Document a43x1Jm7gNnD46ZvywqeOnxRX

LIFE COMPANY INVESTING AND SAVING IN HAWAII ; SOME RELATED ECONOMIC MEASURES During 1959, Life insurance company investing in Hawaii was larger than ever before. The net flow of funds into the Hawaiian economy amounted to some $35 nn. for the L9 U.S. Life companies reporting to the LIAA -- raising their total assets in that State to $172 mn. (chart below). Incidentally, those companies account for the bulk of Life company investments in the Islands; domestic Hawaiian companies and alien companies have relatively few holdings. In fact, the combined investments of types of insurance companies, including Life as well as non-Life, amount to only a little more than $200 mn. U. s. TRENDS IN LIFE COMPANIES rV INVESTMENTS . ($ MILLIONS AT TEAR END) IN HAWAII Research Memorandum June 1, i960 Metropolitan Life Insurance Co. Business Research Bureau 2 Reflecting the expansion of investment opportunities in Hawaii, the post-War growth rate"of U.S. Life companies1 assets there has been much faster than gains in reserves. During the 1950's, Investments quadrupled while recerves grew 2 1/2-fold. Consequently, the ratio'of investments to reserves now stands at 70$, compared with barely 60$ in '56 and hardly 45$ in '50; in ,J+5 that proportion was only 17$. Metropolitan has about $1/2 mn. of assets in Hawaii. Our reserves total some $3 mn. KA.m TYPES OF LIFE COMPANY INVESTMENTS IN HAWAII For the combined 17.3. companies/ the major investment outlets are mortgages, and industrial and utility securities. Mortgage loans run largest; holdings of those at last year end amounted to fully $55 nn., while the other two asset classes stood close to $45 mn. apiece; (see chart on following page). During '59, Industrials took the largest Jump, when relatively heavy acquisitions of Hawaiian company securities were made. Up until that time, purchases were mostly Issues of U.S. corporations with plants in Hawaii. The change in '59 included relatively large investing in American Factors Limited, and smaller amounts in the Sheraton Hawaii Corp., Aloha Airlines, and others. During the post-War period, the growth of industrial portfolios has been somewhat sporadic. Ciat contrasts sharply with steady gains in utilities -- reflecting the gradual expansion in electric power and telephone facilities on the Islands. Mortgage loans, too, have been gaining steadily as a result of increased building activity in Hawaii. However, their sharp up-trend far outpaces both utilities and industrials. All mortgages owned by Life companies have been acquired since '50. In addition to those major asset classes noted above. Life companies have been adding steadily to their local Government bonds, which now total about $14 mn. Policy loans amount to nearly $11 1/2 mn. and cash about $1 mn. Metropolitan's assets in Hawaii are mostly industrial securities. But ws also, of eourss, hava sou policy loans. 3 TRENDS IN U. S. LIFE COMPANIES'^INVESTMENTS. IN HAWAII ($ KZLLIORS AT TZAR END) k SOME OTHER SIGNIFICANT SOURCES 0? CAPITAL IK HAWAII Commercial banks are the largest financial Institution* in the Islands. Total deposit! of Hawaiian basks sov run nearly $700 mn.; about nine-tenths of those are held by the tvo largest banks, Bishop National and The Bank of Hawaii. As a possible source of longer-term credit, commercial banks' tine deposits have been increasing steadily (table below). They now amount to $260 mn., compared with only $180 an. is '55* Like Life Insurance companies, the banks have also stepped up their acquisitions of mortgages to help meet the heavy demand for that type of financing. The ratio of those to time deposits nov runs about tvo-thlrds, contrasted with less than one-half in '50. Following Life companies, which are the second largest institutional source of funds, Hawaiian Savings and Loan Assns. rank third with about $110 mn. of assets at last year end. Like Savings and Loan Assns. in the rest of the U.S., those in Hawaii have also enjoyed rapid expansion during the past decade; their assets have gained nearly four-fold since '50. Nearly nine-tenths of those are, of course, invested In mortgages. (There are no mutual savings beaks in Hawaii.) 59 Est. 53 57 56 55 50 SA.VHP AMD INVESTING THROOGH: ($ Millions, year end) A. Hawaiian Coanerclal Banka Time Deposits Mortgages * B. Hawaiian Savings & Loan Assns. Assets Mortgages * $260 252 216 189 . 182 $175 157 127 121 Ilk 67 H 62 59 6k 63 $110 $95 99 37 93 82 83 73 (Hot avail.) 36 $ 00 63 83 192 87 >5 29 25 86 TRENDS IN CONSTRUCTION ACTIVITY During the past few years, construction activity in Hawaii has besn increasing in leaps and bounds. Last year alone expenditures hit $215 on., or double the level only three years ago and treble '50 (table). Fully nine-tenths or that building took place on the island of Oahu. CONSTRUCTION EXPENDITURES ($ Millions) Oahu Total Hawaii 1959 Eat. 58 57 56 55 $200.0 161.3 122.6 101.9 85.9 $215.0 174.4 133-6 110.5 94.2 1950 60.2 67.8 Naturally, rising building costs have figured importantly in expanding construction expenditures. However, the basic reasons hinge upon gains in pop ulation, rising family Income, and building required by the growth of tourism, transportation, manufacturing, defense, schools, public utilities, and retailing. Residential construction in Hawaii accounts for about half of total expenditures -- about the same proportion as in the entire U.S. Last year, dwelling units completed on Oahu numbered over 10,000, or somewhat more for all of Hawaii (chart at right). By far the greatest number ia privately financed. During the 1950's con struction of ons- and two-family houses has grown steadily, but only modestly. The strongest expansion ocours in private multi-family bouses. Last year more units were provided in those than in one- and two-family houses for the first time in history. Waikiki, which is one of the moat rapidly devel oping areas on Oahu, is currently most active In apartment house building. 