B32F3 - OFFICE OF ECONOMIC COORDINATION SUMMARY OF ACTIVITIES (FY 1950 - 1951) by Filipiniana Online

I $epuhticof fle S\ilippiner

@fhwsI frnnumic Ousr}irla;tisn $anila

.{ugust zb, Ly)I

for !!ilM0:IANDIJM His Excellency The lresident of lhe Fhilippi-nes SubJect:

.ry 'tl ij

it *,

of the Office Sumn'e.I.]r of a.ctivities Economic Coordination.

ReorAanization and disposltion poratlons.

of certain

aovernrEnt col'-

During the fiscal year l95O-51, the 22 governnent cor?orations under the fonner Depa.riment of Econonric Coordination were abolished on reorganized ard reduced to lJ, (See Appendix Ar atAs I pointed out in ry memorendunto Your Excellency on tached). Januo.ry 25, L95lt copy enclosed, (,tppendix B)r this step rnodified ihe overall structule of governrnent corporations in l-ine with reccrr endations of the U. S. llconomj"c Survey (Bel"l) liisslon to the By recent congressional- enactrnent, two new corporaPhilippines. tions have been placed under this Office - the newly recreated SuNational ltic e and Corn Corporation (I'IARIC) ard the t hilippine (PHILSUGIN). Besides, the reorganization carried gar lnstitute out by Your Excellency at the end of last year, placed the Institute of Science and Technologr wrder this Office - a neasur"e r'irich has pemLitted g"eater coordination of the work in appl-ied science and government corporations. between the lnstitute The properties of the following governrnent owned or c cnwhich ltere abolished, are now being dlgposed corporations, trolled Board Liouidators: National Atraca and Other Fibers a of of by Corporation, National- Coconut Conporation, Natlonal Tobacco Corporation, itrairional Food lroducts Corporationr Shipping -.-drrinistration, arri the foraner Surplus Property Codr[ssion. In 1j"ne with the po1lcy of Your Excellency to dispose of etc. of goveroment owned or controlled investrnenis, properties, business enterprises which could be handled by prlvate enterprise ldthout preJudice to the public interest ard coroJJ-ary to the reorganizaiion of g overrunenL corporations, I subritted to Your ExceLlency a report and rec crrulendation, (tlppendix C), whlch you have approved in princ iple, on governnent enterprises, unit s thereof, etc. that should be disposed of or reinvestmenis, properties, tained unier goverrtnent controLr

* 2 _ steps have been taken to sel"1 the InsuLar SulsarRe Corporation but was later poetponed in view of the intentlon to have this corporation taken over by the PHILSUGINwhlch was recently created under Repub}ic Act No. 532. The Board of Directors of the PHIL$UGINhas receot\r authorized lts chairman to arrange the purchase of the refinery at a price and conditions which wilI The sale nay be arbe subrnitted to Tour lJxcellency for approval. It wilf be noted that the I'HILSUGINrepreranged w'ithin a nonth. sents ihe ougar industry utrich is in the hands of prl"vate enterOfferg were also received for the Furchase of the Texbile lii]-ls of the NDC. One of these was suhn:itted by the National TexSince the offer involves nontile i,{orkers I Unlon in the Mills. palr'nent of cash to a large exLent, the texbife mill has not been sold to said anployees. Likewise, offers to lease the lh.nila Hotel Conpany rtere Its l-ease, houever, hr.s been held subni'bled try private parties. in abeyance pending negotiations on the settl-enent of outstanding bonded indebtedness of the ltanila Railrnad Conpany which practiall the shares of etock of the hotel. cal1y or.,,1:s fhe Oebu Portland Ceneni: '.Jcrq'anyhas not been sold because of the opposition thereto of certaj-n leaders of Cong:'ess. corrnodity, the It is pointed out that because cement is a critical government should control- the operations of the enterprise producing it* The projected lease of the Engineer Islard Shops to priparti es has been hel-d in abeyance by the Board of Oirectors, vate NASSCO,until- the completion of the Mariveles Shipyards in Bataan, irl view of the vital sorvices rendered by lhe shops in the construction of the shipyard. 11.

lnplenrentation

of Econo[ric Development P1ans.

The economic development plans adopted by ihe Sovemnent by governhave been inpl-enented by projects executed principally ment owned or control-led corporations which were largely financed by the advances from the Central Bank of the Philippines and by The thâ&#x201A;Ź resources and credit of these governmâ&#x201A;Źnt corporations. projects recomrcnded since L949 by the r'lational ficonomic Corurcil and approved by Your Excellency, uhich r.iere a-lready completed or in process of execution, are indicated ln Appendix D, attached. In addition to the projects flnanced by direct advances fron the Central Bank to the Coverr&ent of the philippS:res, governnent

- 3 -

io "'-D S/ r n .\'r

co4)orations have also executed other proJects indicated in A dix E. In the same appendjx, there ls al.so included a lj-st lmportant projects under study or approved in principle by the pectiYe Boards of Directors. The undersigned in Novqober 195Or created an lndustrial Tecl:nical Corudttee to assist and advice him and government corporations as well as private parties in rnespect to economie and engineering studies of deveJ-opmentprojects' The Chairrnan of the Comnittee ls }ir. Filernon Rodriguez, GeneraL llanager of the National times, the foIPower Corporation, and in the same, at different lowing ha.ve servedl Co1. AnradoBautista, I{r. Iiduardo Taylor, I'r. Jose Pairganiban, Dr. Ariston Hermano, and lif,. Gil Opiana. This comnittee is perfo ning very valuable r,iork. Durin5; the fiscal year, trao industrial surwey rnisslong r,rere sent to Japan composedof goverrsnent representatives and private businessmen. ileports subnitted to this Cffice lndi cate that plivate businessnen vho joined the r*issions are evidently taking concrete steps to establish enterprises which were the object of theiJ surveys and observations in Japan. ls a r esult of these surveys, the fo1a 5-ton daily capacity l.owing industries are being establlshed: calcium carbide plant; banboo processing; expansion of lmitting niIls; chal-k factory; various ceranic products; and a nurnber on home-r,veaving industries patterned after Japanese nrethods and technj.ques. l}Ie rknow hoft acquired by nembers of the missiono, lltro have been abLe to improve their techniques, in the nanufactu-re of paint, etc. i.s invaluable, i'lith the issue last Saturday of the executive order' listirg new decontroLl-ed and controlled iteme, other nenbers of the survey nissions, it is reporbed, wilJ" be â&#x201A;Źncouraged to put up their proJected The report of the 1st IndustriaL Survey group has been enterprises. published and the report of the 2nd group is i-n the procees of publlcat ion.

rn. In November 195O, this Office created a cormittee to stuqy avd subn:it a report and reconmrendations on the proposal to establish Baeis and operate imnedlately an oiI refineqy in the Phillppines. of the study was a previous report on a lOr0OO barrel of crude oilper day capaeity oil refinery estinated to cost F24 nlllion which was sutanitted by a technical connittee created uid.er Administrative Order No. 6J is sued by Your Excellency in 1949. The vari ous civic organizations and oll c onpanie s in the Phlllppines were given copies of ihe reporb of said technical conmittee ard their conrnents req.rested lrost of the parties that were cj-rcuJarized, including the thereon. oi1 conpanies operating in the lhilipplnes, did not endorse the project favorably. Thi"s Office, houever, indicated that the government was disposed to put up the oiJ- refinery even without. the participation of private business. Iater Caltex (Phil-ippines ) Inc., one of

$/ ?,1|

e;{

the cornpanies referred to, expressed (on Jule 3Ot 1951-) itsXQ{ of ldi intention to constnrct an o11 refinerT ln the fhillppines policy above-indiFursuant io the output. capacity BPCDcrude run cated, the governnent ls lending al-l possible encouragement for However, tlie tire eltaLrtishrtrent of thls. proJect by,private capiial.. deserves proponents exemption tax for of the request forthccuring (V% eythe exerption as s seria:s cbnsid.eration, Exceliencjr Your mar re991t al-lowed, if per tax) liter specific ard P.o? tax cirange in a Loss of revenue to the gwer:nrnent of no less than 1?1.? nilfor four years, the period in Iion 1'6311y or about F12? nillion which tax exemptions nay be granted under ftepub3-ic Act No. 35. This does not include saving- in income taxesr ( Appendix I'). One of the j-nstanceo where governnent corporations have clelimited their operations in favor, of private enterprise is the of CI?OC in a bid for firrnislling marble recent non-participation crosses to lhe American Battle llonr.nnentsCorunissiont s proJeet in In vLes of the salutary effeet on the l-ocal prithe Phillpplnes. and on ihe econoqy, i-n genere"l, vate rnarble industr:r, in particular, should. a local cornparqrbe ar+arded tlle above{entioned bid, the CEPOC,has ertended assistance to the ilornblon Marbl-e Corporation. By purchasing machinery ard equipnent needed in the rnnufacture of rnarble closses and assuring to said.lomblon Harble Corporation the under a contract that wiI1 prouide CEPOC use of its facilities, CliPtJChas enabled the Ronrblonliarbl-e Corwith substantial profits, poration to qualify ard subni"t its bid. Likewioe, the CEPCI wiLL not go through with its proiected establishnent of another caneni plant in view of the representati-ons of Sen. Vicente lhdrigal that he will expa.ndhis pJ-anfl s capacity aJXl operati ons to neet public derard.

ry. Significant accomplishrnents of goverrunent corpofations year are indicated in Appendix G, Prlor L95O-5! during fiscal thereto, I subrnitted to Your -Excellency, a sufirlary of influence of operations of goverr&ent corporations in the economyr (See Appendix

I - 5 ?

' I [Ll'uq:ra+,4'<-a,t-*

V SAIVADoRANANETA Adroini sttat'or of Ec monlc Coordinatlon

.!ol|F€ reFD IosFElt lsrJ.roi telsrl$rng r€.? ro ta g*rg*ryr $q Fraffil $ql !tt* r|'npdad '.arlJd,ilfr t,pr*q1 t4 ta F1lgrr :l!!t*rt.ld til..ddl iffirrrtf roo[tlFD*r pC 1*c* ! loffit r !trl ei qafiF .(3 xpcddy) .roolgr.ndlo -teooql smt o'1 Pellrtt|| soFFrTEs;.E *GDst ,F 1 -er oq:l e1 Lrlr[luo |}'6tnTi srr|Frd qr q rrmfad Fr l'.l.lFrl

.*.$fgirq eeX*{rp }frn!.rd & pnrrq aq Ftrct q$g|r t tt&!iqu. 'qn*pda1 to .r!f, rfinardad s$TT*rl|!s $ ?rEo 1wr*rCE rf rcql JF ltwad ffi t*lF.rrr 3o read4g 04 .blTrd.e

sS FF .BTl FrIt q rrlqr &r&l* nFl1le ,qq'T1l.Fdno* qn?o*{ .erlrgtrm! Daed trsTlq ry*t$ tmylr.rd;o3 .aTtrrdrtt -e&ro3 ps8 o!.|qgt IFI?* Is3nr! rsrqll ;.sn{! Fr r.osy lrF"}sr |lrJinq$|byl Jo nrag r J4 Ja &rI.4 .'tD 5 :!o ?.il.

* .s .Flq1oqr *t!.sftat frrrl.'.r4* .rET?rJod8A

ptoroi

qtFFr trlpndao sryl !p rT$r| r.d I

ftlf|llal

qi, .tn

Fttarl se.rq.'q

.erra tf! .{t e5lrlg*or .*r[la *ro.i Jo Sitttrrad ru{ rpFfl| ortrr{etr r * ryry.IJG3n$ ilefB.qrwer.l |rrr .nTr$ Jo s[B+ ,l.l!S&oI l,q ls -T?su? am g.ort.l r.r.t i.rt Jo pt fiFl 1| .M{t p3lrits r5rqr!td.!!.c rr8 rq1 r|.'prre,E .(mpmgga) qs4r|st -q *s6dTt}{l .|{1 *nrnFd.aa |'g (or,*:fi} $rat *3 F lfiiloTrsf p..i.*.No{';rIFrm.ql - ref$O tF.1 pr*1d wq.rtg .*IFF a{rfn .saTdfttq ..andlo r.* or? tlffirp !f,a*j * la.rfr*,soet .r{1 sl nc{re?r (tlrg) .ci..q .rt|Ea!' .f .i .qx r|t eT|*?ryre .{r qll,r ex rry &I*{.rcd$e rmarr* Jtr }rGrtfiigF E[rr*r' *r1 .psfsr..{eo .psfsr..{eo tlt6l tlt6l *g; ffE &rwrq' dalc a$I* a$I* f(g ril|dd?) ril|dd?) &rwrq' D.ttTpoc D.ttTpoc dalc ('t p#F{ l|6 .{ilpl,rffics-3dl e sI .? .(p*{aill .y xgprigb ..€l ?sffi .€X o* F.re.,r lErn*t.|!sd,e. : I s|ffng.Nt}

-p

..*r r.oTtslFroo$ -€dr6 tffis.ot

r$q: ?? rql

Jn *Q,||d|d.*F .gi.,of6f Jrei

Tt'rIt

t(l $1|R rql, k1a6

firTif!.t

rl|cefs qt

rf?dd?fnd

ts tr,|pl'3rJ de.rq1rqt

ql r!6

- {tI rB*nmrGI}I

'1"

rql Jp wr.rig sfl s* lF!{ F s.s lt3rt|r.^o8 rrcldrtqg4 q} oi EaTlTpp" sf oq? srJ e*ourrpl faer1p & F@rr.lt r1sfed .pfi{ael1" rg xTpddv |f! Fllrw'f ng .,* nq.{!sr*r tD i''l'old qsf,rp ."8rrg1rq grr so psleldno .S*rxr x* *el ,q puaret *lrtFe.ld TTebt t!ffic? fr*rFlea .!r| iC 5!6t .$tr E 'n6rr stI' .rusnrr.aleo ..q1 JD t1p.cr F |.a.!!o!rJ;!al SlFdtlllot q+ tq Xq ntrtr uy&tgffq; eq? :Fo rluqt Xa!+b3 ql *{t 3.fil}F rrsi qrT?r F *rl6d|ee D.xlo.elFoe & psrD 1F.sr s6m$rlJ t[iEr'[ -u.traa$ Jq .$f[rdfsFld "C{?.Fr|?eI rr q .rsq F Trso(e qr$ad s$ rFrroO luarnaaaoS aql & pqdons fuqd ?[.dol.r4 "g

-cq'o*q1ol soqr .el i{

-nrff*;.AiTllfi;

Fnwr.r .ue€lag lrr rF'rn*fiS 6{$ TFfie .OJgS}!l r'f.ryrql .q[ @Il.'I!bs Jb esra?ranTg p.tiog .tn fq.*rdlqr E! f[* seq rq r11:rd slrr Jo -tnd 01 rdory pr1r1 .a*r& *qt 3o r.rcl pqlaf€.d itf,f -od o4d.rqrr rE| to rror1er.do uo tqrl*o u"*"

ffiffi

eq? t.dlTPeoo r rT ..ritreq 11 11 ItT.ro tnno Ia liql {e ?r$ry.od . s@afuI f.oFI rtrrlJ.a oppodile ,qt JD 6rnra Js J.r ]frFtn -sq yloc lnq tf, .q.er&o tlnt Flx?&d as3 .rtl .T.?.S .q? to rpsl* J:o r1arq. rql TIr frra fTFo p.p{ ?tTE|x eqt ;tr |tdTFFFtrI Farrrg ,-poarri qs"{ri erht 8uggrr1s1* .,qI w G;I*Tlsgrr kfprrd .grde* Jo twlltt rrt .e3D1 r11 .r.T+rt I 4re1d Jq p.lflFtE pteq uEo, rq rlalarq .a{ llnb3 .fl .dtft 01 |r.jtro ..rlrqft !r?.F 'tTq e.rr&!rb . Fr!. c1 y1u: tisr€ u.Tq rsq qftc rrll p 1nff rtrst ? at 1os Iilr.Tfpl -ufir {rTsirf .r|m! ;FJ{t eq? r*f* 3r|! rX wm ra.}+efi .ITt !ar& TN|||oT}rf .ql ft Dr!f,f,{ .gEl .q? Je rf,iTg ria..N.ql ls q frl1ir.tr, sql JD .3qgiEd o{f &t t alci.t rrrr *an r;r|JJ$

-rsgr er.rrd

Jo sE

.{n rrr rr crFF r.trsgr

lrsu" ",t;#

...srr .qpfr .rn rq iI006'IIHd r tlpp;Ir ffi DrF{r 111r ?I F&rr. . qfl .q "er qr. .Gtr. .trr6#r rqt .&rrfl.ir:$ "Is'{ of .q 3.*lfF* pw clid q1 ,o rqsrBrt " li {ffiTtrr xllr qt!.lrt sollItrFrt .qX

04 *4qr lrs }*ogutid "rlt ri 4I ?.GI.st*6 llpri.r +;'rl1rlr J. Frne r{.I '259 'o1 la! r/r#s .aFn to? no lllno !?r rFIryr tS s.o rryu* rgeodno WIryi e.o rryrq rgeodno fnt er€g erc! I$ftglIE{ fmfif,trE f ql ry} tq 4ql .€ rrr r8r ?*cqr.d a'|lfl 4 rq |Fllr.de* Jb tqwf .ry1 lnr ol rapt r..q *sq rbts

-t"

it i'

.a3r,Tcaq rlertrad Jo rxoTl x.illrC Jelrt 7o eiro t . crrl (r.{rfddfi$d -?{Tcr?JEd e'ri? tnoqlTrr usae) {.rarTJsJ TTo oql dn tnd q prsodegp era 'Jl1quae,t; ilreBuJ€'^6S eq? lr{itr po?BcTpuT .leaexoq . eoTJto s*Il loaf -€Jd aq? eer6prr. tou plp .cau1dd11;q; eq1 u1 3u11rrrdo eprdiria 6i s{1_.Sutpnlout rpezlay6ncrgo ersrl .uoe*€q? .Ti}rsd eq? 1€,:{l t leqt ?a4renirsd sturxr*Eoo.rT.qt ple sel?Tirs@o lacluqoo+ p*r-Jo-1*ildar aq1 jo reldoc r:orr;5 o.rar aeulddl1Tq,i dq? q ,elueCmc 1ge pr* euollellue3io olrrTs srro}JB"{ aql '6ir6r uT .dalretl.cxg JagI d{ pese s! 5g ?st{ Jep;o E^!1?J1sFrFryV iepun pB1s6r1 €.1?IrxEoo e fq prllTlEqn, sea T?aTttqoal rlrTl{i( eTtTTu l?a Xsoo 01 pslEru-rtee .f.resTJsr l3o.fllordeo ,frp .roci 'er* I-ra 6!rr.'a to T5.rJ"q OOO.OT s lio grode: gn$T .rEd r .{pale atr1 go rTEl}q .s6nX&nTq* oq1 u1 troulgsr u* d1e1e1pc*3 op.redo plrr 1lo qr-Flq€?66 o1 eqq uo sE rtleFr.uoral s Xeleda.d frlr t"o{., ?Tuqns trrB "si?c ex ecslFro3 e pe18sr3 aoTJ:io eTr.tl .g66I r.ssaol{ uI

'rr1

-tfE&d Jc sql r,t s! dno:; pry eg1 ;o poder sql ixr* *;Xfiqi: :""T{ Eoq s?q dn*3 {aa.rq6 tE rr.l,t;rlpu1 1rT eq? Ja 1rode.l llit .*if.i,fiii".

pie.[6.id t?c?.sd.; .rT6qt .iusrfsdpr dn pegernodrg o1 sq 1nd lf tl TTIrr .anslI peTtoJ$ror prr perifqrluoc"i "iu - la .:ne aq? Jo e.Erpea r.qlo kflsft raprlq .dTit:nI go t{41 Irp;rn1rS qtTliX onssl iql irel .tu1d -rarrf sT .r?6 l^I$rrffi Jo o.rtrgrsJnlte aq1 rg aaa*;iiao1 rfiqi *i*'.i*i tmof3el! a1 clq€ useq eA"r{ g"trq€ea erAr sq? p.rlogsi .f,q *oqu Jo **oq .rt& .aanbguql31 epoq,+eu eesurdrp peidaig"i reu" Fa serlisaesr sui ylcr;o . erf&iFemq uo Jo(Frrr r pul' I e?3nF.Jd lTEsJas ,rbTje^ flrolaql trffp! 8trn11rr{ uo1m!6.a lsrgeeeco.:d osqrreq Jo t?qad off+rr5 ;.i"fe" ,t11eedq trfp? qog c lp.qstftrtss *6:{..rr.eaT;{&g5 *gii1 -toJ s,q? relae.ras cs€ql +;rdrf a, sT Jo lpei:'e ntep;larslqo Frs r.a. as :r{etq^to qrg{r{ .q1 *r.n e&1.ld.l4ur qlffqi+r loofqo o1 edala -6rie'uileiecgs;q o13*cuoo Bqqel .f,1luq;is e.n nrolsalr rq1 $eupd

iurceaf:nq 4t Jjd rsqt ettcTF! slJ;o,sTqx *r reiira{rr r&drl' prrt al"nI.rd srrTtrgsee.dr.r lmn re.ro$to peeo&o ardeI or iuej r.re,(

air.n EnoTr6Tfl .l'a5l[s t?fJ15 nprt

orl

1zce13l eq

ftrg.n6-

.{ror .Tq$rtir,. &e.r !cI:r*Jl.d eT .',}llrE '!{rEEdo "T-tE .!{rEEdO sTqI *a mO .q pue .our*.reg mlsgrrv .rA :cr{Frltiq '3on ? -Tot et1l t erTl_ qnrqr;rgp raoge*oCrag teno; 1r r*r€ .{n riT p{r .aotla*sCra I':oof? efi eq1 ;o l.Evuq

.reatgrpog

mirfle

..q

T&rdr.O st .el?grxott eq? ,t6 rnnrTrqt .ttt relcefold 1e.ildr{rlrp 16-myrtr1i ani.iiqrrF

::-ry^:rylryT

*:-g":::;ryjr-qur

$ enn{rer q |'T}.r{

Fslaaril

elrepC ir

ra 'ItEg*er

6er g.li" p'" r'r"Ffi-.'?+r@c Tta3rqaer rrl pfifdTdfim

.Ot6T lef^tog

"ql

'url'orrg

.Fa?og .algbrd

JF' fq r1dTotluc q rprr irpi-eio*iri !..o.ddr_.o p1.uc,ng l' Delnlrtr ol1r_'3 srqr t:fpmd& .i.r q,.| tri .g rlp 'aalp.r4siir

rt ?ellrafpf

r.q?p F rffir

4*{lrd

aft

'r.Gl

- { b

xgpocdy rg) ..hooi"'sqt Jb GdlrflrfJxr$ Jo .&rrGr | .C xfeegV aT t6!rd s$oTl"rJct.lsa 1r:anre*l$

uf rbFle,Edro! *rlfg"re&ir' ;a 1rfir.il.c$ .r&arllreq aroS o$ F$$fic. 1 sola;r*;1 ps1foTFI ..r .r:rd 1rroEIJ 8rr;:r"p &t6I g:o *$rupE1&rrar lmoT'try*tg ttl

.Frc.p aTTSd t.s ot GnT?rir.do S{er &Tordeo 6 r1rrqd ryq qr6rr 11$ rq itr{t Tt8liprq spseiA .Er6 Jrt rnoTllr?uae€Jdat sr{1 Jn Jisla uT riiftd ?.ao J*q!,eqD ?uar,t.TTqs?.c p61*{*rd s$ tnIE Sr.rq$ a$ fa, TtF m;$A rqt trry*;Xl ot rpTre.rod ?fq sfT TFqil Frr 4mcb -$l sli1r?F trTryag .t11 pqqs. rrq S;xS eiffo.g ri?p, 1cslsrr1f,qns 3TI Jaga6r sdfl$ .FTrrad npr ?!ql !o*.r1rbr t *rpb r*5191pr,; sl1 rDltarsd&s .tqtrq{ leTqea pl!3 rt 8r4&t!rf pnr r.ft€ir* 3.[$r* J6 ortrloleJerr rry| ?f pspqer 1edtnb Aprtgae .e nrt lgrrfq* .etr1e.rod.r3 e3lrrg rrffqFo6 sql ol .qrqlrsafr r*q . S6dgt FF*IE sq? tptq p.{roTl*raoqs ery+?c}rs {q.ffior fr{o: e p1€qr r1a*eare8 r.fur pu€ trctloT+nlxt 16 .&1nqag rTq.rsd slrl u! GI? 6 -Trdt T1gDI erf? |to +a.Jgr er!1iltr q! J|r ffTr qf .rarFldgtH"! 6{f uT .rrl rfB.WC sltrGrlsH 'T$}rg.uteT$?.qi l}1 fa.sJt ?astor.{ eTqrs,s &rg3lc.4' q roI r Et 6.rft,|{tEl$rBdt{rfi F s&c J6 $rrEer sqx 8t .8l,dj31s rlrrTJd r&rit trr rilotlrr.*o drrn F?tEn.p Io na*q :opeaadloo |rcrst |lrfi??fr.f q$ Jr ry lc*:!sr"48

'(f ' t{af r&ryrae Etrf n; +foddl 4nT&I l 'tg 'of,,lory olf+dru .r.$& l.*r!S oq.fu eTl&

O .

tcrr rtcp r3utr xel r{sT({r

w paFr.{ 116 .rrnf ,no, .FJ tFITtFr ao rtg F.F LUta fireu -'Tfir ,r'X6{,m{$ t3JX. eS j1 'Y.rF-rr.aE q1 91 iilu3Far .lcrf, r aT

,s ,fiC rr.1 efueqi {Fssi ef r1ru1Xr tf (l|f r'lJrfard3 sirt F! d{t.a .r aBIj|. f r&etttrs.g .reol $l) tr(fFttfse .qq, rt .r(rf?rrtrfltDt NArAO€? uondmt *!1 $t 'i|n*odo'rd eqf ro |.|nblr .Trllldro rtu}.td dq sql tlefo{d rlttt ro !*[itlisf|' gnft.m

4qpec<t

et6 ol o1 I &ffod .ql fqr.effod .rl(l.lrI[qd qf I (Tf6I tgd &t

1.fr ftrfF rt

.T p-r.!o!t

*1t

.po1le

.ld'fm .{a*1n* ilioCra prr.rn6 rrni{ Jtlsltro gte srr o.r rwlo .F o 09dg F rtf Ir.qEJi3r E ot rDFlErTrf IIo ltr,4soe .ot p..r*Jnr rof*a tn) ?rlu&f oqi

:-i

-l-

ts----.

rF|aIA|o.a 6F!e tB.sqi.ryFFpt tl*tvH9 m{ilfi?*

.rger tg6 raf Jb rr.rrrt' -E"?F m ? 'r*nog Drg' .G}r? &rsoi'}F;.qr Fd {io*

1|Irr-T, i-#Lidt"

.il-; -' -

e*ar't s€sTJdJoluo quaunJaloS qa11 a*en sluTstduoo uowroc a{? Suou\i '1u arua8e -u"rlJ JTaql gsuge8e s'rusTcT?T.rcJo JraTrtuT SuTsegJd eJou op"u sen suollanod -Joc ?uamrJaro8.1o suolleaado pre a.mlcnJqs aq? auTue{e-al o? peau eql, aq? Jo uoT?cas ,{Ja^s pr" ltu€ UDJJ ?roddns qs TTue o? ,,'uollerujod pue a.r3dsul o? aaJJ sTaeJ ?I .aJTT e1BÎrd puE cTTqnd uT aTqstT"ê s?uaT€? eq1 uodn Jireip pu" o?TûT 01 aaJJ sTaoJ q1 1nq tdlqs.rep€€ T Jo TTTq alil 11'!J o? pelcedxe sT quaulrJo/\o8 eqJ .Jr"Jcouap Jo puT{ rno u1 req plnoqs ?T s" - TI" Jo uJecuoc eq? sT ?I 'dno.r8 T"Tco6 ,ftr" 3:o .:o ..rerod uT @J"d oq1 Jo Jo .luauueaao8 ar{? Jo uoT?cunJ pue e^TliiSoraJd aaTsnlcxe oqg ?ou sT uoTl€zTTTqou cTurouoceT€loJrl .uo11cnpo*d JT rouoca .ro3: se18.reue aTq€TT" € Jno Jo asl?aToJ epTfi-uo'r?eu €q? - ?T'8uT -^sTqc€ JoJ eu€eu TslJoleu eq4 lnoqlTlr uoTl€JoTTeu" T"-rcos Jo IT"1 o? ?TpT sT 4I '1u€l4uoluoc Er€ t{lJ,mCas 'eoeed utarr ptno$ uJn? uT qcTq/.r tquau:foldura 11n3 s11ads uoT?€zTTTqoucTrtrouocaT?+oJ,r, . cT?oT4sd ,1ue11a.r-g1es r3uo.:1s ulq €{EEr rueui uouuoc aq? esT€,jr oq uoT?EzTTTqorrr cTuiouoce Telo? paau efl' :pe?€?s aq t.doTTodTaroT?etr sTql uO .poqs'lToq€ aq pTnor{ ?a>iJeu u€aTJ€urVaql uT slJod:re auTcidTTTqd,3:ouo111sod t"T?u6xeJo.d €q? pue aseec pTnod sauTddTTTrldaq? oluT sJl;'[Top u€crJaury Jo xoTJuT eq,+uoqrrreuq? ?"ql JoJ ar"dard o? .eJ?Imoc aql Jo sacJnosar paqTuTT aq? Jo asn TTnJ 6{€ur ol peu8Tsep ue.€o.rd uoT?€zTTTqo[ cTrtrouocaTe?o4 " paqcrmet ouTJTnD?uepTs6Jd m .s.n€rf Jo Jotraog Jo €e.r8€p aq? paJJeJ:uor s"$ eq uer.Uq.souT:fdTTTqd -Effi@ eq1 ;o dlls.teATun €q? 1€ .OE6T t71 .(.ren.rqeguo qcoads 6Tr{ uT .J6 €.I ' (polTiidns 3u1;rocsrepul ..{: ouoca T"uoTt€u eq? ol esautnJesn JTau-?esE6JcuT oq suolqe.rod.roc ?uomrJetoS .mo Jo uoTlBJedo pre se1o11od aq? Jo uoTlanrprooa .roJ poou sT a.bqJrl :paJslcap eq .ses1.rd.re1ua ?ueuffJ€rloF 01 eruareJa.r q?Tll . sat1111q1suodsal s 4uomuJarro3aql r .;:o a8,ra1cs1p aq1 u1 .dtrouocaaqou -oxd pu€ 'eclares cglqnd aq1 eao.rdu4 .itcue1cl;3:a J6?€eS sJnceg o? Japro uT pezTu€?JosJ aq {rsuTqc€u e^Tl"4s TuTurp" eq? 1Eq? popuolurocer eq .suolqo.Id esaql Fulleeur uT dstrs cTseq e sV ..d.ro?c"Jsr4"s uro4 J"J eJe.[ sucT?Tpuoc JepJo pue ao"ed pu€ .aTpuTnp o? SuTnuT?uoJe.ra.ll sluauded TaroTq€llJa?ur JoJ seJrJosoJ:rggop eu1dd111q4 .1ue1ed auom Suluroceq s"Il 4ueuruJaô8aq? Jo uoTl -€n?T6 TeTcu€uTJ ?ua8uT4s aqJ, .d\T?coT aTq€TT€ " eacfiogeJ aq? q?Tr,{slroT? -Tpuoc asaq? ?aau oq pa€u eq? pu€ aTTqndau €ql 3uT?coJJ€ dTT€?TA suoTqTpuoc 3u11.re1s uorssas T"Tcecis luoseJd Jo soTcuaiTxo eql Jo .616T .97 .:eo,.tuacag s1t ut rsse.fuo3 pesl"rdde eq ueqn touTa-rng 1uapTsaJd t:(cuellacxg s1g -f,q pa1€T?TuT,(11auao.; s"r.r suoT?EJodJoc luouruJoAoS;:o uol1ez1ue8.roee aq;,

f.ryD

SNOIJITEOdEOC .l,r,lrT,$tr?l'rncrt .{n ]\10IJ!,7TNmEOF1}I FI{,I

,,. lueur$eda 6 e^Tlnce)ea eql Jo sacTJJo Joqlo qtTJ'l Jo lsuoTlcunJ peTTT€ ro JETTItr-ts.3:osuolle.rod.roc a.rou Jo ort? uoan?aq .ro f suolle.rod.roc oum6 aql uTqTTx.s6TlT^T?c€ Jo .ra8.raur.ro uorlepTTo6uoc oTqrssod rc?a'suoT?cae'suoTsI.llTp 's lueulredap Jo Jsqumu ari? Jo uoTtcnpoJ pue saTlI^Tlc" T€uor? -crmJ Jo uol?'ipTtosuoc .Cq 'uoT?ezTue8ro o^TleJqsTuTrupeaq1 'Jo uoT?€cTJrTdurTspue (u1 suoTsT Tpqns ,taessacauun Jo qoT?€uTurtTg 'uo?qoq aq1 o1 do1 eq? rxoJJ aJnlcru?s aToqrJre!i? lnoqEtroJlt? ?nq (s6eTc paTJ€TE6-i\oT "ro 3u1;oqe1 eq? rrroJJ{Tuo ?ou sleuuos.rad .{.ressacaurm Jo uoT}cnpag 'uoTleJlgTuFrpe ur tfcueTcaJJe Jal€aJc 'saTlT^T?c? dJegsacauun Jo uoT?"uTurT!

.q .Erl

i 8uT^roTIoJ eq1 uo elseqdue .ra1ncr1.red qlT.r',rpu" ,ZZll .oN 1c1i cllqndag ol lu"nsrnd r sau_tcidg11q.1 eq? Jo ?urpls.rJr D'i? .{ru.r1 -Tarxg sTH o? suoT1€JodJoc peTToJluoc Jo paun.o luaunr;relo! Jo uoTtezTu€3 -.ro3J aql uo suoT?€'puaufirocalpuE e.rode; s11 lTuqns Fr€ s.reda.rd (se1.r1nb -uf ?Jnpuoc 'dpngs oqr pe?coJrp se,u uorlezlueS"roau uo ao??furuoCaqJ

.FE-eqtF-5d653' rsuazTlTc a?€^TJd uaql eJa& o}!? ls€T aw ."lau"JY Jop" T€s..J0 puE :eu6apaT .recsg uansse.rSuo3 JauroJ I zauau4p 'tr^{ orpad ,ro11pny rtlndaq fuol4e.rodao3 acueuTd T"JeuaC uoTl??TTTqeqeUaq? Jo u"rurTeqC uaq4 .oulurecuang uTJTafJ .rfi :sJeqrEur se (.ro1ea1s1uTrrpy SuTi{oTToJoq? q?-pl tueur.rgeq3pagulodde ser* cTrxouoc uaql ( ser(ag .g op1l8euau.rer1. rr{ .suoTlBJodJoC psTToJluo3 Jo pau.lo ?u€rmr.:elroC Jo uo11ez1ue3.roeuuo eellTrrnmC " pal"eJc qcTlliur1096T .ET .drenuef uo T .oN .rapr6 o T?€JleTuTurpVCF.Conssl ol s€.r4sesT.rdJa?ua luaetuJoJro8Jo suoT? -erado aql eao.rdun o? zodo'I luepTsaJd-acTi1 Jo slce ?sJTJ aql Jo oug 'C'qS aql Jo u€u.rT€qt se '1uaprse.r6 eq1 (sau1dd111qd aql eq1 8u11eu8trsep pre rpeels Jo nerl u1 Jo ?uapTseJd-ecT1 61T uT ro1?rlsTuTnipv cTurouooltJo a aTJJO eq1 3u11ee.rc pI| .(.C.[.N) TTo -tmo3 sasTJdJalqq lueuura oN u€q1 eql Jo aellTlurn3 Torluo3 eqq Fu-tqs11oqe 'panesl s"& OOC.oN Japro aaT?ncax[ .9 .r(aenuep.{ep enes eq1 u6 'uoT?ezTueEJo -aJ uo rfcTlod pT"s aql 1no &rlec o? aurFl o1 auTl ttroJJ sJepJo a^T?ncaxa an6sT ol pozTJoq?n" esTrde{TTs€!{ luepT6aJd orl,L .o(6]L . g d.renueS uo peaoJdde dlcy uolqezlrre8Joau eq? 6e urirouli osTiuaqlo , ZZrt .oN ?cV cTTr{nd . -aE eur€ceq p€TloJ?uoc Jo paulto-luauu.raao8 8u1pn1cu1 sTqf suotle.rod.roo , s alqllequeun:1su-T slT pu" lueuruJeaog eq1 azlueFaoe.r o1 seulddTTTqd oql Jo ?uapTseJC aql 3u;21.:o'41ne pue rseeursnq c11qnd Jo uoTlc"suEJ? eql uT ecfaJes eq1 a.lo.rdu1 o1 pue..fcuatrcTJJo pue t-&nouoca t.f11c11durtrselouro.rd o? lcTTod e 11 8u;eelcep arns€au e pess"d .dlluonbesqns sset3uo3 ..rfitrou -oce au1dd511qd Jo uoTl€zrTTqeqs aq? o? qcnu BuT?nqTJluoc 1ou ater,r Xeql pue tecuelep<e JTar{l JoJ suoceorr ar{? urioJSlno pEq trr€ sa T?cogqo 9\ fTa^TlcaJJe :iuTqsTTdupcce lou oJe}r ,teql C"tl+ . que8eaeaqxa pue suoT?eJsdo rTaql

qa{l

6a,r11e-tq1u1 a?a^TJd q1pt

Sulledruoo

*z- o

'(oCsIgd) uoTl"rodro3 uoT?"zT1Tq€?S,ecTrafq? 01 porreJ -su?.r4 ereA ocolYl{ !u" ocdl'N Jo s6TqT^T?c" 8u1pe"r1 eqJ (c) 'r{u€dulo3 luaurdoTeaag TeuoT?€Naq4 01 eq? .OC6J paJJeJsu€Jq oJem 6?cnpoJd pood T€troT?€|l ot{l pue OCOCY}I -!l{ eql 'ocJVN eq? Jo seT?TATlce uoT?"zTT"Tr?snpuT aqJ (q) .Jaxsnpul ?ustd Jo nto.mg aql 01 porraJsuer+ oJor'r ' (CCOJ,vl{) uoT?erodro3 occ€qoJ T€noTleN eq? pu€ (OCJVI{) uoT?e.DdroC sraqTJ 'suolle.rod.roc queufiruooF Jer{?O? "c"q1 T€LroT?"llaql fllelcadsd ?uaraJJTp lq paTpu?q dlrour.roJ seT?T^Tlce T"rn?TncTr3v (") r sJoleprobTT Jo pJ"o8 " iq Jeilu€in 8u3'to11o; eq4 uT 'Jo p€sodsTp s?ess" 43q1 trr€ pe^TossTp aJaJirslcnpoJd pood TEtroT?€N pu€ OCOJ,IN.OCOCIN'939111.dleuru tsuolle.rodaoc .rtllpouuoc eql, '1 : pe4ceJJe pu" pgpuafiloceJ ereJ{ soJns?ou uoTq€zTtr"FJoal 8u-lAoTIoJ eq}'f't8tlTp.roccv ' eseuTsnq eTq€luordun ftlueJedd" ue u1 sosad aJolu 8u!{uTs aJoJaq doqs €soTc pTnoqs luauu.naoS all 1"q1 pels€t8ns sem lT pue ssssoT r{cns roJ pezTcT?Trc se$ ?ualmrJoA -oF aq1 ueq; 'sqTJord 6?T dn o1€ ?sourt€ ticTr{it '€cTit Jo a c1.rd eq1 acTJ eql r(q pesn€c uoT?En? uT uoT?onpal € perapJo 1 '1a>1.reuo1ce1q -Ts aI{? ae€s oJ 'aTdoad eril .1o esuedxa orl+ 4e {Tq'!suoq6o e?TJoJd SuTd€eJ .ro; pacunousp sen 11 t,feuou Suppu pe1.:odoJ s€n taTdur?xa JoJ r CfE!N aq? uoq.u sw{J 'sesT'rdJ64uo T"uoTl€u s?T Jo an@suT i(euoru3u1so1 JoJ pazTcT?TJc rroeq s€Ll gauu.raloS oq? 6euqq snoTJ" ?V 'ecT.^Jes JoJ tnq ?TJo.rd JoJ 1ou 56€uTenq uT sT ?ueuurorro8 .;rng .esouTsnq uT luemue^ot uo qcnol oq lu€i{ I eJnlcung sTt{? ?Y|

:J€?qEarsF{? uo uoT?€J?6TuTutpr sTq Jo lcTTod eqq pel?'+6 rfT?cuTc -cns ouTrTnb ?uopTgard '6i6L t91 qcrEt uo l€t{c oTpEr q?JTJ 6-tq uI el TJd qlT$ uoT4 ,,'KqsnprT 1eq1 o1e.:edo IIIe r{sTTq€"+saTs?Td€c -"Jadooc uT Jo euoTe plnoqs luou]IrJeJ\ol aqtr ( eJ"JTa$ cTlqnd aq? oqoupad o4 .ro dluauo.r5nbal aTq€suodsTpuTu€ lilTit.rtnouoce 1euo11 -€u aq? epTAoJd 01 'osuaJap TaroT?€rr 3:o sesod.md JoJ lue8Jn pu" trE Jo ?uout{sTTq"'+se dJ"ssacau poJopTsuoc aq ,tttu qctqr,i46npuT eq+ oli€?Joprn ql SUTTTT&Jo eTq"TTe € sT 't€1Td€c e?B^TJd ou JT '.reaa.uog 'soTlTT'lqn cTTqnd arcs o? s" ldacxs 'eT€hpTlTpuT al€^ -Trd Jo Bpu"q aq? uT lJaT eq TTali pTnoc ?"q1 sesTJdJa?ua ss€uTsnq u1 "f1qce.r1p 3ur3€3ue qrraruu;o oC ar{1 Jo Jo eJ uT lou ule frl ipT€s uozanb 'T TonuE{ pepTse.rd ,9(,5I 'gI Joquoca( uo ,ltTqrassv t"uoT?EN ?SJTJ eq? o? €8"sseu sTr{ uI .sropeeT T"uoTl"u rno rfq polETcunue ,tc11od aq4 fq pepln! osle 01 uoTlTsod Ja??oq " uT ?uae(IreiroE eq+ Jo seT?TTeluoumJ?suT o4 paou aq1 rtq .&61.ra4;d peppS sei4 6€11Fr[!oc aql 'sasTJd.re? Jo uoTq€zTu"3ro oril uT 6a8u€tic elqlssod Supfpnqs u1

!.;ls

- t -

'I"t4 sr{? Jo r{eaJqlno aq? aJ oJoq l6n! TTlun suolle.rodroc aseq? Jo 1Jortr aql o?arTprooc ol €uraqcs cT??uo?srts ,ara a.req1 s€rir sssT r.lcntrrt6e6TJdx€1uo lueunr.:eao8 Jo eJnlcnJls el"JodJoc TcT?u6ss6 eq? roJ u.ra11ed T"rers8 " ?6s o? ep€rl uoaq e^"q 01 po.r"edd" ldueqle pouTurJotropoN .s6cu?q6uncJrc 3uT,t€.t\Japun 'sJ€s,.i JIJoJ Jo tr€ds aq4 SuTxnp 66ur+-?4ueJ6JJTp ?e pa?"eJc e.rerresuoge.rodJoc 6setu ' slTe?ap uT e" TTsrirse gTBluercpunJ uT SuTJeJJTp suoTsT^oJd Jo ezeu eTqqTJsA € paquose.rd suoTleJodJoc lueuu.raao8 3;o uolXe.rod.ropuT Jo s6TcT?J" Fr€ sJe4 -Jer.{c aqq ?€r.{1pe?ou oeltrluEioC uo11ez1u€aoe6 eql .666 .oN JepJo 3A11 -nc6xg Jo -fcua11ecrcg.-motr dq ?uatrt1ceuaeq1 q?Tli 6Je?Jer1Oa?EJodJoO1'.!otrr -ur6rro! uuoJTun e g:o uolleslnrno.rd aql qSno.rqq lueqxe e8Je1 € o? po.lraTqc€ uaaq 6et{ suoTltrodroc luoutaaao8 Jo a.rn?cn.r?s aq1 ug rl11c11du4g

uorrrru! "r"r .0ffi;;H"o":T;.:ffi'#:f; 2,*+ Josaur^€s r"Trrur .pe?Eerc

aq? rsqoT?r".Jodrcc.neu /6) sosqJ, . srroT?cunJ p6TTI€ rtTsgoTc alour q1T]l euo"rle.torJ.roc.rsq?o o? CONaql Jo sl3rn Jo sqseu'+r"dap 6uros Jo JaJsuEq or,l1 pI'{€ r?uT4eTx€ uoql (+E) moJ-/t?ueq 6ql Jo ?no eesl.rdaaque ?uauuJo.aoS Joga{ (TT) ualoTe Jo uo';1x11oqe eq? uT peqTnsal uoTl"zr-ue?JoeJ eq; . seu1dd11;q6 u1 .(.r1snpu'g er11 .rofeu B lJe?s o4 quam:.reao? eq1 ,(q . CO1ieq1 g:o 1p .11u1^1s e1.r3 uei{€trropun dals luel.rodur-r lt.rea r s1 4q1 -6npul J{i|eaFl pre sp,re.rtdlqg T€rroTleN ar{4 pu? 31ueur1;redeqluaudlnbg pue rf.raulqcq.J 6q1 tcdoqs pre1s1 .reau18ug eql Jo JeSJau sug rntn pe zane€.:o ueaq e€r{ (oSssvN) uoT?erodroc Tos4s tru" spr€fdTqs T€uoT1"l{ aw .E ' (oy3o.Tsfi iroT?"rodro3 lueudolaaag ) pu" ?ueunaTq?es puq eq? cr+uTpe8Jortruoeq TT€ aleq (CONeu1 go quaq*ed -40 lueudTnbli pue ,|:autr; cr1.16r.ll pu€ 'uo11e;rl sgrlurpy uoTlcnpoJd u"!oC pu€ ecT?{eqq tuolle4splgulpv luareTl1as pu?rl T€rroTlefi JfiIJoJ oqJ .t . pelceJ:Je eJorq soT4TT"?uearuqsuT $reur,,F^og ?u"tJodu-r o&1 uesAl -eq ryoll Jo uoTl€rrTpJooc Jo?r€Jf Fre TeuuosJ€d u-F sFuT "s ?"aS 'JaBJau sTr{? qI 'OCSIgd aq? q}uT pe8rou eran CI?{V{ eqq pu€ L In{d eq; '6 'peaToa ' -uT lou e.re lueudoleaep pu" 4uorroT?qes €Joqrn e Erel c11qnd II€ Jo uoTs -T^Tpqns eql nae.rn€ aql uT ezTTe4uac o1 . spue.; Jo n€sJng eq? 01 petreJ -su€4 pue pollTossTp suoTqormJ s?T uaeq s€t{ uoTlerqsTuTrlpy ssa.6o.r6 1e;rng aqtr, .ft?snpuJ pu€ ecJorunroC uoTl ao 1ueur1.rede6aq? Japun q4oq (ocT.1;;:O -€r?sTuTurp\r 6^Tl"redoo0) acTJJo u" euocaq s?r{ (CgSCN)uoTl€JodJo3 ss6u -Tsng TT€urST ee^T?€redoo3 TqloTleN eqtr pue (tmo; uollr.rlsTuTurpti scTlneu -orov TT.d'TOeql Jo uoTsTATp € euoceq s€q uoTlerodros s1.rod.4y T"uoT4€N eq,+ 'snqJ, .4u€affJarro8 s]rT?nc€xo oq? Jo s?u€[r+redap Sulpuodsaffoo sql o? paJJeJsu".r? aJer'l suoTlerod.roc ?uaunrro^o8 ,(q pelpu eq SuToq oJa.\|'q"Tqlr 3uT?Joddns-J:ta6

tu,i; t r\--'

opEui aq lou pTnoc ?a1.1 secT^l€s

?uetr;trJ6rro!

