nature of the company's business the utah construction company engages in two major types of business : construction work of all types open-pit raining of coal and iron ore the construction work may be performed by our company alone or in association with other contractors through joint venture agreements of our domestic gross revenues exclusive of any share of joint venture revenues mining accounted for approximately 127 during 1951 this compares with 121/2 during the preceding year our income from1 joint ventures during 1951 was 11 greater than in 1950 and was the highest amount received in the last five years the company's gross revenues exclusive of any share of joint venture or foreign reve nues continued to expand rapidly these figures do not include any gross revenues attributable to work per formed outside the united states by our foreign subsidiaries and affiliated companies which are working in canada mexico south america and australia income from joint ventures 100 54 115 1947 1948 1949 1950 1951 gross revenues [ 100 i 1947 1948 1949 1950 1951 four factors are chiefly responsible for this growth in gross revenues a high level of both public and private construction activity throughout the united states the increased success of our company in obtaining a larger share of the business available the growth of our mining business the higher prices for construction caused by the increased costs of performing work and | the declining value of the dollar 1