HONGKONG AND SHANGHAI THE BANK OF EAST

BANKING CORPORATION,

HEAD OFFICE MONGKONG

Issued and fully Paid up...$20,000,000

ASIA, LIMITED.

HEAD OFFICE: HONGKONG..

Yass Road Central, Hongkong

Authorised Capital

$50,000,000;

10)

Paid-up Capital

Reserve Fand 61024}).

Authorland Capital

Reserve Fundin

Sterling......V,300,000

Silver...$38,800,000 -

$30,000,000

Rosarve Liability of

Proociotors.......

COURT OF DIRECTORS:

G. M. Toung, ExqChairman. EL. P. Waite, Baq-Deputy Chairman, W. E. Ball, Kaq.

Lang..

Hon. Mr. A.

DG. M. Berard, Eaq. W... Patien enis. Beq

H. Compion, Bag 3. A. Flumer, Esq Hos Mr.P.H. Holyoak T. it. Well, Baq

CHIEF MANAGER::

A. H. BARLOW, Esq.

Manager:: Shanghai---G: H. STITT, A84,

LONDON BANKERS,," Westminster Bank Ltd.

QUERENT ACCOUNTS opened "in LOCAL CURRENCY FCED DEPOSITS Teceived: for oneƐ year" or shorter periods: in: Local Currency, and Sterling on terma which will be quoted

application..

DIRECTORS:

$10,000,000 5,000,000; 1,200,000

Kon, Sir, Shou-son Chow-Chairman. Hung Ping Shan. Mok Ching Keur

LI-Koon Ohun

PE KWOK

Na Ohing Lak

Fong Wal Ting

Wong Yan Tong

Buyuh Tall

Kan Ying Po

Chan Ching Shak.

Every description of Banking and Exchange: business transacted Losse granted on approved securities

BAFE DEPOSIT BOXES to let.

KAN TONG PO;

Chlef Manager.. Hongkong, 8th February, 1925

"行銀工法中

BANQUE FRANCO CHINOISE

| di

2

THE CHINA MAIL.

COMMERCE AND FINANCE.

SCARCITY.

to which he has chiefly devoted himself Mo can only inalat on the need for quantitative statement, and refer the render for its work ving out to his larger books.

A Fundamental Thought.

Professor Casael's "fundamental thought" in economies is. the

Ex

HONGKONG TIDE.

The tide table given below has been compiled at the National Almansa Cross

London from the result of the" analysis of obszy

afloku szvations, jaken.by/means! of an automatie tide-recording maabine Tani during the your coresponds with in the Water Police: Basin at Teim She

1908-9

The zaro of the table

To obtain the depth, of water on the tide gauge at the Victoria Naval Yardı add feat. 4: inahes, and on the gauge at Lamont Dock, Aberdeen, adu 10 Zeet

One object which Professor

the Eara of the sounding in the Ad- Cassell has set himself is to make miralty Chart, which has been found to thought of scarcity. which he makes as complete as possible the scienti-be 4. feet 8 inches below mean Den-level. the pivot of his whole system. Rc divorce between athien! and What gizes

uny commodity

economic considerations. In moat price.? Not, according to theories of value, there is at least Professor "Casscit, its cost of pro an implication that capital, and inahes to the height given in the table. duetion, or the labour incorporated fabour on the whole gute under the In it, or its total or marginal utility.norma working of the present By- but its scarcity. What is thetem, roughly what they

are

February 12 to 18, 1926,

LOW WATER

| Hongkong. Standard Helga Standard Height"

BIG WAT

Tima

b.m

19. 201

384

||- BAD..

12

29

raison d'atre of interoar? The "worth," not only in a purely econ scarcity of money in relation tomic, But, also in at least 2 commodities. Thus, in one sphere semi-ethical sense. Professor Cassel after another Professor Cussel cuts cleanly away from this view: substitutes "eareity" for other for he makes interest and wages | factors as the central determinant the results of scarcity-which is ef economic phenomena, The

not a moral concept and not of r doctrines, perhaps, are not always the value-croating properties of greatly changed by the substitucapital or labour. This treatment and

tion The "enreity theory of does not, indeed, dispose finally of money" is only the "quantity theories of value which have an Mon, 18 theory" under a new name, the othical as well as an economic Tum. 10. "searety theory of interest" is only leaning... But it cuts the theory of wedi a name for a theory long laid down prices away from them, and thus mar. 18 in economie text-books.

renches, a result which Marx. for example, was groping for in his much misrepresented third volume. Professor, Cassel's second fundu

Hongkong,, 20th, May 1925..

pour l'e.

