Document G5KzEdare2YkGyzdBmbnbG34q

N11783 SECURITIES AKD ESCEAKSI CQMKIS3XGS Washington ^JiVARO UNIV..! | c.s. or b.h .- I j -'KiRLIBR/lRYl j COa PGRATfON t RtOOF:D3 } d iv is io n ; v, V X: % f o r m iq ~k ' AHBUAL REPORT !\ V\ \ Pursuant to Section 13 oar 15 (d) of the Y-v Securities Exchange Act of 193^v / For the Fiscal Year Ended October 31/ 1S&9 <(? THE GLIDEKS COXPAliY 1396 Union Cossraerce Building Cleveland, Ohio  -.lica'l. Securities' Bagiitared oft Exchanges. {1} Title of - . Ptbe ::clsuw (2) Amount of leaned securities registered (3) Amount of unissued securities regis tered upon -notice of issuance (4) ism of each* exchange ' cm which registered Coanoa Stack, without per value l,dl6,050 Convertible Preferred Stock, 4-l/2$ emulative $50,'O0::Pdr . -: ;p 199,54c 354,337 '. Bone - Hew fork Stock Ibtciusng Bew York Stock Exchange Item 2. Parents and Subsidiaries of Re^atrasnt. ' - ' > . ."v ... I-hasa State of Incorporation Stock Ct-ssed The Glidden Company, Licilted (l) Troco Company of Illinois {2} .- -. Durkee Famous Foods, Inc. (2) .... ............... Jacksonville Processing Company (3J ....... Illinois Florida All All All / . All All .... 60$ 60$ .. ` - < s* {!}.. The Gildden Coopny, Limited, a Canadian corporation, is active -;;aud- is'included in consolidated statement. (2) Inactive subsidiaries included in all statements - Active subsidiaries which have not been included in any group or consolidated statements and for which separate statements are.not filed.' The aggregate assets of all- umonsolidated subsidiaries for which state ments are not filed do not exceed 15$. of the total assets of the regis trant end its- consolidated subsidiaries as stoma by the registrant's ` ' consolidated -bailee sheet filed,, with this report. The aggregate gross revenue of all unconsolidated subsidiaries does not exceed 15$ of the aggregate gross' revenue. of the registrant, end its consolidated sub-; oidiorles as* shown by the registrant's*' consolidated profit-and lasts statepsnt filed with this report. . Item 3- . Cbsagac la the Buataegs. ' Share worn no astorfnlly ended October 31, 1<&9, lathe ei&isries. within the fiscal of tto reglataimt and its : -3 DsTelogasnto in Pending Demi Proceedings Tiler ware so oatorially leportoat devolcpoents during the fiscal yoar ended October 31, IS&9 in any aatericl pending legal proceedings of a. character required to bs described is m application on Fora 10 or in a report on Fora 8-K. Itoes 5- Directors end Officers. iSaaa cf director or officer fidricn D. Joyce Cosplete Bailing - address T 1396 Onion Coaserce Building Cleveland, Ohio Positions sad offices held Director sad Cbdrsan of the Board of Di rectors and Executive Cossalttee - ..... Dwight p. Joyce 1396 Union Coraasrce Building * Cleveland, Ohio - Director, President, end washer of Executive Cosalttee Clifton M. Kolb 139& Union Commerce Building Cleveland, Ohio Director, Senior.Vice President, Secretary, end master of Executive Ccusaliftoe - Paul E. Sprague 1396 Union Cossercc Building dovelesd, Ohio Director,_.Vice Preeidsaty Assistant to the Presi dent, and aeaher of Executive Cossaittes William J- O'Brien ^ 1396 Union Cosaaerce BuildingCleveland, Ohio Director, Vice 'President, -'-'and oehher of Executive Cccaaittee . Itewell Beatty 2900 Fifth Street. Berkeley, `California Alexander I). Duncan 11001 Madison Avenue Cleveland, Ohio Vice President Director and Vice president Lovell T Pulliam John P. Suth Sector B- Betrold. H&lplr G . GolSbtli' John A. Peters 1303 3- Shelby Street Louisvllie,. Kentucky ' ,i:.... : \ :. . . .v 1396 Union Commerce Building .Cleveland, Ohio . \ . 1396 Union CoEEicrce Building Cleveland, Ohio ___ 5l6l>w. Moffat Street . Chicagl), Illinois 11001 Madison Avenue-- Cleveland, Ohio v Vice President Director and Vice President Director and Manager of Packaged Food .Sales . Director and Vice President Director and' Treasurer 3. w. ftaxsy W. Yi. Consnt 3. D. Homer 11001 Kadloon Avenue Cleveland# Ohio Controller 11001 IWlaon Avenue Cleveland# OMo Assistant Secretary 1395 Union CcsMarco Building Assistant Secretary Cleveland# Ohio _ Item 6. Business Experience of Executive Officers. Oaring the lost five years all .c-f Ike executive officers of the Company have been actively engaged In the business and. affairs of the Company# with the exception of Mr. R. G. Golsatfa who entered the em ploy of the Corporation In- January 1S&6. For more.than 15 years prior thereto he vas employed by Cargill# Esc.# tlinneapolis#Kinaaacte.