㛇㛓婾㔯 ⬠䓇烉哋㗕₨ 柴䚖烉㕘䓴⛇⛘ˬ微㪲䭉㚱˭冯⣹䲬ˬ临㛇˭䘬斄Ὢ ⫿㔠烉
䯉ṳ ᶵ⮹Ṣ᷵倥⇘ˬ微㪲䭉㚱˭炷⌛⛲攻㘖念嫃䘬ˬ微㪲ὝỼ˭炸忁ᾳ⎵娆㗪炻⎗傥奢⼿⼰ᶵ⎗ ⿅嬘烊⛐ᶨᾳ㛔幓冒㰺㚱㤕㪲䘬⛇⛘ᶲỼ䓐崭忶ᶨ㭝㗪攻炻⯙⎗ẍㆸ䁢㤕㪲㑩㚱ṢˤṎ㚱
Ṣ娵䁢微㪲䭉㚱㗗ᶵ℔佑䘬㱽⼳炻⚈䁢℞㚫≑攟ˬ䙿䩲⛇⛘˭ ˤ ⤪㝄ㆹᾹ䲼䱡⮯⛇⛘夾ἄ䳽⮵䘬䥩Ṣ屉䓊侴妨炻微㪲䭉㚱ㆾ㚱ᶵ℔ᷳ嗽ˤ䃞侴炻㱽⼳㗗⮯⛇ ⛘夾䁢ᶨ枭䣦㚫屯㸸炻侴⛇⛘㤕㪲᷎朆䳽⮵炻⎒Ⱄˬ㱽⼳㕥埴㟮㝞ẍℏ䘬䚠⮵㤪⾝˭炻℞
ˬ㑩㚱Ṣ˭䘬㤪⾝㗗ˬ℟㚱䡢⭂䘬㚨Ἓ䭉㚱㪲䘬Ṣ˭ 烊㎃妨ᷳ炻微㪲䭉㚱㗗㚱⮯⛇⛘↮惵 Ḱ㚜Ἓ䭉㚱Ṣ䘬⏓シˤ㗗ẍ微㪲䭉㚱㚱≑溻⊝㤕㪲㑩㚱Ṣ┬䓐⛇⛘炻性ả䓙⛇⛘ᶵ攳䘤 勺⺊䘬ね㱩炻侴劍ˬ㑭冒Ỽ⛘侭˭⛐忁ṃˬ勺⺊䘬⛇⛘˭埴ἧἧ䓐㪲⍲攳䘤佑⊁䴻忶ᶨ㭝㗪 攻⼴炻℞⛇⛘ἧ䓐㪲⇑Ṏ傥䌚⼿ᾅ晄ˤ忁ṃ悥㗗↢㕤℔䛦⇑䙲侫慷炻ἧ⛇⛘屯㸸㚜㚱㓰⛘攳 䘤ἧ䓐炻䈡⇍㗗⛐楁㷗忁⛇⛘屯㸸䦨⮹䘬⛘㕡 ˤ䔞䃞炻㚱斄奨溆Ṏ㚱䚠䔞⣂䘬䇕嬘ˤ ⎎ᶨ㕡朊炻⛐姜媠㱽⼳䘬㗪῁炻冱嫱屔ả㗗⛐ˬ㑭冒Ỽ⛘侭˭ -炻天嫱㖶℞⛐㗪㓰㛇ℏ忋临 Ỽ䓐炻㚱斄Ỽ䓐㰺㚱⼿⇘㤕㪲㑩㚱Ṣ⎴シ炻侴㤕㪲㑩㚱Ṣ⛐㬌㛇攻᷎㰺㚱ἧ䓐⛇⛘䫱烊⮎晃 ᶲ天䛇㬋德忶微㪲䭉㚱⍾⼿⛇⛘㤕㪲炻᷎朆㖻ḳˤ 㚜ỽ㱩炻昌Ḯ天嫱㖶微㪲䭉㚱炻⛇⛘㤕㪲劍↢䎦嬲⊾炻ḇ⎗傥ἧ℞微㪲䭉㚱ᶵㆸ䩳ˤἳ⤪㕤 ᷣ㪲䦣Ṍ⇅㛇炻➢㕤˪㕘䓴⛇⛘⣹䲬炷临㛇炸㡅ἳ˫炷楁㷗㱽ἳ䫔 BFA 䪈炸⮵㕘䓴㚱䘬⛇ ⛘䘬⍇㚱㤕㪲ˬ临㛇˭炻侴⺽崟⮵㬌ˬ临㛇˭㗗⏎䫱㕤⺢䩳㕘㤕㪲䘬䇕嬘–忁冯⛐ᷣ㪲䦣Ṍ ⇵䡢䩳䘬微㪲䭉㚱㗗⏎ṵ䃞ㆸ䩳炻㚱䚜㍍斄Ὢˤ 㛔婾㔯ᶵ㚫⯙ˬ微㪲䭉㚱㗗⏎℔佑˭ἄ↢妶婾炻Ữ㚫⽆ᶨᾳᷣ㪲䦣Ṍ⼴䘬微㪲䭉㚱ᾳ㟰ᷕ炻
