”:,.
.
.
.
’.-.( . ,. . . . . .I’6 ’
Leveling Off, Steady Future Growth Seen MAURICE F. CRASS, JR., Secrefary-Treasurer Manufacturing Chemists’ Association, Inc., Washington 6, D. C.
-
Tthism
industrial pattern reported by fourth edition of Facta and Figww for the Chemical hoceas Industries might well paraphrase that of the first o R T HE issue, published 8 years ago, and m peated m both succeeding issuei.e., the chemical industrv is Btiu mwine at a pace hitherto u~equaledi ~ yani other industrv. with the end not yet in sight. True, divergent opinions have been voiced 6 each issue conceming the threats of overexpansion, govenunentgl regulstion, tarB reductions, penalty taxation, and the gradual disappearance of venture capital, among others. But e a of the chemical industry hiteach year has found the d thg new peaks, with 1953 the bighest year on record. Concerning 1954, we are unwilling to voice the degree of optimism stated in previous issues. But the m r d , bolstered by innumerable statistics, pointa to a continuation of the industry’s growth over the long-term pull. The year 1953 was c h c t e r i s e d by the higheat d e s in the industry’s history, with emning~mmewhat off from the previous year. According to the U. s. Department of Commerce, sales of chemicals and allied products reached a peak of $19.8 billion in 1953 as compared with $18.5 billion in 1952, $16.4 billion in 1950, and $4.8 billion in 1940. The industry’s activity, ea masaured by the Federal Reeerve Board,a v e r 4 147 for the year 1953 as against 137 for 1952 and 136 for 1951 (194749 = 100). The basis of production activity for chemicals eo faoutatripped general industrial production that the FRB bad to change its base recently from the earlier period (1935-39 = 100) in ordw to m v e r pernpeetive. Even eo, the new chemical production index is again pulling away from that of general industry. All of which confirms the opinion of one observer that while the chemical industry has grown phenomenally over the past genemtion, it is even today hardly more than a “giant toddler,” and a decade fmm now chemical output may well be double the current rate.
fident that growth will continue to be maintained, chemical ptoduoers will spend between $1.3 and $1.4 billion in new facilities during 1954. With a m r d inve%tment of over $10 billion fmm 1946 thmugh 1963, it seems consistent to ssy that this expaneion will continue well into the future, although at a mmewhat rate. Everything indicatea it. The rise in American 1liviug standards; new pmduct development; decentdimtion of industry; indelinite maintensnce, although on a mmewhat reduced scale, of national defeme expenditures; and the rapid population growth, all point to the need for additional facilities as time p~ The chemical industry has etaged a fourfold expmon m dollar volume since 1939, and it is pmjectin B 400% gain by 1975. It is not correct
SALES Cbomical and Alliod Pro’ llions of dollo
I
P
I
Expansion
The year 1953 was the fourth conseoutive year in which the industry‘s new plant investment program continued to set a record. During the year, new capital construction exceeded $1.6 billion-about 25% above the previous year. The industry is continuing to pour large ~ u m sinto new i n v d menta-much of it in modernbation of existing facilitiein spite of the leveling off of business in recent months. Con-
1951 djurted for Seo,on.l
Voriat
SOURCE: BASED ON U. S. DEPARIMENI M COMMERCE DATA 1081
, INDUSTRIAL A N D BNGlNEBRING CHEMISTRY
1082
Vel. 46, No.6
PRODUCTION
