‘Teundertake pubie weltare Urge for econamic gromeh Ineticiencies of public organizations and corrustlon Altaf the above Solana "2 Cebus afta goverment that Mave MaReni a neuro as meray (commercial Papers Commercial epacts | Treaury eis Ccertbicate af Depocts ‘plitias | aatry Bl are bot alicia gece ta have tr of a dr aM ey ae "Weatury sso ond: Tacury lars char-trm abgaes tea aan Conran They ae baer 2 Aacaar a Ba ae at dacs anna of heey taka {:Cammaria Dapet (0 eat anaarued ay tral mabmant sud nea ore prowsiery sate Capers, primary (ales (Pas) and ar ahinds franca tsa (P8) that hove been penile arate hers Teen ona he unbl ‘ttn by he ase Sooo ca ae eigdealssue C8 C2 canbe aed lar matunis betwee a minemereal Y days an 2 ‘seman wena yea om the dal of ae ‘Seale! Depa (ED) oa eugaable aay she nee nant aratr ee ea Usae Pomery a eu ped abc th lige ntl atin apelin ts pri ack a ue COS ‘stcrnes tom Taye wane 2 jon warns alight can ue lr atarae yet ta oars |S whic a lnlonng ences purpose orale tli bara? ‘Financing economic development esp. in under-developed cazmties. ‘Financing the pubic sector for expanding and strengthening the public enterprises War arme and ammuntion financing Alla the above | Sphinn 5. Mtr ie abt ie ga ow rat en aii Wak — Cuewersion ‘simang Fund eouaution Terminable Annuities “Lolaation:Convarnon al pie dbt notes change eesti laura, belare matty: to am ladon ava be ‘trees charge. sac, procen a cnverin cons uve nly Cancein a stare 4 Bebe bt om 4h ta ‘Suet of mares A avaremert might nar booed tine hen th ae amr! washgh Now, ante ate ‘rurest as, ay camer the at buns tn ron anes ome a err Lainie the ren Th the abit ‘Santa ac var shar a ra frre ta paver Fact, nae War aleube lan waco ete neil trot of came ‘5 had he lg aaa i RCOMRECT wh afr tab Bur ue ee? {Aniniernal debt has na direct money burden soe the interest payment on debt and the lmposton of ‘aration to pay interest to the lenders simply a transier af purchasing power from ane ta-anocher {Enteral det involves diect real arden tothe community 26 I neoives redesinbution of aggregate Incame leading to nequalties inthe deribution of income and wealth. ‘The crect money ourden of extaral debt brthe Interest payment 2c well ac the principal repayment (Le. ott servicing) to external creditars ‘Amerternal debt has no ékect money hunien since Interest payment on debt and the Imposition of taxaton to pay interest tothe foreign cauniry accelerates exgort earnings spleen: An ereral dt cess ect money nen de rel ber and increta ardent the cunt Theat sry rae earl del arr! payl 6 wi ashe ec cegapsel (Le, ABE Hever) Laue bdr ‘The avec ealburden af och eer Sarnia retain te eres a gods andes whch thee payee NOE herr a dba cry Tee alii al bees trea Ba aed byte br ay legs are pees atl at era the ea ry Ta ear dey ese all wae Ba sarent 1 ical he lin ROT TRE mah lara opie nee? According to Claetical Economics Pubic Financing i highly unproductive an the accumpton that ull employment, nelazicty af money Suppilet ane unproductive nature of pubic expenditure Voluntary Public Borrowing has.adisiecentive effect whereas taratlon does rot havea disincentive effect and ‘3s such tntion is preferable ta valumtary public barrowing in modern times public borrowing lx mast extengie and Inencive meaning that almest al caurtries resort to pubic horrawing and pubic Herrawing n each country ix deepening Public Debt has become a pawerlul tool of developmental manetary paliy 2s management af public debt bs leted ae 3 method to Infuence the structure fntarest rates sspuaion Doble Beran as ene aera ee! axa yond eae sab, Taner ln Met ecormme Anty 2ecratpantng a tsakniniveefac, o hers nach prabion said wh pubae berowed zat wea ae Solrtay-natre ad zat beavee of