Ḯ妋ᶨᶳ㕘䓴⛇⛘䘬⇞⹎˪㕘䓴⛇⛘⣹䲬炷临㛇炸㡅ἳ˫炷楁㷗㱽ἳ䫔 BFA 䪈炸炻⮵微㪲 䭉㚱䘬㗪㓰㛇妰䬿忈ㆸ䘬⼙枧炻ẍ⍲䔞ᷕ妶婾⇘ᶨṃ冯ˬ⛇⛘临㛇˭䚠斄䘬㱽⼳奨溆ˤ
1 微㪲䭉㚱ẍ⍲楁㷗䚠斄㱽ἳ 微㪲䭉㚱炻㗗㊯ảỽṢ⎗忂忶㊩临Ỽ䓐ṾṢ⛇⛘ᶨ㭝㗪攻炻⽆侴⍾⼿娚⛇⛘䘬㤕㪲ˤ⤪㝄㤕 㪲㑩㚱Ṣ⛐㗪㓰㛇⯮㺧ᷳ㗪㛒㚱㓞⚆⛇⛘炻Ṿ⮵⛇⛘䘬㤕㪲⌛⏲䳪䳽炻ṾṎᶵ傥ℵ㓞⚆⛇⛘
ㆾ⼿⇘墄烊侴㑭冒Ỽ⛘侭炷⍰䧙微㪲䭉㚱Ṣ炸⯙㚫ㆸ䁢㕘䘬㤕㪲㑩㚱Ṣ-ˤ 冯微㪲䭉㚱㚱斄䘬㱽ἳ㗗˪㗪㓰㡅ἳ˫炷楁㷗㱽ἳ䫔 DEH 䪈炸ˤ˪㗪㓰㡅ἳ˫妪㖶炻㓧⹄⛇ ⛘炷䓙㓧⹄㍸↢䓛䳊炸䘬㗪㓰䁢 GA ⸜炻侴℞Ṿ⛇⛘炷䓙℞ṾṢ㍸↢䓛䳊炸⇯䁢 BC⸜- 4- 烊℞ Ṿ⛇⛘⊭㊔⌛㤕㪲㑩㚱侭德忶㓧⹄㈡䦇: * &#;⍾⼿⛇⛘ἧ䓐㪲炻Ữ⮎岒㑩㚱侭ṵ䃞㓧⹄ :+ )&.%;䘬ˬ䥩Ṣ⛇⛘˭- ˤ
暨㲐シ䘬㗗炻天䡢䩳㚱㓰䘬微㪲䭉㚱㚱ᶱᾳ天溆烉:B;微㪲䭉㚱Ṣ暨㊩临䭉㚱⛇⛘烊劍⛇⛘㛒 㚱塓℞ṾṢỼ㚱㗪炻⇯Ṏᶵ㚫妰䬿ℍ㗪㓰㛇ℏ /烊:C;㛇攻㤕㪲㑩㚱Ṣˬ塓∅⤒⮵⛇⛘䘬䭉 㚱㪲ㆾᷕ㬊ἧ䓐⛇⛘˭/烊㱽㓡㚫微㪲䭉㚱⮷䳬⥼⒉㚫ᷣⷕ昛㘗䓇㊯↢炻℞ᷕ䘬斄挝炻㗗㚱 斄ὝỼ㛒㚱⼿⇘⍇⛇⛘㤕ᷣ䘬㶖姙/ ˤ:D;㚱斄Ỽ䓐ᶵ⼿ᷕ㕟/ ˤ
妪䩳˪㕘䓴⛇⛘⣹䲬炷临㛇炸㡅ἳ˫炷楁㷗㱽ἳ䫔 䪈炸䘬側㘗 ᶨ凔䘬微㪲䭉㚱䘬㟰ẞ炻ᷣ天㗗天嫱㖶微㪲䭉㚱Ṣ㕤㗪㓰㛇ℏ忋临ˬ㔝シỼ䓐˭㚱斄⛇⛘烊 䃞侴炻㕤ᷣ㪲䦣Ṍ⇅㛇炻ᶨṃ㚱斄㕘䓴⛇⛘䘬微㪲䭉㚱㟰ẞ炻⯙⚈䁢˪㕘䓴⛇⛘⣹䲬炷临 㛇炸㡅ἳ˫炷楁㷗㱽ἳ䫔 BFA 䪈炸ᷕ⮵ˬ临㛇˭䘬䎮妋8㗗➢㕤娚临㛇Ⱄˬ⺞临˭冲䦇⣹㈹ ㆾ䬿㗗ˬ慵㕘妪䩳˭ℐ㕘䦇⣹炻侴⺽崟⮵㗪㓰㛇妰䬿䘬䇕嬘ˤ⛐㶙ℍ㍊妶忁ṃᾳ㟰ᷳ⇵炻ㆹ