to assume that this expansion indicates a serious situation of overcapacityfor chemicals. The report of the President's Materiale Policy Commission m issued almost two yean, ago. Industry developments since then indicate that projected chemical pmduction data for the year 1975are not in the realm of fancy hut are d s t i c , in some caaes conmvatitive, estimstes. Take synthetic ammonia, for example. The report listed 1950 actual consumption at 1,750,000tons, with 1955 demand projected to 3,240,000,and 1975 demand at 6,700,000. The 1966 nitrugen goal of 3,500,000tons, m t l y announced by the 05ice of Defense Mobiliuation, exceeds the commission's projection by a considemble amount. Chlorine, with a 1950 production of 2,070,000tons, i n c d to 2,W,000 tons in 1953, and is projected to 8,000,000tons by 1975. Comparable figures for plastica in billions of pounds are 2.3,3.0, and 9.0. Many other examples could be given. The organic chemid industry in the period from January 1951 to June 1953 expanded ita capacity by 25%. By 1955, oapacity will be l Wo of the pre-Korean level. Capacity oi inorganic c h a m i plants by 1956 will have increased by a t least 40% over the m e period. The most extensive growth during 1953 was in the production of agricultural chemicals, plastica, synthetic fibers,drugs, and detergents. For the fir& time,ssles of synthetic detergents outetrippd sosp sales on both a tonnage and dollar volume basis. Synthetic rubbers aze now being manufactured and used to a much greater extent than natural rubber. In 1953, for example, tots1 synthetic consumption was over 780,000 long tone compmd to 553,000 long tons for natural. Consumption of GR-8 done totaled 624,000 long tons, while Butyl accounted for an a d d i t i d 78,000 long tons. On a +rialbasis, the cornparisom are evenmore striking, particularly when applied to the Far West and Gulf Coast regions. In Los Angelas County, for instance, growth of the industry during the past d d e has been phenomenal. 14 the Houston ares, over $500,000,0@3 was spent during 1958 for a new petrochemical conetrnction; in the Baton Rouge area,$127,500,000.
Petmchemicals accounted for 25% of U. S. chemid pmduction in 1953 on a dollax basis, and utilized lea than 1% of the annual pmduction of oil and natural gas. Since 1940, this segment of the industry has grown from insignificant proportions into a $2.5 bfion enterprise. Experte tell us that in 10 yews petmchemicals w i l l account for at least half of domeatic chemical pmduction.
.~
Jme l W
INDUSTRIAL A N D BNQINEERING CHEMISTRY ,*:
. *
tisation program. Based on a survey completed at the end of the third quarter of 1953,it appesrad that 90% of the total would be completed by the end of 1954. A downward revinion of completions now makes it a p p r doubtful that thin level will be atteined. It also appears probable that completion of $14.3 billion worth of facilitiesby the end of 1953will prove to be a somewhat high estimate. The value of faciliii completed and under construdin (value in place) is estimated at $20.3 billion at the end of 1953 (see table). Thia compares with $18.6 billion at the end of the third quarter (1953). Since late 1950 accelerate3 tax amortization (certificates of necessity) have heen granted for more than 17,000 facilities (see table). The percentage certified has averaged 61% from the beginning of the program. Of the $27.6 billion worth of facilities, both manufacturing and nonmanufacturing covered by certEcates, approximately 64% repments machinery and equipment, the remaining 36% b e i i for land, construction, and overhead. Corresponding figures for all manufacturing industry are 59 and 41%. For chemicals and allied produds the figures am 70 and 30%. To guide itself in granting certilicates, the Government eatabliied 237 expansion goals. Goals represent the total capacity needed for defense purposes. Certif?cates were granted to meet ditierenws between e x i s t i i and needed OBpacity. The status of goals established for chemical items appesrs in the table.
