our dredging activities were profitable again in 1964 and showed a satisfactory increase over the preceding year while one of the company's large dredges the alameda is employed in japan on a long-term lease to the japanese industrial land development company utah has submitted bids on a number of projects along the west coast in order to maintain a high level of employment for the other two dredges the principal domestic dredging project this year was at the west basin of the los angeles harbor utah will continue to acquire improve and offer for sale an land development inventory of well located land and real property believed to have a good profit potential but this year most of utah's land opera tions entailed sales from existing holdings — including moraga bay farm island and parcels from the el segundo and south san francisco industrial parks the south shore of alameda and torrance the company also sold its investment in the micro wave facility in the stanford industrial park activity at the 197-acre el segundo industrial park near los angeles international airport increased during 1964 with the sale of three completed facilities less than half the original acreage remains for sale at the company's 340-acre south san francisco industrial park several industrial sites were sold utah's experience to date at this property has been very satis factory but the competition from new industrial parks in the vicinity is already being felt and may retard the sale of the re maining 67 acres i*stv &¦ m mmsafsst left installation of underground control center for minuteman missile launching facilities at grand forks air force base north dakota right tunnel works at a ustralia's snowy mountain scheme a ustraiia