.pes€oT Jo pTos 8uT€q eJ" ldal

i idi ?ou paeu ?€q? suoTqEJod.rocpres eql p 6aTlredord (p) - 7 -

'rrop".:[ pu'p se!1ITi?n'-lirqsnpulrl +qwuu4.,,ruij

- _ . . - . -a xr , -. JLU, -q-J { L r q + J r ., , d luu

'sla:rL JTaqq J o asoc{ -sTp o? pa.+irrrjcid€uoaq seq sJo?eprnbrT . rrrJnosru o : lr.r?()rr \r TEJn+€[t pu!] o.:inlTncT.rly .;ro 1riat4.:eclag o,.11o? riuo rJrurL,l J r?q1 jo ?ooul paJJa.+ -su€r? pue ril-o-1-r1E--r1nT:m pil? ij6Tffr;dr6a;65iEqoi

T?uoTTEIifijc'@li.uim

, aN rapro Blr,+ncaxg ponss L €5Eqy-iT8uoTtrti aq1 pole ptnb rT i_{o lq.r"r ZLe 4 o u o 1 1 a c r , g . r n o l ( s r ; , q ' c 1 gp a ? r u t l ( ) r l ? , J o . l u 3 p 1 . s . j J da u ? . r + p : r ? l l l i l q i r s6 € . y r 1,,rodag 11on tri? ro},.l:c JTeq €r U.iE rlluorji r: , t)l,L-t , +lZ ,r::)qiuo.f!oi.l LrO (5'ol\l uo1T,'plrauuoreg'y1 'deqC ) r.lr: lJ,if'r.osolJ-[.ernieN pi_.tlj.]ra.] -Inr rJFV go 1uelu1..reclo6 ai{.} o/+ p3JJij.Tr..juTrJls or,+r.in; Jr3i.i? p u t . p r . t : p , n U T l . O D . r , ' q r i : O L . r Ji l.J l l [ L J n , r [ n .: _ - L , 1 T ] , 1 TCOp of dtr 1a: suorleJodJoJ luotinJs,ro{t aruf t! -}i x, ,i-l --

o . r n 1 1 n li ; 3 y

:t4oToq p . r q e o . p r r l s c ( i J o d o u a q ? u r s u o r ? c p u a u i i l o c o ' lo l J r ) a d s . i " q 1 o p " 1 u n , r o 1 d r , . osT€ s?r{ s.uorle;od"roc uIElJaJ JO i.io-r.+cz ruu:iJoal ,ro uo.[1i:Ioqo aqJr ' uEJSo;d iloT,+c?'rT'rq€qo J cTrilouo)a ar.11-(1a^rq c:r.1 -Jo pu? ,'{'91cl"rucuoci) ..{1.4rr; 'r:-, r;.1o 1uoiirol,jurt o? uo F?Trjod pa1e.rFa1u1 ue ur sosTJdJ3?ua quauruJoô8 paceTd dols srtlJ, .(6T) u;ro1;rri+ o.l. parnpaj oJ6l( uo T-q?rLJrTrJoo0 JTulouo3ld JouiJoJ o1.{} .rspun suorle;ocl 3:o 1uourL1.redo6 -Joc TuauiuJaôE (^CZ,')ouq-.ri1ualt1 oq1 .l1FL:1p_rc:,:r,; o,1err.r.rc1 F,sai,!J.i"la?ua dq parieu€ur .{TluDrlrJJa aJo!, aq pTnor lo sralolsd .,Je qorq",,t.Lo J.lqlrT:) pati:u?ul pur: palc,rado jTTE c-[lilouoai) aq 1ou pTnoa qJ] r.{J"l suol?JJoc{JOo ?ualLl -uaano8 Tfas Jo aleprnbrl o:l paau oq1 parccrrJapurL 1.roda11ITe[ eqJ, .saurcldll-cq,1 oql o; uorssrii dl.n.rnil orrlolpelg (TT;,:i) 3q1 JJ J sq? Liilr.Mau-rT u1 {tr)a.r;g1pcu Jo silo1 li?Iruounro .(Ta:JJC uooll I,rou s.01..t i_ s3sr.tdJoluo alc,rod;o:; a.i11,JJnJ1slTrJa,ro;1.;..,1 . sur_, lrrau,it'rorr.oit JO rle.rorJ -JOt luaiulJaô8 ut'e',l.r3J Jo uo[?rIoqE oL4qtt1-111 JO uo!qllzluc;JoaJ

.T^TilsrrTET6q - uoi.asTtaTTrg rql--E--iftTEl=--.-i1--Lr-.]l:ur:dJ saurddallqd

ffi ,4\

Ii6L

: ?rir f qn.

P T - [ u r ] i aql Jo ?uaprsrrcl aqJ, ,{ouo11o'..rx14sgil " roJ i,tn0livU0t^t'rLrri

tZ f"renue1.

\ta", tcl I t

T,TTuehl

NOIj,VNIOCOO' Jlri(iN0lli 4^r,-,.i,J---... oeuLuq!L!'-.td

ti0 Ul).l-d.10 aL{il Jo 3 rTqndau

*J*'-

,,8" ntNililir

.uo BuroiJ J{ou sr sJasn oq_pino$ o? u€dr ;ioa".,ol.l? f, uroJJ suatt-! uo1qe.:edo"r Jo 3T€s '.lcerlp .rqf . sdoqg puelsi ,:aou1:;ug eq1 pue dueduo3 Ir?oH r;lrue].{ eq.} aseol o..i uo-rJurod"ro3 Su ru1.1,"1iic;lrij ilu! r'?{nsuJ oqq pur? srII ild aTrlxal oq1 _iu111os ueld ar1,1pazl,ioqgir dpnoi ;o -TE eEr.{-{cuallarxg ,rnoi .;:,roti,r;rq1;n; .!,oTTecc.: ?ELi1 oq L-tlli ?I

uo-!1cunJ sri{? pa*snrlu* .dcui,.1oc>rs ,"""'?i;;;|j:}tt.*;ri'::]d:lr:; acu-ts uort'uJoti;icl3 acur;.ur6 uoT oq.] {q ito r ,{itpun dooct ?r?-r1Tqeqa 5 +{r!-trrb !l .r!.r? s:rq .Do,r1ocs rp aq 01 oq1 (ffiJ-$JTi!ftffi:ifiJdffi! oq; ?sorTrBO *snpuI pul] JoJOurutoJ liu-i.u1.ir:dag._\rl] .rcFun qloq .,{1o,r.r:1c eds:"i <oo1,;;.i11 .;:o uo{1i;Jlsl.rrrurpy so^r}rJ-r!ico0 ilo-j.?€J,icl ,Tuqlv sailmruoJ3V f"}:^rl eri? {,rrr!' --+ualurlrJo^o8 rr{? !:.rcTJJc ,r",;1nFo.ro? poJ,lsJsurJ+ suo il Jllri.i .r ra,Lll Jo pull po^Tos1;rp i)Jol't tsr-r-:Eq,:l.daT)1,lJ1rs-,iTas' E ,!lc p_:,1e-r.rdc, .l,l oJoJ )JJrl? ,loll UInJJ pirt !,.olrr\J.,s ar.lqnd iiui,reprr:,J urr{?.,Jo$ rlcJl{q, .mTE;ffiIdT

TFuolTCtiaq1 J.t dno-

! I

.SII"Ept"r1

(.{cro

'+Ju pue

ii1 ole;uo

ll JJ:l puu u)1.1f,rd.1JoJ slJodJlV

;c gg.;a pue {.uiouoc: ,}ca.lJa cil .uo-tlrppz u1

i ).r"Jd

r::.tTtqp1t

o? pJlcoJo

'os (JdJr.lL d l r j l !.J i q? r1\r .JJn-.:....1 e -;r. f-uo sJT.)rnr+Jll

seM ( riuc.r i:1lrrnJ

pas-L,\oJ .{11ri;o;re:r i_11ui

( - , - . ^ ,- . ., . I - ^ ^ . u 0 tt,.1r:.,rorJ.ro,._r .uo r _ . i r ; ! t . v u , r u !uorlrzr'[rq?.tS uo;-1c.loil;o3 r. 1 . { u r r fu z L l L q s , t g , di-rJc{ d . - rL J c { e a iii1 il ,+!.JOdJO0 M y luau atU V

, -;;i::-ti_l-;Fi--_.''=

,paqs-iloqe 'paqs-iloqe

::-=--:-:1:;:.;---

:,TTfdfTTqerourrcJ aqJ, (l

'oli uo

11 - n o u . ) L r u o s o l .' lx . J c L l 3 ) r ,' u n L . . l rrJu r r 0 1 pTarr aq pTnoqs sa [,]rlr?cE 3u1pe.r.1JuauruJalof ?oaJ'!(l x x x! ''e n l n , ( t r o n ' * r r . :

.A96I ,€Z rocto?ro p3:iep .gg; .oN rop.ro o^rlnr;\xg Ji)pun--uo pue pu€r] aq?__ece1d,iraq1 T?EJOdJoJ ?Uaudo [o^a0 1uafiJ3T1?OS ul pa??oJc se.,vr -4111ua.4cedulo:r./iTIEuo-[?JurL;: aJoul € pu€ psqsrloqu os1? (,!uedllo3 o.,ror,r

luouioloiloq

T€uor??N aL{

f, or'r?lsc[ errl (JillfrIdffJft ---;i;-_l-: hh^r?

nt3Jng

irrll

oq. poJJOJsrrEi?

rii-

r;,rJ()J aLl? (q) aJoM (peqsrToqe) oqu.1iioT.il}{1

vuE

t,ui.

,:p--,'I

.lo

:iffifl"Fl-"J--i5.rJ

te"anE aq1 Jo suor/+cutrJ oq1 (e) .urr,rFo.;d ?LrlulJolir^,tp InLE :|r.r.Jxjol1 -?as puuT or.lq Jo uo r?e?uattJTduii o+r;urpJooc o,1 pu]? s,lutJu?? \,1 f,.J+e?s) o8r[iT Jo aI€sJJ pr.il] uors r^Tpqns trql .{Te}rrrqiaJJ3 ale+T{rcit.T orl. al{ .{I.d"tiC) (9 'otl uor'+cpuauiriioc jr.paJua{c .(11dluo.rti:a11 - : + J [ J q . ] D U c s J i r p - j : - s ? r ; o " 1. r i q 1 r . u . r a 1 . l 1 o sJ o J p a u l u o 3 q plr:Lcqs spuc'l .noN ' nq? sraTlr,1 o1 sirurploq 11eu.:s {los Jo ur aT€sal JoJ anle-.! J.!11.] sale?so aSJeT SurJlnbJE Jo ?1; plrle"rnFncrrr aq IJTnoqr.-r.,-"eJFoJ.l pEoJq V x x xr .q

- z -

(JIOL

'LL

"+r(J

:-_t'i7;=t^_t_'i-r=*-

. 1 ' . rs u J Z 9 t p t ' a o L ' C

r + _ i --

- -

lc L-LC.

3ur11es palnrxr?sa a^r+E1ua; (056i"'Ti '1ag 'anl1e1uac) 6.if'lFZttST'1- eTESJo atnl o"{1 .+? selJoluo^u! .{o anTEA}loog:ppv onT"rl uJaluoo-SufoN sasuadxa uotlez-rue?"rg slasse -iTqTiiub* + jo anTrrl

BE'19e'Wtl

a9'er)' 9+t

prnbrl preog -{q po,r.o.ritdy df'j:iiftZF-s.ro1e Jo ' qaFpng pa sodo.r.i 00'096(/zT€1 (3d.ttU) uo11e;od.ro3 slonpo;id poo,r.jTeuo'r?El{ " ". aFrEr{C-LTT-,1o c TJJC Jo olEurl$.g ( OCO,IYN)uo-r'1:,r.rod,ro1 o c cEqoI IEuo r!rsll

OO'OOC.O'T L,,o'ocT'3/,a

sBuIArs .{1q1uo14 "'" sJol€prnir'lTJC p.ieog sJolraJr0 Jo pJ!09 - lq.{1q1uor:r pozI Jorlln\i (OCOCYI{) uo1:1v.rod.ro1 lnrrcco0 TEucr?€r,l

O0'111'OT1d

/ '

mt@itTd= 6fT6Y-r09'JlT'69 i, '\ tp^,, ,L,o vr\/

" "':' s?urlrs .d1q1Lro14 " "' sro?Eprntrrl-;o p,r'cog :rroqrarrglJo preoA

i* 'e. , T '^ L r^_T r +u4vs4vJ

srul^es ^TJeel

- ,/iq 4TliluoTri pazrJoq?rit' sroq !,{ raq?O .t eseqY {euorJeli : u o T : I E p l n b T TJ o p u n s u o r l " . r o d J o 0 . T

liniouir.'Lrr{ s:Jur^"sn.,.,";":;]t;*r;'0fi:.ji;:1":'-'l:*Tj;}r**"$:l'r::

'polcsdxcr aJe sFuT,1.Es . pa b^:rT"T€IESuJ leaa8 lual:re 1<Iu:.r:t-uicq j.tou uoll -izrueS,roal J3q+JnJ ar{? puE -paqsaTduocc€ .,(pea.r1eLloT?uzruc8Joal or-i1 ;o ?n0 ! slsor p€oi{iorro qETq riTa p ocnpoJ c1 uo ;1rzi,.reF"roj,r ?Euo1,1,rodo"rclsr Jrq?Jnj Jo ssocord oq'+ ur 3rE-- ( s tr.rd ar.{1 Jo oc-lJJO aq+ o? psJ.raJ luapr -suEJl .uorr) ar.rJJO all;eq3 ruTddrlrqcl pue .{uuduro3 lujrudola "so{u?scioe,nrg -^o0 leuorqeN ..fuerluo3 pEoJT-iEA €frueld__aoJrlq . s uo ! le.rocl.roc {,rnu*rnrroS Sitlurtruou aq1 .ro r1eq1 .(cuolla cxg ,rr.otr "slrddu o.l qsrl"r.I .ITT"uId

*,O6i,.ZTr{Jo sftTN aTT?xoJeq1 3:ooc-c;rlBulilos pa+€urr?s.r ""/T;i:";':

1e po^lJJ€ oa??ru,nuoCuoTl€nTEA aq1 .unp.: e;o un uI pauorluau_€,t.oq.E oll? ,T'96:L (g .,f"renue1 pe}Ep uT pal€clpr{T sy runpu€roulour € uT ps4sonbaJ s",^r Jel?€1x aq1 uo .fcua11?cxg Jnotr Jo slt.arl or{1 .p.opu3mrrooal oo-iJJo sTlil qclq./rr . s1111i1o111xeJ oqq Jo oT€s posodord a,.{1 spm3or sV

sdous po"ropuo.i aq1"r{q """.n"""' l;;'tltli*"}l j:r:"J?"lff il;

u1 v!{uu.s irq+ raq pirJopuoJ socllJas rger,leg T.1 aq? "r 3TA ut Te! Jo spJe.rtdTqs sa1a^rr"J"[ oq1 ;o rro.glalduroc oql .uo rle.roci,rot g1e.roci"ro3 1p1un 1p1un ,uo

<slo?carrg pue sp"re.,{drqg p,ri?og eq1 ,,tq TtsuorlrJN acue,{aqn fo u! ao,i srq 'J;rl;l,{cq <sriorlg pur.;1s1 J-.i lrFu!- o-!i? .,io aij u.a .r t lJ

'VdCg.pu'e ,VSTN 0gl{ Jo ra8rol^l ' ra3rar{ JIgVI p'rE .uoTl€Jado puE acueuoluT€tx V dJVUd Jo rT.r/Z€1 JoJ O0,0g6 o^TsnTcul J o ? a 8 p n q O V Np u " O O . O 9 \ . e S g G ; r o l a 8 p n q '1E6T aunf o? dJenl€,' UIoJJ a peul aq 01 s?uau^€dV V C J o pol.roo l_r,,1rs 3T9I OO'OB8

-or ou pu€ 0c03vN o]

dd-6?s-'ftfo0'ozL'L(.6d

zo'o8g'zz9'24

r r q . , r o r ! . r l J d _ r . 1 t . +: j . l { . t u J i . j u J o

n / o

5{ooa

,. ._56VA;6I J'ua"ii f€csId ., "rea"(lecsrg )9()1_6176I - .ro.' sla8 png (3Hl{) du€duoC-taloH €T ru'atri

t6t aunf o1 f.iemreg uo..r,;: t)o L 1 sButles srolaar To'011'TgzdTd; Jo Ic <ueulJreq3oq1 J o pJ"ofl ;ro l,rodag ( o Cuul,{) "{ueJuo3 p€orTrl?U "{ruEtr{ ; suoL]"JJJJoc ?,.rrr srxl

Z6'6fis'T-trE Za'6e7'i6T

L " + " 1 1 '

60'z6{.'266

JoFJau-rJa?JV .re8.rau a.ro;eg

T'f'Tco'(?a,7a

r +e o tl

vd bwqvrl

uo1 1e-rod.:o3 lueuidola,ra g puE luarroT?1aspuET

/q(ocsosslrr) """'

oo'oTg'Tgg d

JolcoJI0 8ij-r8suEruaq1 ;o l.rodag T U d) u o t 1 e , r o d " r o 3u o l l € z r T t q e l s a c ! r . d /F. ( 0 J : ; 1 6 r 1 e; o i " r o c peitaur s11un "ro suotle"rodaca nau € olur

L5L

aJEO

'{,

4:t

77'i1';V'a':..77LA .d L I,L I

6T52"-EFitT- E9t' oN rapro'xn'1e3pnq pe,ro.rrldy '"oE6v6,ffi ,:ead 1ecs'r;: '1en1cy B€,6'Lo9'999'Ia, s'1.rod.r1y (CvN)uog1e.rod.ro3 Teuol?EN pen.orddv m5trTfdT-'9/,6'0II ropro'xfi '1o!ipnc1 '1an1cy LL'toL'e9zd "' O96I-6r6i ,ree.(1ecs1.3: . (VdU) uoj?Er?sruTupy ssar3ord T€rnU 6o-dY=f5TT-'19e 'ot, rrpro 'xu 'laJpnq pa,to.rc,J,7 "' .reo.{ 8L'SL6(9T+14 o96a-6r6T 1ecs1; '1enq.ey (cgsoN) uoTlitrodro, ssauTsngfIp,luspu" sallqe;edoo3 Teuorle1tr

LL'(.9a'85L

8 L ' S € L ( z o (4,

l1ueuru.ra.ilo8aq1 Jo s?uDul.rrdep .re1nFa.r o1 poJJOJsu€Jqsuor?cunJ prie polTcssrp suo11e.rod"ro3'7

7';-;-iT-^^::: 'r;7-

!u'/-/F ylo

...'...

€

T B + o J

A96I 'gZ r€quaro6 <;1 f r(Tnf ,1en1cy 6t?ffin' clenlcy .reef L6,69I'€,ZTe .. ' . C96I*6+161 1ecs1g TuTrrpVSurddrqg6(VS) uo11e.r1s / L

- ' t -

uoTl"ulpJooS cTuIouosgJo Jol€Jl6ruTupv

vJsi{vl',fuo0v^Tf s ('crs;

19' 9L9' 610'L4

" " "

sFu-tABS.rf1.reatrpaleuqlsg T € 1 O J ,

bmmTsToo'918<geS 4

JaSat€b[T"rouaN aq1 .;o l.rodag (30dsl) fueduoC quausc pu€Tqrod nqo3

oo'goE( {er'14

.r.....;..... .

l e s o d o . r dr , r a g lesodo*ci T€u'F:1TJO

-,{u!.rffoc (coN) *.,;,i:+Jl;t1;;ifr'* szul^€s ^TJeai

- 5 -

'.to.u -r{.1 rT€s .q pf rp ,4p"1J cJJ I ! -IE srq .,{.u3TT3ox[ Jnotr puE (uor1e;od,ro.: sTr{? Jo sarlJ3doJd iq? Jo oT€s .t.11 papu.{lxoctJ sE{ suoricJodJoC pif1oJ?uoJ Jo paurvloluauuro^oN Jo uoTf - e z r u e ; . ; o : , . u o - r 1 + T u u l o 3l q l - . f f i .pTos oq qc rqr"l pu" 6ToJluoc 1.ucuru.rarro8 Jojlun panu ?ouu€c -T?uo. cq o? sELl r{crql,t punJ " r3cTAJOs ?ueu{uJo^o3 .q1 ur saodold ?snJq -ua pu€ sT"rorJJo Suoue ur:1s-ds rJue.msur Ten?nu Jo a,rr1e-radooc € ?coJJ.) ur sT uor??JodJor s-rqJ, - .@ 'dtqs;tu-r,Lo qu..ur"r.ren63Jopun puouu.looal 1 ',{ueduroc JoaJ.q? uorlur1.J slq? aT"s .q,+ ?su-! 3': ss;lr5uoC :q? Jo sJaq orr TT" Tsoufe .ruoue Fur Jo -fr"^."d ?u.lurr?uos ti?r,^r 3ru€pJooce ur pue <Furo3o,ro.1.rl1 Jo riarl u1

.cE-6167

r€a,{ I€3srJ uT <OC.td 01 , grl-L116]-r".l uror.} l€csrJ r.rr Feq .rcd Og.td .rJTJd aTqrssod umur.uru ?ueur"c Jo -rct.rd 1a>o1 parnpal s€r{ ?f ?€ ?uorxc3 Jo crTqnd .q1 01 nTcs.LlJ rJnsu-! o? drqsJau.\ao 1u:utu.rlno8 Japun DnurX -uot errEs .q? lprl? ?sero?ur c-lTqnd rq? o1 ({guanbasuo, <pu? llodououi e .,l11enq.rr,! sr 1r . sau-rddTlTlld aq? ur uorl€J.do ur lueCuol ?uoruaa dTuo ru? 3u1ag .uorTTrui ?.2{l s't sJ€a,{ T€cs-rJ JnoJ ?s€T rr11 ?ur.rnp _fueduo3 srql Jo lrJord ,tTJ€ad ogeJo^" ar.lJ - .@

-ura^o' rapunpaur"?arac{o? papuauruorrr "";::jlil;"

t:"fi

l"j:"rT;HI .?saJa?ul sapnTcuT aq; :r1qnd lql o1 1.roda.r acrpnta,rcl lnoulttr ast"rd -J3Jua a?e^rrd .{q peTpu€q aq pTnoc r{cr-q.!rasol{? g:o asodsrp 01 /i3ua{Iacx,ir Jnotr Jo -{cr1od eq1 q ?T}r.auT{ u1 <.1o pasodsrp osT,//rJoq?oJo paspaT <pTos oq -r{euq ctq.,,r .sarq.rado..rd .ro s+uaur?salur <JoaJeq? s.trr,rr.,."onr.rd.r"ira ssaursnq paTToJ?uo3 Jo pautlo luaunr"rarLoS uo suoT?EpUAUffO Ca.r pUe 1.:Oda"r sllf lrrJqns o? Jouor{ aq? a^€q I .o1e?S o J TrrunoC aq? Jo -ur?aaI ?sET aq1 8ut..rnp dcuafTooxg Jnotr Jo lsanbot TeqJaA qltJq ,{?ruuoJuoc uJ 'Ioar:q1 fEaTTI:,qqiu€=-? sTfiarx?s =lF!_T65tAqTETTfifr (

: lcatqng seurddtltq4

" r r u " i l aq? Jo ?uoprsaJd aqJ -{ruaTTacx!.srH - roJ litn0NYu0t"{E{

096I .62 raqua+das

,,J. rf0ltdll

I 'JoJJall? ,,.

^--^-, c

elr+ er!{Jv r D5,{'

/fr\

^ ^, ,

_.lJ

^h^r

.lsEI

:r 1 (uor1e.ro,.l"roc rrlqrd

[ E S O d sr p p u a J L u o c a J] o u o p I

ales rr,ev Lr..r_.,--*-q1 a q ? J o J q J T q , v . J o ^, l- ?! J^ o r ur I

e sr srr-{J - 'ffi

'1sa.ra1

'uorTTIuJ acuts zd .^^r ^ , f1 teLr n L*!d^ roeJ-./rL

'^Epo+ ^ruaTTacxg Jnol 01 pa??Tuqns a^€q I 1€q? unpu€Jouau Joq?oue u r p a p u a - u o c a . :s a , : n p a c o . . tpdu E s a T . l J b 1 1 , r J J U E o J o J a ?u r r , 6 u J a J u o c3 u g o 1, , € s" oIUr1I aU1 Jo aseal Jo aT"s aul JoJ ualcl oq sda?s .l er,1 puaunloa

't lae s- o- ^o,.' ](^) J c l i t q ' l -aJ u. " I '.iurrJifJurrouue oq] Jd+J c d

rD-..l.ir

\'^ rr.l - Lq._ilrQq.jdJ aLOS L -,r sdl lJvu - ^ r - . . ^ , - / - , ^ . >JuJJo q JU iisdrlJ.,r'Lu i,.l,i auJ

auroJTJ.[r luauuJa^o8 :q1 ,eqr JJurrorru€ ,{cua11arx3 J-lotr 1eu.} ?sa88ns .ITIA 'ssa1aq1,rarra1i '.{u€duoCp"oJTre! pTTue. au.} Jo as"qcJnd aq} dI paqsaJalur rLvlPUL

c46

cadqJ

rluEuuvJ

y!v4

Lrctr

ctL.cil

'Ia?oH ?Tru"I,{ ari? Jo eseaT riJa+ ?Joqs puaur.uocal I 's+ass? dLqLosd+

>+L

.+u el,Ldr!

qIJOM ?OU Tenl3€

s?I

(ri^?T-Tr,. - E L + L L L Y c I L u v ! L L L U

'{riJudJvluuJ

qo.-j

3. 1 Jo

esnEseq

eJo J Jq

pTnol{s

'uorTTrl, 'uorTTl; l.Eg Jo 9.2+I Jo u.IroM lou pu? ' s l o o q J a ' s s r a s s € s " t - { , { u € d u j o Js r q l

L'L.," Jo

. sJapTor{puoq aq1 Jo luasuoc au1 . +noq?ru Jo pasodsrp aq louu€c pue s "raploqpuoq aql Jo Jo^"J rJT aJn?uepur a3eSl.roui oql 01 ?ra[qns -tqaraq? pue r(ueduro3 p"oJTr€I €Iruer"tr eql {q paur.ro o;e tsarl"red a?€^IJd eu;cs o? Fur8uolaq saJeqs ,^rreJe qdacxa ..{ueduro31a1 -oH €T'ru€h13Ll1 Jo {cols Jo soJEqs aqJ .pas€aT rou pTos Jaqlrau 3q 1a?oF, eT!ir€'/i aq? +Eq1 popualrluocal s€q suotle.rod"ro3 poTToJ?uoc Jo pau lo Tlau: -uJalot ;lo uotl ez lue8roag uo aal?Turrrro3 eql - 'IfrEffio3lE{'6fr-EJJffi 'Joq€F ^p,urB-

(' Jri ^e ^r - ^ q

'ludruuJo^o.

,qt

aq.]

saf.tJEq

aaJq.t

TT€

T8TSIJauaq

oo-

.cuof?s[db pTnoA .lcoJJa sIql o? luauiaaJS€ Te11n' T€LJlsnoJr Jo qJnof aLli q t n o J l l ? u o r s l n d u o c J a p u n u e q f J a r - { , 1 € Js r u J a . t u o . 4 T 1 J € l u n T o ^ J a J b € o ' l C n o J J a q ' . 1 tf rrnr -c. ] J, i- r ^/ ' rh t^ q u , +

JOq?l

. ^.., dJ L { \, J. r J- ^r^ ^ ^+^ + d q *L p u eUuOS pT'tOIt SIASSe

sTes +eq1 a^a.tleq L 'suo1+stau lerJlsnpulTo r L a g 'nr l 4r n VnYd E

rn.r rol

Pqc uvl

q - l! uYt +

Jr ov

Jqpi

;U.l

.lJno1 oq1 1e ura.raql dno"rl

?rtrnrr:rj

','L

-.ll

-€IoT^ pTnol! 'uJaauoc FuroS r s€ Jo p?e1sur (slasse slr TIE Jo a + n l T 1 s u o o ^,,^ d l c - d ' l r . s 5 d L u j l !- rt e^ f^^ ^' r q e q ' + r ^q J. *Ef a ^ o u o J o J p a u T e l a l a q J o a J a q l s J a J o q e T pue saa{o1due oq1 'le-.} uorl lpuoo 6 Japun,uJacuoc 3uro3,, r s" oTos aq uorl e,rod;oc pr €s alll 1eq? spuJufiJocal Ol1gUnSNI aqr ,;:o *a8zuetrqar.1 .aprJep f"ur spJEog q?oq s€ .lualxa3 d qJrls Jdriur -o'tJJUU'l i' su.rJ aJ€ uEoulol pu"r.iJod l nqac aq? LqeeaJ.dE pu€ a r l s J o l J a rre Jo spJeog ar.{l Jr .nqa^ 01 JeJSu"J.l s!r ilc f , g N + J o euEs aq? eTes a q ? 01 pasodJalur aq ITr^{ uor.lcJcqo ou tzu? paJunor J o -uE s€q srq? pue .rue14 3u1: eur-8egpue TTrN radEd eq? ur ? u a u 1 J € d e g palsaJe?uJ sr .{ueduro3 pueTfrod nqa3 aqJ 'aT€s aq? uoJJ pepnTcxa ?uauaC tuotlerod.roc sTq? Jo sastrxaJd aq? ur pa?"coT sr qJ E.l^{ .OgN aq1 ,iade6 pue d1n4 aq1 ,ra11 (uorlcarruoc s !q? uT (1sa33ns I

ffi

- z -

(:)

I ,t^..o

t ^ .-r*r ^ ^. . -r er r: r- c- c . -, r^ v^ 4 l

!4r ,. .L .,-.lr

uoL,trJodJol

('t'r' d!) slJnpoJd pooJ

'uor1e.rod.ro3 ,uor.1 p u e i J J q l J J a q l o e c e q v T z u o 1 e r . .o r . l p u l ? TEloll€N er"1 -€JodJoC orcEqo; aq1 'uorle.rodJoC aq1 "ra8 I€uor?pN lnuocoC TEuo"!?EN ;o -Jaur aq? papuautocal seq suorle"rodJol palToJluoC Jo pauuo ?LrauuJa^oN Jo uorleztueS.roau uo aa??rlxruoCrqJ - 'ffi i-{cuaTTaoxg rnotr oi raleT pa??ruqns 'sa]?radoJd aq TTT.^,|(sT€uor?eu :sauedel o1 ?u13uo1aq ltJarJoJ T€rluap

-LSdr

. ue

L{eoJ(L }o

a"Td^.I-?^

drrLsuus

puvl--

^.^--eq^^

pd+sdd.dLLs

t, ^\ r

!^r^,,

lqoJdd

LLI

-o)\

1c\

r r l q n d a l , { q p a , r a n o , rs . l L l J a d o J d J J u , l o p r E s p u e l J o u o r , l T s o d s r p p u E a T E s aq? Jo sJo'IJJJ1I p J € o g s r r . 4 q p o l d o p e s a " r n o a c o . r Cp u € s . - T n J J o u o r . t € c J o -rJtr€Tc roJ 6CdyN li{orJ uoT?€nrog:u1 palsanba..r sal luau?r€daq sTr{J 'pu€T Jo saJe?coq CO;'Z au,1.uo ap€u seq 00,{Vll }€q1 s?uaura^oJdujr ITE JoJ ,Surpp q l€d ot rlal plnor ;1li3u rudola^Jp pu.e prDs a u 1 r . . l u l u e , l a 8 e u e u r , ^^ -/uo1oc J^ -L- ^L- Jq u u r. d , J L t - ^ ^ - -B^ . r- 4 , da q JoAao{1.,'uoT1€ J a s a J r e u t d p fes ar.? l . u p J T T ! . ^ 4 uT saJ€?roq uotle"rado ar.{? uo (?saJa?ur u"lxsJ€r{ ") ,(U€d OClrrN Jo OO9l L Ja -uro^ , {aa,'\41oq eceqv "urddrJrqd aL,1 n'r€ arl:. luaurdola^a0 xtEJluoc orr,+ OCC.II ur papr,to"rd asoq? aq o? Jal?Ef ar.{? pu€ surJal rxnunurur aq? suorlrpuos Jo 'uor?"AJasal, duoloC .OCtlVN TEuad o€'|!€0 Jair.rJoJa'q? urqlur .lo saJ€?ceq OOE.Z .ra,ro slq8r: , +uau{doTalap pue luaura8eueu,, ;o sa11;ed alenr,rd 01 ?uaun_r8rsse er{+ ur papnTrur aq. Jo?a"J pool'l-{1d aq1 Jo aTEs aq? 1€rR pueunxo)ar I

-T."A€ aqrr.^u"-u' ?'?"ff ll'ii?r":lliffix ii"ffii::":':i;iri:i""::::

- uIE- ^l , u^ ^+ .4 d, . u- oL, ,d^ -u o l d q

A L J . , [ l r \ r J ^- ^dr l

.1 . _, d J. I u^ J- u

, --^,,^^_

L6t JL^dots]J

pu€ ueqJn

.IJq]0

'Jo?eT .{cuo1Tacxf, Jnotr o? pa1?nxqns aq qrTqn pue sTq? uT atq€Tre^" 1a_{ 1ou sr u 3runrl T1IM luaul"redag (suorlelueTd Jo lsTT alalduroc E ?nuococ pu€ ec"q€ asauedel Jaq?O .t r e c € q " q ? T . up a l u e l d o J E s a J € ? r a q E 6 E q 3 l q , ' 1 J o p o J € € T c $ o u a r e s a J E l c a q ETErT leoJE ^uofoC T€uad oe^€0 Js$JoJ aq? urulu,r pu€T ctlqnd g.o (saJE?coq O 0 O ' O TJ o ? n o ) s a J e ? r a r . {O O g , Z J o u o r l c n p o " r c l e c E q € J o J u o r ? € ^ r a s a I ' Z .fu€duoC uor+E?u€Td €MeInJnd aql o? 'T ?oerreg uT pal€co{ .,t"ro 1ce.1 pooJrlTd

^ ^ q . , ue ^-^ pdo Ldq ,\ L"r.duueJ^ro?oeJ sTqf

:uor1e"rod.ro3 s-!q? Jo s atl,rado_rd olqesodsrp

a.re 8urr"ro11og:aqg - .

.yo esodsto c1 Jaq?eT aqq lca,rtp qq8rur lcuaTTaJl1r Jnotr rrcrqn pu€ paau ?ou liert yVO aq1 1eq1 luarudrnba pue saT,l ,-l-..J -JaooJO

^.-^^.-.. aUoS a^€q

(

r^,

+-.t.oL-

Lrr { L -lL

IESOdoJd

oq 1 o1

1uar,r1,:eda6

sTql Jo aoue.l..rnouocpassaJdxa al€q J . uor?"J1srurlt1pv scTln€uoJay T-r^rO ( s.ramod slr ar{? oT TauuosJad pu€ sqesse rsuotlcrm; .to JaJsuEJ? oq? pue uoTl€JodJoc sTq? Jo uoTln1ossTp puomuo3aJ o? paprrap s€q uoTssrutroC

f Q1rry

t t."Tu €3roau 1uau&rra^oraqs -' froJlE6-fiol-TiF6-dffi TEuETTffi - { , -

(rrarlcn rrrn rar sTassa^ 8u'ro8 uoq-OOO(OT u e a c o ( t ) pTrnq a a J q l o1 ra??eT D c Err rrro.{l' ^^ sarr?snpuf q?Ila l^€aH rqsfqnslTt{ ?r"r?uoi) ?uouJdoTa^a0 T€rr -oTlEr{ ar.{J,- 'sTassa^ q uoJ-000' 0T

. auur.:Ao8 aq1 ,tq pluJ,lo saJ€rls cq? ?u Jo aTes cq? puauuocaJ ']iools I Jo seJ€r{s aq1 .1o drqs.raur,lo s?I daal o1 1T JoJ .suoT?e,.rodJoc "Aoq€ aq? 3:o -,tue qlut s?uoulTruuoc op€u seq luounr;orlo8 aq? ssJTun O 0 . O O O ' O ? O ' T d . p u o q , r a d O O ' O O O . T d? € s p u o g a 8 e 8 3 " r o r , ; 1 s€urdrTrJl op €aoTr.IoC ap .€TO a r p q s r , r d O O . O O T d? € I c o l s u o u u o C 00.000'OOg d'... fu€duoC 8urfi?l€Jr'fi €hl f €c'rJ?caIE .urddrTrqd Za'r7{,8'I€6'94

""'

go'z?z'9o?czd .'

:jo

+srsuoc

arEqs ;ad 69'914 ?E lcols uoutruoc .rul ..oC souTT JrV aurddtltq4 creqs "rad 19'94 ?€ s{cols parraJard . cuJ <. oO drqsueols Ellr€i €f o[

O0ll 3q? Jo s?uau?solur ::+!,rLr

:sJqJ

: j + J . L O Jr .ut

- .E$froq--p=fiFEft6{C-ffi 'a ^s^ r ! ^ . -i . ru . t s d . ^ L Lr s + t ?u l

-lo

-moroJ T ,<o?uT Jo+uo Jo al€?Japun o? p-!u41 oo1 s'i lelrdeo rA.

.r i rL^ thvdr r u

rndrrrr *J'.+4Jr

rro

r,rrrrm

6 /'r^,,-^^

-!r^

-^^^.t^_-

^.,

LesoUS!iJ LrL^Ji"l

a1€ rJd qJrqra r^

^,,^-,,1^-.