Ᾱ⃰Ḯ妋ᶨᶳ㕘䓴⛇⛘⣹䲬⍲˪㕘䓴⛇⛘⣹䲬炷临㛇炸㡅ἳ˫䘬䯉╖側㘗ˤ 楁㷗ḅ漵⋲Ⲟ炷䓴旸埿ẍ⋿炸↮⇍㕤 BIEB ⸜⍲ BIGA ⸜√嬻Ḱ劙⚳炻ㆸ䁢劙⚳䘬㬾㮹⛘ˤ ㊱⣏劙ⷅ⚳䘬ㄋἳ炻㚱⛇⛘悥㗗Ⱄ㕤劙炷⤛炸䌳炻ἄ䁢㬾㮹⛘䘬楁㷗Ṏᶵἳ⢾ˤ侴楁㷗䳽 ⣏悐ấ䘬⛇⛘悥㗗ẍ䦇䓐⣹䲬:# * &#+ %,) ;⼊⺷㈡↢/ 炻⸜㛇⎗忼 JJJ ⸜/ -ˤ㎃妨ᷳ炻楁 㷗䘬⛇⛘㚨䳪䘬㤕ᷣ㗗㓧⹄炷↢䦇Ṣ炸烊侴ˬ㤕㪲㑩㚱Ṣ˭㗗㊯㓧⹄䯥妪䦇䓐⣹䲬炻傥⣈
㕤旸㛇ℏ埴ἧ㤕㪲䘬㈧䦇Ṣˤ BIJI ⸜炻劙⚳冯㶭㓧⹄䯥妪˪ᷕ劙⯽㉻楁㷗䓴⛨⮰㡅˫炻⎹ᷕ⚳䦇ῇ㕘䓴炻䁢㛇 JJ ⸜烊劙 ⚳㓧᷎㕤 BIJJ ⸜军 BJAC ⸜㛇攻忚埴⛇⛘㷔慷炻᷎䁢傥㍸ὃ⛇⛘㑩㚱㪲嫱㖶䘬㕘䓴㛹㮹䘣姀 ⛇⛘䘬㤕㪲炻᷎㈡↢普橼㓧⹄䦇⣹ˤ䓙㕤䔞㗪㕘䓴冯楁㷗Ⲟ⍲ḅ漵⋲Ⲟ䘬ね㱩ᶵ⎴炻劙⚳㓧
2 ⹄㗗⎹ᷕ⚳㓧⹄䦇ῇ侴朆√嬻炻⚈㬌㈡䦇㛇旸ᶵ傥崭崲冯ᷕ⚳㓧⹄䯥妪䘬䦇ῇ㛇旸烉㕘䓴⛇
⛘䘬䦇䓐㛇䁢 HF ⸜炷䓙 BIJI ⸜ H 㚰 B 㖍崟妰䬿炸炻᷎⎗临㛇 CE ⸜㈋昌㚨⼴ᶱ⣑/-炻侴朆⤪ 楁㷗⍲ḅ漵⋲Ⲟ炻䦇䓐㛇㛇旸⎗忼 JJJ ⸜ˤ BJIE ⸜ᷕ劙䯥妪˪倗⎰倚㖶˫炻᷎㕤旬ẞᶱ䫔Ḵ㭝↿㖶烉ˬ昌Ḯ䞕㛇䦇䲬䈡㬲䓐徼䘬⣹䲬 ⢾炻䓙楁㷗劙⚳㓧⹄㈡↢䘬BJJH⸜G㚰DA㖍ẍ⇵㺧㛇侴㰺㚱临㛇㪲⇑䘬⛇⛘⣹䲬炻⤪㈧ 䦇Ṣ栀シ炻⛯⎗临㛇⇘ᶵ崭忶CAEH⸜G㚰DA㖍炻ᶵ墄⛘₡ˤ˭/- 侴楁㷗㓧⹄⯙㕤BJII⸜⇞妪˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫炻句⮎㚱斄⬱㌺烊㡅ἳ䫔 