xt7kkw57ft4h https://exploreuk.uky.edu/dipstest/xt7kkw57ft4h/data/mets.xml   Kentucky Agricultural Experiment Station. 1957 journals 056 English Lexington : Agricultural Experiment Station, University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Kentucky Agricultural Experiment Station Progress report (Kentucky Agricultural Experiment Station) n.56 text Progress report (Kentucky Agricultural Experiment Station) n.56 1957 1957 2014 true xt7kkw57ft4h section xt7kkw57ft4h Progress Report 56 April 1957
Som: AS1>EcTS or THE
Size-of-Farm Problem in
Economic Area 6
By HARALD R. JENSEN and LUTHER KELLER
Department of Agricultural Economics
  \I
  L \   §
 
AGRICULTURAL EXPERIMENT STATION
UNIVERSITY OF KENTUCKY
LEXINGTON

 SOME ASPECTS OF THE SIZE-OF—FARM PROBLEM
IN ECONOMIC AREA VI L!
By Harald Jensen and Luther Keller ’
Farm families on small farms in Economic Area VI are not getting much
income for the time spent in farming. This fact, together with other evi-
dence which follows, suggests that farm size has a lot to do with size of in-
come from farming. Farm size is related to income in these ways: (1)
The amount of income depends on the size of farm. For example, within
a group of farms where neither cost advantages nor disadvantages exist for — _
farms of various size, large farms will have, under usual price relation-
ships, higher incomes than small farms, (2) the arnount of income in rela- A
tion to the amount of resources used depends on the cost advantages or dis-
advantages for farms of various size. For instance, if costs per unit of
farm product decrease with increases in acre size (acres is only one of a _
number of measures of farm size), a 2.00-acre farm will have a net income
more than twice as large as that of a lOO—acre farm.
Increase in size of farm alone, however, does not guarantee larger
incomes. Some farms are operated so inefficiently that a larger volume of
business might mean lower incomes or even losses. Using more-land and
capital to operate a larger unit can increase incomes for many small farms
only if management level is increased along with land and capital.
This study was made (l) to determine the relationship between farm A
size and income and (2) to outline alternative adjustments which are basic _ ,
for increasing incomes of families on small farms. In order to study the
relationship between farm size and income, we need to compare incomes,
costs, investments and resource combinations for farms of varying size.
The classification of farms in the l950,United States Census of Agriculture
makes such comparisons possible. The Census first divided farms into
two large groups: (1) commercial and (2) other, which includes part—time,
residential and unusual, such as institutional farms. In general, all farms
that sold $1, 200 or more of farm products were classified as commercial
farms. In addition, farms with farm product sales of $250 — $1, 199 were
also classified as commercial farms, provided the farm operator workoed .
off the farm fewer than 100 days and that the income of the farm operator _
and his family from nonfarm sources was less than the total value of farm i
products sold. The Census then divided all commercial farms into six ··
classes on the basis of the total value of products sold. These classes are
as follows:
1/ This study is based prirnarily on data from the United States Census V
of Agriculture, 1950. Economic Area VI includes 26 counties in North
Central Kentucky. Generally it includes outlying sections of the Bluegrass
Area (exclusive of the Inner Bluegrass Area).

 -3-
Class Value of farm products sold
I $25, 000 or more
II $10, 000 to $24, 999
III $ 5, 000 to $ 9, 999
IV $ 2, 500 to $ 4, 999
V $ 1,200 to$ 2,499
VI $ 250 to $ 1, 199
Hence, in studying the size—of-farm problem in Economic Area VI we can
compare incomes, costs, investments and resource combinations for six
different size of farm groups, for volurne of sales is a measure of size.
` There are other measures. For exaxnple, acres are often used as 3 111635-
ure of size. Total capital investment or the total dollar value of all inputs
or resources used during the year is also sometimes used. Acres, since
they represent only one of the resources (land) used in farming, do not al-
ways accurately measure farm size. In most instances, however, acres,
volume or value of output, total capital (land included) invested and dollar
value of all inputs or resources used during the year go hand in hand (Table 1).
Table 1. - The Number of Commercial Farms in Size Classes,
Economic Area. VI, Kentucky, 1949 (Source: U.S. Census and Estimates)
Acres Total Total inputs No. Percent of
7 Class of per Gross Sales capital used during of farms in
farm farm invested the year farms each class
I 539 $25,000 G over $109,359 $36, 189 233 0.7
H 284 10, 000-24, 999 60, 241 13, 347 1574 4. 5
` III 168 5,000- 9,999 28,125 6,274 5176 14.6
IV 105 2,500- 4,999 14,543 3,509 10945 31.0
V 77 1,200- 2,499 9,204 2,474 11269 31.9
VI 60 250- 1,199 6,395 1,965 6121 17.3
According to the 1950 census, most of the commercial farms in Eco-
` nomic Area VI fell into Class V, with sales of $1, 200 to $2, 500 (last two
_ colurnns, Table 1). But nearly as many fell into Class IV, with sales of
I only $2, 500 to $5, 000. Class VI farms with sales of $250 to $1, 200 ranked
third in number. Thus, about 80 percent of all commercial farms in Eco-
nomic Area VI had sales of less than $5, 000, which leaves only 20 percent
with sales of $5, 000 and above.
With this general background, let us take a closer look at incomes
and costs on these farms of varying size (Table 2).