-3p rTruouoca aq? o? trUolnqrJ?uD3 puE .{JEssaJ3u paJaprsuoc eJe qcrqJ\ sa-!J? -snpuT .,v!3uJo uoa?eJado pue aql pu€ slcaf o.rd Sururul pu€ Terrl luaudola,r-cp -snpuf o? sar?r^'t?r" s?T lIrxIT ro+J€arrq prnoqs cnfl al.{? leQlrr srro"rle;od -Jo) peTToJluoC Jo paur,rg +uauruJa4o5 Jo uor+"z rue8JoaF uo aa??TurnoCaq? Jo suo Ilepuau[rooar aql ql rir auTi uJ - .@ 'luaudrnba Du€ aJn?ruJnJ a.rJJo lJeulp.ro ldacxa s_.1.rado;d ou seq uorle.rod -JOr srqJ -' 'uorssrluroC uor?ezru?EJoag ?uauuJaloN aq? Jo sJaquralxauos _{q pal€Td -ura?uoJ se .,{,r1snpuy neaJng eq? o1 pau8tsse "{TT€u-!.r ar" ?u€Td Jo .uDr.l€pua JJocaJ pu€ .,(pn1s JoJ sacJnosaaOCOOVN rr.{l suor.lJunJ aq.l Jo JT T€Jt1.+ -€N pu€ offr?Tn rJFV pau8rsse.ro <pazrue8ro s! aur€s aql o? ?uarxlJedaq Jo aq? uaq^r pu" Jr 6uor1Eeod.ro3 SurssaooJd T€rn?fncrJ8y pasodoJd aq? Jo sroz+ -ceJTg p J € o g a L { . }J o u o r + a J c s r p a q 1 0 1 l J a T a q , f e u a u e s a q ? u o u o r ? J \ J o ' O J S 3 V Na q 1 s a r l - r a d o " r d q 1 J o a s e a f r o r T € s a q j s p , r e 8 a . rs € a 1 r L { l t a ; o -uEeur uo{e? aq uor?c€ ou puaultllocal J .-{cueTTaexg "rno1 ,{q pue uoIS ?€q? -sTunxoCuo11ez1ue8;oeE ?uauffJa^oN eql .4q uoaJaq? uol?r€ BuTpuad

'aTEs JoJ ^rJ€dluo3 ?uau -doTa]\J0 T€uoT'tE' :q1 ,(o p.sr1.ra,,ipe 3ur.-..r .tu:s-Jo t€ sr .s1J€d ,rJeds snTo -Jns Jo suo? IOO<' -{fa?€uJrxoJdde ,aTrd EruoprTeC aq1 Jo Japr.tT"lr€J aqJ 'SaLI'

lll

-u;a,ro8 .r1 pa?soJa?uT Jo securloJd aql ur sJauJeJ oleurtlr8al o1 TerJurloJd (s1ood ,.{Tq€.TaJaJc{ "roqoe.r1 cu'r,ro "rd snoriE aq? ur .+uaurdtnbapue s.ro1 1er -r€J1 aq? pu€ 'vdOU eq? o? ocuaJa;a"rd 'e;tue11 ur doqg .rreda2l 1s.rr; ur,trF s 1 1 U r . l J J U o T r b a u . r e ; p L { € s J o 1 3 e J l c U L U L e uJ ' q 1 J O ; T E S a u . i p e I O J O d € s L , t (d13utp"roccr; . '396 's:o1le.rt0 saruuo,rd snorJ€A ur sllun Jo pJ"og aq1 oq€J€das TTeus Jo ooueue?ur€ur pue ,{1ddns .uoTsTIJadns ur _{11ncr.Jg:rpo.4 3 " 1 p s o J n J J a A 3 u r s o 1 " o o 1 p a ^ o J d . J a ^ a r , l o q . s u o g 1 e . . r o d or o o d J o , + J e J J 'sacuTIoJC ?uaJaJJ-rp rjr paqsTTqe?se a "ra,îslood Jo?cEJ? pu€ sJauiJeJ a?€r_ir!? -r3a1 pTos o1 aJaM snlci;ns .&uE u{oJJ pa,rrnbce sJo?c€J1 (asod;nd srqq Jo...1 'uoTTErt.TlTnc Jopun s?aJB 1e"rn11ncr"rFe as"r-aJcuTo? pue Fu1ufiW pazru€qrair Jo uorlcnpoJ+ur aq? ir ( cE,il' lTraur.loJ ) luaurlr€dap sTq? Jo uor?eaJ, eu.? .9 JoJ rlrlJofqo urerx aqJ - .@ 'p:1e1d.ruoc lucurdrnbr Jo -T3JsrJ€J?.q? puc pa?nJaxo _,(Tnpuiaq s"q uolJirl+ +reJ?uoc iq? :suosrJ; Jo neoJng aq1 o1 1ce!o"rd srql ;:o J-.Jsu€J? eq1 pa,ro;d -de 'OrN ds,ro1ca.rr6iJo prlog rrlg - .@ .g .Jo posodsrp oo. o? suloqr oJotrr_^roJe pu€ saoqs porlsTu.J aulos -1iluo Lllr,"l ruotleprnbtl Jo ss3coJd aq? r,rr r{ou sr 1T ?ue .1u;,u1.redaps g_1.,p pa^Tossrp s€r.{ .Cql.l .s.ro1oa;rq f,o prcogl -rq; - .1u:a@;reda[-.rE@6of .t .?Tun € s" sal?Jed 3? TJ.I o? posEoT Jo pTos aq sdoqg oue1s1 raaur8ug eq? lBqT puaunnor3J 1 .alqeuosea"r oq ITTm sa8.re.qc ?"li? aJnss€ o1 Surpprq a,rtlrladuroc uo )iJoJ.,L qDns ale?Japun u€c qcrltrM .paqstlq:r1s: uaaq peq sdoqs a?e^fJC -{u€rt pu€ .u::iel.rapun aq pTnoc ?uAuidrnD.rplre ?uETd JToq? sJT€daJ ,{J€urpJo a;rcqJ,rsdoqs u,qo Jr.q? paqs-rTq"?so a,\eq sar? Jo .,ra,ra,nroq,_,.rol:t.luauuJaôt aq1 -Tlua luauru"ior\oF ?uaJcJJrp oq ,(11soo 1r:q1 aôJd sdoqs euTqc€ur aq'e,r1"rdgt .sorcua3e pu€ sneaJnq luauu"ro.no8 a^Jas o? sor?r-lrceJ doqs aurqceur apt,to.rd o? sr sdoqs pu€TsJ JoaurSug aq? Jo +u3lir -qsaTq€1so eq1 ur olT?cat'cto .,tl€u,Trd aq; - . s&q!-pr_r@€ii!ffi .f .cu1 r.o3 Crqsurealc Efreli ET a0 eqJ xroJJ paur E?qo oq pIno3 JoaJoq? aseaTal ;r ,sa,lnpaoo;rd ouE saTnJ Jc, ouTrlno pasodoJd L{?T.'!rasuepJocc€ LrT aseoT lo aTes puauuroc6J I 'q?uoru lxau paJa^rTop oq o? peTnpaqcs sr 1€oq lsJrJ 'aurcs aql aq? .{nq o1 "ra11e1 aq? toJ uotldo ulrn . cul ..,{u?duo3 drqsu.real;€ul€{ "T a0 aql .{q paluado pue pa8errell aq o? Japun ere s?Eoq +3",J1uoJ aseqJ ..{Jo.[l "J?xa o? anp ?so. I€uor?rppE auos snld "OC.OOC.9I,O.1T,.I ,_ro.t

et\h

ffif)Sr

- t -

] d

t a

r^\--lA{ {9s nrt f-z

sEaT asfql jo uot,l"nur?uoJ 1q1 pu.-JrroctJ L xot-ueJ srs-orjaJe| o;.u.1 se's 'le -rJE 'pas"aT :uTaq q ? . e l J i , , l . s . . q J s ' s n o L ^ J " J r J o . ] Lrr -)tJoTq luasoJcl € u : p , 1 e J o T ^ J . 3 n q o 3 u L s o l ) J € r ' {: ' f q ( T ) ^ t o p u E e a J . - o q r ? r,llro: oq? Jo slcolq (Z) o]'r1 ur palecoT €Truei,! uT sasnoqcre,q 8Tq (9T) uea?rcls

+*-**,

.1fr5fi{IEd5ffiEJ3fr6QET{ r,..3c T€uor?€lJ aql -

.71

.pTos oq osTMa{rI pTnoqs euPs paTT"?suT ,t1a1a1duroc oJ€ s{TTur aTTlxo? u?3€^r€t\l 3q? sE uoos sv .pTos .TTas o? sulr? pooS € sT aq ETru€r,IuT sTITur elTlxa] orlq. ?"r{? puaurxoJal I s ! q 1 l e u ? ) ^ ) ! I " q I p u e . . , u r d d , 1 r q d ' u l u l p t u s L T q € 1 s ^. o I I ! 1 , 4s T T r r xo l : 1 ' )? dTJ -xd1 JJOI' 'l?1.1?O.)seJOJ 1 ' 1U-U-.rtn,:a-r u;ef :q1 lpujr xo.,r.Ide,rue Jo dq.r JU

u u r t d L t l n. r] lun -r l

r 'r ., .I

r' r e J d J- hr h' . r . .. ri d !,-ru, ' L r1{uLJ

_gl

.\I

.sloJtuoJ -rlcurxo.rJdo rorT.'dns 1J I J o o u , l J o J s n € c a q l 1 1 u a c : , . r . , { ,or n , { - u o u .TT duL{BU urdaq a^Eq eTTrr€I;t rrt s{Tru aTT}x3? ar{J, * . sTT-!l{ atT}xel '.'utJo1 'lull1rTTe'tiuT uo 'Jo.J r.1 jJL,.cua+ aprJ€uoq 01 plos uaaq -tpea: . spu€T acTJ pu€ sloT ulJE.J oIq"TT"A€ I T Y - ' a 1 E 1 s g T u E o . " a ' 0 I

-Te p"q

.JoaJaql aTes 3q1 puaumoceJ '?u€Td srr{? ur palsaJa?u-r at€ sJolsa^uT alenr.rd .{ue ,;:1 .pgTI"?suT I Lraaq ?o-4 ?ou seq suo1 S.Z ;o dlrcedec fTr"p tllrri .1ue1d Clnd eq; 'sJour"]uoJ ?uauar JoJ uot:1cnpo._rdFeq rducu dq+ Jo rollrLsuoc 1so33tq aLI? st Ja??.eT aq1 se lueduoC luauiaC puET -.+Jod nqaO aq? o? peJJaJsueJ? eq 01 papuaruuocal s r .+u€TdBur1ei,,i ;Jeg p,_re '@-pil€l-r-s-]TEi-ltd€d.6 11t'.1 .rade4 ..qJ .oF" read e uorl:,rod.ro3 Toals ofacJehl or{? o? ?ueTd .g s rr.1? pTos peq .{ueduo3 luaurdolanog T€uor?€N aql - .!fraffi1ffi 'a1€p rol€f e qe leuallecxg JnoI 61;r.u "ra11eurstql uo . souru.t aq 'aJoJajaql l,rodag T€oc aq1 aql ra,to 3utr1e1 ut pa?saJe?ur aq pTnoj.{ 3r ?ou Jo raq?aq.^{uo o1 uo-r1e-rod.roCJol'lod T€uor?"ll aq1 palsanba"r (ssaTaulJaleu

01 pal?Trlirrns .1o uotle.rado sarpnls aleu .al€q I

'auTu srq? 3aJ r Jo os€aT aql pusutulo

'sasod.rnd j , r o d r ; r o . 1 leoJ 3ur)ioJ ou: rroldxa 01 €q pT"tolle. glcafqo ureur Jror.LI . rr8uT{or. s r uroJor{q T€oc ?€q1 ?no punoJ _4ar_i1 rraq-n (poseal oo. pTnoc f?radoJd aq1 1ou -ro Jaq?aq.q uo saurnbul ap€in p?.q s?saJalur UFr.r-ro.J q8noq?T€ "au1ur srql !ur1-,J,rodo ur pa?saJalur aq plnor,r asr"rd.relua al.elr"rLi 'uoTleraqTT JalJ€ _4Ta?Erpauul ourdrTrd ,(uE Jaqlaq.r.rTnJlqilop sr 1I xuaua3 J o J J n l 3 e J n u e i u a r r l u . , { u e d . L o l. j u e ' r a l o u " [ ! . J o d n q a 3 d q l J o s l u d L J J r h b e r ,/ I€or 3q? ./iTddns 01 pauadoar sE\4 aurur aqg - . s5ffi1 fEoJ-FAFdmii ' J a ' r 1 e u a q 1 u o a o T c a po 1 n r r r m t ; o d d o u e oJeogrn"u ,1a aATJ 01 .u.rt?EJod -.r,r3 luaurdola^ag pu€ ?uauaTl?as pu€T arj? uroJ o? pu€ yc{Cll tlsTj\l T€uor?€i\l aq1 q?T,,'l?run s-rq? a8rauJ 01 suorlr_rod"ro3 paTTorluoC ro pawro ?uaruura o uorl€zau€8Joa?l uo ae??T'r!u;o C er{? Jo uor?€puaruuoJar aql uo u o T ? J € ( { altqruueau ap€ur aq TTeLIs soTes ou leq? .tala,rroq .lsa83ns I

N? ffi(v

- 9 -

'e1crLpo":duJ€J -+e

IedrJurJd

JJqlo

. J^ r^l p^u ^J L, r. pI o ao J LroL+

-v'+sa sB^r ?Jaloru

s!r{,I

pue o8uonr .u.roc .acTJ uI .,lcuar3lJJns-JTas uTe?

JalEaJd

a u- r ,a -T a . q { - ^l \,q , a J l , r l J d s d

'uo r?eJ?sluTrrrpv uorlcnpoJd

, J, u- , J*p u^ L, { s l [ q J, U^J- ar L- L-J-c -u L

uJoS g ecTu .gT

'pJ€8aJ slr-{? u! ou asr.flp€ o? arJauuoC Jo s;oqureqC uecJJaury pue aulddrltq6 aq? pue .4ggq cq1 .s:u111 ssJrJlsnpul ure i pu[ Jo Jrqurei.{Crql Jo Jrqur"ql a-rrddl1rq6 'q.} Jur}s'nb)J 's )les SLrtJaLt?JnJ Jo sul;.\lx Ju1.rr,pn1ssr 1.rau1,red:q stql ,.ra,rcmoq slpqm ^^^--^ - u E d . l ^ l -. s^ ^d^ -J. .LI J u p : r J n p d J. { T q € u o s " ' J 1 e s l t s s e J r q l o p u e s T o o J u o L ? e J L d J d ) l _ . i 1 .suia?I asai{l TTOS 01 srnuT?uor C0ll Jo ?unoccE ua 99.966,A59614 .3iourns aq1 .4ed o1 uot1e.3r1qo seq .ro luads Cqi{ rql ,096I ,O€ ounf 01 d0 .3nT€,r uor?rsrnoa? aql JT€q ueq? ssoT sJam sJaJJo ?nq pasrlro^p€ uaaq pEq s,liassv JEh aqJ .s.rrauc8e pue sneaJnq l uarrm.rarloi ;:o 1urua";1nbcl :q1 "ro.J 1d:ax: f r o l s u r J q p e q J l c s l n q s l o o l u o r l e " r e d t . rJ q 1 J o l e s o d s r p o q 1 u r . 1 1 t r 1 o 1 s " r a l e d s n a u a q 1 o 1 u a n r 8 s e r u. , { l r c r l q n d a p 1 1 . . s a ? e l s p d ? r u n o q l u l o . r J sT€rra?Erx ?assy J€I,i pu€ u€def uoJJ sTooJ uoT?"J€daE asodslp pue asnoq3J€J'r o A I o c a J 0 1 p a ? E u t s T s a ps " l ' l J 0 l \ l a r . { J - . s l d s s v J € I 4 p u p s u o ! 1 € J e d o U . E L

9rrr

rnn

trnrro

rnd

'?ueTd sTql Jo as€aT Jo oTes aqq puanqocal f

rnn

c_, ] J n p o J d

p o o l T e u o ! . l e N J L'l l . t o s a r J a u u € J

.^^, rt!' -L. rua ^u^, ! > v^ ^+ -v^ d r, -!-tt L UJE .e. 1ue14-But{e1-u;j "qtr a3,:e1 o1 Suro8 1noq1r,u.{;lecruouo:a prl"rddo nrrprrj +qE Lu

re'{r+n

ar rrprr-^

^.-_

'Jervr-aJd

poo.T ff)

aJJq,l

.is",r-"nq r,...,rn""pJJj ,.""" rq 1ou uec 1i 1Eq1 Brq os s1 .rr

car

4n I

rra

u€Id qorq,li.,tueduo.r E sp€ar{ oqLui.u€ul1s€g c€esl .Jn o? ?ueld 3ut;ieq-ue3 oq,1 as€a{ o? palllunlloc seq r?uaprsard aql Jo t€^oJdde aq? q?Tr4 rlrcuno3 lrurou '^Tluacad 'sJapprq .a.ro..;aq -or3 a q ? o u a J e A a r a L { 1 [ e d o ! ? 8 l J ? n q 1ue1d srql .ff Jo oseeT ro aT€s aq? pas [1re^pe p€q Cgi\ eqf, - '!ffiffiTA-E'.{(?T?ua ale"rod.roc alEJedas € se palnfTlsuoc aq s!q1 suor?ErooroJ paIlorluof, Jo pau{o ?uaurure^oN ?-tun ?Eq1 aJ aql a1"Ja11al 01 JO uorlezruenJoau uc e a ??,Tiuino c aql Jo uo r?€pu31lluoc r-{sTr,{I (aui!1u€ol^l .1uauu,ro,to8 aq? dq ua{e} aq TT-pr rja1s e qcns ,+Erl} apeu aq 4eu luauacunouuc [euJoJ UJL{I (JSeJT Jo Jl€S S.lT i pa?SrJ).}u! sJc.}J?l ^-^-^,,^J^^ . ^-d*L rJJq? \Oqs suorl.eaLpur (luf,urlcuno"ue q3ns JJIJe 1 € q . I 'JI '?I as"aT Jo 3p.re3o.r TIas o1 3ur11p,n oq pTno,,Lr 1u tu]"rolo8 rq? 1eq? >!r.t+ u!

-^.:I rl r' .r- r t w q

1s,33ns 1

,q u+

r r6DL- -J- .d p

'q8noqlre

r r l L L { ,' s^ .L^ r- s^ d r

,' + . ^s^(, /, u ,

lrLLuA q+!v'

ruLL

-dJunouue

1:tCo.ru sTql Jo uorlpnurluo3

hJue tToc\l

J-O,,\ l€q'l

:,q? pu..nluor)J1

'sp.re.{dtqs u.SraJoJ ur paJT^Jrs Jo lTTnq

......1vlh}r o s ! _ \ -J: q- :,

r.L,

a ,^-,,^,

puvTsI-Ja}ur

]!q "r:q1e3o1

pa1ur1

aq o? a^€q spueTsT lT€lns ^u€u Jno 1'er{1 }cEJ 3r{? Jo .maT,l\ur 1Ja[oJd Bu]^€s J€Tlop € paJJprsuocsr 't[ .:ac1s :rorlln*1suoi) Jq1 ui ])^ sL ?L se 13)[ -oJJ srq? autJrnoce uL c),lsJJJ?ur rq I I p r a s r " r c l -tr1 u : , l l e l r J d , t u e * a q l J r i , r l

- .fr6u

tnJtqnop sI ?I

.51

'aures aql paau.{eu qcrq.\r solr?€Jadooc 8ur1a1"reu pr_re salJuaEE luJu,uJaloS Jaq.lo o? alualare.rd :€Suedur€d.oeqn1 lztde3 .oeg l o.roputlJ

Sutlr8 'ucfeteC 'o€JeSonBnJpre 'uede1e3 ur s?oT ar.{+pu€ ooTTo{I

o?oJ uT lot pue esnoqare:{l eq1 Jo a{es e q l p u a u u o J J J I ' J a A J , & r o H . s a T 1 eoJV ?Jod aTq€nTeA fTas 1ou TTrM ?uaLuuJa^o?aq? esnecaq pto6 oq

- L -

'?caJJo uI sanu!1uoo uo€fnu€f uor+e:.rTqo Suruleura.r Jq? €Jp^anN Jo aJnTrEJ Jo prrr, r l"rprIr,,n^ r rrr, .-In r--,.--13^oC IeuoTleN rL{l Jo JoAEJ uT sJspToi{il3o?s uoeTnuEf dq palncaxa ?snJ? Surlo^ aqJ .l ..'!:,,acnI.nD rrr

^rr

r.1,-{,i

/lp,r norro

. r - r , , - s T q J r L ] M s s a u p , + q 3 p u ! u o s L n u J L .a, u ! . 1 ! € u a J a q . l

or-fnnc

e- ^\ t ^e- + cnrrn

.{^ ,.r rf r' n+ 4r s1 u w4u 4,.,.-a-^ ., u L 1- + o u L u o ! >

--"^n''-'11+ Jv rPuuugr!J -,^ fT -o\f r r i . 1 . ' ,\L-dd,1. r.lt

rdu

"^-

-^,{^

l5lq

l]ul.r[v

pdzl

LEdr

<rq

\+ .--l 'f 0T .reo TI r.it EJpJ{dnl

. \.^^^{^Tr ler !' -. ^t { ' ^ 4orlvu rr u v r { [ yf r. trr{+ueJ J w u u . r J U L e r L l J n J L € .- I ^^,-, ,u,u^qJr i^ .^^/a , r , ^ ^ . 1 , ^ ^ . ^ -a . - t - / uu uu9 ll.]c..txc Ld -ru s tL'du!!Eu +sJ rJ dq+

fic/ l-g -tsJJa.]uJqlrrr s.rea.,{ Jo 91 .Jo porlad p urqlLrq uorlc;od,ro3 s?JnpoJd pood '[€uor?eN aq1 o1 pred eq, o,+ ,6{.665,9€1A a1 8u11unou.'euocTnuIEf Jo ssoupalqapur T€1o1 aql Jo OO.OOO.E114paumsse €JE^an, .Z

'sJEa{ r.pr-:

n,rp

.ch,

:lprorr

'r^ s p L ^^ u; . r 'q. ,5 _ J, d' q l

OI JoJ uraq?

JI o^ T L d. ^/ \ \dh p T L J - r ' i€ J e ^ a n !

: sr:i.ra1 le.lrcur-rd 8ut,,rro11o3aiil Japun sJapToq{coqs uo€fnuef oql q+i,\ ,EJ€^Jnf otuolodq ..r11 aql Jo ?uosuoo o . l ( s a r J , ) q s r J a r r r l e " r a d o o 3 { , , u e I a q 1 u . }L . l ] , J r - J . l u o3 - + u d ] x a e 3u e u € J d p u n J l c l l aq1 .[q pedololop s€dre (6) ar'r; uq1 .Toauo) L^ol1L*olJoJ JUrpeJl uoefnr.rLt, aq? Jo uo t?eJodo pue ruaura8eLeutaq.l pdse:rl-qns s er:{pJpog JdiJ aqJ .lrJoJd e pale;aCo aq p T n o J p u e s a d E J € pp a u l e 1 s n s o s l e q c l q M 1 e l o u 'z1de3 u1 spuodqsr;: SuTlsTxa aql Jo uor?eJado aq? irt s?srsuoc CdJN aq1 Jo ' . / r! -+ L r \ ! , ^l i ^r .E

duLuLufudr

.l _rLr .r .. _

r_r r a I

r r. r1a _ ,

9 ! 4r !r rr . . p, h n

^p 1d r f\ ^u . r ' l o o p

dJdj4

bdLJau

-u€c aLiJ 'spuoJqsr.;i oluf zrdej .1o ::urno.rJ Jqq ur spJef due,rrs .1o saJLlJJq Ogo'ri Ja^o Ua^uoc o? s?uaulsalur 3rq apeLl pue .r€r,t aq? aJoJaq sorJauu€c \Li

ddrql

pd+Elrduu

' - - - r . ^ ,

, , . Y i J dL u l r u u u ! I s r u u " r u J

puc

i^e' r t J

. / c r ^ r ? h ^ \

.r\J r!_l|ruJ .Jq+

$dL"r+s|lpul

pooJ Jo iuaurqsTTq€?se Jq? seJ"r'rorlEJodJoC s?onpoJd pood T€uorX€N aq? Jo

uo!+LorJ

oql

d ^ ! t r d ! n. l o^

^ ^ , , - r -f f i. , r r L , + L J o l J o J

d..j".

s.+JnpoJd pooJ

TeuoT.ieN

'uorsrcap oJ Ja??eI aql o? pal?Tuqns J aq uaq? d€u ral?€u s-!qI 'paTcaTa sJolcarr6 preog s1T pu€ p:i.:rue8.ro st (30N (sro?carl0 Jo pasodo.rd aq1 OCS0SVT\rN Irfun Jo pr€og aq? Jo uor+r€ qrns ( aro..;:a.: arx-rluEJrr aq1 ur puadsns o1 ,r1r.ror.,11ne aq1 .lsanoal J .sJallenos ^q .pu€q s€aJ€ qcns Jo ?uaulafl?as aq1 o? p€r1 11p'r .d.raurqceurqons Jo {:€T ?e t a r l 1 o u s r _ s p u e l q J n s J o T e s o d s l p 3 . i r ; n s s e ; o . { . r o ur q . t e , ua q . } J T _ f J r T o d e qcns Jo luauacunouue a.rnleua;d ;:o .,tlrpqesrape oq1 . Jala,rroq .1qnop 1

..iLr?unoJ Jn-o u-! oJuap-rssrp a3npal .(1qeqo,rd puu ?uerxuJalod a i-{1 Jo txeJ8oJd uo rlEJo-rTau€ Tercos aq1 dlaq o1 JapJo uL fspueT u]JsJ ur.to o1 3u'c.roureTc aJE oi_{r,r uozr,T TeJ?r:€c Jo s?uauraTa pa11un.r3srp ol, pu€ aq? sJaIJon pue saadoldura aq? c;1 aJuaJa;a.rd VdJU Buur8 Jo luasaad 'ue,v'e1e4 pu€ oeuepuTl[ ur spuef asoql a"r"rnbae c,l a]iT{ pTno^t oqi{ sT€npr^-rp -u! .uorlcnpoJd aJIr plos o? aq 01 saJelcarl c'1 urorJ s?oI ZT OT TIEUISolur JoJ pooJ ua.no;d pue palueld uaaq peq qclqn .seate apr^rpqns o? JolcaJ TI€ - r 0 S u r F € u e t . la q . l p a ? J n . i i s u r I T p a l r o d - r s E L i . J g N . s . r o 1 . : a . ; r q Jc pJ€og rqJ 'dLugqs p d ? s a^r€.{ cq o1 .'1ep 01 sa.!e}taq OO9.l lnoqe pa1,re1Js€q pu€ r€rvr oeu€pul1,{ur sea.r€ apl,L pauado seq 11 .lIJoJd roJ ueql Jar.{1er

- n -

.uor?eJodJoC lueurCola.nag pue ?uauoT?Tas puET Teuorl€N pasodo.rd aq? o1 FaJJaJsueJ? eq plnoqs pea?saruoq JoJ s€aJ€ 1e"rnr Sur.rtnbc€ ur suorlcunJ sll af1qr\r (uor1e.rocl.ro3 Bursnog pue e ? r s a u r o Hs r a l d o a d o q 1 o f p a J r a J s u e r l a q o 1 r s a t 1 r 1 r q e r 1 p u e s a 1 1 - r a d o . r d

(cnrccr.

cnr

(c:rrc

rran rn

o1 pasodord sr uorl€J?sTuTurpy slqJ

.@ Eaq

TTru srqJ -. slT q?Tr't.onurluoo o1 .paurela: ;uTs r€J-punJ e sr srqJ - .

'suo f l 3 u n J 1 u as a . r J aq plnoqs ?Er1qluaimr.ra^o3 aql Jo .{cuo8e

.uo11e.rod.roc slql rlq plos Futaq s?oT erl? JO ac'r.rd aq1 o? sppe 1€q1 p€aqJa^o d,reurp"roe.rlxa Jo uor?€Inurnc3€ prole <'t1 p d ? l p a d x J a q u o t l c " r o d . t o c s r q l J o s o r 1 . . L a d o . rJda . l . ] o p u p s ? o f a u l . I o a f e s aql 1"q? puaulllloca.r I - . .uo.r?€JodJoc srql JoJ luasa.rd .ra1?€T aql JoJ po??rurqns sa uor?€pueuuocar ou .OJOCYN asec ai.{? a{IT Jo aq? Jo sJo?raJT6 pJ€og aq1 .4q go pasodstp aq leur <pelearo s{ Jo OOOUdV .papaau aq aql uaq { pue -{€u r.{JTqru, setl:eclo.rd Jo slasse s1t go ,fuy .i:r 1ou '(0308dY) uo11e.rod;o3 Surssacord aq1 .{q paq.rosqe aq oq, pasod 1e.rn11ner.r8y -ord st OCOJI/Naql .9OOCVI1aql a)iTT - .6Tl?;6dJo-joEE6f-TFfiaiTTEilT '/^^.r,rr\

uorle:od.ro3 uoTl€zrTfqe?S act.r4 pasodo-rd aq1 olur aq? qlTrl paSraul aq lTI,r{ sTqJ - '@

\w\rDr.ocl/ p a l n ? r ? s u o c pue 'v8J,l/H.l

'?saJJlu r c c lqnd c.,1 T € ? u a u l r J ? a pa q p { n o 1 J o o J a q l T e s o d s T p s e , ; a u u e u r , r a q 1 o - { u e u r l e s o d s r p J O a r € s J o J p a p u e u r u r o J a?l o u s r s T q I - . @ .tesodoJd p J l e l s _ a l o q e :q1 uo r{:ua11a.r -xg Jnotr rt'q paqJ€al sr uorsrcap aq? po?1-!uqns JoJ sr Tr?un uor? ?uasaJd -€puolrrrnoJoJou (sBaJ€ .OgN oq? ur ydg aq? suor?JunJ aL{1 pue TeJru Jo Jo qloq .luauq"redaq pue f"reurqcell pue uo rler?sruTurpv luaudrnbg uorlanpoJd uJoC pue acrg ?uasaJd aq? apnfouT {TIM qrlq.rl .uo,r1e.rod.ro3 luourdolaLeg pue ?uaural?1as pueT Ieuor?€N pasodo.rd aq1 .,{q paq_rosq€ aq oi pepuauuroJal sr uorlerlsTulirrpv s-rq1 sv -. .seaJe J n o J Jaq?o aq? Jo uorq€Jado pu€ luaura8eueu aq1 .;o asEaT-qns aq? puauuocal I aql ursual

' uo€Tnuref 3:o satl"rado-rd €Je.^.an| rlq apE l aq 01 sluarria^oJdur lrv .E

- 6 -

.{.re1a.raag

vJsNYrrry uoovATvs ('crs)

aq1 ol peJJaJsueJl seT?1tlqETI

I . c.{tr

pue sa11;a,Jo.rd .sXasse sl1 pue palrossro

uaaq rtpearTe beq uot le.rlsruTupv sIqJ, - .fioT-imTsTfTfiffiullddffi

.Sursoc.lsrp sr Lro r?€J?sTu lurpy s !1.{? scrJd aq? as€3JcuT qcrqn saS,ieqc p€aqra^o ?eq1 pu€T eql Jo Jo uor,+€I -ruuncce paolE 01 aTqTssod se sE sqoT auoq pue speo?sauoq Jo aTes ?s€J pue uolsr^rpqns aqq a1lp:dxa o1 sdels ale? ai_{?Jo sarpedo.rd pue VdU solelse papu€T or{1 ,3rouorle.rod"roc luardrce-r eq? ?eql puou&ocar J

-0T-

.cdu pu" gNd aqq -- cso

Jopun ?ou sssTJJJolua Jo .,,.Ts:ltJxg /€

'0E6T 'T Jaque4oN po?€p urnpueJoulaw : s.!,roTToJ tlurouoca aq? u! o T[o.r o J .{!oq? JTAqI itu!'+r a q ? ut s€ paztJ€uruins ATJaTJq aJ€ '1!u.louoo-d /tses-lrdJ5lua asaql Jo s?uauqslTduoic€ tuTpue?s1no 3Ll1'Jo !4aJ V 'c1e <uo11 ts.rrl?e,radoot go uo 'saJ!,\Jos 1 1 o r , L' rod I e f J o s u - [ € ? J O JJ o J s p r p -eq"rodsua.i1 4",uTrEJ pue ;reuod ;o luourrlolo,tap <o.rn11nc1.r3€ Jo luau -(]oLaAap

puL Lru! lti+!1..q1.{iJ

( -s , .T ? l p o t j t l o c 'au| ,u, . . |+^Er oz L u . , ,- -., ., i^ i r d, -u, t -

Te!lJeSg)

sJugrnoq pu€ 's .r.ld plreT i.toJJ 1 u 3 u l : I ? 1 . 1 9 J o T o J ' + u o J ;o .1'gltgroJs-: tsalcTTod cTrrouoco dso.nglcofqo pEoJq Jo Jo uorlncaxe oq? :ruTJEJqura uo r lelueuraldun 1ec;1ce;d u! ?uouluJolob 3q? Jo s?uoumJ?6uT s? f)^Jos ,'ûouoco 4. aqq uo ocuonl"IllT a]\.IsTcop aÊq Lrat?J?ua asrr{J ?Joxe r\alll '+cill 3u;on;aur) uottl!q '(4u€s rrô e ' T d T e u o! ' + e g o u r d d r l r q d ' r l { q J o (dno"i3 c.l'!s-5qoc " rlJo 8uT?€3a.r8t€ s?ess€ p--lurclu(r3pa?€uT?so q1t,nt J suo g1e.rod.rocosoq? asn€cJg '.{urouoca rulddtl;q6 Jo sJolcas,' u-!I??Joc uodn ecuec-;g:1u31s clurorroca po{Jei! o^€rL bas1.rd,ra1ua a$oq? Jo suo!4€ -"redo aqq <8u;o8a"rog:or.{1rtq po?eaJc uorsso.r{u-r aril c 1 -{"re.r1uo3 pa" Et,Ja s3url€lJapun -JJlur

r). x :{ s seu-renq

.: r tp

'uoT?cnpoJd Du" ap€JJ uI 6J

asaq? JO JJqunu ,ra1ea;3 e

ca ';s:p-'"rF ,icuarr1.;t,1apu u--(rr-ouo srrll o

s I 1 E L { r lI JoJ ? L I E I ! J ! , o l s rrrr'rc a n .r r- o J . s o s I J ,

/fr arrerr

e4c

.,.

-'J

*,(suoTlEJedo u! sr a god.rnd aq1 oc

+uou.ruJa^o!aq?. Jo suo 5.1e.ra,Io1ua : suoTleJod.Joc ?uauruJa1\oNJo soi:)LrBurdl uoTlcos aJ1 .To ( sa JuEuT,.IluauruJi^o'c ) l I JJ1(tuJJ u i sul,.ro?luTl4o paTTor?uoo Jo paurr'roluauru.ra,ro8 paJ,iraJaJ'suotle;od;oa

1 o

€p I€ rJLr€urJ aq1 Jo .drxouocoaq? uo ocuec p.;1u39s aq1 o1 a^I?€t ulpqrac ?Tuqns oq Eeq 1 'uo1ss1tr{TIJg oql 3:o 1,:oda6 aq1 uo .dcuallacxg Jnotr o? pe??"$arqnsI n+uauo?"?s l.rerrrurla;d alil Sul luoriroTddns

'Tiluffi+Efii _

: lcofqng

€ T T u € n sou1dd111q6 aql Jo ?uopTserd oql :{cuallecxg s1i1 - roJ tr{n0NYuotrJtl

096T '9T raquF^oi{

€ITu€n NOI,LYNI0?jOOC C]iJorrocf,J0 Ji{s}iluvdE0 ^^,.-J,:I---,,.

^,,^

n0lflddv

.gOOIVN.fq pax13:sacl"rd .r1e3iueql oJour"{Ed s.rer{nqa1ea1.rd rsaauels -ut u!€lrar u! '1"q1 po?rodar { T fZ 'ltur:V ' S 'n utoJJ Ja^o u3>i"? s€"n 1ue1d nqa3 go uolleaadg /f .uo11cnpo"icioccEqol JaleaJF JoJ a^T?uacuTpaseeJc -u1 ,t1pe1,roda.r ( s,recnpoJd o1 4go"rd .;io u18.reru*1e3: err'13 o? luarcTJJns 'OCgJVN-{q 1os sec1a6 '1equ1nb ;ad 69'974 'do"rc 616T aql roJ ,;io ae 5-.rdrT€J a8€ra^€ u€ pred g391yX1 soTTI 9Y ,;o 1e1u1nb € O0'OZ€ o? OO'9Td 3u1.,tede"rar s.:a,{nq o?eIIJd uaqjq 'OcoIvN rtq psxlg sac'r"rd .i1e.3:31.{1L{1Tr{auTT uT uaaq seq te.ro,;e*aq1 '1e"reua8 uT JauJ"J occeqol eq1 r(q po^Tacal ect.rd aq;, El'suoTSoJ oor€qo1 3q1 r-rr sJartnq a1€AIJd ,{q pled sacl"rd aqli {as annq 3doao occeqol .{1.reo.rt 1e1o1 a . '(OcoIYN) uotle.rodao3 occ€qol Jo i:92 ueLil ssaT qSnoq?Te (f1.ie11r4g JEf 1o saseqa.:nd T€uorl€N aq1 {q 6ffiffi '00'0oo'o8gd ?noq€ 1€ penlerr' duaq Jo saT"q gTr/'1, paqrodxo pue lq8noq 639y11'sac-E.rcieceq€ SuTzrTTq€qs '0t6T .reo.{ 1eas1,; u1 'opr1 .rod srolu 9Z'O€ ,;:o sesod.rndJoJ U3TTE?€q4 paur€Tc sI ?l-

'p"orq€

Tecol aul u1 3u111ele.rd 3soq1 uIoJ 'p:1;as,e s1 11 'uauclppiui fq p 3uf .nq ?a{Jcul eql ut s! 03dVN s e c l : d . r a 1 1 a q p o l l a c a l . f a q 1 , r o , 3s: . r e -a.aq 'par-rodar sT 1T '(0ClVr:; uot1" puE €c€qv T€uor?EN aqq .1o suo;1e;odc.r

uJc 1e)iJeur €ceq€

qcniu lou aJ€

s pu"

r.{1 JoJ

'3eq .rad 99 ' aBEJa^E 1E pelJoduT uaoq e {rJeseq1 p€q (uolTTrul 5'

-TTur qualerr.FLba 3u1aes e 3u11uasa.rdeJ o? lnoqe 6E€ '.:.aquenoNaculs uoTlrnpo"rd ale8 6ZL'9LL'\a parpea.jft9+16\ -o.r33e aarlelnurnS''s8Eq uo-tTTTulE'g Jc uorlcnpord OE6T uor?"1 r{1Tr'r1 'luartrdolerr,op cTulouoca o? T€?T^ soTlalt?ce -TTTqEr.{eJpue uol?cnJlsuoc uo sSuToSoJoJ ot{1 iliorJ epTsB .qca,;ga a^TsTcop peq t-til Eep s8eq 0O0'Oa o? s8"q 000'07 'TeTJoletlt rxoJJ 'O3dEC .3ro1nd1nc pas"aJtIIT '.itlsnotlqg uoT?cnJ?suoc TecrlTJc sTt{1 uo ?a{J€ul )ic"Tq 8u'IJ'IoJ? eql alorq ,lTolTu'tJap sT,-{I '1ue1d (39493) .f,u€duloCqueuraJ puE .d?1c€dec pas€arc pueT1rod nqa3 oqt ,3:olcuelcl;;a -uT qroJJ uT uo't?onpal 01 onp fIaEJ€T slsoc 3u111nea,r 'Og6't riT 8eq .red 00'6€ lnoq€ o? 3"q rad Og'td 8i/6T u! (osp'ra1;1 urorJ ped lorp @FoT go oc1.rd 3u111as aq1

'OE6i.uf e?u€8 rad u8'Od ?noq€ o1 '9YbT u1. 'ac r":d 1era1.;i -.3:o (e1ue8 rld g6'Id pue '1a4..reu4ce1q 'e1ue8 Jad O0'6d iTIOJJ

:sTa^aT

Lq'+ JU oJ!!ru

alq€uos€oJ dql

(uu!LLlul

uTll11..tvl pauTe?uT€lll d,/rl -

S€.^{ I€aJac .uw!tLlu

uso L yuu

5y+

i/6T r uoTTT"Flx€9d - g161 I uo c11tu.rgg4 - L+t$. uT arunTo^ aTBs) uoll€Jod.ro3 uro3 I ac-gu T€uoT?€N Jaui.roJ 3r{? ](q

dLcs

db vq.rrr rtLr dq+

puE

L1du.u.iq+ r!Lu!61-

bdu!4u

* z '

'Ocscssv1 OqUT VS']N

pu€ vdcu aql qlTn pe8ratl

'0csrud

leq? Jo anlen 1ec1s,{qd eq; 'r{11enuue uoTTTIur 6tC .;:o s1.rodu1 TanJ uT s8u1l"s J€TIop ?uasaJdal tHl4)i uoTTTTinO(,€'I" p l€?ox € ,ro rslcafo.rd TTeursoql rrrorJ uoTTTrur 0E pul. seuT?arr3 €rr€}l ruorJ HI\4JI HfiJ{ tlounT urorJ Ii]',DIuoTTTTui0t '€3gTg pue uorTTllrl 009 ostlnquy urorJ uoTTrrur 069 Jo I'?TTIqETTSA€ar_{I lll { ..-.{^5.1 nrrD /' r. rrrr ---"-..oc aq? 01 sllJouaq T€Tro?eurJo suJal u1 qtnur sucau ue.;ilo.r.1cr.r1ca1eo"rp{gaq;,,, : sr'{oTToJs€ OE-5?6Trea,{ T€csTJ -rog 1.ro,ja-r TEnuu€ CdN aql uT ' (CdN) uor1e.rod,ro3 .reto4 <JOFEUBI^I eq1 rtq paq,enl€^auaaq s€q urBJSordJoi.rod T€uorq€N au1dd111q4ar{1 Jo ocrrtrT;ru8rs crurouoceaq; --;-fifi-frd

'uoIITTul ,saurquroc 9+ ?noqE q1"ron ..a1a ,sJarJp (3q5 .uo11e,r1 3s"ro1ae.r1 s?Tun Jo /1T(t paJlnbJ€ qcIqM -sluTurpy uoT?crrpoJduJoO pu€ ocTU J,rut"ro.r eq1 ,(q pe1.re1s uoaq a^Eq s?cofoJd uo}lr

aclJ

i' J- c n ^ar '^ --^^-^,,^ a L I , J Sl J A L r ? A i r I palEun?sa u€ Jo

oTecs o3J€,7

oo6(i Jo t:'..? dn 8u-ci-r;do

o1€3eJ3:e

u! palTnsar ,{1r1ua stql .{q slQ 'sarcua8e 1u:uru.relo8pue s"rauuu.;oj

qe.rad6

ueaq a Eq IEJnlTnc (,6L'Z u€Lll ssaT ou t qgttraql qFno*q1 U:O L

sJauJ€J

uT auou t s,\oTd 980.1 -- 6tl-€16T uT luaFIpuT 01 aaJJ panssT sfloTo oEqeJec

uo'tTTTru 4'T€ -- 09 - 616T" 91'808'666€ -- 6+t- S16I - pas€oT.ro .11pe;c (qsec .ro.;:plos

ET:'e"j-ue-s@TdttrT.r;Il$ttrft

UoTTT'Fur L''e -uoTtlTru B€ --

iF!.q ffi n-T-fl

OS- 6+161 6+1- 8t76I .e

- llparc ro r-lsEcroJ plos Ei5ffiJffi

: SuTnoTToJar{? polnqrrlsTp pue pTos vUJyUd. quourlo1alapT€rnqTncrrt€ Jo

aeed aq1 pecuanT,lruI.{Tq€rap}suoc , (CmW - uo1qe.rod.ro3 lueudlnbg ry ",(,rau1qoe;1 T€rnl LncrrBV eq1 .{1snor.ta.rd) C0N oql }o7l(Am) luaruq.redaq luarucllnbg ry ,{.rautqcew

pu€'6 (vu,rvir.d) uoTlerls-iuTurpv uroJ oJ ai{? ai{? pu€/T(vu,rI4d uoTler1s-iuTurpv uoT?€qTTTq"qou uoT?€qTTTq"qou 7, -IaTTb! apeJJ, aperl ry aulddlTlr.ld rauro.J JaurJOr ou1 aq1 s'suaaa sua11 T€rnqTnc T€JnaTnc .ga11bi] aUIddTTIUJ

- t -

'ocsousvr /€

JoJ Ssoc TonJ Jo

?Qlod lo sTseq aq1 uo pal€ullsg ?uauraT?1as snoIJ?A slr uT sJaT?1os 00O.TT pa?eula?se ue OE6T o? on pa?€pouuoarE srii{ uol?er?s rurufpv lueuaT?1as 6(v-1N) pu€T Teuo-!?EN.raui,:oJ aq;,:@ . pTJOr4aql ur 1sa-r"lTar.{1 Jo auo paJaprsuoc s i lsoa s?T pu€ r spr€pu€ls -rf,re1lues xsaq8Tq aql sloou ?arr1 -srq Ja?Ejr4ue1r1odo.r1a1traq1 .tq popr^ord ra ?€r'lioqJ, .?aJe aq? uT s +uauqsTtqElsa IErr?snpuT Jaq?o pu€ saTJolceJ Jo s?uauaJTnber eq1 osl€ lnq sqJnqns pue €Tluehl ;:o f413 aq1

JQ uo rlelnaoQ aq? ^Tuo ?c]u Jo spoau aq? laou oq luolrlJ -Jns .d€p .rad suolle8 uoTTTTlu ?noq" o1 padurn(llllaedea 99 slT .1ri.Jlsr0 Ja.+€i.l uelrIodoJ?aI oq r Jo s^13afordJo uoIl -o1d.uoc pu€ uolq€1rTTq€qar aql rol.tv -- mf^l$-sfi-6 T^

r,^r^

6--J^J

. sro?euofr{-uo? uorTT-lu gln sT poi.rrd au€s aq? 8u1.inp aumlo,r crJJ€J? Te,loq oqJ , suo1t 9gZ.g\L Jo T€?oXE SurqJ€oJ ..c1r .luauac '.raqum1.e111ei' ,sgoq .e.rdoa ,11es .;e8ns .olrt.l s€ sar?rpoliluoc qrns .q1nos aq1 u1 o? pu€ q?rou aq? u'r uolu1 ldse8a.I eT oT €Tru€r\i ruo,:.;:, s:e4auro1-l4 aurl s?T pnl"roAsuejl 1! ralo 016 €96, Jo t 6961 aea[. T€osTJ uJ . .1T rtq po^ras s Jo lueudoTa^ap c r u r o u o a ou 1 a c u e c r ; l u 8 r s p a l J e u J eTruey ar.{1 .1o suo 11e.radg --

peo

o€Ilnqury aqg JoJ pa?ueJ8 uaaq osI€

^q uoltI'lu 3s€aTor uV .a oTd Jo T"rlIuT -sIJC eT,.r€tr[ar{1 u-! lueTd rsz !I-!qJoJ rrnruo]xrlE

-OO0.OE pue ?run cr"rlco 6 1ao.ip.,tq1,U-9OOEZ aqq lcnr?

pa?u€JE uooq seq uor?Ez'lroqlnv qcaford

.pa-FJTsueluTueaq

uoIsJaAT0 Jc^TU loutnT aql Jo uoT?cnJ?suoC

/T.uoTlTTu Z€ lnoq€ 01 ?uaT€^Tnbo sT qn,lqno srql r!'fiF-s--{I6@-idfiJ g:o suuol ur .uoT{TTlu5.Td ?sourfBsI cdN .{q plos .rar*odaq1 Jo anTel eql .slclJlspp Fulaoqq3lou pu€ r(?TCoeÊOuT pel€Jaua8 .rerLod1e1oq r?l Jo ra&od ry %LI lnoqe (.fueclu.roC 4q8TT o"êg o1) 8u1qs;u.ln;: .obaeg u-r 1u.d1d.rair,1gourole; eq1 osT€ ?I .Ot6T rea.{ TEcsIJ u-! OCTVUfid tfq ,pale.rado po6n 1€.Iaua or4\ Ja %t|Z qnoqa pailddns qcTqn Hl.D{uorlTTru E'60T pe?eraueE 1ue14 €,rtErTT"CariJ .saqrs cl.lqcaleoJp.tq . uo. suo11e311saûTpue sdo^rns polcrr.puor uolle.rooioc !q1 '1ca|oa4 rTrlcoTeoJp,{H e.(eJTT€, eq1 go uotlaldrxoo oLIl pue .+u?Td".,{errTBCeq? Jo uotlr"rodo er{? 01 uoT?Ipp€ uf ,r.g16T JoJ uotlcnpo"rd 1euo11eu sso;r8 "rno Jo luaaJed auo lnoqe sT qcTqJq..r!11enuue uorfTTUI6td ueq? ssoT ,+o:{s-r .socg.rdquasa;d 1r; .uoT?ctrpoJd1euo11eu Jno 01 popp€ ri(gaaua

e d t

t 0O0 /,9

r ETAO€ST )

