J --) f,---

-]IZJ;IIIJ rq qt${ il"2ffrF Mffisrq g"rae.F saffi'g

,,,,,,,1))tttt,

:,Lta1.tu.u..t
:
&tt""
,*i$ll

,1,,1!,,11,,:

$Q ero iry'rtfr< qrSE

erar;m
tkgEi, rqrzFa,t{EzFq:ffrtr
.e;

)s qfrs rq|FfsBrrzr

j{{ffiEk-€,zd
gfunrE ut to)e

qrnrSrd
GKB+<@snffi-G.s+,.eQE
grBFsr<EIs$oHal su,6€oeFrfr(Eqpr<
ffi
*ffi*
W
,F HD'C,,
E Efi}t
q<fl'rs u. e. q8. Trq{{ Eft-q qr<m
el qtR-{ CqfcrH
"m
{s"ffrnt "fftWHe
qircrersb {qrqn ffi-{q {q{FI

tT5'tttqT
6.l"r {qtcrE ffiq-{RqK Tq{Fr

q-a1161ffi
{{qq qlR'{< Tq{l;r
qmflrqqH q=iltq

{qctlftor
qtRT,qtq-{r
lftEq<fu+1w
etw'€ q€Tq:{.t
qQa saqa qa

qTFFTT{
Fsr< urq
<t&. -Vq (roa u<t), 3e-fr, 6<ts-1,
6{S-16[-9, fr<6, E',l-iot- ) q) g

CTFI B bo))obg, o)l)l-)8tc)b

q-clAq c chintarchash@gmail.com
mT{$ a www.facebook. com/chintar. chash
uaq-{ wlEFa www. chintarchash.org

EFFF'I
q fl lo)e
tr zpz{naE eqzffrRr< u-<nc
v. ,{. qlQ. {RS{ER-{qRtr{h

tr i$Qs{sm n-rsat e B:f< rer$< zraf.ia qNqN 6arl

qu{<lqn

rs'rf$Rr< s<PQQluzf;m
trl qrffiRr{q lfut<<qq|'r

{-eF< mErd<zpzn
E] qrggrsqrE Edttq

al{l<r.t<i{dfrE
sfrTeqm

k-srzF itraftffB e qq4rtr< s{r=, .<*

IE rrtT{ {rm-ft

4qa64 iryeffrR[tu inxBgo ck"fru

E] Gi qr+rqthR+ otg.fi<re

tr Monetary Policy: Role for Sustaining Growth

Dr. Salehuddin Ahmed
ble Development

4q4fir.l?r irraffrE: retzrdt,t<q F ftatq

[N ql. q'tfr-{ 6qlcr{ ?[{

gryarfilaffiErgq:
E Ssr* urr
szFD erg s frEo2fi

E e[r{nT<uEi:4rl
$tsql{l qrfi

knrfr ck4sm q{LT<iqzffrE

xtqn qtRTR <-q{T
r-

Etr{K qrsfefi {r6ir Grq{ {qE-{ I qr!{fi {fu{

q1ft-{\or{ q-{i rl{{ qr fr-llt{ calcs {tRs qr
frilfi r qtGqs < cutt6ls E|N{ errntqr{ <l({cq <-qir@ r rytq+ ffi Tf$ effl{ 'ItsTt TqoFt, {RI
qKFtRs-1,1T
1p q6rq ry{
q-E{ <E I 6q{t{s {fQ-d-et{ qg1rE G-6-q'fE m ffi Dl,tI "rry(q
c 1s?lut smr< qq$Gr <iG {T{ E's-R oc( d'tfu$ qtftq-q qrfl <Ffr< Ttft{ Irc.t
qtqi sls, {kqrs, frelg r {tft{ ffir't sl{ fr-qcq m roJQ r;trt? I'BTIT 651-q e&asA 6
$ -s 'IICN TfiI;t ET
tvm oflcr< crFFFllt
I

Tfi't C{ft{luqiF-C< I 6{ 6.f$EIqffit G{Kcct;r 6.FFETIRE 15{<a+-qqftNK{r'ts emr'(q3r {8rf,6{ lqs<

q-{c't& frffil-Ea f[?t< 6sFr qt csl.r q?FcT TE-w{ 6"fl-q$ G$ft q<t ffi Etft4g1-{ 4|54 Re{ C6'tG=s
qlQ-{stq-T - q<q'l{q[T er+qr*q<qfu r
 FcftSqffiBfrairl
u. q. we. nq{<E&rqfqc{E
q$I'ts, qqrqR-wrt fr-stat
q-a1fr{frqi-rys
Tr{rcrrrrm Re{ <-?rc"|{ {c<l q-{fks
*+qt{ qre <qWGr $refm{T r q<l qs
Iqs q<( qrq-{ sTsT €u efffis R, q<[ <k?-<
qfcql etffilE;t s-6{ q<( qtG <EerEfr+ fir-qq
$-c< r E&' {8, qRA <E e<( fuilft{ <Eerqn-+
q<f {< {qrcTe 6x-g"f $-c< I eH qrR fr-efc< qrt
..{Q frT-q"t sr<? qQ Gx-q-cq-< q;uET cd-"rq ECqt
qte <Eq{cq$r'flc-{lqerql-{ T{ffi RR-c*tuf r e<
+r{ q<t sfqqq]-{ 6qT {l{ $'r{c"f {fr-$-{l
$r*ffirrfl< $as ffift-q E6{ "kg i $-({K.|ffi{
<I{.q'l'ts c$ft +rffi ETqtrQ {s s-C< 6qr"t s'r6h-{
stTA< q-cqf r qrs-G {R-$-{r cqrcs <l{ q<-cqG,o r
+tffi qqffiG <-{sffrT sqfr&< esfi frr-F s"t r 9t
+r{tmD sqfftG 1<ks c'kE {iEE <t Capitalism qE46-6
{KqI qfisf efcrM-{ I {{rycrl{ c"fcl EBr<fco1 rt-i\e-G--s
sqffiG Er{ <qe ${cs <-$oq -rqE< e}-fi eE qt r EC{
<-q{B (Capitalist) q<( <-+ (Capital) -|-qsm-< eu-ffi
e+[ W"t cqfc+E ts{ qt r <-{"iG <t Capitalist -ffi<
qD-ET )see RSkq \e{ qms Capital.[qfr< qEffi \e{ qn
wC{s qfc"t rqurr Rftcq r {qtfr"fre.e-1-5< Capital -fvft
eItr{ Capital .tq, <t $ft-{ irqT-iWR Caput ,tt
qcs EEs r q< qd qm a1afi r e -iqfi <-et Chattel a;
cattle .lc{< E-q{ ET <I qq.r<-< rE{frrs C<l{tlCEl r Efq-"t
-ffi qcst Capital <qrs EqRE, eqTTqlE 'tt, mE qd
q<( {n <-q{-olft qd mn^ns I )Q.be
RfirE Capital c*nu
csf{ <r<'{t qeek-fi mtB frfoqt"irtaB qr{6q Gr{nE q<(
cqQ mx qcEQ q=om, vd, sq6-q, tor, frfrcmt1u vd,
q*tfr ffi< wffio Rrqr< Capital.rqfr <irqs qcsl r
q< {lT|i.]RS-sH Hollandische Marcurius )gee q<q
>sas Rlffcq Capital e< $B-scE< Capitalist <Etcs \e{
sr<l I sq'q'fe <t \5lE wlTF <-{{fuCq-< Capitalistsin <eI
qrq I )cbb rlcar Etienne Clavier a-ffi spql{ qaN
Capitalistesin.rqfr <Kqf< T-GFI I e< ftgfr-+ 't< )qbt
ql-C{ Arthur Young s[< Travels in France qlT-s <tCE
Qsr<& vffii Capitalist .Fnfr <rqEt< s-r<{ I sqfftFco
Capitalist tF{F< aqls qEE'{ tttq David Richardo
)E)t rlc{ sl< Political Economy of Taxation:rNs
<Etq r Pierre Joseph Proudhon <Q Capitalist.ffi
<I{El{ $-Cfl )b8o BSTm st{ What is Property 41-{s
<REcs I ,s< "H st-dTrfi q<( @&F qmq-{ Capitalist
-rqtr <-<qt< sr<-{ sq{Fr6 clGKT{cu r proudho Cap-
italist <Ercu fi <t Capital q< {rG <t qffis qG-+m<
cfi{llffi€ +.f"i{16{ -iqtr ftTkh <r6?F <ifu< mre r &fi
Capitalist <{ctg Gl-<ff{ qrfl{ <:G l.lfraq3 I
qetf,G$ <irqrRcqr< ffisB -irq< Eql er6-fl't tI€fi <l{
+.rd{r6cr{ qi{ silAErE <tc-{< qcm {rs q<(Fl€fr-q q<
{l{fr|-{ Eiffl <qG-{ qt {rs 1 61ffi1fuqr -1-6q< 3-E'
<K{l{ {l6cc< cE{tT Effirsr< Capitalist (<( <-{srfu-s
Eq"rtq.I <Kqt frfr a. qrqT{ s {s <tr ul-{ qrq s]]ABr{
<Qcx sE "rs $Krq{ r <-q-etfr-s Eq9ltq-{ {l{ql
<r<ql<
<qro &fr (s) <fq< qqfftB< q-a1 gq'mc{<
c<t<.ftrcq
qlGrl-c-<-{ <itrsls {fFe.FTf <r<ql r c{ (s(E gq'ttm $-fl
qr< <rqtc-T{ q{i ql-< Eqlth-5q qlcTR-<-{ qrft-oF{t <<
<ifuuis; ("1) {firsT-< qEqas s-fur{| q<( (ut) (E s-g-s
q-<-<-flqTg c6s sq-<-sbkx[ r
ffi +cq $il-cE{ dfus(h.< -fld<$T +Tr< q-{i 6a1-a ffia6
dSkTI Qn-+t q<" ffr-sm< $ai 6a-1e4fi1 {lfi WE
ffft-T E{ r $rfr<E qcfftfr qc-fl Ts q?r<r freE <rqr<
qcfft& {r< {E ?<FiBi qrq $r{traqrd-?r qt<tq] | qK
$(dlqrHerEt {ffiN q offions-q q<q ErlTElErs<
ql{16{ r <Bx qreroBrr
{eTm fqq Vqs $<ffrT qERr I
ffi qmt <tr qQ ft&
a1-6-a;a1-6s cum-cqr ET F-{c< ffi ffie / q{Re frs6T "596 e& qc6< $a-q c<ft I q<;tcQ3r
Tko sA cq +r{t-m.fqrn <l-Fks 'tl(< q6{I{ qffiiET fri6s rvt< En qsi <-qwrB-$ $({r6{'rc{ ur{ft o-+ r *rq
cqrco qrq<Eaq{61-a6avffi cnr< rg e<Etd<sts<l-Gt I BF fisF Elq qC{ c'lrq "iql 1 6qasffi fr"JRkrrqrerql
James Herendeen 6[< Economics of the Corporate ue-cq +.cffi+.lh-cTF r qerE]-{ flG-$T-{tx q156-q a1"ffi
Economy <tcs +cffi
qcfft& <qro dfircrcq{ ent ctrffQ qr< c"r"tt"ts.,R Ers1rs & c"nft< td<a't s-<l rBw
qcffiB nI sc{r<'t{ qm {ffiqg qr q]-< q{rc<-"rq Fm< xcst qqfi-E € qt<lfrs Fmte 'l(qi {RqE RcrrQ t

"iffi{g qn <I{qt'm lfr Ekt r eQ (r{{H Tr{41 colG<., {rsE F6, e{ cqft sNT fisl
efq"i &T fi-ft
stR.{-{l{ q1w<t - e{<E ,{lrB fiT
at',6Tcq< Ca-q-{ {tFqr$T +ftq cl]-cr-ql, q1p6-a
3l{q1{a q$fi-{ cq?FelK I

+rcq r <tEzs cffi qrcq "... corporate enterprise in +rffi qqfrG< ersrc< qM 6q-lcq{ qsst cn"[ frcscq r

which effective control of the corporation rests <EftC qlq dG< q-q] Efl{I - qr +c{rm"Rerqt'n qrcd r

with the managers rather than with the share hold- <tsqlfi-c"i wQa 3* 6* <rtssrs Gr'flrTE$ EfrBRE 6mI
ers of the corporation." T(f6<E <-{-.erq{ ao ?<FtBl qr3rq
qmt <lr{t qf\gfirdK {tFryof+t s fr{qrrs 1el"F sr< mEt
r

qmr'Ee-s it-{s-cq frfr {tG-s ftffi

a3q1 qe6T{ erffi qqfft&< qtc-s efslm q(R <€iT c6.'tfr-s qTFt
firqq s-6<;r I qt< +rffi
<-{sG[ {tft-+.F{T 6q1-6-a fr5qq sfu.q.-{6f I q?H frq -Vrtrs <]6< Gq-Act $-F ctf(q I Cq'{t {t-T
s-ff< srEt qlcrr{t - qlm <rq"fs CEft <s r qH eQ <T(EtCh-6|-{ q1-$l6.t s cillt_{la? frry{r{ uf< fiB-s <(R
<ret"ts c$ft qRflT{f 'r& <I fr:ftQ ffi
'l4A-< {l{rtrl qffiqn dlqs ,{s C$l-{ffr r vT{t qm€{l< "Ifr-qT
olfqrerf,sa <t qlTq.Eq W{ffi"t A-61 F?i{€1fi {<u;1s frGn :rc< qKl< <l(qfcqrsr{ $kqE frfu +r< r <fri
qI<-{fr s, qtfrorEl e fr<-aq 'iar<s 'ilr< I qtffiqcq< q6TlqT{ {t c'tt1{ qfsl q-f,s.l-< st qi.lffict<
sI-flcctqEI criter{ cfiscql] 5-5qqqffi avrq<friF-<t"t-et
rer{ns"rcq< frGn <-?rcq=t {c{i {<rfq-s e*q1{ <q
1 r

<-qqlcs scftcill{ I q<t qE lqs ,{<( qm-< srsl qE

qQ T(ffi frq qM sprB?r<-tffi ffi< :tlilc{
qffi|gt c"nt'r fixt 3r4q1 fia-qq $<(q I Trq FiTl< qql q.tG
eqtRE G, q(l <n3< c.]Iq 461 q<( qTG
<Eerqt qrq s(ftc{fierql< aftq ffiftq
{cl {qe
<Eerqtr$ Ga-qq $-r< r EE <8, qfrq <E q<( fi6flft{
r

<IqftG< frrs ErolrE ffi{l l1-r aqinB+ q-{erqt€ qrq &

3Ss1-416E q<l {< {qcqQ fix-aq sr< I ES <q ft-sk< ,s<t q$E 1&< w{'lg q<( q-{ok"Er ftro qt qffi
,h 1e3
eQ GTqq scT? qq fia-q"cq-< q{]\5T cfi"i{ <EI qtB q.|dqs<T(.t Ttta effrs
<Eq{cq +r{rcr"t{'emR {dcfr frRrrt"t 1 q3 T-cE q<f
I

ofisqF fir {-{ p1-s6q 1fi-5-a ec"frc<-'rc+< $4i ffiftE v]q< <-gtG+ut< eE Em {l1cT< ntd <sL{ s B-grl
rg
qL{ '|ry r $-cqfuT'frq3r <I?l-t"rs Oft +cffi qdffi <u <EII TsiEI <T{K ercTrqT{ qGt € rlcfiqr< ${tC{ €frsFF
$r< 6qt=I vtrq< utgft-< qkd r e(l'rq ufr-s-<T celcs <l{ <rd< ftG fr{r{$rq-{ s(q-$ fr(-<"t s-fl ercTsr{ r c-*,rsr<
q-{6qfi8 I ,{8 {r<ql"ro cffi <€E {rd< cumrs +rffi qs{fEf{ {ssb atm r qR {(st qTT{l fu6< mlstk{l
{tafrs <v TGr cmct r eQ <-qqtGr T({lmfient {R<rq +-<R sr< E"r<Q fi-6< a-6 sfrqrs qfr r

3ffi a6 qdts e+ fi-"I cqlcF q-{q fuT qai. 6q6ri frfr6qp

a6 qe61fi-a66 EKt ,{:F 6q-rl Cafr$ W{i ffi6{ Cfl{t I Er<
,h <r<qtq-+ c$ftrsEl{I qrnMr{RCn cqr"t sr1-54v|-cq;T
<14ql {61q frql64 cel-<ct sGr I qdts +r{fm"fc+< dfirT-<I
q[fr{, qf{ <K{"rs{"tffi+ r

qQ <qqtBs s(frc{:Heml T&trGr-slr< qtG <Eerdr$

6sm crE-(q mqrq we qq61 66q ul-{t
I s6{
<-Eq-t&s stQ <<qt"l-s ctft< ryc<l <*Ttffi w{erc{'t
IEEEq; a6a $ <E cq'kqr r qs qW flrcq qT ctft{
{f{{ 'if5fFl "rG wf+f+ Q-<r{{ 5-sq E.tdsq r-F
s.d(R I

fiq 6q'6 qE<-o et <-s&s re-6ft'arrasmr< elsl<

q<-orr mFt r e (s.GI q<-[D-G C<Ft i'tqs q-{qlT 'lcg(q
qNrq< BD fi61 q1q(q3 fr"iRqlqr R$t Sr"fl6{'r{ qm
1

FKGE r eQ s(ftc{t-cfi sl-f,ccl wt{ u6t qca {ryCq <M131

Gfts rl{ ar Ern"r <e <qw.tGo oc{na'Eq Effi
'iIsxt r ED ftml< m Rmerqt {&l
qfu wtq Sq'ffq{ s-r<
qtrs ffifi 46d fr5;4, 4fi,
't[qE ffi
ft'<rr< cura
, qRqxq+:[MT s Efi-<t c{rfu q-{5rg e
n&-< frpr,?l frm, fr+-fl qrT<l{ cu}t st $-Gr
ercu (o q.rTflR \o)e \{J3rlE) ql<l(<t cscq_< qE-{fr $-<1
<qrr<

Ttdq+qHrtF cwt <-{t | <kqt qfuTk-$ 1ar{Fr (qfQtc{, Tf,sr{ q&6-'c q{tffi
mereBR efr"mre qT "it{ T1E(T, mrq eqRE s6<
qrtt'fu$-stT cE{,
'ltp s frpru< nm E+-("tR $<
T-q.fs-{ c("Bt'tR-b {Esr+ {-flqR q1q{6t cl"rl< .nfrq r

e{< fiq-ks o&"t< <r& rs cqffi {<Q qts<t{ q.< {r{i-q

cra, fte q-qtc"l< s"t<<qqtGr mm?'c-Rq{ r qkEqq
"tqr
rs q-{"tRTqq <<, q<TR\osfc{
1R e Ffq Es{'qT (JT (<rV
ff<|< ffi 4q-q fi-srerlmft-{ E<rTrsr< E(EG< ut"t
s1-{c6t
ffi ql <tB-sM <rcv I Es' q\' fi$ rEr s(< qlkq ft{l<
r

fi-6u "lG-= qq r l1ifr-s frfis e fix qfcs< qf*n-< {tqr

<tret s{trc qa, FE T s ffiscl <tku 3j-s a1ffi 4-s6s *,
{tft e Ftqu< ffis{t qr<s qq{'Gs qn, $"t n1-cp, etfuft-5as
Q-c+ nfr+s< En r

cuq qN?tfr 4fqn <6ft{ frtq {1E& qfce qBt q-{Be

fr+ r ft-e .{{tfl ffi frm qtQeqqr s {<-$'f{ W
qlvl{ sr< I qartl qE, qeE\o et vEft ?oR <rcq
q]Eqre+ {6scdr q.rffi e frqis rerffi qrcq
"flErs
cr-ff< sr{cci r et {KF "IRRG qf<e esq< qcvcq ft-+e
atlsl rr$-€ +B"r* c'fl-frrs lF<t frcs cseftfta 6r*
frn8< $tq cqtc-+ Emqt-c{ frq1s o< s ccq furs fr-rrs
qlT{qlqq' EgiRTu csE q-<-<-dq $-fl-T r frfr{s, eE sS< RlT
4Tfl qFKs <Q csq-<l-qq qrr+k R <fq-q {H s.I qfiqle
ffi?sqffiGfrn cafl'rn <T"lF Dtit I qr{ c{{ TLT+D <q< qr6q {q{ csq
q{fi"rs, sefftG fr-o-tq, qrqtft*qur< ftqfrqrler
"llrE
ss< x-E-{lT r-?rs.lc{{ <lqE qH sft qca-cq
"tffi<s cEC*T \R-E-{IT q"tffi\s CsC{< qt{
r

Yq*,
qr{?F $T r q<-+t< <fr ffi msr 1fr $.-<rst sr<e q8
sS< {RTIq Se".kFt"B "tftqtq s1:r q1-acst r ft-s e *

qQ TEl q<qt FwFrcerc< <tqEfcqr.r{ q-cet <ilqlc{ s.lfs< cotr-+ trryf't cnqtt <ffi r