G 㡅妪 㖶炻㕘䓴⛇⛘䘬䦇䲬炷昌䞕㛇䦇䲬䈡㬲䓐徼䘬⣹䲬⢾炸炻⮯临㛇军 CAEH ⸜ G 㚰 DA 㖍炻᷎ 䃉暨墄丛⛘₡/- ˤ ㎃妨ᷳ炻ᶨ凔㊱普橼㓧⹄䦇⣹㈡↢䘬㕘䓴⛇⛘炻䴻㬟Ḯℑ㫉临㛇烉䫔ᶨ㫉㗗㕤 BJHD ⸜ G 㚰 DA 㖍炻HF ⸜⸜㛇⯮㺧⇵烊䫔Ḵ㫉㗗㕤 BJJH ⸜ G 㚰 CH 㖍炻临㛇 CE ⸜⸜㛇炷㈋昌㚨⼴ᶱ⣑炸 ⯮㺧⇵/- ˤ ⛐ᷣ㪲䦣Ṍ⇵Ṏ㚱ᶨṃ㚱斄微㪲䭉㚱䘬㟰ẞ炻⯙ BJHD ⸜恋㫉临㛇Ⱄˬ⺞临˭冲䦇⣹㈹ㆾ䬿㗗 ˬ慵㕘妪䩳˭ℐ㕘䦇⣹侴ἄ↢䇕婾ˤ䯉╖侴妨炻䇕㉿溆䶋㕤 BJGJ ⸜妪䩳˪㕘䓴:⎗临㛇㓧⹄ 䦇⣹;㡅ἳ˫炷楁㷗㱽ἳ䫔 BFC 䪈炸ᷕ㚱㍸⍲ˬ㕘㓧⹄䦇⣹˭ᶨ娆烊侴劙⚳㧆⭮昊/ /㕤 BJJH ⸜⯙ ,% 姜 $ *#%ᶨ㟰//ἄ㚨䳪塩⭂// 炻娵䁢娚䓐娆炻ẍ军㚱斄㡅ἳ䘬妪䩳⎒Ⱄ埴㓧㍒ 㕥ẍὧ⇑临㛇炻᷎朆妪䩳ℐ㕘䦇⣹䘬シ⿅烊媪ˬ㕘㓧⹄䦇⣹˭㗗⍇㛔䦇⣹䘬暁㕡炷㈧䦇Ṣ ⍲↢䦇Ṣ炸㪲䙲⍲佑⊁䘬⺞临炻⚈㬌䬿㗗⎴ᶨấ䦇⣹炻㚱斄临㛇᷎ᶵ⼙枧微㪲䭉㚱䘬㗪㓰妰
䬿炻⚈㬌忁᷎ᶵ⼙枧昛㮷䡢䩳䘬微㪲䭉㚱䘬忋临⿏ˤ 㚱斄˪㕘䓴⛇⛘⣹䲬 临㛇 㡅ἳ˫ˬ临㛇˭䘬䇕嬘 侴䫔Ḵ㫉临㛇冯䫔ᶨ㫉临㛇㗗㊱冲䦇⣹庱䘬临㛇㡅㔯ᶵ⎴炻㗗➢㕤˪㕘䓴⛇⛘⣹䲬:临㛇; 㡅ἳ˫➟埴烊䓙㕤㬌側㘗䘬ᶵ⎴炻ℵ㫉妠䘤⯙ˬ临㛇˭Ⱄˬ⺞临˭冲䦇⣹㈹ㆾ䬿㗗ˬ慵㕘 妪䩳˭ℐ㕘䦇⣹䘬妶婾ˤ
3 忁ᾳ妶婾ㆸ䁢微㪲䭉㚱㟰ẞ䘬㗪㓰㛇㗗⏎ㆸ䩳䘬斄挝ˤ⚈䁢炻⤪㝄Ⱄˬ慵㕘妪䩳˭炻ᶨṃ㕤
㡅ἳ妪䩳炷ㆾ䓇㓰炻⼴㔯㚫ℵἄ妶婾炸㖍㛇⼴㕡⬴ㆸ䘬㗪㓰㛇⚢䃞㚫⍿⼙枧侴暨慵㕘妰䬿㗪 㓰㛇烊侴⌛ἧᶨṃ⛐㬌⇵崭忶㗪㓰旸㛇᷎Ẍ⍇㤕㪲㑩㚱Ṣ㤕㪲䳽䘬ᾳ㟰炻䓙㕤⛐ˬ临㛇˭ 㗪㓧⹄冯⍇㤕㪲㑩㚱Ṣˬ慵㕘妪䩳˭⣹䲬炻⚈㬌䡢䩳㤕㪲㑩㚱Ṣ㕘䘬㤕㪲炻ἧ⍇㛔䡢䩳䘬