SUI€TJ

trirr1r ^ rr12'r-flr u Ooo'oTT 's€H oo0(i,6 daTTeA T"peuoJo)l ..v

L L-,/\

.1-

3111e1r1:uozn1

L Lv

: o?u€puTll

'uoTTITu 6gTd SuTqc€aJ aau€JnsuT Jo lunoue ue Bul rr.lorr -uT (SuTpue?s?no)soTcTTod€€,0t69{, lauuos-ted 1uarru.raao8oq panss"! s€q uals.fg ecueJnsul ocTIJeS lueun:Ja^o0aql--056T 01 Le6I worJ--srear( 6 qnoqe yo pot,:ad e ra^6 -- effi8fi6frfr

'UoTTT-tru ueql arour l'td u€q? ssaT ou dn-p1ed 1e11dec eql pu€ tsuos.:ad OOO.OgZ sarr11e.:adooca6eqq Jo dTqsJaqrrauaql q€q1 paqarrTlsa sT se^T?€Jeciooc 11paac 1eJn11ncTr8e suoTun lrpaJJ -- €9 I TErJlsnpuT SuTlolirelu - ' 1 Z r sJeTIElaJ Ir s,re cnpo,rd - - ! u 6 , -^ ^-^-.^,l^^^ ^ sa,.\F?aJaooo a sJaurnsuot

: s^'loTIoJ s€ parJTss€Tc '096-r. 'o(, ounf Jo s € p a J o i s T ; e J u a o q 'suoTun ?l e^.?q sa^Tq"Jedooc ttl'T c pue <so.|'Tl€Jado -o.

l1poJc 1e.rn11nc'g,r8e

tFulle4aeui

t- - ,s

Jo uoT?ezTu€8;caq1 palor.uo;ds pu€ Sarr1le.redoo3 1euo11 TTEUTS

'uoTTTTur 8'9C's -eraqTT Ja?JB pTos sEMslol 8T9'T Jo JTEqJ 'uoTTTTur 6'Z€ lnoq" JoJ uoTleraqll aroJoq pTo6 609'T Jo ?uTlsT6uoc '€or€ sTql Jo JTEq-euo ?s ouI[Y tO6 ounf ol dn CHHdaql ,tq pTos uaaq a^€q a?}?ls[ rr, sloT Jo sJo'+eurei.renbs699t659tT lnoqe Jo Telo? v 'sqtun SuTTTeirp t6T s3uTplTnq 01 uor?culsuoc Jspun seq pu€ tuaT€ITnb€ loT taseal ;o.;: ts1Tun Su1lTorvrp TnrluopJsar ,+lL Jo Sullsrsuoc sSuTpTTnq6zrl elB?ss ueuITT0 uT ?Tlnq s€q .oE5T .66, eunp Sulsnog pu€ alrsaluoH s,e1doa6 Jo sE (CHHd)uo11e,rod"ro3 aq1 3dno.i8 aurocuTr4oL aq1 go ffifEfi6{ldffi-I6{ -rog '"rer"r-audpaJTnbce sa?else I ol uoT4Tppe uT t ( soI€qri.€Z pue 0e1,.:e;, .1e216 te8uedure4 'eun8e .1 'o1eqe1o3 .uerelng ,.r3r:lrg_:ggg) securlro,rd oulu u! pue eTrucl{ uT pelecoT 6-fT sffiq-pF paalnbce uoT?eraqTTraqJ€ s-@ uoTler?sTu (VdU) -1rupy ssa.r3o.r6 T€JnU aql (s1ueua1 o1 @'i ,rog 'pa1E^I?Tnc .(pee..:1eoJ€ saJ€.+caqOAO'Z| Jo gZT Xnoq€ . FsoJelcaq ' d go qr',q4 "',,"."1".p odo'ILz go uolleaijiai-1.1of

ffi}

-s-

'0E6T . raquja?

aq?ur s?uour?sa^urro ?corra r#Tffi"j:ffi:J-H1?il,J.;;fii; _!cn:

?roris {t"tl.s st pasdeTas€L{qeq? por.rad eq; .gE61 ..reoI: "S of'Otet 'T {Jnt uorJ ./iluo aperr Joaraq? %I€,.ao a;;1aTw gg€ qnoqe r nuoTTTrur ::/,rs?unoue 6lzc .{Ta4€ur.rxoaddeo1 *-u-r1u€E p,iu r(nr"j".ioa aq? uo.U sr.reoTpu€ spTe ?carlp Fulpnlcuriiaruni-Jqi .suo!4e.rodioc po11o"4uo" ...;it;; Jo pau.^,tolueuru.rerloSuT ?uaulsalur 1e1t,Jeo .rer,r_1Sodq:r,oq16, -saTlTTia€J -aqTT aTl?eq Burnsua pue Jo uorlednrco aoou€del aq1 :'u1.r.,p pue ssglradoJd .;:o uorqcn.rlsop aril ()4 onp s{c€q-1os snorJos poJoJJns uoTTTTlrr6yI4 ?noqe 3:o .re.u_a-rdop"ur eluouqsaûl e^TleTnurnc Jo ?caJJe '.raaauoq (pa1ou aq fTT,lt 1I .truouoce eq1 go ._^:11--l:11 1uerldo1Jrr"fi nq1 ..rTsnofueurar? ?aoJJ€ spTe.:J snoTrel u1 Fulleaaclo suolle.rod.roc p"ffoiquJJ .Jo PouivlouT ?Uaur?saûT?uauuJ€rô8 ,;o luaurOldep aq1 ,rt1u1eqia3

i:r:;t?8} :::ltjl o* sEdlroq€ *,,".",.rn{5"i]t .'9?6T .Jaqua^oi{ acurs ltq cod-1c

l.aanpo.rd +uauraS .q

uoTfITur Z<{ ?rcq€ s"r .d1uo -sTJ roJ srioTlET{€lsur J}r.+ce 6 ?nd?no Jo sl.rodur 1;rg u; Bu

r$) Tec

raaocle sas3,rd.re1u"' _paserLcslp ;ilH:j"ffi I

yorJ 3ur11nsa.rJoarai.tq1n,t1no1r"o1ft ^:j"9:.arrr anp aq11 .sa111pormoc Jo sl.rodur!u1 uolg alrsnT3xo .Fu1oEl.ro,;raq1 u1 Jo anTel Jo -Top ro a8u€qcxa u8te.rc.;:u1 s8ulrreg __J

( olnlrlsuJ uozano .{laIcoS sTsoTnaroqnJ,auldc{ ) ;11q4

LT,6L9,LgT.I. (;:li3r::;." alq"?rrer{C ) ,.rorr.,*r*",r-,

oo'09€,.6\8 '' ssorJJJ pue snLa;..rg dsluaurl.redaf . oa'1L8' Trte, """ ElJ"sordal s,:a1ue3 q11eeg (soTuTTC ry lsaqC BuTTa^eJJ ry .{lTreqC,sleqldsog ltcus8,rau$ slelrdeo;1 JTIqnd pue letcucrro.rJ za'r7zg'jLz "' ao'oo€,( zg€c14

ffi

' ]llTuJa?EW. sralucC oJnlTnaTJend

'096T ,rea.d 1ecs1,;Fu1.:npsosodrnd""uro

o,rrtSf!}{;jd: roJ_'ioTITtlu gd lnoq€ pe.rnqi{16Tp oc1.;.1,9 s">1e1sda"*g lt.j r r eqJ au rod r 1 ttid aq1 __ m4faS.1_aT ia-S;q;epf, 6

- 9 rtF

'c0l'ra q 1 sasuadxa ; o 3^I?EJlsTu !1.1-p€ Jo_ e^r 3nTcxu 8A'z9i't7T9'ed Jo prelte lc?o1 E palfallal srseq a1e,rt"rd e r:o surrETcpoTTJ r{crr1,usuor?€Jod"roepa11o.r1uocJo pllu4o 1u .u"r,t.roF 0111 ar{1 ( rqrv^ e" +^ -! ,P- P- -c. , - d f '

0 1 6 8 1 ? '-9 d - - uor?€JodJo3 Odo'Oog Futu_rJ:eg .rr:Bng ,re1nsu1 uol?pJlsruru'py 016'sT puel 1euo,g1e.1q ?uaixaT??3s -reui.ro.j - ?crr?slg .ra ooo'oilooz 1e1ruelglodo,rqai4 'cog {,-oo i,JOt00O<t€

_ _ uo11e"rod.roCJar4oj I€uorl€ll _ _ _ riu?duo0 peoJTr€ii eTruEid

palr-qIrt:Ip Oy6'gT?,9d3o suorle.roi.roo1 lrreurura^oF

1rourX"anf,3Jt;ji: u poTInsoJ qc-gq,u,pado1a.,rap !e.ivtuot?"co11e .,t1t,ro1.:C .eq1 : 6 .lo iae;3JJd'le sulf€f c l1'rado.rd cr1qnd gu,;e8ar., aq1 ?suf€F" -.'.OOO,OgZ.EEg ^aleCa.r88e {Iuo s€a uol?e?tTTqE,qe,r.t1.iado"rd "r1qnd "o3""18+S pa?run aq? .{q paxecolle spunJ aq? sV ..{ueduio3Jo ?uauljedoq seielg leqog "j.u"11*";;';;; dueduJoC ?uauaC pucIlr: oq? tiq peTrJ sruT€T?o+€^rrd se -'g6i'9d plre (slsoo .ie,rt-o.:cl Zl. LZ6 ]."1?l .,o p"suq ig'. qii", trrra nh d ro ",..'."n ^:i_;:: u L?tl'l ' lururur.r^r,lJql Jo sLreTr ,t1r"oor.r""'i1i;;"T;;"; .t,{; !l-ii;; pour.roJpu€ su1e1c crlqnd se pargr"selc s€.^,r slr{1 lunolrre .a8eurepJ€,q JoJ suoJl€Jodroc Jc O;-.Lz{.7\",rg\d p"11or1uo, Jo tr€r&ro lueunr,ra,ro8{q paT_!.f uaaq s€q zZ'19Z.6t6,rlgd Jo rETc T"?o1 e.-1pq1eXecrp,rr sproca8

sEr ror sa?e?s -;i: ;X";::i:fi":::^":::l- :i-:1urucea'e*treio -.i;.;:"

i;Fi;16;roi;':it

:::i::.";'rfi*';illj5":o:$ l:"":tlt.ry "?:i:f;:3":.*:$,:i;::t-::':"rji";:iii: ffix; ffi i:,.$$'e,

lesodo.rd e 1eq1 paqaodor--" 1I lirrrnia r^. :!,,,' 71rn^-. .^.:j^1r^-. :j BuroFa.ror

'pe

e- " rY'+:l4su

JOJ

luaue ldurr eq :lptrug :?qtrupt{ppstraaocai f"luauordfft"eq

tJi-ril#j qc1qn osesr.rdrorrreparrorquoa ro pe.Lrlo r""rur""oi r:-r4 uo uorssfuuro3o:rEu€0 oileu€6 rEft JEit aq? .fq j:r,,::,lli::]uuro3 .{q apeur apeursluawrtid sluaw,liA Ier#j :io '3Ji?ilIfj:-g-j!or .io uo-!1ua?TEaql o 01 l.lslrr j|-

JO.J ep-Eu o

Ir ?€u1 pe pusuiuoc ar uo lssra TTaB eq? q:.,oq11,g o --------------_

Lrenuel uo.r;i s1r.;:o.rdgi{d pue t.rr ro o^rsnr "r,

, - ,'.o56T

to6 ounr 01

"lili::d* i;:::i;j ,i::i;:"";il:;ji!:;i;t',i,i:i*1il":i:i:i:l ii'rffi; :jrul;fi.;:,;,nfu"ih;l?:i: F:iT5:i:x'l*tff iiiil;i; sein:t;' airle;,"1. ;;;::";t:i: j:rj: :i.:ffi;: :fr"J:::;i:j1""fi xj rx x x .0E6t Jeal ul uorTlrru f€csrJ 6.I€ Jo ssof qou pouTquoc e .\ror.{ssasrJd""1u" pu" "a,or1i.rod.roc ?U3lxuJaIoCar{? .Tr)suor?€.raCo1ua._r.rnc aq1 X x'Xi! - lEll+ solecrpul l"rodag aq? Jo uol?aas orx€s aqI

- L -

.d,:e1a,.rcag .OCS) Vffi]NIVgVUOOf\TtrS (

'urer8or,. lueudoienep iruB uoT?clTIIq€qoJ rTurouoca eql Jo uoTleluauraldul aq1 uT ]uauruJarr'o8eq1 Jo sluaunJ?suT r1,u3u4€ar1r€T ar€ soTl'F?uaosaq? 1"1.{?lrEJ aqr FurpuPqsq+T&?ou -lurls pa^ToaeJ '+ou o,rell sasl.rd:a1ue poTTo,:?uoc Jo paurlo luouu.reao8 (uo1ss1uro3 aq? ,(q pT;d uaaq aleq su!"Tc alert't.rd uo spJeMEalll ra :io,;:a.raq1'e "reaCde 11 'seT?T1-uo u14o€ ' aTl.{{ v L , \'l-I p6: lqnoqe rvYe Jo %Zl j.u'q1 "lt '9T'9e9'LIe'1& ATUO o+ plrd uarq ..q .suqr'1.rTe1ol Jo %9Tlno.a Jo 'Joareq? sq.TimSuTPn rle.rod.roc paTToJl Jo lunoue ue '- '.cqe -uoc Jo pou^1c luauluJaAo8 xrs-.(1uaJ"r? ,(q ' cuoTl€Joo"i.o Jo urTeTc T€4o1 " Jo ?rl0 s€q sur-r€TJfl.iaoo.rd crTql,- JoJ (OOC' ';ela,uoq ' Jo %+1lnoq" 13q? salErTpuT

z'6€,6'rt9&

pa?oTTE uaaq 01 aq'+

T€nlnlll uo paeeq ,(1pa1*odeJ olar\r suoTlEcoT-ie TT! -ularo9 au1dd11;q6 tado.rd (,;:o acuaJJn;uoc Fu" tq?J-t s SuTi'roIToJ apnn eJei{ uoaJaql uoTssrrnrrca\oq? Jo su.teTcep -uJ;:-fr.c .- lldo 911q4 eq1 "r{q apeu suo-l1€pua'dlEto3al J( ?Tni = -)q/+ suoTlxrol le TTE .I"t{l uo}ss}uuo3 aqq ..{q pal.rodor osT- "-! 1I

'suTETa fl,rado.rd c11qnd aog pa?€coT1e 1rmoi.'e 1eu181Jo aq? Jo l{aua1c1,ii3ns -uT eq? o? o11ppessoco,rdf1po1;rodar ?ou o.rat gf TT5t996 t6d 8uT?eB -ar33e (JoaJaqT slTun pue slce(o.rd SuTpnTcuT)suo11e,:od.locpaTTor? -uoc Jo pau$o luouruJaj"o8 ,:aqlo (6T) uaaqeuru Jo slIrT€TcaqJ, I " U ? O J

- - .{ueduoS1o1,og€T}u€W Zt'Tffit69fT W'1LI'6ZL 4 - - r(ueduocluauac pu"T?rodnqaS s€ palnqTrlsTp

'91' 965'868'19

.ro Joa:aq\

: sJytoTToJ pue %z!, |r\oqe ,;o luau'(ed

-ir-

.tr

,*<

C,AELI ADDNESS: N.PECO, MANILI

coDEs:

t A. B. C. BENTI.T,S SECOIID WESTER!{ lNIOlf D

for I4EI4ORANDUI1 The HonorabLe The ,ldmlnlstrator M a n l l a

on the Natlonal

Summary Report

Sub.lect:

i; i: i.:.

of Econoalc Coordlnatlon

T\ar'6

I ^i\m6ht

n^hntrYrrt

In compllance wLth your request for a brief account on the subJect whlch ltls Sxcellency, the Fresldent of the Ph1l1pplnes, deslres to have with hlm on hLs forthcomlng trlp to the Unlted States, I have the honor to submlt the hereln report on and the results of operations of this Company the activltles for the flscal year ended June 30, 1951, prefaced wlth a brlef hlstorical background. ITS CHARTER Created on Plarch 10, 1919 as a seal -â&#x201A;ŹIovernment corporaL^ ir^+J ^6^1 ur.\Jrrr ruus ervrlq.r .(!@

DevelOpment

Conpany

WaS converted

lnto

pubLlc corporation on November 2c., J-936by vlrtue of Commonwealth Act No. 1U2, which in turn was subsequently amended by ComroonwealthAct No. 311. These Acts constltuted the NDC Charter untll" the latter part of Last year wlren reorganlzatlon of government-owned and controlfed corporatl-ons was effected. Currently, lt 1s governed by Executive Order No. 399 known as the Unlform Charter for Governrnent Corporarlons, wlth purposes as foLLows: (a) to engage 1n commerclal, lndustrtal, minlng, agrlcultural and other enterprlses whlch rnay be neces^/rhl-?'ih,rt.\7.rr

v u 4 J v f v v . . v r l v 4 v v r J

-ha

aa.rntnrr

- .d

l |m |t rl ^ y- i v. nr f

iho r

6^/1h^hi PJ n u

# } l .vr a

.4arra1^nmohl-

arr?'1la

, . \f

lh{-6,56+.

(b) To hol-d publ-lc ac,rlcuLLural" Lands and mlneral lands in excess of the area permltted ro prlvaue corp orat lons;

(c) fo purehase or pledge or otherwlse dlspose of the shares of capital stock of, or any bond, securlty, or other evldence of lndebtedness crcated by any other eorporatlon or corporatlons, colrartnership,s of thls or any oiher countryj

a IIET"P IJ.I TTTE INDUSTR.6,I.:ZATION OF OI'R COI'}TTRY ?O jITTAIN ECONOMIC STASII"ITY

. , ' . ' -} -

//-^ t{u sA\ iF'l-{'

t ll

(A)- rc flnance i.ndustrial- pLants and factorl for tlie manufacture or processl"ng of PhlLlpplne p ducts gr for the operation ol publlc servlces nece sary or lncldental for the promotlon of the domestlc

^.^A

r^na.t."6

rF'.la

lhru a subsiciary :aras! ^L --/ {\

,r ,- ,r r- . uh-^r < q JoL

private

fuhr a ls

d i l'ec',1-./.

all tho-

or ln partnershlp vrith "r-vatc

{:lnAn,.la

h o l rnl r .ru hr.'\hdq 6 u Ji , v r- - h

.\f

f e :s rP rhrltl l rn .r ,, vi n

t"r ^n n s J v :: ^ r i . 'a

r -i l it n .hr vor ql 4 r r-

v â&#x201A;Źar rhud t r lr h L d

.1f

." rnte]?os;,

rn'n^l.l'

1nOf

t\'t r'h-a ;nteFosts honal s i sstrOd hV

fJ v. ] , ) r , i v a t e . - r . r | "urrnr i tvrLA -i nl rr r L

l-udr

partles.

( e ) f o o r f i a n i z e s u b s l d i a r y companies, provlded DeveLopment Corlany shaf,1 have control ihe National over thern i and

(f) To exerclse the power of emlnent domaln for or the constructlon or operation of public utillties services. Thi$ .rower 1s gi'anted to it6 subsidlarles.

stoc j( remains at ffO, OO0,OOOj The autholized catltal h o r , J e v e r ,t h e p a i d u j ] s u b s c r l b e d c a p i t a l 1 s o n l y ? 2 b , 4 1 O , 3 O O . ACHIEVE],1E}ITS its

fiince ^^n.

-na-tr'\n<

esra-bl-1shment, the i'iDC has forneC ^s

'.1'l

subsidiary

IOVJS:

Cebu Port land Ccment ConrpanJ' Corporatlon Insular Sugar Refinlng rs l;oneslre Corpor3 Llon Peo-ul-e llational Rlcc and Corn Corloration I l a t l o n al . i c o L r v e a r C o : p o r a t 1 o n l,IaNional Warehou-s1ng Corporatlon Food Froducts Corporail-on l{ational nf

th-ose - on lv

\Ilr^.

rlrA

no rrdr]nl1-^

.16r

their lthlch war.

h6*+

the f lrst 1!^r^

h.ma.l

two remal-n as subsidiarles i qhad

a<lahl

,.,,11 a/ 7 ' r i r a A n I u a n 1 - l + i a < . ov v ur rnn-rr ts^d int'F6ht-^h I i ^,, t.l!

']nd g

1"\-U

rl.\a !

)

Jllur

z.aql'

^l-

l-a

ihar.'

*hr'l

r '

of ah,.l

the

in.Ja-

F/1d,r..orl

h . \ rl . : U

n rv

<anrrcfl

IUI'i ose, oI b)' lack of funds to contLntle their operatLons were halted by the dlsastrous lmpac'b of the last world The l\DC has also conducted projecls, as follows:

T h e c o t r o n T e x t l l e 1 1i 1 1 s , n o w a p r o f l t - m a k l n g deparLment, year under report of F2,324,857.3O. had earnlngs for che fiscal Aa a coaplement to thls, work on the }larvacan Splnnlng Mllls was ordered and now is expected to Co into olJer3tlon by next nronlh. The Narvacan Projecr 1s aimed at revlvina and assj,stlng the Ilocos home weavlnC lndusLry.

l#r

'i"/,

- 3 -

The ].trall Plant, a post-war venture, was purchaa lliarcelo Enterpri se s - -which have ma vate capltal--the providlng

enterprlse a profii-maklnS clent supply of nalls.

wlth

the country

The llatlonal Shlpyard and Heavy Industrles departnent, the constructlon of a shlp)rard and graving whlch lnltlated dock at l.larlvel-es, aside from operatlng the EnJineer Island Shops, is now a separate goverrunent corporalrlon lfiown as the $ationaf Shlpyards and Steel corporatlon (ulSSCo). The NDC toJeLher with the ComRlce ancl Corn ProJect Adninlstratlon, ^ .cn. -\! r, l <

a r : rr r' ri ' u' 'Lr' v' l F y r f c ^n r sr ' l gEv -q n

L T . . l . \ ' l n a r , rr r/

r'!uurrrrru-

whJ,'.1- fnSl-,-ared

n65aFJ-mAnt

eeYsL

fhe

an.l the settl"eBlent ancl cultlvaof agrlculture nechantzatlon tlon of undevelolred areas l-n l.llndanao, Palawan and l'lindoro, LanC Settlement Acimini-s ira tion to icrm f].rsed wlth the jiational a separa,te government onter,,ri-se now ]fnown as the Land SettlemenL ..nd. )evelopnenr- corpora1"-ion (LAsEDEco).

a.nd the NDC Malangas Coal l,lines, The Pulpr anC Paper Mills the Cebu. Portland to 1ts Fubsidlary, hav.r rreen transferred Cement Company, vrhlch has use of the formel: ln the manufacture for fuel. of contelners for its lrodr-lcts and Nhe latier, The lrast jrear was a-1so eharacierized . a c . pa . , . h p s h A l n ' ,rnrl n/an'F^l r.2h^r.,-tn-1r

facbure .nnr.1

r i ' l hJ s

of rrrallboard hrrelr

and

and varlous

qrrca nr.ano

j .h ^ t

nAn-T.1a.lh^

bf . f nnm

^^mh6r^In

crnnln j factor.y .rrrrra r,artr.\a

'.\n

rrJ-l l'-r'

rho

hr,.aqqa

llarr

n f v r

t t L e J

r , t if h

:ha

r a h = h i 1 - i t c l - ui r( !-

petphl

a:r thar"lrr-rr

r.d

f r'nrn

oJ' nanU-

from co-

-. \- F

.. /-11 ,, e

^- -l /. *i

base and tlssue Lha w r - r r i J

i <hrnFnt

1"he -.rocesslnij .',oronadaL, 'l 'l nyral

the

neierial"s

lnsulatlon

herrqqa

aqclhl

'n-ofha1-'

pl2ht

r]1d f esSlbfe

the -Jroductlon of stencll

and abaca wastes tor : , . ) : . v !

ddnan1-raht

by the fruition

lTno.

rreo'atn-

of rayon na J-har.'

<.l.r]t

ful.p 1q

anc nraste . In line frrar6<

tha

wtth tlle !o11c1' to asslst

llnra

ha<

1. Phlllpplne

mada

Air

i-ha

F^'l

Llnes,

i ^n'1

h..

worthwhile prlva.te ven-. rvâ&#x201A;Ź s tfie flts :

Inc.

With an addi'r1ona1 J.nvestnent of P1,030,O00 i.n the phlll-ppinc Air Llnes, Inc., durlng the cLrrrent yearr IDC h..s now a total lnvestment of ft,93L,834.12. Thls constltutes a conof 53,6,4 of the outstancilni caj'\ltal stocl,-. trolltnf lnterest t\o dlvidends thus far Lrave been recelved by IDC from pAL. 2, I{anl1a Gas Corporation The Company a.cqrrlred a 6o.;j lnterest ln the l.:ani1a Ges corp o r a t i o n b y s u . b s c r l b l n E t o ? 1 J 5 O O , O O Ow o r t h o f i t s s h a r e s a t Ir Aq 7r '

rv'*6r L 1 rr sr a

nh1<

the sald flrmrs

--cnte.l (,- d,r.vru

tLhr e ru

l- l! n t r c9

q .z

Board of Dlrectors.

mt ^o , J. \l J^ rn 1 i \ r

F6nl.ac6hf

a r _- *i _^. ,h

_i n

- 4 3. De Ia Rama Stearnshlp Co., Inc.

ffi

891 .7A ln the form of 6$ preferred non-votlng cumulatlve shares. Durlng the current year, shares wlth a par vaLue of ?217,390.38 were retlred by the De La Rana Steamshlp Co., fnc. ln llne wlth the government rs program to. develop the lurther, Phlllpplne overseas merchant marlne, the l{DC advanced a totaL of "1-5,652,697.88 for the constructlon of three nodern oceangolng vessels, the "DofrA AtrcrAtt, the nDofrA AURonAn, and the ItDofrA NATItt, ov{'red by thls Company but operated by the De Iâ&#x201A;Ź Rama, operatlng results on the malden trlps of these vessels are not yet avallable due to the length of tlne wlthln whlch the voyage accounts of these vessels are sublnltted by forelgn porc agenrs. 4. Compaflla de Celulosa de F111plnas, fnc.

NDC bondhoLding ln that entlty as of June 3O, 1951 1s "9BO,OOO. Durina Lhe flscal year under report, the NDC reeelved ?215rOOOon accrued interest on these bonds and ?60,OOO on retlrenent of bond princlpal. A proposal by the Cia, de bondsto convert these lnto 'rilref erred shares has been Cel"ulosa accepted 1n prlnclp]e by the NDCBoard of Dlrectors. 5. Plnes Hote1, Bagulo

The NDC advanced f6OO,OOOfor the completion of thls sumffier resort but only ?579,OOOwas spent, thereby leavlng an unexpendedbalance of ?21,OO0. Estlmates show thal hal-f a m11Llon j,esos nore w111 be needed to complete the hoteL, lncludlng its furnlshlngs. In accordance wlth latest arrangenents, the Bureau of Pub1lc Works will relnburse the NDC for the total expendltures to be lncuffed ln thls proJect. Other lnvestments st11f unsettled are advances to the LASEDSCOand the ItrASSCO,which as prevlously stated were formed o u t o f f o r n e r N D Cu n l t s a n d p r o J e c t E . A l f 1 n a l l , n e b l n v e s t ments ln these newl,y-created governr0ent corporatlons add up to w.,'(I3,924.A4. FTNANCIAL CONDITTOI{" For the f1sca1 )rear reported on, the NDC and its afil1j-ated unlts earned a net lnconre of ?2,122,655.OO. The NDC prope!r_ as _a holding corporatlon, however lncurred a net loss of ?)66,97b.O5. This may be attributed to the following:

l-. No dlvldends have been recel,ved from investments except from its subsidlaries, the CEPOCand the INSUREFCO. Ivlost of the NDC's i-ncome 1s only lncidenbal 1n nature and may not be earned regularly ln substantlal amounts

f2-offi

- 5 Ho 2, The hlgh cost of labor has nade 1tse1f fe1t. personnel th from of a reductlon effected there has been dal]y payroll and monthly 1n the 7,OO4 iielrres of 1,568 to-534 and 2,224' respectlvely, for 1951' 3. tfre NDCrs annual contrlbutlon

to the backpay fund'

4. Tne heavy burden of lnterest which bhe been shouldering on lts overdraft account vllth Natlonal Bank, and on several loans contraeted Bank of the Phlllpplnes and the Rehabllltatlon tlon .

a.r

conditlon of the Companyas of June 30, The flnancial 1951 is condensedr as follows: PSRCENTOF T O T A L AMOUNT A S S g T S

" 1,695,813.08 5 9 , o g t , 7 o 7. 5 8 2,2c.5,549.82

Current Asse ts Investnents Flxed Assets (net )

naf

oPY'alt

D1.ah.

nh a ?.cro s

{ d

llvnan

DEDUCT: L i a b l l l t l e s

ftt

" Lr" .11

76,506.63

rrc)t,5>(,t+

fi4,32r,974.25

100.oo

"14,316,81O.80 20,604,938.93

22,26 3 2 .0 3

and

Current tLabilltles tong Term Ioans Other L1abl11ties and Credlts

'' resuLtlng

^r Or > L . Q t

^nd

<a c

Other Assets

Conpany has Lhe Phll-1pp1ne from the Central Flnance Corpora-

1,037,314.31

3r,g5g,o64'a4 l"n a net worth of - 1v28,362,97O.2!

represented by lts capltal stock pald up by the l{atlonal Governnent of - and its aecumul"ated earnlngs plowed back lnto operatlons amountlng to

I. O.L 6q

2.,r.

0.\ -/v

44..10

?26,410,300.00 I,952,6]-0.2!

"g.Srrr**

a I

.-a

Due to the dlsastrous lnpact of the last world war and the resultant dlslocatlon of phlllpplne economy, lncludlng postwar dlfflcultles 1n rehabilltatlon, the worklng capltal structure of the $DC has deterlorated conslderablyi As of

/"v /'. ,

*':'

e!ft

- t ' -

June 30, 1951, the worklng ca;-ri"tal rate ls O.11 t o 1 . O s1mp1y means that thls Companyhas only ?O.11 of

f ^'" alrtrr.\r neso

nrrrrent

1lab111t1es,

T h e C o r n p a n ys t a r t e d w i b h a c l e a n s l a t e l n f 9 t 1 5 , b u t a s a result of several proJects entrusted to the NDC by the Natlonal development and operatton, its Government for exploltatlon, Coupled wlth meager worklng funds were depleted in no tlme. t o n o t e t h a t t h e N D Ci s a p l o n e e r l n g thls, lt ls lnterestln[ proJects once proven and flnancing enterprlse whose inltlal promlsing ls elther soLd to prlvate enterprlse or made bo functlon as an lndependent entlty. H e n c e , t h e C o m p a n yl s p u t posltlon rvhereln 1t could not expect to reap proflts 1n such a fronr lts proJects over a speclflc perlod of t1me. The exceptlon tw. vi

fvhr rJl uc,

f.hp

rtayj. .i la

and proper asslstance, 1ts ventures.

.r-

MJ I ls.

r'tt+re,

nFovFs

Prvvup

ivhr rzs te., . t r r v e- aJ r. , 6 -

F,!f eJ^.i66+

the government can expect proflts

+{-me

from

The NDC, therefore, may be looked upon as a government are earned more by way of servlce to the agency whose proflts narr, lc

fhan

j-ha

.r.flrrisl'J.rlr

fJnnnrrJ>l

to say thai the sp1rlt and purpose for beln5 executed and accompllshed.

r"aJns,

whlch it

safe

was created ls

TUTURE PLANS

Dependent on ECA, the Sxport-Import Bank, the liational Government and other sources of fundsr the NDC has drawn up a five-year plan for expl.oratlon and operatlon of several proJects. These are the cannlng factory 1n Koronadal and the can-maklng plant 1n Man11a; a textlle m111 and rayon plant ln the Vlsayas; ramle degummlngand splnnlng proJect; solar sdlt and reflned salt projeet; coco-huslt wallboard plantj water-whlte coconut o11 plants; power alcohol plants; butanol and acetone plants; , a n d a p e n i c 1 1 1 l n - s t r e p t o m y c1 n p 1 a n t . F o r t h e s e v e n t u r e s , i t 1 s estimated that a total of Y(\ ,237,OOO wl1l be needed. In vlew of the foregolng sumnary of conditlons, lt 1s belleved that the recastlng of the flnanclal structure of the Company needs the lnr0edlate attentlon of the Govennment. AlthouEh the Cornpany, 1ts subsldlarles and unl-ts have earned a proflt of o v e r ? 2 , O O O , O O Os, t 1 1 1 1 t s w o r k l n g c a p l t a 1 , a s p r e v l o u l l y m e n tloned, ls too meager thab lts operatlons are ad.versely affected. R e s p e cL f u L l y . s u b m l t r e d ,

_ a I

f /.t,

Vtat .:4{/ FELIPE ESTELI.A Actlng

General

Iqanager

'89'699'612'2,&- tcagord 6Tq?rr! pe16'aAuT ' .f,1sno1aerds"q OCN 'YS1CTIHdlq

papuamloc€r,f1qe.roleg'gT"cTEaqA 3:o eseqc.rnd 3u1pn1au1 eesuedre 8utr -qe.rado roJ ol SuTlunoue OO'OOO'TZfE pue O0'OOO.Z66'Td 6punJ TEUoT?Tpp€ sT ?ueuoJTnbQJqJedJeltmo. osod 'lcagord 6Tql acueuTJ o? pTe roJ pelldde p643t3 Vig OO.0OOTOO6tTS .T961 ounf 6cuTs uoT?erado uT poceTd '?ueTd rtq pacnpord sBeq .raded 3o .rasn 1ed1cu1:d SuTaq C6dgCJo rvler^ uT do96t raqolcO uT CoNulorJ JoAo ue{€J - ?cegord sTTTl.lr€dEd pu€ dTnd .T

{6'889' 821'1. e

6Timz€-

oo'000t00t'T @'*n3glt,

oo'000t009'z

' ' ':^'^.-, '"='.::..:'.' ' 1 5 6 T' r a q u e l d a g Jo ?ffQ ^Ir.a ;,.{i ?noqE ?Jels 01 peTnp 'pelalduroc 160lr[[? ]4ou pue -aqcs uoTleJad0 616T rfE{ uT pa?r€1e lcefo;r6 . (sure"d tsuT^e€,r{roJ ) JnS socoTl .u"cBlJeN uT sTTTUIo'tT?xa?'quelg 3u1uu1dg eTpulds-oo(.1,1

'-: " 'sau11 .r1y euTddTTTqdaq? uT lueulsa^rrF TeuoT?Tppv ,rI 8ugs1nro.:da.re uolle.redo g:o slTn€ar pir€ 096T qcred aouT6 uollcnpo.rd T"n?ce uT .rtp"or1" sT 6CI,EIdoW .lrr€d -uo3 AuT.:nqc"Jnuen TecTrlcalg erpddll -Tqd aLI? Jo )ieols Jo sor?r{s uT trrreulsa^ul . {u€a l€r?uo3 aq? rxorJ pe^Too -ar CqN rroleq paleclpuT .(6doqs puslel .r6auT3ug) OCSSVfipu€ (sarT T€oC sE8ueTelt pre s111tr1":ede4 prr€ dlnd ) ,tre&o3 luaue3 pusl?Jod nqaC eq? ot peJJeJsir€Jl .{Tluenb -esqne sqcelord :aq1o pu€ sTql rod 9L'298' (,gtcT.4. lcafo.rd sTql 14 paqse^uT s€q CeN .uo11e.rod.ro3 T€alS oTacJgt 04 616I .I 1en8ny uo pToS - lrreTd TT"N .s - ail

€6'8€A'rft93Ttd

roJ secueapv

. . r a96T..Z armf lro p.rTql eql f{r€ , 5L raquece0 uo puoceg eql jOE6T 0961 '62 raqolco uo peJa.rrTTopselr ?s.rIJ eqJ. 'cul .fu?duo0 dTr{eur"els BrrBU eT e0 n.rq? uolle.rado u1 .r.lou dslassal 8u1o8-ueaco (r{oee) uo1 morOl (6) ee.rqg,

lueg TeJlqe3 dq pacueapy

'(,tcv tt'tvg Tr&r,!,mc)592 '0N ,tcv cllsnds'u .16T NoI.T,ffismrqNnssNIddlTIHdsHJ .{O

ffi

TfUJNSCSHI 'tou.{ ,Ll'Ia}{M*LA0c sHJ O& SSCiWACY tr8 C[ICfiVNIdSJC[foUd lf,clfirddY

-,/A4\

a|F-.-

nn \)/

ffffit6T'9T.

'l"T"d Jo geu€aec 61,6 Jo elso.ar€q qlTx palueTd prc p8?e TlTnc saJ"lcaq 082 pelrooaJ 'oSuout tslnuead lcegoJd nu"d uefleT€d 'cla .uroc {feT€d Jo s6rr"a€c aO'ZgI'ZL Jo s1sa..l ..nl€q pu€ (s1ce!o.I6 lIlJ"J uoupT{ng pue o1"q -"?oC) oEu€pur6 ug pelueJd pue pa?e TlTnc sareloer{ Lq.qzl.g el"cTpuT r"af do{a 'u;roc ptrB 1e.mqna1.r'e Ot6T Jo slTnseu ecTJ Jo uollcnpord pezTu"qcau ecueuTJ oI '0

. . . pe.rprbar e" ua"rp oq ol dJnseer$ T"uoTl"N oq? uT plar{ TT}?s uoTTTTe 6d ' seTJauTl{c€upue STETJ3} -€ru JoJ trTperc Jo rolleT. qsTTq€?sa 01 ,r7.7IO"\99, & IauoTtrr.ppe ue pue ! 1ue1d .rezTTT?reJ €q? roJ gg'6gE.6T1c f lue[d c1.rqce1eo.rp.dqaqq roJ 'tl}. OL.C( Lgg& : ere

-:iffi ##-i:H:r:;i:i::$il|r# s1ue1d .rezgJllrag: eleqdlng utnriroumy uo1 cTr?ortrOOO.O(pue cTJ?caTaoJp -.,(q n$ 9616r!2 paulqunoc Jo uoT?cn.rlsuo3 ' €

ln'6o'

LLg' 89

0o'oooto0o'6

d ' '

' potSnba: se un"rp 6q o? .,{.m6aerJ, T"uoTleN uT pTari TTTIS 9€.060.LL9t69e .Te!un? ec"qT€l Jo uoT?cu?suoc (€) pue '1auun1 ugTsroaTp Jo uoTl cru?suoc (e) 'speo; Jo uoT?cnJisuoc (T) 'lTaureu 'pap.rere ueaq ,!pee.: -T" a^eq s?c€r?uoc (6) ea.rq6 - (?ceg -oJd cTJ?caTeo.rp.fgoeppquqr) ?u€Td cTJlceTooJpI\ Jo uoT?cru?suoc aq? rod Lo'zz\( €Ti9i.t4 - leoc 1bn1cy 'ree.f r6d 1OSI00030O0t05 ,3:o,{11cedec uols -JalTp pepoddJ B r.t?Tr.{ uolleaado u1 ue6q p€q 11 3196I aunf acuTg .r€1.1 aq1 eJoJoq pe?Je?s aJe.&?cagord €Tr.l?Jo 6uoT?e3Tlse^uT fJ"ufr[-rT -"r4'(trc-aeo.ra uoT6re^T( qoum.I) lu€Td JeAod Jo uoTlcrulsuoc or{1 Jod uoT?€JodJoC Jar'rod Teuorl"N

aq? nJqJ

. e^oqe Tg Jo tr,r€d e1 1ce[o.rd E ' ' . s1qg, - 1ue1d 3u11au 8eq pue .reded 1;e.ry

'€

.6ouTu eql ,;o uolle.rado pn€ lua& -o8"u?ur aql JoJ OO.OSO'6ZOjI*pe1e1.rdo*d. -de seq CO.igCrCgN rtq pa?sa^uT {pee.r1e +lz'glzt fi{,'\d uoJJ opTay '1eoa se8uelep j:o Jeen ?sa88Tq SuTaq CO&iCJo.!i{a!a u"r COI(uroJJ raao ua{?trr - seuTN 1eo3 se3ue1e6 .Z

-z.!r?.

(096T 19 {J€n -u"f uo polncexa lueuee:r3y lualdoleaaq pue 3u11 -e.rad6 aql qlTtr ocu"pJocce u1 'ueus.:ei4 'H 'f Jcl uollerado reprm 6T seJelceq Cogtl, SuTuT€uleJ€I{J)

:* ffi* ;;;;u'r; "n*"""u'*.", ;.t;H:5":t

T"r?ueC uorJ u"oT T€ufSTro Jo .real eq? uTqtTn 8u1nr18aq tfpoga*eg'TE6T'raque^og-raqolc0 peltodxe eJe su.rnlal elenbapv '3ulslroad s1 tcegord aJ61c6q OO9'Z eql Jo suosTrd Jo neorng Japun uoT?e.Tad0"T961 t9T TT.rdV bcuTs suosTrd Jo neaJng 3q1 Jo uoT?eJlsTuTl{p€ at{} Jeprm ,{1lueee.rd aJ" seJ"lcot{ 6OE'Z qc1q}l 3:o toeae6 u1 1ca[o.rd luaudolarrep eceq" eJElcaq-OOOdOT

' o8'6o6tz89g lTrm sTI{l uT p€+so^uTf1sno1,re.rdpeq CgN 'CON urorJ ra^o uo:ltsJi- sdoqg pue1e1.:aeu18u5J't

o''ooo(ooe''

:_;#T::$:"H":"l3f:":i";:ifi:

-€u Ta€ls .rofern pue ec"uJnJ cT.IlaaTe roJ sqc€J?uoC .lcafoJa TTTI{TaetrSrod 00.000'000'6T

' ' qce[ord aq1 u1 euolle,redo ;io easeqd *o[eu aq1 .ro3:pepued:<auaaq rlp"eJTe e€q UoTTTTIIg.?d ?noqv .peFe?6 ueeq s€q {cop rf.rp eq? pu€ po?eTduoc JT"r{ rreq? eJorr.dpeanle sT JJeqr.^1eu13.reu aqg, .uoTlafduoc 8u1*eeu aJe (.cle .ct.r1ca1a t;ra1en 31ue1d Jalrod seTlTTTc"J ecirJas ) Jar{?O .p€loTduroc ?solrrtB ere (saT4TTTc€J Jeq?o pue doqs .3u1p11nq olrTl"rlsTuTu -pe) suoT?crmJ ac'TiJos pue e^TleJqsTuTurp" .ro, suoTleTTe?suI .2661 4 pa?aTd.uocoq ol polcedx a pue 5+/6T.raqureldaguI ps?J"ls s"rr ?caqord sTW .u€"189 .se1aa1.:q4 1e {oo6 3u1ae.r3 Ere p.re.ldlqg " Jo uoTlcnJ?euoC

.6?tnsor EuTsTuoJd e1eclpu1 .suo1g -e.rado Jo :eaf 1s.r1;: uroJJ p6u.r€oT EuoseaT .rege rqoafo.rd aq1 go sse.rSoad 1ua.r:nc se 'iceqles TeTlTuT alldsap penuTquoc ueaq 6€q ( ?Tun) eToqi..le se eJnluaa 6T[{? Jo luaudoler'eg

- €,-

t^V-:.I {9s nn !-/

68'ZL!'19(.