# serving as Vice President of that company prior to entering the employment of the registrant- In 19^7 ho was elected Vice president of The Glidden Company and in was elected Director to fill for the unexplred term a vacancy caused by the death of Ifc. H. H. Eorsburgh. Item 7- Indemnification of Directors and Officers. Article II-A of the Regulations of the Corporation provides-for the indemnification of its directors and officers in relation to certain natters. Gold Article II-A of the Regulations reads so follows: Each director trad each officer of the Company# vho is In office at the time of the adoption of this Article or thereafter, shall be indemnified by the Company against all costs and expenses (including the cost of reasonable settlements made with aviev to the curtailment of costs of litigation) reasonably incurred by him in connection with or arising out of any claim# action# suit or proceeding In which bs may bo Involved or/to which he may be made .'a party by reason of his being or having been a director or officer .; ,-/:"of: the -Company/ whether or not he continues to be a director or i-'. - officer at the time such costs and expenses are incurred; provided# V,.:. however# that such indemnity shall not include any costs or ex penses incurred by any such director or officer in respect of .. . matters as to which he shall be finally adjudged in such action# suit or proceeding to be liable for negligence or misconduct in the performance of his duties as such director or officer# and provided further that the Company shall not indemnify any such director or officer against such costs and expenses incurred in any action# suit or proceeding# in which & settlement or compro mise is effected# if the-total amount of such costs and expenses# including the cost of settdomsBt, incurred by such director or officer in connection therewith# shall substantially exceed the - amount of the costs and expenses,which daight reasonably have been incurred by such director or officer la conducting such liti gation to a final conclusion. The foregoing right of indemni fication shsJUL inure to the benefit of the heirs# executors or administrators of each such director or officer and shall not be- exclusive of any other rights to which such director or officer ' easy be entitled as a matter of lav. '<''O,. Insofar as the foregoing provision may pormit indemnification for liabilities arising under the-Securities Ad'T'of-1933, the Coagpeay has N ,. - - ' s beaa advised that In the npiaioa of the Securities -end Kschange Cos- . slssion it is against public policy m expressed is the Act sad therefore unafor<3sb3U2s.. In the event that a claim for inaegaai.ffieetloa, for liability uador the ectiriUee Act should be eeserted by an officer or dlrector# tl^ Cosspoay will,, unleoo the question bass already been settled;--^*^^ euhsdt to a court or i>proprieto( Jurisdiction the question of ufcetber or not Indemnification by it Is BSBiaat'public: policy as ejqprooffiM in.'the '4fet: iad' will he governed by the- . Item 3. Heaunarstioa of Directors nod Officers. * Sterne o; Individual or Identity of. Group nod Cepeclty la Which Reffiuasrntion Was Received Adrien D. Joyce Chairman of tha Board and Directs;* v Fees, Salaries nnd Comicaloaa $ 9^,500 Paid to trustee for Benefit of Officer Pursuant to Betirement - Finn '-, Annual Benefits Eetinated to be Payable is the Event 0: Retirement(&} Dwight P. Joyce President aod Director 75,500 $' 4,262 $ 11,520 Clifton M. Kolb Senior Vice President and Director Paul E. Sprague Vice President and : .Director 35,500 4c,450 8,21b 6,107 11,520 * ,520 Willicaa J. O'Brien -.' Vice-president emd D. irecto*r> John.?. Hath . " v? , Vice President end Director- 4g ,450 7,472 35,50Q . 5,539 11,520 11,520 Alexander D. Duncan Vice President end Director- .- 27,550 4,109 10,320 Lovell ?. Pulliaa Vico President end .Director-'. -. 27,900 4,6l4 io) (So j t Ralph G. Ooleeth Vice President`end . Director 4o,350(b;.. v..' v'T'" i "V. ' ;i> John A. Peters 35,450 7>209- Trenourpr and Director -. - - - - <t -.. s. All directors end officers g is *602,672 58,672 a group (including those . uaaad above) (See footnotes on following page) 11,520 -6- (a) The infbrmtloa given la this coluaa an to officers par- . : . ticipstlag ia the SetircasBt Plan is based on the assertion that such officers will continue to receive the present rate of coa'peaeatioa until rotilreaamt at egs 65* that their do not at any 'tiee pilor to retireswit date die or vlthire^'froM active service with the Cospsny, ad that the ospaay continues its contributions to tte Rctiremat Pisa esa the prcaoat hafflia% . (b) S&eluding $10,000 paid as bonus. muring the &es1 year ended October 3l 19^9 ao director nor officer of the regietreat at cay tins received reautteratloa, directly or indirectly, frea the regictrcat or ita subBidiarles in the fore of securities, options, warrants, rights or other property, or through , the essreiss -'cr'dispoaitip^ j|SSS-2* Hama#rati<aa._ofPer^g.