6 Government nonresidential construction accounts Tor about one-third of all expenditures; and commercial, industrial, etc, makes up the remainder (about one-sixth). Much of the problem in stimulating Industrial construction concerns the scarcity of building sites. State and municipal governments have sizable land holdings, and private ownership tends to be concentrated among relatively few Individuals. Where land is available for sale, the cost is extremely high. Usual practice is to lease sites over long periods, but such practice has not been attractive to manufacturing companies. The high level of total construction expenditures last year shovs no signs of abating this year. In fact the first four months of '60 run well ahead of the same time a year ago. Some of the larger construction projects in their early stages are handily listed below. SOME SIGUIFICAHT CONSTRUCTION PROJECTS IK HAWAII PLANNED OR UNDER WAX AT START OF i960 ($1 Mi. and over) Units Cost Single Family Homes: Waialae Nul Ridge 161 $4,600,000 Anartment Buildings: Seaside Towers (Co-op) Hawaiian Trade Winds, Inc. (Co-op) Atkinson Drive Apts. 126 2,5CO,COO 104 1,500,000 112 1,340,000 Hotels: Waikiki Apartment-hotel New Sheraton Hotel Hawaiian Village addition Fohalnanl Prince of Peace Reef Tower addition Skylark Other: Honolulu International Airport Bishop Bank Church College Dormitories Kalihi Channel Bridge Sea Life Oceanarium Waikiki International Terminal ?!*>! School 461 3,000,000 400 5,000,000 439 5,000,000 200 3,000,000 247 2,500,000 200 1,000,000 200 1,000,000 6.400.000 3,000,000 2,000,000 1.300.000 1,250,000 1,150,000 1,100,000 7 GROSS OUTPUT OF GOODS AND SERVICES Although new construction represents an Important Investment GROSS OUTPUT*'OF GOODS AND SERVICES outlet In Hawaii for Life companies and other Institutional Investors, building accounts for only about 15$ of Gross Output of goods and ser vices in the State. Moreover, for broader perspective this fact is 1959 1958 1956 ($ Billions) Hawaii Total U.S. $ (excl. Hawaii) $1.55 Est. $1*79-5 0.32$ 1.U0 W*1.7 0.32 1.25 1*19.2 0.30 significant; Hawaii's eccoony has been growing at a fast pace -- even faster than the rest of the U.S. -- 1952 1.05 31*7.0 0.30 \y(Department of Commerce Gross National Product concept). but it still represents less than one-third of 1$ of our national ecancey (upper table). AGRICULTURAL PRODUCTION In Hawaii's econony, agriculture Is still a basic Industry even though it Is declining In relative importance. Sugar, and pineapple make up most of agricultural output, which amounted In '59 to about $320 mn., or 20$ of Hawaii's Gross Product. Sugar production recovered again last year, following the labor strike in the first half of *58. However, its current level is only about the same as four or five years ago; that la also true of pineapples (table below). Virtually no opportunity now exists for Life company investment In agriculturalproductIon. Five domestic companies In the industry control almost a every phase of activity, from planting to final sales, through ownership of plantations, processing plants, and transportation corporations. The total long-tern debt for the five controlling companies amounts to under $20 on., most of which is in the form of term loans from banks. None of the subsid iaries of those companies has any long-term debt outstanding. IMPORTANCE OF MANUFACTURING IK HAWAII The dollar volume of Hawaiian manu facturing and processing (excluding agricul MANUFACTURING & PROCESSING tural output) totaled only $11$ mn. in '59/ IN HAWAII or about 7 1/2% of Cross Product, last year's manufactures showed s modest improvement over '53 .. compared with virtually no prior change (excluding agriculture) $ Millions from year to year since '55 (table). More than 250 establishments are involved in this production -- s number of which are mainland firms, such as Swift, Simmons, Serta, American Can, Flintkote, Zee, Meadow Gold and Forempst. 1959 58 57 56 55 5* $115 10k 103 105 103 93 The induatries having the largest number of firms are printing, publishing and clothing. 50 65 Practically all firms which are domestic or Island-based (as opposed to mainland) are very small; and those that are Incorporated have little if any long-term debt outstanding. Thus Life company investment opportunities tend to be limited largely to mainland firms doing business in Hawaii. Development of manufacturing in Hawaii hinges largely on the following factors: (1) availability of mineral resources, (2) sources of fuel for energy, (3) cost of ocean transportation, (k) availability of industrial sites, already noted above In the section on Construction. Bwall la relatively poor in known mineral resources; but rather large deposits of bauxite were discovered as recently as the 1950's. Con sideration Is being given to the development of those deposits by processing into aluminum for export. Titanium, pumice sad day have also been recently found. Manufacturing in Hawaii also tends to be curbed because of the high cost of transporting, oil and coal to the island for fuel requirements. The 9 development of an atomic energy plant/ vhich Is currently under consideration, nay help alleviate the problem of fuel supply for power sometime In the future. The high coat of ocean transport makes It difficult for Eavsilan manufacturers to compete In the mass markets on the mainland. With markets limited mainly to Hawaii, advantages of mass production cannot, of course, be fully realized. As a result, it la often cheaper to bring finished goods in from the mainland. The future possibility of sufficiently fast and cheap ocean or air transport would naturally be helpful to changing this situation. However, an early solution does not seem likely. PUBLIC UTILITIES Electric power output continues to expand at about 10% a year, as it has ever since '50. A significant part of that expansion has been financed through long-term debt, thus providing an im portant outlet for Life company Investing. Central generating plants rely mainly on oil for fuel; however, 1959 Eat. 55 MEASURES OF OUTPUT FOR: Hawaiian Electric Co.