expecta et ana repeat "7 hah ge th eae i ae? ar or war-preparedness, Including euclear programmes ‘Te cover the tudget deficts an current secount ‘To undertake public welfare schemes ‘lof the above Esplestien= 2. roach le etonng 2s ofthe nan Canatuan prov rte craton athe Cencoteatad Fare a? Ate 374 ‘tlle 265 Aniete 271 spelen: nd Ace 265 (1) Contin td ll eneetracihdd by he Unita dover a 2 alk ik y odo reeary Mls, erp an ater hans anal toner eared Une eres bercyree f and ‘Sil acoder ha Ewald Puna af an ater lay ude A 258 ‘te Caratatos ofa, aCorunhdaed Punt Ysa (2 asprin ach ata}nas baw etal hr al earns raconedty te Sina gorvmimost 2 rl callous aed uy eto aatry Mk, lea nd ual Rane an at ay ‘caved byte S22 Gevaert osymant of aan shal em art th nd "The Comite and hte evar nda thse Fonds a eeport he uniofState laa 9. are erata by he gaeerment ana yr accumulate ey yon Oy seni 2 a caren ple rove mech» sabe atl cr ay TP ane a a he a ry uty Fund Cred Fund ‘srking Fund spelen Asking ene alu nal By a get ad Gradually accu ny oa ing ade upto sift poe er i tach anny hat ol Be ule uy Uh aed ob he a aly ee tnd, a seagate brs ue et a Fla th di ang Papp ty he Bieta rly ae ie perodel tne acum of eta. The pacts of suing un apes any ne ens ard a greene sidivarbinss raza ary. La Fone Bua lea wa A Short term loan ‘AShort term Deposit ‘Atong Term Lean Ways and Meant Advances spun: Fanaa de arn rm Abt cated yt gomrrart or genta 4 pomanen pl aa rapayae Sr acer para ove. The ce and means of repute aie ie oleae are eat! ary en lh (tau Uo ee ae end al cal ing bl fon dud dab ee head alae dT ma ye renner bondare ured ate becaune hey welor trea ie marth ‘ati fhe foning ug the sacl science that describes the factors that determine the production, cletrbutica and eansumetion of geade and cerdices | the study ofthe ral ofthe government inthe economy. It & the branch of economics which assesses the {government revenue and government expenditre of the public authorities and the adjestment of ene or the fther tn achieve decirable effec and avoid undesirabie ones. Tis the application of sitlsical and mathematlcal theories a ecanemics forthe purpose of testing bypathenes and forecasting future trends ei 2 branch af ecenamice that studies the Behavior of inchviduais and frmecin making dectsans regarding the allocation of imed resources. splat: Tea mca acoroprate arate 8 Pui hance a stdy tou! the Govemmar an the econ flats al ts ote wich the lloingmethad pu debt madam mal UN XBL beset to bythe Caveman Sinking Fendt epudition rptaaion: Reputation for he ee meena ot Govtmmanes. Hance Xi ray rneted 2 1. ede the yste of ede unce,aGaveeramt woud be actonereu and fee abou the weer ancl mars concer ‘Ta eet weed ae Prneiple of equity Prineigie of witormaty Principle of rccat Access ‘Principle of Independence spurs: Under me sata af Federal earce, 2 Cenamwrart show be stoners anata teu! te art mana ‘ats orcened. Itmunaach Goveremert sod save mpatate sous of erevue suthorky tran, barton ney Sed laine Da eens Tha lotrel at acrdly ey asanony baal tar 20, mtn eons debt a fen december 2078 was, US$ 456.1 sion US$ 103-4 sition US $ 20.7 Billion Us $ 12508 ailisn splat: bapa of creme flars BE), insur ol Prance, Gaweement fir hes bees canpding Seats oa ‘ed astern Dit a a quar wading Setiebar ana Decabe tary yas Unde taal del Sec all by UE 20.0 ‘ian (6.0 pat cnt) to UES 4587 bala at ee cares 201 oor the tect oon atch 2048 2). ich che flings NOT asypea economic aptenfllomed bythe courte? Free Market Ecanamy_ ‘ey dort completly agro on he euesin a ates best don a nae ‘Awad ecanomic estes shaped by radios To ork that pete dhe goods nd series tary ori hw they se ‘ed echange react land 1 ell lysate pall. Theteexanomic yer weer ty dare thea