- Eot applicable.. Item 10. . Sot applicable. Others la Certaia Transactions. . ;:Xto^/ll.;'Ugriccipal Holders of Eouity Secaritias. v. V. Eo ijorson is known by the registrant to own beneficially, more than ; 10i at say class of equity securities of the registrant. As of January 31, 1950 11 directors end officer of the regietrent,. da a group owned . 63,291 share of Ccaasoa Stock without par value of tha fcorporation,-.-jcoMtltutins 3*W of the shares outstanding. 55s shares? of hrl/2^ Cisauletive Preferred Stock held by directors and officers 'constitute loss than'one-per cent of the class of shares outstanding. Xtea 12.V; :.Etah^!;;e>f Holders' of Equity, securities. . . On Dcceaaber 31, 1S&9. there were the following numbers of holder? of record of each class- of equity securities of the registrant: Title of ' class ' - 1^-. ' . '. Gotaaasa' Stock, without par value. r Kuatoer of `1 holders \' ' lk,06l '* Convertible preferred Stock, l-l/2S& Cumtatlve, $50.00 ` Per.Value . 2,969 * ' . : 'Itea 13. ' Potions, Mcrrmte. m& Rights. Purauaat to resolution passed by tha Directors oa July 24, 1947# ad on Hovcsbcr 12. 1947, options for the purchase of Coaaaa Shares of the Coapoay held in the Treasury, at the average cost thereof, were granted to tJae cxtffiat of 13,200 chare of Coaseoa Etockto .officer end hey employee of the Corapaay. The teras of the option agreeasnta pro vided tha grantees the privilege of purchasing at any tia prior to the close of'business on October 31# 1952, Cossaoa Shares of .the Coapoay held in the Treasury at a price of Forty-Two Dollars ($42.00) per share, payable in cosh- The option docs not entitle ibe'holder to any cash dividends on the stock covered by the option, excepting such cash dividends os rosy be declared and are psychic to stockholders of record ' on a date subsequent to the date upon which the stock has been pur-. chased end paid for. The options are non-aesiga&ble and terminate when the grantee cesoos for any resoon to be employed by the Qoapacy, except that la the event the grantee dies, the option isey be exercised by the heirs or personal repreiwffliatives as the csbc be iftthla three nonths frost the datra of desm. It lo Ono provided th&t the optiaa -ehall be. deoEsad to' -cowr euch ehares: of so; shall have been. .; ' received in place of, ~ or cuhctitetted or received in excteie for, the - shares theretofore covered by the option, includlng ell Coacon Stock elm'oo isauffid is a etocfe'dividcnii or upon tplit-up of tbe Coaaoa Stock. - The purchase price stipulated for e share of Cosaon Stock Is declared In such event to be the price payable for the share or shares receive! in place of, or substituted or received in exchange for, each shore of Cossson Stock theretofore covered by the option. The Board of Directors:, by resolutions duly adopted on Kerch lG and December 16, 1549, set aside and eamarked for delivery te pffleers and key men, 5,100 shores of Cossson Stock then in the Treasury' of .the Company. The Chalroan vac authorised to grant option for the purchase of these shares in the future but as of tha date of thia report -- no options have been granted by the Chairman for the purchase of these designated, hares.-. ' vAs. of October 31# lf?49# opticas for tha purchase of 1093 share . ofs:voitecii: !Btock feadybeea exercised by Company employees since the granting of-options for to--purchase of 13,200 share (prior to stock split and share dividend) by the Board of Directors ca July 24, 1947 and-Koveabbr 12, 1947 os shove described. As of October 31# 1949 option.for tha purchase of 24,935.shares- remained unexercised; an option for 200 shares having been canceled on Decoober 31,. 1946 when one employee hold tag such optica left the company. Item 14. girteaclal St&teaecto and Sahiblta- (a) Financial Statements intended to acccqpt&ny this report were _ submitted by tha registrant to the Cosuaissioh on February 8, 1950, prior to tha filing of an'S-1 Registration St^tseent, under the Se curities Act of 1933- - V. - (b) Bxhibita none. SlgBfflORS Pursuant to the- requirements of the Securities Sscbcaga Act of l$$kf the reaistrsat has duly caused this annual report to he siloed oa Its belialf hy the uadersisned thereunto duly authorised. THE GLXDDSSt* CGMPANT By :V.'j Clifton H. Kolb Senior- Vice President end Secretry P7/7: - ;/\;y::'rirv^'A v.;:-^!