\y Hawaiian Telephone Co& millions of KWH per year # of telephones In service 1,200 820 187,000 143,000 the use of atomic 1950 522 energy is being explored to help provide for >6' See also text reference. 99,310 future needs. Die bulk of electric power is produced by public utility com panies (mainly Hawaiian Electric; table), but acme defense installations and plantations have their cm generating systems. Telephones in service have also been growing steadily but at a sooewhai slower annual rate then electric power. Hawaii'e telephone system la operated by a single locally owned company (Hawaiian Telephone). Direct cable service connects It with the U.S. mainland and foreign countries. SOME S IGN IF (CANT ECONOM 1C FACTORS CONCERNING LIFE COMPANY INVESTMENT OPPORTUN IT IES IN Q) ALASKA AND (2) HAWAII Although Alaska and Hava11 have or vial soon attain Statehood, tbs flow of lift company funds Into those areas, as for other states, con tinues to be directed basically by the econonlc forces of supply and denand for capital. Investment opportunities and potentials may suddenly seen to brighten as the two new states snea their 'territorial" status. However, even as territories, Alaska and Hawaii were Included as part of the United States. That has long been true under H.Y. State Investment lav, which naturally applies to the one-third of all U.S. life companies1 assets domiciled In H.Y. State. Moreover, that proportion expands to about four-fifths If one adds in also those companies domiciled In other states but doing business In H.Y.; those, too, must of course conform substantially to H.Y. lav. At the start of 1939, U.S. life ccopenle^f'had Invested about $50 mn. In Alaska and sane SITS mn. In Hawaii (chart). In both areas, virtually all of those Investments have been made since the War, and the hulk of them since 1950. The expansion has been far steadier In Hawaii than Alaska. Tor the latter there hae been no growth at all In total Investments during the peat five years. However, In terms of potential Investment outlets. Alaska seems to offsr more opportunity than Hawaii. TRENDS IN TOTAL ASSETS INVESTED IN ALASKA AND HAWAII BY U.S. LIFE INSURANCE COMPANIES*' Research Memorandum May 22, 1959 Metropolitan Life Insurance Co Business Research Bureau (1) ALASKA A CROSS-COMPARISON OF LIFE COMPANIES1 MAJOR INVESTMENT CLASSES IN ALASKA Hie combined life companies' $50 cm. of assets in Alaska are invested primarily in Industrial bonds (chart). Hiose now total about $38 am., or slightly below the high a few years ago. Mortgage loans have run on a plateau of about $3 am. since the early 1950's; local governments stand relatively unchanged at under $3 >>, and public utilities less than $1/2 mn. Thus, each of those investment classes, as for the total mentioned before, shows a striking lack of expansion for roughly the past five years. Investments in industrials ware relatively insignificant until 1952-53, when the companies purchased bands of the Ketchikan Pulp Com pany at $36 mn. j incidentally. Metropolitan alone acquired $16 nm. Following that significant purchase, the combined companies' holdings of industrials have eased off somewhat as bonds are retired sinking fund provisions. Those securities helped to finance the construction of an ultra-modern pulp plant which began producing in 1954. The pulp la suitable for rayon and cellophane, or can be refined into nitro cellulose as a basis for explosives. TRENDS IN U.S. LIFE INSURANCE COMPANIESV INVESTMENTS IN ALASKA BY MAJOR ASSET CLASSES ( $ MHLX0R3, AT TZAR END ) 2 >QS49 life companies reporting to the L. I.A.A., and Est accounting for 85% of all U.S. life eoeqpaalea' assets* TRENDS IN INVESTMENT-ECONOMIC DEVELOPMENTS IN ALASKA Measured in terms of annual production, the fishing and canning Industry has long overshadowed all others in Alaska (seetable through 1957, latest available). Even though recently tapering off somewhat to an annual output of $79 mn. In 1957 (chiefly salmon), fish products still nearly treble either mining or timber and pulp, at $29 on. apiece; and furs and farm products are relatively Insignificant by comparison. TRENDS 22f VALUE OF PRODUCTION IN SIGNIFICANT INDUSTRIES IN ALASKA ($ Millions, during year) 1935 40 U5 50 55 56 57 Fishing & Canning $ 31.2 36.k 5S.9 100.2 69.7 9b.6 79-5 Forest Products (not avail able) $ 4.4 29-7 34.4 29.0 Minerals $18. a 28.7 10.2 17.9 25*b 23-4 28.8 Furs $2.7 3.2 4.0 5.6 6.2 5.7 5.3 Farm Products n.a $0.5 n.a. 1.8 3-5 4.2 4.5 However, the highly seasonal fishing Industry has offered little opportunity far life company investing. Time, that Industry shows possible future development for new uses of waste products and nonmarketable fish for year-round processing Into fish oils, vitamins, animal feeds, and fertilizer. But perhaps far sure significant as an outlet for life company funds are minerals and forest products. MINERAL PRODUCTION AND PETROLEUM In the past, mining was limited largely to hlsh-value. lowbulk metals such as gold, silver, platinum, and high-grade copper; In fact gold still represents fully one-fourth of total output. Alaska Is also the largtst producer of mercury In the