9l'oz€'+tql

'06 eunf TE6T o? dn f€Tlno lts?oJ 'uoT'+cnJ?suoc Jepun 6T tJ?Tcedec Alt 00il Jo lcagord cTrqceTa -orpfH w 'oN ouroTeJsr lueudoTa^ep Jeqlouv ' ' Jo tsoc e le .ClTctdec rul OO?r{?Tx pb?oTdnoc uaaq s"q Z 'oN (orprft{ ) lrr€Td ouroT"J ?T(m Z o6oql JO "se11s lcafo.rd puno.re 3u1411 aldoad Jo JoqlFlu urur,Drqrreqx 01 /qTcTJlcoTe qs-TuJr\I o? CdN 6q1 Jo spunJ .ro s8utu.ree uoJJ peauuTJ aq o? slcaloJd JsAod JouTj{

ffi'o oo'ooo'g8 oo'ooo300E'T

?JrT Tso]f

.p-Y-e-.8j3r3lgF--glg:, " oor{s JoJ pJ€oq Jeql"eT Jo aJ&qceJiuE{. 'z uoTlelTITq€qe.r Jio sseooJd uT Ji,ou '.r(ued@c s?8 sTql Jo :{cols Jo Eereqe SuTqTrc -sqns ,tq uo11e.rod.ro3 se0 eTTuefi aqt uT trsare?uT Zb9 paqnbcE CCN .T

@ . 3 'Te?oq aql Jo uoT4ctu? -suoc eq? g:o eS.reqc uT 4T4ua eql . s{Jol,l cT[qnd Jo n€e.mg aql rfq aTq€sftquTaJ 0O'O00'6/(d ?caford sTr{1 roJ pacu"^p" CCI\I

o0'oTE68?/,'T

paqceal seq qcefo.rd sTq? roJ ,|stlno .pauedo aq uoos TTTII oTn8€g uT IaloH 6or4d eW

r1rsd!6TT46fE@fi 00'000'006

0o'ooo'09T 00'0006000(9 d "

' r ssuTddTTrqJ ar{l uT ,treleurec TeTrolrourJe..{ (Sn) cTJTc€d aql JoJ gessoJc aTqrsx Eur-qsTrrrnJ uT pTq s1r a; rcrgdd11S;g=6gc uo:1eaoo;o3 e1q;e6/eq1 o? acuelsTsse erLp o1 r3gglg r"Jaua| erl? rtq 6e1"?s pelTun ,,,o,....orr - $*Et ar{? uT uoTqeT?olr'ouJapm . ?usudTnba pu€ sarJaurqceu Suptr"renb gio uo111s1nbcy pal?oTTE 396g3 .uolquog uT ua{"?Jepim 3u1eq uou 8u1&r.renb pue s ellredo:d aTqJarr Jo lueudolerr,ap oql Jod "

Jo uEoT CJg ,tq pocueuTd '6ri6T TTJdV uT pa?aTdurocs€lr ,t?Tcedra lrnuue s8eq uoTTTTlu9 01 eSeq uoTtrTTlrr6 xnoJJ 1u€Td luerec Jo uoTsu€dxg ' 1

ffi.ir uoT?ncaxa Jo ssocoJo' uT Jo pe?aTo[ro3 s?ca!'oad

'y[t8 T\4IJNfl3 ilHJ i{0EJ SN',,/0'INlllJ SSHJOSON0{ OHI4OUUOS IillO }IISHJ ltC'1.4o'dONt]ild Si'iOlirilOJuOC Ji'lSiiNti$.{i0{td0 S;3$f0?ld

ffiffi */,.l\/

nA r-/

- N.{ry-

oo'000roTz

.eaJE TerJqcnpuT sTr{l 01 Jenod .T.r?ceTa d"eqc (ocTyuff{ rt.:ql ?ou) rcTlcarTp lTddns o? cdt{ aTqeua 01 sT sTq& .uldef uoJJ suoT?€.r"dal Jo tJed '.c1e.se8pa.rp Jo asn €qtr qEno.rqq olT6 TET.rlsnpuT ' ue JoJ rerrl.r e3uedure4 aq? Jo qlnoE er{g Jeeu /I'ryT

OPUOJUT PU"T JO E€J€ ESJt.T € uITETCEJ TTTI,I

@.s . ! Jo ?uauoJlnba.r leqldec pel.rodee e.ro 6,6.66r6.9TIdvCS pue acueu 0O.000.26d -TJ TITA gCgf?ldqcTqli,grotlcafo.rd e8&r Fe eJn?Tu.rnJ 68rrF{"u 11op (Brr.ra.recpoo-r,l( slet ..req1g: .ne.r1s .slcnpord ooqrueq feggd pue 411s 6uol?oc - 3u1aear,r-pueqo{e?Jeprm ITT i OCSItld

'.;,;',;; '' ffi?ftii ;"';";;;;-;";

oo'000'gg?'+f

-otau "rop& sluerua.rlnbae osad 'SuTcuerITJ pT? vag' roJ pesropug 'suosrad ozl'g ro saTTTur"J0g6 3uTl€pounocc" Jo eTqedeo eadJl luareJJTp Jo slFm rtTTurBJ096 ro sSuTpTInq Tl,t sl€pollntrocceTTTfi 6ar€1caq 5'9€, P eeJ€ u? r{?pt 6 'oN trcago.rd SuTsnoH?soC rt{oT

'3 'uoTTTTrn?i,g luaraJTnbar tuoru?oT1e aAT???uaI .uoTl"JopTsuoc .rapun aq TTT/q Joa.raql SulcuanTJ lnq sro?cerT6 Jo p.rrog .r{q paao.rddl .1ue1d 8u1u.rnq e?IJ.{d

@ . s oo'om'otB

.rtpnls .raprm 6119

. que1.i &r.D{eWueC

.uoTlcnl?suo c gio sa8ele ?uaJ€JJTp uT aJe-ir s8rrrplrnq T16 Frr€

. , {":T":": f{ f"1"Tdy:(il%;?ffi_Tl

oo.oooiooz.6

?ueudoTa ap pu€ pueT Jo lsoc SuTpnTcxa) lnoq€ l6oc 11pt pelelduroc ueqn suos.red ZZZ| 6 ro saTlTtrr€J gTI.{ SuT1€powrocc€ Jo alqed"c slTun 9TI.I .ro s8o'gplprq l,lE qlT$ 7 .og 1aefo.r4 Sulenog 1so3 ro1

oo'000d091'6{' ''

(00'000"0994 ?noq€ ?€ pel€[[Tqse t ?uerdo1 -e^ep s?T pl" pue[ Jo ?soc Jo e4TenTcxo) lsoc " lE pelalduroc euos.rad 666dtr lnoqi Jo seF[Tu?J g?OrT o? pes"eT sarElceq E.66 SuTra oc s?Tun erols pue SuFTTer4p 8t0'T q?Tltl T .oN ?cefo.rd Sulsnog ?so3 r"!o'I

-z- ,t!.:

APPEIIDIX

A 16r0oo-barrel oil refinery ls estimated. to use ?9 r040r0OO.OOuorth of cnrde petroleum per nonth. Exchange tax on Fl ro{0r000.00 FJTOdOTOOO x 171 P516r800.00 monthly or : L2 x F51616OO.00

F6.2O].6O0.0O yearly

A 16r&O-bamel o11 refinery is esti:rrated to produce 3l+12l+0,60 llters per month. Specific tax = .O7 per Ljtter of gasoline 3b rZl+O t(no x .O7 cts. ; P2,296,8O0.00 month1y or = L2 x F2r296r800.00

Exchange tax ; p 512011600.00 on crude petrol-eum Speclfic tax = jU "56U6O.OO on gasoline

!2Uq&!1Q,

annually.

Pl-27.051.040.00for { years

i__-::

p0l

11-

._r

(ocsltd) uoTlerodroCuoTl"zTTTq"?secTrd 'TI ( Cltlld; uolleaodro3 Sulenog put a?TserrcHe,e1doa4 .Ot (oCSSVN)uoT?BrodroCTea?SpI| sp.re,(d1qgTeuoTleN .6 (3dN) uo11a.rod.ro3.raaro;TeuoTlet{'g (Catt) fueAuo" luandoleaag TeuoT?EN .1, (c.l,tl'l)tcT.rtslg .:a1e1r1 ue1tr1odo.r1a11'g (oCUUt) dueduo3 peorTT"g "Tfq"r{ (cHt) nr€duo3 I€1oH eITu"It

(osross?1)uo11e.rod.rog

lueudolaaaq pu" lua[!aT??as pu"T

( SISC; uals.tfg ecu"&sul

.g 't .€

soT^JeS queuruJe^og

( cods3) -&reduo3 ?ueuec pu€Tl.rod nqaC .I S J N S I , { H S I ' i d N O C C V XIONfiddV

._-

.--*

*,_.

q*..

,-&.

t-I I I I I I

I I

I I | | l

-c"r?uoC . uorlcru?suoc

"o'o9z'r6t#eclrd

repun SqpTTnq ecTJJo r ou COdUg.J

'rgu xTpuedd? uT pa?€cTpul -?oagord eTqr€hl .g *

I I I

"g" r5Puadde pa+ecTpuT -OoN u&rJ ra o ue{"?_sT1En .reded pu" dTnd .O

€ai' t,

I I

.uo1 .rad 8_uT"s OO.9-6d uT tTnser TITJ.TsluaueirTnbe.r leoc sq; Jo .racnpoad 6e serrTrneq? Jo codsS 1{q uo13e.red6 .T"oc Jo suol :.read Sulneue:tuTrnp uoT?cnpo"rd,t1q1uourpequrrgleg a*'e-ocntz

I I

eluanaao.rdurgp1trdec roJ 000.096 *suad:do Bul4e.redo roJ ClOOrg?9d

| I I

: sr{oTToJ se f€T?no papTAord tCONtrroJJ sauIl^l TeoC ee8ualer4 go uolqe.rado Jeao )too& .C

os.z oe.zr

I I

?'^or

m.6 00.6{ orrqqd

196r -096rt.{

-"topoq-xe Beq .red ecTrd FIIJTTgS,g

I I

seeq 7E5(Lgrttg t8eq r86'TgE'5

I |

-T(67 -o96t r.{ -"oT?3npord .V

I I I

suTpu TE-ot6Ts?uauqsTldgocae

/^d@rx

I 6 @ 8 f f i

l w t

3u1;rnp uals-{g aq'; .lto uo14c'railo Jo rrl sol aq+ s1T lru',?T96I'I',4 aqJ' iloqs 1.3oqs o"rrBlui pue luar a4nlf; ssoT pu!3 +TJoJ,i Foitc€++8 'oaTAJas or{+ o+tl"! ( leJne'! ' Jl:r Jo os€c oI{+ uT 'ffaq+ ploii 'rtlenonul+uoc arlq JoJsu€J+) s+uoua+ElsuTsJ JT s'Il ecuTs eaTJJo 'pa+TrITIrn sl slETcIJJo oso'i+ Jo ecTJJo Jo aJnuo+ ar{J .'o tIY ' +t-t J+sT{'Tro}uu uE+JIocoJ+elll lrioJ.t "toJ:suu't6'("'t)

(.f.)6r/?v.6 st/er/9 s?/Lr/ L

Jo+Tpnv PJEos 6I{+ Jo .f :e1a.ro ag puu ;o?au sf -€1q TEIeuai} +uB+s-Fs -3y

4 :a3ew;1i

,t.:untr

lEJauot

-4-'=-

+uews+B1su"[€E Jo a+En : 6Jo,&.Ig6T

no T+Bu:JISO(

IaJnBT

TeTuso.

'.Ir1i

olJBeolr I3P't',",1 usoATES 'E 'FJ

'at

aAEfr I .

'Og aqnf

.1io su uols.rt': at{a jo

slu'pliJo

JeTiic

AI{J

a ofosuOouan6l 'r

'Toa

3uo4

-n.I

( --.-

'J4

(ts/r/zr

J eq.ffal{

tt/ot/z

\ (

(es/{zt

pop6accns . s oJBcT.l 'N 'uoil papeaccng

E+soc ET op xTTad ' rfi EolI oTJe+au$

Bt/q/z,T

rs/t/zr

Joq{rsiq

os/rz/L

ze/2/zr

Jaqu6lt

zs/ot/e

opourEIT .a .uol{ 889'Y'c p o p e a c c n s repun.€qrqDddv . a; dv ,To

uoE4A

6{.IB I olT

' J{i

"(euecrg 0 JTurl s! i.1 ' l:li

ITr s$oP 'uoE

uBi.i.lJBq^-oo'!A

os/s/L

ZT+JO .fl o+xTg 'uoii . I

uEr..!rJTBqc

pa4urod,-lyaleo uor+duiTsati

€llrElI

-xE Jo a4eCI 't96I '09 r"tnq,,a* iu1.nto11o3 aii+ Jo pasodlroc sBi,l pJ€otl aq+ ,g+ua{r+uroddv uo ao1ssTtruot 6q+ Jo +uosuoc oq+ r{+T' /' eunF Jo sf ar{+ Jo +il3pTsaJd 6qq -,tc1palulocidu oq o+ s reqxlau (9) souiiidtllq4 's'I'S't a ^ T J . l o + s T s r r o c o + s o a + s n J J ;J o p J B o c ra q + u T p a + s o ^ s ' ! ar{+ .}o uoT+Br+sTuTltrpEaq+ '099 'Y 'U Jo 1T uoT4cos ''{q papuouru s , r . 9 B T . o N . V . C J o g I u o l + c o g J o s n o l s T a " o J da q + r a p u , l

l t

Tc-nc AT 'tr' 't

srii)Irvlr[do d0 r.Iv1fins '{ilrEg

fl(-z)

'98?' . . solcrlod z L 9 ' r4 6 ' o g OOg . d J e + u s , i ericlng T,r o?z'6?0'9or"I 2129' )9 i } j 9 b6l,l::i'^'^":''-:' ' :6; Le' r : :.' : . . . . . . . . . s-"r"1Todll*ri 'p a g / 9 J o s B s e l c r T o o l u r p , - r u {dx n o a { e r i " r { s 1

+unopV

a=,.:tg/ JA: =qrrn[

: s n o 1 T o . r s B e J 6 J 4p a n s s r s o r c r T o d e i t q s , r a q t o r u. T 9 6 T . O g aunp Jo sV .spuoq r.x x x ?euo{+uauo^o0.B orl:1.Jo osBlICJnCeql Ur sorrasar sr!:o+s"(S aq+ Jo 000.009.gfo luou: - l . s e ^ u r p o z r - r o q + n l l , /p J r . o f o L i , l .. O g e . e t t J . r q o + c 0p a + d o p B . t g l . o : , I . s a u s + T u I rl salros 'sain+uaqa0 ',,i,2/l-A rcel|.-g1 ,4uediiro3cTr+caTni ETT:e,I (o) :s.rn",t (OI) ue+ roJ {i1omruo p";r+;;,; aq o1 tloa:oii+ s+saJo+rir qqr,n .rarilali -oq. .prjtB slualqe+su-F ,{1r11uouuoalq3lo ur poseoTal oq o+ +unoltl€ nlus r raruir* .red 'Z/V, + E . o r q u . r o d : o 3 ; u r s n o - - F _ r co + , s a u o i l sroldoo.:f eq1 .{ci :o.;: pallddu 0003000.?C uio u?oT aq+ paaoJioe,, p"ruo: aq+ .TS6l ' 1 1 . 4 . r a n u e ap o l i { o p e . e . o l T . s a g s+T uJ . u o T + B J od J O C " * u t s r - o ; ,p u P a + r s o l u o - s I a l a o o d o + u c o T ( q ) '( 696T eLt6) 6't6T Po rrsoT .t& spuo!, +uoudola^ai pus uoT+B+,[r -TqBq-iii JO T{+Jo,{r 0OO'000. Id posBlic.rnd uo1s"{g eq1 . JEa,t TBcs-r.J aq1 ?ut.:q1 . sl)uo{l +'lamdolano{ puu uoT+B+rlrqBuou (Bl s +u e1:4sa.au I snoeuellecs!n1 ' b

a I

e, -a 1

.peErJEe €ror4 uooJaq+ Sg.f,1I,T?g": Jo s+saJ{:r+fiT pre Og.l9T.a?d s o o J u o t 1 e . r 1 s 1 3 a 1 r. p L c , r J o pIlc la-o,oJddB alon 0o.gq0.9gg.9**.rc +unorir\,aqt u r s u o r + E o r T . i . ' \ rg L L , I t r J o 1o+o+ y _ sueol .t.re1"" .pouJBeaJen uooJaq+ O ? . r T r . T ?d Jo s+seJo+ -ur puB sooJ u o 1 1 e " r1sr:l'og .?Ted 0 9 ' 9 9 ? ' a t r * J o pue poao.rCJe a"rora.g6.67g.42tr.1,I Jo +unouiu eq+ suor+€cr liiclE S9T.9T Jo TE+o+y - sueol , c11o6

.6L,Zg6.Agg.geJ Jo +unoD€er{+ uT aJO& t l a r a a l J a p u n . : r : a " { 1ec:rt1 aul do pua eq+ J O S € . C.,:I.$ aiiq uro spuur{ aq+ ur uo+s,,tp oq+ Jo s+ass€ +otT .??./,tg3g66d se.u po"r"rad eu1 ?ur.rnp

liroJJoJoll+ palTJop a,.riocur +oi,r - s+uau+sanuT .C.I.ti

:uT apuu e"ro,uuiels,{c ar{+ Jo spunJ Jo +uau+saauT

.SS,.|ZS.69Z. T A J o + u n o u r ao q + uT spuopTrlrp prud pue pe.relc -oD AJe,Il$ alaql ftOa'AgJ JOpUI: pOTJac .sn1C:rns ar{+ tuTJnp lrl +oEJ auo o+.uor+EJoqTI .i.rc-!jap IEl+uBq.sqns J o .re4;e -{11.rorrs .ic auo tjroJ,l paurJoJsuul+ ussq sBr[ uoT+Tpuoc tTJ s+T .)rru s+TJoJci(rT -sEot.fiT -riiTp€o+s .trir:1ereuaaq seg Ttrrc-uE ua+s^s au+ +Eq+ +no pa+irToo.aq . " { l a n r l c o L T s o - r. /ter: +l T q 6 I . O g €IInf Jo sB uoT+TpuocTBTcwuTJ

- z -

-tnb sE 'apo^ sr{+13J+s'tu'!up? pasr^all stl+ Jo 0?t uoTqco. :opun pe -oJ sT +ueuuJe^ol 3q+ qc1ri JoJ slsBq tT+s o+na sq+ uo sl acuEJnsuT toJTJ -[q e:jBuIBpJo Bsot eqJ; '.,t11ensac Jolt+o pue 'e4unbr:11.reeruJo+s 'ue1s'tg ar14 .1o Xsureiiu se"g1:ado:r{ luaunr.raaoS TBuor+Btr TTe sernsu'! 'pun"'T ecuuJnsul ,tq,'reclo:1 aq; uor+€J+s1uInp€ ar{1. Jspun sT qc"!l.f"!

8-6'Zq4'0914

z,.TlZ'q99'+

,?' LZ7'9\2e

? T' U6 9" 9 S T

8o'TI1'tg 'l

I?,'?91'62,

suo rs rrod IcEf

suo.t'sued +uoJJn0

96 zoL q9q.T sJauoTsuad 'ol{ Jo

a t

Punii +uau -orT+aH ? uolsued q+IBaIl ?urui +uauerr+eH Q uoTsuad -d.relnqe4suog pun\f .sTc ? '+aurs.loqc€a,l

:rvlaTlr9J Japun

poTJOo

-'{cj'Iql"t'spuniJ uoTsua.T oq4 iul.rnp 'a+ep'lnbTT o1 pot.reqc sT l]ra+s.'{Saql 3upo11o,3i oqJ, uo.rg pterl suolsuerl Jo s+unourBaq+ s&oqs +u31rro+B+s .6ASUAJC'JTpO{J€Ui pA&mqs sanT€A Jo'pueJJns qs€c nuB soT+tJn+Btli JoJ DTE{I s+unorr€]aTrq.lr osesJcep p6{Jcul B pairol.{s slr}Blc '"{+Bap.ro3: prud s+unouy

99'TBgt86r'T' BO.l90'gOa'T' tT.8L9" O9r&

senTEj'!Japu€JJllsr{sac 'soT+Trn+Eii ' ' s3'I+TI'!qEsTp slriTEICq+Bo(I

tsrdoTloJ se pled e:alr, po-5'rad aq4 iu1:np

0o'00Jr? d 00'000'?98d oo'00/,'99r

w 061

o0'oco'rr

318-

o0 '0993.:lldt

89.6 06

OO'OOTEG 6'0rcoe160t

?99

00'00s'g89d

. ..

196T

<11.

suqe13

.69 aun3 ,;:o sr iiu1puu1s1n, suorlecllddg

. poTr al Jo pa1locuBo suo!+EcrIcidy Jo pue +B ur{sJpr{+1"4r pol.rod 3:o pua +E !o^oJddesrp suol+Ec-tlcldY .poTred Jo pua +R panss! FtiB peao:cldr suo11uc11ddf : s sofI h^T

'a /l

nrr^

pa^ToceJ

suo -tqe cg 1<ide 1u4o5

. t96I .Og ounf o+ 0361 'I .4lnf poTJod eq+ ?uTr.rpp a^Taae"rsuo1lsc11jcY 096T 50s ounf . ! c s B p a a r e a a . r s u o ! q b c T T J u i v

Joqtmi{

+unoltrT

: s 4.rn31.1 3up'to11o3: eq1 luuoT+do uo soT+TllT+cV

-.{q pa+uasaJdsJ eJE sa-lcTlod acuulnsul

saTcTIod -N saPnTcuJ (x)

9?I'?0S LAz'6? 629 1 9 I .? O T 9 9 q ' ? 9 e ' 9 9 . d(x)cz0'Bz

' $ / o g / g J o s B p a n s s T s e l o ' P 1 o d J . - or o q ; r n u . I € + o J ' ' " ar16Ttt'ins solc!Tod ]\J B+T* ' s o T c T t o J e r u B J n s u re U ' saTcTTod 1uu131'16 - p o r r e d o q 1 ' * u 1 . r n pp a n s s T s o T c r T o d s s n l d

JoqumN

+unoulv

- 3 -

!-a'

'seTJa'lcTJeueq lToq+ puE E uT saq +r 'sss 60T n+:ado.rd Jo 4uer"ded pu€ 'su?ol 'tc11oci pue s J o u o T s u e d pr:rBsJaoJnauJo spuBsnoq+ s+T o+ suo1saod "s11.;aueq 'sanTe^ JoprraJJ'.s qseo ,!+TITqE -{ra1rls 'spooco:d ,tq1:n4eu prle q4Bap uT pesJnqs'lp sErI +T s+rlnoil$ IEt+ue+sqns I1+Tti1

I I

'cas) rt'papuox'ra . ( g s a t ' t f r a q i x a r o f l p o a o . r L i r i ut g a T ' o l i ' r l ' i t ' 2 ''&+JTi lIrE paJpunq sa 'aa:q1-{4uo^os pu" paJ?unrl auo-,t+JTtll pI'IB poqsTtq€1:_3, .d4.r1q6 'qq5ite-{+:Tq+ puB paj.."unq u3€+xTc p€rociunrT 1+:V uT srers,ts uolsuecl luasa.rd aq4 ecelcia'r o+ luE souTcidTT-lrlCaq+...Jo.{+uaur -urr -uJo^o, or11 ,1o s aa.(ol c1uraeq1 .To aJuJIe^l pue '[cua1c1;34 a'i+ o+owv4* ..o .r :pa+Eorc sa-f.r' ,{".r]ni. "o; sesoCJnd ori+ paqsTTduocce ''t1na1 puu +-! arf+ 11€ lLIolJ po+ou oq. 1TTiLl +I tT6nd sBri uie1s"{g aq4 4er14 Suloiia.roJ ,gJeqrJeul s11

O1 ..:Ur1UU,r.,U;ao

aq+ utTu,tt 's+r,l6ueq aau1?firsuloJIT o+ uoT+Tppsu'! papuo+ puq rL:e1s,(o 'I$ET ro++€1 -xa osT€ srord 6+TJouoqacu?Jnsul +uor''rorT+aH ?'i1,i?f:3

c c u l . l . l s u T + u " l u a J T + a * e p T ^ o J ' To } P t r E r ' J o J e J " ' q J ", , . s a r o r { l n 1 : i q 1 1 " r o , qf ' T r o1 prn 'uoa +uJ+sTutur)V s+T Jorr ipttr'r,i -,trusi."ey oq1 a1tlJ<.1o"reld9 B qsTtqB+slr pue apIIoJd oJ 'r'ra+s-4cacunJtlsuT 6cT^Ja$ +uauuJe1loJ.J +cv a+Earo o+ lcY uifr paT+T+rrg x15-f1q?gx ?us parpunil auc paraqunir 'E "tget 'gt aunf uo 1-{+Tuo/\ uorrluoCpuauv o+ +cT ufr poI+T+ua 099 'V paao,rir-{e osle s€,maJaq+ '999 'V '}T peuoT+uauaJo;B aq4 sopTsaf .T96I .Og €IInn .1o se g9'670'OTz'e;

36712'-' '9 9? t6' tl

<*,,

Jo s+ossB +au pst{ pur\{ aq,T,

. r ' €l]loaul +oi.{ . sasuadxg ;eq16; 9 2 ' S 1 6 ' T Z" ' puE uo'!4EJ+sluTlrPv . . u , ' FI C E oSeuragsnoeutTlacsT;i

T ? ' 5 1 9 ,L 1

6 L ' r Z 9Z ' e . t+€TC o5Jeuzsuooqdf;

. . ",*;:::

z6.z8T.ISZ+

eq1 ?u1:nppun.r"** ;i":I;;T*#"u:n;i; repunpo1.:ec, ,e.or.rar

tssuTc +sJ'!J or{+ q+'!r"l so-g1:ado.rd JTaq+ aJnsu! o1 pa-r1nbe: oJo^t 'soT+I+'rs luorir;Jaa$.oTaq sa't+Tludlclunru go uo r1<lacxe ai:i+ q+r;'$ -o? 1ta 'I9SI tgl arml' uo,,'sosod:n4 .:aUq4 Jod piIB uol+EJ+sTuT rpv s+T rof e?l oJ{ o+ pu€ rp e{ acuBJnsuJ .(+.rodo.ldr B qsllqs+sFl pu€ 'gqg e+BOJ0 o+ lcv uYu ?aI+!+uo +cV c11qnda6 .;:o leao'rcicie a'i+ t'i+Tl' .s11:ed ro+or: n;e 'sr1s1,r ?u1peca.:ri JnoJ oq+ .ro uor1e''r1c4"'oa'tue JB. 'a:innbql:ea 'ui,lo4s 'olTJ .{q ssoT +sult:;B oJE saT+ '{qltnsuc .raq1o ' s oT+f lEdTcTunu-pue o+ -u€ +usuiuralot asaq4 -tsu o 1poJaJJo 1 e : o d . r o cocueJnsu1 oll$ 'saI+rc nsacu'!^old palToJ+uoc Jo peu$o luaur:aao5 o1 'pa\'I 'saJnsuT osiu punil ortl 3u13uo1oq sall.rerlo.rci 'uor+ecJT'-idE uo tpapueirre p'r€s Jo aclrBuo+uTtt1rloq+ JoJ .(11enuue OOOiOOT4 e4el.rdo':ddu o+

- T -

r a ]-"

I I

q. t

.Jl'A. +srr er{+ Jo suTnJ eq+ uoJJ l{alunoc er{+ Jo uoT+r+'FITquq€J 6r{+ ur €Jlqs s+T pe+n -qrr+uoc srq uelsrtg oq+ .luau4so,trET .ro3:uol1t.rod.roc plrs o+ Jaao pauJn+ €Ja\r r{oTqlt 'm6+Ertg oq+ Jo spunJ 6rt+ Jo +no soT+lrodJoC ocrrruTd aoT+!+TlrqEq€u erl+ ttq 6?rur sluaun+sa^uTJ6r{+o pun ?ltoq pul pelur.r3 sENoT eq+ q+!& Br TIa& s! s+TJeu€q aseql r{+Tlt

.SoT+TAT+O"orulollooe snolrua' rtT+ceJTpqT pTrB seT;rTcTJauoq JTeq+ Jo €n.nsff. eqq pelorm.rd aanereru qre;3

- s-

- srq r€Into ralle luawa6eu€tr1 pu€ pr€o€Jrno dq pescdo.rd suoll€rall€ arn ro; pu€ Jo uollalduroc aql ro; oIq€II€a€ opeur aJain spun; 'uolssacJolur snonulluoc Jno q3no.rqg,'g

; )

'%LL [q sossol p!€s Jo uollanp -ar € ro'1961 reed l€aslJ aql Jo puo oql f,qZ1IZ,g,ZZa ol 096I .rea[ 1ecs1;aql ]o pua aql ,lq Bg'glr,'g6d woJJ pasEalcap arad\ IgloH aql IO sassol lau aql '?

I t

'uaql u3a{\ -laq slslxa r[ou Sulpuels.repunalalduroc e pu€ pa.Iolsa.I s",y\ 'pauleJls a1lnb se,n s.reed snot,ra,rd u1 qcrq,n .uo1un roq"I arp pue luarua?eueu oql Jo uon€Iar I€Iproc aqJ 'g '"ree.{ pges 3u1.rnpuarlel.ropun a.rad!f.rpunel IaloH aql Jo olls aql ol alls rsurroJ sll uroJJ lnq las -uonb aql Jo JaJsuEJlpue 3suroolelols pue dezrrairl.rp e yo uollcnrlsuor '8utp11nqaql q sluaualo.rdurl snonulluo3 'U

'i(cuedncco tuooJ Jno paJalsloq osl" Io -ararf| u€rlrarnv aql pu" sacllto y3g aq,1, '.rrad lauuos.rad ples eqS3ur.rnpdcuednacouoor s1I q as"aJcul oq1 ,{q unoqs s$sr.rno1 pue slsen8 aroru palreJllr s"q Ial -oH €Ilueill eq1 'saulddrgqd atn Io t\opq/rr ryroqsaql pu€ ,,e311sa.r6Jo ssarppy, eq1 Suraq yo uo11vlnda.rsll ol anJJ 'T

:.ree,t 1ecs11196I aq1 Sur.rnplaloH eIIu€IN arp Jo sluaruaaalqce 5u1pue1s1no3qalo11oy aq1 1.roda.rol rouoq aql al€q 'ac1;;o .rnod rno-r; 1 lsanbe.r I€qJaA alp rglrn aauellduroc u1

; r l S eIIuew uorleqprooc clruouocg rol€rlslqulpv eqJ Jo alq€rouoHaqJ JO} IAINONVUOWSW 196I

'tZ lsn8nv

sau.2 dd//.ry/6' "/.'uaw t{vt{.,l]svt -.1r|9luo

tltl,

tvusotsruv

3Hl".. -

ivg v flvtt llr

INVW

ua, u// o/€ra/1r/a

I€rouac

'd11npcedsa.rrl:41 '196I '08 aunf Io s€ sasuad -xg puE aruocql ,{1q1uo141 rno }o lualualqs aln pu€ laaqs acrrEl€g Jno Io saldot'q11ta.raq'3u1p.rerrr.ro;osl€ ttrE I 'palsanbal sv 'suoJl€d puB slsan8 Jno Jo acuolua^uoc puB uollc€r+lE aqlroJ dqqol 1e1og 3LRlE pappord arsltr arnllurnI urapolA "L 'srall€,l pue sdoquroor Jno ol {II€Icads 'saadoldruo rno 01 luotuo3eu€w aql itq uarr13suollanrlsul l€alpolJed ;o 11nse.r€ s€ po^oJdrul '9 illqe.replsuoc ss.r slsen3 pue suo.rled 01 acllros aq;. 'alqlssod se uoos s€ laloH plss aql uedo o1 orlsep rno q 1oI e sn dlaq IElr 1I lettl podoq s! 'sluerue.4nba.r Jno II€ raaoc ol q3noua lou sI lunoru€ 11 pl"s q3noqllv '0r.,,9'oN 1cy cllqndag roptm apls€ las tuns aql 'asodrnd p!€s ro.il s€rr\ Islol Io 0o'0I9'Bll'I4 (s8ulqslurnJ 'Jola.Ieql ssrlddns pue ]o as"qt lualtrdlnbs -rnd oql roJ puE Sulpgnq laloH sould aql;o uollcad

- z-

MAi{-rtuilrAll,lt0AD c0}"itraNy l4anila

ouTT.rm0I' g5o-51_ ogi:RATloNs General Benrarks - luring

the 1950-51 fiscal- period railway

oper-

atj-ons made an i.nproved showi_rigas cor,rrparedw-ith the procedi-ng fiscal year.

passenger end e:(press traffic

Freight,

resulting

in increasel- leve

ward reducjilg rail$ay considerabla portation

tes, and substantial

operating

operations

also affected

the operatims

In contrast,

and repair

of pr.ivately

raterj.als,

there r,ras a

of bus ru-ns

thls

situati-on

or4nedhighway trans.iEr.tiif,ion

decrease in coltpetition

plobably contri*

j.:a par-L, to. the i'nprovement in railuay

buted., at least

busi.ness, par-

pa,ssenger traf fic.

ticularly

hefererrce was made in the last for adcitional

This situation

annual report to the urgeni need

locomotivee and to the difficulties

keeping engines in seryice

resuli,ing

experienced in

because of lack of nraterial,s for repairs.

became parbicu]-arly

and June, ItJ1, trains

progress was nade to_

of the Conpany, eaused by reduetion

co npanies and the resultin6

expenses.

volurne,

decreaoe in the revenues d.erived frcrn the highway trans_

on account of shortage of tires

was in larger

a,cute duri.ng the nonihs of l,Iay

in unprecedenterl delayo ln the u.ovement of

on schedul-e and accumul-ation of loaded freight

cars at distriet

stationo.

Tle outstanding a

vities

financial

remiits

of the operat,,.,onsand acti_

of the Conpany duri: g the fi-scal year L95O-5I nay be sr.nrunarized.

as fcllows:

, a

1. the total

irrco:le of the ldanila ]iailroad

sources ( railr,,'ay operating

Conpa.nyfrom al-L

revenues, revenues frorn r"riscellaneous oper-

ation$ and non-operatrng incone) aniountedto ?.I9r93? r95l.lp,

a cle*

crease of nâ&#x201A;Ź1r858.05, or O.dIi", under toi,al income from all

sources

during lpd!-10. 2. iiailmy

operating revenues ot ?L6r6l\rlJ7.?6

ot 77821265.58 ot L.92i,

over revenues for l-949-50.

were an increase

t. - 2 J. Total railway freight

revenuoe of F6rf!6r018.0t

inerease of P218rd12.15, or 3.3&. 4. Total railway

passenger revenues of P?r4O0r638.[O were an

i.ncrease of Pt+L|t615.58, ot 5,9Ai. 5. Total railway

operating

decrease of PJOfr861.([,

or L.75%.

6. The operating ratio expenses to railway

expenses of ir1Jr128r163.80 wele a

(percentage of total

rallway

operati_ng

operatiirg revenues ) was 1:O2.60$as @mpared ltith

LA9,56'i for the preceding period, a decreasâ&#x201A;Ź ot 6.96:fi due to the conbined effect

of an increase in revenues and a d.ecreasein expenses.

7. i'tevenues from n-iscellaneous operations decreased by telggr?t+L.73 fran ?J rBJl r29O.97 to ?3,037,51+6.2+. ilxpenses of rrriscellaneous operations also <i.ecreasedby the er::nof *58r51+L.32. nri-scellaneous operationo after "L7Or792.77 than the loss figure

taxes (?378,839,97) was lower by for Ig49-50 ot V5,Ug,632.7b.

8. the gross l-oss for L95A-5L ot :FA65 1356.85 conpares ?rith a

sinilar

Ttre net loss on

figure

for L9l+9-5Oof F2rol+6r860.88, or a reductj.on in the

gross loss of FL,3-81r5O4.03. !. leductic,ns

from gross lncome on account of funded and unfunded

debt and hire of&eight

cars araounted to the sum of it1rJ21, ?,rr+.!0,

increase of F2r82O.CiOover slJti-l-ar deductions foT the preced:rlg fiscal year. l-0. The net loss for 1950-51 of F2r5g5r601.?q wds louer by P1r17er683.83, ot 3L.AUito,than the net l_oss of y r?65,2g5.5g sustained

a a

t a

during 1949-50.

l,IA,i\iI],AitiltRoAD

COlitrANY

Increase or Dec:lease

JU],Y TO JUNE L9t+9-L954 r950-195r OPlliitriTli'l G Ii\CAiii: ttailway {Jperating ltevenues .ttai-l-uay OPerati-rlg

"+'tA Aot, nEn qA

17,128,163.80 LL43L.aU+.8o (305,891.0O)

f,rxpenses

Net lievenue from RailwaY Operations ttt

p(r.52t.552.62)trl.088.146.58 P (431.40b.c,4) 258,758.03 ?

Railway Operating fncone

devenL,e$fro'f isc. DperaLions jlxpenses of ],lisc. Operat,ions

? 3 'O37,51+6.2+ " 31837r29O,97 Le (\ tr y/ a/ ta r y | , t . , 1 1 \ 1o(a (,.1 "") 3 ,370.823,,.42 4.329,364.3t+ ---L,U-Z2Z::.:,=;L

^., ^, (692,L6t+.Ln) *:J3-Lz4b:,9^)

(t+92,o73.37)â&#x201A;Ź ' l A a r'r'r 5?,559.,37 -\j=j-z-l:!=:/ L

1 " / 9 , |

"/oA (o / v . . ' '

ooA l4l

m-a^1

7LtZ+5,882.91+ F(r,071r004.04) 1}(2,316,886.98) P 2701026.r0 p (6t*,378.9L) 2O5,6t+7 ? .Ig

rOIaI

^*^-^+.:-uperaLang

r -LnCOme

Net Incoiae (or toss )

Fl.075.090.U

e?e,ec'9.9?)P $l+9'632,71t)

(865.356,e5) P 2.0/+6,850.s8) P.r.18r.504.03

To'r,al Ueductions fron Gross IrnconeP I ,7 2L .?\l+ .9O

l.tiscellaneous Operating Inc o'oe

GiTOSS ITICI]":E: DMUC'IIONSFIIO]VI P Cars-Debit BalarceV Hire of l'reiglt 42r7!2.9O L1634,L32.CA lnterest on ]i\rnded Debt fnterest on Unfunded lJebt 44.400.00

L3,O56,t+l

Il',lCO]E: , lioli-O?"!xi/\1]-tliG It Gross Inco'ne (or Loss )

245'7a1,62 p

rtailway Tax Accruals Unco]-lectiblo itailway ltevenues

llet ltevenue fron l{isc. Operations .:'} / """ )JA nA\ P t+5,563.r9 Taxes on l4isc. Operatirrg froperty o

9182,265.58

FLl '9l2tt+92.L8

39,892.70

rt634'v2.oo 44,400.00

v r,7L8,424.70 ts

2.820.20

P(2.586.60r.?5)FJL3!L?el:@PrJ?g'692'e2

tru SF;\

-'\-"4

:$i

IBO}'IT AND LOSS STATSME]'IT July to DeJanuary to ceober. 195O June. 195I

D e t a i l s

1N0oMg 0FEIiATI}IG: Rai]-way Operating lncone-**'-*--7l r78or309.y1 ? 9t9iJ+J+h7.79 8.|16,6gh,757'.76 Revenr:es fron }[isc. Oper.xticns-r.368.636.00 3.o37.5h6.2i+ p]:o,583,356.O3 Total Oporating Income -----W'W8'91+7.97 9,?32;A4.q l{ON-OPtt}Lq,TINGl Non-operating Inc cne lLI.L27.23 9U.2L9.96 TOTALINCOI'E $XPJII{SES OPilt*Tl.lG: ltai-lway operating Erpenses ----- P6,6d4rag?.91 P B,LBTrz75.gg p]2r128,r63.60 lxpenses of Misc. Operatirns --- L.'172.3O$.72 L.t98.522JA 3'J7A|823..A2

Totat Operating Expenses--PlQr1!}?-.1SJ2 Tax Accrarals - Itaihray -----*---.F Tax Accruals - Misc. 0perations

rotal ------leductions

FtO.0St,?98.29 ?"O.4gS

L22r55h.73 3 2O.529,5e

--e__143-rgzr!A

fron Gross Income --*?

-------------gj!4ggg.a :wJrAr. uL'rlrr'islrs

of ttre operating

for 1950-51 i-nto two 6 nonths period.s, i.e., It witl

from J'ly

258,758.A3 b5,563.r9 3Ol+.32L.22

"JJ2r-,%*.29

WgrL,Z%

e--g]qgJ€)

The above statement shows the di\lision

and from Janrrary to June, Ipfj_,

AAr. A(o ("

prlrlgz@rz

---€ggAJgg)

r;urLoss a

L36,t93.3o 25,O33.6L

e&Jgfug*#) resulta

to Decenrber,l!!0,

be noted that. whereas the net

loss for the JuLy-Decesllber,lpJO perj-od was y2,L73,7CO.2g, the nei loss for the January-June, lpfl,

period was only fii2r901.46.

the Con;.'anyts cash position

by more than pZr000rOOO. This is consid.ered

to be a, notable achievement and was the result put into

effect

begjming

This Jmproved

of the econong,measures

Januarl' L, Lg5L, includirg:

lietirenent clf emplo)/ee6 due to old age or tho se afflicted with tubercuLosis, as rqel_l es enployees who offered to retire voluntari\y and r*hose services co."l1dbe si:ared. 2. iieducticn of per diears Ay fi_t/3fi. reduction ln salaries according to the follorui-ng J. General 'l l.

a a

c ag

Jfi from Ff21i00 to F160.OO -per month tt rl Lgfr 16l.00 to ioo.oo " l L5'i 60r,110 Lo e33.33 | zofi 833.31+and up; pro!:ided that ln no case the mininuq salary ln one grad.e shall not be less than the maxirnumin a 1o+er grade] j-n the budget alLotment s for nateriels Reduction 4. .r.d *i"_ cellaneous expenses.

t l

- 5 o ll

llaiir'ray Opâ&#x201A;Źrating Revenues - lhe fo]lowing railway

operating

as coinpareCwith

table

revenue$ by sources for the fiscal figures

ffi,<g

tox l9l+9-5t.

a 'l o(n-c l =-!-z:---zz

? 61796\O7B.O9" 6,577,665.94 ?2L&,t+]"'2.L5 6,983,A22.82 t+L7,6]-5,58 7,4tvJr638.4il

Freight Passenger

L,76n,U39.4A 265,OgA,LO

r',131I

Other Operating Rel'enues

-1r v A<h . ' v t 1 r t1'2.o .t'

,11

1lor30L.?t

(L,1+5,38I

266,635.?8 t+35,O29.93

472,5ll.t+5

!'+

"L6, 69tr,ir? .? 6 ?L5r9L2,t+92.L8 ?l e2,265. 5B

T o t a l Sreight Hevenues -

the incre-ase in freight

fron an increase in the volume of traffic to a total

Increase or ])ecrease

L949-50

of 83911-82tons.

revenues resulted

of !Or!15 tons,

Sugar cane and centri.flrgal

or l..z.\rfi,

sugar hauled.

represenied a conbined ijr'crease of more than lLSrOOo tons over 1!{!1950 as a result

a r!

of further

inproved crop cono.itions.

of the sugar industry

rehabil"itaticn

Copra tonnage nore than doubled.

and cenent shipm.ents were in considerably a reflection

of }ess constmction

and

Lunber

lower vol-ume probably as

underLaken duning the last fiscal

year. ?{sgenlier i'levenues sf W ,l+00,638.40 lrere obtained frorc the carryi.rg at 6,74217?0 passen6ers, an jncrease ot fl+I J+53t or 8.gf , over 1949-50. way conpetition,

This improvansrt nay be asclibed

to decreaserl high-

the fact that the new passenger coaches from the

United States and Jap.n were i"n use Curing the full

and a c onsiderable improvement in conditions

of lpl{F5l,

12 nonths period

and order i-n raiiroad

of peace

territory.

Hailway OperatinA Expenses - ltre follov-ing statenent the fiscal

of the specific

iterns of reilway

ls a cornparativâ&#x201A;Ź

operating

expenses for

years I?5O-5I and L949-rO. I q5.)-qt =az=.J= 5+.rr.rctures-.Fr?t t t e(t( a o/ va, to. t ' ? 1

Increase of Decrease'

t*1. At (o.r 1 a ? h'O2L'536.1+9 2,ILB,73g.L2 2rO87 3I'613.5t+ ,L25,58 ?01"r161.31 576,s89.26 L2+rn2.o5 89,630.t9 /\ Ja- Lr t ).r-.a, ... V M \I J 78,349.L2 9,O3L1582.25 9 tl+80rl+zL'.95 (4&6,839,.? L,630,65O.O5 LrL87,725.22 142,92J..83

I'faltrtenance of iiay and l4aint enance of triquiprnent Depreciation of liqu-ipment Traffic Transporlation-itai1 Line Generallbansportation for lnvestnent-Credit

T o tal

1 0/,a-<n =.crJ---.27

8,733,64 - -

\1+!

.'v

e 336..s9) l_8. o?0.53

p(3O5,981.0O ?17,128,163.e0 pl7r43t+rO4/,.80

F_ 6 nailway operatixg lljlpenses lt€re favorably affected by measures of ec onomyadopted the last ticularly

in salaries

a reduction

fron 5 to 2t)1, and the granting

pa.T-

hal-f of the fisca.l year,

and \4ages on a graduated scale of retirenent

to eroFloil.ees$ith

long service, i,iiscellaneous

Operations - These conprise the high$ay txans-

Line and Hindanao l'{otor Ljne. dation.

