A Special Report on San Juan - Capital of Puerto Rico (September 1955)

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Coninionwealth of Puerto Rico

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Government

Development Bank for Puerto Rico Tfi-T .

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Special Report on SAN JUAN —-Capital of Puerto Rico Sv/ENr

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SEPTEMBER, 1955

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T/ie ancient fortress of El Morro occupies the headland of San Juan, Capital of Puerto Rico and major metropolis of the Commonwealth. Situated 1,000 miles southeast of Miami and 1,600 from New York, San Juan is only 5V2 hours by air from New York and less than four from Miami. Beyond El Morro, above, may be seen the bu.siness and

financial section and the harbor, main port of entry for Puerto Rico. Suburban residential and shopping areas are in the background.

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Honored in 1954 as "Lady of the Americas" Dona Felisa Rincon de Gaiitier is City Man

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ager of San Juan. Her knowledge of municipal government and her administrative ability have won her wide acclaim.

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SAN JUAN—Capital of Puerto Rico San Juan, Capital of Puerto Rico, has come a long way from its early days as a fortress town of the Spanish Main. Its strategic location was recognized early by the Spaniards, who established a colony here in 1521. San Juan is

thus the oldest city within the United States of America.

Still possessed of all its old world charm, San Juan has grown over the centuries, until it is now a center of sea- and air-borne commerce and in

dustry—a city covering an area of AlVi square miles. It has a population of 465,000, making it one among the 20 largest cities of the United States. Its

harbor, enclosed by the city, is excellent, and its new airport is one of the finest in the United States.

San Juan has interests that are immensely varied and diverse. It is the seat

of Puerto Rican government and it bears the official title "Capital of Puerto Rico." The Commonwealth and municipal government services form a vital

and flourishing part of its activities. Sizable military establishments are main tained by the armed forces of the United States.

San Juan is a center of learning and its schools are noted for studies of the

tropical diseases of men, animals, and plants. It is a research headquarters for crop diversification and the improvement of sugar cane cultivation. Public education receives a substantial portion of the Commonwealth budget. This program is reflected in public school enrollment from 286,000 in 1940 to 505,000, in 1954, an increase of 76 per cent.

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Industry now is rounding out the economy of San Juan and of the entire Commonwealth, under a carefully administered program of attracting new

enterprises. The only sensible answer to the population pressure of the densely settled area was recognized early in the last decade as industrialization. Hun n

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dreds of new plants have been established and older ones are thriving as a result of these far-siehted efforts.

The Government of Puerto Rico has its seat in San Juan. As a result, a substantial part of the }>overn-

ment's expenditures for services and supplies are made in San Juan and contribute significantly to (he capi tal's economy. The principal offices

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of various Federal agencies are also located here.

Ail this has called for increased public services, which are being supplied as rapidly as circumstances and the demands may warrant. The need for elec

trical and water facilities has grown greatly in recent years. Transportation lines have been increased and lengthened. New hotels have been built, and tourist expenditures now yield Puerto Rico more than $20,000,000 annually.

Banking services have kept pace with the expansion.

San Juan —the Capital of Puerto Rico — has shared in large part the gen eral postwar economic upswing of the United States, with which it is so inti mately linked politically and economically.

Interrelatiom of Gooernment, Economics and Finance Puerto Rico came under United States sovereignty by the Treaty of Paris on December 10, 1898. The Congress of the United States provided for a civil rule of the island in 1900. The original act was superseded to a large extent in 1917 by the Organic Act of Puerto Rico, which granted United States citizenship to Puerto Ricans. The judicial system of Puerto Rico is similar to and linked with the United States courts, with ultimate appeal available to the Supreme Court of the United States. The currency and postal systems are the same as on the mainland.

In 1950 Congress authorized the people of Puerto Rico to draft their own

Constitution within certain limits. This was approved overwhelmingly in an election on March 3. 1952. It was made effective on July 25, 1952, by procla mation of the Governor of Puerto Rico.

Until 1949, when the latest refinements in relations were set in motion, the

Governor of Puerto Rico had been appointed by the President of the United States. Selection of a Governor by popular vote superseded this arrangement

and on January 2, 1949, the first inauguration of an elective Governor took

place for a four-year term. The Legislature also is elected every four years and is bicameral. The Commonwealth Government has its own tax system, with revenues derived from income, excise and license imposts and various other sources.