U.8., ami tbs only primary producer of platinum-group metals. Chromite Is also mined In substantial volume. In recent yeara, over half of the mineral value produced in Alaska came frcn coal and cowon *nd and gravel. The latter are used extensively In the construction of Army, Navy, end Air Force Installationsj Incidentally military construction represents the bulk of ell building in Alaska. Coal ha* been mined largely for internal use; but recently Japanese steel interests have been studying the prospects of importing it from Alaska to save substantially on the price currently paid on U.S. coal shipped from Hampton Roads. Mote in the table below how mineral production in 1957 was distributed among the various geographic regions of Alaska. Even uranium has been located in the Southeastern area and development is now in progress. VALUE OF MIKERAL PRODUCTION IK ALASKA OUAINO 1957, BY AE8I0N3* ^tloi^ Alaska Ptnlnaala Atautlan Islands Bristol Say Cook Inlat^ualtna Coppar Alvar Kauai Psnlnsula Kodiak Kuskokvls Alvar Hortham Alaska Nsrthoastara Alaska Saward PanlnsuJa loothoastars Alaska Yuksa Alvar | Thous. Mu 4,242 5,04# 113 1,027 2* 3.370 12 21 i.7*o C50 11,<71 Prodaetton In ardar of valuo Sand and graval. Sand and graval, atona. Coal, sand and graval, atona, gold, allvtr. Sold, sand and graval, atona, allvtr. Sand and graval, ahroalta. Stana, land and graval. Uaroary, p1stInun-graup natala, gold, land $ia itoMi* C04 1 g Oaa atonaa, land and graval, gold, si Ivor. Qold, sand and graval, allvtr. Sand and graval, uranlua, stana, gald, gan stonaa, allvtr. Paid, coal, sand and graval, atana, allvtr. antlnony, laad. Total Alaska *0.732 * No aintral production froa Staring taa rap Ian. For the future, perhaps petroleum offers one of the brightest prospect# for mineral development -- and possible outlet for life com pany funds. Extensive exploration has been under way since the first oil discovery in the Kenal Peninsula area In 1957. That location is significant since it la the center of Alaskan population, with mild climate, good harbors, and year-round transportation. Virtually every major U.S. oil company has Alaskan Interests and scares of independent# and private corporations are vying for land. 33ie acreage under lease or applied for expanded during 1998 from 10 an. acres to about Uo an. acres. It is estimated that the companies expect to spend sane $200 an. to $300 an. over the next half-dozen years or so on exploration and drilling. 5 FOREST PRODUCTS Although tbe pulp Industry tau provided the only significant outlet for life company Investing in Alaska in the past, opportunities in this area are, of course, not exhausted. Increased Interest is focused on Alaskan forests, especially with the rising vorld demode for celluloee. Another pulp plant, about equal la else to the one in Ketchikan, is under construction at Sitka, and is expected to start producing by the end of this year; however, over half of this one is being financed with Japanese capital. Upon completion,most of production will be exported to Japan for use in rayon fiber products. Several other projects are in the planning stage. In spite of the abundance of forests in Alaska, it imports more lumber than it produces because of Inaccessibility and the distance from the major supply in Central Alaska. Timber cut aostly in the Southeastern and South Central coaatal ragiooa ia absorbed by the home market. Present demand for Alaskan timber products axceada production by almost 100 mn. board fast annually -- indicating opportunity for establishing nev sawmills, as wall as expanding existing plants. POWER The enormous hydroelectric resources of Alaska still are essentially untapped. Humorous sites already explored by Army engineers indicate about 20 mn. kilowatts of potential capacity -- mors than dou ble the developed water power of the Pacific Rorthvest. However, there has been no rush in capital lnveetasnt, because of the high cost Involved. Low cost power in the Interior so far is Inaccessible. lbs aluminum industry has baen lntarestad In two major pro jects but, as yet, neither has bean feasible for developsMat. Harnessing of power in the next few years may possibly be Halted to a few email projects close to existing markets. (2) HAWAII A CROSS -COMPARISON OF LIFE COMFANIES 1 MAJOR INVESTMENT CLASSES IN HAWAII The combined life companies' $135 mn. of assets in Hawaii ere distributed mainly among mortgage loans, public utility securities and those of industrial corporations (chart). Both mortgages and utilities now stand above $hO mn., apiece; and Industrials run close to $30 inn. In addition, the companies own some $12 on. of local govern ments. Metropolitan, incidentally, has about $1/2 on. of industrials in Hawaii, but no other investments. (Domestic Hawaiian life companies and alien companies have relatively few investments in the Islands, when compared with U.S. companies) Among major investment classes for U.S. companies, public utilities have shown the steadiest growth since the War -- reflecting the marked expansion in electric power and telephone facilities. Mort gages have registered all of their strong gains since 1950; they cover both housing ss well as cosmerclal properties. ?or industrials, which are mostly issues of U.S. corporations with plants la Hawaii, expansion has been somewhat sporadic since the War. Investments grew rapidly during the late 19^0'a, leveled off for a few years, then resumed their 6 trends nr investkekt-economic develofmehts nr Hawaii Measured in terms of annual production, the growing and processing of agricultural products represents by far the largest Industry in Hawaii (table). Output of those has been steadily running at about $300 m. annually, during the past five years or so. However, in contrast to that relatively unchanged level of activity, construction expenditures have lately boomed to $170 an. In 1958. 