Luzon j.'us

l-ines of the Uorirpany,tlie Benguet Auio Line,

portation

is in process of liqui-

The latter

Both revenues and errpenses were ccnsiderebly

durj-ng 1949-50 becer.useof the difflculty due to shortage of tires

transportation

serluent curtail$ent

of bus and tmck

of carrying

lclt€r than on hlg-tlway

and spar€ parts and con-

runs.

Deductj-ons from Gro6s Income comprise principal-Iy

GovLInaent.

teres+- and i-rrterest on obligat:r-ocs to the ihilippine t

bond in-

Irret toss of Y2rJ86r6AL.75 was a decrease of ?LrL7g168).93 fron the net loss for L949-5O.

This nas not a cash 1oss, as it

was arri"ved

at after

charges for depreclatiou

and retirqrents

cellaneous property and def€rred interest held ln ringland pending further

on railway

and nis-

payments on the !$ bonds

negotlations

for a settlanent

u:ith

the Jlnglish Corlpany. Financi-ng - iJue to lack of l'unds of the I'lat 1ona1 Governmont no fomral financir'r.g was urderta"iten by the Conparq' during the past year. Previously, overdraft

O a

so-cal-led deficit

filancilg

li-ne extended by the ;-hllippine

i:ng which the cash deficit Y2r374,L3L.b2.

had been resorted. to and an tlational

as of ljecenber 3I, L950, amounted to

However, with the implernentation effective

L, L)JL, of the econorqymeasures as previously po6ition

Bank, notwithstand-

referred

to,

January lhe cash

was iuproved to the e:<tent of P:2|Q6O r55L.01 as of June JO,

L951,, which is a very narked lmprovenent to be acconplished in so short a time. Est jretes financial

have been prepa.red i.l-ith the obJective of obtaining

aid fron the i:]CAl-n the araount of i2roo0r000

for the firs!

ls understood that final

year, but lt

to the ib.nlla ilailroad

the alLotnent

Ccnparqyis being postponed pend-

lng a survey of the property by representatlves

of the ECA and a

fjrdings,

of thel"

repori

of the

deteltlnation

llecoroi:endations : l-. Referonce ls nade to the recoumendation in

workilg

ment projects

curtent

is essentiaL in order that

lhis

capital.

nay be rnet pronptly

funds.

steps be teken to provide e flrnd for

annusl reporb that

the last

and to carry

ion and improve-

rehabill-tat

on nlnor

which have been helo ln abeyance because of lack of of the Cor0panyhas been Sravoly lmpaired because

the credit

of delays in naking pa,yrnentsfor operating naterjalE t'.ration

can only be net by proqiding

of at least

cototr*try oan on\y be alleviated

CompargrriLL physical

requires

the investnent

such capital

Tbe financial

Goverrunent and thnr

of new cepilral in consider-

is provlded the opelations

prblic.

and

of claj-ns by the Philippine

settloment

ltre autlrority

of the

given by the

agslstance heretofore

the property

to restore

pre-war basLs, aJtd rleet the lncreasi-ng xequireaents

and the traveling

the

by a broad sca'le progra,'J of, nodern-

lr{ar DamageConmission has prove.L insufficient to its

confrontjng

continue to be conducted under serious finencial

handiceps.

Philippine

to the exbent

of new roJ.llng stock and other facilities.

and q€quisition

able rnounts and untll

3i-

peeos.

5 nlllion

This necessaril;r

and this

ldorklng capital

2. Srr:n a long range standpoi.nt the situation

ization

obligatione

of ehippers

for such new finencing

already provided by Act No. 4?0, authorlzing

the l4anila liailroad

Conpaqr to incur an indebtedness up to the anount of g[lroOOrffi Line extension and othef capital anticipa.ted loccnotives,

that the ecquisj.tion

improveurents, and it of new rolhng

and other improved facllities

to show EubstantiaL net eafiljxgs

Ln future

stock,

for

j-s confidentJlr particirlarly

wi.lL enable the Company years.

'€J"T?g u1 se3el1oc rsJa;oqe1 3u11s'ixa 3r;+ oX s oi 1TTTcirJ 13TTc+ qsnTJ pu3 L|,+eq/JauoTqlrirlsucc (T I T enPTAi fiul r 3AT"{ (p) 30.1i11 s-t-T sJ3;oqe1 c soiello I 6e J?T??, ' cTuTTO

betzlei:

-i {c) e s n c l ; 3 r r T l o T q t 3 - 'E I-e r { p 3 } l e c l u T z ' o l : c tiaeleT ps3E aq'T, (ci) cTuaqs3l.I s,rsq,renb s r . e J€ te !. u! 1ue1s-5ssy eq; {e)

(0T-g)

3sncq s r lu 3pu3?uTJsing

:Jo SuTTTaponeli (CT 'Tlr ia 1e eFpltil

dalreg

3q^+ So JT€r3ir: (4)

" asnol:i .r31 -T]{i 31i+ O1 f;cte,roqeT 3q? Jc JsJSr-1"e;l pl-ry {i) ,era1e;,psoJ A3l1 (q) A a u 3 u + 0 1 e 1 ? 3 + e ( "rlol.ross:'-'. srqcTE oN +e J3.'+cI gr:ie:Iul 3il:I Jo s';;op eq; (e) !J.

t I

Ucr-! + t n ,ii1s r,1c3 {u

. puncC;rrc Sril +€ 3 so .i3to JJt ( CJpunc,rI pue [iuTFTi:r:. uia.l dBu'fpT-!,ri: d]J3t.c, Jd 3:il:pTT-.1: si.crlg 3q+ uo3AXsq ,(?Apeo; ir-i1 Jc ?u111eqdsq (1, .3CIA

-;39

al+ r:;t f orls ;oTJJ3 p3s?.1;f,ur lnt:qe 1ri8nc;q

'3J-re!

-ai

ser-l sTqIr

I l - 3 5 a . CI J 3 l 4 CL r e D ; ' ] D : ; 1 S : - ' 1 ' 1 3 a - 1 : . '3 ' : . ( 7

L i c i -i . # { f + ' r C

p3TT?j'': olil

'p31T qeLlLIli"jn sr-l]:?i:' ' ( e-i-i,,-' ' 3ti} q}II'i uollliec:.:l

;o {151 3Li+ ui s3u!T ien3s TTe Jc 3u-ri;eo1l eI.+ u(T}eJ -eqTT scllrs al'r'i:| XsJrt 31i1 J.J p3+31dtr.c a^e'q ai{ (5 ' c + e ' s a A T ; n ' s 1 u e . . n , . r ,e , r ; g : ( s : C . r ' : a r i l u T s l i B 3 l J c t ^ G - '( tq r- ,d t . l l - sr L - r J j + ? I \ p - ' 1 U a C C C 3 Ui::. J T ? \ - . 3 ; S l " ! p 3 r t , T : j- . { } A oliinTca a'i1] gc Lic;1enij3i- ol;1 por.tsT-idriicccE3n€i-r,3t. ft

Jk.

'e3ie \JL s i s o : ! J 3 . \ c .; Jc 3s:1 3:1 Ui u ! a J l 3 r l . . i . + : i l q ? J ; T r{3t1 aq1 o1 a[:iTi A:io$oca a'.1,+,; p3fTrr.snJ uclry'r (ui:lr rr.{rZ r r + 1 T3 " 1 ' tt i o J J 3 J . . s a - r . r l q 3 1 L , ( 3 i l . ' 3 t r 2 s + T n ; ' . . ' . ' _ r ? r 3Vtr 3 r o u c l l . c r u u c c p u 3 e 3 J 3 ' 1 c s T p = L ' ' 1p. : ? r t e - u . oe n e q e . ' ( f . Je llr alll. q ? a J u r s p 3 u o l ,j ? q e p u ? 0 t 6 T u - ! p 3 + c r " J 1 s u c . J o l i € 3 , r q ? n c o -ur31sf.c AJtA.iss Jsi.\3il {;elTu?E: eul.f '€+! 31.1:1" ser4 r{c;rir{ J c J F a u o c . 3 . ^ ? q c r { t ? T ; l n c 8 u i : ; . , n , -a l l } J o u c T ? ? T T e l s r : r 9r1X.pue T13Jlf.a n6u ALif JC uoT?elor',cc 3i.lt J-"+"rY (e 'uOI o1 rr! uc.r3 3u1i.ta.i s::tt1 J3i435 l{ru Jc SJ3leU TesLL.T f?itrr pSpuS+)r3 3A?-',iol'1 'suTeir- ac,t.' 1.1o',1sI'e Jc sr-jtrl3,n Ie sv,'t:LtSStrl oq ucTxrpp? ug '1,rc;-er Tenuus Jno Jo :lxl') 3ti1 r.l! pr+?T

-no3:I

iTi,:

'p1c;

o : ) 1 r . t 1r . - . c ,j . i 3 L I ' : " ' r ? J 5 3 7 r 5

/!3u Jc sJ3+3!J Teeui-l tOT"81 p3+cnJlsuol

f : r 1 6 ; L i . s u - f4 i r

sAeLl 3lr. (t

! laTJlsT[ 3{.1+Jc suoT+37 - T s + s u " t J S U 1 o p u e s u c r + a A ; a s 3 ; o u . 1 .' s a c l n J a s J 3 J " 1 3psu e I I 9 J n J S U c l = n e - 1 U C T U T LS ? u A I r , 3 A O J d u T J 3 + e : ' 1 .3 I i 1 3 u 1 n O ; c " , . p " . i J s + J 3 i o " : . S u t t ' , c 1 1 - . ; 3 r j + p 3 q s r T C ; L c c J 9 s A ? 1 . {o l :

ffi

T t61 ' c55I aea;, TersTd t3f !-fSf O Hg'tril lJ.lT0r{OE,trgd

.3noz oTocrTxlrilarl+ uT JsleA p3lrjnc oceun a . . l T l i J : .x 3 0

J3pJC UT JA1e,\ JO UOT+cI'fftsuoc

u.:1s{s8ut ctqi'r r q ' r ''ru:1sf,s ric :..i 1 1 3 s !gr 1iu1e3e s : 1 e 3 a 1ei -!u r = i c + il:i rsio+ T q 3rl.r To e:Pd1'nd

*iMr r - f 3 r r ru€Tss?"rg nTnaT.lrl$| -dir.md TTaji 1 o - ! - < : : 1 , r oTciiI+ut

ell? Jo. a;Eoirin

oq+ a;nses-rr c+ L+r'|La( T'{ }e pus pafualg ,r9 '.:e1e.,1;e?e euo uoT+eTTelsuT aq; ( e ) -"i Jo ,,Js8peg,, ' sc.ioq$ aq+ Jo uoT4EJecl,oaql uT {cue1c1;,1is aql 8ulses;rcuT o} uoT+Tppe u-! rqT+e3J: +Scc JO0,€TSulcnpa; snql ( ui:rll+ psaJql e-J 3ules uT 1e pIJe spuoaes .t? cf , +nJ o1 sT 6 s p u c c : s 0 T u T a z " i s t 7 , c 4 n ? / I '-s 3 o ' i c-ali+ o u T i { c e , ls T q , t r ' 9 6 ' + , , 1 L ' 1 : 1 e ' s a : C s e t ' ' T d 's"{ i uZ c1 ud-,11pi":e-speeq aj:C.8u-lil3cr0-uo ( 3u0 (1) g q+Tn 3+31cuoc 'arild leecd eu.cqce-ril

-ffi(p) 'sFoTc Jo T€Acu;jJ aqr. uT pua sJ3:!13s,3:os.rreCa,r u T r s n & J ; \ ' 6 \ 1 " t I . 1 1 e r : r r L di 1 d , 0 0 0 6 0 € 3 u i ( Z ) nu'l ips':,rno sai; qc;qu f .' .ro+otr sncuc JtiJudg Jo

oq11"'7ge'z* oc'ra3r r'+Tcx:r ]"offi

a t

,",

'suTeri pue J 3 + e A ( , , . ) ' r rT\ 3 3 1 S3 u T 1 u o J T l s e ) r ? T p u ? r r C T' 1 ! Jo - + n c a + € 1 I T T 3 € Jo 1 ' t Z ' e \ L ' \ * Jo ?scJ lelc? ( e + e p s i s . : 3 d o p r j s q s e u l r i c : ] t 3 u r 1 1 n 5 o A ! T (1Z ) pu?:ssdTd sJTA.iss pu€ suTe"L| uT Sr4e31 plle s 3 c . - r ( ;p ) r J J r . o - 3 : o r c e l i r l c e x l

s q + 3 + € c o 1o q i z E ' T 6 t 6 T + J c + s o c e + e l T u i l ;o+ca13c {" 3T sdccgl-ii 0-6rr gci:lI Jc ?3s auf (T)

- 6iEETE-?ffi5i=T

(q)

'lcTrxsTG 3rl+ ;c iluTTi Te+u3c 3U? azr'1Jor.o!o . :{ p : A r 3 s 3 A E Lqr tc l q n t 0 0 ' ^ t L ' z F , r a r : 1 : r 3 o + T3e- 1! + s c c ' c 4 : c e - \ T 3 p c . 6. suaualg 6s.rleqc Teluop cr.ll - UoTST,I\I0T€ rrpa],J (e )

! act^i3s 3rl+ Jc ,tcue1c1:;a a!1 asa)JJuI rtTpa+qropur'.TTrrt lic:qr/r lu3: :dTr.L\3 SuTJ4oT LoJ sr..i1p:,r1nbce o t,r.'.:eeii lcas-r.1-sq1 3u1*n6 (?1 i ;,li;yitatr:i9r fiirrrtiodi.jl,{n l{cirisiiefit 's 3TT-llJeJ uei;l aJcit! 001'a : Tc 'ouTJtnt e ? e p c i . - l : . o c coe1 p a u F r s e p ( l t + I c u o z a : . 1 " r " - ' , . T 'us| cTJJe€i .1T t TDar nr!a " * - c-D-\-r ^-1- J 1 e s l c e f o ; d S L l T s n c H+ s o C Aqt 3' q1ox sscT^Jes Jalrss ptle I31?Iir 3q+ p3pu3+xB (81 'T3d€ql e Se 3ut!+ sites 3i1+ le pssn 3q TT!A itr3'!r-trIleJeT -efi ?e 3u1p11ng TTel.:TeTccs 3ri+ Jo ucT+cn.i+succ ( {.r-l 'eJeT?g

L B S l U S , r r L 3 A c ;, . :; . { , : c l i t t e S

penuTluoc pue ssTliTTceJ TeucT?e3rc:jr T?rjorl-rppv (tI ' s 3 q c rT r sJ3JoqET sc;.{+e-T-T e T 'saLic -elc.i:l uT salalloc

-rTeAo p3+Je+s !1330, ser-{ I.I Xe {ror} I9tTii,Ts ? ' o o r .ma?sff pi,e liuBJ JJoq:"I (p) ePe.re,'rag I ocil . s,re1.:enb r sJeJaqeT (c) cocil . s,r:1;:nb s tuei.,g.r..{ (q) . o o 1 ( s , r a 1 , r e n bs , J 3 3 r r 3 u g ( e )

:Jo ucTlcnJ+suoc (eT - 7 -

:a*

{ l|

Tri]l$i'l

xTllqns dllnJlcads 38 . /tceinoce pue pasds e,rlnb -3J pue s:ssscc-*.] sn.nuT?Lr.ccJc 3Je uoTsTATp sTrl+ uT {;rcrr a ' . : l J c s 3 s ? : t r o . 3 s e i l i ' t e p e s o n + ^ s0 c 0 ' t . o ^ +o o 9 o : o ; ; a 3 t t e . r q c T q r ' is c _ n l s p 1 : , i p ' . r r s u c ! + c : I T C r f 1 1 e p 3 0 S u i a u : 1 e q 3 q + J o J t C + , ' f + , 9 ' f 1 3 c l s o c T e l c + E 1 e I p : 1 e . r a ' j t , ( T T ? c r J + c 3 T q' s a u l T - l c -D u _- Tr

H u ur r! ryr v. rj n J r

tD t..'T. Lguuts+n_i

t,v.1q[

Lru!-

!r!!u

)' u l I !' rLTLT! -r -r

{Tll \q,/

'su11 uo - s1,rod ''c+3 6slrodag 1e1c *e,r s T r t r + S u T T q € u a r o p u s J o x u o T s T ^ T p -ueuT.d ssecuele6i TBt,:J Jc uc11=.rerisa,-r. 3ii? uT p3sn 3ii TTT}"{ 3 u T L l c ? ; s. r , q l _ ' 9 \ ' \ ) Z ' t + J c + s c c 3 + r , i 1 ! c e 4 : - - r, s u r m T . c 0 T J c 3 u ! q c ? : ' E u T p p Y 3 u f - u c T s T ^ I f l E i . i T + u n c J c v( . ) 's+ue1ti a'IITJ 3tt+ uT elft] c1 glrr:T? ,! tuclstrr-51r rJ;; .errTpnTc auop s.Ile uloJI 4..*** ^, snoeue-iI3csTiri uT p3srr. eI.l+ nq 1iJc - EuTpT3A ' 0 0 ' O g f t e , : ! ; o + s c c € l e J 3 F T 3 - :a r q e + J o d 3 ' t a ( [ )

il.

:,{i:^^aI:"11_"Y" -:1":1"

a 1 ? J n c c e ; u T + 1 f L , q r . su T s + s t r u s r { cJ n c o T s r l "trole;cq?T rno roJ o1'oo9'I.4 ' lTTr{ +I 63cu?Teij au6 (Z) Jo lsoc e +e TEc-!:IdTer"TT 'rll3+sIs,ls,n-c;i o c 1a.t.:srix so 3JnTTeJ Jo 3s?c u1 .rc sesac .{cue' - J O u r 3J o J . 0 0 ' ! T O t 9 4 * + o + s o D T E l c ? e ? € . d . r B u c T + e ? g{ r o + e . r s u o { )c : ! r + r a T ! T o s s T C e u O ( T )

*'*

(r)

. u 3 l s f s u o T + n q T r + s T p3 r i + u I e s . i E u T e l J 3 c grc 3u1.r;1ensp sucTsecco ecllce.rcl qclqlr s 3 A T e A 3 u 1 1 s 1 x e S u T s o T cJ c { l T s s 3 r a u eql +ncrilTfl po+c3JJ3 sq. ,{e,. Fulc.Caf .suT?n rg Fue '] (rr\ .JoJ 00:tt/12+ Jo +soc Te+o+ E 1e au.tuc:i1 Surc-rl.e; paresi psle.racio pueLI Jo +3s suO (Z) rtrXTurg ' € T ' 2 0 0 . n € J c J s o TJ o s s s c c e .^ a-.e b uTpnTcuT l { J e s s o J g u I l e p u . ? r- r- lo^+^ ,c. .r { J- -T Opli r,{eg sdTd cTleirnoud atqelJcd eu6 11;

(..}IlRi

-ffi(e)

ffi

Uglt0d TfNOIJVII

SHI

* t a

( s?ueuqsTIduroccv ) - NOI,1yUOdUOC d0 ,lSOdSUIVflNNVlHI l:nUd SICVU.L)F

ffi

gr€ 616I .t161 .ft6t rot s.&gui frcF)6Tnrt6 r.|rTqeauihoa cqi e4r{8 'p5d*r .&16r.ueeq Gq{ I a&qf r! unoqr rn t?6T rrl nst*s.reqTf aql .oq;if &1*pu1

.r.!od oTrloetr

1ros[ iq1 to m.r$6rd eq1 q8noq1T? '{r1&rso 6q? {qt uoTXrsn?f8}stput

$rf.:dea1q taa rrf pep1alr? €q tr*r*d qoT*{ Jo lmudoqel.ep aq1 .eagr aTJlc$Tgerpdq snoTJrt eql era eJoJaJeqt eTqr[TEAr $t3rtros "mod ugw erNi . rT?sTslldo .d,rea.rerddr tou oF stlasar eql rqt oc $rq s|r** rol ua :+rfo:r ueeq peq eoa;noeoJ go e1q1*ul -lqXqard lTTlf psps.

sT TEoc Jio eoT&i sril 3?u.d6l.esF

Jo itoT{,rjoT,*q{ l?alrmooe

.e"a!1

I I It

ir$orIi uf

Scgeq ela r1.r.Jdr g8rc$l1r p{r" rp*rg rood Js o,Jr"stc.rnge$r

Tlso TRroT aqg a.Jrnod pur Te$t 3;o uetrrl,roed oql €T d.rlEtllnrT Ja f-r?tsroc .ql Frn JrF BuTpTtnq lrt to?3cJ cTsaq e& llql ?tle Fluld rTtroEooe.q1 uc '$rods{ e}T try uolssrd TIsg aql

,o xiifdolcrpp

/l .rolTlnv

raral op oltrftri1

rrI.i a

.roJn6?r.r;,*J.rt"+$Jref., trmq&nreBr; ortltf[s?a ..rlt

..leEens!{lr.relbc lle?GTf;cv 'urTqr? .jt sc@tld rq .{r$Elmll

1e":atail tteagl.rpog

:eJa uolt".rodroo

.g uo!6nd

.r}l

$rli Je Nr[stcTJJo er{J,

'cg6l .6f etn4' o1 dn sa1g.;o Jc ruel

.rc@i{

tceplwrxog

opl"ripg

..r&

'tg6r itt

t(1 ;raqogo6 o1 da eol;,;o Jo ruro? - "terpp$ .op,rea11o4 T.burti.rn ?66T r$t 6unJ' o? dn oc1;3:o jo uu6tr - ;o6!{

& .y TF$,& .r{I

[$6t 'T q"t*'n''," o? rrn ssTJJo Jo ers? * trsrrrT,rn{3 sa3}. rs{"fl .ri IsTJq€S .J$

'sr6T r$d ru3

crtr dl ro1;;o

! e{oTToJ t" *Ie

Jd Et.rsl - trellrTrrr{C .Xytdn1s{ t1;slog .sol{ p€?tr1.}1.aw.c 1r&eo;d *f

3? rhralta.tT0 tE i\reos

- E *

' r :

,!r^tf dT.ql ffi

rnrd.*ry r lnio6

q s{rirerd srtr tc'f1ggtbrr

pTq| rrgis

&nd xwl?{sn

lffq8r[?

{wftr*$r

tlil sEF.ffi .ts[tnsr lI 8td

rtl t* *gt&&rsle ql .*nrl {r^1fl!J.;o3ed

I prter.

8stat .q, tE* $n

..&r$n€o .rtt to solrr.

rfiq $eTll!..dao

ot {sr {.rno qt

qI Jo td

-tirrrp 3r9 01 arT4ilrmo ?s|r f[ rpun sTlITT.q, tFrs Io srry4ttwet p.{sttqn sr . ftE ld Sllftbrm8 oTrtr.Tt IIr to sl$rnrrf llae .ffg6 lr|l pm f,11ordra ?.nq|[If lttrl .gf 3o ..ttrrgprel ffT .rot Fe!Srna6,*fwrel Jo lryqrf ql l|qt Itr pq rlqqffit .tr'r y .TF eqreq ptlr !r-s pr$*t -rJr {|.d rE!,|rr.nl !}eqd *rmrrr

a t

-trtr\t llr |}'rr rqr s{rt slnqd qrFaq lrf .rt ttrg soqf .fi tu.?gl to &Ia,rfu 3gt?lrdr8 t|te}.la ,0 .morggo.g ,o Bqlltld.al g[t Jf*tl $T& rr*fit leliFlrt

e(n Jo fr.t

&lr.

.|D*.{d\r,

r.(ilr

af ..lTot{f.c!r Io rtlrsbg q1 p&fur lTln$rr *ear.d &rJrqoA.l {nF{r .fls xql 3!q* osxr *x .T*1o1 ftn tc ts.f€ .o ..c$.&r e*rto.[| tIFf snr gt{ &b r.i4uroo or{1,p rrTlTr Fr aicit tsGt *n rx1ddg6q4 rq1 r4 &4mpy .td *?rlo.!| trl .Is tttq? |rqr *o e$rfl

t I

q,n6rd.ql

Jb udlts+rs$rd

I rS I gtqS

ftoFdi.S

.r.ra3St aolt&mw Inlr6

'9q8Tq rFF trr.3 .aBq .tnrGI pffi ufpr*

r|rglmo

req14 .S6I ur rtr!&!$q{

eft I! rrrr

Jo r11& Ct

ilt|

sp.ll

Ie n|r

a||lt sor l'

tlttri.st8

rrlR,

.qlil en

rfit .oFF$II sls*d -

t*mnq-1X*1pi .{ilrl$.

dsdrf

Io s!q&&o

Il$ts:s s+Xdro rrd UjtX S.!g oqt ss|4l. (/_) mr.t Jo p?[fl

rllr^It$rdr}! uj ncrglrrru8 rrst

f.g? D* rltr

1rsaril por Jlprdr*

.*S3g Jo ria.L*$

6"f llpo

6951

.!.d rq1 rlrrrrlq

rffro

ur ro tg561 .&Sr{*ro11l

6fr.jg1

po:s t?6I uf 4t*m ergl*|aS S4/".6 rrlr Jllerde ?.ry .qI .SFtt lo *Brir!{r$ E| .Ot6t ut rltr|.'TFl SOft6 ps t.l6l af .ltn .dfl{

t4g.trl

nr l1prfu

8? 'J|rd

Ssfir!3b$

rqt rrllrn

oI.r|,il0o&It|

!r; t|,rTclJrp il*rs6

.{q s}

r{ry+ (066I

T(?Sr sf flryddttnfl

-t-

-O

I ln Bne&nroo.q1

.Itddrr.*.d !* &,}l *r|r?5.Gt --x;e

fi!

lrLq

rEwdl'

EI r*.qre *tt!t|0

ilq nmrm.fr9

F! dr|r @t

|rr m*

sFa|rr p...d

rmd.Icrflpf

S$r kq qrtt$6

3ll J'o dtrFtD

rq1 p1r !F erffilr

t$ffiSl

|.ryl r.r.r

.msd rO *It

Et|i,

E Ff

11 rqgped.sg

{tlLlln

tz. qFrn gddll

|!il.q Jo &$$ .q? rq, r!{l[!rar ?m s|l Sg.Srod qr .?e.fwd rfq? h{ .l.ltrrlal r.A.f{,

Jtr

pol11ppr

fa{qrd

Gli n{t

te {|{n qgRet .ry

imrr

rqi rn tTIr $cF* ,lrld

einl*l Trs.ll

'ryrg tlr{ilO

rltE

3|? *ry

.drlr

J$r!..toqr

Jf rtTr$rq ^i}|ar'

ry1 &ga EffI|[

,o |td r.tr?tl fin roqr prfru4 .'{nrf*€ 3rn qltr naqr.aE

ls slqrlslls

!$ il|ld

tft#!b.

'[llt

*rfil

11!rE te inlp tE[1 rra ri'l

q1 q &grpq

,r rt .u.srflFl.ril

a t

rql

S4lA e

1'*r!{

fa Jl3 .{rr.rya il lllpr {fu6t

Bt&lragl

tcl

rn ,| r$f

rrq uoTl*c.ll|0 *d Tnsnill rd! iwnrlnd.g q{l |t3 E3r!|er wf* t rrgtrlryod ql .cff*rt rtt Fd. F! .{rs,*d

.{nd

tQn

.s!r!d}r rn !E ooott i|l ItrI*t&

!.it*l.{.s.?eu

.q* sro p.Jrrtt{or .lilfed

,rS€

Gn '!ir ql Fr rb|r -ilFur tr Js rsrlr.p .{pry.Ar e

.fir*r

rldf a

I qlpr

trli}t

c ta ryF1a&ignra

ill

fls

ilrFa

r.ffir

laln

.trfFrf

rfl..r.l

Ftr.t a|}t

q &fr*rl

qrJ:In* Efsffi Jo iuql mo.m rdqcrc c1 $iltd .rtr 0mt0' 3r $pdr r qlar.lrt.|ilcl FrTI:rrq tfniF[ |rr sftr$ Gttn"I r{ql - in^lg *$f rry* l' t{tq{

trflpp 6 {frr

o*rFff

8gt'f.ra

qq ffiE r;flE rtgl ts ege.r?mo tgrld rlrl5113 ql Je Ste qtro, lrt {ootfi .ql ng.d e1 14{rd !g'*ng{ jrr,t{ lffI .ql t?lTarn Xr cfnSrg .w1 rrrslrnni tat€r5 1r.r1urg tsfr*K

{HS}G6g qt f* ||d!rg

lg! norq q G*I r*rl t aft|rgJ.ts!{ irJ.s {r+ 3Gt?q|{l&. pr' itrtt

Ff pqrtn{od ftrop

ftc

drr^.ry|

apjtbm

ttlp fFt OOOtffi 3a.$gordrr llist

r tt!.

-&-

]

-crF*

oilttrqrf

.q{ar4

;llrflttrr{

Fr ^'f*

rEFUf.ro q.lrX rgrf*r4

friltr{ sr*lH!r|r$& {oTllr.(lg,lryl B Jb Eorler*ac t rr[ sttiL Fr 'wqd cl*qsftroaax tfiryrO.q* ;g Ffg6so F rryll{Rflrl -ap*

tqrU

-â&#x201A;Źo[.oafi

s1.133I.aiFIg g .oi *IW u|.rrT|c

.ql ro |rqtlr*

1roa;l ryt &t !o$l*!odta{ snd

rq1 p wpl|rCc to p?.Jr|E|

1t6F}qrq*

rpH

Ir6lrcrifi

gl tlt|ra{c

ttrrl I"C

rrll

a I a

fl}laf

ffiS

soc[I nl r.r48 i||'|ro eql !o lTta rlmgg !!r Fr .!qq w rrrd n dlng errlerrtr sf 1lqd ;ru.! r .nEsrllg trt 1f,t3( g16trf i Jo rrFlhr?Goo lrr*lf od &r,eil.d perrlad "31t cr wt4re&co .oFTlftlq|Fr ill ilrs s {g .ox qt*} |rqd tEt.$gf fiq|sr qqp ,9c,1r1tuo a.q pq srl{

.xsc.rd

eq1 ;:o rrrqd r|ql q) pq

fl rl|4

Il ot Erilrn.h

1rn 306\I g1l|r '1r.8ad Sn rl lpr l.'tlqr aDqff a{? ro {!A*r

"crl

rg fvtrd C r*f firlll 16.qgtt ;11 .ts? sJto c} r|.att!.t dl rttl

tltsdrTp

prrsnru*r

lTtD *ll lF 6F}sq

.tqntr8 lFl*rr

rile.srtt{&t GnrH$

rrf

twF}||

I a

Ir a

*lt

fr|1*r

taffllpe

ifp$ffr.

c? lcfld

-l

fffi*rf

3' r!rIl|l|&lg.q[ qr Er,

OtrI Js lFrg lrr?Fo

*|? p.48f'!tr .ctr {ft

6F|*FI

gtl I rttlr rpld

enfF

*t'ary*|nmr06

t qfTn

D1rfln.St sl*ffirof,

!&rif .{n tf! tTtfi grcrgf

rq+ *lTn !.?r!il{s

.qt lo.'

qT lr rtq tt

Jn .-o.d.qs

ort' rrq EoIlrN.d,ng {ni

rq+ qlT-r odao tl rr cr trqr$l r$rlngu ulm .rqr.ael

lsrid ss.rpetrorn.f Er t! e,nnt*1so r[* Jo lrir

fnD!frf .aITlF

t3F}Irf tr qlsi lD*[r||n tt p0 tIw

?fq.qt

.t|flir .'|t[s

lr1g1p,,

r W 1yc JlJ|illlcl?q tlrFl61l

re1r fgql

.{ff$l I tf

rcrgt

l3 l*"!rre

;r*Dlr

a ,r-\'rr_,/-.\

t^\-Zs! {9snrr9

rEl.*

0g.g{t6tTJtt trqo{ .{1 Jo lno Frn ..nqr .ql |n t F.rrrr.q

ggz

mrdtgflt€t oo6.ih9.ft

tr{r

ffiffi?r-

trBr* #'&

frrt tra

*'9s s'{tt ge ''ft€,

w'l& fr'? t#'& cdt dC eri11dfing .Fofid

0m1t6Ertr

AfuO

W*t

mr(96.tt 0fio'91,5'rg g00tt 8tTr

ooo,ggf.f,t

gfil'{mtot oealt8.6 060'56.TT

orllttffi orl pt0s .Ctruf;

s$&lrfgf 'f!g!f r$rtd

drr;ttp

trT .*rr

a tr t

'$dv

tqo.rq .rt$bqr* .r@l r*Wg tsFarl

g6r I t rt I

)

s6t

rrpqswo

an*1&g '1tffiry tllaf

pqrl

Eo Sr-lD&f

.*tt{

l?rq

ner

I wf

lfgo rn OOf.rE F&q sfe1rfg r;f!iln .r*ll rqf fllfq

rrrxft lno

rrpr

*q Ws.do rq ur

6g 6gpr9g

$rrtd rf,*grg

rq; tt

PrqvtE .u?o

Tlrt

.r4.*!G

pf_rfryf

Sr!r{r!rr|p r$nlr

Fm{groqr

t|r|Bftaf .dtre

.(rpq'er}

rf Ffqn cUF{m

efra.t ot

fr}.r*r

.tcftst.rli

..of

€ef

$re}

E 'on rrfql

qqlopcqs

r{n lct qI

tr4rl

.q? ffi

TttFFq

ii1rn

I q*.F s}?a rral

rGp

ffiTtilEr

000'Lrsrgl 000rrEf,g om'g61.! 0rl0t1tg.8

sff)hotat o(lo'6to"

0Qfi96'tr G10.66g.6r o@'6t6ror o0o.?96f6 000.{66.In

wr1tt6.a lstd drrTw' 1rrySt rq1 firXap

l*r.{r

a*fi} r.. .ep Scpq rire tsfilq toE .ffr,pqd

..oltrpr&f

T1rp.fr6

o rim .rrf

.q4 dq I.V!6&rr ]rln* rqf rq pefrmt

&! .:Trr*..r .}l |aF rlstrTrlrr eq{it

.{* tg &Xcdfte t1r J.*fr.r:.mg

| 1r s6ado

I ftrfjlap 4d.6

ffit ffi!rrrxr

mgtffit{f

o0d'6c0.rt ofstlsgr?? oo()'6tg'et ufr'l$otcl

of.g.l&l,ul oo9r066.fi 00t'8tg'66

_ffi._-.m* ocrr*&n

rl.|t8

nrTfof Snnm

p:e It !.h

'qnr$ -ilrrr latd

gr6d rarsfirg 'rI*

sU,

loclre

rrra

tc SlTESra t:}}t

-ffi",t .rrTtt nd

f*5rr sf+d;1rs13

1o.dilr pr

eq*o

..*3e r}Fa.em{l ,t$f6rd

-rlaf

ffi

}o ,tlnrlltTt

]$r p.ta.d

i]f;!1aot

- 6 -

?ssii9

eq? qt yBos .*rr rhi[

!s,!{ 00o.6?6./,t ryr

rm SsTep,Arrrll.p

Su!.rttp S{f O€,D{.!6:t s{t

p.crerotrt

srolr}d

uqf, ltrf

Jo slloot

rn@*e{

c1 lrr,

tre8&q

rqa

cctrr.td.ry*

nTre.iT1r? Trlot

dlg6t .c!t3 c1 p.Fso.r 'rIlrr

..lrm

psr*oo

;rrl

.,ql

ep*sp itg g}or6pg.86[

.S$ pq elnqg

xrrp Lrffit1'

.drgan .ql kf.Erp .prr e$n rlernTtrrp c{1 qlfr

Jslne{tr

fTS .qf

e}TrS an il.j(

.ryt

&4arp 6:lr&eg aTrlc.lt qI|nI ql o1 .ld qJ, Jg term.F '8{r rfTqn rr& Wgt5ot-" rmr re"rlpp l.r apdee o4 prdnep iln .{r!^r.3 Do? ssTtffra qlqotd !ii$t?ro Dqr '6f 6t '09 el ?I t8aeT *rI{t!p Efr ffA.3 pclld*$ Omrnw

?s|$iGr6?r- ffi?r

ffi?,Jgr{'

?ffb?EB6iGffi+ffi

etffi tateo. l,rss*'

?6t!0' 8er$" 6It!0" a96To' fE ?o' 6&0. lfrFlo' t&€o.st

04.&trtgT 00.966*t?t oo'8tg'ltt tt'te?'e5T ,a"ttz.I&, 00'?tt9ra6t 00.3t?trgtr 00?&t?ft 00fsfr'trt ?o'1tr6'otrt oo.ttl.lfi a

6ffi1ffi B|{ffi€

o00.@.t osr99p39 000f30t1

oosta.et cm'L69'gl 000.1,o9.tt

sco.8oi.[

mo'eo5t9 06"ot't sfijrtsrg QSS'?fi',

--ffi-

Errs-ir* @ZFFa aa*Eaa1 ruxJ

Wog dtretn

.(1q$!8 ?e p.r

asTrrxr om.tc5t6 w,,?tz,g motgggrt

tr .rn

a I .

ffif

mmr-

ffmflE9m' t*ao.

9rffsn e.t&.rtt oo'Br,tg(r

898U0'

ttrO' 00'ttgrr9r !00tI?ftt o0c'986tI[ t&tm' oo.t6tt't l l&6&. 00'9trf'o?t of,p'916rS tlflo' @e+tE.gtr ooo.?lJ.Tt glftto' (Fortgg'5t 1,6'@'frl tr66ro' l,.'d€lrtll @o'6aB,o[ rt4TO. 4t"g('t4x 000,fit16 trrg6'0,t lg'!61'J.l,l { 000,f0f,.9

J? ttrldl

s.q

lrcel

.Clnnq .r..!lo.c

effir

.ilFltl.g

1rh1 Ilrf

-TF-

EFF-

@frrr.^y t rroTlct

qfin Fcrrfua

p1og .i|l!.ql

fiI

rrrolrld

oDsirf .q1 lEr ylc. lgsa

sql

aq1

,rep r$!'grr Trtoit rqt tc Si.{e r+uv1d 11 p4;E

lssitr rs N, OOgr &, tc

Fcr.o$p.fi[

.in .Io &:l 0,0916Jo &Tildle Sefpttfr ;!r -{ra8

1t16g dGrftl

prgldihr

rrldu

.r.@

..t|.r

.ql Fr4n d rqX trrgep $un qt&.J rrll Jo ,n

twg?pr

rqf ,o lt'rp

sq.ryar lpr rl;nr qFilA

aII*

prq

.ql

trrtrrreoe fllqr

qf, of finod Af&*r

ry} ITr J6 !*rr|!r? [ rF3tr.ql

S*n o@tx'drtrtrt

ff omrlpl r1sl1tl tuf*r

1g1 EO ,f0.SA lo

cglc

.rtd r!661 .0f .e{o s+ g46f

$r!ti{ rf|.rTilA

nTfrqt m.ry:pg..d rq1 sq*p.ffio

sxrlorrf, rrrq

qn rq pra

-ot-

ffi

W'L€

s?'?! yw ft'6t

tt"'s.| $5'Ert

''"LT

,0'T't

'''{tt,

36'?f &'Ll

"@ffiJ t !!Pf5 4*rg

trulsr.d

tlr$triffio

rrdtfioJ ft *n

tqil

ffi-

d'gtz't

oli'99[ 050.49t 096'rfl

otrdyr

oB'69r w.tdt sstgct mtst ffig|?fr ogg'9tr

ffi'T'rjry:rr6 r.nd

I tSfl

r(rrtt ol ptos pos;l

s6t {s6r rxl

I1TJ .q? *fiCmr

?lds

ffie-*

006t{rn oo/,rl,gl o06fttt

06d'f{r dttsir swttrl

6t6tLat oG6tr€t ogoroTl crrgrggl

otctfrr

t r. p r "'r g6: r . r n I

066r

t€t!

oum.in

tluS slln rTrrdY tPrtl .Ja*qtrl t&.m!' rlrgltq futprJg t*tq91a6 ranpldrg r1rnfty

.lF

re*-

sTllrp0

l}Eru olqr

rq1 sa5snpj&Itrrrrt F

pr €ilf{

,o lrlrytrr*EE

.q,rrgg g .e! *lq! qI TFl.t Fr p1c 6lrrr rqd fo ulpmg .sr6t ro !il odt rwglruod.no .r{od T@Ftq Frr il,g.q4 r. r{x B6 |! tt$r |.|ffe t.r|TF (gl rrur ce 'srt raErdbFg

Jtc $tr'dto rxd

!.efqFs

?m 1ffi1 aur6 qsp

rfTs .gT or llTstrt*tl

te fi dg6el of -f1,;ap1*

&rsttddn agrfd qr;:o

q1 ;o togpldroc

'|tr :lrrtd sTrqoolrorF&

? .eil *11tr,

Dur orrrq ;6

t11r*tro tqq

.$lrtd 3|? to lTtlr hTfrrrort

agT$lfpr rTq[

F.firflI

lar 1c@.r rq* Jo $on"mq*f p.'ldrorg

!ffio, q&

;o .dgndre

iql

rqt uqt l8lm

rrl

a a

erlm,p r? rlqr c

|nFn reHelrtF[ .qt qt

nrlF|t

Trn J

pg OSt 09 rq;

IXIS rsTTnr o{t s .,ral .rrd g .nd X|q| ooon J||' *l"}r J*ra1rp icrl|nt

lrql |ql o! eF .u p|oefim

w$l$tl..g

p?|1

rql lr|*

ed lilB.OI Jto.r[.d drrser r.|tt r1g1 *q

ot€Ofoa rf *rtff

.??rytH {rd O?g&.Oae} dulg.Oa tc{, Filrcc? .rrtd trfttr| r3ln.rt rql tdhd qf tsrf.hp Inrgpp4 rfttrr[S q.l ,o 1.trlr* | s? rrq$tr-.rqt

&'Tet soo? .ttE| rlq

*f$xfI|p

Fg; O6oto66.fi q1 itd aafrnre rq1 fqary rr.uF &X pr "drrrsftf r.lrprog r.lrqtpgi .rgldtg .f,1q' $, prll4qrr.l or1r rrafl qiqt (gI) nl

ln|Ft r|l?r t

.S!

rf*rTlrg

*Iqa.B

rttrlr

-tt-

rFrFtd$r

strn er*e?

o;r Wl Jo ltd;o

Jhor.tsl'r?

rrglr;anlr4 rKrr|sttru$ri

|qt tr! &cfurrlrf

T6*sass .prt1;1 *l*xg1rg

'p.ra.rdrf

ry4urd

.pe?.*rrl3lnn ..t A .*ts TsafiFrrd

c{it J:o lTBl

sqt eXqro ol ci 0ql1?r8 rqrr.I

q? lrt lrclG1alr[ .lr*

.p+*r$ro sA .^Irn

fqr fte!.r'lql

||r1 {oJ l{dral* alodg:8; y

*,&r. I[&o(b

{fluq

&r;rrp

$eod$8

rmoqlelod

oql x€

qrTqr 16tdpfe

.r{l Jlo IsrlsdD pT1r8ole" }IaIJi t|F FUtrq}EnrTrsA

a a

.ql prrltsl" st!!*oJf |ql I,{m

rq* lr sr.?ea!

lrqolqfppT

ol|qtr oq1

psTllrs rrsq Fn1 t *o ?nroc q*1rr fo.ford tqq.Iq peydnoco .atht rq1 8tr9*p p.qrg$@ .&!ft twtd $frl'elsanpdk

clol i'J tflrfirg

.ql Jc leercrdrg

not*aXTTlqrl*r

eqt rr5 {rsn sU,

t .'rl ftrjBorFlxnoTfi ryf eEfrn} gL'€tlrfll

l3n

J.rI |'Id

g{g€O.Od Fr

lclgca

lsf

.sl.t $,aqr

xr ?oatl& nrbq-?lisTtl

t{ili m,ly cft1'gf,L\

f6'e66tf?*

qm .&tr

TIg{O.Od

sBstr&rd

m6rgf6 tit,r psr&, ret .!r51 idurdnm; .3*c4

3r4*r11rp

lcr lqFgl oa${ 01 r.*o{ ts r"rr eql e.:i, Sel,?r.,p oa€{r} cqJ, fTqpl .ql to s.65 .rs Hr,t{ e?6.1?tr Jo usnt.relt T|rtot $tl ,o tro ClDf CrOr&A p.le^TTip Crrtd t .sl[ oFIq[ rgt rpci ,,ryOrri Tt4t c{l Crosqr q lgo*dro wrirn riffi'

q8noo q11* .utT ,rrli{rr&rwrt

H}I Jo

.ql ?.lotr&loc .cpm.rp pctl fi assesq.rn.qt,o

r .I4laaile -3t

!e-0*|rt IItJ

q1 ;o riqmrpt

Elm g€5tggTr? ,o uoTllse8

Arad

sl ar&.q .trI

$Ft

ilrrod iflrl $r?l? mrr6 e{1 Dqr 1t6I e,

.ffi&.flr.ro

J.(t*d

Jo qx8cu rq1 &rr*nq Tlilo4 " go trns !!,,1X

nlefe

rlrEJ Ir sTJ rq1 9ugrnp p*gg&r 11 da4rfr ql #Ztg6l.i fo ..f?T3 -?alse !.Tte1|rrg Ntrgsr8ge |q* to Sgt.6t gluo *1urea.&.r tusld E .oil

,qt .Ttrqr q.qt rrnnalt |rocl! er| crt

pvlou *l fi*

-tt-

!& rot se 66.s66.9t eF:r*r rffio s|? mI|. s$!l9*&r qf usFlxl}'rtr't? rot JffiO

rt| rnr t rr !F .q a.. Tf,Ir {stqi fi, dr|l Glilr rryf

tntrrrfllri

rl.r?rru 'r}trtr |rn .ral FlFilET

rI Fqf

oootrao.?g .1.81 nif 't pdlno x|rrut ila omr0@ffi .qt ,c lro

t[|srx .{{Ee

.|ao Jo to?|,*f

rrypr r tr*r"tg4*1crqr

|lirrcil

Er rrn*?o;rd *qr ot1g*;sqcrp ,c so51rrTtlxn olsrt !|?rlfcti.lrnf

rrqdrr

et FSF|p

urtod

.q$ D*dr

r1rrd

op1*p*ge

.rrod

d'rd&tlqd

fi!-rTJ

.ql

r.!(tr

D.talfuo

flgo.rd

tlEs..

rrr ,.ffi

.q* rr ffirye,e fnnpnrE

6FC rq1 Jb .tB

fq1 Jio l1oof&rd

llSropd

.|tt

rT pf

rut fo*erU

sctlrJod"roC

filI

'llil rfrg, .Ert{r!&r

rlrr

AI,

F{iht l:c .p41qrmr

Dur p.Tmr qpq .**lcrp1 1rr drgaTel!.1 .*arrr$ot Ooo.t qf rmn rpogord l;rn tC ,rItT^Tln ucFlrartmc f. l*pq .q[ lT fJr[cu.rar

qt e$ at il.is fpr*q frqager q.lec

{r,qln.q? !.srTp cl rbt an1 .1m1

ery?o.e*

.qq q[ geqs;lri$

,J|t rl'l

r|rt t ro tr

4ptrt tr hrfsq,irfa..rr..