doe ‘hhcor wey stuck, Sardar lig a tate! india et efoy ac ewe occroatial maby Bulacan Dehaortund aiienteesace erate {ea caveman acer ei ea th gtr earls the aca The ated han ew aed sidentereanrcen Ta gored reales eed and nnn By erature wl ar wi eae Soualzmic spent command ccnome tem. hanicaythe govehrart has ace varying Serer carr et the ‘eqnony esac! contrun or kone, aly apr dusts ave bewn kunectad ta gover management atta, the ‘overert has eetenes a ove eran contra the econo Sriraict onemes, scare decir art aie by ndaioas he weak andeamparas 9 oe marttice eae how eure ar cas wd coats we nr uted Eaauals Cogn tom 0 ee ur parton erceima ag 2 urkatha ob aba, at Goede red Ln pdac, And ua ace wl cent Wa a gure ual Staresy the geese tral aur bom tara lar ‘Aon wana yet Lane amar af Ihe and carand wtenbiy My wee dena a inthe inital by ndbidcat Bot a govern mola aun or atocalas at tint Oleeunceae Mat sowanced nt ‘retotew the mie econ tom 22 Publ Oe man orroming by 2 Government fem abraad and doesnt inode borrowing rom whthin the country Borrowing by general pubic private Inlvduals or association of Individuals fram the Government which they ‘eed 1a repay to Government under the prescrbed terme and conditions orroning by General Public inthe form a sane or advances rem the Government, Local Basies, Government cowed financial scrusions Borrowing by 2 Government fem within the country or rom abroad, trom prlvate Indviuats or association af leuhiduals or trom banking and nee-banklng instfutlons Esplin Nacen greets awed in Satan om alee eres when catet revert lal shart al pul: expenctare, ‘Thon pub afer te aan neared pe goatee onan atin etronig ently a ar aee Maar ofeug eves corer eomares. Berg a ern of pbb bls ras rau mich governs Tay Meds subbed hat eu the alma of rv ndaitudt derngtos bard wh Da unde segueence, maderntaes, booning yh governs hat naxaee 2 pamat theo goverment Karen eng eh that Saves hein Basle dat ea tn wrong tra goreemert mm cau er Kor aon hw oxerenet say bacow fom bans, butress asses, catalan aoe wgancacnn nan coun aaa rebs on Peron sevens rd lelgn oatmeal aa eso Perpetual oan ‘Termnatie loans Fleuie sane Fig Lean spelen Ta aduamibl tes ar hake with gece rane La ay aa a Spied at Dy a Teoria uane redeem a flers to 2 dl mech ay abe wae ob! ar meen qatar 2 by a mao regula. Tes ae may Be wea ral et, rd Mars maybe Tree an ha Peredard ong pet lear depending oa ru perma estan 2, ich ee lenin gi NOT anata ite af edanein ie et? ‘Repudiaton of Pubic Debs retunang Conversion Sinking Fund Method soles eden ol dat ples royal ale es at wba ind ae te veins ope bac is pers ete ger tatsahe oabn repay the ara aay nam. the gee rat i ecestry rescartt epy Be et clin. rele way of owing oth rc abt ts rece Eat ar that argent ude peyton a pice Ina hn ewan means eleye 2 de aD han pang E Mitre undead al pred apie wll shah ceil he gel abe be ‘De geverane nepusatng cocrrias ean woveias wba wl be ery et er ha cacy rate aan ort A ecokanable ae ieee 1 ata erates th a woul avec funds salud hoe las aa ice Shreaein 4 tony: meee elite cates govtomer ay be lorcet aaa emma at algae Ferinnanc, 17, Sot ansiacepudated ate starred earl dblgatons of ow te Repco from ang faire loans Of ute mathocaa! rearing dbl apace tate est ere 25, keh ah feng sate ald et he rs “abe ene? {lea sudy of economic efficiency, distrhution of resources and government pales and its effects em a etudy of thw public rector banking systemin a eauntry ls a study of the finances ofthe general pubic and thei pattern af spending ig a study of ihe ect and Inrecttanes ian ecacamy splice fable ewe the stay shel athe goverment sh cara. tthe branch economics whic seek ardor nat andyarenraet eabedtare snd aed of parce aed ou State dsl alae ta pd deste