 -4-
Table 2. - Income and Costs for Commercial Farms in Economic Area VI, Kentucky, 1949
(Source: U.S. Census and Estimates)
Class of farm VI V IV III II I Average
1. Total product $1,178 $2,247 $4, 015 $7,327 $15,021 $41, 354 $4,181
2. Total inputs 1,965 2,474 3,509 6,274 13,347 36,189 3,914
a. Cash farm
expenses* 422 581 943 2,152 5,606 20,194 1,250
b. Interest on `
buildings,
machinery G
livestock 171 253 415 818 1, 640 3, 088 452
c. Interest
on land 176 249 384 732 1, 640 2, 906 427
d. Degxeciation
on buildings
8 machinery 140 197 328 656 1, 346 2, 376 360
e. Labor costs** 1,056 1,194 1,440 1,916 3,115 7,625 1,426
3. Income above
cash farm expenses 756 1,666 3,072 5, 175 9,415 21, 160 2,931
4. Residual to labor 269 967 1,946 2,969 4,789 12,790 1, 693
5. Residual to
management -787 -228 506 1,053 1, 674 5, 165 267
* Includes all cash farm operating expenses except hired labor Costs.
** Includes operator, family and hired labor. (
INCOMES AND COSTS
The income or value of total product figures include the value of all
farm products sold as well as the value of those used in the home (line 1,
Table 2).E./ These incomes ranged all the way from $1,178 on Class VI
farms to $41, 354 on Class I farms.
Inputs higher relative to incomes on small farms
The total input figures (line 2) included both out-of-pocket and over-
head costs. Total inputs ranged from $1,965 on Class VI farms (which had
incomes of $1, 178) to $36,189 on Class I farms (which had incomes of
$41, 354). The large farms not only had much larger incomes than the small
farms, but their inputs were lower in relation to incomes. The main rea- K
son for this was that the larger units could spread their fixed or overhead ·
costs over more acres and animals. . The resulting gain is the most impor-
tant one which comes from having large operating units.
Labor is the largest single input on small farms
Total inputs (Table 2) were broken down to show the amounts for cash
farm expenses; interest on building, machinery and livestock investments;
2/ The rental value of the home has not been included.

 -5-
interest on land investment; depreciation on buildings and machinery; and
labor costs. Of all the inputs included here, actually only cash farm ex-
penses and hired labor costs involved a cash outlay. A charge for operator
and family labor and interest on investment were included as inputs to show
how net farm income compares with the returns which could be realized were
the operator to put all his capital (land included) out at the going rate of in-
terest and to hire out all his labor.
Cash farm expenses include cash outlays for such items as machine hire
and repair, fuel and oil, seeds, fertilizer, and feed, livestock and poultry
purchases. Cash farm expenses are by far the most important cost on the
large farms; on Class I farms they totaled up to $20, 194.
Interest on buildings, machinery, livestock and land shows what the farm
operator could make if he could reinvest the money and earn 5 percent on what
- he has tied up in land and buildings and 7 percent on what he has tied up in
livestock and machinery. These interest values or "costs" show that they ‘
are relatively unimportant ,"cost" items for.any of the size of farm
groups. For any of the size of farm groups the largest single input is either
for cash farm expenses or for labor; cash farm expenses is the largest input
item on the large farms while labor is the largest on the small farms. Notice
that the increase in labor inputs from Class VI.to Class Ifarms was not nearly
so large as the increase in total inputs. Labor inputs increased only about 7
times, while total inputs increased about 18 times.
Depreciation on buildings was charged at 5 percent of the estimated 1949
value, while machinery depreciation was charged at 10 percent. Depreciation
costs thus represent the estimated dollar value of buildings and machinery
used up each year in the production process.
Only large farms show returns to management
Before interest, depreciation and labor inputs were subtracted, all size
groups had some income, which ranged from $756 on Class VI farms to $21, 160
on Class I farms (Table 2). These income figures indicated that all size groups
were able to pay "cash farm expenses" and have something left over for interest,
` depreciation and labor charges.
Likewise, before labor inputs were subtracted (but after all other input
items have been subtracted) all size groups had some income. As indicated
by "residual to labor" these amounts ranged from $269 on Class VI farms to
$12, 790 on Class I farms (Table 2). The amounts listed represent what is
left as payment to labor and management.
After labor and all other input items except management were sub-
tracted, only Class IV, III, II and I farms showed a profit or a positive return

 -6- _
to management. Class VI farms had a negative return of $787; they were
short this much after paying cash farm expenses plus reasonable charges
for labor and capital investment. Class V farms (farms with gross sales
of$l,2»00 — $2, 500 or an average product valued at $2, 247) had a negative
return of $228. These positive and negative returns are important in our
analysis. To really see their importance requires a graphic picture (Fig. 1). -
Here the ratio of the value of the total product to the value of the total input
is plotted against the value of the total inputs for the six classes of farms. _
A ratio of 1. 0 on the vertical axis represents the break-even point or where ,
the value of the total product is exactly equal to the value of the total input.
Thus, the horizontal line drawn at 1. 0 has special significance. All farms ·
below this line show a loss while the farms above the line show a profit.
In Table 2, Class VI. and V farms (farms with gross sales of less
than $2, 500) show negative returns. These are also the ones below the hori-
zontal line at 1. 0 (Fig. 1), and they represent 49 percent of all commercial
farms in the Economic Area VI. The fact that these farms show losses does
not mean they are going into debt or that the farnilies on..the.rn are starving.