4lv-q "fffifi-tertt-re 'fi'l-{ RWs € q< qk't qtsdtBo vd uq6q

$t?qre+) rs R.t<itcrs-<
FrE-?r ql{ <ivl-c{; ffi,
FlE t, {]src ffiq{t <Iffi-$ it-sl{ fro qI't qrcst (Eq \3 sRtC*t=r qIT <M,lr{I
q,t{ qrdrfiks 'Ir$ ({fs<; fr<-q s q'.'l6h-{ <-TRc-fl r cQ sfq $r< qfiTrI ccQ {qT 6a1-6qq qeftpft
qa qt{ <ls,lr{t qw6q r q-vts qqffi< ew{t
1

"r<"kQ frejrrsK
R.{F.f s-r< <-qq.re$ 66p4fr-i qtNrqi R-sK &rq1 qlQq\qr- q< stq cel6$ ) o o cottr v-qr{ gct | {-{{(gI
tsift q-lr <ist ?oR +-<-cs
"r<Fq-{bT"t ft-m
q[r+,
sfq T-{l{ $dil +-fl <TRcqI r <-q.t6 {kat Ery frm ,r
el6-{lq-{ Trq s3t-cE &fu e gjrcrxQfr( 5r< 1 qq<q {R-C< )oo C{tE u{r< $"t fi-<l< <lTql qrTRCqt | {r{ il?trt
Efl$t-{ fr, ffi154 effi dfr$ s'ce;.11fifr<t q6q[cq :oo
\51f,t SGI lfcl-q-rfl< {t<nm I c.cT EsT{, eEfr,
cotfr vqtra< c<Ft qai (q<q s-Gl-{ r qqfu cqR "iR{q qd
qffi-$ ffifrF, qlt{ {rF.I*ftw* *6q*4tr:..kr fie c{rs q6aq 16g6 frfr{rn qFt Rcqr<
ffiqtrq r e3t e+E?RqE-q; i e.[< trict e
"tfi.f\{ f'RB Pfu Frf ftmrfr <f(qgft1< a1-"6s fta q{Cn q-q1 dq
.ffi6q. qeB ftfur qtrtt qtQece+ frfi ft'R
1Ftq< m-rq cqrlq qafft&rs qQ-{ ft(<r ffi
s'ffilr.rrq r
$fq ffiqruulq r ccQ-tdt<.tq6qQ C<s-fi $.tqlgq6q I qi
EEsc{< ft{ fr6*-6{1u 'ff(ifi r efmmftqq F, wT*R cftf @ s(*r frq* ftB ftrqt< ts GqF u-Er<
$-fl<k sT$ qFt 4rc"Br $1fu[T< x<i frm $Gt, q1-{ 'lKK safi r st c fr-c{ eKffiHK cqRs h{mFf+ {qt< D-t?zs
ggffiRY.<SRG'<EI +.q r firc eQ sd e6aK srsq <tvmt cgc{< ql"{ r qtqqe+
s$<$rqBwi.rters(q rfr-e eQvffi n mitq s
I

Tqs c{iFf fuq flri< q-{r c{rg,E ffsrEr< "tet cqry

fi-{l< q-{r c<sl6{t 5T1 cq-{R r E-grTskq caBn e tt+
mfin Ren flrb*!5kqt fr-s.-fl ErE'tE[rEI, {{flfr q<rqEt-<
trrom TFIT RWq grt< TfrTq ffTrFr <r<ql-r+< q-{i uE[c<, !1 rlcg Eror< qsrs \co EIs]-< gFt r S"lT€ qE
c{srEt'(:I-{lrE s {<l-T{ +-<t r sl frm q" slct< ,{s-sttt 'llkffi s"r< vrcq< cor+ +r{tr<b tTrg frcg ql qt r q-{fr17
t<-cu qt-<s c<Ft RWs ffi{l+ cq-TI qs< Ecet r fu cqQ ilc'i-grq qlqr qBenerqlT 'Blcm
qN ft'Rft-{ qrc't
orqe frcerm-< srst elfst {qs {fls.K {ff fiiTTRrql "i'fss Rq q Dro ; ffia e5kffi .ct q.Fqk< e;6p ffi 1s

ffi<Iqr$-{ +t-rq r m'.t frRfr.T {frcT 56{ ffiafiq$ T5q qlc{fftffi +rdT qa Bm T-{t qF€ Efcq-< wqir{ qlB
frrarqEkt et+lm c$rrqt <tci fir<dt r $s]r{t q[TCq | <-Eq.te$ 6qpffiq6a6-a T.< ftro qr {t,
sr< c{-Gms4 r st< qtfra {(qterEl-rs qfls
cqE s-< 6.tt{
qQ ELEI n<qt Fmft-v=fr< <t(sIcqr"k {Nt Elgq {ffi s:r qTcr tBt{ Rfr. $<rF <t{I T-{<f{ 'Ks v1-68 frcs qr
cq.terqkg aB;a frqrs s cscqsl EIT <ls,lc{t; "fifr, FF+T, c-1$s rsq e s]"tb r qlq<t c{ qtc{ e5M ffi E.F .iE$-<t aa
ffiqqt C-t{ <F{tkS "icql {'ll-s-{; fr<q s
I|ETT ettt c-Tfls rgq e en}RCq1;q "fH q3i-$.F FrcsA r

{.'{rq-< ft-ap1 a6 <-+TtCs 56poffi3 qlEl-qi fu<

ql-Gr-< qq ?<TIi{{-s q.{ql{ sT-{c6i qTa-61qstft qqql
ffi<q{i<lqffi<-<-co t{N{/U"f frm qnro, efc<fq"l 'RIcr{
{r+ T-{cE &fu e gronffiq qffi EKI s-r< $"t-
a6a ; Rcqr< <r("rg \ot< srsF ft-+.r{nflp <|f,<t{ <l<tQt€ qa r

qcqK {t<rcr r nr< EXt-+, +1fr, vnraffi+ ffiffi, Efiar EdT-{ $.ksr qfffs <<fcqr -E-g-q fts<I elcrfwt
EE{<rr.rqFflecsrfiffiqtrq r qbt e+E?fr'{5-@ r q{< q-{rrft qttrs <-{tq {t cq-<t-< T-rq q< q&fiB-+ Tssr<
qq e "r<W{ nA< cofq cnrtQ qeffifu6p tr< ft(<t i{'-eMkr"t erC-{M;lrFT ffi <mfr r q-qG efuk< Tlq
ccfm il-{s|{ ir"t fi(T(q ..{8 .lC6
ffi E-dllffi "l({ filq mco tc<fr r sr+firrfu. E< G, frQ $"t frC{ <lc{qr$
F3Kr{ q{] qf{I qrc"r< prft;cq< {<r frcg qtq, qEt s frcs nrq s-{lc{t <l-c{ 41, nre frcs qr< frmFt 6apffi5a 1

skffijffifryuqrfiq cs?l-E I
qET< ft&K 4.1=rc"t <ft{ ffit 6q1--c[frq6ffi stq (afcs
Es.qkT rRIm c$-{l-< s.F("t {flsl< <qK E]-{ \Goo cotE
q8 1t.t 6fi1{ qtcst <t(El-cq't, frrllE eKffirq< ft<q {<q BfsI s-pft 6rtt{ s<-ffis qa caf.s qc{s s'{ T<tq' s-(< q.feT
e ql-E\,'tBl "flEF< s'Kc"t, ffirs xE.t q6r{< TrE rrlEt fry\o r-{-{F 6q5a ffi 6{rt E{fr r srK qQ s$r
Fq-cqG-?r sls{lcil {< slrEt q-{qlI{e Rq r qQeqqT-q< 5T't CTI'ls rlg(E ells-6qs qsftrs ml e< 1fu firc<Q :iirq
stq c{cs lft fl<l< .+.r{ Ifu Rq rr 1 v{e ltct fi-<-r< q-q] € frq6s-< nT <M-lr+t qcp, E"Ft wdlfrrs est{+.r qr<\B
qQeqe+ qefrfq'qq r5r< <Rql@-"i q:F-?l srrcq t 1tr"l=t T{rt"[ pfu n-<ru q:mlm{ qfua-ste q-{rf€ qtcq I

di&o-s'f c$'l{str< q&fi o-<cs qt c'lc{ g.m PtexqR Pfu

{fs-{ siKE o?t Tr{Cq r "rfc<R qfuft{{ eKc"t r aq< ftG s pfu qtflft s frEiq "tfe-6s trtrl-{ci vFs qfql
qaidm kcqFrc Xqk swq fiE"t& ss q{ 6'Elf<-{rq.l<q-q e<( qQBftE +-r< yErq ca-aq ffi<l FG frm, R'f+rlq+
RBX cwe 6e16E q6u cur*q qd qaq qrEIft s flr<tt{ A qReleT T?tr{t ql?lft s-C{fr, {<( El(q-{ et-slT
qncs +{<s freT <-qq.tGs cot-{fi-< {l{rc{ qFKfrs qq
Yffi <lSql-m't tq.-ffq6 "fcq ctl(q I Elfi-{ cci "fcq
{ffi T{]-+t "ifElcr< +.Kct r eQ WqtqEQ olrq etfirrq {f,{f"f qEr€ qrst <fr q-qulct{ qG(<lr< s1a vrmRX
qlQelqe s sr< cqft{R{kstft cutff rx+ol-<\5rcq-{{rq{ etElc{tl]' Gr-csl r c{:FI, )bbe-b8 € b1-bE qrrEfiexP&
q-$tft $"t efC-{M-{ql{F q({ q?t{ q(s-?t eK qs cq{, tBlst Elc;IK{ {t{rN freT 'iilS-S-S< E"r< Sft {<rl< 'l{
€ frErcsr qN <fVkE r <-qqfGs 6a1.cfffrqrar< Rr"|{ qt{q Re "R]q <+stBts r

qe(Et <fr q-+urc"r< gfu<K {c?r efi{lrdl4t qrst ElqcE

vpft< qqqlg frra +<-+t-< (sE, tff{ s frRl-cg< ffi lR-rs <\n\F cqfsr{G( el]-srsl fre"t, ,q<< tllfffi{ <qr{ (g-{
?<<-'c.t frro cu?t rer< q?Fin-:I r ft.-e vffi c+-{ ECE2 (qE q|qq-Ifr a-a6s fr6n se qfqli coIE Bror<e c<ft <igG
frTCl qtrut <rqQ r qr< 'BH"l^fcs v-Sfr <rn qsrEt cl.rst qmffi-<lxqce] r

q'qrs cqr"r< a51q ilsqr{t <-qq.Ies 651-4frs1=a664 fr6,

\5r(q< Stq Celcs qfft{ {({eI-{.F P{IIT )o cqlc<F rro qct qffi?r rp srll qqfrGr+ q-fifcd {Mt'co cafcq sR
..iEstrt
c<ft qE{ 'tlf{ cs-{f{ nKct r ftqls {Ig ,{il !ftq <ff{ {.'lcq-<t €'r< {tfr$t{[, {F-qr-{n <Ts'tfr frRh
frWs flrry{ xl<-rn s:r qtn Rqls?sk<1r<tat xq;Gv+c< n&< t{ {s"llT{ e<( q.ffrn qqqq-i fr'-6Fr
s-st, TEr<I$
mft fo'qtrr 66;sa1fu 4tq celrF q6aE qrc{ frEre' ffi EE q"lkqd-i61 6qts-ff{ s{lc{f< $ctI <El-cE€ EK sf<"t-
6-a-a6 pe< +.Brct r e+< vS< +.r<-cci qlffis xiBG <l-urq, EfrG, q'rE-.r, qrqst e qrfri {affuft ffi 646-a 6ag

<Nrq $cq3l D'lei I {(n qtsrtT Ft-{I r-"i"Fr({< qtl-q cn"[ TIT IT 1 as4 sl{t
..lE;s-$ srl$c{< {IrT q-Eq r-pT c{f{|.t ut"m qqfft& rs q-{tlc"R[
il{B-sT <t(qrmr{ q?Fr\e
{6q_s 4l{ go s"r< r +cq tcilqcfftGq cql-s'{E-.i<{c{i etc-u<lq?FE
s1e1 aBt{ $6s-W{ or< q.rfr{ i{(qlT{q I -lES-{t 90 qet til{
"nEQ
+G< xaQ-+ q-{ I q{'kt<r ffiq fr<q ql<e {ET c{Ftltl
E;Gl-ffi s-?1@ts 'BH @Gl-< q-qi' mtb wd<'ts+-+ {q )o
Efrrq q-{ I G ftG e pfu< <t<t-<tR+-rm fi-"I 5s(q Et
stst E]-{t C'fCn ct]-CS I trgF3l 8o stst {fl CSIII]-{ CqT fiE q<Tr€ elt<F-6E, cE'E, rlrFi € REr(_w qlr rlvrct qu-+r< r

<-qqtB-s cot-"[Re({K Tl-q celrs qt:Iffi< 'rH ftscs (TlE q-+rtdq-flefr frrl frfuK T{l+t e qtf\"rq frfus s-ffir<
<rcr-<r -lss<Tt bo stEt <t-< r <€.tB+ 6qp4fu stq c$rs ft& .s F&-< R-rrq x:ttcq q-{GvI rg q&rrt< frgu a1q6q,
Pte{fr p&< v?t-+ frfiRs efu q-{rrf irr{ c$-{t q-{ fi{ s w{rftcs q1-ss afr-a qq<fi cTrstkfl s=l-[s Er{ I
-o
qaffieT{<FFsef.R qC-G{ 4-41)ff{ca-< fr-<ri_{
qC@T s-GI - E"rc+ <m 6{ q'r<rs€
{ffis
'fG{rd r
qfN firqm
I ..{< qfc"ifr-s-e-I
EfiTrs {<r6fir PIw-{ crrn cn-s r fu
mB ft ql< c,iqn
'tgco DHz utQ >rqq< dru 6p-a fi-aE qffiist-s r$roe
qtrD qtqr+< frco r qsQ +qx qf-1cl< {NE-$ frEq qqts
<ET fr-<r{< (Fcq\s efc{Mi r q{ettft ffi-ia6qt ?<trJ<'
fi-r-qq qe-6-E effirsH <rs I qr{ BdB-{ft{ fi.terql
Sr-qke-< qs XErq q$F -r{.< c'Iqr+ | cryE qrq E-Xx-+
E$o cq{ec{t T-E-s qffilu T\oqcEI {fi&$ {q q<(
r

&&ft-< e1R-m {s-{ qrrrt q{t{l-fl< q${tq qt<rr R6rrr<

qsr< q'flT fr"trc qt"H sr< e1Q qllfi uet qE yqT frct<
6q.Mrql{ | {st c{fuffC< e$ frn frap1 s qttrs e$<
't"i;rt r E-{a-q
.lq c$r alQ qstr qttro fr'q{ I qr< ((
<lv{l{C;EI qqn fifrq CITCqT FB'H1-{< rl-6T 6qrs6
ftg{e{f ffi1 {< {qsr trnq< ffir+-< Eils q6{ 6q-r.i<r
I r

eBft <rs-c< q|< slqrqe 6q fi-"t Urs << r q ffi-cq=r

fuk<< $.krqq E-drcq< c{lE {csc{ trrq
afi-+rq-< EId
ffi E(tfrE cefc$rq I EH-qHt c'f|6q< Gs RBBT+
Tifiil qM TEI-< rlo frRn clQ r g{cq-< Q-fl qE11 {D'rEr
ft-e er{E qqffi
I

erffiM< eQ qgr= r-\r-jEt{ {t{CT<

q-<r+{ c<-{ mt{ qliq cqQ | {fr
e|.Tre-l \rrqffi 6qr.k
('tl"u-s Frrg ers-<
'K qs E6{T qsfc{:ts xqq Ufurc<
ag $ro qt r ql-< "ffkd'fu-$ qlqtcr< qtRcu c"n n-+ Frcq
qrffiTqtqnft{<Tq{tT d'fr-scq< qtffitffi 6st <t(Et6qr"r{ fi-sr-s.l{ !F{I 1

q{F EqrqA
ffiq<ffiB-Gqeqtr 't\5 {Nr-< \o)l '{ cqutoE EfsTft-{ E6{R s\e- qfi€
\i+.ffir e<A lc<l ltrql <Frt flMt KC{IT r{fus !}El
qE I

qpfr+< vreft-E qtrstcs tc-u ffiq :qeE Etqt

ef{ qrq C<'{ qE rf{(<K q6*r cq &R{
<rfl{r{ qeB un+ fr E6{I {EI <t{? a1fr-q1q
{fr-$rq--< &-*trcr< Tcrt Fq:Tf s-c< tu$ fr-w {rd
<lT{t {A}tar{T $-f,r< ql< Efu {ffl <fc< wqq"f
Cfrs, .q Rr{E e"F ,r]gTks qc-T c'kq qFrf6q-<
cqr.t r qf< q-f,s'f{ q8 Rn-cr sc'dlK ft 3i6 q54z
"fldtm
QIt r ql{ <t-{t frfq]-{ {({€''t 6q1-6-a asffi Rcft< E?Fr Dl<
frc{ Eq-r< s-<T qr g]rr {,q frr.lE qFt, fiRE Ear< +-<t
En qtvR qMT{ q|< ftt-q <rra EH q-?Fts q-{ r q<\g
qlc{ c*{Alq
'mftrc< frfuq <sm fi-qtr q{ 1s q{ I €t-{
<Dq c<q' qe <R<<r< Es?{IT c< &frq <k-{k rua qr+ ft
ES{I T{t {l{? qtfu+tm dfr-sm< fr-<t"isr{ +qn Fq qt
+r< sIQ 6-q {rd <iq'{t etR}Tdl-fl e;rc< qK q6{T ffi
{fr{ q{(11 {fr+, q ffi efi rffi-s qc-T c'fcq qNfcq-{
cqr.t r Erl-{ {<-$.l{ qE fr'{rT Ta< ft S-C< qC{? s.l{ct fi'rl<
eB["r< e1k< .l-qr{ Etfrq cq trrf, 41ffi fi1qq r

sf{q ffir.R &CA< e1fr< qqn nfrq cE} trB qctf,&$ c-{fr frFtrc"i fr qr< dfr-ocqr c$T{ qF T(rrq?
ilffifirl-cer E-drri< frlrl trEE< e1frR 6ura >rqrr{ fr<r+< fi-Et"tet
<-<f<-<E ${ etrg c'lc{ ql-rTcq I

qNlfi< q.tqT Bt<rq qaft{G$ q{fr< c{ s"l(<"II S"rqpr+

$-{t q-{, xt<t<"t IEcu ,{<( Etcrtfi-s <lv<Ell q qd aa+
qFiQ-{ Er<i;l {fc{t ftql<q. ; qq-6 qNfrs frD'rr{ qatnGs
EE!-{ !t{ca-{ fr-<r+< Ttffis t6ard-<t EGFqr rDta r qd
E"irsiqe 6F Fqtt .w, il{6{< +.-flqQ RTs I-s.-ls <ls<st I
 ggAsTTFtI
5\ qfft{ qss3it{ qdftG ffi qffiisl qo)e
i._8 6t \o)e
Tqfl {s {cfr{ €, Etst fr'{R.qrlE-{

EkFCGR_<r qr{r{ {l-ffi{ I qr{ <t(skqrF Elfql F< wgw, qq'{i € ftBrr qrrtr{
q-s-m{ qIC{I eefrE s(TR {Ctt {C'i I

6q-,q<sFl{q-{rfF[, sb q<tsT-{\9.Fq-{'tl;t, 15 ffi{YEfr<q-IHr{....

q<(cPq&s'IR<Itt caksqg(T 'M cD-s-{[{qT'tr{
- ,{ {.{ q1rtt6{-< efc"kr Sqq q1'q].(q< EEE \e IpeEh E,ffql r qm&-+ {o-s$o-t 6ql-6p \es em qffti q(st-,s< et&G
q{Bg6r"B-{qfi1qtffifrx r

qK+ r {rl-(ir-:T qK-6r+ "Iffi qcTrq qc{s frRA frq

6Fa1 ftffiq11q-{ 6a-q{ qsfi EtretkrK mQ m <=r( Elf,c.lt<
qlTfwt | "){ qlqT ql-sepl< seffiG ffi
"iffi qaF e aft{=l qtqr+< {k"nqq Erflc"lt< {R<\fi5< qtNi s qru?t
etffifst qo )e" - ql-(Trqrd-< {l{fc{ ql'{ffi-< q ET-cffil Eil<l(<t el{Ict q<-co <rcq qfqT 6 6ql{ frq(-T{ q$qFsrfl sKql
{qlTs s a1da3 sTE t& r ut-O fr"iRqlwc-{< TqFI{ {s qE ffi( FT< e<(
q.ffr{ M qs"tt{ ffi q< RBTfifiG-
ffis&-_{ qft:{tE-{t-qrfFlE-ff{ {t{rN q[{fcq<
Ge+eeu ,q< ffiq ffi't qrc-sfeg e srtfr{ Mqr(Tfqcq {eC€<
qfQ-< sqfft& {csi 'it6{ q6+F qT{rf{ <s<Bft-+ cTtfl{ q efsrT"nQ c{|q{ s-<R r