1947 50 55 56 57 58 TRENDS nr VALUE OF PRODUCTION IH SIGNIFICANT INDUSTRIE IN HAWAII ($ Millions, during year) Total Agricultural Products $229.2 Sugar Products 128.3 Pineapple Other | Construction Products 74.0 26.9 1 73.0 249.2 295.1 304.8 298.0 279-3* 123.9 145.5 148.0 146.0 107.0* 97-0 110.0 117.0 110.0 124.3 28.3 39.6 39.8 42.0 48.0 | I , 1 1 68.0 94.0 113.0 135.0 170.0 * Decline largely because of labor strike in sugar industry for four months ending June 6, 1958* AGRICULTURAL PBPDUCTIOg The relatively stable output of agricultural products in Hawaii is made 19 primarily of sugar, at about $150 am. a year (except for the strike In 1958), and pineapple at about $110 an. to $120 an. annually. Although sons expens ion sight oeeur If rises for those products in the future, nevertheless potential growth tends to be limited by the fact that much of the available arable land is already under cultivation. Thus there scene to be little probability for significant expansion In the number or also of sugar mills and pineapple canneries, which now represent tbs largest plants in Hawaii, and account for well over three-fourths of ths total value sdded by aannfectuxe la the area. In and result, opportunity for life eeemeay Investment in this field seeas relatively limited. CONSTRUCTION The sharp Increase in construction activity in Hawaii to $170 mn. in 1958, is caused mainly by gains in residential building, both in Defense areas and in new suburban communities. in 1959/ the largest residential development in the history of Hawaii has been announced by the Bishop Estate and Henry J. Kaiser. It is expected to provide housing and other facilities for 50/000 people, at an ultimate cost of about $350 ns. In nonresidentlal butmnj. offices and shopping centers are significant; hotels are growing rapidly to accomodate sharp gains in tourist trade. There have also been heavy expenditures on military installations. Although much of Hawaiian construction is either publicly or privately financed for military purposes, life companies have enjoyed steady expansion of mortgage investments, as noted earlier. Moreover, the climate for such expansion continues favorable. pyMJc.QHMTga The steady expansion of life company investing la public utilltiee in Hawaii reflects largely the fact that electric power out* put has been rising at 7 to 6^ a year ever since the War. Although central generating plants rely mainly on fuel oil, the use of atonic energy is being explored to help provide for future needs. Some Defense installations and plantations have their own generating systems, but the bulk of power Is produced by public utility companies. Telephones in service have been growing at about the seas steady annual growth aa electric power. Hawaii's telephone system is operated by a single locally owned cccpany; direct cable service connects it with the U.s. and foreign countries. MINERAL RESOURCE POBBgDtLS Although Bnail's industry has involved mainly the processing of sgricultural products up to now, sizable deposits of bauxite, tltanlw, pumice end clay have recently been found. They may prosiiae to be econom ically exploitable in tiM. HA.vA I | -- MARKET POTENT IALS insurance and economic oowth trends Hawaii comprises 6 main Islands and many other smaller ones. Thus, ships and planes sre the essential means of transportation between them and the mainland. However, fully 3/U of the entire Hawaiian market Is found In the one Island of Oahu, upon which Honolulu Is situated. The accompanying map and bar chart, taken from a special report by the Bank of Hawaii, bring this sharply Into focus. Sunsaarlzlng the economic picture of Hawaii: 1. Economic growth rate* generally match those for the U.S. mainland. 2. Government operations. Including military, play a dominant role In Hawaii's economy. 3. Several large U.S. and Canadian Life companies are operating In Hawaii. A. The above seems to point to a promising Insurance market on the Island of Oahu. for perspective as to Hawaii's position asiong the States, ve show the next higher and lower ranking ones as to: Next Higher Agency State Hawaii Next lover Agency State. Personal Income Del. $ 1361 tnn. 1272(43rd) Idaho 1173 All Cos.' Combined In Force Maine $ 2265 mn. 224l(l*0th) New Mexleo 2126 Three-fourths or more of the people live and work on Oahu, and they receive more than four-fifths of all wages and salaries. This Island, whose land area la less than one-tenth of the total, accounts for an even larger proportion of trade, services, manufacturing, and construction. Exhibit 1 shown not only the relative size of the Islands tout also their importance eco nomically. Sene of the reasons for Its economic Importance are Hated In the lower panel of this exhibit. Government operations. Federal and local, and Including military, .pay almost half of all wages and salaries, as seen In Exhibit 2. This contrasts with less than one-sixth In continental U.S. Federal military payrolls, alone, accounted for about a fifth of all wages and salaries of ths Islanders vs. only on the mainland. Naturally, the Government'a role la ths Islands was even greater during World War II. But government plays a larger role today than in 19*0 or '50. Tourists, of course, help to make trade the next largest dispenser of wages and salaries* This cones to about a sixth (Exhibit 2), or a hit mors than in I9U0 or '50. The share of farm wages and salaries la down from 2Cf la 1940 to around 7%. Since 1950, the market in Hawaii, as measured by total personal income, expanded about the same as that for U.8. at a whole. However, population of tha islands