微㪲䭉㚱⣙㓰ˤ ㆹᾹ⮯德忶℞ᷕᶨᾳ㟰ἳ烉昛⣑ṽ姜㛶⣑復ˣ㛶䘯屉ˣ㛶䘯冰ˣ㛶㥖䫱㟰䘬⇌娆ἄ↮㜸烊 㬌㟰䴻㬟Ḯ⍇姇⍲ᶲ姜炻᷎䓙㕤⛐ᶲ姜㗪⎬㱽⭀↢䎦ᶵ⎴シ夳炻≈ᶲ㴱⍲℔䛦⇑䙲炻㟰ẞ㚨 䳪ᶲ姜军䳪⮑㱽昊// 怠㑯㬌㟰ἄ↮㜸䘬ᷣ⚈㗗炻㬌㟰ᷕ炻微㪲䭉㚱Ṣ䘬㊩临Ỽ䓐⛇⛘嫱㒂⃭ấ炻㚱斄微㪲䭉㚱䘬
䇕嬘ᷣ天普ᷕ㕤㚱斄˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕˬ临㛇˭䘬妶婾烊侴⎴㛇䘬栆Ụ㟰ẞṎ 㗗ẍ㬌㟰ᶵ⎴昶㭝䘬⇌㰢ἄ䁢㟰ἳἄ塩㰢炻⚈㬌㬌㟰㗗⎴㛇㚱斄˪㕘䓴⛇⛘⣹䲬:临㛇;㡅 ἳ˫ᷕˬ临㛇˭䘬㱽⼳奨溆㚨䁢⬴㔜炻㓭怠ᷳ䁢㛔婾㔯䘬ἳ⫸ˤ 昛⣑ṽ姜㛶⣑復ˣ㛶䘯屉ˣ㛶䘯冰ˣ㛶㥖䫱炷ˬ昛姜㛶㟰˭炸㟰ẞ側㘗 㬌㟰㗗斄㕤ᶨⷭỵ㕤⣏❼⛇⛘炷ᶰ慷䲬ấ䫔 CG䲬⛘㭝 FCF 嘇炸䘬㤕㪲䇕嬘ˤ㴱⍲⛘㭝䘬⛇ ⛘䘣姀侭䁢㛶㥖ˤ㛶㥖㕤㟰ẞℍ䧇㗪暊ᶾ炻㛶⣑復ˣ㛶䘯屉⍲㛶䘯冰䁢℞⫸炻㟡㒂
˪㕘䓴㡅ἳ˫炷楁㷗㱽ἳ䫔JH 䪈炸Ⱄ娚ⷭ⛇⛘⎰㱽两㈧Ṣ炻⚈㬌⎴↿䁢㬌㟰ẞ䘬塓⏲ˤ ⛘㭝 FCF 嘇⍇㛔䁢⛘㭝FCF 嘇炻䘣姀侭䁢㛶佑㠭䣾:枛嬗烊⍇㔯䁢 , *&;炻侴ဏ惘䘬 FCA4FCC4FCD4FCE 嘇⛘㭝⇯䓙㛶ᶱ⊅➪炷枛嬗烊⍇㔯䁢 $ % &% 炸㊩㚱ˤBJEH ⸜炻㛶ᶱ⊅➪⥼ả椾塓⏲䘬䇞奒㛶㥖䁢䭉䎮Ṣ烊Ữ䓙㕤ṾᾹ夾⛘㭝 FCF嘇䁢冒㑩㚱炻 㕤㗗⛐㓧⹄䘬䘣姀ᷕ炻㚱斄㬌枭䭉䎮Ṣ䘬䘣姀Ṏ⊭㊔⛘㭝 FCF嘇ˤ㓧⹄⛐ BJFE ⸜ BA 㚰⍲ BJGD ⸜ H 㖍ℑ㫉㓞⚆⛘㭝 FCF 嘇悐ấ⛇⛘炻᷎拗婌⎹㛶㥖炷ἄ䁢㛶ᶱ俾➪䭉䎮Ṣ炸岈炻 