YVtel-+ v. qt qt r q qtcf,frT fiR-s

8"fl-dr(
woffinrwa'
 gg.<sEFII
)\ qtq-{ qtssSER ffi qffiiq 1o5e
qdftfu

+qr{{s{rtu-, #ilfrii*

ffire--s"56q-< {ET frffi{ {Rft ffircscq 'W Xn-s qfil q<, fiE I MEfi lE;1 4l qT-gi-{cs {.cs< <tft
{RT6r-d<
s-C{ cslc{ El{ 6ErT C<"ft qs-q-{
fist rs {{{ft-q {fuft6f, qfqft a{ks Rrft< ,t69 cs|rE r qtr<t s
fiq-rs fifr $e E$-<, RE ffi+<-t ,{ qtm'f s 1&< qBq {ft-$<rq< {lr{r n&< Xc?nXA q{qrcq
{r\e-M {v< wt{r{ Rfc"s qsr I ryqfu-$
mlXc{rq< c{I{f6{ TI >rq|.l-sifir't T.ET sr{ I

IWr< {Rer hfrsffi E(qn{ ")T qlfr{ ql-s8Ft{ qcfftG M qfu^{IFrst {o)e,,, Tk
{t{rc-{ qeffi
{{T1-)rEr{flfi615pct{Tlcs1-{qffi s 1&ffirwltl{qrMrs+9nftil-<*k4*{La s1fu"ffiqqffifu <rrqr<
<t qlG<'rrft-{ qerq-{ TKs I qtilwf s qru}r< lt$raQ 6q-qE qffi-cqrk site., qcfftG
es6 cc-l
rp-{fr s -tfu"flft $-Gr ,.l-rl
{€?t Tl <?T( q< q-{i qf<€ efcnE-{ alsq&fr$ {RsS+t q<( Trpnf<
{trs.ftfr T{tq]q I qcmB RE6 qffi|E.t_e
q$SqqTs lTlcq-< {6Ev;I u+tcn-< M EqB s urq<
Xfrqr+ efsrf$ n-<R qsftE << fiQ qRTq{< a1 qF-11 u
I:rl{lcd-< qcN qlc{t r rtfrq <I(ntffirr{ xtftq 6DE-{r<
W{ou r[+ <r<<<t<_eQ \es-s** <tE r

wrtel-+v. qRnqfffi{q{q{
cEI-B"Itfld (E [c-{)
61-61frffiqIl{{
Er6{ "ffffi 6s-{E v-6 qr <irq {fl<tr+{ qErFtH {G-< EfR qE ffi | M Edr+ 6sr{ qsF Fnn-< qqufrrq ffTffi
srt {€< q* r M Dd "ifrs6r{< qIFI ry{ firzq{ <lslcrd qrq<ffi< a< utftm FkE ft{W Tl{fiIl-{ fir<l | {lrffiIYII
v.n a@s qn qfrfrn ql'l;t qrFrl-{ r q|'rtqf+ sr{ FIcq qrFsn Tlfl&-$ ft< Arqr< \ff{rcq< @r+; rtfrm otm
{Fftzq(tfte ercrrtrro r

TqTE {$ {qhE q6qs q11frq :rfift{ e slmcll< Efts M ffi<

qqutbq FqTq qs EE r,R s v1qx M qqoft{
ffi +< ffiE-fre+etu e< ffiq elffirtiT +q "5a qffti qtscFR M
qefftG etffitst e.o)rr"- qqmlofrflft
erB EffiTut r cqrq=r frGn qrs< ft{Rqi|-q< wflFr
s efBbk-ffi {cus{ vralcq< ffi
ert xc+ erfu s<1-< {t{rol
cqrK qatrGs <lrt{ q{Fr<I q{E "tR-<-'ga {s[ r-:l, ft-e e ffi1-"l
qE{r<1ffi
rl{rol q ETGIcq-{ frfto e

{GGs{Gfir6<<g.ffi'sqTfiEqmqrqcs<rr+qi'r< {(<E{tftffiqn rqffr{qcfftfuE"r<qnm&s e ffiqmq.cffi

{t{rot 6qr.f< qefril&-s <Kqt {csr e1-6 ffifu-a re aqmt'ftTtft ftRlM s fi;Effi61- q qql.tlQ cl-l<FrEt
I

q{Jt'tTElr{.dTftq
ersE
FuTE q+ affi'l <e
 {cqeit catq'6T{relt {'ff qo:,e q< 6N c$R I sE< e qRBftE e+ "iftefus
Tc<t WO sfi
6q1-npffi I otef{ q6q{ 6ln qEg-< T-s-<w
c<furs <rq qh---E frQBfuen firsAR <q <Rr+< xrc<
tt{m E[ q< qfwH erE frq]ts fuq 6-q-{H, qr<_ q.tfri
sqfftG fts-6 qfuftw r cvq< sqn qs qqr6 v-*s
sKcs qE {t, qtc"r< qE TqEe qo xqfrT qq_q< <tt6<
freT trst {t$lT qtTeile qt r e<l-< ffiqr qa fr-cs
qREft-{ {l{t&-s s <rqffi {RRG,qrq 6q-a fuQ
{lcq 41 <1T 'ft& sTq-< qrqil <t cRsc at{lT EI$I .rq(
sq(frg qrq-{t. qas ft6q ffit5tq| qffri sen{&s qTqt
ft-g {t afr? qG<rG rg fiqts €fq6"l qD-s q-Efr-ffi qp
I

<l&q, qfqc q{fr erfie Eg. q{ r ,nmDls 6ir{ GF{q]T

a.-8 fl Q.o )rr r qffi-{ ft\r6 qBG{tftEI, qfcrlqr{< qEiIriI\B
q-a;E fr"pq r qr< 6+ e cmi qq|Tsf< qnfr-+-stx
eFrcT
qE T-q-{4 qs qE ffiq B'R r Fl-< ceffi {ET{,
cqrqfiR <l-qrE ql-<rs q.ff.s >fl6<t qffi6a1-s F$ qE
qrc$-q-{ qm fue+qtu s .q+qEuGfr (Tq-{q
{s E{
fu<E( r.R) q< ffiq stmfqn q<( ql<s fr-pq qrc.rr< 1

\!s Er-T crrq qtc-Tlq-cffi "ifr-+-flql, sfrE € {rs-q I <lE ).1

Dr< cr-r rF{fu efr qrr-<mq fr&-fr qrkr{ {rcar qtrqID-{I,
frFB-{-qfu-{&.< {Icet 6aps ffiq ft{ c{trtlc<trt q<(
-of+l( Cq<-sf< tcsTt r lK ftES qf6{ls 6qr.i< {ffi$ qRRC
e sfrfu.c- .g-RVs q"q.cT{ F Ff<I-rs ry+rq< qc<r qa-rg.f q$bf
qEERqtqw{Rq q-{rg s.l-i($I qtD{-slA qrq.s $effDtgT fr(? B5\5,
"ftFretf
fi+ mrqfficrt< s cefr6s;E <frs aq€ q &T.t qFt.sst'tr-s GE fifrcnt r

ffi+-<ffifr-Gq*.ED -qQr -"pns6q-s relcq {& rer<l

--'rq3[ o-qpFq6ql7

-qTs rrt<+ 4t $T6q... sX+Bt sTo ft-q w.Hk< 1...............

fue+eey-€< Bffirk'l 1ie e+ <wr qr&{ G .$f{ q.[ex qmtqr{3r efeG cTc{ E<Q +I-+ s ffi
MqqrqffiR'g-f qffirsK,a ftR EC qerql r <l< <iB+q Rq-{r $il qR-q qry r *,t'Rr
{f$ q<Q 46$ wqsr$E qWE sur YrqRE 6T{sl-< T"Ik Tfl{ {-st eE\5 r q]Tl.&-s q-q reTIffiIE
qk{]-qr{ EtU
ft-€' q<r6ffi q?iftG M q qr{ivcffi Bpr{ s T1t F{ {q{R N6E I E{€ qtcffq-s (qrE_
(q.rrfl Qq afrqg-<T-q1, 6q-<E.|{
SfSf< :fft41 qalq (qlrsQ M q{rq3 ilre C{1
T{q-q q-{ Fr< T'|t q6c{
mlw cftq <.riPm 'rs--{ q-{E I

El€{t frcn <l&q I frst{ T<rce q3 $f"r< Etts qn [s{(Tl-a; c G qo)e EtT-t qTCilcffi Us firRrq
ffi q-q-q M qrcrrq-{ErEt ({kc<q M, CqrIqE rkqc{<I I qt-c_fiq-s-cq-< {tqll{ {s; wor< <rtc-q<
-{fq, M, xn-*f-<rom M erYG) qTrrs=f{t qEIarEt roRrqt!!! qfrfts fi-<t"fglT uror<
<rEr-<< qErerEI
q-$[q-n efs]'tt <f&-c.< yE(\r= {fC{R, q|{c{ cst t ffi ti56
-56qa 4fa-q FH qCT <l-c< r W< E f<
&g'Ge+equ-
q]-C*; qs-q-{ cq curc-<Q 6-a6a1_qQ
q? ]ffi Mqmrqr+{ q $<t srffi+rq-< {fltr1-{-q-{C<T{ cEt
qlEI ql< Elr{ TCq ql r fr-€ vtg <rq cq qr{ ccfc{ eI-sl
qffis ffi ueBfrv1 $GT Xqcq <ree aEya fr-"ga {lT{t, ry{ Erqik{ \eF qE crilafir<lrt I fra qca-rc< a-c<r
Rq r q<q <rcrqR+-qx qrqx qcffiG M q-<n seE r-r qQfufrq {RAC vfffi;cq< li-osTGH
\3

effil-gr q<l-r<QqcN<lrf,{ l-o wcrt&s <re ql.Er{

{-*u\ vtil qf*re 6ut "ffi fr T{( {'s-FEr qtc{,,-{.
q--"lc6ql-{R E[rSwT qffi1e 6q grn r
frc< ftr< qq..{ q]-<e
<lcq arq {iF-F131 erslHr< qr{Bs m.t gl.ft eftril .{e; qdftG Mqffiiq
r

{o)e-( Ets.t s ut-s.l<

<Rr<-{ q-{E ftsrq-{ q(.wqct frfu.r- $-ff{ 6"i{ qqt {H
6.1a 1 qftfrl'pq Eq ffi( <lar r-sirr<
q(.Wqcfficq< qqqBl-qfrfi $ cur+ +<<,
Wrfssrn-< ,k q<f< qtc{s
rtl€lr qq.tsq"ffift q-{'{(?BT qsrr {(qlH 65-rr q<R qH
freq &r qfFrfE-{t 6lT{ Flq,ls <{ c$.Ft qcT <tn cq''{t EC< FKfrs cqlD a6q aE TGFI- EetQn t qrefi'a-<-e< frrtt erqt
ffi
dt <-?r( {<Fq-rs ql6r q qfc<]-q-{ qrfri qnnmE qm, +lt{H qE! ! qfq ql-{ s-q frFs s<Rqt r frq'r c'rq +r<R +
qEs\otrEq ?W-s{t c<t{ r
qn <9 qtrs qffi a-sE I q$,-< s-<R qefi q6veffte
M{ qfr q-a6a6 ersi'r"rEr <lg(e, qrgMrffi qtcnqtt
Ge+eEE-e< ffictt 1E qF <qr< qrB-s M sqrq q<Q fic<t wFFl-< {c$ q&rl q
'WrR I tss {$IrE "flFrct'f
ffirft-+ ft\E<6 qffiM< q ${t e<8 x<l qwsr+e qt t(st 6{€ G"t qFrr6$ fo< mel(q 6qr"lT l]ffis "iRRC
qt={reg +r< VreE{ fts e<r<-{ qqfftG M e frm, sr< E"r< roBT M s-<rq qlrrlqr+{ "tk"l{st r ft-+
qEEfWT< EEf{ \3 {l-€k {]qI qaN 6ef+t RE6 qqfl< B54q qrc€ !tr{ mrrR Efrqrc< q=rrsEE-< srr<q'u_{
"llc{ c{"t etert frtr {&s r fr+r< T<1_\9e
q.{ t<l"tr q<( c) "r<-<ff asqEqr.l{ R-f,q-sr E6qI qlgr< ffi r x<

ffisfts aEq M qE{rq"IerEt ({fr6{"t ffi,

xrqi ftXE c+rq mtqq-{ E{vk{r c{Im eE[cs qrcq, vGo {ca
Rs6, qf++fi-of< REd e-yG) E{Fl-<t c?FIEir efsr-'tt q,6q fr-.;lE Csf{'qF <fSF I E{s qfmt eNFl 4Cn {frq,
<rftc{ EsN "rtr<R, ft-g &q+qEr-q< ffi\rfr-s frE?6 <frrft qtrril, 6'tfsrs l&18 "lRqs o-<-m "tR I qfrcr
qrRlqrfi q fi{t Elffism< W<e mft vqffi
sr< E46q {]-<r< {E Cer{$q]flcq-< ,q"tk{Q I

<rqg mK fr"flc RE, q<B {kffi{

qfeT sdftG
R-s6qffi|gt .q<ffi Eanr<f6{< rc qfctGs <s {l(R E< COtqlte R{ affi e4cs 1l&, 'q'{ {cg,-?t qT,q-;tr
Ccrcs

TFI q-f,Fr-?r erqt"tl< "n{lile m{ g-rft I ql=t€ cqQ "IlEtH cq(q-?I€ qr... q-rl {Icrt<€ q3, q-{ m Bcs< F({.R C
s|< @Tt'lE Dt{ <t&ra fr&E &q+eEu. rg erqqDfufr-q< {q-[i[......" {Cs-< <l "ip61 qfirctT si"Ih ft-{ {l-q{ qt<
qrxm<Fcqir r <frs qqfft& ffiFrc ftg frmertr< x<l fr.dffi< qWt RT qlr<-$-{r{ qtzq]-q frq r

esF, frE u1s cult s<trEN Merql stffiocq-< q-qr

{qq r-ct Eq-cE I qfcs stffF-{te qqffi&< ls q+E R'+ca
firsrm-< G-eprcqm rca36t vFKE "tl-r< t q< {rcal ficet
qrc-s&-{EF qlqr qcffte< c-1Esl {ql{ <t"lF
Gl'tl-cst't D-{Re qtqT qefftG qsfiE eGStqc{cq<
+.ffi s fr6ri-qq6-6qf(ef 1

qt{ {le EIF c{r{t sDt fr-{ ffi q G-q< | q-s'rFl-< qTtGo
q]q-c{ T{ FrS {l<l{ "K 6e1-65 ffi1T-{F ({Ef{, q[qm
fr"rlil clT s-<t{ Iu erslcr r ml<lEEDt frq"rsnn mt
frRsr {r<8 ffiqesl@; ErtqB{ celrs cut{qlXree1<rcs
tffi firq-<R 9Q e-e frtqq | {Jt.f{16t ffir+r<m t-sl<
5H'- qa G<Tft {kur"rc mq-<R qQ,q<Ef,{ q,rft{ qcffiG
frs<6 qffirq< qrynac<< ao ffi
€ {'"ttq-r I
 {t{Kc.l-{qeffie sdftG ft &6-{ ut caft< st'i >[l-q1 G c$c4 4t g.t T{,
r<Q-< vtutqf{{ {1Rss Dl{ r't I qf{n c{lc<| I3rs.f< I.IIC\-<
oR cqrc+ ffi 6{-:tr, qR fit E[-$T frrr nsmrD fi{rq $-c{ qt<
{f,fiR c{lsqr5r{ c<E-{ EqF $-c< I {l$<"t {l{{ qlREr$
q&-tt"t lffi
frrq cfi r <8, qdftB, o1&-flR, crrqgq
r-?166 qr5 q-qE c<lr<r r TE {r$r+ +"tko Rcqc< qrH
qfq-+.m qq-H s<-6q fu€ qefftG$ w=tr<
qIRl qf{fr-s qsiul-<
ft qrn qfq-fi< ft
{ffi
lqfq ..{?1-4 Cg:H s-6< q$-q-{
{Ec-< qcuq ffllt{
T-'l-T E1c-*,3 qfk-o'f<r$ qqft-E a5a
qr{< "fi{csr< st<rq <fr qr<t fraa q+-q-{ T1-{<
gG[? rs<Ei
{st{rs ffi{ s? ql< nRr5 <q-{H $-acs E-T \c-RT{
'@" f"6i-{ qn Em$ <qH qn-r+ ftr

1&<rn {m fr-c{ qG6E r frqmq s {€.--{t-qt< "1&<ll.rs

qffo? frcare qr+s
EI I qtqrs sdftG "nb +<rc Fn<
"tffiqqfftG trbeRqmo rR-t<rft 6{q tffiGe
cfqq sa6gQqffi1g1 a6 ffi 1 6flFseff qq
"{k-flft
c{fff qdftfu <ffis {t{<Iks Et{ qlT{t qqffiG <urcs qE
{Rt r q$E tqe oR sT tsT mcq oE r qN-cn-< <-t6<
qffifuq ss'tG qruq ft q(p {t vIs u1-6r;s tq
'tc-{rnt
cqtreQ qTrfi-< qnrcfl ql r ffirq tffi frt v<ss< r

El< 6Ern qft+ vls$-< "jffi <tsslc?--t r tffi qk{

qfql{ qfqk cfiE bf$I {t$<"t T-fi@-< s]rr< frFrcr AfuT
EftTEqlqq cqx ft-e snq< fr+E {kffi ml-{ Fglq +r< 4t I El-(-\,3 C$1-{
sq.|e lfr-$m qql{ $-fl ET Tl, r <r{{|< {l1n {l s-fl En EI
+q{&,u+ttuffifrr<Fq c{ffiE q|ryffiqsl]u]-<, r[l-{6t r q|<e cEfts<<n-<
1ffi<fwftG r

r< q({ffi Frgr< qrffi <ttr< FR-T cqb qErq s-fl {t-{ {.t (ro
T( {Kt) cqi qsw ffi qu-q s-6< Kc?rce fr6q.cs 1

<rsffiF q-{e6ql< es{E Brc'6 qq erf,{q fi-{txr fi-{IGE

qs$ t 'i<Eft&, "r<<EftG,qqfftB
6, * *T* aeftE Rrq.u qarq qtt.$ru qnn
qq c?FE ftfrQ << ffi
"r<-{q fr-.fl}T mfu-s r cq-ffi DTCq I criil wl,ryrEQ Dq-cq
- fue qcf&Br w< fr qf\-q6 ft r

o-<-6q qqpq qaft 66a qq 6q-.ilT tk<6{

r <fqffifrrq-<te
E-<-sr{
qlcql qr{frs q-\rrsi-{ {ffi qxM q?l{ mT{ c{k<r ?ffi q-fl$k r fue {-4FE "ik{o,{ silrc i.l r

T-c< q$-w;[ {Ee{-{ qrDE ffiH {.1R Elu-\r3 "tffi{ +:rrc En r {m 4.{69 q{ fig.6,+r{ r

qQr$'r<r+ EietRs {rE <rc{?