נו

¡Commerce et L'Industrie. (Incorporated in France).

5.. Chater Road, Victoria, Hongkong, HEAD OFFICE: 74, Rue St. Lazarej

Park

Im dealing with price and value. however: Professor Cassell makes a İmero distinctive contribution of his

HONGKONG SAVINGS BANK THE business of the above Bank it sonducted by the HONGKONG AND SHANGHAI BANKING OOR RCBTOP 11160.000Cwn. His aim is to make mental thought is that a sharp PORATION Rulon may be obtainedSpadal Working Capital... Fr. 50.000.000 economy theory as realistic as pos-distinction between descriptive

on application.

INTEREST on doposita in calculated

on the lowest balance during each com.. platod Calendar Month at 3 per cent, por'annum.. Should there ho no balance on any day in a month no interest wiN be allowed for that month.

Dupositora may transler at their #ption Balance of 8100 or more to the

·HONGKONG & SHANGHAI BANK to be placed on FIXED DEPOSIT' at CURRENT RATES.

For the HomaKONG: & SHANGHAI BANKING COBFORATION,

A. H. BARLOW,

Chief Manare.

o Hongkong,. 7th. January 1925.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE::

96, Boulevard Haussman, Paris. Subscribed Capitall. Fr. 72,000,000.00 Pald-Up Capital Fra 88,400,000.00 Roners Fund. Fra..39,607,288:56 BRANCHES:

Bangkok Batin mbang.

Planina

Dijon Bl

Fari-Bayard

Haiphong Banko

#

Hanoi. Hongkong:

Mengisa

Noamm

Papente. Peking

Pondicherry

Shanaani- Hingatiore

Tierstdin

Tograde!

Phora-Panh Yananafu

HANKERR

IN FRANCE Comptoir NationabilBasomp'a denis; (rodit. Lvonosis. Benue de Paris et day Pays-Bas, Arslit Industrial at Commercial Jacinto Generalia,

¡Capitali

Parie:

Thre 20:000.000.

BRANCHES

Ekon Mafiles. Batzon Halphong Hanni Paking

Tiantain Hurgha Canton * Hongkong,

sible, and to rehte it as closely as he can to the everyday phenomena of the business world. He holds, rightly, thay the theory of value, us Eit hai,been abstractly stated by one economist after another, interponer unnecessary. business between FRANCE Soolote. General Banque theoretical economies and business Nationale de Credit, Banque "de|practice. The economist often Paris. ot dom Pays. Bas. LONDON: Midland Hink BiG.

BANKERS:

NEW YORK. Javing Bank Columbi

Trust Co.

11

ries to lay down a theory of value in terms which ornit all reference * money economy, and them brings in money price as a second- Every description of Banking and ry vetor. This, Professor Cussell Exchange Business Tranencted: Corra-thinks, is a wrong. He does not.

pondents throughout the world..

A. ROLLIN, Manager. Hongkong, 1st December, 1925.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA

INCORPORATED BY ROYAL CHARTER, 1858.. HEAD OFFICE: LONDON..

£3,000,000 .......24,000,000

Paid-up Capital Reserve Fundi Reserve Liability of Pro-

.£3,000,000

prietors i FOREIGN EXCHANGE and General Banking business transacted, Comptoir CURRENT ACCOUNTS opened and National Recompte de Paris Gredit LyonnaiXED DEPOSITS received for 2 year

IN LONDON: The Kational Provincial & Union Bank of England

IN NEW YORK: _J P. Morgan & Cog French Amerlona Banking Corporation; "Gaaranty Trust Co. of New York,

Interest aliowel on Citrrent Accounts and! Fad Dapuita neoording to armngamont,

Every desorption of Banking and Erchange Basics transnated

A LECOT

Hanager. Hongkong, 11th Docember, 1925.,

or shorter period at rates: which will be: quoted on application:

A. H. FERGUSON,.

Manager. Hongkong, 15th April, 1825,

נו

economic selence and ethics is the only possible basis for clear think. ing.