1083
Employment
Employment in the chemical and allied products industry Showed only a negligible increase from 1952 to 1953,moving from 515,500 employees to 515,650. In the face of substantially i n m a d output, this would indicate improved ef& ciency and plant mechanization. Pmduction workers in the industrial inorganiw industry averaged 59,800 for 1953 an compared with 58,800 for 1952. Compsrable figures for the organic chemicnls segment show 190,850aa again?t 186,500. Earnings of production workers reached new ~I&E during 1953. In the c88e of inorganic chemicals, weekly eglllings averaged $82.62 for 1953 an against $777.08 for 1953; 580.88 an compared with $75.11 for organic chemic&; and $75.06 88 against $70.45 for chemicals and allied pmducta. The average work week for the industry an a whole waa 41.3hours. The BIB Cost of Living Index averaged 114.4 for 1953 compared with 113.5 for 1952 (1947-49 = 100). Racerrion or Readiurhent
Much has been written about the decline in business activity which became noticeable about the middle of 1953 and which has Bs8umBd significant pmportiona in many induatries, particularly the bsrd goods lines. Reporta for the first quarter of 1954 have puaded economic experta. For the first time in a decade the chemical industry is really scratching for orders. Although some firms report that they have held their own or showed moderate gains, other%report reductions in
INDUSTRIAL AND ENGINEERING CHEMISTRY
1084
-EXPANSION GOALSChemical and Related Produdr
AlUUiM
Alaminum,prim.rJ Antimony Asbestos Buite B.udte :zLte (eh*miC.l wade) chromite (m4Wltudcal grade) chromits (refnctorY grade) Cod, Territory Of Alaska~ c o d . matlllurxiul for by-product coke Cobdt Coke by-product Colambitc 8nd tanU t e or*s Copper cryolite (synthetic) Cylinders. comprerssd sa8 EiectrolyUc tin plate R b m p l r , add grade Formaldehydek Glycerolb Iron ore Iron ore (taconite)
OROWTH Chwnicalr and Allied Produes
% Subscribed (fit.)
OPEN Alkylate
Laboratoriss, r4scueh Md dsvelopment lead Lithiam wmpouudsb Mansanere ore, battery and chemical grades Mang.nes0 ore. mstlllurgicd grade Medical auppllss and sqaipmentb Mer0WJ Methmol, synthetio~ Military photographic eqnipmsnt (motion m d till) Molsbdemua Nickel Oil (cruds) r s W g capacity (domestic) Pentaerytluitolb Portland csmentb R u e earths Batik
57 84
1E 40
100 100 70
40
100 100
100 80 95
100 I00 40
52
SSlSniVm
Titaniam melting fadlltiss‘ Titanium metal Toluend Tangsten ere Zinc
93 100
100 30
Vol. 46, No. 6
..
100 70
1
100 100
56
100 80 30
100 100 70 50
100 100
CLOSED
approaching 10% over the corresponding quarter of 1953 in certain linea. In this connection, we should point out
&ea
that government spending dmpped in the first quarter of 1954 for the fuat time since the outbreak of the Korean conAE&On(l fliet. National security expenditures have fallen about as Adipic acid much as the previous quarter and are now off hetween $5 and $6 billion from the peak rate in the second quarter of 1953. Anthraquinone vat dw? The current situation ww well depicted by Leland I. Doan, (dude s t r e n d buus) president of Dow, who as far back as August 26, 1953, said ArgonBenzene‘ that during recent years, competition in many chemical lines Benzene hexachloride (hhas more theoretical than actual; that the problem was danc) 99% or more xamIn8 isomer wntent “how much can we pmduce?”