.ielffi

ifitt

t a

pu!

.tlrr{orp

!.rlnrl

rg1 Ja .ryo

qfryt iqf

.rlr

rqg r efg

f!.Ct*fqreUer tgo.ftp5prrr

116

d E? nx6

1lrfq.t; lgl .lorld i{rqt't

ndt

rtrn ffr1 c rpjr.od glp IHt 00O.00S.q61

1wg;p

ql sqr gqnl1?

rq pgs

r .t3lr*a*

!t!ll6

;cserr *rd tr.{lt

006rg Jo

&$ ;o 3g!rdr*

rst

oT{a! Oeotfr0.ti.qX

q}lr

1q1 pq#

!I 6r?6,Isg p.tt ?lc ilf

$t*{Tg

ar1eo4r r Wr frEaqo*fp pon& ;ql

€q *rrtrgrt* rtr1ryrl r rq p.lsrr!*dar rlq

ot Sfq lrfil

E tTfr-q*{tr

.tntr€.#ilxar q*gqr t1x1 no'TI lol*$E|r t[qlrf,R te 8r4tr .a4rtd${

lra

.furolt

q g

qe?pt ls.fgrd

fF&

- 6$-ffffi5"Tl|$

+tr

- fi-

ffi'lt fq|"&

f rF effrlrm q[ftnrrr

*pq

W!r|4-t.ryr'! q{ld

r|fr.Cf

if rt Jp e

rnnrd.!60 rf rfqt

(P)

, r|{$& &-l$ enrp nql .Ctm l.trnct lrql lcoo qfn roftd3r} ITfrqtrfi$|.u.d drsc Jo r'im9| rlrttFdrf r 6ric ftt& ITt^ FrC 'oI e;1f Je c{rtfifuc ,o J11t ql

r.t ..eGf

r$ntd rtrtl rq nlr

ft lr*cH?f Lsrf.r.&r

Im|r.d

Srttrd

{

Z .oI srfil

{q pq*

r te ffi

lqt

a rlrl*

st,

to.rp

?.{r.do

{

ttfr f|tr$ 6lq[ r.|rf fnu "8glr nafirXlbf r$ F.lHgaFr sf qqF|i 'oX.r.? f![.o0|| ffn rlSqr I an coT,lranlmo p*llilrfi & *}t ..o&odio6q1 tgrtd t .9tr c66 rq1 jc rr4*.g4rgg (f)

ojretaho.. *qr.qrr nq

.rftl 4sn

(&) cr't

rc Ttt .g.tlt ,06 t|r8 J!. rf

r*f$

.ryrh pEr sr*{-!r "fttrff

'eil*o{r

trxp

qgr qr1tuo

Jio Scrlrfe{ q

riqltffe

ill

-,D{ trf{|Jrdt

njrbp

p* fefrldps .-t.J.

nrfrlf

frrffur

rftr&d

r;F1nf .rtl Jis rlpr rqX rqr.*0 {*Il

F.1rfl;trf

f,tddtf o

pn "cgt*r;

(I) s

rT,|ITforJ efnaq twT{tFr ta ssfl u('nrro(!r{e rq1 r4urgl EFI1 'o lp?t

rlrt ro; mrlIFeo

iilla qr ts fldl* or:.g.qf

ql, Frpors

*orad flrr fpn

lnrq l1p.o*r.rrq

so,tgfpef,

'rftEEilt ffi oos.ooorf oq,gTt[qrdn tflo q1 p ff Sot oCJ$e ..rdro 1nqd rq1 Sr4erfl{ pqrl*oc glf, tl''trd (fqry) I ron os[ql .fl

An*64gpca.r .m .rpil

,s *ta

rr1l tn$.rn{

m.n(

w(c) t

..dtrq{

||ntrrl EF Eol

ffi

Jo e.F

I te srt|f}ifr.qsolr

r?t*

i..-#..'r!

$oJSft 'tS,rxt ]qt *|F *rffd

fr?itrE

panlq

3r 1I

Jo rller

.wt

fq0T.l

Lnr[Fl l'|rq*qt

f ;c nqr&

4s.0iCI";?.6ta tnr'ttmr

tr t|t|!rt

fi S.S, r.ftwtro Er .4s

6E ?.q|

rl&lq 6 teu|gJt{

trlq+l'qt rq? rf W.9iilt 4qI .Farf.r rq l*t

.:tqt

rr q?ll g*ry1rg

f* troTllle4rro r{l ot riJ

ltrs.c lruxFf

.{qt Fltrrdt

||ft

.qt

!4t wtttll

sla

|[.OggTe an lrrl}|

EFluf.Enrl

I a

Wtr) 1Gt6l to to rf .;lrfcd

lq lr+ Fr1o.e .trdTdb.

$ryff1lrt

ye Inrlpp

&rgqc

.Sl ||gDq rn&

rqt tr3 ir!.p .r*Ifl|ld

*Ffrl*6

trf ryf.rrfrrrq$ rhe

rql F

rl{.afid

aqrrraqt.q

Crltrr|tB.r tqormo

nq"**ntrre

u.lIlr4{c

q{q.*n

rf1rrrS oft

efrrX

r$ orl t-fold.{t

rft?tfrrt

slnr

al&

e4q

,,i!st t rFslrlaa

* a I

Filgolr

oF1.t

r4r1for

lrrtdffqr

lr!

rFJ.!r*

Jio.trTlF|lrt

Jo Eoj

t$rrfd

aql e For

tsfe.rt frqt.ct sgr FrJmFnrilrat 'ufrl.rtt| lgro rd Srogql r|.f qe

ftlrlt

vgpqqefr

Eo51rTfqGS cnpa Itr

ct ,191d glil

rfffi

rFil.|trTf|?|{r!

gno.06 anGEIt pol1r!.r

r lct

llrgfgq

1rrgldrrto.S fuS

.rgg1*3

rot

at*

da fcfflad pqt porr

.rlE

.ql

r r1lrtrrt ? .qtr,

,o flrdlil&. qfq

rql roqr

trt {F!(l

tlqnt'

1r,ro

.&ryr!ilr. r!$qqla.

,.|ITrr^s,

|rrqr

q1 e.r&. st rltlT!.rt

*.uqro

&ag 1r gr$

'trt.ne.l'fit|!

rF;1fpqt

trtrrlr

r .{Er!d fp

slqtlir

rita strtmoo .gr8t {o1; rtql.arrl

rt qsFF si.rro

iq dldf.'.ofi

.4pt rloJ lpâ&#x201A;Ź rq tTTr i|il!|t.crgrrtnt Ftilnt .:Frtr 1r&rg.q*nr;1ar[sft3;rtle r*g .uo?|rro

|ral b{l

fr}tn q&

F.*d.d

sT 11

Filrnftibp

npr

*tcrgq*CrnrO6

" ' a a

wFll*r.3lr

frF} I*J.!r}!rir

rog:t .|rtr ItT {rTn.mo &t

plrn*a

Gtt

Er 3ilryr|laea so t3fr

r;8.rlg lt!![ le rrsq aer *Tr1! rtr rsl1|'sltr|rt rretrq;, .(]|Fl) rn8f .{wnt:) r.8? .trtv.{R f.u

,rihrr0 F.J*.

w{rsrd

$ll

,*od q*xtl Gret|

',8r4 .q1 tE$ry }m|'r!roo urr Ja moll*fl*rl$

l,s {..^{r

rrlr

ts.Elc pqr*..o

re111Ttqlreed

fryI*.d

a a

-ffi.t

.sn&alnr.o.trn. |.f

rql ?or llel* E frrr.rTl rq1 r*ilrlad rq1 e1 Tem1t ir*rtli* .tn3..d ff .!f6I .lJI dE frfrtfur .e q Fq,s*C

Foir ri.oa'! ql

661 lrm q plxt?|a

rr 16 wrT{tt

3! |.etord EIT!.

ffu "t*l

olp13dad pcr 1rilrfiF fr$r ID*.!^ mrr1n a+ JrrGd go ilerllq

c*t rqi,

w.t ILr,$pS lrt & 1'. eq TrIr' DrEl rrgnr&llJFffl1 lirf nlgflq.qll3 .tTTlFarO .rFq.tls. *lI Fr sfitrll

ef *ofr*r

Jo &fA rTl et ?sr srcfa qt

spxro$l 04 lrfu8q ti tnvtd .ql J:oJippryr ot*51r*f eq* ..{F! *ti Jp rW. rq' t.,fgq$trl

i a ;

ut q fTnrt .emd ro wnlqTllrfp

J!.l?}.1F3ryt1,rrhr3 rrr[a ql sl lnt|"nd.{t1 e{,, *1erFooo.06trr .grr1d tq1 eq

rnsq 1| rurl?l.qu,

e[trItiarn ?oTtrlrry .q Tu^.!n ' r..'l bTlttrqIsn4

lr.?lllFr

.S &e1tt g,ql wfTl1r

re nrr:'Ixt

068 s! &tl1qrqgrrr

tlrrlIl.gl

.rf..tgn[

l 16 uclrg.rod rr11 gqr il 6OOttA .p*olrc.d

.|tq-

prcdosd rm to Cllrr.lr'

4 la*olrrsp

et pwatr;rcd lrrg

rrr1or oISo l*rql to r.fl

;e fgardro

t.lsr.$t s?Sr rl.

s.iJ: ruTr rq?

ttpr qrTqr 1D?fr lls .tbot re?sBll

:&rre1s ..rrg ITTI *I

us]rnr

sE!

!.G Frrr WXq

lrflil 9'1, Jq ipl,r sr?re t.t t11urr1 .a*trr,{ qa.r| 6Tq1o8r 3u* Itrol *.r|?m gf, & 'Irfn g.0|f t.*€qffrdd padr.p uu fqoe rt r,I.lrrg eeer .clunaX Eg!s,&.rT?or4 tllgrpor pns q}tr

il.?xvgp

:o CrIq |rr$E

tne I .rr

€t

FJelr,,

[!r

'lt

iola&g

r{1 te .* rqs J.t p.r,r.tr .ql trr ECIl?n{d.oC d.rr[{ IGtlrt spg 11r .gtr 'e{ 1rl r6fmg

*nr+* rXISd F*fry.rdoidrn

- ffqef$trTffFil .rtollr|odrs .qn lrT prpf^t|d qstlr.{emr E[trqr3

.r*d

lwFt!*.qt

rql hrJ p.{r{ar

rq1 l1qr1c

q1il *r1.

rprffitpr

r'qrlspr r*rd.;

a a

lr$lrr,ro

orTr rrr rl$tpff.rod

rqlr Ir uct*r$l*|crrrT tlbBrl nEr .ppar 1*f {tric Xrer'[, *|!) l4;1 tXgqr

af l.rn etl&rl3tr.

*}.rg rq4 p trpa1* F

&r tsfa.rd $^al

Je rr1.qt

|{ Jr &{t

01 .16;r rc rfi rytlr ll'*lrf, .rqt qsr*fftO'.$? .ql '!r x$r r'r trn&g tc qsDts}lrsl

qe$qr so rnlrlr

Ef r1Xr6 rtrlplo,$ rf.r?'rT.ara&

rg&q q prtnftp. -'no

rn qt$

p.ffir*t

r$r1.r

4; ql.

uonsr+*rsr

i.ra sgl F.4tan:l. lc1 t6r tro.frd rISl rrc altfrq{e t?6.AQ0flta lio lr.o tr|llnl I p JIr{ eq1 tsso} F€tfu.

ffifioerf rqt t urldltfi$rf lngsa{ r|r$ d!ilC {I' .otrrg trtr .0rl8 rSru fiF & uFitltlF .rtr $f, ttrFnrld

a t

.{r'rygxfp.ry rludolrrrp r |le.lrr *.8 ffi lln sr rr sll -oer?seco Err prpgrco c;11!b{! .ol oryIll rot L[sfid prl Ir.. ar .rrlIr {r-g for t '!n elql .q3 lt or^!.c nf erlll *tql, s{l .ql

6 rpoFlrd GpTrrr rql $o nt?lftIi&

srq* FI omtu

*r.i

ilF+sl rfi,

g, $$rtrt{{

gtl.{rrnS

$n drra.ql Sltf&p n8'gfital r |.T.rrlq?a? sl 3+l F|r J*rtr.r sfB

aq* trt rlrol1rlr ffirS.rDeI *rmm ptn sTrr q tr s:o!ils.S !.irr$!oo cr ruF.* ,r*nrptr uf rrrts ft8? f$l n6 flr.qI ,l.$!(boo e.q.r'q ITqr 6pFFr q1 |.[{tnl &ff*qr

tlf;r fle$ord dgng sCN rprmSgroo *r

J. prdr rg1 1o ccptdp1trru lr1 Jt1rprdn

srTU cdf rq1 tnejr r1c.trd .s! *$

.$rI

prfora

dnno Fr rilfn

Gll ,. E 1rtgtanrl

rSf Jo sn

Af*sr

*rqpq yqrSbo

trfg oqX;o 8grry3'rq.€

Itg.fl lcpgxg

-/,I

i@ffi

rq1 lrgry

Drrr.frrnr

aY-y

t r

l l

r ,

tfl l

I I

a t

,iilrat a

.lttd

olonafi

ere{ .*

w a

tffiA

f!laldt

fu[

.8rqlT .!.dt'[

.g '!.ql flr|otr

I a

a ,

ar{Tt fiaerBri f,Tef rI tu6

rgtg

tnrnlrl

*scf

|F*r$ Frffig q|{

*lrr|8

fi^18 r&t

s{ru ql|€

srat ftnqs fl.a

ilqlt

\ a

.Tl ||ltq

:Frlo

)

CIl&-qf

rFs mil*rd

c&Fn.ilatlGt{ s

ft*tf*

ro.u

rFrlc {||rrrm

rrmx '*tt

*3{

'L'gg l

-$f,

'urlgnrrg

||xf

q!|

{r**l

*r.s$

29;4

ulsleb, *ftg

tmrq) (fia ,c 1lo

rilrqorle.ql

.r{rt Fd.. d) r.rlc cfllrryilI T

ttg

||!|tgFm.tu,rtt

r6?|!f,

etrdcf

Etfr

gtl,.of

0tgT 'fl llnr

,nfi:tn

rr.$ war'xrqnl

.rtrrq

lrr{

* a

!r.s reo

prrtg

lrrarui

m ofug

f$"I

.ry3

egrlq

f,rlu

Efiiwt .gr*3rrp

qt.jrl

dcr

mtfitrirr

wrflllpDf,

arsl F.re,ir

doo?

ilr*t

.Arl|} *rt r{n1

.p|rrff

Til_

wlr8fE

trrrrlpr

..nq al srl+r.Dd.rdo .al[d tBffrf

*rrd

*e; E*fmn s

}.*Ct !&x q.q{n eelr

llrt toTIaJ rq1 .qro}{ 4IrFd rc &?s*rlo rql Jp rI|D r Fr r.lutd .gn|t.d 1o uop1u61d& |r.& tl3i6f.s6tr lret porjg oq1 e1fig rtofpr.d.q dsr,ip crn {4 slt!!S}}|rrl . intr

t tpr

q.&rrrcraeii

tlrn

tild,nC ?E .s

rt*ert

rqt jf

-o*a tr*rffrf

rqtr iltr iq{€frrf rq .*r*rqIr

,tt*hr .rn

D.*!rr

E-li

lq|i

'*rd

IIT

ffi

rolrr

(}

r1y

Jo fdofl4

-gl-

Glft

' . t l

tg6[ {fr'{prt

6rr-s

ltTs orrt lfrra.,o.tr

(?co6

ln Futd t*

ttl1r*ll .tppq al rt qf !,rI ) r.rTt ||rt?q

I t

l l

t!6

llaarlf

u*11

fif-8

(jrr 'tlqt

tilo

EIq{

rFlff $$tt

.!ilarul

r!!{xf

I I

t|rt.{

rt*pf,[

tcr*ot

srs

$HtX,

m!r,!t

hloH

lt..l0 dtFlrg Frt.@|t|f rEFrt

f,${

rfr?[trI talof

tcTqm*

'|SI

|!.S.r$&ilp

Itr1.g .sotf

olllatn

SDf-6

:Fr*t ilq*rrt n $ Jr{qt

tr|Et

.rrc;, ur6

ctr';rlg

.l te*!.sl

ttrrrlf

reltc|r

lrtt.,*fS

|'re r.rg

*rttr

I|tfg'&Grq .grrrdtrf

qfrtqt

rpqSca

tn|qtr{

r, t

ETIf,

alqw.s*fi

I I

rffil|{

csstcrlrd

firIE

unet|rtr*V lnrCrg {rS urT|t3.'q* of l}rrc drrye.Flrc {ql

rlr cry ..r1-I'{

nlmrd

l l

t r

ucarw tqlrlrprgr

'rt{

fuil*I

*rrtl

.firtr

o8|q!ffi

rrrra rrnr

.ltrrrlf

"'qS ro{ttt

ffi

trt!ils

t .aw ll

'rlrgelrtg GFqf

r.q

uf$&mx

Jr^ts bhrtq

'e{ttsrlit .F

.oitTrt

rrrB{

*-!r8

5?-lg

.dSO

lrddlo

tpqlg rteosdgg

rrnllxl1t

e$lratl

Ir{w

!go,t5 l

fodE t||rfiqprg

loqq'{r.e trrrng

rmlq

!|t Lrfil llsta$g at* tttJr affiunoe tfT El|r) .irr^lT ofoo

.roa{ f!ff t*ny1r1

. t

r 6I r lgf,t 'ttr "* l

enmg

' *Tfr lEIlrDd r) e.ft qlslrff,$*r;

rdutrt

â&#x201A;Źffi

. t s r a

r l

066I 16' 'r.i

llrrtu ..l&rtn

- 61-

s a I

r l

t6erErt' t I

l I

g*dr-g t

6fir-tS

dr*tl

.j ricaqpg

??6'E

l,(*..tg

.wp{63 .lplnT!

.srrld otdtrT p.rc ilrGf

lmd

.@Il|n

(rlNc ry?*{qrgf}

S.S

qrn{

F6$0 ga rike}s

(&^lU rqail oql It''r |'aalJme 4r q dtcplr twnd .m E{I} :p.*c dfrirrt

J. T{ drw f..S

noSrei

alr,

sdfg

a aavtrt|nit

8ard|S t

srla

.ragXp.rq

prlg

l?r|rd

r.r,IE 88flrqf

.lafrrr'lo{

Irqtf

s^Ia a$rtT II.IU

,r.Ft

rfll

rr?rlwg

snf$q,

lrls

lot|r$S

ura*Epr5

t.ArqosTp s11 J$ {ho nr.llt Folar otnr' 3pc; il&rTu nqt

rocotrq4

rag rctrfJwg

4flyg 'l

. s

6as-$

uratcl3qr$

lr.r$ rpqftI .1rotrJ r@o!I

tr?

ritrlt;q

trrqp ul66

rf?sfi tr6d

l T

oTtoTr t&gt

€6rS f!6rl5

r.rgE rsTl?l

,Err'tto

lt|ffio

a t

rofuo

arf rq{rls

r I

t{o,rrg l6*-!f

l l

trrf1 .otodT?at rfPU .f .tltdrO wrm q tslrrq

rng

u t ? 6 r I

961 '!? ,|a

.$t${ .6s13 ttpCfa

'gr tuE " 6f,e,,lt

, n

'12 r t6 tldy

rfl

r r f

l56t 'fr; ..Fd

trf{dg oqTrg

.ro1, rng

..crTBqI'Iqt

wuFgql

qterg u€!*r't?3 flc!$

r$rt

lF@toTrS

JdErsstq

{r€

.006 .grg .qr1.rrtr 11

Jr^Iu qirnSt?urc

- q -

,& ffi'yg

3..':-&.. â&#x201A;Ź'Sl

Corporaj,ion }las ereated on octobe!'

The I'iationa'l S}r:ipyards arrd.steel 23' Igr}t

of the H'epubiic of the !hi-L'

by llis Excell-ency, the Fresident

ippi:res, under .i(ecubive Lrrder ;1a. 356.

1. rtTo engego in the buildi:rg

iJrclude:

tant functions

o" marine cl'eft

tnrct dries,

frrnaces,

scows, lighters

2' nTo scqu' et cons-

and equipnentn.

and operate jron and gteel rliLls,

fevrous end non-ferroua

{oun-

and other niJ-ls and p1â&#x201A;Źnts for light

snelters

and/or repair

ships, vessels, launches, iugo, barges, dredgee, ferrl"es, anC other floating

illpor-

its

of the Colporation,

of the charter

Under the prowisions

and heavy

i-r:dustriesrr. To acconplish

ilis Ekcellency,

der Section l3? of llepubl-ic Act No. 265 arrd jl

t =

these cbjectives"

the l'resident,

eonnection with Iiepublic

Aet irlo. 2660 atthori'aed the release fron the Central Bank of the amor:nt oJ I'I3 r OOO,0O0.0Ofor the construction

of the Bataan iJational $Lripyarci

at l,ia.rive1es, l3ataarr, and *4r5SrCOO.00 for the construction eleciric

steel p)-ant and one mercirant bar a,nd rod nj-LL il

in conjunctl"on uith

the developenent of the l'!a.ria Cristina

BATAANIiATIOliAl"- sll$YlJtlr:-i"ini'iMl$s. The Baiaan National Shipyard Project

t tl)

construetion

of one

fligan,

liydroelectric

tsA'l'&AlI

as p)"anned consists

ot the

of the foAlovcing I

a. Gra,vilg Dock and Services: The gravirg

dock is desigrred to accornnLodatetbe lar-

gest ships of Phil-ippine registr";r. Iatest

sh:ips built

These are the three

jn Japan for the De La iierda Steamship

Company. fhere are presently

a to+"al o{ lp8 vessels of

PhiJ-ippine regi-stf,y which ce,nnot be repaired i-rlg shipyerds,

Ianao,

}ower Corporation.

l?roject of the l{ational

r:n-

but whi-ch are repaired

in the exi-st-

on dock either

Jap:rn, llongkon$ 6.nd the l'lavy Yard i:r Subic. The drydock is of ccncreie construction

and r^Iil-L be

e*'

- 2 equilpd

steel elnd ilay be ordered

caisson ga-te x'iJ-J.be of structural

ej.ther j-n the United $tates or Japan' eJJ;'ptanned

Th-io gate Llas origjx-

jn the l.lariveles project

to be built

vas decided to har,'e the 5ate prefabri-cated

United States or Japan. reparations

but due to

of obtai-ni:rg stee)- frorn Japan or Unj.ted Siar.esr

the difficulty it

j'tstts.

'rdth punrpj::g r:Lachi-neryfrom reparations

.,{"eetrical

facilities

either

the

consistin8

ita,':ls l,.i11 be uged but other electrical

supplies

r'rijll be purchased in the United litates. Excavation of the site

is 957i conpleie r,;ith a total

LL2r@O cu. E. of materiaL renoved, over 40.6 of uhich is rock.

The overal]

percente"go corLpJ-etedis 2Qd.

The estimated cost of this 94r50OrO00, this

project

is approx!:;iate1-y

being the nost i:rrportant foature

of the

-':taan .liational Ship7ard.

Oomp)-dtion date is appro:cirnately Dececrber 31, 1952.

b. I"iargjnaL 't\tharf . I'he mFTsi nrl

tiljrrty

rvhar.f i s riasi rn eri inr

about

feet to accorsncdate ocean going vessels ',+aiti:rg for

drydocking or shipside repajrs.

The totaJ- frontage

r"rharf is aplroxi.retelJr

in l-ength.

1r20O ft.

fhe r\ihzrrf congists

o a

n hr:r.tfu of

piling

properly

oi +.he

of a bul,khead wa11 of steel- sheet

anchored in tho reclaimed ).and behind the

waL]., The proJect is 8O;,Jcompleted.

Ths estlrated

cost is

appro;:i-irratel;r i{,0COr0O0 and completion Cate is iiepternber 30' L95L. c. Dredging ald iieclaraation: Tn order to utilj-ze

the harbo:' to best advantage, deep-

eni.t:g of *he harbor is necessary. by dredgin5 Elnd the dreclge sroils l-or'r areas to ihe required

elevation

This is bei:rg acconpli-shed are utilrzed

to fill

of roughl_y tan feet at

ffi

' 3 J-ow i*ater,

around

of the shipyard

r.*rich is the elevation

the shops. The uLtjnate apnrodraately

developrent

for the dredging of

calls

cu. m. of matâ&#x201A;Źrial, 1rOOC)rOOO

but the i'nme-

cliate requi.rements $:iLL be for about one-half

of thig vo-

1une. At the present tlne, oigried to this project of the work.

B.F.trd. Dredge Sacramento ls aE-

and has corrpletâ&#x201A;Źd approx nately JCfl

The project

camot be prosecuted contjJluously

because of the other deanandsfor the use of the nredge by . other govertment entLties, to ccunpJ,etethis

but efforts

phase of the project

The estfuuted

are bei:ng exerted by the end of 1!J2o

cost j.s F90O'0OO.

<i, Shop BriJ-diags:

o t --

Three huge bujJ.di:rgs to house the nach-ine shop, the plate pair

shop, the foundry and related

actiui"ties

of shlps are nearing cqnpletj-on.

be constructed in the near future the elestrical-

for the re-

Other buildi::gs

n:iLl be the central

to storage,

shop, the polrer pJ.ant buiJ-dfug and the sub-

station. ?he overall

percentage of conrpletion of thls

is 5C# althougi-r ttre r+ork on the three buildings I

ta a

project

is roughLy

JOfr cornpl-ete, I.iachinery is bei-ng recond_itioned arid assembled i.r: these three buiJ"*ings, The estjsated

cost of this

proJect is FJ.,J0)r0O0 e:rd

ccn'apJ-etiondate is schedul ed for Deca::rber3L, Lg5Z. 6. Fower Plant end ll"eetrlcal A diesel

generating

trrstallatlon: plant

!o eupp]_y the power requjJer

nonts whj.ch rsjLl- anowrt to about 2500 krr. has tr,ro rmits ready eonpleted.

Five nore unlts 1.rILLbe constntcted. to

cor.rplete the project.

a1-

ffi

- 4lilectrical trical-

wlJ.l proceed whsn the elec-

installatl-on

supplies rdl1 be received frcl"i the United States. This _oroject is 20ff completed and the target

tion

QrG-r',9

conrpJ-e-

date is before the end ot 1952. The estimated cost ls 1}6001000.

f. Yard Cranes! The crenes, wtrich sere purchased i-n the U.S. fron the lrJar Aesets Art:r-inistration,

ale xea y for reass erob\r.

?he

crane welra, however, v.iIL have to be constnrcteci along the recLained area wh-ieh u-ilL be started mation rcentioned eLsewhere in thls is expected that this on tjne

as soon as the recla-

report

is conpleted.

phase of the project

for the operation

rrj.J-l be conpl_eted

of the graving dock.

The estimaied cost is F11@O1O0Or

o a

g. Shipbutldirg

Idays.

Thio project construction

wjl"l consist

of Lncl-j-ned ways for the

of shlps up to J000 tons and of barges for

l-oca1 stevedori:ng and lighterage

fin:rs as weLL as for so_

verrm.ent entities. Since elmost a]-l of the constr.uction

equiplent

has been

concentrated on the excavation r.rork of the graving clock site,

llas not possible

to sjmul"taneous\r starb on this

a t

work.

Part of the heavy equignent nray be released fron the

e[most courpleted excavation started

on the project.

rtrork, and work wj-]J- aoon be

Coapletj-on date is estimatecl on

Decanber 3L, L95Z. The estlxmted cost of the proJect is 1l}r000r000. h. OLher proJects r Other proJect$ to cotrrplâ&#x201A;Źte the shipyard ui-LL consLst of various indispensable

facj-Lities

such es an ad:ajllgtra_

tion bui1d5_ng, ra,raten,'orks, selrerage, etreets, quarters.

hospital- and

These wILl be starLed in the very near future

ffi

- 5 -

Qd-r*.9

be ccxnpleted at the seme t5:ne a.s the najor features. of funds hfere &s foLlows !

The :'eleases

Au5ust 15e 1949 iiarch 23, L950 Ap:'iJ- 10, 1950 April 26, 1950 l"iay 6, l.95O June 2J., I95O February , ltJJApril 11, 1951 Jnire 12, 1-951

5L5,234.@ 7rr00o.0o 10or000.00 1, ?0or 000.c0 t,535,t78.62

lmrocc,0o 9OOrCoO.@ 600r0o0,c0 g5oro0o.0o

.{nount snent

P 5r7h41653.92

....

Amount rmex-oended

7;255Jt+6.A8

Present ste.tu.s of projectl vr

201 Coupl-ete rr W tl 3Ul

J uveA

f iargi.rtaJ"illmrf .. , . . .. Dredging and }leclanat ioll rrr.rr..rr vrrvlJ

F'] rn+

Yard Cranes $hipbuiLding ilays .,...... Others......

The overall

lrr

36 gi 5%

sisted of topographical

started

d.n rtrpril,

Later.

a I

reasols hereiofcre on the drydock.

gpg5lg -rrork 5n the pro-

over a year ago.

featrrre of the project,

together with

Jjnce both cannot be si.rnrltaneouely stgrted

6tat,ed, the greatest -[ts construction

lram an engineerS-zrgstendpoi.nt, project.

far the tirydock site,

Ti:e actual

1950, or just barely

The drydock is the nost jnportsrt the slr-ipbuilding ua;'s.

Sept er:rber, 1949, which con-

surveys end boring tests

Ol-eari-ng of the area lras started

ject

tt tl rr

percentage of compfetion is roughLy 30S.

?rel-5ni-ne-ry lvork on the projeci, started

5ufi n 2 & "

lulJ_qlJrE

Fawan

concentratj.ori i.ras mede ln the work

presenis not onJ.y the most dlfficult

construction.

show the

The excavation work aLready

performod and ccdFleted furbher necessita,ted the ramoval of a

hru-

above sea leve1 and dug dor,n deep to a depth 4O feet beLow the rnaining 8S

of the rcork rrjJ-J. consur4e the sa"ne peri.od of exeqition

first

The problerir of â&#x201A;Źxcavati-on,

2tr1.

phase

but aLso the nost oqrensive part of the nhoLe

The percentage co:rp1-etl-onof 2Ol does not relatively

trsnendous progress nrade j-n its

for

handling

and- renovilg

about 30 ft. ?he re'

as the

of excavated.

a - 6 earth and rock, and ciewatering have been successful3;r acccmplished and solved by the Filipino

staff

of engirreers and worlclren, despite seriorr^s

handicaps due to the non avaLlabil-ity tion

and handllog

ways,

are set in tine rnet on this

cla-ss heavy" excava-

egnipnent.

The other projects shipbuildi-ng

of first

loca1ly

are accessorj-al facilities

The target

for the drydock and the

detes for eorapletion on Deeanber 3L, L952,

for the operation

of the drydock.

No difficultl'

wj-ll be

regar.d except delays on material-s and supplies.

Shipside RepaJrs: WhjLe the tgrget

date for operation

Decernber, 1pJ2, corapletion of certain

of the drydock is scheduled for

facilities

are bei_ng rushed to en-

able the Corporation to accepi shipside repairs,

wirich !.ii"l't lhsr.6!y lyjjg

i:l !:rcoue even before completion of the whole proJect. o

on the nrargLnal nharf, a

celerated. the latter

part of October this

the ecpLpment il

yeax.

end, work

shop an<i fou.nclry are bei-ng ac-

Tentative plans are to cornpl_etethis

machj:ne shop, plate

To thls

phase of the project

J:n

i.Iention may be nad.o here that alL

the shops gre frcro. reFarations

assets from Japan valued

at approxjmat e1y l{.gro00rm0. @. Delays ! The nost serloug irandicaps rnet by the na.nagerLentin the execuil-on of the project

are nateria]-s

shortages and oupplj"ee, a_s,,{eII as repJ_ace-

mâ&#x201A;Źnt parts of machi-ner?'. rl

a a

Order hae been placed ln the Unj.ted States for steel, e.rrdother supplies

sirrce the beginni:rg of the year.

late'

clunges il

jngs.

Where galvanized sheets r"rere previcus\r

,""as substitut ed.

dosign wele al"so made for naterial-s

Subgbitution

a.re cases r.rhere this are ur:ent problan.

Deliveries

ca:rnot be done.

have been

pl"arrned fof walls,

fhe need for reinforced

wood

but there stee.L bars

Cslent is al-so beco:n:ilg a

An order has been placed'rd-th the Cebu portland

for 2OO,O0Obags to be used in the drydock.

Oanent Company

The canent ccnpany is not in

to mcot tiris requirement.

hea,vy machineries now are al-so a riifficul-t

rs:ires

i:r sone of the build-

may be rnade in sone instances,

for the present for the drydocl(.

a posj.tj.on presently

el,eetric

RepJ-acer,ientparts for the

problan.

This is.bei-ng met,

O '

the proJect

Slight

ploper.

cielay ray be caused by incier,rent vea.ther and the ra"iny sea_

son, but plans have been rnade to offget ing hours in the dry seeson. ald b'eyond the control sunplies and nrate'ialg,

this

loss of ti.rae by longer work_

htril-e some of these delays are rmavoidabl-e

of elyone, n:ost partieularly yet efforts

j.n the matt er of

are being nade by the nanage&ent to

meet these exigencies to the e>:Lent that progress i-rr the uork is gatis_

-i-

factory

end aIL indice.tions

point to the completion of the project

scheciuled. Persomeli ?he daily

'wageworkers

iri i.aniveles

nor..itotal

565, r.rhereas one I,ear

e8o there were onl";r 21-6, shordrrg the accelerati-on i'r the eonstrr.:ction

activities.

?he pocule,tion of the personnel is â&#x201A;Ź_pected to jncreaee i!

the ns,-L few nonths as new phases of the projoct

the eoncreting

of ihe dryrlock, operalion

are developed. such e,s

of the shops and foundry and

other niscel_laneous activities. The rages of worloen ir the d.ail.y basis vary fronr }iL.OC .for un* skilled

laborers

f.{l-.60 ior

io iâ&#x201A;Ź.OO ior

ekilLed techni_cians, and fr@l ffi,go

super.visors a-ncifo:,enen.

As cal be seen, llhe ajxLnnun .ilage

paid is nuch higher than plovidecr. for by 1ar* for workers outside of i,ib.nil-a and these weges lJere in effect a

sinch the start

cf ihe constru.cti"on of trre

Shipya.rd.

The vrorkers are provicled free with quarters,

neclical- attencrance ancl rn'ater transportati-on There is also a cooperative their

o1,r! lLcard of Directors

electri.eity,

water,

between j.,e.nila ancri.jariveles.

store o.h,ned. bJ. Ule r.rorlo.en ancl enployees r..rith and store p$rsorurel.

Abtached are charts shou:i-nggrouth of personriel and status of projects

as of AprIL 30, !g5l..

The steel i'iill a. Plant

tsroject as planned consists

of the for-r-owirai

and }:ibchinerXr for j4erchant Bar i.tiLJ.: (f)

Onu electrlc

furn&ce ot L-L/Z ton ae]-tl.!tg

capacity

t .r8-

pst ona hour for aeltlng

scrap l.ron and strsl

to co-

ecroLal atccl lngots for the nAtrufsctur€ of stc.L barc; rude ; anall !0nretural (Z) a oeol cdrtlnqous ly porrred I omlrlets tlcr

barar agLcsr bc lncrcasod

nerchant

bar Etl-L €lectrlealfor tho pro&re-

ln overy reryect

of &pprod.uat.V

20 r0O tang anrlually ghapcsr

atd *qII

flats

r.rtle oo

dape a s{

of relnforced

Thle capaclty &ay

dependlag q)c{t th6 locaL dcnaad of, thc

sbcel productao (3) Accessor{.al

cquipslt

and s€rap yar€ eqrlpo.ot (4) ls,Uoratory

anch as ovcr.head eraac s

equigncnt

for acrtallurgLca.t

resaarch

end tegtco bo $teel

l{l.l1 But]d3:rgl

The br.rllcling to bouse thc equipmsrt t

be of ccobinaticcr

riIL

galvanized

clccl

Lron rooflngr

for eccrqica]-

and oaohlnery

tJmber frranlng wlth

ThlE type has becr selected

cssbruetiet

wlthorrt

pel:na-

sacrificlng

rrcney ard f,Lrc protectlonr ?lana and otlr€r drarl:rgs

rdlL bc o@pLG'Codln tro nonLhsr ths rbructulE co Tl$cr

the egtLnated

aad

cogb of

le PI106p@SO.

*lerl fhls

beJ.ag 1rr progrere

llng

ProJcct

le planned to rodtrc€ corb in the hmd-

of ccrep uctal

fi:q

thc

*rLpt

acrap yatd.

The costl

goltBtmmt

Iligari

Lf cerap ls to be hauled frm

pLGr!,

r:l1l

b! prohlb:ltlo

cnaass ccnsl.d€ra,bly tbe co6t ot ![6 Thc cctlnated

and ba,rgee to the

eolt

the

and nay In-

frni s[3d produclr

Ls p1p p0O.O.

do Othcr ProJecte: the eonatnctLcn qmr.born and rlljtor plopar

op€ratica

aoancctLa

of of,ficc buildiagal

build,lngr of thc Millsr

to thc llille

d.II

rdlL

e Isborstor?,

b6 aeeessarlr for tho

'A scrag yard rdt*r ralt have to be provJ.dedo

- 9 bc trm eportod to thc gite fr@ all

Serap rdll

pa,rtr of thc cotxtrYo a! follon:

of fucds i!!c

?hc rcl:ascc

Scp!. 12r LgF .,...1 2llr 19F or..r //r 195O..... IOr 195O..... stLLL h Na-

ScPtr SePt. $oYr Aront

tioal

rcPO.o

lO tOm.O 2mr06.O lr500nOr(X}

trcaar4r .. 3L€d99.49

,[rj@trm.oo 534,618.'i,6

. .. . . . . . . . . . . . . . . . . .

ADount efft

3t9$5ej9l.',?/+

..r.............t {noun$ rmcq>eardcd

Prcrdrt Statua of thc ?roJcctr er

Arard tor f,urnlSlng

the elpetr{c

pnbltc btddlne to tbc tlttaburgh

',cstaaclt'

fumece r&! Eadc by t\rrD'eo. Cotporatie,

2 Punao r Uo8olo

Pltt&cgb

De]:lrrcry of, thLE f,urnacc Lc epccted ln 18 noibr. a

br a

Amrd for thc Bsufactulrc

of thG sejor ;tccl

rar madoby pr$llo bLdding to ll5nimprorrl lttc.p llcr Yorkr UoS.lo D,.fl?cry ot tbc nachl.ncry ic €ryGetod ln 18 notha

or ltrlaor nachlaery and ortbcr aae.loorl.al at tho hglrrccr

bc rmufactured

cqrtpnd*, rtll

of th16 0 orporatioo

Isled

0f 1.atc drc of th. mort serLoua probl@t bcing st Ernt in conectLcr ircr

rdth thc FrfJcct

srd clccL ln the countr5r. I}ader nonnel capaclty the llll.l

uso

rlll

quantlty of srap

rd.LL i.ncreacc 5l proportion to the l:rcrsaec ln the drarsrd of deel pro-

a a

by ttre naagc-

ls the ocmiclnaticn of aLl thc aorap

approd.Eat€ry 22r00O tms of rcriap lJrfi y6at$rt this a

nachtncry

ducte over aod ebon thc 2Or00Oto ?he tr.cnsrdou! p!.vlour thc acrep avallabllliies

q)ortaticr

product5.on flgurc nmtlasd

abovco

of sorap Lrm ad rtcel haa dapLctcd

for th. uE6 of thl.s ProJcctr

It ls ectfuat.d

tbat approxlsstclJ

2m p@ tmc of rcrap iralr &rd steol bac bccr €NlpodGil

sinc. llboratirn.

The Eport

Ccrtrol

pe8sod by omgreoa aE rn adelnlslratirro thie aosb vttal g$et

kr,

Rrpubllo lct Ss. 613r nc

D€alurc r sboptrd ths oxodue of

oatcr:Lalr hrt unfortwrrt.ly

tlrat the o\r

hope of cu,wtval of tbls

trY l1er ln thc oor:ratto

of @

trrrovloua erqror*atlm lnf,ant and nogt vltel

ms so indue-

ln thc terr.!.-

ea.

-totorLal to allor

[gthlng

of thc Phillppincs.

Btart

the aorep stcsl

fro

t'hcsc lostcls

Xs cccLd.retlcr

Ph{lipplncr.

aad above thc prot.ctla

could bo Bor!

suie

to bc oryortGd frce

of uy fom Ctould bc drtcltELsed oE! of tbLg ProJcctr

and dtvllofdrt

@lesr-@!s!' Bscauag of tbo fgrae

dorg.ncy

and th. lntcmstlona,l

r&Lch cauac thc clqymclot'lng of pr!.ccar lt

La feEnsd that additimat

ftnds raJr bo rq?E{.ttd to fLaoroc tho ProJccto eaterLel'a sd &€obilldry har lncr.scd

La eeblnat 6d that thc addlttoal

eoutt

Thc Pr.oJeot le a profltablc ctcelr lrears.

t'he caplial

It Le atrogly

of, fg rOOOrm.S

wrturc

1o aeccccarlr to

fwd.

of IrOmrOmO

for tbLr pur?osc by the Gcotr:al Ba*.

bc rclca*d

BEITABKS

oloud{r sta*cd

Sh!ryerrd ed the Stc6l U1UL ProJccta auryl-

by tbc pnasot

admturisbratLe aad rlth

ssh.aEl€d tt L952 orr at thr lat6st, rrl1l nark a nor era ta Phlllpplnc of dollerrl

durtng thc f,irst

copletlo

qrmrtcr ot L953t

cc€Nrqr n€rt drly ln the cm!.r1r8ti@

as raldrtg

th.tr

standad of tLvlng.