侴䴻㬟ℑ㫉㓞⚆悐ấ⛇⛘⼴炻⛘㭝 FCF 嘇检ᶳ㛒塓㓧⹄㓞⚆⛇⛘䁢 FCF 嘇ˤ 㛶ᶱ⊅➪冯㛶佑㠭䣾㚱斄⛘㭝 FCF:;嘇㤕㪲䘬㶟Ḫ⼴Ἦ⼿⇘枮⇑妋㰢烉㛶佑㠭䣾㕤 BJGI ⸜ D㚰⮯⛘㭝 FCF 䘬㤕㪲ẍ㷗⸋ DFA ⃫廱嬻Ḱ㛶㥖㛔Ṣ炷ᾳṢ⎵佑炸炻㛶㥖Ṏ晐⌛㕤⛇ ⛘姣Ⅎ嗽䘣姀ㆸ䁢㕘䘬⛘㭝 FCF 㑩㚱Ṣˤ
4 䛇㬋䘬⓷柴↢㕤㛶㥖冯⍇姇Ṣ昛㮷䘬䇞奒ᷳ攻䘬⛇⛘屟岋ˤBJFE ⸜ B 㚰炻㛶㥖ẍ㛶ᶱ⊅ ➪䭉䎮Ṣ䘬幓ấ炻⎹⍇姇Ṣ昛㮷䘬䇞奒⎹ẍ㷗⸋ FAA ⃫↢ⓖ⛘㭝 FCA4FCC4FCD4FCE ⍲ FCF 嘇炻᷎妪䩳ᷕ⺷⣹䲬ˤ侴昛㮷晐⌛⛐悐ấ⛘㭝 FCC 军 FCE 嘇ᶲ⺢⯳⯭ỷ炻⍲㕤ẛ惘䘬⛘㭝 FCF 嘇⺢ᶨ⮷⯳⍲⊾䲆㰈ἄ梲㬾⭞䥥➡㢵偍㕁ᷳ䓐炻᷎ᶨ䚜ἧ䓐䚜军 BJJI ⸜㛶㮷ṳℍ䁢 㬊ˤ ᶵ忶炻⌛ἧ妪䩳ᷕ⺷⣹䲬炻㛶㥖ᶨ䚜㉺䳽㬋⺷㕤⛇⛘姣Ⅎ嗽㚜㓡㚱斄⛇⛘㤕㪲炻⊭㊔℞
ᷳ⼴⽆㛶佑㠭䣾岤ℍ᷎ẍᾳṢ⎵佑㊩㚱䘬⛘㭝 FCFˤ䚜军 BJGI ⸜㛶ᶱ⊅➪妋㔋⼴炻昛㮷㕡 傥㬋⺷㕤⛇⛘姣Ⅎ嗽䘣姀㑩㚱⛘㭝 FCC4FCD ⍲ FCE 䘬悐ấ⛇⛘炷⎵䁢⛘㭝 FCC4FCD ⍲ FCE炻Ⱄ℞⺢⯳䘬悐ấ炸炻℞检⛇⛘⯙㬠㛶㥖䈡㚱ˤ侴⌛ἧ昛㮷ᶨℵ天㯪炻㛶㮷ᶨ䚜㉺ 䳽㚜㓡⛘㭝 FCF 嘇䘬⛇⛘䘣姀烊娚⛘㭝䘬䘣姀ᶨ䚜㗗⛐㛶㥖⎵ᶳ炻᷎䓙㛶㮷丛Ṍ㚱斄⛘ 䦭ˤBJJD ⸜炻㛶㥖必ᶾ炻侴℞⫸⍲昛㮷冒 BJJI ⸜崟⯙⛘㭝 FCF 䘬㤕㪲䓊䓇䳃䇕炻⚈ 㬌姜媠㱽⹕妋㰢ˤ 䡢䩳微㪲䭉㚱 ᶨ⤪℞Ṿ微㪲䭉㚱㟰ẞ炻㬌㟰䘬䫔ᶨ㬍炻㗗天䡢䩳微㪲䭉㚱Ṣ炻⌛昛㮷炻㕤㗪㓰㛇ᷳℏᶨ䚜 微㪲䭉㚱娚⛇⛘炻侴⍇㤕㪲㑩㚱Ṣ㕤㬌℞攻㛒㚱ἧ䓐烊㚱斄忋临䭉㚱䘬悐ấ炻䓙㕤嫱㒂⃭ 嵛炻㕤⍇姇㗪䴻㶭㤂䡢䩳炻ᷳ⼴䘬ᶲ姜Ṏℵ䃉䇕嬘烊䔞㗪ᷣ⮑㱽⭀⻝冱傥㊯↢炻⌛ἧ⛘㭝