 <ftu-+q <qr <aErq-q 'tnctl q-{ qlE DT sfr<t, !-?t E(E
fur6qffie s q(s'6-Timl-q tsT Eq ofi mfrfl, erB {rrl-{ fi-cr< E"t< qsB ftFk fr.{"
- sq{ 11 {g<Es \e{flq fiqrf q<rnrr+ <Islfr<
fi-3-wn fu{sLT{fr <<< <ts]fr< ffiR-$ {sF, qtol;t
{fuTsf{ Fr+E q-+qFr$ cq'?t(E 4l "It€{l-< <iefufrs eroFt
scr-Rn rqT:r<t $l-{ slrer qdaqfrq 6fi8ff6s,
{rel paal +R sqq qteqk{< +.f{-@$r Wq
<tQ, fr-1s €
+s-+sT r offi< q545 q56fi cfiEsi
<fqq-f{ <f{t s(T(qq' ql{tq< <EI I
offi.o CfiFrfl< cl-cet ve-{t 4q, BCAfi a13 ffi
ql+<t r

qxtcwr xqf(q qf{-fl {< qr{ cqRr q$E qx <6qn sdftG

qdts tffi sqfft&< frr<IAEl st;t Ecalrq{ r qlc<+ "i-q;
c{E qrcw {GI qmr+< ftr+ eFrcr 6{cs ElcEq r

<lsqtfir.R qefftc lEtI qt ruk< El-{ 6Em mft q<rera< r

qt&18 sir{ frR {sKqlE mB, ma-+ qffi, {ql-ffi|q,

$"rc"rqtft ffi6r- qlqm< sdft& qtrc ql-rq I q< calcs
X&< {ctB qwc{ ft <s o16 q ffi axicqQ frqi(o<t
:[€< I q]-qrr lEQ {st frF|-{l< a ffiq-ffi $-{l Rf$ iI
6s-E sms {F-QR<I, <mftCfrcq-<t s qfi-wna ftg uts<tvt
Tefl <6tcFI Tl-< <fs<1-fl-{ gr;qt {g;< qn a1 1 ffi oiffi
qrt{FTE 5p16rf qfeo{ fu"n ffif"lcl frcs I

.fleEq{r'E-Tfr o$ <q qdftG< gr-fl M c<'q r eQ +"Jfr< E-e< gWs

wstl&, q+. qtu eE ffi ( sf-<,w$] R"jRnirfl fr6s q5aE ffi qlanT qm(q r
"Iffi ffi qTiqsftr--s
(ql-<lTss){ qlfr{ qrssxt{ q?ffiG M gffilst lor\e) 5+.1-a qqffifu rt{q €fq{ re<-c{
q<( <t(Elfir"r{ cqsT"rcb EEI
e'rcfiFrs ffi qsI-f rEel-{ <<;rE<1<rqm'gs qss(tr<
eR fi-c.t c{E qkfi er{k qlg $-{c{ fr-ql., qE €t{srdTr< B-q<
<sttsqfftBRrq{rftre "n<rEEsl-< cuca c{ftfrco {Kcfl
ffiTil ffiTil Tqff{s1-n <lsfiG, qqffi-
qw{l {"H sKqr q{{-qfr? dBErrs, fu ,qrfr6 rs{ct<
I

{r<fr{ ftB< c"tDcu-<'t fu{"wq esF< ficq

crffi-{ {-c<t g4{t +k sqq q&qRq< q{<E< qt{ ccrrlsi ctfl $r< esB fiq-Es c'frqrffiK q.{-st
"){ qqfft& ffi qo)o" qa ffi54-4 ffi
Tie-4ril Yrn <tQ, Rn" € <ts-asT r sffi< <lc{{ r
qa <t(Etcqrrr< sdftB+ qqr{ q{E-<t
ffict a-s5q I {t{rc{
qr-rs qfc{E d.fry flffi< <Pqnft a'f{'f ?<{k-s frX rtc< qT fr€ frg E-flT< frq1q TFq {fu"t
srr6{{ |q]qrs-{qcq.r dffis c&Brq.r<qkq qqfftG+ qssBB q[<s -18 <-T qNfcq-{ cult.rl< TtE E c-<
I qTiFr qsft ffi effisi<
qf6tq{ +=t-CE 6464 qffi
EE{i3r, @Eta5a ffiqlr-<.l t

qtqfo e<( qffiqr;K aR-cffi {f{{ qr{ICS qH& aNEt r

, <Rq[<qffiepw{Ere|g^ffi.ilT qd q<.+-re m ftG qqfrG qTfl $T c<Ft srtfr,
ccE E6Et
EIE 1-icT oc< "tRxs< q-f,+l-< qt r ql< c< qqffiG Rq
"trV
e$frq {ilqR.-q-ft-fi ErTffi r qq-u cqQ sqffiGt q]-qrs-<
q:l.fuT-{ csl-6 | q< qt€El e{ utRql-Igaum n wE-
r<lqrtlm{-{ rre-t qtr{r< qr{flT ffis q<, <<q q< {q-G
<I{q-s <e<Ek-e'n, qlt+"[q, qeeftBo x-"f6, EGEH,
qslt{ e frq-lB Eq q<( qffq-s(g< q?r .It1tl{ I q-{, fr<R,
<{ qr{ft .,.Fqr fr-6T almrl"fl-ae ercqtrt s-fl qcR ,{< {s r

qqffi"lE qefftC< ft-$t"Nf{ {lEt \s iE{ {Ttc{cq{ f<-s<

e?tr{t <ISEI vtslT eiffi-o E{R r

<tcEt{ qdft& q?f6{T {f{lEI qI-c{< {ffiT s <N-utfr<

E-{q.H ffTkq 1 1sqaift3
't&< <|tc-<-{ fr-f sqfuqm
uq< ftm-+e frGe e c@"r+ rg fiq"tm< efr 6m
ffis S"rfr-<l frqrl+ | {3 € qqfftG< c-"r6 frc<
fi'{t $c{ EE RlT qrE {+-sqm qqfftG wryfr
<tqfrfus q .Gs r qlqr <<1-< a1(qr< sdftG fiLT frR <fr
r g€n R-cm qnm qms
jffiE fir"t-< rE <Isslcn te
<-qt(r{?<rq-Fm {Rrl ffi r !frs q<fi fuT fuT5-{k
nRql-{ G <l(qlc[{ ,4s q".ls ql-caie <EA fi\filft{ eE
e?F EEA c{e I @qfr6{ T-6T {rcp qtffi{K foT
<q-{lq.<E {tf(l-< {(3lt I {lIEs qdftGs <Fl-tq-{I, {t{<
x""tq ETHr+ qs"tG q[Trq I

& eqrtqtq Rq mFrrf TM <6ft{ <lffis E-d!-{ etR$-fl-{l< sl{ so .rq({ fi-e-q x."rq
{t<t<"t c-eifn-s, q+. eEE.slE ffiq s.t< 6q1-6-5 qdH-{ S-{f <R r sta Wur< !E \e{ cs'f{T(E c(D
uta1fr-qftqirEn allsK q-lr 4'n, 33qExr+ qfuTiT q1-qk qrJg q"l{
"tGmrt
qfTffi-< ffif$ {RT{i q<-$k 1qsfr-{ qflcEl-<t qN[fi-<
w{qr{ {ffi qr< qmfl qt1q-Mn-{ qa Bb<
r q-Tcut r

fte stqr+-< frqrlr+ <tv{stn fteX nru cq-"t q<( F&{

q+
qeffi qG$k{< {RT{l'<i€E qi{rfi-< efrc-{ {ts<lDt
fr{ mrt {R{s << qQ
eQ <tqEt B1u vrstDt>rqq<<{t I (< {s-{ cqbi qNfffi-< qfqm T<TtA-sf
$wqt q-$rqR qi$'f q-rR $'l<-{ 6q-Icsl frcq uqrq c<t{atsl'+.l<-cqE wrt efi fiqrg uQc< m &
qNfffi-< r <lqel6nr"K qffift+
@ RkqA ft {RT{l'TEtt, c+-laltT, ft-s[6{ s]-cq Etrfiffit <q qDt +-+cs
fi-6q 6+.11-{t 5qffif 6qcq sk't flq.rGR-s {fs t{l-{ {t {{
{Erq< B$q qr<? qr* €:ffi st st-qruQ "t1-c< q:l{ qEffi-{ q-{r {{dfq;t-s 4ts q6s
qeffrBs ef{fr EE qsF 6nr"r{ qqfft&s "tlm r qr<r< R-t<i'tsn
e<( qfsfcrffff fi q?F6I RTCa qmrh.3 rrlc-qTE-{t <rr<, Et<
mF<erqr{ B$-{ E\eTl I ffi-{ TR {rc_w er1R., q<Aq G qT{s ute qs I vtqtvt e1ft-cnft nlElc'fff m;
Frq"n-.< er{fr erYG r qr< qqffiBs EXG q{ <<( fir.l{ <i<Iffi xqq, 4qt&-+ qSultCT< 6{yT{\B
<rqffis qQBfrq-q, q<Etcam ls qRsqsl< qffi
{NQ-s ffi r qdfrGs e-{fr qg'e {r{c<-< qtd
{RqG< fr56 asEl-6 q<( frc<tm{ <mftG+rm ft.Tu-{l
{iT't&-$ VdB-{ q&s r qr1Bs-{l< cuEt+<-cqq r

rs Rr{ fr6n as-q1-s q<( frcflftqm< I..C(]'ls'ttcfTi ffi?fi

ftrarq, 6a 1s41d3s165 c$-q scr qefftGr$ "q e<<w-+fi-
<+ fr"ftr o-<i< !E q+s.fq s{16 "t]-qq rs qRsc !F{f{ $ilc{
qeffifts q-q c?ml <tcq ; Q-E441-6"1-s lg qBql lirq qq 1

rE9lIeF$i G<qr{{ 'rqB(EI (nm q(qt'i <t qlEl"i

qtretnqt) Sgr q-{-rs q<q-{i{ s-{t EGE 1 qS w{BQ s-<rs
qr< cqrr< ftd, firr< sqfftG< qkd ffiffi 6qr.l<
q<1Rr \%GK qtcd r e+ fr{ qQ <<et Bls mrt {R-rs
qc{ qe +tq{t {$rqR atffi ETtrR $'K{ fi-irst q]-{t-cq-< |

<tsEtcqrfi qdftfta +gh qk-qe ft TEr<C< Emq <<r

T6{ qrr E{ qlrlrsQ oy6 qffifta er{fr E{ ,{sE fir"lT qo"rm rRA ($ft< {l{(T{ u{G <qqt I q IE(st"t calcs
qcffteo o?-<erqr< E-na-+ <sxt I ffiIFt 1R *ttr-'r< e-1k, <et {]T q?nH&s eIR< qrcal qctn&s E-g*-+ xu< +r r

Frs"nr-'< e1-1ft e5gG r qF qqfftGo tqG q{ ffitr$ q** qt_c_$qq qffiftfra {6a T_GF1 qeflfta @ qcE
ffi r qqns&T qk eMs !t{cl-{ sd qmrG-+ E-ea-q {Ecr< EfG << r vffi-< le qE setn&T +1fr< arn {fr
vQs r qqffifun qfr e+F waotG-+ qfumqr< qefftGr {G-s c$fu qt{ <fcu ElqrE uira-< qwottqrft{ $cs€ TJ-{
UdR-{ ft,ffi{ qfu r q frT{ fuq qdft&frq'fi< lc<r Kry {lc{ r ieKt tq'ffqr <Err{t{ q-qi mft 'lGrF {{fl €
1-sfrcrt< <ra-cq I qTF cqr.k qann&T ef{fr< q< fir{ TEt Ufi-+ fum{ s-<-K I qr< qq gfr-s c$ft< fult'Rl T6q Arr<
{rc{ {t cqR cqr"iT rr-{CT< B-Aa-+ <x ft-+ ? TFq qenr&-$ mt{l-q mry slr< r +rq {l{cr-< atrqqqlH< wsltt IE qc< I

qfr mnfrfrE fiB<m6nft+t< rqIEK qF c$l-{:KCt{ frfl

TrE EfCq-< qtT 6<rV affi 1 $ffi ql-:l cw' ('lc{ Elfi-<
fiAr<< En& <q fitr\s G\t( s-GI I 5[r+ sR <tsEkqrl-< ltr+< B6l{ rir< r qstr<Q setrG-s e$< +re {-{cr<
Frs"nrs< er{k cEry {IcR r q?H qt e$K 4-5q c$ <t B-gn atr< r

nfrq< E-f,& <R ? q]-{.<t qrl $-{c{ m{cE o6-a fi-qrpp

{F-s c$ftr ${Fi mft r eq{ qE er{k Kry {l€{l-F
qt"llT{ rl-sr-< Eqe {rR qt r s.F"t qFfffi< fficq< vo%
qEr qREffTK fuo <rq rcr qF to% !t$ {F-s c$ft-{
T({i I ,s?t{ qlG to% rl{rT{ EEG frr{ {tafiAR qF c-{ry
{rcDq r q1-< ,.{< ersr<a fiEc$ft< !Ecr{ TC{Ig 'l-gcq I

Tq{{sE{ffiFR (e+eQp&fr;
qTqAF qE fr r<Eq p.K ( q+qtuGfr ) qsE qffqffircT \3 qElg-q.[s ctqlffi aa'6r, {l ut$ t
b|{<Tqql<t 6qr{ ffiffi qGra cqrl-< Esr-T fr[{ s q'l? )bbb El-st R'JRqI-qLT {qffif cs
oc< r e+qtu&fr-q< {n q'lu qE {Cfr-6{ qqrq frffiq € <t(ql6qr"t "iffi{s x1& e&*t
ffit(
<-<t r "K qNQ qaqEp&fr ffi
m'rq Fmfi-s+,<"i, Mo{{-ql,
qlseEE Rg6

Gcr<& s <t<eT), fr-ffi evrfft ffi, Mersrnt {q fr&{ frs6qqnF nfuks< {l{16{
r1pf fr"JRqI-qK{ fr5(E6T i-yn {liET ct't $-r< q1-q(q I ,{ql-vt e+qEEGfr eiG <q<Q ffi
sr(< qfcrM;t rr{ qltrs q,lqT fiE.r{ frE?rBsm t

q+eE Gfr-.q< fr{fis re.Ffuc{-{ {c{I <TTQ-

F H D C
o gssSq € qfss$-c6rq fiiszF qffirct
o sltss€ {<qT e Qcr<& frs<fqmfeq
e ffiaqcrflqffifsl
o ffi+{.nql
 Monetany Policy :
Role for Sustaining
Growth and
Equitable Development
Dr. Salehuddin Ahmed
Former Governor, Bangladesh Bank
Professor, School of Business
North South University, Dhaka
If political will is there then in the words of
Frederic Mishkin (2007): Monetary policy will
however never become as boring as dentistry. MP
will always have elements of 'art' as well as 'science'.
Even though 'art'will always be a key element in the
conduct of MP, the more it is informed by good
science, and the more successful MP will be. Argu-
ments are put forward by many for ethical consid-
erations in formulating and implementing
monetary policy where regulators (central bankers)
and com mercia l/i nvestment/development ba n kers
should consider welfare for the majority of the
people in a country.
In a developing country, the role of public policy and
the government has become an important subject for
policy makers, academicians, business entities and in-
ternational agencies. The debate around the subject
takes place with the objective of promoting growth,
investment and above all welfare of the people. Macro-
economic policies mainly consist of the fiscal policy,
monetary policy, trade and industrial policies. Mone-
tary policy these days is complicated and there are
various challenges to make it more effective.
1. Public policy in a market economy
Many proponents of market economy criticize the role
of the government and public policy on two grounds:
a) Government is unnecessary, anything govern-
ment can do, the private sector can do better;
Government cannot do business.
b) The incentive structures in public institutions
and the actions of public policies generally
decrease societal welfare, or inhibit productive
economic activity by taking resources away
from one group and giving them to another,
often less deserving group.
However, the renewed interest in public policy and
changing role of government has now come to the
forefront because of the following factors:
a) Market failure (externalities, neglect of social
sector due to profit motive)
b) Special interest groups establish market im-
pediments; unearned income by middlemen.
c) Rent seeking, corruption by private sector re-
sult in waste of resources and efforts.
2. for Monetary Policy
Challenges
There are some challenges of monetary policy (MP)
faced by an emerging country like Bangladesh.
a. In recent decades evolution of MP centered
around two approaches: The Keynesian expan-
sionary policies in the so-called "Golden Age" to
"Orthodox"(contractiona ry) pol icies of neoIiber-
alism, sometimes promoted by IMF and the
World Bank in the form of stabilization and
structural adjustment programs.
b. However, due to the present concern for better
government, efforts to be made to achieve a
balance between expertise and democratic rep-
resentativeness and accountability. The major
argument for more representativeness in mon-
etary policy making is that economic policy
involves important choices that do not have just
technical answers and implications. There are a
number of trade-offs (between inflation and
 t$rowth for instance) that are a matter of values, iii. Government borrowing from the banking sec-
which are also concerns of politicians. tor and the Bangladesh Bank (which is alarm-
ingly high) has not only created "crowding out
3. Objectives of Monetary PolicY
effect" for private sector investment, but also
Monetary Policy (MP) deals with the measures of the has created inflationary pressure because 9ov-
central Bank (Bangladesh Bank) that changes the rela- ernment expenditures are not used for "real
tive prices (or yields) of financial instruments (money, sectors".
bond, foreign exchange etc.)
The Monetary Policy Statement (MPS) for January to
a. Objectives of Monetary PolicY: June 201,2 period, of the Bangladesh Bank announced
i. Price stabilitY on 26 January 20L2, has emphasized a restrained
(contractionary} monetary growth path to reduce infla-
ii. High levels of production and em- tion , achieve GDP growth rate of 6.50/o and to improve
ployment
liquidity in the domestic money market and to ease
iii. High level of economic Arowth. pressure on foreign reserve. The MPS for July to De-
cember 2012 continued with the same stance to reduce
b. Immediate targets of MP:
broad money and private sector credit growth rate to
i. Reserve money management achieve lower inflation rate. The MPS for January to
ii. Broad money management June 201-3 announced recently has created further
space in its monetary program and increase the credit
c. Policy Targets
growth in private sector and reduce the repo rate (to
i. Inflation target increase liquidity support to banks) to achieve a bal-
ii. Growth target ance between inflation and growth.

d. Instruments of MP: The MP stance of BB to help reduce inflation, whatever

i. Bank Rate
ii. Cash Reserve Ratio (CRR)
iii. Statutory Liquidity Ratio (SLR)
iv. Open Market OPeration (OMO)
v. Moral Suasion
4. Inflation control
Estimation historical changes in monetary policy
of
(MP) stance and their subsequent impact on the econ-
omy, raise the difficult question: how changes in MP
affect inflation, output, exchange and interest rates
(Sargent and Sims, 20LL)? The commitment to a nomi-
nal anchor like inflation rate itself says nothing about
what economic variables are best suited to play that
role. Should it be money supply, exchange rate, or CPI
or combination of all? With the emergence of floating
exchange rate, many emerging economies including
Bangladesh have chosen inflation rate as a nominal
anchor for MP.
In Bangladesh, the major issues are:
i. Inflation has accelerated led by food prices and
recently non-food prices have also moved up-
ward to double-digit.
ii. Inflation is affected by global prices of food
commodities and prices of fuel, raw materials
and intermediate goods(used for our manu-
facturing industries).
the factors behind it, is not much compatible with
macroeconomic stability, sustained growth, and pro-
poor outcomes. Rather it may stifle growth, transfer
income to the rich, and may contradict the processes
for pro-poor fiscal policy and development programs.
Indonesian, Malaysian and Tanzanian data have shown
that monetary tightening has a larger adverse impact
on small and medium enterprises(SMEs) than it does
on larger firms( Chowdhury,2004).
Inflation targeting (lT) approach has been adopted by
24 central banks, starting from New Zealand in 1990.
However, keeping inflation low is neither optimal nor
desirable. Some countries take 5%o as the threshold
level of inflation. Better approach than IT is balancing
the stabilization and development functions of central
banks.
5. Managing Exchange Rate
Management of exchange rate is an important objec-
tive of a Central Bank. The current policy imperatives of
BB are to reduce deficits in current account and bal-
ance of payments and prevent adverse impact of de-
preciation of the currency.
a. Some Major Issues:
i. Foreign exchange reserve Management.
il. Maintain external value of money (control ap-
preciation or depreciation of money)
Iil. High import expenditures put up pressure on
foreign reserve (Recently due to fall in import,
this pressure is absent).
 iv. Impact on inflation due to higher remittances.
v. Avoidprocyclicality.
b. Probable measures to stabilize foreiqn exchange
(FOREX) market:
i. Increase FOREX Reserve: Diversify exports,
increase remittance, increase foreign direct
investment (FDI). Increase investment income
from forex reserve of BB.
ii. Roleof BB in the forex market Buy and
forex by BB, stabilization/steril ization
Sel I
measures to combat inflation?
iii. BB has to take pragmatic policies through
continuous monitoring of REER, NEE& NDA,
and NFA.
iv. BB has to keep a close watch on exchange
rate movement of currencies of Bangladesh's
close competitors in the export market to
assess Bangladesh's competitiveness.
v. Take IMF Balance of Payment (BOp) sup-
poft? The country has received support under
extended credit facility (ECF). Government
and BB have to consider carefully the impact
of IMF support because of conditionalities
attached to it.
6. Frederic Mishkin (2007) in his article, "Will Mone-
tary Policy become more of a science" argues that
central banks should have strong commitment to
"nominal anchors and there should be "indepen-
dence of central banks". If the central bank is not
independent(truly autonomous), noises(shocks)
within the country coming from the government
and privates sectors will make the tasks of taking
objective decisions and implementing these pro-
fessionally by central bank, very difficult. Howev-
er, in some cases actions of central banks do not
reflect broader views of society which can give rise
to some disruptions in functioning of the econo-
my. Joseph Stiglistz (1998) therefore, argues for
achieving a balance between representativeness
and independence of public regulatory bodies
including the central bank.
7. Moving towards different approaches for
Emerging countries
a. Emerging (developing) countries including
Bangladesh have to move towards very differ-
ent approaches to MP for the following rea-
SONS:
i. These countries have less developed
institutions and less autonomy of cen-
tral banks.
ii. Goods and services markets of these
countries are often more exposed to
international influences than those of
the developed countries.
iii. These countries are subject to more
volatility for supply and demand
shocks (eg. agriculture vulnerable to
natural disasters, other sectors affect-
ed by flood, drought).
iv. Political instability and lack of policy
continuity make the country more vol-
atile.
v. Poor law and order situation, poor
protection of property rights, weak
safeguards to domestic and foreign
investment and corruption.
b. MP can contribute the success of pro-poor
development strategy in from different ways:
i. Supporting pro-poor fiscal policies.
ii. Avoiding excessively low, high or rap-
idly accelerating inflation.
iii. Helping to stabilize balance of pay-
ment (BOP) and the real exchange rate.
iv. Improving resource allocation by pro-
viding credit to priority sectors and
managing country's capital controls
(Domestic I, FDI, Fpt, Capital Market
etc).
v. Promoting financial inclusion goals to
bring financially excluded and margin-
alized poor people under the opera-
tions of banks, non-bank financial
institutions (NBFIs), microfinance insti-
tutions (MFIs), and other regulated
innovative financial institutions.
vi. Corporate Social Responsibility (CSR) :
social sectors, environmental preser-
vation, loans for priority areas, trans-
parency and accountability.
Therefore, a small open economy like Bangladesh
should go beyond the conventional notion and ap-
proach to monetary policy and adopt heterodox policy
and it should be a country specific and not a homoge-
neous one. The monetary policy framework needs to
go beyond monetary aggregates covering low inflation
and stabilization to extend support to the sectors
which increase higher employment and create space
for "sustainable pro-poor growth".
8. Sargent and Wallace (l_981) examined the rela-
tionship between fiscal and monetary policies. They
argued that these policies were closely linked. Thereby
demotlstrating how Friedman's argument that "infla- References:
tion is always a monetary phenomenon" can be quite 1.
misleading. Recently central bankers like Ben Bernanke
(USA) and Mark Carney (Canada) have been rethinking
their devotion to slaying inflation and considering to 2.
put more emphasis on employment and economic
growth.
If political will is there then in the words of Frederic
Mishkin (2007): Monetary policy will however never 3.
become as boring as dentistry. MP will always have
'art1
elements of 'art' as well as 'science" Even though
will always be a key element in the conduct of MP' the 4.
more it is informed by good science, and the more
successful MP will be. Arguments are put forward by
many for ethical considerations in formulating and 5.
implementing monetary policy where regulators (cen-
tral bankers) and
com mercia l/i nvestment/development nkers shou ld
ba
of the people in a 6.
consider welfare for the majority
country.
The efficacy of any public policy including the mone-
tary policy in a country like Bangladesh will be a chal-
lenging task, not purely for scarcity of resources or lack
7.
of instltutional capacity but most importantly for the
lack of political will. The issue of "governance" there-
fore comes to the forefront. 8.
Monetary Policy Statements (Six Monthly) of
Bangladesh Bank'
www. ba ng I ad esh ba n k.o rg. bd
Chowdhury, A. (2004) "Thematic Summary Re-
port: Monetary Policy", UNDP Asia-Pacific Re-
gional Progaramme on the Macroeconomics
of Poverty Reduction.
Mishkin, F.S., (2007) "Will Monetary Policy Be-
come More Science?". NBER Working Paper'
Franknel, J.P., NBER Working Paper (2010)
:"Monetary Policy in Emerging Markets:A Sur-
vey"
Thomas J. Sargent and Christopher A' Sims'
"Empirical Macroeconomics", Royal Swedish
AcademY of Sciences, 2011-.
Thomas J. Sargent and Neil Wallace, "Some
Unpleasant Monetarist Arithmatic", Federal
Reserve Bank of Minneapolis, Quarterly Re-
view, 1981.
Alfredo Saad Filho, "Economic Policies, MDGs
and Poverty", International Poverty Centre,
Training Module No.2, July 2007. Brasilia, Brazil
Stiglitz, Joseph, " Redefining the Role of the
State", Paper presented on the 10th Anniversa-
ry of MITI Research Institute, Tokyo, Japan,
March 1998.