Fundamental Thoughts in Econ omies. By Gustav Cassel Profes- ser at the University of Stockholm," Fisher Unwin, 64.}}

RUBBER OUTLOOK.

Caution Necessary During 1926..

Five or als hundred doga a day are going to the lethal chamber in Berlin since the cost of dog conses was raised to £3 a year.

"TUESDAY, FEBRUARY 16,

NOW I WONDER WHO THAT CAN BET

Very often this is your first, thought, when you recalva a ZZOGAAgI to call up: such, and such a telephone number. You can and out: easily from the Telephone Handbook which gives the numbers in the numerical erder. You simply turn the pager, find the number, and see who it is that has been calling you.

The Telephons Handbook can be obtained from the publishers, No. 5, Wyndham Street, price one dollar.

HONGKONG MARKET PRODUCE.

APPROXIMATE RETAIL PRICES.

82 29 12

32: 24

Capons; Small Capone, Large

Duck....a

Doves

Eggs, Hen (cooking)

Butcher Meat.

February 8 June, June,

· 1928, 1918. 1914.

Gfx. Chm: Clą..

lb..

30% 24. 192

Chicken:

Prime: Cut

#

20 Eg 12:

Cornod...

"

Roast

Br

Broast.

Soup

fi

Steak......

Steak Sirivin

Sausages.....

541

Tongue, fresh.

17

Tengue, corned

Hoad

Heart

"

of

Bullock's Brains 4

Questions are puł to us, says object to abetmelion: but this "The Strults Times." about the Beat Sirloin regards as an unreal and unnecesfoture and we answer them as best sarily abstract treatment. Instead we can, but no man can answer for jef formulating a theory of "value, a thousand rubber producers great he proceeds at once to a theory of and small. What we wish to point price, using scarcity as his guiding out now is that, in 1923, the in- [principle He is thus able to bring dustry has the making, or, the directly under his they those marring "off its fortunes in its own We have taken for 1925: phenomena of the sales of com-hands.. modifies "at more or less than thein the Agures of "paidi duży"" given by value, which other economist, the Controler of Rubber each have had to treat as exceptions to month and have added thereto the their "law." For the factors, kov production on the islands of Singa- eming these exceptions are them- pore and Penang, and the guanti- selves factory of a varying scarcity ties exported at higher rates

This scarcity. then. is not duty during the second half of the simple concept, but contains my year. In the table which follows segreitles within itself. Scarcity the exportable percentage is stated of labour, scarcity of capita in brackets after the total of the scarcity of the prime materiala month, and we may say that as the on which production is based. Malayan figures for December are on not available, we have estimated Careity of purchasing power the side of the consUMIET.

that menthe

very

Hump, Salt

Feet

Kidneys

Tail

Liven,.. Tripe

Calves' Head & Feet.. Mutton Chop

In the book, netting out

With regard to Ceylon, the off-. briefly the main points which becial figures for the whole of 1925 has elaborated in detail in his are available. We have ignored Pig's Chitlings Theory of Social Economy and latex which amounted to about other works, Professor Cassel is thirty, thousand gallons. The almost inevitably driven into con- 68,639 we state as exportable fa siderable obscurities of statement. 1926. is declared standard produe- THE BANK OF TAIWAN, LTD. His theory of price, for example, tion, and us. we believe it to be in

(Taiwan Ginko.).

can hardly be understood in full excess of Ceylon's "producing from the brief and involved state- power, we simply take it without ment of it in this volume. Nor any allowances for percentages can he here develop that mathema-above 100, sical treatment of price problems

Incorporated by Special Imperial Charter, 1899..

Yen 45,000,000 Capital Subscribed. Capital (Paid-up) ... Yon 88,375,000

HEAD OFFICE:-Taipeh, Farmoss..

NEDERLANDSCHE HANDEL MAATSCHAPPLI

„(NETHERLANDS. TRADING SOCIȘIT;)

BUTARIFES 1894 ́Hongmons: Branch Establignno 1907,

Aniborlind Capital G.250,000,000 £12.500,001 Pald-Up Capital... 20,000,000 €8684,421 | JAPAN-Tokyo, Yokohama, Kobe, Barva Fund G. 20,598,861 1,711,0

Osaka..