FCF 㕤 BJGI ⸜ D 㚰㚦㚱㤕㪲廱嬻炷䓙㛶佑㠭䣾廱Ḱ㛶㥖炸炻㗪㓰㛇ㅱ䓙 BJFE ⸜㈹ㆾ BJGI ⸜攳⥳妰䬿⎗傥⬀⛐䇕嬘炻Ữᶵ婾攳⥳⸜ấ䁢ỽ炻䚜军 JA ⸜ẋᷕ㛶㮷⍲昛㮷⯙⛘㭝 FCF ↢䎦䲦䳃㗪炻昛㮷㊱庫㖑㗪㱽ἳ夷⭂炻䭉㚱娚⛘㭝崭忶 CA ⸜烊㎃妨ᷳ炻㚨怚䚜军 BJII ⸜ D 㚰炻昛㮷䡢䩳⮵⛘㭝 FCF 嘇䘬微㪲䭉㚱// -ˤ ˬ临㛇˭⼴炻微㪲䭉㚱㗗⏎ṵ䃞ㆸ䩳烎 Ữ⌛ἧ忋临䭉㚱嫱㒂⃭ấ炻㱽⹕ṵ暨嗽䎮ᶨᾳ⓷柴–忁ᾳ微㪲䭉㚱炻㕤ˬ临㛇˭⼴㗗⏎ṵ䃞 ㆸ䩳ˤ忁⍾㰢㕤⤪ỽ䎮妋˪㕘䓴⛇⛘⣹䲬炷临㛇炸㡅ἳ˫⮵⛇⛘ˬ临㛇˭䘬⭂佑烉ˬ临㛇˭ ⼴䘬⛇⛘炻⇘⸽䬿ˬ⺞临˭冲䦇⣹㈹ㆾ䬿㗗ˬ慵㕘妪䩳˭ℐ㕘䦇⣹ˤ
5 㬌㟰㕤⍇姇⹕ᷕ炻㗪ả檀䫱㱽昊㙓⥼㱽⭀⻝冱傥: ',+0 &,)+ , %) . ,% 炸⇌ 㰢昛㮷微㪲䭉㚱㚱㓰烊ᶲ姜⹕⇯ẍ⣏㭼㔠炷伭‹⽿∗⹕攟:&%& )*;ˣ悕伶崭㱽⭀:&% &% ;⎴シ炻⍲堩⭞⮏㱽⭀:&%, % ;⍵⮵炸㍐侣⍇姇塩㰢烊侴䳪⮑㱽昊⇯ᶨ农塩 ⭂炻㍐侣ᶲ姜⹕塩㰢炻娵䁢娚ˬ临㛇˭䁢⺞临冲䲬//-ˤ㔜⎰Ḯ⛐⍇姇ˣᶲ姜⍲䳪⮑ᷕ㍸⇘䘬 ᷣ天奨溆⼴炻䘤䎦㭼庫㰢⭂⿏䘬妶婾炻㗗⚵丆炷ᶨ炸㘖忂㱽䘬旸⇞炻⍲烊炷Ḵ炸㱽ἳ䓐⫿⍲ 䩳㱽⍇シˤ ᶨ炽㘖忂㱽䘬旸⇞ ẋ堐㛶㮷䘬⼳ⷓ㍸↢炻⛐㘖忂㱽䘬旸⇞ᶳ炻᷎ᶵ傥忂忶䦇⣹暁㕡䘬ˬℙ嬀˭⺞攟ᶨấ䦇⣹㛇 旸//- ˤ䳪⮑㱽昊朆ⷠả⣏㱽⭀屨庼㖶⊛䇝炷 &)& $%%炸㕤䳪⮑⇌娆ᷕ⮵㬌㤪⾝≈ẍ妋 慳烉㟡㒂㘖忂㱽炻䦇⣹Ⱄᶨ枭斄㕤⛇⛘㪲䙲䘬屉䓊炻㚨⇅㗗䴻暁㕡⎴シ侴妪䩳烊ᶨ㖎句⮎ᶼ ℔媠㕤ᶾ炻⯙ᶵ傥╖ㄹ暁㕡䘬ˬℙ嬀˭侴ᾖ㓡䔞ᷕ䘬㡅ẞ侴㚜㓡忁ấˬ屉䓊˭烊侴䦇⣹䘬㛇 旸㗗䦇⣹↿㖶䘬㡅ẞᷳᶨ炻⚈㬌⛐㘖忂㱽⍇⇯ᶳ炻Ṏᶵ傥德忶䚠Ḻ⋼嬘⍣ᾖ㓡//- ˤ 屨庼㖶⊛䇝⻝冱傥㱽⭀悥⺽䓐㟰ἳ炻㊯劍⛐ᶨ凔ね㱩炻⛐㘖忂㱽䘬⍇⇯ᶳ炻⤪㝄天ˬ⺞