grew twice as feet. Per capita Laecne, therefore, did not keep up with the U.S* Growth trends for these end other narket measures are shown la Exhibit 3, Life Insurance has expanded fanter In Itnwnll than in U.O* Combined Life In force at the end of 1959 vne 3 tinea ns aueh as In *50, compared with little more than doubling for the U.O. Between 1950 and I05Q (Intent available) Life premiums paid by Oavaltana more than doubled. According to the Inetltute of Life Insurance, loforce on Military personnel stationed In Hawaii la not Included In the totals. Exhibit 4 compares Trends in personal Income with combined lnforee. (Abotmcted from 5/15/59 Survey) How Important Among The Islands ? --.Some Reasons for Its Current Position 1. Expansion of defense activity 2. Increase is tourist trade 3. Diversification of industrial production k. Increase in importance of governaent services and employment 5. Centralisation of oanageaent, tanking, insurance, and utilities in Honolulu 6. Honolulu's role as central : a. Shipping and airport for overseas freight and travel b. Point of contact with all parta af the world e. Point for inter-laland transportation 4. Market for all lalands HAWA11 EXHIBIT 2 How Major Industries Share In Wages and Salaries Paid In Hawaii 1940 Percent of Total Saca Tear *45 *47 '50 . '57 '58 Government Federal Military " Civilian Local Trade, Retail & Wholesale Factory Service Farm Contract Construction Transportation Finance, Insurance & Real Estate Communications, S. Public Utilities All Other Total 34.1* 14.5 9-5 9-5 13-4 10.1 7-3 20.1 6.1 4.5 2.2 2.8 0.6 100.0)1 Zi.L* 41.1* 45.9 23.8 3-7 14.7 18.7 7.7 6.0 13.2 4.8 9-9 3-6 6.9 5.8 12.3 2.2 6.6 2.5 5.3 0.8 1.8 0.9 2.2 0.2 0.6 100.0* 100.0* 13.9 15.7 10.4 14.5 10.4 7-8 12.5 4.9 4.9 2.2 2.5 0.6 100.0* 45^* 20.9 14.4 9.8 14.0 8.5 8.4 8.2 5-7 4.6 44, o* 19.4 14.5 10.0 15.2 8.3 8.5 7.2 7.0 4.4 2-5 2.6 2.4 2.4 0.3 0.3 100.0* 100.0)6 HAWAII -- EXHIBIT 3 Market Growth Trends In Hawaii Mnrkfft Mennnres Personal Income VjhO Unit Total i-- a. Incl. Military Q b. Excl. $ nIIo* 250 220 Total per capita a. Incl. Military t 560 b. Excl. " 550 <Jages & Salaries a. Incl. Military b. Excl. " $ StfSI* 180 150 Proprietors Business Farm $ am. It 30 25 3 Rents, Dividends, & Interest ^Transfer Payments $ ODe $ 2S&e 35 6 1*5 1010 610 1330 1333 870 1*70 90 S5 5 55 20 4/ '50 '57 720 690 1100 64o 620 930 1330 1400 1820 1310 1310 1670 550 510 830 1*70 U40 650 90 60 90 80 50 80 6 7 10 65 30 120 25 40 50 '58 1150 99-. 1850 1710 870 700 90 80 11 130 55 _ rerc Chan ' 39 frc: 19? 1270* + i +; 1940 [ + +2 !i + 75 i+ 6 ! *+ ^2 1 6 ' Population Total Civilian Life Insurance Measures All Companies' Combined Life In Force* Combined Lift Premiums* tbous. U30 n 1*00 $ m# $ OB. 210 6 820 1*80 340 10 o Excluding Military, according to I.L.I 530 490 610 630 660 + ? 1*90 470 550 580 600 +2 1*30 710 1830 2070 2240: + 19 13 17 36 39 + 12! :nu *.r*-.nsvO- " ^ o ` . >*.<. bi:i:- . o:* r;or:i'? Tj: *. * ' c * ..U *w..-uCI T.'.z silos nro t the :cuch onu of tho riant; neur tho north 2nd are lor.^ "ulna Tor tho storage of t-hite reck, farther on \ nr2 tho buhrstorui ,_rir.uers far .trine, in.; the rock fir.c end tho '.:st- M cs" In nhich it Is calcined, 'fha "kettles'* ar.d ratery kiln cnl- sir.ers do`not trocuso exactly *" tlr.e ::::uro ir. a "'l:-; t *1. a 1 t;-- . i.-.-.e I a of calcined-rypsuu, tie- 4 rar frer.-. the sk-orge ..`hile in tho sclsiner-. 'he prounots of ror.oustitn ar.d the: skr.r* r.rs in-^ ti=Rt3l7 Clines. i '.'ho i-srohouso occupies the :r.iaulo tor tier, of tho pi-r.t on th.c -ice :>ujr.ccna. to t';,.* .at.tr. Mere ire locct^a the machines for .tinlr..; ;-.nu pucxinx ,,hs stucco bins and '.he !; aorutory. : uak of the orahousu floor space la used for storing negn of plas- -.ar. Cr. the atr.-e: aide i. the .section of the oir.r.t in ..." ish are na-ca building closxs ,.::d ..it 11 board. ' orr.i n c i * -cards of lustiness It la jcnerully co-.icodjc. that the extent to which a haz ard fron silicosis or other forr. of pneumoconiosis might exist is ir.-ia: tea by tho concentration in the industrial atmosphere of free allies or asbestos particles of roi.pirc.olc site, liowovor, experi ence ..lfh rtixeci casts, for instance aiiicu i.no iron oxid.:, shows that the response of the hoc.-/ to ire,clou silica ia nouifisd by the presence of tfc-. iron oxide. . r.iuzl ar.psrir-.e.:tc ..lth artificial .niat- tures of quartz una culcineu rypsun resulted in a u-dayeu 1 ut typi-. cal rotictiun to the quartz. ppurently tho protoctive action of the gypsuc vifts n cechnnlcul one, o clumping of qunrtt onrtlcles ln-2 - c - ~ . ; i _j; c .v.. . u_./. t, cvctcuary o sf . `n of. - ree silica in she jir-iiostcb dust snu r;.;:ra ;ypca:; an- athor non- lllcoous cons tituunts ns r.ercly diluents. Mho tvluerco fro= tho ' resent and previous surveys in the rynsun industry scronrrly suggests \ hr. t t- la ae yunpsion la r.oo universally rpuilcubio. .. concentration or five nillion particlc-s cf free silica ft. of r.ir h: * * , live:" r.u.* ....... . lir.l r rto've 1?' :sl*`Ciod -ith rho -.ith i-.oir.;or ..r .sr.-ana ml joun ce "by the itnndr.rd lirht field to cr.r. ipao of -bo U. J. Public noelth ervi:s. 71:s liyht field rwtsrls particles .is.-. arc larger ' -ir.i:-.U3 :i:e oi-tinrr -i -o lie be:v.ccr. C.V yt ar.u 1.5 Vl. 5ir.ee he inyer r.rpsrnaut> collects r.r.u retains the r.njcrity of partic- ?s tush Trailer then z li.nt, uo.m :o 0,2 y. or siu-llor, a tsrk `itId ..ears- by ic:: . sr.iilsr arrzicles visible is ire .usul oyse. five re Ir- uc *\;-.ersliy-i*ecnrzod star. dor.. for r.i :'a tst concert ration cvtcminea by the _rrh fiold i-.otr.od ir.d it is -se.; r.oruiy r.s nn . a;unct ro tho -.i.y.t field toch.nisvo and f.s & fait_ ir. Ir.torprotir.z the general _ust condition. ooa hcuseituHnin," stand'.ms do.uunu that the crocunt of even prorsr.zly harrier oon-sLliscous dusts bo hoot -aithin reasonable luits. vidua of 130 r.illiou particles par cu.ft. of ir (ll(Jh.t `laid count) is soretires fiver, as a ::oxiruun concentre' icr. for any vest *o it ion uen ..ro continuously v.npoaou. i?u st n micoint nrrn in ? 