BRANCHES:

Special Eatervoc...G. 22,680,000 £ 1,886,280 ||FORMOSA:- Giran, Kagi, Karenko,

HEAD OFFICE;---Amsterdam.. LASTERN READ OFFICE:-Batavin.

BRANCHES:

Bandjarmasla. Exadowng Bombay

Onloutin

Djokjakarta

Padang

Kota Radja

Prang

Cheribom

Diamber

The Hagda Kaba

..Macamar Madan

Palembang Pecalongan

Pantlanak

Bamarang

#

Bangoon.. Botterdam

Shanghai Micgapore Boersbain Boerakarta (Bois).

Tiintay Weltevreden

LONDON BANKERS:— National Provincial Bank, Ltd. Correspondents all over the world: BANKING BUSINESS OF EVERY

DESCRIPTION.

M. J. HERBSCHLEB,

Agent. Hongkong, November 4, 1924.

THE.

YOKOHAMA SPECIE BANE, LTD.

"

Established 1880.

Keelung, Bekoto, Nanto, Shin- chiku, Taichu, Tainan, Takao, Tamsui, Toyen, Hetoh, Taitoh, CHINA: Shanghai. Hankow,' Amoy,.

OTochow, Swatow, Canton.

Hongkong. Singapore, Soerabaya, Semarang, Batavia, Bombay, London, New Tork Calcutta.

LONDON BANKERS: London County Westminster and

Parr's Bank.

The Bank has 'Correspondente in the Commercial Contram in the European Continent,. Anal. Man chris, Teinzig, Japan, Inile-Clim, am,, India. Tulippine Islands Java, Afrin, ko

Interest allowal on Current Aconunte, and Fized Departs at its walch will be quoted on appica

-droga:

T TAKAGI,

Manegor

HONGKONG BRANCH:

8. Des Vorax Road Central, Hongkong, 1st November, 1925.

3

EXCHANGE.

Hongkong; ita Fabruary, 1926..

On London-

Baok, Wire...

*

On demand...

Ju day's sight...

יך

3/4-4

4 months' night Credits 4 months right .. 2/6-7 18. Documentary, 4 man ha alxan 1 6.8/.0 OJ Fans-

"On demande

2000 1870 Credits, 4 montär' sight ........ '160') On Berlia

Un demandow

Da New York-

nom.

On demand- Crodite, 90 days sight .... 59į On Bombay-

Wire

On demand In Jalenti

Wire On demard Oni blugapore Um demand

In Manlle

1801

ww

1011

1154

ZOM.

20 days sight (private papor) ›

*** 1271

T

THE BANK OF CHINA. Bliver in Hourg 7% p

行銀國

#

Capital (full paid-up). Ten 100,000,000 (Specially Authorised by Presidential Reserve Fund ................ Yen 88,600,000:

* Hand Office:--YOKOHAMA,

Branches and Agineles att

Batavia.

Bombay.

Buenos Ayres.

Calcutta

Canton

Changchun.

Dairem (Dalny),

Newchwang New York.

Barka.

Rangoon

Janated. Ealgon, 20

Vangtian: (Mulden). San Franciscne,

Lamborg

Beattle.

Harbin

Hankow.

Hopolulu

Kal Tu Karachi. Inba Londoni.

Los Angeles. Lyons, ..

Kanda.

Nagasaki.

Накова

Semarang.

Shanghal

Shimonosak. Singapore Bosrabaya. Sydney Tiantain. Tokyo.

Tebant... Tslogtan Vladivostock.

4

Interest allowed on Current Accounta Deposits received for fixed perioda at pates to be obtained on application.

G. ARIMA,

Manag

¥

· Mongkong, 11th Beptember, 1995;

Mandate of the Republic of China on the 22nd of November, 1917). Authorized Capital..... $60,000,000.00 Paid-up Capital:

$18,278,600,00 Rearys Fund wenereta $ 9,529,425.24

HEAD OFFICE: PEXING.

HONGKONG BRANCH).

#

22

30 2018

28 20: 18

32

24

22

J

Eggs, Hon frosh)

"

46.

80

85

Fowls. Cantoni

40) $4 20:

Fowls, Hainan

Por sot 15:

JO

12.

Geese...

each 80 50:

80

Pigeons, Canton

# $1,50 € 60.

#

. $1.60

-$1.20

Ib.

24-

18.