At the request of the people of Puerto Rico, the 81st Congress enacted

Public Law 600, approved July 3, 1950. This Law became effective upon its acceptance by the voters of Puerto Rico. It provides that those sections of the Organic Act which define the political, economic and fiscal relationships between Puerto Rico and the United States shall remain in full force and shall be hereafter known as the Puerto Rican Federal Relations Act. It also author

ized the people of Puerto Rico to draft and approve their own constitution.

The Constitution was drafted by a freely elected constitutional convention

and was overwhelmingly approved by the voters in a special referendum on March 3, 1952. Congress approved a joint resolution adopting the Constitution which received the President's signature on July 3, 1952 and became effective upon proclamation of the Governor of Puerto Rico on July 25, 1952.

The new Constitution does not in any way alter those provisions of the Organic Act which deal with the issuance of governmental obligations, includ ing provisions imposing limitations on the amount of public indebtedness that may be incurred by Puerto Rico and by its municipalities and other political subdivisions, which continue in full effect as part of the Puerto Rican Federal

Relations Act. The security and integrity of these obligations and their exemp tion from federal, state and local taxes are unchanged.

The Island is divided into 74 municipalities and the Capital of Puerto Rico, the lesal desianation for the Citv of San Juan. There are three basic differences

Puerto Rico has one of the finest airports of the western world, the $15,000,000 Ishi Verde, just outside the city limits, and only 15 minutes from downtown San Juan. Its runway has a lent'th of 7,800 feet. The new airport, which uy/.v inaugurated in May, 1955, is equipped to handle passenger traffic far beyond the 600,000 re corded in 1954. San Juan is the original destination of most business visitors and tourists.

between municipal government in Puerto Rico and in the continental United States:

1. There are no overlapping local units of government. Municipalities may be rural or urban, or a combination of both. No other units of Government

exist excepting the Commonwealth Government. Consequently, there is no overlapping in taxation, expenditures, or authority.

2. The Commonwealth Government to a very substantial extent supervises municipal fiscal affairs and collects most of the taxes levied by the municipali

ties. Revenues and expenditures are under strict control.

3. The Commonwealth Government assumes responsibilities for many func tions usually performed by local governments on the mainland. These include police and fire protection, public schools, and public welfare. The main responsibilities of municipalities are local street construction and maintenance, garbage and waste disposal and municipal improvements.

The Puerto Rico Water Resources Authority provides electric service, the Aqueduct and Sewer Authority provides water and sewage facilities, and the Port's Authority is responsible for seaport, airport and bus transportation in San Juan.

The Economic Pattern — Island and City The Commonwealth of Puerto Rico, on the northeastern edge of the Caribbean

Sea, is about 100 miles long and 35 miles wide, with an area of 3,435 square

miles. The interior is mountainous with fertile valleys. A coastal plain of varying width surrounds the mass. The climate is comfortable, the mean winter

Forecasts of electric power requirements for the next few years have resulted in continuous expansion of the San Juan Steam Plant, the largest single power station in Puerto Rico. The capacity of the station will he increased to 132,000 kw. by the end of 1955 and, with the completion of a sixth unit in 1957, total capacity will be raised to 176.000 kw. Oil storage, warehouse and shipping facilities are available

on the .site of the plant. The nearby Caribbean Refinery supplies fuel oil for the plant's operation.

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San Juan workers have demonstrated an aptitude for a

wide variety of industrial activities. In connection with the establishment of new factories, the Economic Development Administration provides personnel training among other services. This thorough training program has increased the number of skilled industrial workers among the citizens of San Juan.

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temperature being 73.4 degrees and the mean summer temperature 78.9 degrees. The Capita! of Puerto Rico is on the northeast coast.

Sugar cane is the principal agricultural product. Coffee, tobacco, and pine

apples are produced in sizable amounts, and a stimulated program of crop diversification is increasing the output of fruits, fresh vegetables and cattle.

But much of the food and other requirements of the population — 2,210,703 in the 1950 census — is imported. The commerce moves in good part through San Juan Harbor, which is a port of call for some thirty steamship lines han dling traffic between Puerto Rico and the mainland. South America and Europe.