-not “how much can we sell?” Bsnrens hexachloride (technewsprint Doan went on to say that “today, however, there is certainly n i c d grade) nitrogena nothing theoretical about competition. It is a very real Butadiene Om1 alcohols Oil ( m d e ) rsdning capacity Cdoium carbide thing.” Another executive remarked that the two recent Cubon.actimted watQp*i(forelsn) wara with their abnormal demands and extravagant use of dcation and 6ecolonnnE Oxygen, high-purity &per wade) materials have pmduced a whole generation of young and Penidllin~ Cubon black middleaged chemical executives “who simply don’t know Carbon electrodes* Pmhiorosthylene Cubon tetrachloride Phenol what competition is. They are finding out what it is now, chemiod manufacturing maPhosphite rock many of them for the first time.” ChinerY Phosphatic f 4 a Z e r S chlorine Wosplutic feed supplements A tmnd has developed for other industriea to engage in Cyclohexane Phoaphom e l e m e n t 0 chemical manufacturing. New chemical divisions have been DDT P h t h a c &ydride set up by meat packers, food processors, brewers, rubber Ethyl chloride Plastics materills Ethyiene glycol P0ta.h companies, oil refiners, steel producers, and electrical and Ethylene oxide Quinoline machinery manufacturers. As one o k r v e r put it, “most Ethylene dibromlde Rewrdnol Ferroalloys, blast f Rubber m d rvbbsr products every investor who seeks for a depressionproof industry, and .(farrommyncse, rllicoSebacic add industrialist who has surplus plaut capacity, are lookkg for mangmese. epdereleii.cn. Soda ash new fields. Because of ita record, the cornensus has heen Sodium bichrouuteb and silvery and Pig iron) Fibrous %ass, WntllluO(u Sodium chloratek ‘you can’t Iom in the chemical industry.’ ” Piment Sodium cyanide There is no doubt that the continued entrance of new prom b r o u lass, saparflns Styrene, monomer (including RLter d%s.-clldnsd d&tomite methylstmenes) ducers has created, in some caws, a situation of temporary Glass tubing (lead m d soda Sulfuric acidk overexpansion, and in others, a condition of extreme competilime) SIllhV Spthstic 8ben. n o n c s ~ ~ o s a tion. The case of polyethylene is a good example, with proGraphite, UtlnCid Heat a x o h g e m , tub* Tape acetate duction during 1953 in the neighborhood of 15O,OOO,OOO Hemmcthylensdi.mine Tstr~ethyllsad ~smmethylsnaemmins~ Titlnium dioxide pipent punds, pmduced by two firma. Two price reductionsbrought HydroEuoric a d d l MchlornathYlene the material from 47 to 41 centa per pound. Five additional Hydrogen psrnxlde pmducers are now going into the busin=, w i t h a pmduction where g o d 1s 100% ‘ascribed from a combiMtian Of domestic of M)o,OOO,OOO pounds contemplated. Several yeam ago and fersign sources, it has been left open to facilitate Increased domestic expandon where necsswy. there was a Serious shortage of DDT. During the latter half b G o d t r a d e r r e d from suapsnded list. of 1953, the market for this pmduct WBB so depressed that * New goal. Abrasive products‘ Acstic acid
-
Industrid ethyl dwhol Iron odds, yellow (synthetic) Ketone, methyl ethyl Kstons, methyl isobutyl Limestone and dolomite Lubricating oil Maxnedum M d d c anhydride Materids handlinn - eauio. _ ment MeWl chloride Methylene chloride naphthalene
.
.
INDUSTRIAL A N D E N G I N E E R I N G CHEMISTRY
June lggrl
-EMPLOYMENT
EARNINQS AND COST OF LlVlNQ
Chemical and Other Selected Industries Soumi
h W . ,
.................. lVondunblr good,. . . . . . . . . . . . . . . Cbemiuls m d .Ulad producu . . , . . , . IndMbi.l h r @ c chsmiuls . . . . . Indwtri.lorganicchsmlcale . . . . . . Dmm m d mediclnca. Dmg. n Print., pigment#, and Usrs prin-u, piPwtillrsn.. . . . . . . . . . . Vesotabla m d .nlrmloils anh f.1.: bliscohneow chemical pmducu ...
........
mining. ..........................
of Lobor Statidio
All Emploueea, Prodvrtion Workers, Thousands Thowonds 1951 1952 1953 1951 1952 I953 16,104 16,334 17.259 13 155 13 144 13 850 9.080 9,340 10.129 7:466 7:539 8:167 7.024 6,9M 7,131 5.689 5,604 5,683 749 770 806 536 537 551 83 87 60 92 62 66 283 265 198 204 222 317 95 97 62 61 57 92 74 73 48 47 47 75 36 37 29 29 29 37 44 36 47 33 31 43 90 91 62 62 60 w 885 &H 916 ... 101 100 106 89 87 91 90 91 105 104 90 102 63 60 49 69 65 53 286 372 328 348 304 265
...
