utah construction company and subsidiary companies summaries of consolidated income and retained for the year ended october 31 1953 summary of consolidated income income : gross profit from construction and mining operations gain on liquidation of investments arising from construction projects gain on sales of equipment dividends received other income expenses general and administrative expenses 1,503,057 interest 152,042 net income before provision for federal income taxes $ 2,704,123 840,036 491,557 313,319 441,371 $ 4,790,406 1,655,099 provision for federal income taxes no provision required for excess profits tax net income for the year summary of consolidated retained earnings balance october 31 1952 . add — net income for the year . deduct — cash dividends paid 4.00 per share 18 balance october 31 1953 8,244,925 restricted under bank loan agreement . . $ 3,135,307 1,025,000 % 2,110,307 14,533,382 2,110,307 16,643,689 702,030 15,941,659 operation marcona in january of this year san juan on the coast of southern peru was a sleepy i desert bay inhabited by a few indian fishermen pursuing their profession in much the same manner as their pre-incan forefathers their quiet peaceful life was soon to be disrupted by a utah sponsored invasion spearheaded by an armada of ships hitting the beach during early spring 6p.fi today less than ten months later san juan is a bustling seaport and one of the most active harbors on the west coast of south america a town approaching 3,000 inhabitants is springing from barren waste and soon life will revolve around the central plaza in the manner so characteristic of latin america this amazing transformation was an integral part of the over all development of the rich iron ore deposits on the marcona plateau some 17 miles inland 19