Commercial aviation is growing rapidly and centers around the Capital of Puerto Rico. The adjacent International Airport, newly opened to traffic, accommodates the largest planes now in service. Air traffic in 1954 totaled over 600,000 persons. Because of its location and modern facilities, the new

airport is expected to become a focal point for traffic between North America and the Eastern portion of South America, and between Europe and much of Latin America.

Industrial growth has been stimulated markedly by the long-range develop ment program of the Commonwealth Government, and the Capital of Puerto Rico has shared in the advance. Special tax advantages and the availability of an abundant labor force are elements of this program. At the end of 1954 there were 114 industrial establishments in the Capital, manufacturing 95 different products,

Attraction for tourists is a major economic factor. Luxury hotels have been built and others are in the planning stages to provide accommodations for the rising tourist trade. Tourist expenditures in 1954 were estimated at $22,000,000. Cooling trade winds make the City a year-round attraction for visitors.

The City limits were expanded in 1951, when the adjacent municipality of Rio Piedras was annexed with the approval of the electorate. As against the previous narrow limits of 7 square miles, this enlarged the Capital of Puerto 5

Rico to about AlV^ square miles. The City contains only about 17 per cent of the Island's population, but as the dominant commercial, industrial and financial center it has a concentration of wealth equal to about 43 per cent of the Island's property tax valuation.

Financial Administration of the Capital of Puerto Rico Because many of the major functions usually associated with municipal admin istration on the mainland are handled by the Commonwealth itself, the actual financial accounting of the Capital of Puerto Rico is relatively modest. For example, debt service by law ranks as a first charge among the uses to which the Commonwealth Treasurer must direct all municipal revenues.

The Capital of Puerto Rico — otherwise San Juan — was created by special Commonwealth legislation. The City was granted the right to levy a basic real and personal property tax for general purposes up to a maximum of 1 per cent of valuation. Under the new municipal borrowing law. Act No. 7 of October 28, 1954, an unlimited ad valorem tax for bond purposes must be levied for payment of all bonds issued.

All property tax collections, and all debt service funds are administered directly by the Secretary of the Treasury of Puerto Rico, that is, by the Com monwealth Government. The City relies for its revenues mainly on the prop erty tax. It derives some revenues from municipal licenses and fees on com mercial and industrial establishments. Also, varying percentages of the cigarette tax and automobile license fees levied by the Commonwealth Gov ernment are earmarked for the City.

Two further important sources of revenue are to be noted. The Puerto Rico

Water Resources Authority pays to the City, in lieu of taxes, 6 per cent of its gross revenues collected in the municipality. No tax payments are made by the Puerto Rico Aqueduct and Sewer Authority, but in lieu of this, additional funds are paid to the City from General Fund appropriations of the Common wealth Government.

The tax collections by and on behalf of the City showed sharp variations in recent fiscal years, but only because a highly advisable realignment of assess ments was undertaken in 1949 and completed in 1952. No overall revision of assessments had been made since 1917, and it was evident that gross in equalities had crept into the system. The reassessment required about 3'/^

years, and about 750,000 property units were analyzed. Assessed valuations now are considered to be approximately 80 per cent of 1949 replacement cost.

All of this involved delay in sending out tax bills and permissive deferment of payments of property taxes. As the deferred payments subsequently were made, total collections exceeded the levies, in the aggregate, over the past three years. As the assessments were increased, the tax rates were reduced

from $33 per thousand dollars in 1950 to $21 in 1951 through 1953, but have since risen to $25.10 in the current fiscal year.

The Extensive Safeguards of Indebtedness Under the Federal Relations Act, the debt which the Commonwealth Gov

ernment may incur is limited to 10 per cent of assessed valuation of taxable

property. The recent property reassessment was responsible in part for the increase in valuation from $437 million in 1949 to $982 million in 1955.

However, the outstanding gross debt of the Commonwealth Government on June 30, 1955, was only $49,153,000, and the net debt was $39,115,764, or 3.98 per cent of valuation.

The policy, consistently maintained, has been one of conservation of credit

resources and the financing of the vast program of public improvements to the largest extent possible from current revenues. Repayment rather than incurrence of debt has been the aim, which also has been fostered among the municipalities. All Commonwealth and municipal net overlapping indebted ness together fell from a peak of $49 million in 1930 to $24.8 million in 1948. and has since increased only to $56 million in 1955, or 5.7 per cent of assessed valuation.