as a keynote speaker at the launching ceremony of the Late

A seminar paper which was presented by Dr. salehuddin Ahmed
Dr.Asaduzzamam Foundation. The seminarwar arranged
in March 2OL3 by the Department of Development Studies of DU
Mazumdar Hall of Dhaka university'
and Dr.Asadu zzaman Foundation and was held at the R.c.
 c'tr€{rr{ q< {fl1cs
<Rqrcnrf<qem,&8 Trl-s
qfrq qG"st eMe
{ftTTT <t&-{, <IFHI, v.ks.,

q<(D-Jme
ulr{t qR(
fu{
{srflFlr :rE cqrr<
{c<l <t(qfffirtcs q-sF $-{t qcr6q r e rEerE]-< sqffiG<
'l-EI?t"tT qfof< q"tfft e.oso q;q +uffq. qEr<tr"tT qqE <t-G-<
qfufrE sqffiG< q1-+l-cg< 6D({€ Ts qc\e- ,lk< <(E
{E-{E
"I{M{ frrflre r fr-rt< frC{ fr6rm. il ,tcfi.tt q<qr $-{o
qqftntrcnsfc< BA3TH .iffi
<E pn-+< cq{i fu1<
<l(slc%t{ {lT 'l.o- $-C-Ts <R< <c<Q qnffirc qCq r

C5t]-€{Il{ {tlrq {Cs, <lSqtcqri frWE, sTH'fi, ffi

e
frfr666p1 =flg frR-ffirc'l< q-{i c=l-(xr {gm{]:r{ ffiEi
q<( lIUts Sls s ffi
q"t $-q-$ fficpk< qfts .qj €(TEq
R-c{E qo:q' qfu-<qn Arl-< q-tn q-<n e qgRr
frRrmr"r< qt{ror toco ficffi {c<l qo erlfr-wftq qqN
5ffi firt< Tc{i Tft(qk'fl, vf<E s '[g1-6aj "lc<t
<t(ql-cqrt< v-{qfi I \e{Tfq s"rQ qt,
"mffifn< TCE, {oGo
{lr+ qfr< cs-Gi <t(Etcq-.t lftlt
cq{qr{fcs qtB-,ra <fc< r

frr{-< fteT qss{es {(qf{ :tftst {cE, <-6ilT

t qqrfi\t "t-stff q:t-s RExT-{ cs6sE,ffi+ tqtrtfrEc-rr<
a
qT. qtfr{ cqlrfi qm
c-<-fiR ffi qaq {1f}H Rr3a-s
<y1o rc\eEIqffi,{q$frcr{Tc{r\i-q ))
6 ETq ().a Etq T<-olR $:fiorlqq) ffi
fiDF( q-tFl{ T-C< r {ool-ob ((( eoob-ob sd
<qc< mE cv,b8c q-{ Trfu b,sb) mtF +.ran
Br+rl$qq5 qd ?<< om r fr&T Rqlr< stffit
qqffrft< qrsK freT TEI qrE€ sr< qffi{ cqE
rT I Ifltsl< (qoob) ,{<( qi-{'f{ (\o))) q< TCs,
<6Tm <t(Efcq-6f qT"il qcffrB <t \eqfu' qlx
<t \q"r'wd< 4tsGE "rRqq cF &Gf-t< <tT
svTo t q cew.t'16 <t(El6qrt {oob-)o sefu,qc-<
+.< rp*tfr <t ql-q{lc_re< "rfuFf {o,bbo.G 6$}D
El-<ri, <l qqRqr{ {<utQ\o s-< Tlqffi< el* rrrr.u%
q<( c{tB qrqT q[6S{ 7.v%
t
vq{vefu&a ef{fr q<( ffi-q,
<t<t-<R+vtx v.tET(rf <t
q< Trl{ qlfrq qK._El{ <-qH q[srE qoq) qrcq-< rr<]
<tcskq-l \{i ql-cT< cqm ?IR"fg qcu
Er< r q+ifrr+,
cT\
tl6{{Gtl {cE, Etf,cE gG <q{ nftq< q;g
).t -fst(-l El61
T-{rEs <lsq.lcqr.k cs-Cq q ql-< ir.q% r 4-<l q< q-5lcs
<tsql-cqr.t I]q te EI{ ffits EIRq ft] qGqq s-fl(E
oll-<-cqe
{ooo-{o)o q q.[cs q c(qTt Ifr ,"nq <I(qlfiIt<
sqffi& {t-s fi-s c+tB qstsqlRq<$sis]. cen+1fufrrs
c'rrfl(q I {{l{Cd3I TIE&, Wq{-q {tT{tkst< q(<{, <lqffio
Etqt{tfr, q-{T(qrR qf}E Et1 {oqs rl+flE t? E-drc{
<tsqkq"t frct< >uE 6qrr{ {c{r qrB qsrf< (frfi w6{
n-<rs Req< q<q RrHTsm< q-{] <l(ql6q-t qsE qeffi$
T-{
fr{rcrq' "lRqE q[T6q I E6E{I,
'|tf{tff sf<ro e<( fr{
qe< mFrfq.t )o -lsl(r|< $ffi Rf<q
$<-F€
<l(Elcqr{ $"lr{t ,{E EsrliqT 1 Tsl(r.r< gelr{ affi 1 fr-g
<t(qtcq-srcs T{]-5I ql-cr< firi {RqE S_:l-Cs q6q e$< q<
rtq q-u t\iTsr.tT {c$ <tql-{ fr-s-{ cqE r E-cg$, FIEFI,
El-qirq-{, r'rfr< xqsr<-E, ql-{s.r{
1k, qry s Fte agi< <l< ,
.-RH, ol{:fr$Ft{ <lTqlr<a qkTq e{&& qsr q#< Re{
cx@ Wrft-{ cq.I qr{fr skrs< q-q] <t(stfi-"i SqE<q
@ n-<ru {5FT q(3l-Cq | q-{ <q <t(stcnr.l< aitn q4qqa s
qr{nT(T-{ e <.16{ qTc"ff& fr-sk< q qq-€?rrs rBr $T(q?
q w6r+< {q{ 6{ esr{samt E<1-{ qfit-{ c.-C?trq Erq(Et,
seffiB{ qvffi',-.tG <t.rfi qfu{ E+"t-stqTq$tFrii
Csrt E&il e "raft< ${rc{ llg-etfus rrq r-r< gq{tq-{
s qeftffiE sfs.rs lfiEE-{l< It{rm q{ q]-r
qsrsftq ErRfi< 1R-qfrs
fA sEkR q<( qr.q-E u{.I EGI-{H s
ErqrFot qqrrft< ?<Fi-s qaffi EfuflT
{s, qs<r<
EfrftTqr+'r€+t e mq{.fift ercu?t r