^;'/^^:^---; ^; 7^./.A77fc` :4%7 ^ ...;.^.: .; . :' -a .7 \P:,aP.^ : '.'..''.'^S^1i-.::V:J-';: ' 7p-P"-7; P'v P'PPPp *:&Pt:v.PPpav^PP7^ 7 rp-PPPp^af P7P p PPp Pp ,P ;. "^ ^"P/:r,7 v-PPPCr-P ...; ,;a: pp; ;" ;: .. '.... ,; :. mmm-r XMxXX^XZ'Xx '- Ppp:-V;- 'i7 ' '. '.'.!-.`.. ;::'V ' . . , . :: - ' ,'. > p. /' ... . ."...'.. 4.?;fpKp..'r..'.;;.p'; . V7*_` v. '-v, .; 'v - - P7"-' :7 ' '' ;PPP'V '";- ,. 7V i p P''.;-^P7;P. -P,;P -. ... -.' " ./'.: PP.:;P"'; -' '-'. -: r ' 7 .-,- -: :P:.l ' ; ' P7..:, ' }\.,,: .7 :.-.'7'P PP'; ,".,}P{> .:....7',7:X.:v;.'V'77-.P7\.7/;7'77- .\.7' P'7.-77:P",'..<,^:, -7XP-7'X.PP"7. ';P:> '- ':.7W;''77;'^7 XX:7 .';p.7;a 7r...-;;'7 ''--;'.'P;7.''X:-'7:;;.i;:. ., 7 '- " . . ;, - . . .! . :; 7'P ,-7-'-7 7... P' 7 ;/ ' ' .7; 7 ' 77'.77', : 777- '7 ' 77 . :"`7 7''-7; 7P7 ' . ' ' ' ' ,7,P..,7"-, P'- .: .:'.. '. -'-vP.-a.7 -7- .. . . ... ; , , . .. .... ..; . ..." . X-\ X ... iPijfcs:-.,.., -* V :P' fV<P-;- .: j*.: 7 /;, f :P '-p^v '..' ' ... ' 7 --- .P.MP.\7,7.7,.::^.,-..; "..7 '..J"7;-*.77'; *' . ;'.?. p : , .' . P 77 7PP77Pv 7'; . . ' - .P,P P.,77-P- 7.7'.. ;7iP77;7.;.- - "77 77 .;... 77. . p.; 7 ... 7 . 7... . ^.>v mim-; ; ^: -';;' 7vii L%^hu--nm^ zmstei. mfm.% tht : itr-yskit'z x'XWx: Ppa2?i40r ;7;'.:P7.77;`PP' /./: h '"' PP- c. ERNST & ERNST :ho following financial statement* end schedules are included? Consolidated balance sheet Statement of con solid*-ted profit and lose Statement of consolidated surplus , Schedule V - Property, plant, and equipment Schedule.' V-a - fleserve* for revaluation of property, plant, and equipment Schedule VI - Reserves for depreciation^ depletion, and amortisation of property, plant, v;&hd' ve;:quip^ent" / : Schedule XU supplementary .profit and loss.information omitted: ihe following statements 'and schedules have boon. Schedule a I, II, .US, XIII, and XVII, are not required under the regulations. Subject scatter for hchedules IV, VII, viix, ix-, :<r xi, :uv. and XV ia not present.' The c,lid-don dosspany (parent Companyji AH 02.' the conditions outlined under instructions I tea S.l. (c) for Forte 10-K annuel report are met in this instance and 4he financial statements and' schedules of ti i parent 1'oaparty nave boon omitted.  jit ERNST A ERNST ` ' ^ *~* \* . - c *'" * r? ^ r' ' T-- \J ^ -^ ** ^ i|T<t *~ * '/''s*' ^ ,. *.* *#**** jtue QLiiib'&ti tmimr cm^un mmmum sctofcor 31 p ISV? *~ ,' ! - *s *lvrf.'^r*'l%i,'!v- ifllilp * **.'<-* OT^UxX^aa. Cessh jw*$ vsid i$m.ki&& tomAnion-of c*m&* victory ..Lmm iyRd*^ t cx i approximate '*r<M5 2sott r^c^xvafti n-^d* accounts reiir*M Uis slIovoncM Jcur <?&&UVi aacouste- ^c&atf-ul IK ft9.itort*iiss " >%v js&xorlaiir - t r*s*rv fcc swd^** corfi&iK lfajs S rep,l&<T:^t J5&JT4<t^ffc*d'i,3.# \z* 4 as&SKmt foy'vorft In prn>a*> t*?- AM* tfi3f ,1**7Hj5rv . *>3> ^.jl-o1* ,.,, #7? `ft . ^SifS C,*j4C$;*C SIf>t?l***3l3V :- :- ' v-v 1 1 tiTi.yzip.ul t&v r&styA*l$ &ih ? Rt*ti! lit ot flaut-ir, first-cut .wtbvti f trw;r !$& :C'- -f :itr& :stii4 -al. tjhf#: \lowtr.;off.:H^ktfl &S~ ;- Blher>'':-eurr.^t:';w't& -hiS;e.^^sslf;:vr*o^ivM'!l--...;--''' }\;'>n^.;!-^V6riO':-v;;.':,; ',-. '; ':-;v // * . ;`/:.,. 1 ,'f' ? t'v 36 ,i >- xi;t :~-3%s3' 33...- ,.::i .-u. .& A* $.*>' > % / Vf-'-* > }."' ) "i ' '&*'?' /* . NlfijU&afUa t cc$t re l y;,:: dfiy ::':^tsot^. ;s.rk^fco'};: ;:/'-;o: v.;:- -r,: ^. *4^iss b-vnl'*? ^ ' v"*`' ;f--' 'f7ttf*V. **; *'X*.-., ** \ n: K4 ri6ry5r-..&!r,,oc'uSf ,m; ` ____ > i.sh&%X?-7.Q0:.}.tf U`& and Hij!Us- ;V. ^-,'1:4:-' ^ 4','::i:; : i S? "' ' 3%%*** i:?S t.T* r*#5fV0-?chetdff'ftil - ,atif!M5 t'<S <?f rs6 c r:r; - - b;'jr;it8 on. lr*ws* of .pfio^ v '<f' ' ..;.J.g.^.,.^.X^.i. i&ntfy- Inulaj s ? it'.^ry, a.fwi . - ... . .. . t cfosi ar ^pra;LaKf 0r . ' J'3*C ItcS,5*! $**. U 1 <? <rvss! for rs'vilur.lion-* . :i. ^ xA,;. v-*-!Vi:\>`- * * * V r*c jrc? - ":v r?tf !'; > cc- >, */.?? ZO&dUiAii.. ......... ....... . .= - --------^ .. fcc-jg..- ri;&;rv;s:;- ftcjs"'4pf i14s i , 4J5( #SHBJE*.tijM tiO- 'tChi?*iX ;4 .......................... -<. *&*3Ji2iZL*& ^f??' *yt ' ''- ''J"' "* *' *' "'* "}.*'' kl" , \"f - s. fV, -' *.P~~' .: OLIftJiW cw*S C*fA*JU* towi*S*AA* * * - , . ctotMur 31, 1S% 1 " .' BWBfitffllailBUl* HM&ti) JftWJK* #Xia Jr -J xJ'y Jfe4^jsr#a5teit3e .. ry-J'y >_-:. :.; -:-:> > f-;;3=;''V'1: r-''"''^--K:*a ..v' ` i' i^ja* . V'-.-j V y* y'--y '.jfT^ai14 'and t* *.< ten of C*4 Victory .Leoft b`-ntin* .c.*fc (approxlcaat s&rssst; _ ;.:':?mqir*!i>l* ... -ilOVA&C#* for $$r S.5> U"vl accounts- *j i m , Jp^l#5;'-:;:'''::tj., ,'i;',^-j,r-^--:v.V:' 'waffcrialr \ y;i V? r^sxvt# fee r#s`,t(ic corfc&ii; 1. tares rJ .0^:X^ggjafeiggrit;!