1 ? n t lthourh there is souo vuristion In tho composition of ir-horne dust In the plant, the principal constituent is yonornlly r.v.- or tv: tin; i . - ^ _ _~ru.: .us: ; ir. : :.ul , tr.o. bioc^: \ snu t>o boars plant. ..iso suspended ir. tho ;.ir of the ehcuso -ro particles of .coa floor, jute fibor, lime,or- nnic m to rials; employee as u rstard.tr, ond occasionally stall aV ...our.1s of substances such os nsbostoo end sole usod ir. sscciul piasters. '.uch of the dust sot up when etna is unload .-n fror*. ths '.-or.: is uncoubtRuly quarts,sir- that rlr.crr.l is in excess-in the l.i tv 0 cusrii* icii c * '** -T.r ruhrj vcr.s * ^.Uo' r ish is ol- most -uro quartz is ;er.ersto. . t vuarts. unci. sane. iovlr." to ir3 quartz content) sr.r. re elap sed us definitely hnzi-rdous. .sbostoa also fulls ir. the z-r.c ct -us so litti3 Is used that it s:;n b-s r.o "lost ;-d. f li.nissl rr.s 'jv.perlrantr.l -.-viuonsj has iju to ths asr.elusior. that ti:e In- r.c.u.tisr. of ,q7"=u:= dust is relatively harr.tisao; in fact, shore lo :cr i t. sis for rr.o bolief t'-.at it ':;:s a protective ; ction by en- jul:ir.,j quarts p<rtioia3 into lur.su ich sottla out of tho breu- thir.m scr.c. .ha ether sinus of oust martianed ure ro;;r.rd3u as un- lilaiy to reuse any type of tr.cunoocr.iosls. ihust Oonrenir-1ions in Plant fust scranles -ero nolleate : i-.h tho CroonburG"-.''!ith in- r.ir.yjr r-rmts vso>: in previous dust surveys for the . typsun Cc . *.ho uust particles -ore sovntou by the ll^ht flulu :.othod of the ?ublic i.eaith ..ervj.ee :.lr-o with car* field illumination ne ruco;-x-.enuou by sor.-.e inves ti.ravors. Jdunts for both methods are tu- bul-.tcd at the end of thla rituort. Hoot of O10 ;;t.rioi0: ...rn coll-""1 ectcd in 95 per cant alcohol; for u fow 25 par cent alcohol was substituted 80 thot only quartz ond other Insoluble nurtlcloo would 4 i-uin unuisioiveb. In loot: it; . raw `.cterl: 1 i doth ;*/ps'in r.nd tuna sro rrceivor'l by boat. I'ust .-.crinles for the u:'.j. csdlr.5 of gypaua could noj be token because no ahiprtsnt of rock rrriv <- : vi .the surrey. ho.tv , ~a.lv . -..;u if.-oulu not da :. : f..l. -------- rsisou ..oulu Ir.r.ti is f trlr. ci * .".a of i cuv.-st tor v.kich lifts the frcr. 'cut ...nu :...-;;vr;c5 it on a conveyor bolt ir. a snail roc:.:, `.'he au3t ccnccr.trntisn inside tThe rcon ; s .suite high, being ioC v.il.ion particles per cu. ft. of air.'. -ir.ee ~i;ir. r.;s: '.a doriw: Iron .-'isi: co.orr.ins la me iv.ount of 'by ::hr.r.icr.l uraly:i.v 30 pr r cant), it is idr./irots. Iherefore the sr.rir.r ia this "icintry .-''avid crr a ossir* tsr .`or. irr.ido- oho r::-.; cr. t';a out side ho is 2:::o:id to little dust it is disc it.: tv- by the -.ir-c. i'r.:tr:es:r. the ra;: rock storeco cila3 is r. tunnel ia which is the conveyor belt that trcr.sports rn/ rock to the crusher. The dust soncor.trstion in tho tunnel "0 "illion particles per cu. ft. of sir. ft :r being crushed tho rock is liftou to r.he top of ;o '.Hiding sr.d t1, or. pnsr.c. down c> rough ccrevr.s. fro r.nn -vor.<s around n.vd the rvomye soncentmtlcr. to wish ho is opposed s screens to be 34 r.illion particles p-sr au. ' t. of :-ir. Vhe crushed :tu : is t'-on cal cined. Vhcre vna only n roderr.-tt srnur.t of dust f.rountl tho v.iolners, the courts boir.g 14 million for tho calcir.r feed -nn, 13 nillion for**'" the cr.lcir.or fire.tan ur.d 19 -illlon for the tube r:ill operator. hoxt to the pkottleB" tho dust conontreticr. ..as '"G million ..s. ... ... . . ,' - v -y . --j -S - - . i . '. < t ><*w* cles pnr 0 t* t. Of <! lr. . s;ch of this i urt 'a.;. . :v ( J.rr>v. ~u yrou~ ) hi oh ' ' ^ bo is; r; jr.do o ir. to 0 sr? y. ':"- !ho r tones _ <Ap4 s', u n r s< , ' o?*n the r>c* ' 0 be ,:i.li;iau:. lr. the "bot- l.::l 1 _/ ,, iirour.i. the 0 once r.tra tier, of dust ..a r. l;sa chan 7 rtilllcn peril c le s per u. ft. of a.lr. Jhloolsi.t buhrstones .'iuhrstones nro nearly cure ipacruz ana tho o.-.iposr.j c: the i tas f: till lor. tr. rticlca 70r cu. ft. 0:' air. far the hoard. plcnt :h2 duct -ars 9 r.illicr. or. t'r.o piutfaiv. -rcra the u::or ca per 1: are -:v.;ou.*.c s:;u terra eftt ;.co\'lorur.or naa -ri; 19 million on the floor below -.horn oho rcci-fluid gypeur: is tourer, on the pi.oer zhoot; cr.d 7 trillion r.er.r th9 r.scr.ir.o cutting rochlcthe bosrdE, .ir.ee fro -ust ir. these l.cs.lirios in principally rypsurs, tho fsrn- d'oirr or.:or.trs tior.a scr.r.oz 00 ro -srese hazardous. hijcir.r rod -a c.-riss.- sir. sr.r.r fho wiring i-r.d p:c>.Lr.g of clisctor produce cor.c.ir.trutlr.na of cur.t ttt re pulte hlr.h, nn shown below. (dement plootur la nearly 09 per cont oalcir.ou gypaurs und enndod alaoter is about T8 per cont calcined gypsun and 71 pnr cont oend. ) o .ir.c: of Cluster Corent Plaster C.-.r.ucd I'lest.-r _l,ht. . iiif: . ' `.*unt `/.iJiLr.z, !) ' ! * A** fcckir.c 'Cl.9 Billion 440.1 -illIon : J. 1 :_illicn 53G.1 ttilllon V Uo r.owr litn -c the r j 1-: I i -? 1 i count Vm - ^--. i ifl T 7 hi.h v.luo of ~ 21"? l-lior.. `.Vo t'.okir." "gu: ino 1_ cpuiotcu with o;.h:;uot vor.tilG- - - rrv.t It it .".vjr.biy r :: her i:.o: for uni boc-usa . n. o r min;: in tile hrek, loft to .llor.- \7nights to be cleaned, interferes with effeocivc rue tier.. Vh.it tenditicr. should be reneuied trie the full rr.i y 0; r r. 0 t r_r t u *> t rt'.i P'-ptr i':h pi.-.ter of r-rio : 0 -tree: o rnr,;:.'