It El`o`é's"1ri=e an that they failed to make cash farm expenses together with ‘
the conservative wage ($947 per mature worker) and investment costs which
were charged against their labor and capital.;] If the farm farnilies on these
small farms (Classes VI and V were entirely motivated by profit they would
either increase the size of their farming operations or transfer their labor
and capital into employment other than farming.}! Economically, the losses
on these farms mean that the labor and capital employed here did not earn as
much as it could either in industry or on larger farms. The positive returns
or the "p1us 1. O" ratios on the larger farms (farms with gross sales of $2, 500
or above) mean that these farms not only earned enough to pay for all inputs
but had something left over.
Economies are associated with increased size
By connecting the values for the various classes of farms (Fig. 1) with
a broken line, one can more readily visualize the economies of size avail-
able to farms in Economic Area VI. As shown, the economies of size -
(average efficiency) increase sharply from Class V1 (with gross sales of
$250 — $1,200) to Class IV farms (with gross sales of $2, 500 - $5, OOO). I
Class lll farms were actually most efficient of the six classes of farms. .
However, there are logical reasons for believing that the value of the total
product/value of total input ratios (Fig. 1) underestimates the average effi-
ciency of the large, specialized farms in relation to the smaller, more
2/ The $947 was the annual average wage for hired farmllabor inKentucky, 1.949.
4/ Of course, money income and the goods and services it will buy is only
one of the goals which make up the complex of family satisfactions.

 -7_
O
O
Q
O
c•-* YT
I
I
O G)
I O aj
I Q >
n ,*8 2
I S
I Ig Eg
H
' Q .2;
I maj
I *53
' Eg EE
Z gg gg  
{ °".= Eg
¤ O2 ve
I 33 (3.2
• 8- &‘é·
• Ig Ogg
“m
{ O'- an
w- 9***33
.:1 (DO rgmbg
I Qm HE
• Q2 2*.*22
I I U j§""“’
• > 2"6‘:H
I • g *:;:33
I : 0 g;§;
•El Q Egg
I EBU
· 2E “i€u$
• O Ea'
"I>4 8 0c:D
I1; *5;*

*   o E
\ » 3, g
, \ 4 ` Eg`;
:::1 EE`.
- I- A gm ¤·
‘| mn}5 *9%
, hh: 4-J
n E -5*
` U   (D0-?
• O·- ‘5>
` ‘E; Og Em
I   JE LSE
X B  
  {H, gl; T3; ‘
s *0** $8
•• Q ·;¤,`
`•[>| 3 2.;;;
O 3 •_ O; gg?
_ _ ` O__ +-·£.§
N ‘ OE T’».J¤7»
‘ § K; 0)
” ~5¤ B $$3
Shidlq Q • Zjgg
“n <> @23
pg O O >Um
Xld . Q gg?)
}0" "' •-· U
an **3.
I¤A an 23*0
· ·.*.g,·;$
’/Pap? O §»¤._
Va Q Egg
n|¤A H2;
.¤@
<\$
*2}*
@=·

 -10-
PRODUCTION AND RESOURCE COMBINATIONS
Before we examine the reasons why incornes are much lower in rela-
tion to inputs on small farms than on large farms let us see what the dif-
ferent size groups of farms produce and what resource combinations are
used to get this production.
Field crops most important source of income on small farms
The two most important sources of income on commercial farms in Eco-
nomic Area VI are field crops and livestock and livestock products other than
dairy and poultry, except on Class VI farms (farms with gross sales of $2.50 —
$1, 200) where field crops along with home-consumed products are the two
most important sources (Fig. 3).
Income from field crops for size groups of farms varied from 17 to 53
percent of the total and tended to decrease with increases in size of farms.
The relative importance of income from dairy products varied from approxi-
mately 6 to 19 percent among the classes of farms and was highest on Class
IV, III and II farms. The percentage contribution of home-consumed products
to gross income declined steadily with increase in size of farm. Poultry sales
were highest on Class I farms.
Income from livestock other than dairy and poultry increases with increase
in farm
The relative importance of livestock and livestock products (other than
dairy and poultry) as a source of income increased steadily as size of farm
increased. On Class VI farms these livestock and livestock products accounted
for only 19 percent of the gross incorne, whereas on Class I farms they made
up over 60 percent of the income.
To get the complete picture, we need to know what resources were re-
quired to get the production for different classes or sizes of farms (Fig. 4).
The percentage contribution of each input or resource item was based on
the estimated annual use value of these inputs or resources. Thus, the an- f
nual contribution of land. was estimated at 5 percent of the total land invest-
ment. The annual contribution of labor was the number of mature workers »
times the going wage in agriculture. Capital includes cash farm expenses,
interest on buildings, machinery and livestock investments, and depreciation
on buildings and machinery.
Percentagewise, land was about equally important on all farms, irre-
spective of size. For all size groups it made up a relatively small portion
(11 percent) of the total annual inputs.