flac wun ‘28 tn are mart sconany, steered chats perce ough 2 wpa of muta nmrepandence to promete he penal Inet a socty age a Sth relared a Private Spit spun: Tea arm Qicte hance alahar Sr har a ben mare ecarony, a-nlaated naa eprata ‘ermugh 4 yam of ul mtarpondares i prema tha gare tana ef escwy at rg. wan Wve by Seatach fligranmarctoehar ham Sth in Ma bok Qn ary a Pte and Cases ole wet Mors (1798) 2A ermal cata assent meh af mir ues ora & euealwly nia demoed bu bs wich ‘emer sane a measures of era aunenony general eereate 3. Medial gerne ive Wduia,t Se-genaeing aus a nian eas 26 wl abe dea a pe a (es andthe carga trl erally anced andy eal bares werd eee a ee ary; Dantas of alos altel baty Alleria wn ea Lar cel gereccreie whch wean pene Tera ‘hed etme 3 cena acai al 2 sub Canteen ine hac gin as sa eee cOWNO art 2 Ta rca ef yt uty aay Bt any ae yw waa ay een alle mzerined a Leind (yt Eagar Muara Wii, acai Ga il pa CAG wD ng ta cara ageat octet sted bam whe of Tawny Section 16 ofthe CAGHs.9C Act |Amicte 279 ofthe Constution of india _Anicle $50 of the Constitution of tnata Regulations of Audit and Accourts 2007 splat 17 prvi ort Easton ol nt proceeds eat procends aan elation way tas day roc asa edu he Cot 2 calton ae frDarpurboie of hae sees oa orcad ty ae 2d. Stay ae ari ay a Batata yarns Bab abcd and cry Oh Cala Ru ‘Genta a oa ast saeate sal al ‘inject tors om made by Darin or a ee fhe Dein ay yeaa wre net arth precey uy ta a maybe, ses nay Sat, pete a he manne whic te pracee are be eater a {eve bern at hn and tea mann wc ary pues ar abe Made, oe he many of acinus bbe oe fae spar and wnt andor ary her esi areary mars “2 ute Seca ace fecal ype meobng tharmga aca rspandiaies betecon Cant Sala ad eal yore Fazal Genarakim spelen itl aie tf Kaas pobre ines. Th es tt trad ly he Barbar Arcs stars Mahara Manrarein 1052, Hal edly deat whe dri f wereld and Tal ae ‘seeg kv ef pair sie ef pub einai, sal ata marcato mar ana al area ‘Sed uta ora bt cartraland and wih are est place in he tphare of aoa eee of goat (Oates, 1200) ‘ogening on tate federal espanstaliee ave shared bemeon Crt Hah an lca raat. Tarte eal fnevce mest dvsra anceowranabil dif sarael cone snd erpenatae bene arte Sat a Cal Sorc The elieal deere eal len ow 6 al era The Per ab aa aed boncele aw dvaion alana: arctan. suorerucy low canst, comitcharaliaypendaren ol he constoe th "30. the may an Maa anon [A] rom coral Bank anceps af Unprecuctve Debt ‘Short-term Debt spelen Ta Rass Barf En es mga lan fait a Cae ad ae peter a unba ‘jovarmart tray lan acy Wales Rays a Meat dean 8). ‘1 A couray Ge epeyment ch quien el precip nd cereale 42a yar on xara ax percentage ait scared gods and wermces la sicirtct rece) Oat ea erat eer ak Maney burden ebt-cervice rate Exaort Earnings Ratio sptaraion: Th db cass ate te ao of ater ayumi by defer eeu 8 ha erty expert serene. thea ol det tree (rarest and princi payments ue) axing syeatezareases or « bercenagwel epee ‘Gepiealy of goods and cares) farthat yea Tht ati enue ta be a ay inser canary det ban 12 Antara ites har te Ger the nana aedclion and td eee cero ain Rowadl belly ‘ane goatee gavotte tea ‘Tansee emeritus wacay changed by Ait tia natn a soci wath sjoreravare plume ane eglatet a he teas ales array a als brat Mereont Oe decir rated is rasan, ‘Hocanar e'etowrss employment ering andcaraanstin 21 tomplellyseaonsert ar the govern of Ex ata plang Seton In waned cara, rtecudia decors we lial seo ert bra tio dby the Sawer spuaen: Unde sncaln, ust aetna nea reduc and steep aro econso Sty ears platy ‘af goats na seit ecm tt anc af gavel aray are Wa Pa farce ef yore ‘apmalet sonoma scp econrey, the povemment at aca pulatay aed company bay. tha tar han 3 ‘Soa etorany na govetomanl sie a cargromariaaie