The debt limit of San Juan, along with the three other largest municipalities.

Ponce, Mayaguez and Arecibo, is set by law at 10 per cent of assessed valua tion; in all others it is 5 per cent.

The bonded debt of the Capital of Puerto Rico is modest by any standards.

Gross debt, including the current $2,500,000 issue, is $1 1,753,000, and the net debt is $9,286,828, or 2.22 per cent of the assessed valuation. The City

has no overlapping debt other than that of the Commonwealth Government.

As an insurance against emergencies, the Commonwealth Legislature pro

vided in 1932 for an "Insular Emergency Fund" of not more than $10,000.000, to be accumulated from unused revenues. This sum has been accumulated

and is intact. The statute provides that it can be used if needed to protect the

This view of o portion of the old City of San Juan includes, left, the financial district which adjoins the city's harbor. Puerto Rico's hank resources increased 270 per cent duriuft die period 1940-54; deposits and loans showed increases of 261 per cent and 460 per cent, respectively. Shipping and harbor facilities are constantly being improved. Shipments to and from the mainland, mostly by way of San Juan, advanced in value from $191.400,000 in 1940 to SS4S.000,000 in 1955.

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Founded in 1903, the University of Puerto Rico now has an enrollment of approxi mately 13,000 students. The University offers training in all major fields of educa tion. The tower of the University and some of the main buildings are shown in this aerial view.

public credit of the Government and its municipalities through advancement of funds to meet debt service requirements.

Act No. 7 of the Legislature of Puerto Rico, approved October 28, 1954, relating to the borrowing of money by municipalities, including the Capital of Puerto Rico, authorizes the issuance and sale of bonds and notes and pro vides for their payment. It pledges "the full faith, credit and unlimited taxing power of the municipality" for "the punctual payment of the principal of and interest on all bonds and bond anticipation notes issued under this Act." The Government Development Bank for Puerto Rico, the Secretary of Justice, the Secretary of the Treasury, and other Department heads report to the Governor on the propriety of the incurrence of all municipal debt, and

no debt may be contracted by a municipality until the ordinance authorizing it has been approved by the Governor of Puerto Rico. Upon such approval the municipalities are authorized to sell their obligations directly to the Gov ernment Development Bank or to use the Bank as fiscal agent for their pub lic sale.

The Commonwealth Secretary of the Treasury collects directly all municipal and other taxes upon real and personal property and retains as a first charge from these collections the amounts appropriated for the payment of principal and Interest on outstanding obligations.

No flaw of any kind mars the debt record of the Commonwealth Govern

ment or of the municipalities, authorities, and other political agencies of Puerto Rico. None has ever defaulted or been delinquent in the payment of principal or interest due on any obligations, either direct or indirect. There has never been any forced or "managed" refunding of maturing bonds to avoid default.

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NOTICE OF SALE and PROPOSAL FORM

$2,500,000

CAPITAL OF PUERTO RICO PUBLIC IMPROVEMENT BONDS OF 195 5, SERIES A

COMMONWEALTH OF PUERTO RICO

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO SAN JUAN, PUERTO RICO INFORMATION OFFICE 37 WALL STREET NEW YORK 5. N. Y.

NOTICE OF SALE

$2,500,000

CAPITAL OF PUERTO RICO Public Improvement Bonds of 195 5, Series A Sealed bids will be received by the Government Development Bank for Puerto Rico, in care of the under signed, at its New York Information OlEce, 37 Wall Street, New York City, N. Y., until 12:00 o'clock noon.

Eastern Daylight Saving Time, September 21, 195 5

at which time and place all bids will be publicly opened and read, for $2,500,000 Public Improvement Bonds of 1955, Series A,of the Capital of Puerto Rico, dated July 1, 1955, and maturing annually, July I, in numerical order,lowest numbers first, as follows: Year of

Principal

Year of

Principal

Maturity

Amount

Maturity

Amount

$200,000

1965 1966 1967

$175,000

1968

175,000

1969 1970

175,000 175,000 175,000 175,000

1957.

1958.

1959-

1960.

1961.

1962.

1963.

1964.