-:' ' 3rfee? ^^ ^; j:;^! ` ;;.-.v ;yK_ ..,r;- - y . ' * 5^x,.t-5i*via ^ ' - '$1,76.1.36 `rfWfcl -^'-ri^rTV- ; ' yy; / *.. ;' JL- yytyyiJ'jy??#j*: ` /:yy-.: y:; jj Jy \3r.yj V*^ 3'y-o^ ' w C^jD '8,3;iS^ ic*55r,-^-.S9 -jiecart ;-':'-::..:V Iiu ` * vtt for work- in *14# MSiSZUU: ;|?6, j^lawl4'^:vifir4'fcro.4t mtixri' i c:if r' >rfc stlie.v.iav^r fJecssy it# carre^i nets?;;:! y;'; ft * .* sfcpwe- &* a 1 $ J > 5 ftiv Xyiir.J '; y|jij'i Ik s i`. &A'i'i.i Jor * :Mmh: : :C&pL '; :>'" : .-Cor ami irwKS* %%% Q$9*m*nt, l^yCc.to ^ ?^C,?C7,5iv i iv.t!*suu& Ijyvy&fcr-^yts, f>t cast or L* ssfcrftvt f-W: ,03.00 rtg*.lsfc baKfS . i> .t? rosarv^-x^no^lo'?; l ' . jLtS2ILJ&2 !.lf j .oous \;o 7rj( s5'^ e c^Vsn ^ 's y ,1 S1.W >i.'v&j;i<jii '' _ ^ / 5'.?';v^;-.?!:. ; :. v* .'*-* ;,: . ^Ei^''yoV't:-c:\a;ti s;:, '. _i^u .. L'7f ,367.7^ t4. t*f'axy& of ffi/dr&X %n4' dmiiJloss c? ott"iac.oBs?. f. rrior ywirs " ; 'y'yXXiimgK, , a*i qu tpfKWiit cost or &'fl5rI)K>i?4 a'vooxnt** 1 Jui " ,1J*C rervs for r*v*lup.iio-` ... nix t <> -/ u j /' ,1 % fr :<. ,V90. reserves for doprttciA tier, sj^ i^tioi'., ' *>ortijs^ U*o- ':ch<: ui ' /i _ ' .Ld. ias-urtosj `s-ftri. Ai-wiBajf < ; r .ro ;-uvp Vfa; -.ft. Xsg..P sh> _r* &r>' " '.- jiotiift p&y&bXe to ^nff CCOHt psyirl-Aff-tr^ n#ge ntf cossdsHoa* 'i'fijr roll vi'fcght$iag tt^up .athat? urr^-nt ^ceruivi i:ia`ti.UtWs . 'i'axas ' ;>oy fr'lli-i}* > vtssy r or* t otc ^ '. - > .',' * t-^fi-areii', eta to wi4 $r1?U.i i .k ,j w am i&cor-- . ` 7iJ>L >or cenVXo^:;.i&s SUM I- 5535-i - t ,$-5oeo & *,cl,WAtL: \. * '. 75&Ac?.S6 * ; : * ' ?!?**: p...rs -, . __2^ai 74?? *-- 3*3S57-AQ ~r- 3^7,C^.Ho _2E4^aZO^ TJt ;UM!,i>ta d$K * t- ' C&j4 t&i stoo&j cotn-artltla { rafarr^ti 4 i/r . 6^,uU taw, \ or ' | vjiXua f^O.C'C j i shufcr ifs?s^afc'-t.fe At. , 45 ss&fera i^cu-iX. t if;-'<7') tlf^v <-) Il'ich e5i->v#4-ti.VIij inu> itu< tr i,y l .Vy'r $tmr<ss. of sssssfWi S'ioeki i:i ^ccc s-U^r-ss Is?b u #<S i,m u\z$si&r\o.li? i'f- *'5--' C> fiG&lj -,- i ,f 7V-.. Cv.vC vCW.(/R vithwat i'.int Vt'Xust - u Wo/ r i ?, s;3 3 - ' ':' * t-0 ^ .<- r s Oalsi^ss&irtf* ixMa-Xwdlft#; treasury 5 , '>!( ,Cr;-G ah&yj ?s .- `Offay veil for tjoavftrsitw af jvrrvjTof rad st;c>: thi r e Si . i -.-: wv X':s (.wrsu uov/4s.t...t . - v* '.fc-'jji-t&.i surplus - -` ---. :,&nr*d $ur ;fU..iy ilocl^i^g- ''rf *3<.-">,01.''fcJi ol surplus 0| i /wftOAi'.tSfftO mtftk&l&ry'} ^ .. I coiv-*s<&74'stocfe Lh tra*-aury 'jvs'`-I- shfrrar, &l < in eluents gharas. r#y.v*4 for sal* to oaytalo &'f,lcy.f & , ,; h;Ki r.-ay I Qy&& i) '"'* a V.-W.liA5 - .f, ; :j . =0','- lip .73 1T iiisn j,,r iiioii'lvs Oi t'OrsirolK!* tiy/:notwa to fir.Onci'tl sti-#0~*ri;to. . > '*:#, liiOii^,^^ .'.Wv~rfyl^rltt4rt^tfj ' I. -..- lihls Ui b.^.ns:* ;.;r..yrt ^Ic t,v.d& . CtfEBSiStfltifl' - ed vi tfcfcolrting tfcxesi' r&r.t lJL&fclXl ti+is XsXi.Ll5.ieSJ - " * * .. ^ '- . W-& t-CtS-? . vC . - , _ *: C *f 8tK.t m4 <2os3lrsloa t**#* on itkcome* K<tn, r.Xh7> v'. 3 $*<CO,tX^C0. ^ 750.W.J* ?a~? <> : ?fM' v - 3V:i/i?7,4c &7><M M yte txro.m ^jfrLZsm*:lit &i?t4*35rvi.5** ;%^'Ot:;vO .-CO- iCCAf .1 i':X^ j: jvjf^rr0` W l/?- cucftiiAilVi* * '. 5X0,$' a shikrti r'/t;.'t,f`Ci-i,'.ii; ,vt. ;, ~0 v.r* ' 'isMsu^t 50;v$^v '..*h,r* '- shsr^s.-.*f- .?es! ' sieels: V ';.;/ '-: Vboni^4irC|V, Vi-.:7-;-: -OW:': ;;. 0.,X: ' ,^.s<5 X* without k &~ \'*lut ri r <5 3,i ;CC, OCC* aJn#ir<fs U> *0^0 2heXs "v^d -for--v*s*sir ji-rj'<icr*<; k s k ^rA*$rc tiiKr^s - C3~??XjvCK 4 1 ' s*. , ?,*s" -st* Ui~::.^;\i'. c - -- ,. svrrp i.`tn 5'-' U f j, ' 1-Utf V 1. ?i C X uxt M K C 3 fc V .A .7 f` * CiX ^ 4.Ufi Cl 11*47 pWX.45iii5ij.rj';- - f- wW & iWn "^cli ...._-,? ". 3 " ... .. ^..,v.v '., ft t cc-i*t 1'includev}.;SiW:;y:'SXX *0 \l c?r lii -CHS? tala .;&ff XceXfe; Wvj y wiij loy^ff-; . ? .. sSiur^s-;\?' V . vv'' ,5 r,/\ * .f * f5f>\'W' *V*<* : Y V V 1 v ^s f*// i^.U^ir'i.cc ; r y *? . V -s OX i> * V;i- (. i. *' / C: ^ ./ t ** ^ ^ ^ .-' StJ Zt'tSZZBL'V* e* JStJlP *f.vi "te'WSSiffiSii.' Er n s t a e r ms t , stAtgKsw or satsotmTOjgaom ;*m...M rats'axioswi ssitnm tm stmoux s s bs io imw Fise&l year sM. OtWfecr 31t lfM> " "13i $160,XU3,275*90 3:S*&r1 foeis eM $13J9f*63?65.5S Frcntc-tm to r&&mo oorteln tnvantosy item# to iwplaAoaw&fc BsariM>t*8olMdl 3.XX W,0O0.QO Milne* *A : tttatAftHMUfit OM^omm X9,83a,3*9.77 Provision for ionMftol tmmmtB Cl3lU,X5S*92) looo -ramwi@^_ 4$Wj3Mnm Iu w mO*:v o;j ff in prior. 700ns- ;-JUX ^.878^68 lffl.M9.9fr.01 `iMytM-- . . .Profit cm eter&g* prsKUBCsiiag, : " pupoliiS':*n4.- &1 'Of ^is@lXaM mrotesitsiisfa i'.v * 10,137,291.8* 2bl,8S2.&3 ioa.8av.ffl MM77.n S 10,W7,95*.02 m SRj/wm& 'U8tasJst of uofc earrrt mmtn imd mise^lXamoaa .etlier ssi. . of' Cacy^ii!a :sntei^lfts*y t ' CentroXiJoard rato of aohang. 