amas! eetom ates ea a pasion asl bun, ‘ed conten of ser = «socal corny nat a thu nership el pal property alowed a ied amour, at eranesol fee earl scent abe ind 212 resp at aan tne etary of Funded Debt unended cet External Debt Productive Ost spelen Fund ub ng eh bd ated ya gett ee gent a eran ap a yale easel pared ose. Theme ad means spay ands Beil payne area dey he as ‘Sasa: Untnded aut 2 coe ten ond eas can sing Gt Unon de et ae hace a te pa ma Tarr bands ine weed ete beta hey wore ie eth, 24 Palle edna account pueda ely alin a Prodective Surden and Ungroductwe Burden ‘Money burden and eal aurden “Cancamption burden and Dictibeton burden Debt burden and Finance Burden ‘spuanen: Tea pu burn ay be dase at many buen ant al bun Maney buen maar a Sata fetter wheres real burden means the tl borer ile sary de 35, Pale Dee ha a ala tdndy 1a 98 win ey ry. Wi Ne ani ek abe eg Lach aed?Increase rend ip Fancing of Public works programmes: nereacing trend Financing #or Econamic Development Unseraking of Watare Schemax by the Gaverrment ‘Alefthe above spelen Sele 2 detrei eva eh atti eugene a cae seetheu hal eg ruin ang at ar dct oth nr, Ta hak bea say saa the Seton a ube salt iamaderagorurwrcts, Dot aaa Eid alee by Trani bbl wary acne ‘Sevier and unaetanng of mele sonanes by he Goveromet | The Pcp a Hasina Socal Adana maa eee Hugh Dato ‘sam Sour France Madigan Sir Arthur Lewls spleaien: Tew rincple of axerarckal Advanta” wastrel by Bri coma gh aon dcearaeg ta ogtaton, “buble Fnanca” = cnctteed mon hata aed capone a pub author nd ith headset ‘ten math the ce ‘Problem of Equaltsation Problem of eficaency Problem of ertveness Prablar of ceanaeny spelen Piel rable abstinent Pade. The fal bing cca bite silt sate gel ada I hee a eli gaan haruoetal agl baane [18 Te naan Covenant kacoueng sland ae fama ant carmen bythe ingtnate of Charred Accountants of tia netate of Cost Accountants of In (Gavernment Accounting Standards Adtlsory Board Indian Finaeclal Accounting Board vate 2 Wich othe Klong ie NOT a ectnd a dt redemien by he havernean Repudiation of Debt eyback of Government bonds Payment of Terminabie Annies {Issue of Treasury Alls plain: a of Weany Bi crate te tt elgaion o ha Gover. Repeat ha COR i gonaray et esi hy Gone AOL et aan fr eating Fre udu? Internal Debt tert Debt reductive Debt Short-Term Lesa splat: Bobet maybe cael a credctve and ureradctv ets band on perp or wc an nak aban fe sebt radactne when Mud mn conener ig retort A grocucve deb create fice asses by novel vert pu Product laos tha ad a Datta tne capaey oa col Publ btw roreducg wan EUG a urbe wh ds ayia cers a Gove a dncing bey be eed ab wee ak Urgradcte la de hal ad the ered apache acanaten,Unarzdcte te aecalled dew ernh e Diagonal imbalances ‘Ceseecross imbalances splat Te cara eperinen shat wen fuccon ad racrees ae dled aetmeen lfc lee al caersnat oe ret ic and pudactinesowtos a ora mtv rinse ban ede be alata he suan gnerstet ands ‘ei wth ese cel ans aay gone Such ute esti verbal Maa ces etna ensure anus and wn-rnanat of th eal grits Ta ecu tarngbubeees header ad uber ‘arts hilly geared ena eroceg the ral buede gested by teats a sind abet ‘Opn merit tds adept chr vere Tal au ty agement ae ae agin yore 2 eee2 Atsing Tax vd, Tantei, Tax den Granieg Caner ramet and Stato ram “#2 ich eh tle gi an ara laa athe deal he aie inn ite Cava a wat ‘eleeater e-em ering waar abn ar Parte” Consaidated Fond Publi Func Prime Minizrer Rete! Fund ‘Cantingency Fund spelen Are 257 a ta Cancun aaries a erat a2 Coatngy ard a Ln mleh a gett laced 2 te shout of the Pee ol indo laches Goverment tat arecturforennes gen daute eed gaunt fe Parkes Parana agora decree optus Wand a fala ad af auc ae Se fret Candelited Panda ecu Gaeeatey Pund 44 ch