*. ion '.C -il.irn tortiulos -er ou. ft. jf ..ir. '.hir. ,h:rt Jcrl.ti-^i: . yprur.) or all tho ltr.a cluster lv;rn;;r.n jyp- :ur } pr.r.iccu in .bto it not. tor.: iceroa to bo doneercuo In a retort of recent :urvey -udo nt tha ;ui::lold plt.nt on i.arch 1U - PO, IDC6 r.ttontion uiroctei. to the duot condition ns* socitted with tho Mixing end pi.c!:lnf> of tnndetl nlostor. It ob served thr.t tho hatcrd precor.ted by thooo onurotlons .iqe loss carious -7 - L non :r:: toottaaxl ..ti.-r icr. ..:or.2 .-ato nrorcu-tl .::i of u rtr. t. . r- 'I. ' ' - tho or! :*ir.::l i.etur**. '.v'o r.v.'.c ct Cr? .-*> _rl^rton plant. .'hi 4^4 L- ' ^ 'J ,J * ' * r' t- i X 07 coipw!'!;^ :-r.olo3 collJ;; r . l:i fo per cc-nt : len'-.o forr ?r j;\vyu.u. ciasolves la-avir.^ \ r. i c 1 o r , _ut ir. 0." per nrr.nice: .`is* so-re. -bunts for' these r.urtplc --I. - ...Oi.CO . , , CVrC : t-\: cor.; ** ** r> * Tr.c cc; :... r.ZzV, r5 e-r.t .icchci r.i.-olo, is higher :>r.r. cr.: -e-lei otprc: to cue. to z'.-c praser.co of r:un7 wt. ... . -c--'*"w* --ew.e ^ - 'x -t* i--*le-> rs, ir. -ho air :.ecr the r.ir.or. i.. .4 v^r. to tM dv.elari.iier. 'ey '.he cr.jc.icol analyses below, t.-hich : :hc-.7 % r.irr.ar irr.lt icn lose for to rzincr e;ueplo than for the cl cicer trrclo. I.', truer to esc: 1:: ..cur; ; lr-co: r.c curt tenereted > c r, ear..; -- o..l'jdr,e of *ho couper. tt ion of --star ""-a dsin^ r.l.'.je ..r.d pce *.:cd, v. ruction rotor o.r-inpbu . ith a uuat colLoctir.;; ns j e a: :ritcc below. r.o operated ?` i.r 1 r. t ?r.r.acu "l...*:t:T J'otor Kbt placed on 'op of scales, t >r?outMnr lovoi, end operxitod for 40 icinutes. <K. of duat collected s 1.157 r. d backing cards-:: r.l. lotor vcc cuspcr.'-oc rt brc." thing level, 4 -'t. fren mar. ut batoo peebor, end operated for 20 min. V.t, of bust col lected s 0.100 gr. Chemical enalysoE of .tho bust coiiectec r.nd also of saruioti plnntor X ready for shipment woro thon mudo. Thu results an: retvirtue boloT.. Chfc-.lcnl /.nclof pcr.ded "Ir.st.r j.-i f.r.r.c.v.: ;*r.:v.*r j.unt Vi-I ter y.clu aoluclo iauterii Aold insoluble material Ignition loss below 110 Ignition loss above 110c S'i)a6/r 62.5 1.9 2.0 IwWaw iO 4 ID to Total insoluble SUX, Latinoted free OiCg (quarts 50 ..It-, cm- Duct notr y_ T e 7be?)e 5.0 x. 5 11.3 ^WV w tuur ter<ir 70.4^ 10.3 0.9 2.9 1J tw wr 04. C.4 WT Theao analyses of alr-borno duct oho* that only c smell fraction of thn quarts In tho aceti-jb planter siizhuru c If fuses cr. cpprociehle dlatenco into tho surrounding cir, 0 It liar ct the miner or c.t tho peeler. This condition cay bo duo to the largo sits of quarts particles or to tho tor-der.cy of gypsum to form afisregutoc with tho quarts. In either ossa the quart* would not be cir-floctod rowdily tut would cattle out. yro2 tile cjova data 1. 1c 6icoc that the utxlr^ **-'* peels-- Ing of sanded plactcr ure eperatiers .hiem tro net nor.rly ao hosardoua as they would appear to bo. But noithnr can they be caid te be ontiro ly without danger. hacking sanc.od pluator producod a cuet ooncontrctlon of 59G million particles par cu. ft. 01' air; end tissue 5 psjr cent of tbo duet xus quarts. If all perticloo noro tho acr-.u ciso thoro would bo nearly 10 million quarts particle* In u cubic foot of air. This would bo . Qteigerouo coneontru t Ion. Undoubtedly the particles * '!'u i-r t" : rr 1: r, o r '.'.i.r. the m u ' p:: -. 1 : u, t1 .! i v I n- t: ':u.ccnirf 1 : : } : . r t . . v-r or.- .n x. iviu-.-'.? ' l * ,.ii. . vr . icor.ol '..o _u1: rue.:*_t c?.'. ccr.c:ur,.r'.-, :X:r- r..* :: r-ii'-'j:' to vor" : ".r --r.ur.Vc>c_r ' particles . str-il; inhaled. This - * ' ~r.~ i *; o r* c r.ci zuc.i<ir*.z birwu cluster. : r.f. , jut; c..s * or.-: cu ft. o; # ir - j ^ - - /j v r o * -- -- r * * -* i r:. V-. ir.s s* ; :r `re i X0 t -.r.- .v.:: in t i - ,-.03t- i ir.tsrtil; j. urn ,'.us ` ,_o ti'sxtue eh;; r *.u ;;o bir.2 end '-"to heico -r. the fleer. 21 cue5 cf uusf. ;irc raised 1. !; uutrr.tio:., r.rouuo:rm cr.ceuoi.-. -iy hi.j.h cor.ccr.trctiua of a ..3 r.hourr: the -;urr. i3 ' ' 1 .. ir.rr.n T.'lQ eprr.-r C.ei.-tie to :/or:: our cf fcricir." stucco .'.'ich -./ould not rc-u..:-, t.n t= Tcrl: lurid* -he bln. Wc count for * Cunt ------1 collected In o cusscuev.ny on the `.hire floor of the ..* re nonce .r.s ocout 14 "lillon. T' lcssr.plu represents cn cvcrt^c oxposura or ron trucxln^ pleeter. Con a idem bl c dust is rolsod v.-hun -IO- otora ii ra bio.-.71 out it*.' '.z-.zi'r' ir, re lor r.rcuc 1 y : r; pr.:..u:.s. `-hu ">n o uIoyout ot Ms contlnulia;-. to do ro, tsoeciolly cir.co the uusi r.n* \ to***- . r:* .'i; rtz ' iclo:-. ' : " , 1 - _ '.u:*::rr" M'.c doneitisxcr.a it r.-co.a ::.-3u u.':- r. a lot ni* Iron s 11- ' _ I V tot lost .-.inn 5 t..: t ;?ri- cus -to:-*: Vj r. o riit sou '.tcuc-j/cucnir.-,' rocuirorente so V . s : :ao 1i- : r. *. ir.t; ou c 1 y "o ~ o:* ::*/ ci.-.a in * * r.i ^ * ,-jc t::' ft. of S wV ---- _ It* i`_1 !! S. T. lie run i'clpir.p unload tsnu frou the tout should rrenr rirotor -'hon ho is ir.sido tito houso ovor.tho conveyor belt. " iubrotor.e chlntir. *. /ia'-tut rn onhrvsz oyster ?r>nrs to ha . a/...r..tut. It it u ilinvnc; t the -action cevicc rootnt- t.. j *. " t;.. 1 'e 'i ' intr.q ::u : -t.-ln.- pis r.T.-*j* trout:ce oust csr.c.nr,trutior.o revs * loort :our.u,:oonlr,|." limits. Iron i;bj rlnatcr it su.r.uou u , is-i'i-' ;."ou::t3 ui .svertr. i-re u.tou .>jt orn-iyoio oi` -;:o ; i.r-- flo.'t Iu::t rr.o.<j tit t li- r lo yurtn in suspended in the ntros- ph a r a , ::o;.ov,u', otvln,.; to tho : i.;t ;.ust concontrutlon, :vun tho 11 o1 i.-.t o'i'.'.&ua w -- ^ aton. If -.is is iir::*r.ciic:;:jly v.' rt ahcuiU ..-ii.r ryiJO i--tors <g*w 4 ~v T /I 3 :..* :s!,i-.u:: CO ..i; -ji: 2o . -.. .o <> j c V2. 0 JJ LJ t* . * i n'_ Lc-.-.i ,:ua- O ,:j W w _* , :3;-;o c: r*vj ^ 'Cc - v.'^X "\ ^ N r I rr t lo l c In r f r J lU cu on* . f i \