 I-:
ni
GJ
‘ ’ • * ' * ’ * ' ' • * ’*** * ’ *•‘•··b‘•·•·•·•·• • • • • • •   IIIIIIII·I.II.I·I.I.I .V.-. I.I.I.I.II.I.I.I.,_.I.I. -,.»...... I"
E _ I::;:::::::5::5::::::;:::}:$:2•§•§•§•§•§•§•§•§•§•§•:•§•Z€ `E¢E=E¤E¢§ZE   4}
‘ _ . • • • 9 .•.•.•.·.•. 5$5E5E5E5E;E;E;i:5;i;£§i§$§$§;§;i5EI5;E;E;55E;E;£5E;E;Eg¥;E;&;E§§§i§
QJ 9•°•°•°•°•O•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°••• •°• • • < -2-2·:·:·:· ;2;2;I2;gage;z;z;s;s;zzz;I:s:;¤;&;&;2;2;2;2;2;2;s;2;z;;¤;2;2;z;I; 0
FO 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O O O O O O ·.•.·.•.•.• ;:I2;.I2;:;:I:IcI:I:I:-:‘:~:=:=:¤;‘;=:=:=;¤:r;:;==;I;r.:;:;:I:;:I:· qq
J: I » • • • • • • • • • • • • • • • • 0 0 • 0 0 0 0 0 0 0 0 0 · .... . . III.I.III.,,,Z.;I:III.I.I.I.I.I.I.II.,I.III.;.;.,,,..,,
Q 0.0.0 0 0 0 0 0 0 0 0.0,0.0.0,0•O•O•O•O•O•O•O•O•O•O•O•O•O•O•` •Z·Q·Z·§·Z· .5?=5=E¤E¤E=£=5-Bri=S=Efiri€§€;?;?§E;5;E;E;E;E=E¤§=§===E¤E¢;=E=E‘E=E .-4 E
O>•vO`• O ' I•:•:•:•:•:·:.:•:•:.’.;•:.’.°,'.’. Q3§;§;f;Q;Q;Q;j;{;{·;;j;I;Egg;2;:-:;;;:_:;:;:;;f;{;Q;E;{;j;I;$;Z;t·Z;Z;$;.5;:·:5;::1;:;::3I3;.;:;';.;.;Z;Z;!;Z;:;Z;:;2;:;. bl
... <{"" °•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•°•O§   s§2§;§2§;§;§zgIgsggggggégzgzgsg2§$§2§e§I§2§;§;§e§;§;§I§;:;2;&;2§2§2§¤§2§2i2izi¢§a§;§;g;;;§;i;@;2;2§&;&§2§I§2;s§2§z§s§s§s§s§;j;§
    O O O •   O O • • O • • O • • O • • • •   • • •°•°•°•°•°•°•'•°•°•°•°.'•'.' I5;:;:;;;:;:I;;;;;;;:;E;j;I;1;i;i;1;Z;2;.;:;j;,;;_;;;;;Q·Q;:;I;Z;j;f;Z;3;.25,;:;:5gi3;;]:;Q;Z;Z;';Z;I_Z;Z;Z;:;:;:;;;‘;;; ¤
N  ~,._ . O O O O O O O O O O O O O O O O O O O O O   ‘·'·’.°.'.‘.‘.*.'.'.','.•,•.•.•.• gg;:;:;:;::1;:;;;;;;;;;;;;g;;;g;g;g;:;:;:5;:;:;:;;;;;;:;;;;g;2;;;;¤;:;:;:;:;:I;;:;:;.;;;:;._;g;g;;;;;:;g;g;:;:;:;:;:;*;:» ·¤-I
*   O O O O O O O O O O O O O O O O O O O O •'.°.’.'.'.°.•.’,•,•,•.•.•.•,•,•,• .;.I.;t;:;:;:;:;:;:;:;:;;-;-1-;·;-;·;.,2;¤;r;:;:;:5;:;:;:;;;;;:;;·:»;-;i,1;¢;¤;1;:;:;:_2;:;:_:;._:;:;:;:-:¥:»:I;2;¢;¤;1;¢;:;:;
O _I  {III, ,:•:•:•:•:•:•:•:• >. •:•:•:•:•:•:•:•:•:•:(§ ,2:2:2:2;2;¢;Z;Z;Z;!;Z;Z;2;1;Z;2;Z   VI
··   • • • • 9 • • • • *- • • • • • • • • • • •\ ·Z•2·Z·3·Z·Z·Z·Z·Z·Z·Z·2·Z·:·:·:·:· §2§I3I:2§I5I5IiISEiIIE222§2Q2éQI§a§2§s§2§I§z§a§;§;€;$§3§iiéési&§z§2iz§2§2§s§2§2§s5sé;i;é;i;&E2‘Z;i§2§I€1§2§:@=§2FI€;izS2€z5.é Q
·•- uj   --: bO•0•0•0•0•0•0•0• *··‘ 0 0 0 0 0 0 0 0 0 0 ·\I•.·.•.•.·.·.·,•.·.•,·,~,·,·.•,-,•,~ ::;;;:5;;;;;gI:;:I:-:;:;:I.I:I:;:;:;;;:;;_.Iq:44;:;:;:I:I:IcI:-:I:I:;:;:;.;;;;_I·;¤;=-:I:;:;:I:I:I:;·I:.;:;·;:;:5;;;;;;I¤I:- E