Other petrolsum m d coal product#. Rubber pmduch.. ................. bath- m d lslthsr prodnots.. ...... Stone,clay, m d glass prodncta. ..... Primary mew industriss.. ...... Insbtlmmt. m d r h t a d product.
-CERTIFICATES
}
272 1,547 1,272 511 253 199 54 264 377 550 1,314 292
290 1,548 1,196 504 254 202
52 267 381 528 1,232 310
295 1,555 1,189 530 260
206 54 278 386 543 1,333 333
I
I
59.4 Cost of living index I I rge weekly
I,
w
~
profu(tl ..,- iid industri ond ollii
i,’i46 1,175 434 188 143 45 213 339 474 1,133 217
is’i37 1,101 421 183 140 42 212 343 44a 1,044 228
~~
is’i34 1,093 441 187 142 44 221 347 460
1,132 242
OF NECESSITY Selected Proiects
Thous-zndr of dollam.
CerHfieetrs
Mmufachuing inudatriea, total Iioonmanufacturing indlutriss, total All industries. total Chemic& m d allied product., total Induetrid inorganic chsmiula Industrial organic chemicals W e . and chlorine n.stic. mat&. Synthetic Ebem Compressed and liquefied -4s
0th-
Rinun msW industries Rodnctm of petroleum m d cod Palp, paper. and b w d milla Yiains. t o w konors. lVatWd gasoline copper or.. Other
iouril: US. lURtlU OF LAlOR STATISTICS
Source OMce of D e h n ~ Mobilization
No. of
.
(1947-49=1@) lo0
... ~~
..........
loeS
11.835 5,170
17,005 1,028 276 178 62 110 35 88 279 1,590 517 115 482 131 163 11 177
Value in Place (Eat.) Total Cost Lkc. 31, 1953 Amount ?A ?A .. OJ toto1 Amount $15,225,057 12,385.240 27,610,297 2,995,481 831,739 602,683 323,193 273,863 291,771 130,148 542.084 5,527,329 2.030,801 694,435 i.&U,684 985,125 310.744 128,611 420.204
55.1 44.9 lM).o 10.8 3.0 2.2
1.2 1.0 1.1 0.5 2.0 0.0 27.4 2.5 6.7 3.6 1.1 0.5 1.5
several producers closed their plants because of overproduction and loss. Increased capacities for most important basic chemicals will undoubtedly tend to keep the industry extremely competitive for some time to come. While d e s will continue to rise, operating profits may decline, and depreciation charges increase. For 1954, r e p r t d earnings of most producers are not likely to ahow much improvement, except for those &ma which paid high exprofits taxes laat year. It is significant that there has been excellent demand, however, in most of the industry‘s newer product l i n d e v e l o p e d by its unrelenting m h program. Chemical Industry Is Stable
The chemical industry’s close and interrelated a5liation with other bseic product lines has provided a cushioning &ect during times of businesa receeaion. Analysis of the
production dip which began last year shows that in many mees the fslling off was confined to “allied products” Linea. F e d e d Reserve Board indexes are signi6cant in this respwt. The over-all m index of industrial production (adjusted) dropped in March 1954 to 123, 9% offfrom the 135 value of March 1953. During the eame period, the drop in chemicals was only 0.7%, from 145 in March 1953 to 144 in March 1954. With many chemical companies actively a5liated in the production of textiles, rubber, primary met&, etc., it is clear that the stshilizii. chemical production factor has-been a real asset during past months. To illustrate, the FFLBtextile production index stood at 96 for March 1954-1 drop of 14 points from a year ago. Rubber stood at l h dmp of I9 points, and primary metala at 101- drop of 35 pointa. The industry‘s many and varied consumer lines, as set forth in the next paragraph, wmre a continued demand for chemicals. The