100,000 100,000 100,000 100,000 125,000 125,000 125,000 125,000

1971 1972

175,000 175,000

Denomination $1,000; coupon bonds registerable as to principal alone and as to both principal and interest and,if registered as to both principal and interest, reconvertible into coupon bonds; unless registered as to principal alone or as to both principal and interest, principal and semi-annual interest (January and July 1) payable in New York City or, at the option of the holder, at the office of the Government Development Bank for Puerto Rico, San Juan, Puerto Rico; general obligations, for the payment of which, both principal and Interest, the full

faith, credit and unlimited taxing power of the Capital of Puerto Rico are pledged; principal of bonds registered as to principal alone or as to both principal and interest payable at the office of the New York paying agent.

The bonds which mature after July 1, 1966 will be subject to redemption prior to their respective maturities, at the option of the Board of Commissioners of San Juan,from any moneys that may be available for chat purpose, either in whole on any date not earlier than July 1, 1966, or in part, in the inverse order of their numbers, on any interest payment date not earlier than July 1, 1966, at the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a premium of of 1% of the principal amount of each bond to be redeemed for each twelve (12) months' period or fraction thereof between the date

fixed for redemption and the stated maturity date of such bond, such premium, however, not to exceed 3% of such principal amount.

Bidders are requested to name the interest coupon rate or coupon rates, in multiples of

or 1/10 of 1 %,

and each bidder must specify in his bid the amount and the maturities of each rate, provided, however, that no coupon rate shall be named in excess of 5% for any maturity or maturities. No bid may name more than four

interest rates and all bonds maturing on the same date must bear interest at the same rate. No bid of less than par and accrued interest or for less than all of the bonds offered will be entertained. The bonds will be awarded to the

bidder offering to purchase the bonds at the lowest interest cost to the Capital of Puerto Rico, such cost to be

determined by deducting the total amount of any premium bid from the aggregate amount of interest upon all of the bonds, computed from their date until their respeaive maturities.

Each bid must be submitted on a form to be furnished by the undersigned, must be enclosed in a sealed

envelope marked "Bid for the Capital of Puerto Rico Public Improvement Bonds of 1955, Series A", and must be accompanied by a certified check upon an incorporated bank or trust company for 150,000 payable uncondition ally to the order of the Capital of Puerto Rico, on which no interest will be allowed. Award or rejeaion of bids will be made within four hours from the time stated for the receipt of bids, and the checks of unsuccessful bidders

will be returned immediately. The check of the successful bidder will be held uncashed as security for the perform ance of his bid, but in the event the successful bidder shall fail to comply with the terms of his bid, the check may then be cashed and the proceeds thereof retained as and for full liquidated damages. Whenever such terms shall have been complied with, or if it shall be found impossible to issue and deliver the bonds, the check will be returned.

Delivery of the bonds in definitive form will be made on or about November 1, 1955, in New York City.

The approving opinion of Mitchell, Pershing, Shenerly & Mitchell, New York City, N. Y., will be furnished without cost to the purchasers of the bonds.

There will also be furnished the usual closing papers, including a certificate stating that there is no litigation pending affecting the validity of the bonds. Copies of the bid form and financial information concerning the Capital of Puerto Rico are available at the Information Office of the Government Development Bank for Puerto Rico, 37 Wall Street, New York City, N. Y. The right to rejea any or all bids is reserved.

GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO

By: Guillermo Rodriguez, President.

PROPOSAL FOR BONDS

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1955

Government Development Bank for Puerto Rico Information Office 37 Wall Street

New York 5,N.Y. Gentlemen:

Subject to the provisions and in accordance with the terms of the annexed Notice of Sale, which are hereby made a part of this bid, we offer to pay Dollars ($

), plus accrued interest to the date of

delivery, for $2,500,000 Capital of Puerto Rico Public Improvement Bonds of 1955, Series A, bearing interest at the following

rates:

Year of

Principal

Interest

Year of

Principal

Interest

Maturity

Amount

Rate

Maturity

Amount

Rate

.

$175,000

$200,000

1965

1957

100,000

1966

175,000

1958

100,000

1967

175,000

1959

100,000

1968. . . .

175,000

1960

100,000

1969- . - .

175,000

1961

125,000

1970.. . .

175,000

1962

125,000

1971, , , .

175,000

1963

125,000

1972. , . ,

175,000

1964

125,000

1956

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We will accept delivery of and make payment for the bonds at in New York City, New York, in accordance with said Notice of Sale.