1m9<on disposal of:' proj^rtlo.-. Xtrst on aofcos? end loans ,, .,,v, - '.mmn " V. jttSHSfeia1* ' ' '. 1U5.X20.6S ;;103V9S2..6U; ......... jmQ35j& w..,mtom.,.... $ 10*lU8f923*16' 3.900,000.00 Dosilaica and stato tastes 57*050*00 u9SZftW*aa CGS6LID*TS;3 sr KSOPXT $ 6*191*923*16 &e prisil8 of eonsoli&atioft ata* t to fissnoisl' etotosswint ; - . Er n s t a e r n s t 4 ms ousi c o n pax m^ cAnmujt Bwmwumr ; Fiscs! yoar eased October; * - J-v J * : -1vff'-;'r OAFITAL flBRPHIB - ^Suuioto strs^** it 19MI Md prti 'Of stock dividend In scois of stated valm of sham' Iffioed ' >> Bclssiec at October'31, 1^ . x m9m^M " " ' ... 1 ' I, . '" < iV?- - -, - . , } K * > - ~ "> " , r 1, 1M ' ' Addi Set profit for'tbs fiscal year Recovery m Immstmnt* previously charged off I27$30*!77*07 #6,m,923*!o'. Deduct dividend$ Faid la essht , Gonvcrtitelc preferred* $*$ per share CosmMr$l60 per share Feld in eoasoa stock end cash* *2$ on. cossson stods*35*,050 sharffi at cppreuimt footed aerkot price, plea $?3f5S60 cash - in Hoc of fractions! shares Balsas at Octotesr 31, 191# So not to-, fimnial s tatoceote ' & 0 B-SSilSil, g||g|p||t .vsaaae ms ouEisaf c o k f a s y At> c a s a &u k ms:MWi*- - * / , ,-:*>* r> '**; Oerter 31, 1*$k " \J 7^ *' ferine ipXes 'ot cfirt&aelldatiea* - <&) Inventorion include &mll emawat* of .later-eeapeny - profit which &rs 'act eigaific&at cad beve not been .?% oliaiaatod beemtee it la act -eonaiderd' practicable to do oo ,,,- <b) The companies Included la the consolidated financial statement at October 31* 19M>, and for tae fltetl ymr then ended ere the sas* companies included ia the finane iafX statements; for. -the preceding year* (c) later-company e&Xessi have been eliia*t#4. ` (d) Assets of Canadian subsidiary included herein comprise ------------- net -current assets and nisceil&neca* other- assets $X,%51,J0&.&1, at the Control Board rate of exchange! and propertyf plant! and equipment* &522,?W0*?b* at cost to the subsidiary The net profit-of Canadian ^ - subsidiary included in the consolidated profit and ..,:ios: statement ,ioim'te,4 yb. *fter-.refiectlng . . %fm Ojeehaage e&jue.tiMmt*: -reswiting; frow''.the. d#vlu~ . at ion of Canadian currency. .' id) The equity of the parent Company in the net asset of ` Its Canadian subsidiary* as shown by Its book* `at October 31* X9**9, after appropriate adjustments for ~ exchange, exceeds the carrying amount of the parent Company*# investment .by the sue of 8*303*Cl?.-61. * this excess represent* the undistributed earning of . the subsidiary since date of acquisition:* and is added to earned surplus in the consolidated statements Sehlisatioa of such undistributed earnings in 'u. funds is subject to restrictions on exchange, and may >e reduced through deduction of incone taxes- payable \ t^nreosi upon-receipt by parent company. ............ 8tesi - . Mote A - froparty*.plenty and equipment are'stated on the basis of cost or appraisal value less reserves provided - for -revaluation, depreciation, depletion, and aaortiaaticn. ; The remaining portion 'of unrealised appreciation '(approximately 1,00,000.00) included in the .gross anount of these assets la offset by a portion of the revaluation reserve which reserve v also, provided to 'further reduce the carrying amount ef certain assets fro*, costrte estimated values, prevailing during the '.year IV3<? as determined by the. Board of hireetors, cost of property* plant* and equipment/ represents principally cash ' expenditure*,- although 'certain .properties were acquired forstock. The net book carrying amount is* pot intended to repre sent the present values of.the properties. Uotc is - 'Inventories at the beginning and end of th# . fiscal jr**r, In Us respective ancont# 6f $32f085t5>^*C2 and fc?$,12t,6CX2$ff o#ed la th- coajttt&tl?*' of c##t of gtoe&e sold have been priced & described under 4he inventory' caption of the consolidated balance sheet* _ , `', Sot* c - Pepreclation, depletion, fesoles'cence, end amortization.