relative stsbility of the chemical industry-which augurs well for the future-is accountable at least in part to the fact that there is soaroely a product of modern industry that does not utilise a product of the chemicalindustry at some stage in ita manufacture. In only a compamtively few came is the role of the chemical an obvious one. More often, the relationshipis obscure, even though the contribution of chemistry may be vital. The chemicd industry, broadly speaking, is primarily a supplier to other manufacturers, and the identity of ita products is frequently lost by the time the 1 5 4 article m h e e the consumer. It has been pointed out that the bulk of the chemical industry’s tonnege ia sold to wven c a t 4
~11,197,770 9,082,030 20,279,800 2,195.833 611,264 448,551 274,911 138.386 212,984 115.524 394,213 3,955,234 1,279,070 507,492 w1.690 329,547 267,890 71.755 292,498
7315 73.3 73;3 73.3 73.5 74.4 85.1 50.5 73.0 88.8 72.7 71.6 63.0 73.1 52.1 33.5 86.2 55.8 69.6
INDUSTRIAL AND ENGINEERING CHEMISTRY
-PRICE
WET INCOME PER SALES DOLLAR
INDEXES
Chemical and Selected Commodities
l.m
n
Vol. 46, No. 6
.-
in
15 ..
Bored on wholesale prices. Sources U. S. Department of Labor Combined index (1947-49 =
dmialr an1 om81 p r d
1939
1947
1951
50.1 55.8 71.5
96.4 114.8 111.8 110.1 101.4 110.0 104.5 105.7 98.8 120.7 115.2 117.6
81.8 119.4 102.2 51.2 62.8 84.2 54.8
. .
I
rubber produltr
I
90.9 106.7 98.1 98.0 96.1 100.7 88.2 110.5 91.3 122.8 89.7 123.2 95.8 124.2 n.s.b 100.1 110.8 n.1.b 95.2 109.7 n.a.8 95.8 114.4 n.*.l, 93.4 119.1
PLpeI..................... 0
6
1951 1952
1953
gories of manufacturing consumers-all vital to the subsistence and existence of man-food, shelter, clothing, health, transportation, communications, and recreation. One 6rm reports that only 6% of ita sales in 19%a record yearreached the ultimate consumer under ita company label.
1953
95.8 92.5 92.9 108.3 110.6 113.0 88.8 50.0 52.7 108.9 107.3 108.7
41.1 105.3 83.0 95.0 33.5 127.8 49.4 99.1
p p e t and olliad prod
1952
108.8 98.9
109.5 99.1
103.7 109.3 123.0 124.7 123.5 99.8 107.2 111.5 124.0
108.6 112.7 128.9 131.3 125.1 97.3 104.8
109.0 125.6
-
Combinad iode? is for "All Commoditiea." n II Not nvadable.
A recent Commerce Department analysis of "growth industries," based on increases in output from 1940 on, showed 21 chemical classifications at the top. Twelve of these had grown more than twice as fast as the average of geneml business. These were: antibioties, synthetic rubber, detergents, fibers, plastics, nitric acid, ammonia, acetic anhydride, methanol. chlorine. hvdrochloric acid, and phosphoric acid. Those of & who are closely allied with the great chemical industry need no reaeaurance that the present is simply an interlude wherein the forces of readjustment, supply, and demand are creating a healthier atmosphere for tomorrow's growth. No industry has had the benefit of such able and farsighted management aa has oura. The future will be a continuation of the past, if sound judgment prevails.
-EARNINGS Chemical and Other Selected Industries Avaraw Weekly H w r r
......................... .......................... ... . . . . . . . . . . . . . . . . ............... ..........
~
~~~~
~~~
~
SyntheticNlibei.. .................... Synthcticnbbsn....................... Drugmand msdlclucs.. . . . . . . . . . . . . . . . . . . Pdntm, pigment., snd U e r s . . . . . . . . . . . . . .