Thoss trc proJcctr bcjng nbcd.c indudr:tcd? e nchafu rcactiorr br

thoir

but alco a boor to thc Earga g of tbr p€ople by Sfdng eryloy-

mat ar lrll

and rndcr prc sant prLcer of

rec.r-n'oded tbat addltlsaal

Th. Bsta& l{atlcnsl

tBs t€![i6!tted.

lnvr gb&Bt caa e&BLly bo arorLlzed ln lcsg thaa te

to a,bout 6Of or mone cepared to

pudr thla ProJeot to coplctLmr

lully

Tbe cocb of l4port.d

the ortg{ "ra! anount of l4r50Or@.@

lasb year rha

tosio

obsLllalif

for thc e gtabll*mnt

lrductrl.ra

*teh

rtlf

ln naturs rLll

produoc

ad dcvologlent of other sel,-

bg arsured of cstlnuori

al;lply of,

-u

c) g| ei

H ,4

E E

b F I I I I

r.l

€ o

E FE

F. t{

o o

\ I

B b

B a

)

t t

\ r

s J

o c o

t r

H H

F N a r a

t t

8 B

f . l ' f

l l

o a

8 8 8 8

P \O \rr o { o @

o o o \ t o o o \ n o o o N

)

8 8 8 8 8o 8 o 8 o 8 . a o a 8 8 8 8

-{ L,J t u N O o v r . r .

8 8 o 8

8 , 8b or

F a s

$a F

B 5

l !

N !

8 8

(

t r l B a$ St a F S S t

N $

P \O \n N

u) rH \

) ot t P \E) v|I N

s \O \n N

s O

\ <

)

\O \,r IU N

\O \n N

\O \n N I

, ,

co l P {t \JT

c ) \})

\O \n I\.} U

\JJ \ r rl

H {, \N

S d@

+ \Jt

F a

' \O \rt N

O \n

} tl

C O

u H \O \n N '

\O r'Jt N

\d ) o

- t s - - t t r

O \ \rt r ' -

F 8 S 8C pg t

pq Sl Jd B a . a S S H S

f f f ( ) S * $ l

8 8 8 8

t-| \C) \N '

, d u u , o o o o ! o < o € a

J oc H

5 a S

- F r . . e i - . . '

' l

\ r u)

i . . r - -

{

g u t ' l v r t 6 D o o o l r t l c t <

u) u, \) O e P t sb \

H O

v r t z b o o o E o < G

t o o

c r o c) 6 . - - a r

o o \ o c

\,t

o o

8 S 8 t r 8 S S S S 8 @S O8 O $ O 8v tr S S $ O \ O O F

' a

i . . ! ! -

8 8 8 8 8 8 8

8 8

o o

8 o

" g . E B 8

o o

I t I

o. o o

o o

8 8 8 8

t s P o \ n o o c r ( )

I Io 8 o g 8

o o

o !.,

.t$

E'E FE EE S E a o

8E E.

t{, o

B B' E a

g E g g g g sE g s g g g s ts

R 5 8 t S5 -

8 -

8 o o o

8 8 8 8

g g g E

- 8 S - 8 . GI

o o c t o o o o o c t o

T ' N

- 9 - g - p - Is -8

g ' g " g IE

8 8 8 8

H t o

H H H

O'\

H 6 E E H EEHcg g B t B E EH'

H B oz

F E.E

HHEEEEHFE HEg sHEE EsH E 33Eg'E

c) ct z !4 rd f;l 0 fr c:

iiLCll,iI'Ir)

i. b. "soxfo. cre,J REPUBLIC OF TIIE PIIILIPPINES

PEOPLE'SHOMESITEAND HOUSINGCO .

? 3 1951 AUG ltlq'

MANILA

Augurt 22p 1951 IIEIORASDIIH lorr lhe Eslorabls lhe Athlnlgtrator Mal!. 1a

of, EconcnLc Coorrllaatioa

ffi

Ia aonpllance vlth the tclsphone LlEtnxvtlore fro your 0lfice thig !!o!r!{ rig, I an olhlttt4 tbc follotr'ng brlef amarlr of, aocoq)ll8h.ds ol thi.a ooq)osatloD during tbe flscal. ycar endllng Juno 30r 1951r ' 1' Lorr4ogt Eoislnl ?rolect So. ll DEtDg tbe flocal. 1ear, Lorr0ogt BEuslng hogect f,o. l rlth 1rO{8 ilrrulllag ald storc naltae cover!.rg 39.5 fu. sa8 eqrlsted at tbe cogt d Fjrl5OroOO. Ihl.a doea not laclude tha coct of thp laril ald tta dewSopuent, eotllat€al at ato&d F 5Or000, lor tbe 19101000 advarcedl to tbe l{atlopolltan llator Dletrlqt ter 16-Lnch plpeJJ.nes aad ratcr aDalr€rrct nalls h the proJect. Tho corporatlon Lsasoalall the dvelli:rg and store unlts to 11048 fatnJ.tles o:f aloud 7r00O pelaone, f,or the total rcrta]- of "l8l /r96.L6 ilurlng tbs yearo

2. la-€bet Eorslrn! Frolect Io. 2r Dur{rg tbo flsoal ygat, lot'F0ost Eouatag ProJect Bo. 2 raa atarteil oa a 38-ha. pieee of Iaadp adl as of tba ord of, tb6 fiscal yearl L40 ualta r€ro oo!lpleted for oceqpancy, rb1le 311 ballilj.rye rere La dlffereat :rtagee ol ooustrustlm ralglrg froa tbe layiag of forndstlotr to pelatlng.

e -

I a

Jusrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr34, 1951, 11"r 1J2 fo* or abcrt 79O p€reoas

rere

already

loaalng the conpleteil uitee g{Ttt€ the oorporatloa reatalc ltr tbo total alourtt d */.35. lh1a proJecbe eeootoal to be ocupletatl by the ed of tLls oaledar ysa!, rlLl baw a torta]. of 54? batldlngs dth 1rJIL8ualts capabb of accmodatttg trlllt frnr{l{6s s5 tr222 pelaoas ald of groaafug a yearly lncore of !5rOrO0O. Exchdrng thc :ad ald lto <Ieve1o1runtrhlcb ta estt&atoal to coet aroud P530r000 ald the rator and s6lr€r facllltles to be provtded by tbe l{otropolltaa tlater Dlslrlct, at a eoo0 of arounrl t500r000, tbs proJcot rill eogt aroanal F312001000. 3. Ise0oetb EEustueProJect So. 3r 0a febrnary 5, L95A, tbe Peop.lcre Eoneslto andlEotreing Corpolatldn prucbasad $16 b. of lanel fron the Phtltpplm Nattonal Bank for Fti'/5r@o. Of thls Aannt 35.5 ba. rrtll be utlll.zodl fol lorF4ost f,olslry ?roJect do, l. the alte plan uas preparcd by the PeopLer g Eomslte and Eouslng Corporatloa ad approveil bg the flational P]a*r'€ C@J"lslon ol tut!9 9, I95I, anil loadl consttuctlorr rea atalteil imedtately theteaftelo Tho aLte pl,an ao approwd nLIL acomotlatg 4Tl bulfd-

- 2 lngs or 96O fadly untts of illffereat tl4ner capabl'e of, aoco d.{f"c 960 fardlles ot 6172Qlr€lsons and of groesLng a total ot ?W r232r : Dr:rXngthe,nontle &. fo!.tho negollgtlogs staru€d ruy sr @{on bouslag alteo ' pircels lqt-cogt ag to bo utod land 2 of of mrchis" -Ors parcel ot lard of abont 160 be. lntcnded for Low''Cogt Souetng ProJict No. 4 belonBs to tho Pblllppl'ns lfatlobal' Bank r.ho tt vllltrg to ietl the gam at-Fl.5o p€r eQrure r&lle the otb6r paloo1 of lad of about 1O7 ba. lntadeil for Lor4ost' Eouolng ?roJoot Ho' J bolonge to *l-L lt at F2.0O !€r 6q.$. to tbo ?uason farnlly rho t6 r.llltry Both parcela ot land ate adjacedb to Lon"6ost Eousrlg ProJecto l{oa. 2 and 3r aaal oan accomodato no legs than 3r5O0 butldlrys ol 7r0OO fanl1y unlts. .r-

5. Sals of lloneslte Lotg ald &rtLdlingg: Durfug the,yeare tho oorrorqtlon rold /FO hono Lotg nlth a tsbal atea of 4A8rtt6.l+ eq.a. 12 resr'dEntlal btrlLdfucc (PltDc 0ouf,or' the gun ot P4r498,/l't.5l; porura) fo "I9t+t657 t 2 !tor€6 fot t]:o 23929and 1 regt bouse to queion City fot ?2t96O.- fhlt salo o! Lste brlngo a totaL eale ol 2 r0/8 eq.n. for ?))t)75 t56?.L8 silce Decuberr 1947o Lots of- 1rA6l+161.6.2 X06 dtonar the bal.ance-l,r mrthly lueSales are payable as folldng: talnonte f,or 1O yearo rrlth Lnterest at the rate 6f lf per alnnr In ths case of the P!|DCbulLatlngs, a tlorm paSoert ot 2$ la requlreil.

a {t

o o

r Durlng !!e f-lgca] 6. holl-sr blocka I],f2ql2l,cogclete year, tha@ ??;58tT2L.&1 llnited ltg sales to bf dtfferent sfu6s at tlr€ cost ot of, lts prothe rest t?51431.I1r useil all aucl oaly 89rTI9 pl.aoes for 2r ProJocte [os. 1ald dr:ctlon for l.te L,on-OostHousi'g

d6;l*sr

, P8 t 9 r c t GENERAL STAf_E-MEfrtoF AccoMPLiSHMENTs Since the establishment of the PRISCO under Execuiive Ordei No, 350, which fused the o1d PRATRA and the NARIC, it has accom. plished many things which even the rabid skeptics have dcubted that the PRISCO could have made wonder{ul accomplishmenb which have gained the confidence of the people in the government and the admiration of impartial observers. Brielly stated, these accomplishments may be summed up as follows: l.

!,r'

In Trade Stabilization

a. In trade stabilization, PRISCO has been able to bring down prices of comrnodities within the shortest time possible through proper licensi.ng of essentlal imports and their equitable distribution throughout the countly. This condition has, of course, been attained thrcugh the wholehearted cocperation of the Office of Economic Coordinaticn, the Central Banli, the former Import Control Administrationr ;is well as all business groups,'the newspapers and the general public, As a conseguence of the general downward trend of prices, the high cost of living has eased up which, of course, redcunds to the gene.ral benefit of the masses. b. PRISCO has reduced artificial scarcity in eesential commodities and consequent profiteering and Ulackmarketing. c. PRISCO has made available tc the public es sential goods in substantial quantities and has thus prevented shortage and sufferings, part of the masses.

especially

on the

d. Through the ef{icient administration of licensing system graft and corruption has been reduced to the rninimum. e. Through the same systern business has been restored to normalcy and trade and industry assured cf the regular supply of essential cornmodities and raw rnate rials. |l

; a

z. I"f::*

j::"rS!-:"t

PRISCO, through its Manila O{fice .rnd a netwcrk of strategically lccated provincial branches and rnetropolitan stores, had aided greatly in the progressive developrnent of business, especially the small Filipino business which for decades had been at the

- z mercy of alien competitors. Through the cooperatiJn r{ the Central B$k cf the Philippines and other agencies ,:f the gcvernrnent, PRISCO had been ablc, during the past, to import and distribute large quantities of highly essential merchandise and vitally nee.led machinery, raw materials and supplies worth millions of pesos. These have enriched the lifeblord of our domestic trade and accelerated its movement, resulting in the imProve ment of the position of Filipino business, besides contributing largely to the general economic welfare of the country. At present the PRISCO has for its distributive channels about ninety provincial branches and extension stores and some fi{teen market boolhs in Manila and its suburbs.

lrt

; t

3. In Ilduqtrial O:::]:ery4 a, Correlated with the work of licensing essential imports, the PRISCO has also accomPlished surprising results in encouraging production cf local goods, especially essential goods which used to be imported heavily by this country. Through the proper allocation of dollars under a system of priorities, PRISCO had allocated more dollars and had given more licenses to decadent and new industries which produce essential commodities. This work of the PRISCO resulted in the growth in this country of a large number of industrial or manufacturing enterprises which are now turning out vitally needed materials' Iinished goods :ind supplies which produce and s&ve dollars for thi s country. b. Another outstanding accomplishrnent which the PRISCO can probably take pride in is the help it has extended to the development and promotion of local homr industries by providing them with necessary equipments and supplies which normally ar e beyond the m .:ans of village workers. The PRISCO has also given village workers the opportunity to take advanced training and observaticn in the modern technique of the various home industries, as well as in the promotion and marketing of their products, Ccnsidering that large rural a!eas have unlirnited supplies of available workers whose services and t:Ients could easily be directed to profitable home industrial cra{ts, one can easily realize that the work o{ the PRISCO in the development and super visicn of home industries is a great boon not only to the people themselves but also to the national economy. This serwice ,rf the PRISCO alone cannot be estimated solely in terms of money.

''6t

- 3 -

.rdr

a C

In Rice Procurement,

ffi

Distribution and Production Aid

In this particular regard, it probably would not be necessary anymore to include the accomplishmenb of the PRISCO, inasmuch as these functions ate now being taken over by the re-cteated NARIC, but it is believed that the PIJSCO improved a great deal in the procurement and dis tribution of rice which it had ordered, but at the same time and this is the most important aspect which PRISCO may be prcud of - it had undertaken certain experimental projects in the rice and corn production which are bound td prcve greatly beneficial .in increaging the luture crop fields of rice and corn, The technical pecple o{ the PRISCO who had undertaken these projects had the authority cf the Management and the Board of Directors to institute modern methods, as well as introduce new scienti{ic devices that promise to help this country in increasing the production of its much-needed staples. All these accomplishments oI the PRISCO, of course, would have not been possible were it not for the full cooperation of an understanding Board of Directcrs, an aggrâ&#x201A;Źssive and foresighted Management, and a capable and experienced managerial and technical personnel who unstiniedly had given their full tirne and best efforts towards the successful accomplishment of a joint enterprise for the benefit of the people and the country at large.

BASIC POLICIES TO IMPLEMENT THE FUNCTIONS OF PRISCO UNDER EXISTING LAWS

Price S?lil?ation

[SectioA 2(a), Executive Order No. 350]

It is the basic policy o{ the PRISCO to eflect the stabilization of prices of essential commodities through the elimination of obstacles to the normal functioning of the econornic laws o{ supply and demand and through such regulation and control as the circumstances may warrant. To this end the aim of the PRISCO is to assist private enterprise in overcorning obstacles to and disruptions of norrnal trade channels, rather than {or the PRISCO itself to enter into commercia} activities in competition with private business. The primary function o{ the PRISCO, so far as concerns price stabil.ization, is therefore to regulate the channels of distribution of goods so as to insure an uninterrupted and equitable flow of cornmodities. I

of basic

G o o d p - In accordance with the above statement

PRISCO s h a l l :

a. Establish a list of essential commodities which are of prime necessity to the welfare of the peoPle. b. Determine which items supply or are likely to become due to an expected increasc in sonal and/or other reasons or

in the list are in short in short supply eithe r demand because of seadue to an expected res-

triction in the source of supply, such as the imposition of export contr:ols or embargoes in the supplying countries. c, Secure from the Monetary Board allotments of foreign cxchange and from the lmport Control Commis sion the necessary import licenses for the purpose of increasing the supply of those imported comrnodities which the PRISCO believes to be essential in accordance with b, above.

a t

d, Although it is the announced policy of the PRISCO to e{fect such importation through private business houses whenever possible, nothing herein contained shall be construed as limiting the power of PRISCO to itsel{ effect such importations in its own name should said private houses be unwilling or unable to import the items in qrrestion, and for this purpose it shali seek the allocation of such additional foreign exchange as may be deemed necessary from tirne to time to enable it to perform its duty adequatcly and i.n tirnes of eme rgency.

/,.i

tdus.

iF'-

- z Z, Domesticallv Produced Coods. - The PRISCO believes the prices of domE: essentiail@biliaing tically produced goods is through increased production and the elimination of factors tending to act in restraint of trade. In order to implement this basic policy, the PRISCO believes that its functions must be directed towards helping the domestic producer and/or manufacturer of essential items overcome obstacles which may hamper increased production on the one hand, and solving those problems of distribution and marketing which result in high selling prices to the consumer on the other hand. To this end the PRISCO shall: a. Establish a list of domestic products including manuf actured goods which are deeme d to be of prime necessity and the price of which should be stabillzed so as to bring such items within the reach of the consuming public in accordance with their average purchasing power while at the same time assuring the producer and/or manufacturer a reasonable return on his production, b. In the case of manufacturers, take such steps a9 may be necessary to assist manufacturer6 in securing an adequate supply of raw rnaterials at reasonable prices. c. In the case of producerst make available to them technological assi.stance which may increase tboir production in cooperation with the other governmental agencies conce rne d. d. Make available to producers, in cooperation with private enterprises and governmcrtal agencies, machinery and equipment on a lease or rental basis, which may be essential to increased production in accordance with modern scientific methods, e. Develop storage facilities for food supplies and materials and othe r commodities so that seasonal price fluctuations will be minimized and a year-round supply of such essential prirne commodities rnade available.

f. Assist the small producer through the development of cooperative marketing schemes, crop Ioans and other distribution aids, to obtain the maximum price for his produce while at the same time assuring the public of a constant supply, thus eliminating the services of numerous middlernen and commodity hoarders and speculator s.

;iFF'-

- 3 -

{}--\-4 As si stanc e to FiIi ino Businessmen and Retailer s Secti Exe cutive

It is the firm belief of the PRISCO that in the long run the type of assistance which can be of permanent benefit to the Filipino businessman and retailer is to render him more able and fit to compete with other elements in his field. To this end the PRISCO shall:

l. Through its regional offices and branches, consolidate the buying orders of srnall businessmen and retailers so as to enable them to buy at competitive prices.

1|r

2, Keep such Filipino businessmen informed of business trends in the markets for their goods; assist thenr in the latest techniques of merchandising; keep on file a list of such retailers to supply to sellers in large urban centers; require importers, if and when utillzing PRISCOlicenses, to sell to reliable Filipino retailers a certain Percentage of the merchandise so imported. C.

Promotion of Flome Industrie s Section 2

No.350l

In order to properly divelop home industries, the PRISCO, in close coordination with the OEC Committee, shall encourage and build up the standardization of local products so that they may be accumulated fo| volume sale in {oreign markets. To this end the PRISCO shall:

t--t

l. Divide the country into areas where specialized skills already exist, such as the weaving industry in the North, the abaca and nipa industries in the South, etc., and otganirre, uniler the appropriate PRISCO regional offices ani branches, central training schools ar.-dlocal supervisors for the jndustry concerned. 2. Whenever feasible, help make available to local home industries, the necessary equipment such as loomsl lathes, etc. ' which are normally beyond the means of cottage workers to acquire themselves. 3. Whenever deemed advisable, establish an advanced training-in-work vocational school to whici: pensionados would be sent {rnm provincial areas of cottage industries.

i '

i I

4. Take over the rnarketing abroad of theproducts of such home industries, through private firms wherever possible. In this connection, the PRISCO shall finance, where necessary, the accumulation of stocks from provincial manufacturing areas to lar:ge urban centers for distribution and shipment. 5. Give adequate publicity abroad to Philippine horne industries so as to stlmulate export interest.

1L;

ffi

QG''sj

- 4 D. Barter or cther International Economic

'1 E

re eme nts Secticn 2

Unless Executive Order No. j50 is amended to the contrary, the PRISCO, as the agent and representative of the Republic of the Philippines shall continue to act as such in carrying out the barter or other international economic agreements with other countries. In this connection the Board of Directors are promulgating from time to time rules and regulations necessary io implement this objective.

DATA ON THg LAI{D SETTln"&'n AND DEVEL0PMn{TCOPiPORATI0I{ I . ORCA}IIZATION This coryoration

was fosred under Execrrtive Order No. 355, dat'ed

0ctober 23t ]:g5}t dissolving

a.nd the MC-l{achi.nery and Equip-

Rice and Corn Productlon Adninistration ment Department, and ereatirg assr:me all

tand Settlsnent Administrationt

the llational

and

to continue the functions the LASEDECO of the aforegaid

the assete ard l-iabllities

entitles.

rr.-!ru. Arnongl-ts inrportant obJectives are! (a) To facilitate agricul-tural

the acqulsition,

settl-enent and cultivation

lanls.

(b) To afford

to own farrns to tenants and snall

opportunity

mers from congested areaa, to graduete s of agricuJ.tural

fa!-

schools a.rd

col1eges, to veteransrand other landle ss pcrsons. into two rnalcn c1-assifications:

These objectives e6! be clasgified

(2) Agricultural

(1) Land Settlenent, '.

III

Developncr t.

- CAPTTAL

?he capltal and UfO, including funct

of the LASEDtsCO is the net worLh of the NISA, BCPA the appraised value of lands ceded to ii

by the de-

M.9A ard RCFA.

w-@. 1. Total taroa,

- 45010OOhecof the LASEDIiCO

area of lard. reservatlon

raore or Lesg, located in the islands

of lvllndanao and Pal&lran,

and in the provlnce of fsabela. ra

2. Total

area allocated

to settlers

from the tlne

of the NLSA

to date - 11Or0OOhectares, nore or legg. 3. Total area stLlJ- avallable 180r0OO heclercs,

for dcvelopneni ard dlstribution

located as fol-Iolrs I

14O;O0Ohectares

0otabato &rlddnon

l5oooo

Pala'rran

20,ooo

Cegayan Valley T0TAL

5r00O -

1 6 0 1 0 0 0h o c t e r e 8 :

rlF

e;* - 2 -

0f the 1I0r 00O hectares j0rL130 hectares

which have al-ready been a}l_oc

h:rve been placed under cultivation,

Coiabato

to r,rit:

t--t*t9

20rOCOhectares

E:kidnon

Palawan

300 -

Oagayan Valley

lOTAL

- *:9'-000h . ectares

These 301000 hectares of cultlvated Adnlnletration â&#x201A;Ź.

Far:n comprising a total

lands include ihe

tuiSIDECC

area of 4r5OOhectares whlch are

operated under the meehanized system of farrnlng and located in the f ollowing

place s; Cotabat o

2r5AAheel"ares

Bukidnon

1170o

3oo

Palawan T 0 T h L -

Ir..500h e c t a r e s

d. ilti];Elt cF F,.]}, ^.'tD sETTtijlJi{T pRgJricTS-: a

(a) Cote"UatoFarn and Settlenieni

projee."

(b) Ca6ayanr/alIey Farr:. and Settlenieirt Frc.ject (Isa.bela) (c) Bukidnon larrrr ard Settlenent

project

(a) lalarvan Far:n and Settle-ment Froject a. COTAAI]'C FROJI]CI settlenent, .listricts,

This Fr.rject is conposed o: ei.lrt

(t)

cix (6) of which ,.rercestab:lished by tfe defuncL

lil-S,;'r and tr,ro (2) recently

opened by the Lr.tjE1lEC0.The ofd rtistr:icts

are Polonoloh, Lagao, Tupi and lJarbel in Koronadal Valley;

etrC Ba.flga

anC iilorala in Allah Valley.

The nell districts

opened by the LASIiDECO during the last fiscal

J'ea.r e.Ie Calawag and. Latnian. Calawag r,ras originally nistration

Farm Project in Cotabato.

:" part of the Adrd-

h:is an area of 9r,l+71hectares.

9o far 650 home lots lvi-th an area of lr5CO square meters each have been distributed

to settlers

in the districl.

few months in the settl-enent,

To tide then over their

the IASEDEC0gave then a courmunity fa.rrn

of 3OOhectares whl,ch they planted to rice last first

first

harvest they will- be given a farm lot

season. .A-fter their

of e. njll1linri!:r6fi)6li?ht, hcctaret

e80ho

- f

- 3 During ihe shorL space of 4 nonths, 223 settLersr buili

in Calawag, and 2r0O0 fml,t Lamlan distr{.ct,

,y A.- t

trees planied.

Sottlenent, the second IITSEDECO

Ls in tt! e

process of subdirrision.

end distributed

There ate 327 fann lots

to scttlers,

txost of whon s.re vetersns and.caseo

by the Social- Welfarc ndnlnistration.

recmited

already subdivided

there are 5r0@

heotares here whlch have been sufieyed ard subdivlded into lots

of l0 hectareg each. Plarrs have been perfeeted

5OOfarm

districts total

for the opening of 2 new settlement

in Dagwra and Bu1uan in the Cotabato regi.on, bringlng

nunber of districts

the

to 10.

5. POPUI,ATION popuJ-ation of the Cotabato si,rd Cagayan Valley

The coll-ecttve Settlenent this

is placed at Ll5ro41 as of Juno 30, 1-951. 0f

Projects

mrnber 101410 are registered

settlers

and the others composed

settlers,

adroirlistrat j"on personnel

of thEir

dependents unregistered

and thej-r dependopts ard others including â&#x201A;Ź-

non-christj.an

tribes.

I,AhD DISTRIE]TION There are more then 8, OOOregistered nhom have been issued a total

seitLers

in Cotabato to

ot 7,l+7O hone Lois arld 7,71+9farrn 1ots.

AGRICUIruNJTPP,ODUCTION lirea planted to diffelent Rice

cropst

- 161993.70 hectares 212148.55 tl

Corn a

Feanuts

366.75

Sugar cane

166.85

Tobacco

69.95

Abaca

Other crops

2L,8O7.'16

IRRTGATIONFACILIT]ES There are 97 snal-l irrigation

syeiemss rnosily c onmunal, serving

5127! heclares of rice lande.

-@9*sf.:trgRs.r The LA$EDECOOperates $elfare

of the

se$ilers.

a mrmber of units

Theee j-nclude

intended

hospital+'a.rd

to serve

the

dispensariee,

fa.nr r.uchi.rery pools,

.]lr r

power pla,rt,s, repair

;..rlr'i -.i -LJ.a-Lion

.'.1.cp.r,ipq

1r'1r nt

se-l f-srlrno.r.in-

crrhd;'rirlprl

a have been prefiouslJ l-ntO

rnirral

^-^'o-r-c vv r vo

rn!.

wv.

has en area of

Th:is reservation ,. . .l. 4r , . 1

lisposed

lnre

rn,,

i J,ln rrli4r

,hr ^v m , t raL

65rrl(-:0 hec-

llv^e+J c

?. I al )

of bir tjle Eureau of I"ands. fl

^ lJ w

L* )r thL iu^LhL

is divided

C'/ baffaos.

r*re i,, pl-anted Lo .li lr.l':nt

cropss

* -

ilice

Other c:ops

18C

are

grain

farms for

farrnin6; is uncierr,,ay. to

j.jelrly opened to

farms j,n tl€

orchard

distributicn

& 8EJ Ti.Il.:l;jrU lic.rnci

of 4-hecta:'e

orchard

1 \'7

The subdivision suitable

4]n

Sugar c€ine

EUKIIiJON ftilli

?o date,

settierer:t.

grouncls r.ihlch

rolling

Therc r:ill

settlers.

(;rn eiveragc o-f l+ ':a. pe: settler)

heciares

I,3?6

Sorn - -

rnd,

fams

8E;K9

? r' ? I ,-.r i

i-fn

shops, trlnspor.Lltl

-iS.

b. CJ|GIYANVrll,ifif l.:rar

lt-

be IrOOO of t,hese 215

4-hectare

lots

have been subdivided. C. i'$LAldi$l - This proJect

Lhis liscal

I'ear.

e. AlDi'tII,{lSTIiA'.iION!'.r,R1"5 tration

farrus located

n total

of 21387 heetares

this

crop year.

IrCOC field with

3rain

Septenber. administration plented

were plenterl r.ras started

Ilarwesi

tenks

and the palay

last

llarvest rice

the various

adnini s_

in Uarinnag, Eu-I<idnorr for

week ldth

iice

ncn by the LAfjiiDECC ranging

size

by cadet farraers.

fa11!l6 are r.drolly neehanized.

on the 2r000-hectare

farya :i.n Cagayan Val-ley

during

There were L4 pilot

the last

farns

The ope:'ations

planting

established

frcm 6 to lCO hectares,

In the

The

jrOOO cavans per day by nid-

?he adrnjnj-stra.tion to

drle,J by means of driers.

j-n Cotabato r,ras also started farm.

an averdge yield

is done vrith the use of c ombines

artificially

is expecteC to increase

?. PnOT FAiil'i,9 -

sized

t o palay

Harresting

a toLill" cf 149 hectares

a,re cultivated

The t otuil area of

in Cot,abilto, Bukidnon €|nd palawan ts d,J00 hect,ares.

cavans per d.ay.

ra.te of harvest

schedu_l_ed to be opeled to settlement

6eason.

in Bukid-

These fa:rns

of ?: e med.:iun erici iarge-

snall_-sizei

fa.rms

o.t4' - 5 -

to Fhilipplne

be of benefit

"ill- prc

of these trials

The result

animals is being tried.

0 ldri

mechanization with the use of

a system of eonbirl-ing parb ial

fe.rrners who are now turning

io mec

f arrdag. 8. !'Afti t{ACgINgRyPOOLS operated in every settlenent following

tractor

Aslde from the machinery pool-s opetates the

the Corporation

district:,

pools and shops;

1. Cagayan Far:n MachLne::f PooI 2l Mlndoro !'anrn Machinerrr Pool je

3. l{ueva Ecija

FaIm l4achinely Pool

4. 0n0oc Faru Machinery PooI 5. Leyle fano Machinery shop. ACtMSIES: 9. OTHEJT

Certain activities

inc ome which l-s used for adr*inistration

a Little

clude the 6al"es of surplus tractors, I (

arrd such speciel projects

products, raising

The latter

project

of !YJ'oOO authorized

I o

These ln-

anl agriiultural

as the swlne, poul-try and cattle-.

can supply around 25 tons of potatoes

per noilih up to December 1951.

eryenses.

projects 1n Colabato and Isabela, ard the Potato project in

Cotabato.

mul-tiply

spare parts

give the Corporation

this

tr{ith the additional

by the Board for iis

output several foLd.

N,A{I

appropriation

e:t)ansion, it

can easily

tltry APPENDIX II

BAIANCtrSIfiiiTSl/ COMPARATIVE GOVrfi]IlllINI O|JNE!AND/ORCOMROLLIDCO1]PORATICNF COORI]INATION UNDEiT T{,S OFFICEO}' XCONOI'IIC Increase

June 3O. 1951

A s s e t s Cu?rent aBsets ... lnvestnents Fiv-ed assets. :leserve for depreciatlon ..... Deferred charEes 0\her assets

ti-es and Net

i'tr-^-oo \g::::::/

oo\

fl76,76$,2J3.79 ?L,g,866,Or2.t4t+ ?,L6,n2,2Or.35 Ltu,584,5O3.9L 13tZl+z'532'29 L33rgn,A36.n 23O,978,255.4'l . 2I7,602'97Q.1+:) 13'375'3t+5.O4 {37,l+O5,3LL+.?3)$t+,957,l'58.43) (2rt+t+6rL5i.9O) 16r2661716.8L ?-a,778rA8A.69 L2,5O9,363.88 ? .9 JI.808.66 ].2.1+39.z:::],ar{â&#x201A;Ź L,5(n.hLt+'22 ---.-

.,. L 5Lt5

Total .lssets

June 30, 1950

'rjorth

P114r177,140.08 tr 87'51+7t92l+.Ob y 2 5 1 6 2 , q 1 2 ! 6 , 0 2 52t972-'CCC:.CC 52r972,AOA.OA 82,t+85,488.93 38,785,6?6.06

7tr506,48A.6L ,9L9,08?,51

other Deferreci c

Other liabll-ities Tot:tl

^^-:+^1

l-.he ('caT

21,350,000.0u 5,LAC,8C7.61u 26,53o,so?.6L L2 45 ,l+26,9t+5.LI 58;AL,C26.55 '954 'oB]..4h 28rO73,320,86. \ a < , rLo1rL4t. (a) 5,891,173.r)8 r l d

. ,.

Total net worth ...,.., Total Li.:'cilities

leported

%9LA"23):Al)

p 8l+1060rouc,00 tr 78r060,00o.00 i+ 610lr0r00o.c$

^+^^l-

i +. f.lr,

(3,92t+1283.29) 578,986.30 F LL-A)9rlW.-tr9.

Capif.a1 invested by the govrt. '. . . -i,eserve s Surpl"rs r;-+. .r"^f

818

li-abili

liet wor-Lh : !.Ja}.,|!'/cI

75,fiA,763.93 18,340,Ct6,21

n,6ss,sA7-iJt

& Ilet

'SJO r'".."

'iibd,h.

(1,3!9,W.2?)

- ^ \

2L-9oL-222.92

!at_,i32,*823-QO. Pva-ryr-6-?-5,.981r'o5,272,1L8.45 Pr+89r,1r2a944.:-05

dF.

EpIr d l

iE I t r i

rt q

.o ' S I! o

0 ) d

E:;I

ki E i'l d ci-l

F-or5l

-:f O

€

Ir! o+- l- t- N

l " L e i

N It ct:

a g

+- r-

lt,

6 ts

(A E

f),

F . o

ctst<

<r"C 5 c) ,1 O E

' :

t0 (r i!

3.o o H 5 1 F

o o *.ts E

C l.-t

H 3

FE83po qSHFFg o H E ' <0E( 5 ' EF ' S o 5 & o ( . t s c)

Fr:o3(|O P. F O cr t4! cf ts.citsF o p Po oor 5 F aD3 i r q o l : d ' 6 d d otr P P ci E o!d - E 5 4 5 } l o o Ft

u t !, b rnts o 5 R E d o o >t o l J

l .

c) o

t., t'

F bBFFS' .+5 5 5lo P < : r*ag. o

On"a*"*

;

l-.J lF \ntsP

P ts

r\ l.t O. irit,.l t-: t-'

r-' b

lF I3 IE lH l*

o 8.r EFg 5 , Fg ' otE

teuF

NF.Oqq

0\ o'\

ur^t$

^\,

Ou^cr.

PF|

--l

ry -t

H ^d-

1\.+t-,-i.b o\r\! s- o u o-r{ 'vno o. ro u !9S99gg c ___ SSp

gH S

cr. P

$$FFe F$PF l.s$ FFF$eFF$

Fl. (+

t-- \rr F o @-:

@ N @ o.\n

\o \,

\r1

\}) N ts \l

{

-J \, \Jt O.

NtrF. Jr.u"-- " _t-

-{ \,):!

R H S S * = P H \ r i S ft,s8 F U B t t

c) \}) c \!

+- \O O

le .-jtjla

l-'.1

l"ic

l,A

;--J

5F s s s d s s s ss s F s 6 sN d G

o, .-r O N\f F- .|.O 0q..o O.\rr \, .o.,\, E (ll o.:o c0 \o \n -Q \o i \ou \o co N \o H\o sF \^' t\) .o \t COOL. CF.\lt O. F- c9vrF O O.Oa-\4

IH F FS"3'FFF FF $"HSF$$ S"d$.FS rD (> \+)

l.E..

rLl

l--: t-

}

I|:,

It Lr

Ito o

ffi

t' lr-r ho

lFry t-ts

l; 16 16

lflH

a (D

ZrlO hiL

BFE

FryH

t c)o

H O.d

IF rhc lts

IFrHs!\!8 s s s H S $ S tssg H * 8 t sNB S IF

lE*-. -.r

EEE

H8E

=KgE; SP lI5gvE LF "RFF 9S$FFF$S.s$$FFS a

N,r.o

l l$ |

S FFPFF.6FSF 15 FFFF$9$F iE35H;SH\E$BF8SdBR=H F

lF o: t- " .nF-o.o'o.f-F

F .o

r..8--r, 5 il ffiIHEES5,ssHSe$5€ NSg$H$F

iv lo

I cr.

los

r{,

ll.o lt\rr '!o

llo'

:t^--l

!N,

iL5 FF,RFT$sF55"s$sF$Frs F tn I:!lg ffiH

F $$ F$F lF e $ F $$ FF.s$$.HF F SE R 5 S ' 5 3 F ' 3 $ U F S i l S S llFl H B l : C

IF llN

RH.S trE

llkI H S8 3 S H 5 5 H SB B - . . * * ' - ' . * .

ilE l g - - ^ , t r - - 5 - * - 5 H p+-uS*..N

rd,

o o

cl_ (t p (t pa

rOFJO\o

tsHts

f-.{e. a

!b ;frtr.

A*?osrtd€d rhlt

of elrnne

&ilo t!Fo. onrglrlnr 1. clrl,lr d fg*'ryt TiBro sd.arrd tb ccfergic

AI'}'JIiDIX

rel*g

sftr&+4r cer Fcurd cat co. i"'rrr .qgbr s@eE

ffi Qd;;ii9

nhl,oh orryG.allon, bcr Gblr u Frlrtr dcbl'&lr brrr ftntr

M*n& s ???n444 Jdftdflr8,

ftfivlfi?.$ i'Jdt'-dt.-rfr

n{{.tt9ff.tA z-.M;]&^F

!fl*q$Jt'l.tf,

l||.6rl,*f64sa fihiqliltfs.lx

sory*altraar th.t ,?, 6l&r,6 sf gqnrmd cflldilr.al || gfft'c rl4?,rd ffi m rlLoht;dq*'tbF?[t ta t*.'fi&lt o.Qfl rr:dsll F sFc4f6*l

ltnafarlt rl$iet er#t fd e'!F! mirp !*att.y.lcTtl.& ? 6mro0e'sc ? 6001000i00

&or8K$0 xjso;ooorlL' trsCI#eo,.oe

saarr

rluxaJl

&rtf,c,l

trad

ir m m tsrymrlrbb ost $f thr anq*t rtl*ra

r*tl,@l *nf#. c.ry0ry

xblCt 8d tbt

to f.t,t'h frf PAXis

!gt.r, ghxr t!tr?'ao.til. *rnr.L5

UllLr ld'llt 6t2r&9.f5 Iial.aglr t,al *ls* X.t'l34.8 t brpt htt !l'|r9iL"32 C*pnr ss!ffiI etqFt{ FS.ElffE hch{rnl' &n" rranrltt.l9 1?|13?9.S ffi19.s tfis XIK uaJ9.r5 ht. }b$urtrf €ceTr rJ96r922.?l $at, fodd lwta gt$ry e{@lt{fi fl|b' d*?{tt}Jz"hb Stryr t*,6*81 ihi' lcohr S*tr Abr,6*& 9bbtr ru'kg ?N*r9}o.6t Sost*iit* rg8ar6aJp Srt. Caem,L Cre*e6en

61l1t'

trtrll--,,

lro(dJ106.00

lt tp.tr ![*ededg, s.$Jl.*ft$o

carporrttau, 3. ffta,tuc of gnaErrd firr ocrrtddn!.d u P&lia -'11'{ b.airr oot rstd uf rrtd.sE m cle.lcrt

SS,0(SaSS

arq.orcoo.c(,

turfi.@l

ans fF*i

P :

F l\o

ls I i i

IR rt

it's iA) .cr\

;

llacFo'8

l+- o. :o\ \ :NO .00 +joN

ilH

il$ rfwr

its 4 :! [ F

.i;-

.lH

r l\O

I l:J

tao\o

i\O |\) :F{

iH o' l\rt O

lfr h * iO. O.,

tlts

. th&

I.s

lh)

r^ LI'J"

ld,

t6 !

{ l

IiF

ts. H. o p l ot € p P F r.t P F

F Fol

{-a

NO. i.l €O

-:o

o.+-{ -{

8€

p o

I 9536E9 B F g T * ItsJ $ P. (DRl 5 b

(

o E

r . t

irr

ttu

()

lF,_

lif

tlv

5J.c_\":

J-

-{ o

r N i

lo c.o IOOta tg'c, o

8 t s l O a

l , . H F P F Sp 5 p i $ " d88S8S p F ts

Og --: \rt ts u vr

\Jr

o o

8 8 o

FFI;F F 88il8 8

E E Sg u

$.-J-

ssHs s sH6dR8I

-J \O \n +t

ts o

F |{ c) I

H E

ft z, >

(,J

z(t

o a r)

z o

I iHieg ,*E a

FE[."

IBFg IF€ q

,^afr .

lspF

,!t 'H

su $"s tds Ess sR $E$l ""l5i F $ " g 1 ;

o otsN+-

Eli

},d P\' .Jts \ \ o

c'\

u, F vr

*:-

\ J J F

o . F

\o \, c o H oS or.

F F .g.g.E .888 888 I

o|.

E E 5 p

r€ *sa!E 3q

o P

b-'o

FfrEAF-

H'p

B FrtP Tr-t T S 9.p 3

\,J l.r c } . N \ n H

<r.

o (i € E F o

!7 €D € (: e

o pr.g. (D. g

H 8Ht l nc t H H p (J?$! "E|tl.t

F F F E . ,g 3 5 F C)t (! F < o (r

E Pz OF g 6 g . s F a e . sr 5 p - c) o F * # F fA . p F F

|t 6 o

o {p . o

H F

t rO

-a o\ \tr

8B 588 I

F g

It g

;

tH'd

d IFF

€

.; TEE

iFo

i5 rr g "F E .

\rr

SFs"u S SPFFSS F : ief;: dv\$ s spsF$s 3

o o

()

-tt $ \:o

\^ \t

N ( } .

R-

$b" F LgF E 8 is!Es FF RR lb tbb

ri o

,iF* $0ittddv

88:

xx'

I ,

psi

llt

o o o0.

lJ.

o a €

P"O

5 . D !5 N a

F'.

G' F I

o . l P l J ( D rC w Cl_ T ( n tr 0t e

o E a)o (l o t t

€ o

s! r,' gd: o o: t.l l-t ,

'f't.-

ff:

g l o

cp ) cF) : ;

c) o

F E E|F F (D : o5 -P.p 1 . .o , d

te lti

I lN

-J

'6 i00 a>.

I\'

!l-

L\O

til

\o\Du

\,t --l IO +!o.{:-

IH\:

cr.

l; lrJ

L.' li

N O @\our POC) \oc'C)

\^ 6

N ^1.!

r o o.\^r ts

Cl. \rr

!ri,t.-41o-q*.,.

\O \rr N

^, \AU

I.J

F.r

O uu)

f N a

At\O\^

Cfr F

l0' i:. lCoH.

t o 'ou B

St P.

lr.{

< t{

8 r ,

'E,

. o l B o- .. P, o

8 I5H€

()

E IEEF

.6 l$fs

.\o

'rS

\o .H \,

H O\\,J

N\'

o\\,

-it ,.\.ct' \o U)

\n ct

z c<G

O O\O

H\!

1 8H ^ rrl lht

llD

1'lx'

vlJr

\, @ \O

IP o

; - Hu s r o

iU P 't,

I).o

B S X S B l - E 'r o biLi^a is ? o\o o lo

(lf \o \,

SH$S€ lrHri

S $.8p$.8 or.O\OUrF N

F\r)\., F (^\'r O tJ \n O\r\t -{O NAtvr

d E uss8atstsF

u @ \^r o.\o rd 6 -: 6 +- N { F \i \rl \,J a- F C}. O \O \rt \^t @ - { H 6 \tr \n co --l @ N o FJ \O O N-{ \rr o,\o c9 @\^

-.I ^,.\^\, L., @.\ \o \r,) -J cF..o F- N lJ \: CD O\ \^ { J- \,t \,1

F\O\r€\^

O.O.O.O

I |\'

21 q) H

*U :q

{

' -*

Liirl$1r*F

FE l9E',f

lFi O O t, r,

\ r \ ^ l E8 E 8.o td< o 5 0

\D O |\J^F,

B B o n - ,- . 5

R 8S8

lll

<r.

r t B

o r':l 3p dc+ P. o

88 888 I

\n \.n

o C FO

& 8 - EF € 8E 'O3p .gO H g

gE Eggs'

f, s

<+<

FE-THHFnX

s d s S B Fl-r \,d *\O8O. ddsgs S .*s'8 o\ o\oo

ts \, \,I

. ! .

o \'l trOF C)O

€

gq)

O (b 0 t\t \,l O 6 6 Co O\ O O\ O.

L. igs P F* P 16\0 OG

is ; [ 3 8 I ls

!-:

tJ)

b'' \rr

i-$

IX IF

t o o

r.'r

\,)

t\)

cF. \:

o\ -.t

88 88

ts\^ a)o

8 I

H o H

5FFSFEFI S F$FF$$SS$FS$F ''F} S S . R $ F F F P S F S F F S F f i F S $ P rJ { H( o.{oo.\o\o5ss$ts dsjs6

i5 G L6 $

-F ic ix L-.r

iE ig

!F"

{ t x a-\ O O

lg Lts IP

rr) l+i r, ord F " g f I EE" g E E1*

(D c)}d

I5egHE.?sBE

E F r E $ . , O€ C9l f , P' 1 (+ r''qldtsE

ts tro

F < o }'4i

{ u o o

\,)

==g

g g B . LSi HE ' IC ) > C9) r y t s .P , O O . g . o. tr 'jC so € b ' f { , F ' o t r ' u r o p o o o } J r r E F o

o P rt o o p

= z eP

H O\O

tt F ota *p E

P ts

cr F

P O r". 5

F .t .

i D ot:l it' p0t

F .o r t O

;

P N