* The policy of the eoapeaies vlth respect 'to depreciation Is to proride ewcmntd coneidered by th# ajsro&ge- meat aa fair and re#senebl* to over veer; leer, end deteri- , 'oration of the property on a basis of specific rate* at " determined* It is not certain as to what art eat obsolescence Is covered in the provisions, as changes in the art ssay ` result in shortening; the. useful life of th# property* -The. coapanie# do not believe it practicable to set forth .the rates in us# as such rate# h#.v* been deterained generally *s aprlicehie to specific assets or group of assets la Various geographical locations. Provision for depletion is' computed for eachunit of production, based up-os estimated recoverable ore. Expenditures for aftinteaaace, repairs, and renewals are charged to operating expenses, &od expenditures for betterment are added to th property sccouhts. The recorded amount# of properties retired or soldi or charged to related reserves for. depreciation-and -; revaluation if such retirement# or disposals were coatea- plated In th determination of depreciation rates. If such .s&V&'tto'enty1s posaIs were.' not contemplated, the asset account#--end. related r##rvo for depreciation and rev&lu.-Mioa are reduced by feaouhts included therein for such propertlo*. Sot* i! - The reserve for contingencies has. been provided primarily for possible, additional essessaeht of federal taxes on income of prior years* latent Infringement suit to. vhleh ' 'reference was mad# in prior years has been settled during the year and l.'\># amount included in the reserve therefor has , not b*en removed pending -finel, settlement, of the Company's .* .income; taxes* Ucto v. Reference is made, to iiofiedule XV l for information as to charges for 'maintenance end-repairs^ depletion, depreci ation -and aaortiaction, taxes-{other than income Umc s i), 8a&g*ent 'and service contract fee, rents &aa royalties. ERNST ERNST: COL. A VI CLASSIFICATION si.xza'i f.nii 1c m-o s ! . 'LAiKi .<-**1.3rti;; r. iciraKS r.al lvlir,j?s f r r^ivy t..v, vi^ii^ri'fc "uriiitarp-' i-.nO .C ix/ii'T&s tj ter.ot iv* .ij * rort;? truction i?x ;.*rc^ess. \* * uv: i c & ist s T *>.; f 5> ij ;*e. C 'X'V' SCHEDULE' V--PROPERTY, PLANT, AND EQUIPMENt i, ,, c ^Xa ;i *v - ir* 4?* ,I '/Q&r artcied Oc COL. B Balance at Beginning of Period COL. C /- i {i Additions at Cost K XCjCX.SV -`,655,467.23 27C ,C6?.C1 yC5.Ce 07.41 /t ,0i,3,40.94 150,507.94 5 **0 *"tx1 ^ x s . 3X570.45 `7,3?..30 10,357.56 ?,7 *,^16.7S 3,^77,531-51 kk 1/'? ,569.76 IX5,*99.05 4>** *f * 4c ,:3&.4;:i .33 M&6,717,-165.10 ;> ? sw* *n*m a e.ar;3sxsi.sii.srftj^4M4iwwwtian*aH)<S' SSiSig Al\<, ~* 5 ` f{ U' u *<^ * (I M BffBfiitRl r. *'"' v';1':"'': 'E ^ISM('4 ,<V- r - < ... >..... B8i _S t^' \'^"''ITt%- :t1 ,y^ji:Tii^J1-.' - -*r >5;^*h&* C-' .EDULE'V--PROPERTY, PLANT, AND EQUIPMENT a1 { 5I0;* r 11. , \>\y*v * tt-X %-i I*- ifw < **i \ - J ' : ' ' ' 7'' v*'1 ' - j' "t' " 1 ' *' v. * - V .\y * , '.'. --' y r-*:' . 1 -t v;' t: V>-v m * ^ i* A,** \ . '- ' ^ 'i4r.;v.'\ ~ 'j r/' ^~;'r:*'t*/ -'. 'Mm0^ .: *:**< /Ipetyi yyer Siridea Oc *G`."-er 21,.J.^V <4` COL. B COL. C COL. D i COL. E COL. F Balance at Beginning of Period Additions at Cost Retirements or Sales Other Changes-- Debit and/or Credit*- Describe Balance at Close of Period Uot O ZhC tZ .-L'4 //.`a!'-.ifC-' '- 7 /*, )C4 r' i ^7?;3?.30 i ,--6 , yC S':^ 3C,3t>7.&6 ; :,/ u,.-. :u..?* A;,a';,:;`^c . v!^ UvVy?,v*,7..jr . j'^ / / > .' y '2736tV#76 iv? ___ . . ... . 3L`.'i a v :*/*> 0.^ 'M * i3;S l^s?I7t26>.3C ;;as.jcji.Ja<a-a.a,3r,*j!B.,s.j.=: ? ..------- . & ; -o*. 1S,*X XT^i ' 73-7C '"57,: ; :* .>W 1 . 17,240.05'. ,' * '.3S,-fo,urA V>7.C2 ; >'-C ,C-ihJb m^eslce^ 13V797.93; -c- ___ ~i - ;3,.>20,VfcC.?5 1. vi.''9?*Ofi 7 749.1s --la___C*2iijs!s2 1,61^,97^*34 ii",-:ic.-:o 1^.,9 :r n..i a _ 4i'_ - sc m*i.j jiatr St*.; *sr c JS sf Km5s**tt* vtf;>;63, Si ler y^-xs. j HI "'" -( < -...... . - " ..................... .,,.................... T-..^, ............................ .. .............. . v l~ 5 * *t llill^^ - ^ ' /p, f ~ r.^...f-zvi4%x>^N-r ; <'*>' '?li4P '* *>t **,'**fi-'J * ...... ...'...i...t :-.... ....:r --..... ;..... r' ... "%r...,: . ERNST ft ERNST ........................ ................... -.............................................. ,, : ......... - .............................. :....................... *........ * ~Vy' -;;....... `"1 . ,,!` ` '*. ,.\ ....... ....;. ,c*---- 1' .. ..3f. *to& fiscal fmr d*r , ' 7-.,, ' , -X,_ i.i.,...i J.l-f..... ' '* ,/" .. _ 1 \ T) y, * :;:':;.te->te;: ' ' QUv 1CAV i-sf{S i -4 i < u-^itfcju.lL~--^;.,,t.^i*,tl ff,r-'wy . f - ^ * )3j%3 W$ & fiAVJ r1 Vf.W:*' ;,t ` * .v' > ' f~ 6f T^fS 1^X4.Chi* *v n lute Sfi-iffCs: A.T -- ' JJLsV aN ` - 11* v4;'oi t i, f t * <6 *j. f 1G;U ^ TCAr. - > i. ' * iiitffcG Ihillfl log 4 j, c** t* V 4*bf7XJi.yv 3 *^7,37"-17 H&c^ifWry *4 S^pr-itwfl' asi _ fSKtte^ea nMines' iflsl'y:;).?! A vy <* .- 6,?**.?? * -o "5,W.**3V ^ifciX2r ., '...... -.".... ...*:........ . *- 4*' i/,*\'1' ^< w ,1T 1- 1 / ^ E> it v # v ^ * ; 3,i^,s-':.33 \&m**m*aawMnw(**:itt.m.im**#n-p-m**4**>*ixii**`******* -. .' i\<stsi a r*S6?rvA te^ro i-san*ithy r&vlt-::-j jsusvlus un&rv > ir> nAfsrrei* tc <9&roa 'surplus 1?j l>l4i was? r*ir**!5 fear Sipy#eifeti>n, #.l I-g Ih * t* ^y'C'r^eS +.J crr-;f-"f)ro5'r fcjy- yri ftf* >*: n ' ?i`4 ulj sw? a t- und to rflye rocoj*o;<ai 'stsveufii to *! & lvejJl3E: of ...... vi- u.ve-&. ?ws*lft`1V3? **s ^atUr&lwKi ty tA ,***> rl of i-'inscior*. SERVES FOR DEPRECIATION,'DEPLETION, AND AMORTIZATION OF PROPERTY, PLANT, AND EQUIPMENT "'OiftDiJ&Ji CQHPa SY. <4` - C-yfBIDlAB.X :fctwel ;y*^,*add October 31* 1949 ,.. - ' m.irig COL. C ADDITIONS (1) Charged to Profit and Loss or Income i i Charged to Other 'Accounts--Describe COL. D DEDUCTIONS FROM RESERVES a) Retirements, . .: Renewals, and , Replacements ': Olher-- Describe COL. E Balance at Close wm of Period . ' *5*56*! 4,31 16*465*66 35,023.46 0 <;`!fr2' 334,040.26 `6.39; 1,125,724.36 *94l " 60,966.2? ui z l ------ ------ -6--1*618*226*&1aM15 $ ~o -o- fe;v :;;7 i; ;:Y 6 672.00 i 1 *o-- % 121,701.13 7 -o- A l82,917*<*Tg 62*321*25 f ~0- 416,626.74 -o- 21.175.05 -o-- ... .7.2.464-. 4q .------------------- =2=. 11,937*026*01 691*0ip tizSBd . $ 513,499. *>"? Si Qk #17**73*266.36 UMUMMnwWHMM* * , Y.,' ERNST ft ERNST 4 ` ' , ,r v/f "SCHEDULE VI--RESERVES FOR DEPRECIATION,' DEPLETION, AND , OF PROPERTY, PLANT, AND EQUIPMENT it, . -GOSH*ASET.SAKAOXAS.JSIiaSXDXARl i* * yearended "October 31, COL,.A ** ' .. . V.--i ... . : .!'> ' COL. B > COL. C ADDITIONS ' -, d es c r ipt i o n j :V. \ Balance at Beginning , of Period f :: . . -.1 (1) Charged to Profit and Loss or Income (2) 1 Charged to Other ' Accounts--Describe Ore lends }amt leases - Land' laspr^vewenti* ftellroad sidiass , Buildlag' (. He.ehi.mty &n eq^pasont- Pvarnitttre and flicturea Auta^tife ^e^aipewaat 103,2X5.47 $ 13,485.66 147,665.5$ 35,023*43 , 31,354.81 "S. 3,605*11 ^,087,130.^2 334,040.28 1,1|5,724.36 $0,586.27 jaafifeag. QTAL i $16,368,459.78 $1,618,226.11 Mesa -o5 o* r:: d ` < ' ' * T* _l-t- > 4-(*J ' '-HH j . rv > ^W' "** >^ ^ - 3 T, ERNST. & ERNST/ Q- SCHEDULE XII--RESERVES xmi 'IttJSl'iX to/.rt M AHJ CASA3lft.8S?.,> ." ^-y- ,v'.^.vv/..o/ tvkt....y m y- .--I; ;- t.v /.i: V:. :;-'. -V.. \ 7-':r;.- . - ^r'://:,-t:T :'': -'VkVk ^'cvV y-'<.T ?' V :`--d?- Sfcjvvt'-ti COL- A t \1 COL. B V 'J . c ' V- .Vti*; --'V V....':'',l-tVV:.v;;.;:-. `'Vt -t-;^.tV;kVV DESCRI PTION 1 " ~ ~- -- --- f..i- - -- - ^ i ,..,,..a3,' o 'r ' ". V :-A;i.W`^r-'^- ; ..... Balance at Beginning , of Period [ ADI Vo : * Charged to Profit ah( Loss or Income For. etauotfa J A^.couats, -i&Ssesmnts, etc. ! To r-ssS'ae cert* i. rt* -.*,&*; H&l inventory iteas to rs^leceoeat sa.yfe#%` . vfor. other currant; .<;eotiata receive3le ', &g fcar&riee _ t 1 > FoT'clfeJuas eg* last. ciesi bvsks !?cr ajisceilsmjvM* Wete*., t tc *<v"-< V*? '*? ^*, <J* >`A t * 350,457.79 32V,15$. , -O- ;:t ; ty5,C& v I 9.233.05 r - V,-> **V2W& ' , -* ,.jJjJmsfi. sJ :^aE $ 370,9t3iV3;\%$stS#^5@. Sfi &L ;,M V a -sae Hole & Si.t*SSfta.l . Tor ceatinge*wsie* V&VkVk'kk;^ fln&m ial >. smmm . >,sl>;cec.v;: -f araeae*1**-*** *jB**ar******t U :. i'*i , fc !&&' , <>. ^.,r,,.,^:,-,:--:,i., -^r-. c:i^ ,: .V ,-..a x ^ ote j , - * revision for (iltatetmt* la excess of Aurtwats *3.1* Koto U - ttlusta.at for C . ,= ^ *,' ' &ie C fteccnmls^ cJ^argesd ~ _____ _< saijg SI# rv^u- tllSm,,,,,,,.. . '# c teat .ittfr Xn&e*&ey( #' `U"'i ':'#,'l^i%y/G'*'l`i4SK#..!SfiS4>^S;^`Sg^.^^^^SSVSJsjSgE,,,. ,, ,, . __^,,..= -r .' c* ' I\ I l If? ys sm ERNST ERN8T . it >- ' I '> , SCHEDULE XVI--SUPPLEMENTARY PROFIT AND LOSS INFO] 1 *' i - - ^ ^ Z.7 'j-t 1- Vl-iP .Via + f -A " '4.- 0 i-s if - *,^'<1. i'JJ- i, 1? V:` , `Xy*Ai_ yowr &;v3>>3 31, IW? J< i/ t ^ "* bT ~' . _ ',: . COL. A j -^.' : COL. B ,/ . - 1 1 _ . CHARGED DIRECTLY TO PROFIT AND LOSS v. ITEM , ! ' . N .! ' ' a> To Costs or ' - , /2)- - ,, Ilf:? * Operating Expenses Other , T---------------------------------------------------------------------------- .:.V) 2* 17" > 1 & T* vi '..i X fci, A A. v' -V>.lvr- .V.S j.* 7 \ V. "~i j "IaxSir...... " ""; -... * .. :> a >" roll taxes. . ....' * . .:eI ;-arJoOti'.l * ,, alselli<'*"<' nn* t-uieC^x ;<ca i 'ro/vi ti;- ", .i* 4J. .'t^1 4 f r*J4C6 conEffi.^t r*^s 170.101.60 .<. /* >** w.n?.<n Xi^ZiZ-JLt . .V?.3,W.88 jV.jajlpfSfS I ' 7,772'' 1 w$ vo to sxgreg&te '-ana^a1! t .-:,{ ->( :i ,tdli 5,-i;i l.i >ro,rty aow Uv,scc.'-to tr.s j.o~,, ,,,'m* - J' t*-jrj .'1vi^*iM' i l a' ri.yrv/. f otirr' t>t r*sv tx*'1?-TM S'0** t`'3 ti-r*<'*' j r4 *ft<r t: u&te of fillW.!*-. 1 t. v/' i; i<5;: :v!t, ,..--..... '- "'-'..' ` ' ......... "' -'...' ................ -- - ..- ............ - ^ssase^^dSK mm m feill t, j. /.o i r ` mmmmmemmmm - '> ,a,oi& ............. asfgsagaMiiMB^^^^M gii*ai^^ f V ,+ JN ' ' v ^ i 4&J3- *pgl J V - '-* .- ,t . >< SSI ' 1 mW},u . , -" ' SM