land held for development and resale no additional londs vere occjuired tor development and resale during 1957 however the company took over the 50 interest of our partner in the original 340 acre industrial development in south san francisco and is now the sole owner and developer de hp du isiderable progress was made in the plai elopment of our major active projects ling and physicc south shore of alameda during the year the filling of 374 acres by hydraulic d pleted by our subsidiary utah dredging company under contract with a california reclamation district within whose bound aries our property is situated the project was financed by a public bond issue which was purchased by the parent company two subsidiary companies were formed sixty-six acres of com mercial land were transferred to south shore center inc and 308 acres of residential land to the south shore land co construction of site improvements is underway the first phase of the proposed shopping center is approximately 76 leased and construction of the necessary commercial buildings will be accomplished in 1958 sales agreements for certain residential acreages were being consummated at the year-end moraga valley during the year 123 acres were sold at prices yielding an attrac tive profit to the company leaving approximately 4,730 acres available for future sale agreement on a realistic master plan for the area was not reached during the year because of the uncertainty surrounding the location of the proposed freeway to serve this area this acreage is best adapted to higher priced homes and sales must be paced to the market's ability to absorb relatively expensive housing south san francisco industrial property during 1 956 and 1 957 approximately 1 1 00,000 yards of fili were placed by shovel and truck making 150 acres of formerly sub marg inol land available for sale and use to date 45 acres have been sola ond six buildinas are completed or under construction . sales are being actively pursued and additional acreage will be reclaimed as market demand warrants in addition to the active projects discussed above the company holds for future development tideland acreage at bay farm island in alameda california marshland property near the western shores of the carquinez strails in the vicinity of martinez cali fornia and other minor holdings in salt lake city vancouver b c and stockton california mining and shipping utah construction company engaged directly in the mining of iron ore and metallurgical coal in the united states and has olso conducted an intensive exploration program for other m j nerals through subsidiary and affil lated com panies it has interests in companies concerned with the mining and processing of copper ond uranium ores in the united states and in mining and shipping of iron ore in canada and in peru prof it trends on the minerals with which we are concerned varied widely but our earnings in this phase of our company activities were sharply above those of the preceding year for the parent company the higher gross income from sales of iron ore more than offset the lower income received from metallurgical coal opera tions the iron hill iron ore deposit in british columbia operated by a wholly owned subsidiary was exhausted during the year and shipments were therefore terminated other subsidiaries carried on exploration activities in the united states alaska canada the philippine islands and mexico