Tfi:-N {irs{e/ABq{8Us ft"fltd Tst qcq +f.csRt-{

1k-< onr"t q6{r< s't{ firtrft-qst s{t{ {6qf{ ql<Rt{
9lt€il{ qt"ffft )o TRC( <lsqlchri Elff 6qg mttr
s.n+-<
${i(QC.l{ {gt{.lt {c3lG?. I q{ $t{"t t<it[{ I(c-ltGu \rc$n <P{l
Ecnrq G, <l(E[qr.f{ qF-f,rq< sfts-q frr+< +qqE],
q1fr <<nrcnr.t< trrs qGfiTerqK <F-qtfil< fi{s Eds
e RraE rcg, <t(Ercq-6m qfi-sm< c<sq frc+< yE-{lT "i1'E
slc'l<I qs elst q<( E{F erffi fus-s{rffi pq-{T qc{s,
<t q{F€a trnmR"Itqr+< tsT{i q;rsr frr<Ei frir r fu
{sK{lcs +trq qFnq cn-s c$.tB @lcfir red'qqqH s-<rs
<q ffi <glfr erfuTl cetq ?sR'd sr$ qH 8o q;q6
qs-< qfr{ Emrwr r q "iRflq qfr< qrcq qL{qfiT
frr.wsL< trm, frqrc-w fi<C@ c<<TR q<<
Ut <rqqt"ttqt, q{ Frf,t"Fst <t TFr, rfl {rrc{ fifrcR <GIfr{
q<( q?F-cE< q<t<frfui frfurs<
fltrs {.nc-{
{cfl'Wq
R-s-fl cqe r e$fr-rs {gl"FrK qkt, q]-{ q-difim qsiHt
q]-"t($l{ ql:ml {qftE & r iGqc<l rrsffi vQ<-uf,
w{s.tbfnt'iE E({-g.K +16r qFt(sfq;|-$ qlc< Rfrmtet*ql-c,
trirE< iFfENte e +q"fiG qmffie ErE?kRI'll' ffi
qrc
cal-(T(q | <t{ T6q r5flT qd <qr< <t(stcq-rk e-{R-{ q<
+.telg Etr+< cucae $':r qr< r E-q$, sks e<( ftc{
frfortut <rs <l(ql[qr.k 6ErI q{r{ qfls sr q<( qq-<
ffir{ frFrcTtrt-a56q ftffi qfr-sq-{t <ls<[itr-{, <tqtneo
RBftqq e<(.lfuTlft qFqlsE qsBl-{ 6q.larEl ffir
frfrmrc"r< q{i q{rql qr++ qrofft* r
<l(EknrR qetnB-$ ,{qq {TI&-s q r€l-flR 6F(EI {lfi
<l<qF frfu ln<+b <Lqrq Gr;[, ,rrilrlg <lv<lit-Fr sfrfi
<tftql, eFlK <lqt< c+-rq(ffi, Eqfi6, *qfAqq freX
utq-l .e sfr"m{lq(q-< qq&rst<r qTqH, D-{5r
"llcs EftG,
q-+<tfirot< q(x;t, e{ \e wJrsfs, u-<wtrsqs{Gg rtqqRr
qfkrf< e, <E wffr6 afr-W+< Yfr-slr s-{51{ r Rs{f{
dqfre q<(I{(rlsl{ c{slc{:rE{{<(q q<(rt{rq c{w
{frs {.nqr+< "rcq g{Fr il{t qrn qlBcrrq <t Fmfrfu
frfuqtot e<( qdftG< qs{fEf{ qqn EGr{-s-sT r frt<rft
<-5{tc{ frGrtn qfl{ fr'F{ccf< aTE <Iqakqr"F rTtffis
q"itcrw qsodB-< Tc[ fr*trflft Effir ErE r q<r<Q qsQ E{,
o'k {fcd e qt-qrfq e<( qcfftG ffi o.[:fu;l r EBr<t
qg6q qdftfr< tn-rr rq€ fuqFi cosrfi rf, c{'c-rq rfn
qRrtcs d& +r< x+tTt-{ Ecqr.r TtFtfl, gt&-q .e silEr
qtTfis]-c'q FGn cq-i qcE ;rYq r4-.9-t-{t <ill-s <tR-$
<t(Etcqr.t qFnE€ E{Tf{ ilqr{i\gs uQ<-$, qft-o c+st
qtfu{E qgl-slrs< <qql Bffi Tt q€{t, qcftrr Effi{
ainq 'flrft+{ e<( <rB{ qffitr-sm a1-61q 1afrrya
qrr-{< eB-{cr< {Eild< s(rScc-< fraa q.ilT+t qq"i<
{I<ICT r-,erilfr qffi q6{RrEI) qtstr< q?<<-str< lrv \e5l
<I{t frtwlT qrql-{<s 'fllfiTem< .iE .lE p'fik q+.rq
ag< +ro Efi'axf+ c"tffi+ trlcq< tsftls arl Sqqsf{ TrF
ftp q6s q1-ry6q r qs-6tGo-src< d(qtcq-"t ftfuT[ft
sf<{ffi qsrrt tGu q5a1 I q3 Qgfrt &qi{Pi seq|frF m
qtfrR ftra,cqq r Tr{
'tvc< Et E&wcv'q({k-s.F <EE,9
<61fi <IfEqi q{fr< nQ-q r fift.csl-fr< T{l {ls Gecf}r
${t <tGram {srfi er{E q<( cffFF:r frn qcq qffis
cE.]-Eff{T utldnc {lcs< <MK qtRrn wcs oil-r< r esrr<
qft-sm< qft-s G$ft fuf,rs[Q-drqT yri EEq<
TEI-< TrE
<P{qq.el \J sle.l \r\r(4. -?.ll nl[<; l<l.lc{Tng ]"E\q[N
<q r slq|-gt\e, qs-s?"t qfus< Eq{tmfr{sT rul unn taQl
r S"m fi-6< s-51 { I E<\oftFl-?r qR(q-sla x<BE
qfir+< <ifu"is DaTIErq fi-fl"rsrA-{-sr {rcrE <t qtor
w{qf{<E "tR{lrf,< qq'{rat {fr ilqffi$ T.kr"t tfrFI
e qa-{tfr <T .ttftR-s fidrsn< Fror< q{ ERc{ frtr qfrm<
$qaaraftqgT +l&tE ffi4 q-E1-3 Sefi T{ |
Elqlgt, q-q qcE Erl <E< qlcrt <stfr {r(_\9-< {-{l+=l{ cs Ttffi{
Rrql qfuTrAEr c{ry TI€Tr{ st (ft{ c+qtats +rrq,
{e--<t(cqftT T'Ttrl-< fi.ur e$il frqrc{"tt sl,cq r {fr Frc*-{
eratqfi'{ ?ftENH qaqfrm qlc< Es"fffrg Frfl ar<r< <ffi
a-sf as< qt qn q<( frErq, oBtcrq emMftT q<-$fdRTr
frfou s-{t 4l qn ulq6 Es'fiqr qgu qc+o c<rg {l{ I
q$t{rcq frffi rrym <stfrcg qfua-q 6q"[ ffi'sps flfrs
"lTE
Rct{ +r< Frcqrcqrg.lcq-{ ee con ffi-rrs frfuqtc't<
q-{i c{6q cqgl Effi-$ r fr&e{Eek qco, frffi qrm
+EF{te qmqrfr q<( qvt<-Ts <gtfr E'r<r< r-fl<-{R q's{ 4l
Ereirr{ EGmll tlo6 "fldic $ qca {rgrq, qfftq s6-<
<lBq <R, q iTr-m m qRqq w6f< terf< safi q TtelE
iT I <t(Etmrfi cum qfir+-< mq fuisqnn fret <qe
c{{l-rq q-di]rii emqft={ q-<-sThm< fr.ETst q<( q{
fi-fl"rsr< {r{ qar R\srt{ Q&qc<i e<rellfTq R&n <s
+cffi fuT-srElT frsq fuk< fuTu-{t srq r Ecs<r,
erfrfiffi r.o)Q.-)e qd<qc<< <rrst ewm fu?r.t Frg
qt'rc{-< q-1lG qqrffi{ {<-$trffi qG qrq-<tq qtfircaEert r
c3r-$l-<,{<( fr&qrEe {fr sl-{s-< EmrT'i {r C"l-{ ER(E qt{
EIql qF-s prffi q-d6q <I(Et-cqr"F {Nt&-s sR<-st E-<T
qrs]-< fi<ct $<-c< I Etqfgl€, c{-{ls fiqcs c+-q +m ffi
.e5I Tq' s {l-{Ilfr Fi,germt Ts'<T Rcs
'itG I ef{ QrQ,
q
{lffis {.ilcl-{< D=N qflG< T-CEI <t(ql[q6rEr qeftEfu$
q${liqI c{ q< qr{Q qts {qfi-{ qtE-{Gt s-f,c{ Et fiftsW<
T{t {lr 4l I
q-{ohm qp Efiast< q{r{ sFci qml E-dr{ q-s'fi eRc6l
ffi.iT <ftq'i' cs qt{r{I cq-al q<q wftrH 'Im crErg
ffi1T1qrs-{ sdm-q firr TTrG< sBmtr"t sFtlsl< qtqler.'9-
D-fll=t {fq-{f{ q3rs[r{n q-sdr <ft-qqaftm< ffil-a qt[tcsi]''
q$w{cc|< peft ffiFt
"IE r
qlvfl q6{ oR qftqT?BGr<
qatr&T ts-ga-l e-+cs qm "tEI crp <1ts-<tlrc{{ ft-+g cqE r
afrs {f,s'R-{< NE< E6qlffis'1ffi qs 5-q; elET frE
a-ara qdla-c{< qsi {r{LTFmT q-{q-{<E vr{eT <r<cft
q<( 6"Hl{ <lqEr <s Tffi<I a;ryfiar4 {<-$rrfir
${rtrr 'm fiE ersrfl frfuTtct< fr ersr< frrscR ET <tGs
s-{l EGE I etEil crp qo <fs{:rc-{ir s.ffil q(BB fr'{(T
R-rt<-w1v, rfifiE -rE s fuf<ralflT wrffi$ qOtnqWq<
q:rrrcr esB oqcqffim
qqRfrfu s qsq frfu-rq :{t<lr{"fr{ s-GI {rflw 'rRsl,
{flstR fr.El-st{ fr[qfi
sr{qr{<E q<( Gq-rrf, qTrtR-s'cq-< ffi
oTI< <t <s frfu-<
fl{ro qrrefta sd c$rrq{ E"rn cqr{ ffi'TI erc<M{ r Em$,
Rr&qrie, ffiqnt {q E{l"I agtfrs'Ks-cq-< wrct 't6''e-
st6q {(ql Tryi-<-rg qtftsk< Eqrfl eqH sr{
, {(qr6-s s(< qr6"l'"tE"k fi{t fu"t,{<( Tqs'{ Tkq,F
c$-E'
qqs(Fr AAIqS €K u741 qu eTTlq.ftT qfr
<.{iq. Eqf{ srt
EEq r .c-tqMs, qaE;!-61fu"F-$L< frps s qffi
qqreB
fi<qr+ $a r<rmrmli (6fi-{ frErg qffi
tr\#( qftrsTu
qB6l< {'t{rc{ .{stTkcl qrqtn qfr,Er.r-T*qfq q<q r.Kr
fr:fficl fu +flLT {t{t >tsr I
qq-{{ "tR+ftq<
str <tE-<
eM5q $t\eq-s ftr.f<
S-6S<ll,
qsF <l(Er&-{ q<( qR eslr{ gRlj(E qt"l qtrt cqts
<tsn-JE E\e{r< qI.t($T Tm-cq r idQ ffi"ftarE Earsis qBst
$T6{ qETR 'lk-<\t{sTFE Er:flc'k a5q ffiGI+E q(E WsT
<t q-{rEl qqp5a qffi
{oGo rt{ {:ffh' ElT ,e mtE c{r$-<
qB<s-{ qks< ql-tqnts*qlq qrw-rE EPrsTv-&fr-s
"irc< r
qfr-$&T q-{r rfl
=kq "I{IE ql-{ffl q<( wqlt{]' {6Tt5i
qfirt Afs T-{m q-ffil1 tfr-<\ft{< Fmn rtc$s giqcflff
5415 a56q r qq<R {k<\o--z{ mfs]-C<qH \e3Itq ffiffie+
qai frfrfrqkrqr q< fl{rfl sjt-+t< EGlc<i elT coo
frGrq vqr{ <<tq frcnrq r ,s qd <-fift.< m@ eEtr
q&CTfq-dm ql{l-dj frm qol.r-:8 qd Tqr<-< <IcnE fr-$
ffirdI cqrtEGq 1q-q-al-qqft6qpq-{ q<( q <r<q'qq1rqrs
D-qqf{ Ed!-{ qRsq-{K qc<r frfurq< R+-q of
r D-qrl*ilEif{Bs c(sls qfcO ef+EqcE{tq rc rTmttft.rs
<q ffi c<tm frElu e-$EerEt qrs- Eg {c6Ti R?:s
4r +r( El< qt{gl< qqetR-s frkrg {ll Ifr-< qt$rq q<(
wtG l=rcF Ef< ?<<-st qfft-qm w{crTq{ frr-s eerqfrs
{ft-"rc< q-{rlc{< 6tc< ut"ttq I q {lca- v(ft qn.k{ 6"1n
EId <rrca-< +cT Trl(s qcu <tt elqt c{ry 6q{flflfr
q-qi <tq {-flffirq q(TGE E€{ln ft6r< "nrs<
{rq1:r qr< c<rv
frfoqt"t c<ry <tertaBtQ a]gtR-s r E-cgrB,
"iE Tkp-B "r<-<-q
(qq Eq, qo)t) qq5n qtffin
er+tFIE 6E?t1-n q {<<;1-s
t(trEq fr6qQ4;q,'!-qq1-E <tqtq&s sR{.9.t,
qas].btmt"iE qTR$ qaq {tffisstc{ Rfrmt't <lr c<(-s
{sfl-{ <ksilB {*{} frF1-6TIrt ft"1qTl a1 $q41.6 ?f{E
s:fl?c{l< 6e161$6gqqqr at%s{ {t firE affi uRal ,{qq
qffi $qexqr qlc c'tcr qqtnB-o qfr<-sl' qrco er+B
qlsr< {l<t6l T3rcs {tr<" I s-{t qE< qcR TI (l.o>o-:> qd<qca< <trqt, 1. bq) t.
u-q& qorq-)s qakqc{< fr-qTk,fu GETIR-q{) c{rR',-
{qftG {v-{l{-{ fir-s ,T(.H m?It frrr(R I qrs-{ ffi qr
E<Ew{q <mffin qRBft-{ {RAC< +r<rcf cflflstk
.lstst ttil qcqe &cqs-< ckRe
"lrrs 46t a-{k :u.a
6ffi<-o|R {kg $6t E1fr tu .i\ot(.t t{"1 q_{fr I q s.l-{cct
<Fqf-<IAIsT {-ql q|TCs eF $-ci-[q r +-q-+Gro 'I{[r-{
$"tsmR 6"rflf1-CE "tRqE RsrF q{st IE qcvrq r +rq
em{ ltrq rf FB-<[fEIST<; <twq qf s{{qqtc{< <r<qte
r
uq& qcF{qcd< fr-qft,fu qr<j erflft q1-* )8 aqfrE 11
frGr{ vnl< r ucs<ll, rlqLTFmT qT <twln ficqe q-drtll
cq-.t fr6.|-{sL< 6{ol1-E, vf<E q<( fucq< y-E{lT
<l(qlchrK qT <MEr qt{(Tfq-{-$ qr< qqTGE qcq r <6qt{
q 1RRfuE qtffi+ frRra'tet e qtqtqqfiE +.kr"t {tff$
utRa +tx qdftfus tBlarpl.p"pq' <I TqI q<q {ryfrG,
BsL<-< w{qlq qwlrq-{ qcffiG< cEt-flr{ EK {h $r< frcv
"trc< r stt frfrc"rt"t Ifr e<( {lqQ-s EtRar1fr s3rcs ECE
cefiT T-<tc{t't, ffir cq.--slcq-< qt trs o-+co {-r< q $rc{<
<iTqt qre frfus re-<t, frfrc-st't eTq1q-{tTE ffi<f"ii
s-{-olrtnt fi{tq qt"ffft <ftqct {q?sE< ffiHctt ffi{t
EGs r Etqfgl€, e.o)e-)8 sd <qr<-< <lffiB ft-\,.kT
Rfrcrtst, $q'ffi-{ q<( Tf,olc{{ <lqr
Ifr a6i qeffi
E-drcrr {t{tcs q<itw il{t {t{ vn e$E {98 fr-s
Mfit{ffi+-a5sq54
1
]l3l-Srr{< q16ryffi <M-r{^urcq< qsrlcT q-{rtft qtqffi
lo)S-)c qd<qr< Tc<l s-<-<fq?r e &&f;t w{18 qt"flft
q <qL<-{ {c{i )o.G .lEt(.I q(g )8 .iiolsrt ESu s.-<rs
qm r Velu rlE 80 <qTT {frOk (e.S .i\otqt q(e )o.(
.lEt(C {q c .Fol(t +<-d-qr e &GPt w{'flg1k o-<s
{{F:r qrq€ qt'ffft Eq qd <qr< q&fre o .lsT<-I
1R-<
mF{lqt c{ <lv-{rlqlE T{ Et {RSIR I Etqfgls, ms.rffi<
qlffit q<tq Eqq +=r <lwt qms D-qTl-{ +em..eT vQ<'$,
{rt(Temlcs {{lslql{, <$fi*ErCq< +rq 5-{G qd <qc-<-<
arc-tr qs\qr< ) st{ )\ qlqT{ ta c+.lF Brsk Tc{r qeN
T{ :il6{ {lq 1a. qBTk 8c cfiE Bffl (s8 .M(ri) qlq{"t
qrr-rq I qI< q mF{rEI &rql qs qfqt-< b)b coE D|sI
r
.l,ols{ <lszt qqnq G q{g< sTfrfu-ssk<
T{t:rla r 1p
s-fl-qls QUm, fi<Ft $-< vse )o, )Q., )e, :a s DU{N +-{
qfrs ) e i QGlcqI qakqf<rs qfirnq G, $-(ftc<E
qG$r+erq]K qrffs r{l3r s-6E $'reis ilq,r ql.qH {sr
{r
(W: <[t-s<]-6r)
|
Etqlgt€, 6x +<-&Gf;t w{"ilre< {E +.r{qerEt qc{t +-<
qffi re qtq{B,
1?]-s{q-s{fr<frqHTt {r+TrttB{.[E\exI,
fr-+ <tqlT q?<< qd Eqffi-{< {c<t'i q<( cqrt< scffi
{R-{fr-sT qftq >6q16s E<TE { {ffi 1 q65 c+-Gi rir
ftG <l't"tn qcn $< $tfr, $-< qtq{tq q<(<v <-<c+< <l-q-r
$e< {Rrtct c<FI qs 1 qqlfrm qF{ $r qE{ qffire
qfftr$ qR<t oexf< m E.qfE-{ a6 1 qfaeis <lTrlq|<
+.Kcct {fl+.lcfi qH )a. Erql-< c+.tE Eror< o< <l-em qtq]'{
R&vc<1, qfuqtet edcq, q-<-sr{ {ryi r(r{tq-{ s-{ ({Ts)
qt{-)bb) c($k s-r< <qn {Ts q[a-qe5q-3 rl-ag1
'F5
q.reT c({cq'q-{[ITq{ $r{-a Tt q't'fl'ft to)a llar cqfro
sFfs< o;il{ efsf{ $-$ qm€ q qtqE {qu wtq<aqT q<
't6 t<t< q-ql s-<t qGTq, ntn qtesF csTril"tql, c{-iTI {lE,
qlTqtfr-<gtRrq Ss'l[q-c{< q?FE v-f,cs
{cIT< qtss.1-s
qF{t I qEtcq-{ lc-sT UdT{ft-{ firt< q-ll <-6Tk{ qDGE
qtcrtBfrE s.:T <F-qr< tfu qlB-s q-dr"fiff q<( q$l
qtrct
Tq s qF[R Frs <m< qaq q$Q{rcq qffi q{fufr{
s< <r+{ qf\s-s< qq|q-s
r
eTE fi-6"l< wsrsft"t rE m q$fcq q=i-"1-< {E-s q< .-=r-
&Gft w{qF 1 q;rfr\rkr T-{ <r+ql< E-dTn ffi <-<n-<
elqrst firErs, T-{-&Bf}i w{'flE q"fFt qfis sr I 6X +3
<M-t-&&Ft q1'tls <l(4lftrrB1 ffiSs E-dT6{ <t{t q<(
arwt qESc{< cxre FR-o<-a1-qq Ttq' q6o ,qaR.qk K<
Ers {'s'{ ErE ql r <6qk{ rrrr qTqt ffiqafiftrq-< Tc$
 *:tr{ilr& { &&& lst'llv
\tii'iiii^l !IIiI;iI
fis )) qt"t ().a qH c-{ffi $trs-6mq) ffi <-<
nFH sr< | qoot-ou q<( qoou-ob yd <Ec< mB
cv,b8c qq <J& b,sb) 66fr 415a1Dr+tgqq5 qd?<q
rem r R&T Rltr< 456-a1 qeffift3 qrcl{ R&{ <qt qres
El<qrs1-< cqBm r:Xt6t< (a.oou) q<(qfqt{ (qo>:) €<
{F, <6{E{ <t(Skq-rt v5.ti veffte <t qEqfu'ql-{ <t
qT"ll'' wd< er€Rs {Rrrq mli &&lt< {H rru% r q
cqs.t"fct <l(SIfi-ct eoob-)o qqf<W< Tir $tfr <t
qlqqlN< "tfu.t{o,bbo.c cs'tF Dlst, <I qqkqr<
c$IQE +-< <fqrr{ QIa rrio.u% q<< mtB qfft* qfca-<
\.u% r {G{ch€ 6E-Eql{ "tffiqg con +E matR-+rq-{
?-c<q' +]v T{ I qclu q<-+.k lo)q-)e qd <qr<-< <1GTcE
"t6ilq sqf<w< "IeTMr< fur{ EqE ercqm ')o'lv.I({
qr< qRqFqt frLr {ffi{ e N<-otR ffi <cs +.rcqT Erct
{tfl $-{f{ w<rar q<TrN drtfk qtal6q csfr$c{-?T qu
w{cqn (qIlcsr q-{sffi <1 {R{KRrc frX qtcr{
q-qrarfrco {Rft-slfuT< cuca ffi lR<t qqkT< sclt <Et
qrq-R) e< q<HR E(r=r r +]rel Drst <t vqqf{E qd ?<<
n-+< frqrq w{"rmcr frrqt{ F-{t EG\o ql-{q qaq frffi
?qB+sk< qsqqaFtl e ?<wrTo-+; c(fr<tfl{ ro(q)
w{6Eq (e< tR"rS, q{rEt 1k oc< q1i <tsri qIqIcT<
Rr<E{lT qefta 1 qeft1ftq E-drcq< q-qi qsjsftGt qEetn
{(ERq:rsrflc$ q-<"lia e+q ftre Er< I Er{ qrs;Gl svrs
ft 6i {.,m q^efcq{ q{lq 6fi "|-E qdls <lqr qtnH <Frqf"i-qls
q!;t R\eTtEGs <lro qRq {l-{r{-{ ecl-< 5I"i s{ 't@
q cqfr1€ ffift qfi-st< s-{rtft q<FTfr s afr "ikvcq-{
qq'll, $ofcqa, {({R {pi,lr,[q, fu<'tG, Emqq-q r-fl+.tR
sfff q<( {MftGTfi-{ {.elcq-{ Rct-< efO"i frfus +-<t;
eHK <tql< s qffi "tl.cs Efre qfuKrc{ qrfrE qt{ q<(
fr6l-q EE${e +r{ sGTsm-< cq-ft q$q {k"tcs' 6F
"t5-q
*a\\i11*1i; 3 ; i i s i $ I I 3 3 I
lr(rx
ffi fuc<-< qteiotlt frm slqt; +-{ ffitsillryq$-{ Eqfcffi q=F-{
cvre 1{ qc?Eqfi ,qaq THs-< t-'fsf+n frfus 4-s1t
{REt frfus e-<ro qttcq qRq-o s-{l< "Ir{{< q{.ql-{.€.-
,{< ?tTgt $ol{E €fqc"Er sT{i sT{riTm q-$H $-{t EGs; ,{G
era<q]Qrt_< {I{16I\9 $_<t m(s ,il_(< r ulqlrgtrs 53 91ft, q1a
cufi"rq q<(qdritul< 6lc{ es-s "tku-{ "re7ffiqn, q'[ft1
exq6a-ffi {c-?t q<($< Eql{ qqqls E?r qsB
"tkoa "lq,
qrfrE qBt-<csr rl{tc{ {(Tsct e "tRftwrcr< <F-{tofl;
erB ftrt ffi q-a-q qtr+ cryKq-q <itsIs.< {t<m s-fi<
6rFc <I{r<tsr-<5-q qfl{ T-{t; {s-{ ?<< fr.flQqa{tft< ffi
q<( fr_u1Qq{ tsT{ri:Ks el-slrt S-fl; q<q $-?T qTq16 q;ffre<
ufi, +-< rFtfrFrqclrs< fr{ra 'c+ir{I qT.m +q+ftqst
E[.f{ qt s-c<' {c<fmi -nfu.< fr$q fifug Ffi; €(( f,{
efcfiq-{< (incentive) qqtnGe esf< 'fffi O-fl GGs r
E?-fl".r 6r"f{ qann&Tsk< E{s e<< c1q cq-tenks
ersix. s-<-ffi+thm qaq {rt&-s Aql< frr{Et{
UdB-{
q{ffi sr{ <]Gcq r ett {t s-{t T€iT qcE
qrs-(Es <lsEtmr{
{Nf&-s qFri e qta-<Gf< cl I[< "lTRo ctfsr< st
fifu-sslm<qt<H r
{flsl-{,$ftq qfrE q-+cfift< q-{i {<-$IR, mur<-ffi Ee s
$frBfrB {r{, frR-s q&St, qefu&-$ € {Nt&-$
FKr"rqT{S SldE{ el-Qt rer<-Cq; C{ yE11-{ 4'r< qRE
s?-{r"itfr< q-ql {fl+]R efr$ wqgq frrbwsL< stT+Fr €
|
<ffi qqc"ttfr< q-ll {r+sr ffiG-s 6q-{r{ frD-{sT q"tc+I
{q]-q$-<T qT fr r w{stt qfrc"r< 6nuR wq-$'l< r vr<, q[ft"t
qtRE frrrFT, qr{it-$[ q-s-fl € E"rqAr qq6rE
Fft-{rr<
e-dl tf41 q< fr'dfc"f< dfCT Et{ qooo 6$fF EfsT c+Hm
fr-srcT <<tq. fiTt qKrq E.r{ {9? fiisfrof"Ht cq-fi EGE r
qo)e-)8 qd <qc< fr-fu{ qs{l< Fatt elt-$H s qd <qm
&Ge+ s.k6( {(qTt e cotE :r s.t?t <s rc: Frt"l r-yT
<I&cT s m-tE 8t Etct s-{t Tfu{ TslrqlB {<1'l-c{< {tFi e<( q-{Ffrfut frfus +m qE 'iqrsl ol-q"t; frTis,
q6qs qefft&T s.lRlE qsl' $-effi {'s-{ qc< EI <EIl q< ffi-fl{ q.ffi< qlT 6s.lr{t q-<-{rsE { {_vt6{t;'iTfr[c-q
cqfis
{"ifr-{, Er< q& fi-{ffi q|ryc{ qF qlcg' )o qfq-F{ ;rq{ <-dq' fuqltfu efi; 1R+ru Arqm-{l 1fr e<< TTsrr<
cqD cs€rcq{ {cTl.'t {E q6Ta -t ffiqH <-{I {l{ I Q.o ) Q.- ) e $tq celc$ {F @ra S"r{s GTftG e"Erq s qaBrfu a<l.q
qd <qr< +q cq?trs e-$-fl ,zrqq sI( Et{ tq<ItR <E-{t{c{ frfuu a31r ,{<( 'tqt C|y <lvfir;[{ Fffi -{'lql, qeq-ts?Hl
{q-< fi'fi<Tqfi<EI{C{\e sTq{fq56<c3Is-R ) qtgi6 eqB <st W emq.ftT {t(u <-dq $(E {t sI{ {vlI{t ${ EI
e-s-fl ,rfqq $-r<, <I aT q<Ns-<q m, r3T?FlK< qqs-slcs fifus +-<t EGs r

ersrsk< TEC-{ Ec{ I el-[E]s im-srcfir qqcT <t(q.&( qffi{

<-\5 ffi{kfi{ esa qffilEI cll-rs, qe[E qrs'K r]I {{( qr
qcffiG e<( Tl-qftB qr$ q'rc_{< "tRg-+, qcfftF
s E-da-+<ffi-<<Ret<M{t{rd 6srlg cmlEGs I
etffi<t el-srs s 'r6ffs-stc{ <lq-ftC n<fiE <iG r

\5fQ<.6ilT q-q] s.|ET{ sSru q6q <tqffircre {{r<flEil \e

qtfusfr<, qs-{{ s{Trq <Ig.<IRE es-dc{rq qmqftT
qd <-{kq qE<r1 {ffi{< dec5 q<( crrsTtr
efs-flqqffi qlffiF s 6fiCs efsl-{ frr<E+I +-fl; "tkr<.I, <q
e ffi rE tqxq fr-<ffisi {(fi? c{ .$trqt 6qftT <l
qisacnfri e-$rfl {{s.fk 31 6a.aaffi qclTtT<
"16( {fr-6{.t,
$qtq-{ft-E ?t.-co <llr 1k-< ncm qaffiqQ-q qqfoifur
slfu{ €fqc"r< fr'$-fl GQ r *1Ef< YB s-{K <rcst s-{-c{
M€G c<rv qqQ-{F 6(t"t wrn <rgk< I q-{+tr<-?r
{EET, qfiEf, qtr+< .ttq{ q<(q<RfrRst frfus +-<'f {sr
qaffi E-drrl< q<tq {ql-Ts tfu |

rilTl&-s e<( qtf{s eef{ !Tfl?z-?K qQfr fr{fT \e rqsf

frfus n-<t; frps s qffi {ftu qqq af{.t s <lsqt-{c{
Rqj{F trrnqq{' <fuo-<t; mBmfreiqesrg-{ {fu
+<-stR RErq cs-qerErl cq>{-sl 1k-< nrw t<rq't frWq
C+18-{ EF {(Sl-{ q<( 1qq Tq-sR frWs q-<"fl qt'frq {R\o-'t