14

20 18

each 12:

10

12:

16

10 12:

Turkoys, Hen Snipe Pheasant Quall

25.

20: 22

Partridges

Ja. 22 18. 14 12 6 7

4 肚

set. $1.20 32.00 $2.00

Hoihow

Turkeys, Cock

Poultry.

February 3, June, June,

1923. 1918 1914). -- Cla.. Cleil Clan

Ib.. 65 80: 31 *60***.28

"

par

€6

48.

לינג

each 30:

per, cz. 80.

新鮮雞蛋

* 15..

12

*#*

in

68:

52:

#auch 48

.32:

班夠新本海掏出火光沙山華每

Fruits..

15. $1.00.

95

each 88.

pair 31.30

85

$1.50

80

28.

80

21

22: 20.

18:

20

24:

* * * * * * * * * 212111

ib. *#*

55. 28

NI

Log

*

58: 28

Shoulder

68 24.

#

Saddle...

"

羊鞍肉

55

22

40.

27

Almonds

*

t

lb.

60

35,

Braina

"Per set 3

12

Apples California)

金山粺翼

01

22 24

12

Feat.....

#1b. 20

15.

Bananas (bride's).

燕山藥

20

B 4

15

Fry

40-

"

Head

24

Keart...

18 20:- each 15 10: 10

*16

Carambola

12

"

Cocoanuts

Đi gì cách 1

10 10

Lomone, China ..........

lb.

15

7

}

Kidneys..

1:9: 10 ·8

Lemone (America).

金山傳機 each

8 2

'+1

Liver

17

猪:

b. 52

80

24

Lichees, Dried

荔枝干

80

25 30

Fork Chop.

豬排骨

42 26 28

Oranges (Canton)

新會甜卷

*15

12

Leg:

猪脾

Orangon.

"36.

46

ent. Cur standard is below our

D

Loin

猪後国

'Peara (Canton)

12

48

28

27

n

22

Peanuts

14

Fat, or Lard

26 21

10

*

per set 90

80

70

Persimmons, Large.

12:

¥

each 15

8

Plantain

15

12

10

Pumelo, Siam

ench 14 12

羊肝

55

85

Walnuts

Ib.

16.

MITANT***

21

45 23 22.

60

82:

2018

28

Mutton

Sausages

#*

05 28. 24

86

20 19

20 40

20

No. 1.

82

Artichokes

Fish.

The position in Malaya is differ-

Heart

JF

Kidneys..... Liver Sucking Pigs, to order. Buet, Baof...

power to produce on a daily tap- Sheep's Hoad & Yeet." ping basi We have estimated that power at. 315,000 tons, and that is why we say the industry has the making or the marring of ita fortune in its own hands. If it goes for fullest possible produe tion and if Ceylon reaches appro- ximately its standard, the increase from the Restriction area (Malaya and Ceylon) in 1926 over 1925 will be, at least 130,000 tons..

Venl

Alternate day tapping on the big estates would reduce Milaya's Barbel 318,000 total by soma 20 per cent. Bream bringing it to about 250,000 tone, Canton"Fresh say 43,000 tons more than in 1925. Water Fish. If Ceylon produces 60,000 tons, the Carp whole increase from the Restric-Catfish tion Area will be 65,000 tonn,, "and Codigh that is quite as much as the mar Crabs kets will absorb at a fair price:

Malaya. Exported

1926,

Tons.

Cuttle Fish Dab Exportable Dace

Dog Fish Tons. Eels, Conger

1920,

9,085, (50) 20,000 (85) |

19,708 (63) 26,217 (110) Gudgeon

26,217

19,872 (76) 28,600 (120) Labros

水餃

#

尾肚 水

VES-FREE K**KELEBEK

ཤྰ ུར སྐྱུ་

19.

# * * B * Sababa ka

Grapes

Vegetables, &c.

oach 10:

Ib.

n

12

each 2

竹青瓜瓜瓜菜鲜花花花鲜菜干椒各

Beanes, Sprout

Long

Best Root Bitter Squash

Brinjale, Green

Bed

Cabbage, Chiness...

(Shanghai)

Cane Shoots, bunch...

Cauliflower (Large) #

(Medium ·ÞE

(Small). A

Carrots Celery, Chinese

Chillies, Dried

Bed

Curry Stuff, English ....