of te folowing stated INCORRELT nathragard i ha bueno pute aaa a oan? rfthe pubte deb i taken for productive purposes It i not be a burden-an the economy. Ifthe publ debt I taken for unproductive purposes, willlmpase both maney burden and realburden on the economy. ‘in case of internal Debt, the direct maray burden on the econamy le huge as transfer of wealth hapoens ‘wun the community nthe cace of External deb, the amount of repayment of mterect and pemcipal represents the direct maney burden on the community splanaion: the eau inert, hor ne rec money baron On he Seen 262 wa 6 mney Hay Wanna ‘rom ara sechan alt exnany lo anak stor ott ec aan AS Wiehe often eames eee ai “Man Seal naeage? trea Marchal ote Maynsnd Keynes Hugh Baton spucanen: Tea Dries! Masemam Socal bantge ao ha pe acca lea to eennarns malta wan pute sendture & acaton areca oot wo thal pe where bares are arth MU QewrgralUtly) of exes ‘aba () i mara Dally oe saeson ced by tation Aceartg ag Dan Tobe yo le anes that wich secures th ciirarsacal aonage om the awash cata” “48 maximum sacl Advantage aeiowa, atthe point where the marginal social benate af pubsc expenciture and the marginal sci sacrice ot ‘auton ane equated at the pot where the marginal socal benett of public expenditure is higher than the marginal social secrifice tthe point where the marginal sia! benete af ube expenditure and the marginal coral saertice ot spelen Macturs Sedl Adena aed a the pi what ara al rafiM a pute eager a ‘Be margial secu sarc nals ar sate, ware M8 = MSS. Tu, Rade asi al advantage, he bl apart shel bu cad othe pl wd Tesi al Bali a aa a ped becaes eal ‘margat cock nets oft nt nn erga ana 49. a education races nl te ot cata dst ancien nd vlan fe aang Ae lates Suh a alin eg aan lle aub-eubonal gewrnectaaresaer ed ta Vertical imbalances Hartzentalimbalances Diagonal mbatances ‘Cre-erate mmbalances spurs: wa fal wales occu bemoan ren an of yv-etmer a e same lea of yovrnant a fesse, {incom os wack ol coatsoner"onovtal sal intalnce, Regaralelceace i resoacs ernest ‘are Gri nadh a arate pr ats terns gle reg a Qari Dus la aMfervogs gaurd le devant and arian eh plan ien eas sepals wodrareseaamng det ae afew, he sire aed sas ts gine woe al end er deen Thaba gi al eas TH Gu bal eae a i By eta aro eure, Ta hie bee be al erga ae anit ae he ‘Ste taper slates. Th ln grees tryna fatal realy. Munroe pol fot reaketion of heres Fowere tt sey hat ch rates within Cay nl vobetary afore Cara adegpae reson tcest ou reaooce eleset oer ates Por ating cut a wander 2 eng pea et up ar cam iced. areata ical mane erected Sec the rei aac eauty a acteed ough eqalsatin of ic ress “#8 Cemeubary ean am Sopra publ remg in whi fhe fate ea {In the context ofan ieflatonary siustion inthe cares af tiationary ckuation “When the interes rates ae very lo ‘nan tha Gevernmant haz a huge zal date spelen Canary ae Need aah th cnet A inayat and uc wy ee Dorranrs Tor stroeuncsar areleasinfucnnarn Loner a of rarest oe raaret canbe owl eo comely past “48 A ties tcl weal ede wh the gal ein public et a genralalred iaioe Tax (CaptalLey ‘octhodex Tae vpn At pd ea ale ata Eeapy ad tA Soe aro wath ‘50. rhe ayeiom of aiuing the unre of revenue he Carma ae Sate Govern emealy rf 28 Pubic Finance unary Firsace Federal Finance testi estan aren Ph Soret ala ene red barn ual a ka Sovraonta tattoo nex ae pe incre oot soma aes aca nh ‘rom ste cna patune tha cnmos rene ah eon aa a + manasa Sthny i eatin enone ta! arg ier less gerne ncn gpa exp ison athe! wey br shoul beadroure ror iced reancrae eat nro targa ‘Sesntoned bnceeoninccesura ané atc, fal rane oes hennten metre er 1 fea Cel a i set eres ee huge a ace he cs made ‘awit alacant al a ate matte Ras oo ica | Coca oa Fak tas capepeg soto enamel