pofiiry wj expansion the concentration on private rather than public construction work the broadening of the geograph ical scope of our construction and mining operations and the continued trend toward diversification were the most marked characteristics of our operations during the past year these developments were in keeping with policies previously established and they contributed to a substantial degree to the favorable operating results set forth in the letter to stockholders the year's activities found us again concentrating on private work in preference to public work this is in keeping with a policy adopted several years ago when inflation and the inability to obtain proper adjustment had made public work unattractive from a profit standpoint with the decline in the physical volume of private work which started in 1951 many contractors have endeavored to maintain their gross volume by turning to public work which has not decreased in volume the results have been intense competition in bidding public work and awards of contracts at prices that do not appear attractive to us at this time however the possibilities of some reduction in prices and of a further decline in private work may make it desirable to reenter the public field in the future the company has continued its policy of diversification of its construction activities by types of construction work performed during the year again ranged from light to heavy construction and included residential building engineering plant and industrial construction commercial construc tion multi-storied buildings railroad work tunnels dams irrigation work power plants atomic and military installations and highway work by broadening the types of work that we are qualified to perform the company is better able to take advantage of the shifts in demand for construction work we have also sought diversification by dividing our operation between construction and mining we have concentrated on open-pit mining of basic raw materials that are necessary to the func tioning of the modern industrial economy mining of this type is a natural extension of the skills and equipment that we acquired as earth movers the marcona mining venture started during the year and already successfully under way best exemplifies the extension of the trend to a more diversified business operation it is expected that this general policy will be further pursued as appropriate opportunities present themselves "•*,'»• p indonesia in joint venture with brown & blau velt we are conducting a study on methods of increasing rice production for the republic of indonesia here in one of the world's most densely populated areas rice which is the staple food is produced much as it has been for centuries past korea korea has two of the world's largest tungsten mines to increase production of this vital mineral korea tungsten mining co which is owned by the republic of korea has retained uiah construction company as a consultant the mine and mill at sang dong are shown above australia we hold an interest in utah con struction limited which is join ventured with j h pomeroy & co pty ltd in the construction of the big eildon dam in australia above is pictured the intake tower which is similar in design to the cylin drical intake towers at hoover dam the pipe from the intake tower to the power house is one of the largest in the world and was fabricated at the proj ect site from steel imported from japanese mills alaska in joint venture with j h pomeroy & co inc and bechtel corporation and others we have performed over 27,000,000 of work most of which has been the building of military installa tions the abnormally short operating season in the far north causes special construction problems