Cucumbers

Garlic

Ginger, Young.

Old

Horseradish, Shanghai.

Indian Corn

Lettuce FIATA

Water Chestnuts

At Mandarin,

Mushrooms, Fresh .......

Graba

28.

19 24

20 28

16

28

18 18"

"26

10 27

12 $

»

.20

25.

50

23:

28

1818 2

65" 28 10

On demand.

20

10

9

In Shanghal-

10 a

On demand.

10

28 10 18

On Yokoham

On demand Од Joeredana (Bank's buying me) 6:14 Mlver (per on.)

¡Jan.

**

鹹水餃 Fresh Water

17

75 28 80

Feb.

16,915 (55)

28,883 (100)

Yellow

17

80 -82

25

#

99 18:16.

Mar.

15,104

Apr.

10,049

23,838 23,833

Th Frogs

Garoupa

u

82

.40 30

18

15

Chinens Copper Cash Pliners Copper Come...

10% po

May

#

6 % pm

白級:

蛇 18.

·Ɛate of Native Interese nora..

June

... 16,438

+

Chinese Bab. Osin

17% da

July

18,742 26,217

Herrings Hallbut

2018 23

20

18

Hongkong Bah. Cotn ....

par. LONDON EXCHANGES.

(British Wireless Service,)

Aug.

22

Sept.

24

18,859.. 28,600

Oct.

32 60

21

-18,417

. 28,600

#

Nov.

26,582 (85)

80

20

20

Dec.

23,400

28,800 28,600

F

42 32 25%

80 18 2

TH

Rugby, February 18,

13

Total

.207,454

4.88 5/18

813,150. 207,454

40 16 22

80

g

#J

Okross

30+ A

-107

84

20

16

Onions, Bombay

ALA

16 16

20

18 9

Green

18.12

72 28 14.

Shanghai

**

1301

20

29

... 90.43

Parsley

414

186 .... 38.71 ...*23.38 31,87 1042

Potato, Bweet;

$1.00

14 10 14.

32 18 18

40

22 18

„Fadlah

70.

80

-80.

10 8 10

16::

10 To

Pacini New York Brusela 4, Queen's Bond Central

Oennia... Branches and Sub-branches all over Amsterdam China and Correspondents in Europe, Milan... Féimerica, and other parts of the world. Lendon Bankers: The National Provin- Stockholm

cal and Union Bank of England, Ltd. Copenhagen The Guaranty Trust Company of New Oslo ....

York

Vienna New York Bankers The Irving Prague

National Bank.

Helsingfors The Equitable Trust Company of New -51.deld

York

Liabox

Rio

Intereat allowed on Current Accounts Buenos Aires. and Fixed Deposita, Terms on applica Bombay tioxi

Shangha Every description of Banking Bud Hongkong nous transactad

Yokohin Loans granted on approved securities. Silver Spot Special Lacilities for Home Rechange,

and forward TSUTEE PEL Managersh

Lonch

Lobsters:

Mackeral

Monk Flah

Mullet Oyster

Parrot Fish Perch

Increase..105,896 Tone Pika

Ceylon.

Plaice

1926 Exportable 68,639 1925 Exported.: 87,821

30,818

Total increnae..186,514 tona

Stops Stubborn Bronchial

Coughs.

Pomfret, Black

Pomfret, White

· Prawns ..........

Ray

Rock Fish

-Roach-ri

Balmon

Shark

When changeable weather, or ex posure to cold and wet results in kate bronchitis, start at once taking Cham- || Shrimps berlain's Cough Remedy. Beenused' Enapper" for over fifty years and strongly Bolas rocommended for bronchial and in-

Toach. flunar coughs, stubborn wenkening coughs and, troublesome night coughs. Turbot Sold storywhere.

Pritles, small, fil water,

SLESSENETOENDERAÉSÉÉRNE 公班

J

30 45

44

20 35

508280

427

25.

Pumpkin

Japanese

American

Rhubarb (Freal" Shallots

Spinach

Tomatoes...

Tazos

Turnips, Part (Long))

Vegetable MarrOW

"Water Crans

Water Lily Boot

28

50

22.

3618 12 $1,4040

紅花椒

10

each 18

10

1b.

26 25

20: 10 16

18

10

sach

lb.

נו

י

17

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