'6Er< ura' coB rrc<xq nsrrb-d I lqrrbd8 oqwrsrq sc+e mc agn firro
'rc<{qr<
CcilE(d-< gorPqr1l trGNcII n-<Ere@ 651fi-o ftqgg r16q{"11 erGI (r16q N|cl<r ers{
ffi{rrde c{-GI ErGI I xqn5u5 fisr" Fdr .9<q cuocn< qt-carco (s-G qffid
- 'rGr{rqr
qfror<<at lqn$6'6 ,rGr{cft<r GFG arct<t qtfi ECo Etllt oE dnqBs <rGoxr
qrar&<r.xQ eOrAC<rEo xr<rF I sg-rrrrrr
"ferEdr "rfuil<n<HA@<g
 qffi :q-c{ cT qs cqE(<-q1 <s $.l-si $-r{ Et q(-{l cfi;I
,
{sJ.[Er1-q1-q ffi Frc$qa &Fq'erqt {r1c<-{ fi-filT fiTq"t o-c< r <fr ntqffilvlc<
qsfiafmeRR+{t <fr sr<q <{, sdsr< ffi-i-r=l r eQ ffi eFrc-< {c<r qd
qr< q{ c<Fmept cs@ <KqF qn qTi rl-wr fiTqq $-<1
q-ql r ql< d-{q qrfl {r1cT{ ?qks utRnt sK {rcq
r-dvtRs,{ffi q-,r6 <rr(q I qfqrs-?t q q1-6{lE{I cc Rr(-{
rr | <tft <tq sd e <{ r <{fuT cl<I Rrt qc{$ qrcfiD-{f
qcq - mqrfus *ctB-sffi r c<rQ {{firLT+q c<FI
{{E qrc{ stQ m RlT fir-T qlffitF{l s(< qlF {ETC$ ql<
c<Ft fiqlg +-<@ ER{t r c< ffit {t{l<"t rlTl {< $r
qtcFrfE-{t a6 fu Et qEm< ffiq Q-aa qq'ffi-cs fia-qq

srcq c ffie qMc+-{ qlc{IEi Rr{ | ql< ut qFIt qd r

qdrs "iffi qrl6q <-Et € frq'{ ft.tr{ r aqN ?'tr<-< xqst

qqGf qTfus a a1fuasa-6 xc<r frca< q.-qrq€ eQ frq'{
?-fi fica 6qa fr-6311 cqQ r scfrs {Et qr {srsF <s r ftq
q<T656n {qf< <jt"i6 qcq1
"tftft< qkotst {l1rT{ eE frqT
il< qE"rc"6 cot-q ef{ cqE r eQ fr-Qa tq<r$ EKt qcEfl<t
{rsT w{T{6t sr< {rcq r FIfuio, {d, qt{ks, 1kfiR c-{R
cs-{ qE frq-{ ?"i-{r$ (s$ con frX qt ac<t tul w{q-<"f
s3rcE Dl{ r S'tfr <fr {]ff 'll{ mf{rrrq fuc{< qlq.Cs
q{ $R rEt R,t ft'-s]r{ 1E <r+t, Bs--< qlc-c< fruRrt< e<
{t{rcq r <fre Rut<rts. {lTldfucfi fr'qt, sl-< Rql m q<(
eQ frfiit( EE q*6t'a qt{cE€ vr< frE+ s'l{ qIqFFil,

qlqf
<rqfc{ qsF {rtqn qrcq <t (r{q]
<r{-q
F-j]-{ sT{] C"l]6n q("-(q r qcfc{ sfq-{ {FT qS
<re< s'E cafrc <llqsE Ero Acqr< co {lqK bKl
q{&c"rt&B Rrqr< c'lE €<( e< frfiTc-< &
{cEi<
q& <n<B< 54t qcs esF s{l< qrBq <Ftn c'tq
GA frca <rBt RCoH rT:l-c:I sR x{ "5*<m frkrr
firc op65q r q< srdt <f-qrc< fug mlq {-g{ Dlsl-<
fr-e q{e 6{ qrm r <fr Et +fr sd csfqt cafcs qrcqr qdls
<lqlc< m qd?r-R $cT EI <q $ TT {rx<E <-{F tKc<
G, qt1fr$ <itG( Fr6sT sd ffi aK ,.lllft qf\-a1q1
{t1cT< sd ?oR q-"rrd Fll <K{t of r ffi 3-aa{t qd
c+tqll <u qrcq eDt lt qlqH qE.sl I qF[fl q ftnrl qtF-{t
cs-fit mf{ {qIt{]I <1 c$f{ 1fu effiium qq qBt
F[C(T s-{t q{fr r qI< qQ qdqrqrcq-{ q-<c{ <s erca'tsr{Q
cqfs {t c$T, q< eTC q*lc-6 q{fcn< qlll=r NT-{ $tfq
c*Qr

1E <.<R r ft-e <lqsF fie 3y c'fl-€kcqt< rcst eE ql-q-6E qd 6qqm <io ftstr<ffi ql ET qWcs qrq q[:tl6q-<
Go qrqt< Frfl {cry-< q-c{< fr"lfug ERI {E< wqtg m6u q6q 6ffi {cu qfqrq< reIutcq ffi wd<
xtfr-+r+r-st s{r<-qtBq <FIh fu - qlccl {rcel c{ qfrffi {q< wq@ xr{{ Rr{o, cotlgEtB, q{sK
ECql |
s-fl s'[5, E.Fr, sEtls aqa ffi;6-a frGrr {t<lT RFr<
qt-<ig esft bo RIQ'K Blst {cE € s{'r{ qBq <Fm
E"tp {C;[ q(T(q vql-q clDlr+ sd Rcqr< <I{EK s(TCq I

fufr a-gq e<q qtfrT ctm{ cq <l& sl< sl6q Slcl
cr${ qry {ffiq \otm 6{ & ffi qr"i RGqr<
fre I q{-6{ <11(sB b"o qfqr< Dr$.K rga-r<-Qtq
<ftq M 5-sq {r< fr"t?zs <ilqrs 6qlE q{ 6Q
{tr-{l(<tq'l-c< (fi
Go+tro=)eo Efq'f{Dfon ex'K
{Eq <Fiq'suq r eQ {q&Ae <rqrc< {qF ewE
Er< 6{ eFEil TTtqrs RFrl Tt<il Rcrc{ q.l{'tt $GI
ftrrrq Et qFI t{ qr< dt r rruTcut qf$ Rfirr qI$T
Rrqr< q{qt< cfrlr <r+ql< q{cst r crr<F E{ {< stft e<(
wsFo e culc<-n sm qDt qr{Its< $=l-cs qcl?F +E c"nqtcs
;
qcET cftqT *1 4?-o< q{qt qrs "tR-ql"t 'its{k q-{I
C1ffiqffi< 4.rce q{ q{.I <t"tNt qaq El< RFqc-T q$E
sl'kqts <am Grct r cun-efrq fr-{T ql@ eQ rlq +-<pt qt
frfr qE +.lcqr q-qi q$Dt frFrr Fpq r s1-qa6 fr54
r

1k +-<-e q<( {dffiG rtsrrqt r

mfs-q-{ eQ sI'lcq-{ <firF frCsr< $lcq <lqtrs1 q<( {?t{

ef(Tfq-{ qrsT ctffief(q< +trq firT <EI[i CqRET q{ frm
mcsl r qlN ql6{s ql$ qTR$l{ s-{ffit vKt cq eE <Ftn
fr61 6s-{t mfi +-<-co "Ilc< r qq ffirc-q.{ eQ c{€fuccr<
<Frn frra c{D't6s-{t e{$-?m r cunefuq qQ {q-{ Frc*r qF
qrilwt1eftvtqfuflqtffi<sil-I I c{ 6fi8 {<${{E<e
, E4QrEt 6 <. fus qrqre-t I {ETt( Cq Gs.t s-?l-6EI, 6{ctrT
AcE $<rqt ot'kqr <FIn trrc{ lr{lro tq frrs "fl-r< r <t
J1'*I-
Plt thi3 to you neck,
G-sf Efq s.fq r c:ffiel s't kqr 4r6t cqrt \e{ T-{rEt I q wlll help you to 3wiD !

v _' -r
calr$ sl< \e-fcqt qm <qI r :rfrs ffirc-q-{ Er< Tl-6q m r4 i -A--
.--t-')7lz
mqRq El< q-{r ercsrs {lF{sc. qffi $-(T <Fm frrT(q
sqffflt m I-Er frR WI <Fth ffi +-<-q e<( TErrs qg
<Ftqerfl &-sfl \e{ $31-CEt q<( <qq e< fr"tft(g \e-r< $.1-6q
q{ qte I qr< vt{F-s <T<ft< ftSra-{ <ttr<-{ qQ S
c'n-€fucck $a[ q(g q-{ fi-E I qqfs q< s-trq (sf{ {{Rq
Er{ 6urr c{ft <Fin 6%rt \e{ qcql r c'fl-gfucel< qQ <ftq
cq'flRl sr-trT q'{kq **6 ftq1
1E +-<-q r qlR-+ <lt(ft( cF-Gr q{"<t 6{t't frI{t't OR sr<q 6a"[ {rc{ (<,
fuEr et <r+qt <r+qr{ gc< qNfcq-< qefftG <mqra Dro 1qr r sE et +Eq <ffi <V q(E ft rtr<r Efi{npfrG
ffi $(< r srfk-+Is.t TE{ {c{ $-c{ <-fl.(s qsB qBSa {t frB qrg*< c$l-{ {$flt qkq r <ffi {fi <V qr{ c{ftEfi {E
{-{c{-{ Ttq c?r$ itsl q{t frcr fiE Bror wqj {r$rs t6t qrcsl ff{ Eq?ll'nr{ ffi\9- qr{ I El-{cq
cq-{ r fr-c q@ ft qt FC{? The Mystery of Banking
fi <<l ql-cffi
c{l'tl{ c{cv {t€TH EIC{< qN $-rT {rc{ 1 ft-g qll cT
<tes <itsrs-{ cqt <,q{re Ecqf5-{ F-fl q(Tcq I ct${6lefc-{ q
'FIierEt c{ <r{qlK{ efc-{lqr{ @TI TTct ccerE.F EfRqt
ffii Fractional Reserve System q< {T vg r vdts c{cv <Ir< r stQ qt{e s-cT {lr<
1 a6q q]fis-sfc{
qt"Hl{ Tle R ffi<-cvcq ql,'Ifr Ek cD'rT c<Ft oFfce-< mFr qrk-{t {5€e<
cE {fr q6t frlT TI !14 r qs- 1@ <qcr{
<ftn qr{qrc frcer , ql{fr-s ilqft( FrSr eQ "ffiE FE-{IR q5'n +r< <fr ++s cE lfi-< Eq'[T-{ +rq <.ll; EE
<r<qk a-6 affitc{ bt-o ffi +r< r
<fqkT c+B +tlrw Dffi< q{efcqf (rnflow) rDfs r fue
q1$-+ {ffi {sl-st El-< nk e<( {R.qT frrT ei-rg<R<
Fractional Reserve Sysrem {qG6ffiE qlfffE-{l{ qkrt
Eq{tnn {&ca Dqce | \o-{s c$-{
sIfr qTtr q{ T-srs EIE I ffi aq1 a {e-r€G q{ vdts qq.t 1n.l€G r}cq r ErqcE
G 4n sTs.f qt<t{ fr 4n sTEt C$tcI|{ s|{l ffin ftut corq qs qH'tt qcg TGr-stc< q.$FtE
{q-l< c$1]-{
6q'{t <Dq {l !1T< qgrsr< $q"nq-{css qcG{ $(s {|-(E
qR6E@ <t water cycle qqG6 trsf $<rEt qQ erf{ E-€< I

qA c$F c+.t{ {t{'tt + c+ eQ orqB +.-{6q eE Ecf< E-€<

dMt qNkq-< E qj {qq qc{ I qq T|trs-{ qsB GE.rq-s
The Mystery of B anking <iErc- T{<srr{ 6qTt ql-6q I 6E{s
ftfrl qt-<a qqftq qQ qlqrccr{ c$H qr q.HrttT tfi Roothberd q< qi <Q qcE ft'R qs.t <l(EH qfln $-Gr
$Tm wti q.EptlT ffi Wr< r ft+ csTR Fractional Re_ ql"Hkq-< qlqr{
serve System <mqls ,{$.F @t-q-s ffi11-{ {C<I $'fgi $-c< E;6E <<Q I 31qTecil fts|c< Bl-of ?sfr Tr<
Et {ilics Effi qNkq< Fractional Reserve System qE"if6
c<?tfc{ r$1-{ qsqc{< @T s{\9-t sTcE q{i qT-qr{3t @3 tr'{
slc{ {<rcs << r st]EI tl-{{ <fqk< esB Trt($ qTrq {t {r<-q1
srEt <lvr< I qdtE q& <qr qt{lffi-<:IEr{ m CT s;Tsl q-{i
s-{r{ c{fE.l <t-(q r Qqlcl $l-q-q 41-Ts qtr <Ift'{ stq
+cq m eE @T rqst mB 'ftq r qM fiE erc:i< E-€<
6q6q aqiffi DRr Rcqm Go Rfql-< Erfi
ctMt< 6s!'1q-s{ *-fl-< fifur"tG8
Rcqr< c?Er q<( qa Rfr'TCT & <lfu il(F< fi-+E <o qsB
1

q-{.8 qq eq< B-€< qc{c$ qffissfr{ fiGT I Er{ fieT{ snt{ qtBq <Ftn c"rq cA frrl <l&6 crc$lT qqm Er{ q{
ffic' cF "l'fu Ectt efuT< a1Tet qE 16{p; ql=r ET <-<l "5<la frfrcn frrs "rfsc{ | q< T-Gr <lqtffi ft--s crl-{ {ET
c"'tn q<( Er< qkct p"l_6F st'kq3 sd r qdfrF< Etst-< 1E erh r frc <rs$E fiq qo 6aps;fu1qs xrst qi
3EQrET$'|{ctgrn <-<t 6ql-${t 6a-as.tcs.Fr4t cs.Frsrc{ qe Go Rfsf{ A+t {rqr{ 'rcf< fr{fo.o s1-a qtfrsr$rsT'
qdf{ w1fl-sm r1."Ifft\r- sr<Q 4.1frE eT I C$B CsU €Ttfl{Uq <fiIF ftLqt - qt6q{kq Cq qf<s e$E uo ql-qk
qr(s[ <El-Gr, q-+cs?Bt 1ks +.r<rt {nl€C qt qdtq qr<r< Elol {rqrs \B<ln qtUq <Ftn ?ER $-<Er q<( ffip 46as 6
q.lI <k-u r qffi fi stQl <-fl .sl-{ 6hr.t q-.{ q{ 6{ts n]G.c-f< $kq $6t cfll-{ qqr FB-TEq EIcs 6{ & ffi $"t
sTrq I ,{(q-< elcsfc$-< T]-(q q$ Drfl sr< qlrq r qlq q{{ frq66, I qqfc{vts$E Eo Rfq|<tsfof< s<l-<-qtBe<Ft[
<fr c+tq "tk{lr< e$E{ETq-{l GTr\e-f{cE CE]-Sq.sRIqr< ?gfr +-{E {< frtfo€ {rt<s coR q{ cqQ r wrtq <MTr<
qstlcfl E-{ r u1-5q ft E-5q.,-T €rFt Go+Eo=)rro Rlel-{ Efof< em< qtq <FIR gme r <g
{-ql' c{a {rc{? qtll-{ \-c{ qht'cBQ
qa-qt r co+{f q<r cr{<t6s-frff-+ cs{-{EE1-s.Ie<trvfr
rqt <Mrc{ {qr< e<R $
o-<-o e<i qrtffiG $rr+ r

e"l'RT {q'fSG< c$f{ qEr<-{t oi r <<( m rtr+ Et $r< ur

qml cT {k{l-m m <fUh q-*ipq $rf,6q 6a oift-qlT6s q?F Trt(Ss(fl elG trTEQ €Q Fractional Reserve System (i
{t{rcT {trt <Mfc< Df$.R qRrF{
q$Q ho.K +c<r frcqrq-< <tr s <lm'l{ q< ftiru qc{
| +Fr
1fr +m x-*e r <itsr$-< qg
tsr+t $rs cs q]ETr{ qrq ql< co x&< qTRF qcqr
6tr< urfut 1fr. tsm Ecffi nlI qs[ Ik {tc{ I cr6q Fractional Reserve
q-{i qCR-s bt.O rf<u $r((q ER System q Trt($ m ffit fufr A-gq ET
EC{-<
(6sr{ DT
"tffi w{] {fcs qc[G R $t
q(srci ulra-< utRqT sa]-{ R6ryC< el-q"i +-<-q 6T 4ls<f{ ECqt C$-fit <w{
"tt€$) <ilr $T s-<l-Gr I erl+s 1n'[ftG s-N< +-<-cs "nc<fr I qlrs qrcs ffi.t <.c-
q< qNs $r{ <fr{ I ,S{{ {fr
TGK nN q<( Dlc-T{ q-l-N{ Tl(-6&q&LT
"fg(qE-<]{{] ffiW{'ilr\o-<lyrq r qE "ffi€
 ?aluc of a ll Fcdoral Rcscrrc Noto in 1913 Doltars ${16{ bo q;q6 \o-{l{ {ET Ef-fl ffi q-sq {"1cf tqi ECs
Ldor S*tl6)
{$ourco: US Eureu of
fu qQ "thea q"FQ ffi qcR-ql r crr{F bo qfqr< EqK
'lO0 <rl(F <t6l frrT(q ,4<( qDt Ef{ {E{n Rrcr{ Eqfu E(IIR
t0r0 stQ eR ro% wtdq e-5 qfql< sfl< qf<Fs Trt(s qqr
+.IErs $"t frE I qvlm qt"t frffi <IT($ tffilEl C-"in ?sR
t050
T;r-E{tVkaFgq-{H )o% sTqdtsu: qlqt<vEr< r csrq
l0r0 <ilq+-q< {t"i 6q'{tEtO q< ryin EIq m qm<\B b) qMf<
vEr< q(g {tc< r srFrk fie m-6T <itqn qti\ qfl<ct sGr
€K )o% ftcI ffi 6s6ct ffi DfO qdIq 1t Rfq'K too
1020

t0r0 uEf< {tct fr-cEl r c$-frT <itqo qA\ <lt(sBr$ ar Dro <u
;i*8E$B;H3tshE*B8EE ggEiEE F!NN c ccl-r$ s Tln $Gt 6hrF wflG fiir I sl-{cq qlT{t mRI
<fiss qI{rE os Drs.t ffi o-<-ql qt"tfr <ilsrs c< ) {5F
{ir-rE(n c<Ft s&< caft{ E[p ftfiE qfcr{ 6{l-serqt I \'ql{ c{c{EcT{ \5t qcs TII<$ (bo+b)+ca..b)=)8e.bo
qeftq {l-<t Ef{ft €fR <I ft-{TE< I Fractional Reserve Sys- qMT< vqf< <fqfc<
1E e-<-o' r

tem(S q6{s {5RI TftfiE T3t <t Hidden Tax €t <fs r eE

FrcSrq-< vtev'1-s q<rEr{ mFt o-< frcs <efrFs ytm< e
qNl-< {t-C<r qtr+r qC{ qn qFKl
'IF[A< T<l-cEc
q{frs EI$,
qRq ffirm< I qQ F6S6qs {t{ro q]{6{ R {-"tn ?gfr q{ qtT{t {<t ffi, qE-gl qNl-cq€ TFFlst, qTfl-cq\e, q-{ E'l;t
EI <rt(F q<( T'Caft6<E qtB-f,Cq-{ T({i stsflEIA q{ r qRE e qf< uf<ftr+-< Ecf frcg q-{ frR ffi r qF qF6qET E6g
ftfisqtrr<fi{cr<ql*e ftc< frc<<ir<n ss-ctrr<D {foq-{ qt{fi-s qqffi <iTql-{ +< slrqt frn qtq<t cq-c?t qIryR r

qrq(sq ff <ilsneFI qrfi {-sFRr >rtcqt es uERerqr Tr{

slcQqffi E{ qftrftq-< 6El-Ff{ qc'5E-r< I q1-g qt qf{F-s
q?trGr <r+qR qN<I {ft e qfiq-< qc<i q&fris }+lv st qq T{erflQ frqn I 66-4{I a.1cf 6rpa TE(E qtfrcul
<lVF (E-FI t Fractional Reserve System q[i qTbt EA{ {Tsr$-{ {c{r ?ttstq frR mliF{I r ffi rci q{ q:m {l
{rs W"HW<I ft-qcm {ltrsE {cE q-{Rs s-c{ | {"Fr oaR sn w<l cq cei r{ I ffi5Fr qta-<t mfit t( "IRRK
Trt(s trI"t fiT E?t{ <Mrr< Dr|< wfffiis ok-c"t sffepsI Dt-{frrs T{ce r {fr qtfr ergr.tf{ qI s-{elq El<q fIA<
c+B qmrr+ ${{€ {<tcs {l{rct{t c,
e Eq{tFt $ "n'l
q<({tfl-ftfi <fi Ttt(T qcs 6{\e{t $6t "Iftft wdn ut<tr"
"tRrfl( T-Gr \e-qq qxdl qqrstE-{ q{ q<( xq1 vci r
{r< r qfi qErlf, 6Elcq ffi{l-rs fr-v-k< qR'tH ssFr? \[fTfrs
<it(SeFIt rc'ffi {6{ Fractional Reserve System 4i c$B fr-sft< r<Fttm G, qtqnQ tFm W+< Effirs Er< I