We enclose herewith certified check payable unconditionally to the order of the Capital of Puerto Rico for $50,000, which check is to be returned to us if this bid is not accepted, but otherwise is to be applied in accordance with said Notice of Sale.

(No addition or alteration, except as provided above, is to he made to this bid. It will be appreciated if a list of syndicate members is attached and if the net interest cost of the bid is stated on a separate sheet.)

Outstanding Public Debt of San Juan Versus Legal Debt Limit Fiscal Years 1939-40 to 1954-55

millions

of dollars 40

LEGEND:

LEGAL DEBT LIMIT lOTc of Assessed Valuation—Real and Personal Properi} PUBLIC DEBT t

1939-40

40-41

41-42

42-43

43-44

44-45

47-48

48-49

49-50

50-51

51-52

52-53

*-^5 a result of an Island-wide reassessment program by the Secretary of the Treasury, real property,

beginning in 1951-52, is now assessed at approximately 75^,[ of April 1949 market values. ^ Gross debt, 1939-40 to 1948-49 Net debt, 1949-50 to 1953-54

^^Including the present issue

See inside cover for financial tables on Property Tax Collections,

Operating Receipts and Expenditures, and Trend of Bonded Indebtedness.

SAN JUAN—Capital of Puerto Rico Property Tax Collections

C0

FISCAL

ASSESSED

TAX RATE

TOTAL

CURRENT

YEAR

VALUATION

PER $1,000

LEVY

YEAR

$2,994,310 2,992,626 4,048,808 4,441,187

1947-48 .

. $129,319,280

$ 29.70

$3,667,853

1948-49 ,

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140,925,060 163,146,880 222,396,140

29.70

4,238,823 5,379,068 5,528,338

. .

309,035,780 331,107,340

21.

1953-54 .

357,770,260

21.

6,937,280 6,871,070 7,479,891

1954-55 .

391,729,690 418,830,660

23.90

8,851,394

25.10

10,292,680

1949-50 .

1950-51 .

1951-52*.

1952-53*.

1955-56 .

* Current tax collections in 1951-52 and

33.10 33.10

21.

316,121

644,802 4,925,340 6,217,997 —

1952-53 were sharply reduced as a consequence of the reassessment program

begun in 1949. There was a resultant delay in sending out tax bills and also Legislature action granting non-penalty periods after lax due dates to provide time for hearing of protests against certain individual reassessments.

Operating Receipts and Expenditures FISCAL

CASH BALANCE

TOTAL

TOTAL

YEAR

BEGINNING OF YEAR

RECEIPTS

EXPENDITURES

$ 6,189,069

1,732,851

; 6,923,011 7,471,571 16,469,025

1953-54

8,776,424

10,862,559

12,212,559

1954-55

7,426,424

10,618,899

11,723,411

1950-51 1951-52

$ 1,493,493 2,227,435

1952-53

7,966,155 9,425,452

Trend of Bonded Indebtedness CROSS BONDED DEBT

YEAR ENDING

GROSS BONDED

JUNE 30

DEBT

PER CENT OF A.V.

PER CAPITA

1940 1945

$ 6,852,532 4,952,400

5.0

$ 28.80

4.6

20.80

1950

3,443,000

2.1

9.30

1951 1952

4,070,000 5,193,000

1.2

11.10

1.6

14.10

1953

10,761,000

3.0

29.25

1954 1955*

9,988,000 11,753,000

2.5

27.15

2.8

31.87

* Including this issue.

LLECTIONS UNCOLLECTED OF PREVIOUS

PER CENT OF

RESPECTIVE LEVIES

PER CENT OF

TOTAL COLLl

YEAR

TOTAL

ON 6-30-55

CURRENT LEVY

$ 631,301 503,335 1,151,291

$3,625,611 3,495,961

$ 148,261 167,880 201,201

82

99

71

82

75

97

313,551

80

97

1,155,545 1,172,925

5

11

9

85

66

143

899,261

5,200,099 5,340,448

473,799

789,920

5,164,531 5,745,105

5,809,333 10,670,445

2,357,788

8,575,785

CASH BALANCE AT YEAR END

$ 2,227,435 1,732,851 8,776,424 7,426,424

6,321,912

1,306,897 2,633,397

70.2

TO TOTAL

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