Corporation which in recent years has derived the bulk of its earnings from the very successful operation of a fleet, partly owned and partly chartered, of large bulk carriers. A high percentage of the owned vessels are combination ore-oil carriers. The normal pattern is to haul ore from mine to market and seek a back haul of oil or coal. From time to time when tanker demand is high and tanker charter rates soar, Marcona uses its combination carriers exclusively in the petroleum trade, and replaces their lost carrying capacity in the dry trade by chartering in ore carriers or bulk haulers. This has proven highly profitable in the