Rsrtilir~............................... Vs#ePhle m d Mlmd oils m d fat..........
M h s l t n s o u s chcmicd moduch. . . . . . . . . . Soapand glycerol. .................... ~~~
g
tal................................. metn o n m dlic and quarrying. . . . . . . . . . . . . . . .
Cod, nuthacite ......................... Cod, hitumlnou. ........................ Cauda patroletlm and natural gas production Food m d Llndrsd aroduet. ................. Uproducts.. .............. :. . . . . Papr m d allied vroduclt l . . . . . . . . . . . . . . . . . . . Rodmots of pt,t.@letlm and cod. . . . . . . . . . . . . . Petroleam r e u n g ...................... Coke m d by-products.. ................ Other petroleum and 0o.l product.. ...... Rubber produd1........ Lmther m d leather modocts. ............... Is,&. m d products. .............
....................
,sted produnh.. ..........
A".,OW
Average
WrrMu Earnings
Hourlu Bamiws
1951
1952
19.53
1951
1952
1953
1951
1952
1953
40.7 41.8 39.5 41.6 41.8 40.8 42.0 41.1 39.4 41.1 41.8 42.2 48.0 41.5 41.5
40.7 41.5 39.8 41.2 41.0 40.8 41.7 40.3 39.8 39.9 41.5 42.6 45.9 41.1 41.4
40.5 41.3 39.5 41.3 41.2 40.7 42.5 40.6 39.7 40.9 41.8 42.4 45.7 40.9 41.1
81.59 1.87 1.48 1.83 1.80 1.75 1.73 1.91 1.59 1.52 1.84 1.24 1.29 1.53 1.88
11.87 1.77 1.54 1.71 1.88 1.85 1.83 2.00 1.67 1.59 1.72 1.32 1.34 1.59 1.98
$1.77' 1.87 1.61 1.83 2.01 1.97 1.95 2.15 1.78 1.88 1.82 1.40 1.42 1.71 2.09
$84.71 89.47 58.48 87.81 74.88 71.40 72.66 78.50 62.65 82.47 68.55 52.33 59.34 63.50 77.19
887.97 73.48 60.98 70.45
$71.69 77.23 83.60 75.58 82.81 80.18 82.88 87.29 89.87
43.8 45.0 30.3 35.2 40.9 41.9 -38.8 43.1 40.9 40.7 41.8 40.8 36.9 41.5 41.5
43.9 45.0 31.5 34.1 41.1 41.8 39.1 42.8 40.6 40.2 41.9 40.7 58.4 41.2 40.7 41.9
43.4
1.71 1.49 2.20 2.21 1.95 1.43 1.33 1.52 1.98 2.08 1.88 1.89 1.27 1.54 1.81 1.82
1.86 1.58 2.26 2.29 2.09 1.52 1.38 1.61 2.09 2.20 1.78 1.83 1.32 1.81 1.90 1.72
2.04 1.70 2.48 2.48 2.21 1.61 1.37 1.69 2.21 2.32 1.89 1.93 1.37 1.72 2.08
74.56 87.05 66.66 77.79 79.78 59.97. 51.60 65.51 80.98
81.85 71.10 71.19 78.09 85.90 63.23 53.18 88.91 84.85 88.44 73.74 74.48 50.89 86.33 77.33
42.1
'
u.7
29.4 34.4 40.9 41.2 39.1 . . 43.0 40.8 40.6 41.7 40.3 37.7 40.9 40.9 41.4
1.78
84.66
89.39 68.61 48.86 63.91 75.12 68.20
77.08
75.11 76.31 80.60 66.47 63.44 71.38 58.23 81.51 65.35 81.14
72.07
68.71
76.08 59.38 64.89 89,94 85.90 88.54 75.99 72.91 85.31 90.39 86.33 53.57 72.87
90.I7 94.19
78.81 77.78 51.65 70.35 84.25 73.89
.
