utah/1968 your company's earnings again attained record levels in fiscal 1968 the fifth successive year of increased earnings consolidated net income amounted to 19,943,580 or 4.64 a share a gain of 21 over the 16 543,318 or 3.85 a share results of 1967 in june the quarterly dividend on utah's common stock was increased from 0.30 a share to 0.35 a share and in september an extra dividend of 0.15 a share was declared thus total dividends paid in fiscal 1968 amounted to 1.45 compared to 1.30 in fiscal 1967 this year marked the eighteenth consecutive year in which dividends have been increased in the five-year period from 1964 through 1968 dividends paid increased more than fifty per cent during the past several years utah has begun the development of mineral properties which should provide significant additions to earn ings in the years ahead a more descriptive discussion of each of these can be found in the supplement at the rear of this report in order to bring these properties into production substantial amounts of capital ar cedar ciiy iron ore mine in southern utah a pen ransport to the beneficiation plant each day appro totaling in excess of 180 million will be required over the next five years to assist in meeting these requirements utah international finance corp a wholly owned subsidiary was incorporated in july this sub sidiary has arranged for 80 million in euro-dollar credits for the financ ing of the initial stages of our australian mining expansions the 80 million is composed of 50 million in bank borrowings and 30 million in 53/4 subordinated guaranteed debentures all guaranteed by the parent company the debentures were sold on september 19 1968 and are due september 15 1983 additionally they are convertible on or after april 1 1969 and on or prior to september 15 1983 into the com mon stock of utah construction & mining co at 111.00 per share this financing is in addition to the 25 million 5 convertible subordinated debentures issued november 21 1967 which was reported to you in last year's annual report in august we also announced our intention to apply in january 1969 for the listing of utah's common stock on the new york stock exchange at the same time we also intend to list the 53a subordinated guaran teed debentures of utah international finance corp an additional step was taken during the year to enhance utah's finan cial flexibility at the special shareholders meeting held on march 14 ore deli part of o