TI{rc{ Er$.r ffi

sr< <I[R tqi qcg ,{<( qDt q3rl s'ilcq {fN TI 6EI6at (m{ eE-s TsI El{ {""I{fr"fftse q(E ,tl-K I

,otQ sT cq'fit Etr {<A ft rfu3 q1g-E <:'tsfts. FrcfiT

ef6slS mr,.k C6'-frT 3i1S6S,( Wefr+ ,4<( uf< qftr+
{
cek<F I
,rtc6.e qffi{ fiQ qri E{ r <tfrEt qffifi-{ qfu
qffiftfraa1qq ffis'r< sll-GFr r

{It(Seffl Fractional Reserve System q< {t{fF tT'"I{ 1qi

qcg fi 'fRTlT BTst ?rc-R s-GI E't Kalinda Rose Stevenson,
ph.D 6K qstr qffirre {q-<-\rfr< <f{t Trf,rq"i
(www.ezineasticles.com,/? How banks create money out of ffidEIq
q<'tlq)
thin Air bid:947s6) r sT< 6{f qlfusrE Efr firrtrq{ ilco 1e+E arc<<ot

qtrq fr-sk< Tdi <s frfl ffi T=rcs qr I Trt(s

{qE rET
bffl ?r-R :F-Gr Tl "Im Aq-+ r ffi qTE EqE{"t ftrs ul
<ilfi +r<-cqq I $trF qt"rR : qF vq.R ) <qr{< q-{] cs.r{
<lf6s <t"lFH A% W I q?t{ <rt(T ql"F{l-< Drs.I-S SfE]Tlq
Rrqr< <x<qF sr< {ET Em ?'e-R +-sc< I {<F cs-ft{ <rt(s
e< qt{ wflfr< ffi d
<" "fl'm rr% calc$ )o% qq-{t
qf{€ $q <t c<Ft I e% k-s.l6 mE {lr{ qrfl {rt(TErs
q-firt ) qEFr vqtm< rc% ffi
Rrqr< KCq <Ift bq%
<rt(sF <tq frcu "il'r< r >o% Rq.N6 cB rfm <qf ilqoBrr
at Et-ot< )o% ffi
ftT5q 6s6q ffi
bo% 1t.t frrs
elKc<t r qtTftq€ Enr<1"rd sTfl qlir<t {c€ 6{8 )o% ffi
d e< qttq wqtrcs <it(T qt ) qqF vtfc{< )o% R-qE
ffi{ <fft bo q1-q6 vql-< <rt(s T.tBrs $q frcs "tl-r< r

{s<l( bo {fal-n u{k a,E6S $"t fr{ I q<-orT Tsi13 <lt'F

qcdrt {fre <lt<n ao qtqT< uEl-< nr{ frrn(q ,qBt qt<]-< E1-<
q-eiq R[ryRs {lsEI 6n.?tlc{t q-T I qdts (it(s 1I"t fi'Tl=t
 qFil-ce?lt 'l*lltr TE<Icf qffis l=rs< qI:{lE-{I <VCq qE frrn, qkel
w'{lt6r q:r[FtTFlt, TRTqHE{g 6<t<rsR
{<xqR{rT 1qffi5q eQTq
$q ffiI ftr e1ft +c"r< Erot< tR{f{ TE <rtQ u-*t qo
qq'<tct? trtfrB{ <n<ft< <t E-$=frfr <itsft( q< 6Ec{ s qq-<tcl
q6aE ffi
qlc-{lu-{t rrlr-{fD-{l{ qmcq I esF
TElr.t rrt"ts
frq{ 1 <lqE',fcq-r.l< CESI?E q q< qgl-< stqsfrs vlr{ 6{l?1fl-?r
661-a $"pg of , vj qrlrcn< cqrk qQ
TE$6rcF es[ {qq
st{l{ c{r<rR 6pA5-61qlo 1

+q'ffi wc{s T{6rt qms Tqlrct yeqT{E-s qp;{ r rffis

ltct eqlcffi frrrq il"r$
"ifr<6{ qrq $q,{Q\c-K qfrors a+tet
qe 6qE a=l rlqr, <Iffi< qEr{s cEi<l=r {cut
ffi clQ, c+1.+
Trt(s {cq-d +q fru +t I Tkfi {<he- {I <II(S ft, {rq Etrdt Trcq-{
+]re Rq rk, qRGs 6qtrs-{ Ttq ccrrs efi ftfu -k6Dr+t
{K 6fit rElftq<rlq+,<l'l-s, fr&T e{&s s5a qQaaqf5rs
fi61{ qls\e-lit frca qrfl, strB {ffi{< rfl ch?Il-6{I cq,
6n{l-r{I qE {ct ,c<( 'I|ce|it Rqtr{ fi$ € ltci, R-fi cimqrg
trt6t I )bgo cqfrs EH bo< q.rc-g{ {RIITIR
"r{s m qlr< q<(
fr-{< Effi TTFfK TrEt qrq-rs cqrr mcqRe, ffi?tFr cetrs
mRc{ qrq 6< {t c{rc 'ltsTI {l$T{ c({Tt ,4r\9.l s-5r, Efi
qrT$Bt
T&q fraqm cq-$ TH TE$qr$ I TE1Ict cfiiq c'lrq
frAq< 11 c{rs'fisil qf{rT{ rqKcrfl-vF I Et[q-TtrF qfqfufq
ftctrcq, qlcrn 'tq 6nFm ftmcq,
"iffi srFdfr< qT{rm
ftfr qtqm <r< <ret TE<rc.t $crr?Htft{ niarr $Q 4q,
ErcETr {l+Trd ffis q5aq s61 ,

TliqlertwN TE4k6k C?CD-6T <.\5 Wn'q mroR ilfu xvsl-{-{ I qF {f{rF

6qrrk q-+l(qTK e+,E <V qst Rfftfl 4t"t c"iTra q<( 6hr.Rr
sefftfuE qsE <g yft-fl il"R-'c rrprr q6-aq r qmft+-vtm
=.*,#tr.ffi,r8.r+. TElrc6l{ {F-fl< t-dTtt qft r vk-{t cfvt Tt c,trE s. {qtqn
QE-ga a T-qrE qmr{ qtr<R q< qcul $fu-{t lprt
1Fraru
eEEI IRGG c'tcsq rt r g€-* frrq< q+tr 6na< hEfiE
\r5m vr<t ft-q wrrq< cnFtrlrer e<( c<Fr{ q{ csrEE
6mffiHffiffi?r"tr =fr
qrFdT qrrrq{ r ffi Brnrg.nq-{
c(qlt 6{ryrq, otk{Ferql
rffi< qmrq, qn{ s{EI Glry(q, cwrq Frq+ e<( {Tt&F
{rE-sqEI€ r u1s "rm"rfi m frg $efurd Fq ql{{t qTlrq
$-r{"t, ,sA-sW-< crB mB nrffin qEAQ foF cq'rtrs ?flq, EE $t;rct ftl e1Q {ffir {r+|gFI? frR frR
G qrccr{ wd ur+' rs-{K "rR<r6 {r<r( DrE n fte< ffi[ct 1r6t${c{n EgIRE ?nE q<(81-< TIU<Er{ {Ir<t re {Tffi{
ffis{E eqt{ << qivir r wf sqffi ?<"tft-sj 6q'qt Ttr r sBr"t, ,{ft-sRq< 6sE csB qTRefi$<
qEtR foo s ft"r< qrd
ffis{E e*-q1{ <ra'leqlgr* r "tffi vnfr,ofs vtm
vrr< wls"ttn+ftr {l-cu ?kru qc-{ Tlir <rcta qd c${r< {Kr( Ele Tl Fie<.
r
x-{
fru nn {q qf"i ft fiR Etgr wlsttn+fto qku ?t<ru qLT {rar <rc.t< qd r ft-e,Tn c-q $q ft
FtX eE-vt qrrsT fut {fE frfu s13Q CIT
"r{s enq s-?rcs ET
$ct! TE1rc6t=r fr-rrh c-<rF <v q&m51 q6
{cq-d qE r {<t Tls,
c+tq.{tErrc {o% lrh \o,ooo Et:o +q fi-$tqE I <q< 6-rcq
sf< qk-ct< s-ff{ seII eo,ooo*(\o,ooo x l.o%) =
\o,ooo1g,ooo = Q8,ooo fu f fu qq.4l"t qq,fug EG
qsrcs ftfu
"fkrqT{ +-+cq fr&Bfr( <t qdEHrf{ "f6Frcrg
R{R $Bt EGq TIT-<t q{ {t I FF qo% {n <lg.6< \eo% <l
EroTfQ-s qcg TEr r st qfrE aH{Qqrq< wtur<t Etcri-{
<q{
T-?rrs q{ | stGI \TfiS {T{ <ls=t qlffi{ 6ECII
{m{ qS 6fig
TE rI Tq{ +-<-m ftcl ERqil q* qr<e qfrE I

T6<rct fr"R ,a546q qq I fu nffiFfD6F q_li se1 1tqt

qceE r{ r frq+lrER Tll-{lET[T
a;r$tc-T< qsfr-s o]t e<(
?fr-ofrE[, Fmr< qr< Tl-ut6{t, qiTlql-{I <r<,qk E-{e-
c-{frfuT q$RlcE <rlsT <F-fiqQ e{qm aaao e1ffi asq

ffi\
I

v7
 ffiffia.p{5r6ilirqffiG ffiaaoxx!&
lrnrrrxxxxxxxxmx re r lXrW:
It
'rrrw
laao ..
,Jjii it
t attrlrt D

S.t r.at. rSl raa - rlr. ta ra .ari ar)> l.X

w<@ q-ri}{ e{-\BTfic< a.c q{ frp r Q.o)) {l-c{n rr

furffi{ Elq{f<TC{< EBc<rrt-s-q fi-qE q{ Fe-{, qe
furcn-<kdl-{f sffi1-E aflrfFq-e fiq-\e= ) I qo)qctcaK
ts {csl;r qFeFl{.r{ frfu-strd{ csr<l Ec"r< qsrft-{
eT{ fi-ry, c fuccT< sRqn:F<< ++c
"nr:ffis 551 q{
flcffirq frQp qFq-{ r qrSftco cqRqqlcd{ Tlf
qqc"fltr
'tICfEr{ fi-+ e{
tr q{ I {ft'E {sl-c-{{ <f{'t
4-qR ql{ 800 qr{-< qp5q1fr-6 {Nt fu <l(slcqr"K ?sR
<tiqt-cqr"R ql-.q&-s <Mff,eT qRf'9ft{ w{ql qF q-qG ({1-.tt6f,< 1fuqt <s coq qGSl{qTEK m\gT qr-a-< ntft-<
qd <Ie<t iflsl-r<-< <ro ql-ql-< "flcfnc E(m< a16aa ffi ffie trf,{ $r< frcrrq r ?ok c"n"r+Frcg< qrq qcFE
5qr"K qdftG q{csFl csm <Is{'r{ Eq-+q qm(q, eqqDtQ <lfuq< q54GF:[64 F<rq{, spffft ftrq <rq&
qQ<sl<
{6{ T-C{ ftS<l frcq ffif "tft+terqf I qlsl-C{ v{;[{C{< qtrlE't s <[ql aXqT< 3fifl q ?U-CE< qry <g q{ft qm cq"fi
ffiT "id-s qF H< 'rsrfR-s <lG< eI.RIfr{ !r{r 6qr< 1k6rd<{s c@ET rsfle{fctr<arq gG$l-{ q 6q.| cafcs
<tsslcq-6"r< seffi&< s'r< qrsl=t ql-{t cr{c< <ce s{tFl(tr{ n<ftkr<6rcs "nc< r

(e[f6 {Gs.lT ers.IFiE e+ qfu-{q-c{ -lsT ef+T{ +.{l RcrrQ r

qffi1g ffi[ q6Trq, q]slc{< <rat oll-qt sffiT< qtEq

<rqtlBs qQ<ur{ TKc6l )b RfrT-{ v-{lc{< ?oR c"mro-
Ffg Ur"f< 11q "fcg1q r wNtfrq q(E< \3 fr61fr e163
${ffif q-{qlr{< sKc"l q "[RAG ?'c-R qT I ,{(s rql q-1,
lE mEoTffr {]-m< qF ce]-rs Re{} s qNl{I-cs< vf$l
<sn{q RCn <feffi$ sW e qRs{si-{ <tsql-cq-"t
+.tfu ,r.r frE we Qq r {fre "lfu$ RG{ qG6s <irs<
{-T{{fqofA c+tf+Ffq efueHerql Se,{tqq tls'tk+ <tqf<
cu?t +r< qHRE t fr-q <q<, {-w'Ff'R cltfiffitr{J-{qt
qu-q R(.{ 'l9R qirq-Ifr-<slfr s.|d@{ <t<r< {cq {rs- t

<ts1ffi\9T qQ<-sH eoo cotF v-q'f(T< rY{ s]dEq-{

qtcq-"i
ElRrrcq frqqlE qtffirfq(Er< {c{i Go m1tr v-qr6T{
1

s1-{6s 5-CE Ctl(q e&q ft(<t {Tls elR-cr <l(q.l6n-"] qqu oilc<
c"It,tr$ trkfl<
esB scfPt"ilT mr"r< qFroW, {l<t fu qd G"nfc+<
I

ffs qsiglc< {w{ ffi-< eei-< aG-c<nq ffile q-{i {t{l{ct dfiTs< fi-<z-{< fr-<t"isr< I..{{sr @qs +m
AQqq-q< (qrE) 'fiqqi-6qa"1 sl-{{tql fr+fu a fia-a-ct.< ql r evkFQ qr(gt qrc ers Rlds <E etlf,c{ <lsEt[q-'K
<lctol' fi6-aa6q tc efr{ es-As e+ q&Kq-{ effif sqffi& r c<l< oR frmerqt s|<<t{ {5RI qrcrq I

oc< r gffics {lslcffi e oftu {M qkst qct stefl

ErcTA{ FrFl-{cr=T qtrslrc ))1 w-{ dfr-$ F-€ q\s{l<
ffie VC{ <-c< <qrq, qR qE !?{,.t <lsstcqr"r< )b frfrs{
vElc<3r ?oR c"n-nrFm F<-qcq q cqr.K {{slr{{ {l\eli Islqn qlkT< {cl.l{
csFftst sfr+ c+t-qffi<
frm <V {fl6ffi 4S cn"tt ft-c-T(q r esqq-cq ?ER c'iI'ilc+-{ ERFnsEe e< f"rq (wiQe+fn;
T6st <V Ftrq< qcs q crrr< <Mfte< Em'6rca-< frR-s
q-"t-6G1qe 4t culst qrr(q I

qpqfre <q<emtcs "m:ftq E6{< eRqqqTH qq.r <'<-cE

cn?tt<t{ \o)o {lcffi qc m<atfr 1ft4qp 5iA< 5ftfcEr{
a.) qq frqs, & <q{ {lc6 "nfraCa< mr6 <mrc< rrftrq
mmim fi-qg q{ qs-s.{, )s rercT< qtsfi'{l< +<frsqtc<
 I-W-6$TFl'{rs
o qdT{ fte< slEG q.lqT sqffi&rs 4rs6-< ddo-< efrT-{6{R etll{ E]s-f,H
r

o qw <l-w'tn qqfftB< w p€a frq q=trdl BlTs <r Elcs tffi r

o qft+ qfi-$-d-{< qsft <|(qfffitcs qqftffiq-sffi 4-rd fficclrq

"mQ-{ r

o qGqs edq qTk"t-{ TtTfi-s-sT-i Rt senil&s qc$Brs qrrft-s srrq I

o gQ=* frrt< wi'frt<rt<r+< ftCqlET q|-{€ st-f,qEl1.f <srf ErR.|ls I

o Ef$ <rcst qrq'fE-{t;Rtr, €fRfq-{ qrc <ffi qtfri ffi r

6 qqftffip "rfifr{El'ffirfrs cwir $-r< 6ElrE r

o ql{ft{sl r"{ <<( qnfr-+sf< qsffi qrq.f iql qM qT6qfrs r

o 1&tft m <3I( {qlsrstks qqtn&o <KqA qt"ffft{ frt qqfft& fiTql T-?l-Gr I

o ?Br+mR qq$E fr-s6a qBc-<tfi;r tBFtr-{ {-1{-Tr"r <jd I

o qrfri c.-ercq-< q8s <r+qtLT{ wsl-{ 6qr-k qqfftGrs qmnrftft6n sGr

E-rcq I

o gfr ,R-{E?IG< q-a1<fqql-cq-.i Ig-{l-qt-{ sqfftB<

{+q Ecs aftu r

o q;61tci <Kql,affiq qqfftBrs crB-{fF-s ef\r-K marq r

o q"rfiS $IEf< s.ffiqQ <tSEffi-f <].tso Trt(ft( ?llE fr-flS{ T.?r(E otKrqm r

o qufiu qEr+< c(r{tfiT{ <3rqq6"+ qrmrq-< $$C{g Trf($ qrrs< qft& mr< xu< r

o Twdtqm qeffifr< qsrr< 6qrrk eftq sdfrB qrq Rqtrs I

o -'rft$fr-s qfftrs q"f.fl'nfi{fr-s v1ft-ql-n 4-fi +Te r

o qt1G-o {Nfqrtq qf< frq-<ltq+ >nrtqf+ r

o fr+ M <Mr< <r<-{ qt"fffr fr.j qaffte fiK-q-{ s;l-Gr r

o <6rtq Frs <r+qr< E<F-qr{ q-ll ${ cqffiffi ffi r

o lRe{l-+ qr r{( fiE q{r{ qcR&Q

'Ilc< <t(Et(qlr$ udE 64m S1]-s3r r3l-cE r

s fifl&-s 1e"rw+-st< qvk<t Tq trrfl qM R"H I

fl-b f1! ft
q'-" -:.f*= n -:
&
,:], r-:it.r :.i:t :::l::rir:r:t:::, ;ir:,,i: ::i

newsBD@net
q.ir{-n-s er{fsrc Eerrfqsrt En-flRq GEq c'nETE

<t&-Vq, (e{ s{'l), r+-fr, c<rs-q, crrf,.r{-g, fr<6, uro )\)g csr;r- bo)e181, o))bulblSoo, o)gq88o11otr
t-GtE- newsbdTl@ymail.com d

www.newsbdTl.net q

€ Ee{
r-l-6q Fq.Tm -Il-<F'- frEzs ffifcs {Grc
T-<TTtrffi sl-rqfr;ilT
sr<le-s
<lryr{Fs
fiE{rsr$
6{Rr< << {kq E-s.r<trl

i-r&e: ifpbd@ymai1.com
ffi
mrno: www.facebook.com/ifpbd srx< qIiE: www,ifpbd.net
firti
DEBATE FOR HUMANIW

<t(Etcqr"k frE6 EfI-< EE-{ ECqIq-{ 4q {Gr frs-t.ts'tft(g ffi e+ qesfls firfl tRqs ErnrQ I

lfu-<t"t< -tfuE sttr-c6tm qrtl qfq flRfrrs | {rlfr-s q-{rmrc<-< Becs sR'sl's rrqsEl {E rq ftg Td
qeiKfis qrq stffi+rq-{ aqq-T<rdr qqm csq-ft {Mr"i I ql-< q M EfIr$ {5Iksi.< q&E ffig qQTn
fi-{r< {.t<rF c{Eq fi{-<Etr-{t{ s1Hs $-{cs 59 qft-$T-<1-{h ffi T.< ffiE &q+eEE r E{ Q.e,Q.o5o
"fieTH ftstffiorq< 6nq sfqT qffi ffi
<tqqt&-6"K e+'qsxt T.< ffitr-Ce+eEE 1G-< :tt<ir{ rf+<
p-s5re= qhffif,{ I ffi
c{<tcs <E $r< {5ilcsrI eGfr vK {e< r&< xq I-a ffi q<
ffiF-Cq+eEE cqrfi RCT EE, {tq-flqt, $-cFrsi, ffirFT \B qlrflr trl.l;I eBs.B-{-{ trlTtfr[E-<
ft-Er<6< xl<rc{ :l-{-w{ fr-srq< qcry M effitp,L ffi qF[m"i, fip"{ $qaE5q ft-s6
q(ftB >flrre-s
affi1 re.Ffu{ {kurdfi'rst-< qt1.rc r'

<tS-Ve, *flB-o7R, 6[s-1, cq-+fi-s/fr, fr<"5, rt-o->l>u

bcl\15, o{-bo!)obg +rga +bb-ol-bo))obg
c+I{3 o)b)a.

e-mail: debateforhumanity@gmail.com

www.dfhbd.info
_.l