I r . Q O O O O O O O O O O O`I‘.°.·.•.•.•.•.•.•.•.·.•.·.·.·.·.·.- :2:;:;:I:I:;:§:§:}:;:3:§;5:;·;:=;¤IS;r;:;:;=;¤§=j:§:$:;;:3:5:5:;:¢:¤;I=;¤;:;.I:2:5:E:£:;.§:j:5.1·;sj:=;=:;:‘;‘;r;=;:;:I.§:-:
U Z5     s:•:•{•{•Z•:•:•Z• C3 •§•§•§•{•:•§•§•§•§•§¢\I¢:¤:2:¢:1;¤;¢;¤;¤;1;1;1;Z;Z;Z;1;2;.   ’·*
D I  . ‘•.•.•.•.•.•.•.•.• •.•.•.•.•.•.•.•.•.•.•§`It2:2:2:2:22rZrZ·Z-2·Z·Z·Z-I·I·Ie i5fIfSisi2Ei5E5E5E5EF§5§5§5§¤§%§&?5§$?2¥I§2i2i§?i%2i§5EF25§%E§i§5§5§:§2§&§2§2§§§EiEi?%§§§§?;§§§§§§§;%%§1§i§I§2iI§5;a§§§§§?;§;§ J2
'U un 'U
Q ·•— I : I I I ID w-I
L O . __ • • • • . • • 0 • • • • • ` . . . » . . . . . . . . · · . . ·   .,,.,   .,.._,____   I.....,,,,_   ____ I, m O
4;- 1 ,. • • • • • • • • • • • • ·`I;2;I;Z;Z;Z;I;Z;1;2;2;Z;Z;Z·Z;Z;Z; 2;;gi5;gig§2is§=§2§z§I§z§I;a;I§;;e;;;I;i;i;§g§2§2§s§s§2§z§s§z§I§a§;@I;;g;g;2§2§si2i·§2§z$1;;I§I;z§I§z§I;a;I;¤§¥52é2§Ift%2;:i2i2;§zi:[e;2§z;I;:gz:§2§2§2§2i:é2§é2€25ziz;2§2; gp
0* N .-13 9, •°•°•°•°•°•°•°• >` °•°•°•°•O\;·;,;-;·;·· · ··;-;-;·;·;·;·;· ;s§s;e;;;I;§;§2§2§sis¥2;2§2§z;I§z;e§I;;%¤;zg;2I2§2£2§I§a@a§z@2§s;2§z;s;sge;é;§5f2é2é@§252és;ziziz@z;z;z5II55525éfeieiisg25=;2§I¤§·;2};;5:5;;eg?Sifei»§2i2ésis;2§a§z5=§z yy VI
_ cu 4 Q   •§•:•§•§•:•:•:• b :•:•:•:•:§;2;T;¥;Z;Z 2;1;Z;Z;2;Z;¢;f   ¤ IV
0 I0 `“ Ei. • • • • • • • • "'“ • • • • ·\·Z·2·2·Z·2 Z·Z·Z·Z-Z-Z·Z·Z 32§%i&IeieéeéeiiéiizzsE;525@i;%é§é§e&:i2é2$2$s&2;?;5%;% `‘‘‘‘‘ IIzésé5;¢§%§2§;§;§;£;F;52¥&é2%=¤2¥:&I;s;e2£522%%;§§i;i:§&§2i&é=$=;=2¢%e&I5sii;z;§;§§E$I&é%é:é2éei2&s ... ”>
.•.. . $0* gg ••0•0••••••••••» 3 O•O•O•O•O§ 1-1-Z-Z·Z· Z·Z·Z·Z·Z-2-2-1 $52525Ii;I;E;·iI;E;5;=&-E¤&:£:s€25;€;E;i55;5;E;E;E;S;£;E W 2E;E;5¢E5§5£5£;¤=§=II2:25152’;I;5_E¢E;J;5;£I$;¤-.;2:2:&€I5IE.3:zi=5-E;E;E;qi;¢£¢Z=£¤$$;5I5;:;<;E;5 Q ID
O I*   •:•:•:•}•:•:•:• Q_ :•:•:•{•§`:§:;:;:;:§ :§:§:§:§:;:;:;:°     2
I- **8 q GJ}? °•‘•°•°•°•°•°•• ••••••.•;§2:$:¥;izi:-:¥;¥;¥;¥:2;¢;i;¤;i:2:i   ». 225;iis55;i;éI2§§§&§é§é§s§2§2§&§IEIéiszfziaég§;2;§§%§2§&§i§i;éiéiii;éif;€i§;I,é;ij§§%§é§€§i§; >_ U "`
`;   0,0,0_0_0_0,0,_0  5 ` ,0,0 g 0 ·5•.•.•:.•.·.·.•.·.j.j.j.j.j.j.j.j ic;:5:=:5:5555555552:;:§:$:§:§:¢:5;§;¤;;:3E5;5E;Eg§;§;§ Q ;E5E¢5=I;’;E;£;§;§g§;;:§:¢:¢:35:;:¤;;5=E5E;Egicici;fg{gig;:;;;:3;·;:5E¢;355E5E_E=§;E;Eg§g§:§:;g§;3: D H O;
**5 (:3 I _: I I ·¤ I g g
· STKE-  A ` O O O O O O ‘°' O O O ` I•Z•Z·Z•Z·Z·Z·Z•I·Z•Z•Z· :£=£=&riri¤E=E=i¤i¤i=E=Z=E¢*=:=E3E=E=;;’¤:;:9:;:;:;:;i:i:&:I·§:_c;·£:Ez`·€=i¤E·.¢·¤-·:;;=·-:‘E¢ _ 9:I-::I».Ic·.I.I.I»—.I-;.-II:-I:4-,;.;·:-:;·I:I:,:I:_:I;,II;.;.,.;.I .·... ·.»;;.;·..I G) O"
