our subsidiary utah co of the ._ , is been engaged in construction of iles of highway through jungle and moun tin of colombia south america as steel framing erection for a poi : area of a 45,000,000 def onstructed near sydney austi t awarded by the australian c lth department of defense produt dint venture which our subsidi lia limited is 60 per cent spont ly in 1955 utah ausiralia limited was called complete construction of earth filled cairn in dam concrete spillway pictured above te rivers and water supply i l.-a.:isro held for de'vei.ioipmeiisrt a-itid resale commencing in 1954 as previously reported our company initiated a program of acquiring as a long term investment in the greater san francisco bay area substantial blocks of strategically located real estate which because of its then existing contour or condition tideland or marsh was unsuitable for ready devel opment as residential or industrial subdivisions this program is based on careful studies and observations of the growth trends of both population and industry peculiar to this area readily available and adaptable land in the immediate proximity of san francisco is already a scarce and rapidly disappearing resource subject to the characteristic inflation in price during 1956 management action on these acquisitions has been directed to further planning operations as well as the orderly physical accomplishment of a substantial amount of planning developed during 1955 south shore of alameda during the twelve month period ending october 31 1956 340 acres of new land were created from submerged tidelands under terms of a hydraulic dredging and filling contract awarded to and performed by our subsidiary utah dredging company layout and construction plans have been completed and approved for a unique lagoon-type residential development and a 65-acre regional shopping center in which a substantial number of key leases have been signed by prominent local and national retailing firms to date construction of street improvements and buildings is expected to commence early in 1957 bay farm island the development of this holding of 878 acres of partially submerged tidelands is presently still in the primary planning stage it is anticipated however that hydraulic dredging and filling operations will commence as the specialized equipment and personnel become available upon com pletion of a previous dredging contractual commitment in the amount of 3,700,000 to be performed by our dredging subsidiary for the port of oakland in connection with runway extensions at the oakland international airport moraga valley of the 5,000 acres held in this area approximately 235 acres have been improved and sold to date to individuals or custom builders at most favorable prices in relation to cost as a good portion of this holding by reason of contour and natural beauty is most adaptable to estate-type or multi acre residences development and sales are consequently not processed in the rapid tempo characteristic of lower cost developments progress in the devel opment of the area continues to be arrested by the inability of various landowner groups to reconcile their differences to the point of adopting suitable zoning ordinances a realistic master plan and the most practical freeway access to the area