to be a very good investment. As our enterprise has prospered, as Australian sources of capital have grown, and as Australian public policy has required, Utah has broadened Australian participation in our endeavors. UDC's most profitable asset is Central Queensland Coal Associates, and here Utah International's interest has declined from 85% to 68%. GROWING WITH AUSTRALIA Certainly Australia has been good to Utah. We have not been "Australia's largest corporate profit maker" as has been frequently reported in the press and repeated in Parliament and in political debate unless one thinks it accurate to compare results compiled by different accounting standards. Even though we may not have truly achieved the top spot, UDC is immensely profitable and proud to be so. It's the healthy and profitable companies that provide the jobs, income, and tax revenues that society wants from business. Cumulative earnings total $A516 million; dividends almost $A336 million. The historic acquisition and development cost of UDC's share of the assets employed in its mining operations has totaled $A529 million and will rise as Norwich Park and our deep stripping and underground mining efforts proceed. To replace our investment in Australia would today cost approximately $A1035 million. Utah intends to continue to reinvest much of its earnings in Australia so long as fair treatment remains. I will also argue that foreign investment generally, and Utah Devel- opment Company in particular, have been good for Australia. From 1966 through 1977 the total flow of funds attributable to Utah Development Company's activities in Australian Dollars were $A2832 million. Of this amount only 9% came from Australian sources in the form of capital, loans, or revenues from mineral sales. The other 91% came from sources overseas, with export mineral sales providing $A2292 million and overseas capital $A280 million. Of the funds that flowed into Australia, 71% stayed in Australia and only 29% went overseas. Contrast the $A2016 million of funds that stayed in Australia with the $260 million of funds provided by Australian sources. Contrast the $A300 million paid to Utah International with the $A407 million paid in Australian income taxes, the $A234 million in royalties, export duties, and payroll taxes, the $A36 million paid to Australian shareholders, and the substantial profits paid to the Queensland Railways on freight originated by Utah Development Company and transported over a railroad built and equipped by capital furnished by Utah Development Company. One half of the investment was for infrastructure new towns, new railroads, new ports, new schools, new shopping areas. UDC's personnel is almost 100% Australian. We in Utah have done our best to be good corporate citizens, fair to our employees, considerate of other companies, ready to support community causes, and leaders in philanthropic endeavors. We ask no special privileges, only to be treated as you would treat one of your own, equal before the law and judged by equal measures in public appraisal. COUNSEL FROM A FRIEND Let me close with this counsel from one who has tried in every way known to him to demonstrate tangibly his friendship for and his faith in Australia and its destiny. Australia is not blessed with a large population, convenient location, easy access to markets or supplies of cheap labor, or many of the advantages enjoyed by others. But fortune has blessed Australia with a hardy people endowed with the adventuresome spirit of the New World and with a heritage of the best of the Old World traditions a respect for law and for the individual, a sense of integrity and fair play, a ready laugh, and a courage to defy its enemies, no matter the odds. Yet Australia is not immune from the maladies that threaten to infest other areas of the world. For Australia to grow and to prosper and to obtain in full measure the good life, massive amounts of risk capital must be accumulated and invested. Much of this capital will have to come from outside of Australia if the proper pace of progress is to be maintained. Australia will thrive only if those of you here continue to devote your best efforts to the preservation of the traditions and the venturesome spirit that have made this country great. Utah's faith and devotion to the Australian cause are a matter of record. Match it, and Australia's future will glow with a special lustre that will be the envy of all. GENERAL ELECTRIC Distribution: Directors Officers Division, Department, and Section Managers Corporate Staff Members Additional copies available upon request to: Executive Reprints, Corporate Publications Center, Building 705, General Electric Company, Scotia, N. Y. 12302 PRD-436 (10M) 4/78. Printed in U.S.A.