(D ID 3 gzfiiazf :•:•:•°•°•°• I. •°•°•§-Z-Z•Z·Z·Z•Z·Z·!·Z·Z·:·; ieieiiiééiéiééiiii5i§€§§;i=§§§%=§i§i§=i§;¤§2QIiziI&2i2i2i2i.¥i·€E&€2;Z?&Ii%¥§€i%ié§5?@2;QiE5§ii   2§*=¤i2i2’·é::i‘;%§&¥&I%Jai?;’f5%12§Q§§2iIiI§I§¢iifI;&IZ§¤§iI2ii¤§Ei%;ii;§§;??i§§§§2§2i2i=§‘ N 4.» "°
" »’\=’¢¤»»  O O O O O *•'·'·‘·°·‘-‘·'·'·‘·°·°- I¤i:i¤2:E4=i=E=¥¢E-1=;‘;¢:=.¤:;:;:=:-.=:¢·;:=;:¢:I·§:¤:i:&:Ec§.1:E=E»E=i¤E=E¤E=I=;¤E¢:¢.=:=:;:; LL =:i:i:i¤iS.i:¢¤I.-i=‘¢E¤E».;=·=.‘:‘:=:I.-:¤:;:I:=·$:2:¢·§»§i·¢:¢.*¢I»€¤%=;·¤¢.¤·=:=·¤:·:=:":;:
j .. .‘_f(-);Y!p¥!I$ .•O•O•O•O•O•O q) O•O•O".‘.°.'.‘.•.'.•.•.*.·.*.I:~:I‘_:;:;:;¢Ig;;;»;g;:;j;j;{;;;;·;:;;§:5:_:{:;:I,;:I··:;:;:;:I:_=;5;.;;r;;;=;;;;;;;g·;:g;;:_;; ;.;·:;:;:·¤I;j_j,:;;:;¢·;-$.1:;:;,§:~:;:;:;:I:i:;:;.-r-2;:;‘·<;»—¤;;::1;g·¤.¤.{:;:§·§:$·§·;.;:· "" U ,,
... 2.: fIr%e_  0 • • • • • 5 • • •`Z·Z·Z·1·Z·Z·Z·Z·Z·I·2•Z· 2%2§2§ai2i2§I§2=2;2§%;&¢2;i;i;=;&;5I5Ii;:2:J-5;%ai=iI`I€2i2’Ii2§=§2;z%I;2@2;22;‘;2;2;2;i;%;€;&;.I.I.I ....., ..35225232%Ij=§I;I.I§.¢;I;;;=3-I=i;‘·==1;é=&·iiiI€a.2€?1iI;=§=§i2‘.·¤;2,;I·I·5I=I`=&GJ;s%»5I€ (J) SI
O O hi qiailgyyig f•O•O•O·O•O• 6 •O•O•§,:,:.:,:,•,•,•,·,·,•,-,· ;j;;-.;;;:;;:2;;-$3;Ii;gg_;;g·:·:;g;;;j_g,g;.-g;gg;g;-:·:;;;;;;;;EIEI;;IIE;E;II-E;-;·gggg;gg;g;:;;;g_g;j;g·:;I;;;»;;gi; I-I;;_;j·I;;·j;:_:;g;g_:;·;._g-II.;;;g;i·I1;II;-It-I-j;;;t·g;;;:;;·: rc (S
•· 1-   • • • • • • • • ·.·.·.·.·2·Z·Z-1-2-2-2-1 E1?2?2i=’2§&;i;ii1;31i;iI1;i;¤Iiz%;€151iI52332*2*I·22%Iii;€2%$52?2%iIE;2;i;%=5;:;i;i=3·éIiziz:I*e*z%=%2525212iZIi2€211%Ii2·II;@i€I&I=_-I·’I1;i·1;:a’2€;i=i‘5;5I’z’IP2i1i-·2‘.IZ§I=»22-€¤.I·¤;1=·=:éI°-#2
QT Qi ?*€~?;°*=;. ISE- T 4-I’I:2:€ ?.jEZE;€E i.I2I2§I§é%€:;&e1a.=€eiz =€·5¢%ai: O ug
> Qi EIS?-1 ’•••°•°•°•°• x •°•°•§·I-Z·:·:·Z·:·:·:~;·:-;·: ;é=iiIiI€z§·§a§;;a§?Ii:§=§2§2i2§1§1i2i2Q2;2§I2;==2;&;&zi;%;€;:;%IiI%<§·ii;;;;I§;§I§I§z§2§z»=ieiziaiaiaiIi2;2;I=1·2I&¢@I2;r==eéia-=§=€;§=55Ij2§a;¤·;iIQ,I·.%:;1;‘;;I2;gif-&IgIi;Q=§1§.¤z;§2;I§zi2i-QI; E I—I CII
ga if   ’•°•°•°•°•°• Q •O•‘a`1·1·l·Z·Z·:·:·:-:·:·:·:-¤i2§=§&¥iis:z.;éaieizeieeeai;ievéII%==2¥:5I%=§=ZziIII}?If2;@12%22;IiaéeéI=a&;iz=I&I%¤:25eiIII55Ii:2512@2;2%zi:Q1;IfI?Ietees;2;¢;&;iI¤ziI:=2:2I&=%¤-2-·III%I;a%z;I •°•O•O•O-Q·:·;-;·;~;·;-;·•· i§2ii§:;z§2i2§1§2§s$ ZIZI%;%I;I;J;ZIi‘2’.€2;;I§ fit;QIQ3a§IiI5.5=5z·;é>e_»§¢;2%¥I€=;2%=:2§2§*=Z—5·5i I: 3I.§=Z;&j.Z‘iZ§:§1§-‘2‘I§-§Ii2;IQ·5;iI;5si Ti; 2: §IE&;2%"1;2§@;I;;§.=-.2‘¥—’¢¥2¥=€I.s5*=I§5`¤§ ·.,., U}
I\ Q. ,ij;{&§E$_¢;·;··{4~1]!- 0 0 ··— O O O O`·.•.•,•,•,•,•,•:- .;,1;;;¤;.;:;¤-2:§:§.§.j.§:§f:¥:‘:§;:".‘-¢;‘;`¤_:;.—’_¤_‘b§:¥·.¥::zi·‘;2.1:1;·;I;¤;1;1;’;:·:$.§r§:,‘?:E:i:¥:i-·-:·`-;‘,I;»·‘;--:2.."‘*Q;._‘:-··.*;:¥:¥-·¤:-:‘·»;f····E¤£i;*1;¢2.E¥1:.E:`.` •
> Q  .' ¥I"=r{:$-¤i;*?Y’i!   ’•’•O ..1 %O•O•°¢\+1-:-:-:-;-;-; PiiiiféiziI52;%5IieiII2#5I:I5;ie2Ei;GI=:2Sei2;2IIF-**252?.€:€2‘;€.¤i’¤§:I2`2ii2i:%2¥25.=2·2%2saiIS;iiIE=;2;iiQ2;ISIiiTiI:¤:II‘—i¤Ii;I=I@_¤;JI=;-§2_zij:§=I;§z:zi=i’%2%2’I&Ii;IeI;=I¥.=.;&f2;2iI O
< N @ziI;$‘%%¥*v#$iI§¤Ir2i?*:%;—I ’•°•° . °•°•°•°¢\ !·2·Z·i·I-2·Z·Z- EEIiiii?iii?%=ié£éifiiéi¥?5€@i&=2ifiiii2:5éiéfiiiiQ%irz¥?=ifiziiiiiééééii:§€i¥I%:5?z¥€ei2éEii£%is2%Q;5*@3ijé;§%3=é$é%z%%e?=%;=$s&¥ée;§IiIiiziSIQié.1z2iEEé*iffEI-5I&~I*;z;i$§;iie;I¥Y;i;iiI I: ID
,. eg -¥a=Q}»i;:: ¢·_<‘·-W5¤‘¢ • • 0 • • • •••••‘§ ·2•Z•Z·Z·Z·Z·i·: ·2;¤5;2iI5s;I;2%¤§;§2319;.;S;::2=.;$;2;;I§s§=;z;§I§s=I55;:;:;ie£;i*2;$;2;@52;I§=;2;iI§;§z5z§;iz§III&I&=I;I;é_5¤2;.;;z§Ii2;2·2§I§;§I;L§I§;;=I%~-;2;¥;¢;:;2-I 2s:I·I;¢i22I{QIIg,5I:;‘;$;:I$;2»I@r2;2;I;= Q
N #:§I$1I‘i+I;T‘-f'§‘;¤.§$Zt€ . b°•°•°•°•°•°• • • ` Z·Z·Z·2·Z•I·Z•I• =Jfi2¤¤’¤i=iz5.:;%I:*;5?i§3§&§2_I¥2F2i¥2€:=I-s‘2:I525=%;BQ€;5§*$·S:2·$=2=2°2i2¥¤i2·23¤:;iz5I*%Ii#;i?E'2¥Si&=2i2€..¢.if2%2‘;.zISI1I*;1;&»Z¢‘¤.;;f2`2%’i2i22%*:;5.5IZ·:;:_‘.2·Z·Q1I§’¥‘·I¥.¥‘Z;3?2i‘52¤25 O ..
·,~_·,·   ,v I 1 · , • • • • • ¤ • • ;-,;»;-;.;.;._;.-.;. ;-;-:·;-:;»;»,,;;;Z·Z»`·;-Z»:-:-‘·‘:·:»:-·-·;;·;·;~;-·1-'·I·ZZt-$-$·‘-’-:-:.- :·- ·¤;l;'-»Z··. ·Z·1-· :-t-  :·  PIII   ·•-O
-5* N"  Ifcéi »s:T¤?x"I • O • O O • • · • °•'•'•'•'.'.'.°. :2-;I;$·2;Z;1;*1;:;:;:»:-:-,·:I:fz-,1;f;'_Z-1I’;!;Z_1-L;2;:_2;:;:§;fi.F·1:11$3Z;`;l;i;Z;Z;:;.;:·:;:;:;:;·:§;§;;;;i;-;I;Z;.;1 ;‘;Z:·._:t,;:_:_·I.   ‘-;: ·’·:»:»·;;;:Q·§;{;Q:··j;;·i·__
Q ,<§_··’€vg;I,,~—."r\LjI·~.sqsvfy   ·',',‘,•,•.•,•.•. IIZ-,-‘-‘-:·;·;·;»-;';';I;I;I,';Z;';1;I-‘·:—1-.:-:·.-:-;·;··-.;»;Z;`;Z;1-.;';Z-1_1I·;·.·—.—:;3-;·_·;;.;-;I_Z;Z;I_.-.·2-.--;:·-.‘-Z---;;Z;iZ_,Z," '·IZ.   O') Q)
.>.;¢’=*·$—J£i>};¤#Tg5·k4‘ • • • • • • • • •   ;i1§I§2§2§2§-§:’¤§z’z%¤5&;::3·Zzi&;2¤2;·;ZQ$$2{Iiis?iIQ2}$I§;i:i;‘=&;>S;5;Z;@,;§§I.2§.5I’2:2.IQ.5IIi;:;¤;.;2;%:I;2;¢;=§2’¥I§&.zZ:%2;#2.i2Z;:=:;:·€¢ I_‘· =;==.;%;¢jIiI§g2IiiQ»`1III;,;‘;€¢€é;:*;£Ii;· ‘*‘* U
. ‘ · `°  ` I ‘ ‘ - `¤·’ .O.O.O.O.O.O.O.O.OI§ .*.•.•.·;·Z•LeZe I.*2*:2':··i·¤;‘;1‘E¢i¤jF¤'-`¢¥*:¥:¥·¤:i::iz¤:¤:·:1:1.¤:·:i;¢;¤-¤E¤—¢`.i:¤*:¤:¥:¤:¤:.‘.¢:1:¤;»:i-=E~2‘*¤I:E¤Ei:§:*:¢·§:‘:`.`·j:¢22:;£¤"C·**;.¥.j‘E·j¤¥.»:j.j:¤.¤·-·’:¥·¤-j:j:¢;;;;; =E¤i¤`¢;.1:;:§ U) H
I I I I O "
  I I.,     . I °—· 0
  .•I•Z•Z•Z•Z•Z•Z•Z•} Y EZBEZEZEZEZE ‘¥?§2§%‘i%%Z*¥€§iiii-is=%‘SZiaiiii?iif¥2Zf§??§eii*iif?2%2i§%?i@%i=i§2%§¥§=I?I§‘jiI.i·ié;-2;;¤=’;FiII?iiI;z_I=:$I;I2¤fiJI1I&;% 1;; E U)
‘:¢·¤?:4*Z‘I*·.r>gv:>¤··’·I;Y;I;¤*,¢>¢}*r?;y?g>>s 0 • • 0 0,0 •••••,   I.2·‘§*§¢=%Z€‘F%f=I=%I»¤‘.2%5I%I’Ii.%’5=.I;5·5·¤==i·2··?%iI=2€I=.:¥.¥-22‘:i.-tl-w*I* §::I·*i·I.Ii’E’ZI"‘ZI.?E$E .‘»I- ¤·;-22.;;% ‘=i Q "
Q) tZ·;x,·->,rf£g)=·;1*}z;g.—2g{.$,jEe*I?,~·»<.=.»gj~  •O• • • `·;·:·j·§·j·j·—  .·._. ;£»I;Ij£»£,.;·{:I:§:i:¤.§gj;.;;;¤II;;={IEP¢·;;;Ejg£j»g§_£;j;{$·;·§;I;I_j»;::2-:-, .2*I¤··E:I.¤;¥;i.ij;’g¤,I·¤·¢;§¤g¤I: ‘~‘· ;;E;5{-.¢¢l
, 2?’§$‘l,{$·}ZR¥ -.:`$7:(~ ·'I€4‘,}—i;;\?;.·S?·',‘3§>T%I .· 0 0 0 0~0 0 0 0 0 l I•.•.·.•.·.•.• Erirj..¤:§r;:f·Lf:§:§:§;¢:j.;¢:¢:‘;--¢—_.‘ f::··§:§ :‘:¤:¤::§:§.;:, »;5;:‘.‘·”‘.r¥ E.—.;:;¢_·[:,  ‘   .‘;;‘  :'.I§·j:· U
N   · ;,~¤.·q·4§»7‘¢;¤Z";r.’$;;.·;:513-·,¢‘;·.;· -;>;§,,‘  0 0 0 0 0 0 0 0 0 ‘.·.•.•.·.•.• ;·;_;;§‘·’:;;··:.=~; .;igij1»;};¤£1;·:·_,;:j·’:—hz},sq5.2-{.1I_·_¤.;.·=,;¢:£._·=  :5i..j.¤.¢3IZ»Ej{;E.ji:E¤—1:ij:£·i.‘· ·
 ~I.wI.~..¢;II,II.·Ix Inu  ·,t.,,¤,IA·-  • • • • • • • • •   ·   ...I- II .II,..I -I..I.II...I.II ._.I.-._ I I·I..   I..I...». II I_.» I--I.  ..III.I .  .I.I-I I,·I IIII  
’“' _I Q. _I_._41;€ L=,•~TfQ!’."_ig._—;·—l‘{*'7—,_ },Iv(;;/. · • • •·• • • • · • ••• • •_• •'• @2;;,;II-.;:;:4:;.,.3.;*;_,_,_I;;;,;·;;»·n:;i;I·.-:·.;ZZ;i_1;‘-;·;-ly;,‘y_;;·:;·;   ' ;;1  .;;,1-,;;_;    G) O`
•~ #531 .*n·.7‘r{‘·#,g$·.f·C§*· U`! 6;}·?*·.:;_.1·;· ·IJ. 0 0 0 0·0 0 0 0 0 * ·,·j·§· •'•’· z;I·;:_¤5I5;-I¤;¢.;;Ij;;I;,;_:;gI::;·I: -··. ..;,:;;;·_;·:;;g;;gj;:~:···I.:_:-:I.-::;_. ;c  _I ._; I,:_ .,,_  ·:.I;  DD
-— I ·;¤,¤·;·1I\y, |If,),;.» $}€g·-’)(\§f}· _ Z}:1y,;:n:';§; O • O O O O O O O' ._•~•••_·°•:•:•  ;I:‘_:_ ;,f';;:·:I;Z_.`-1;};I·:;;;·:;:v_·_:I:Q,§;‘·    ·.‘;- :·‘ y_‘_: ,, if;_·_·j;I {·;_·i·-;" ¢
I N, ag I ,4. ·.,.,I_s,,.I.,.,,,>;,,,,;,¢,_ 9 • • • • • • • • • .... · ...  I I. ,I.,I·, -I,_, ,,._ ,%,..2 ,I.» :,0 -I I-I_»_   ._ II __II_I_ -- I_,_; __ _,.,_I.I._ I_I__ Id
`ég  ;.£’IYI@7}¢Ib¢'·‘§?i·Z.**=*‘¥°;,i`{'+‘¤5Id;_·{;;j __ _j` .j§;;;:E';E_;v_:;IZ    I   - Ii: j;:_j_;;’j`:_-I:`:_`_I.5If:E:;.E gig  E **|
u >~
O O O O O O M #4
· 0 oo no