攟˭䦇⣹炻⎒傥德忶ˬṌ怬⍲慵㈡˭:*,)) % )%) 8 )%+;ㆾˬ⽑㬠䦇⣹˭:) - )* &%)0 # * 炻⌛㕤⇵ᶨấ䦇⣹㛇旸⯮㺧⇵妪䩳⛐㛇㺧⼴䓇㓰䘬䫔Ḵấ䦇⣹;㕡⺷嗽䎮//- ˤ ỮṲ㫉䘬ˬ临㛇˭⍰㗗⏎Ⱄˬᶨ凔ね㱩˭␊烎ẋ堐㛶㮷䘬⼳ⷓ娵䁢㗗烊Ṿ娵䁢㕘䓴⛇⛘⣹䲬
:临㛇;㡅ἳ˫ᷕ䘬䫔 G 㡅炷⌛㚱斄临㛇䘬㡅㔯炸// /炻⎒傥德忶㕤㡅ἳ䓇㓰㗪炷⌛ BJII ⸜ E 㚰炸ˬṌ怬炷冲⣹炸⍲慵㈡炷㕘⣹炸˭:*,)) % )%) 8 )%+;炻ㆾ侭㕤 BJJH ⸜ G 㚰冲⣹⣙ 㓰㗪䴎Ḱ㕘⣹䘬⼊⺷➟埴炻⚈㬌ㅱ夾ἄ㕘⣹炻᷎夾ᷳ䁢冯㛶㮷妪䩳㕘䘬㤕㪲斄Ὢˤ㎃妨ᷳ炻
昛㮷㕤 BJII ⸜忼农微㪲䭉㚱䘬㗪㓰㛇⎒Ẍ㛶㮷㕤冲⣹ᷕ䘬㤕㪲䳪䳽烊妪䩳㕘⣹⼴㗪㓰ㅱ慵 㕘妰䬿炻侴ᶵ婾㗗ẍ BJII ⸜ㆾ㗗 BJJH ⸜崟妰炻军 BJJI ⸜ℍ䧇㗪炻㕘⣹ᶳ䘬㗪㓰旸㛇ṵ㛒 ⬴䳸炻⚈㬌昛㮷ㅱ㰺㚱微㪲䭉㚱䘬㪲⇑///ˤ侴ᶲ姜⹕䘬悕伶崭㱽⭀Ṏ娵䁢炻㬌㟰ᶵㅱẍ ,% 姜 $ *#%炷ᶨ⤪⇵徘炻㗗㚱斄˪㕘䓴:⎗临㛇㓧⹄䦇⣹;㡅ἳ˫炷楁㷗㱽ἳ䫔 BFC 䪈炸䘬ˬ临㛇˭㗗⏎䓊䓇㕘㤕㪲炸ἄ㟰ἳẞ⇌㰢炻⚈䁢娚㫉临㛇㚱↿庱㕤⍇⥳䦇䲬ᷕ炻ᶵⰔ
㕘㪲⇑烊ỮṲ㫉˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕ䘬ˬ临㛇˭᷎䃉庱㕤⍇⥳䦇⣹炻㈧䦇Ṣ炷㤕 㪲㑩㚱侭炸㟡㒂℞⍇⥳䦇䲬ṓ㚱䘬㪲⇑⛐晐叿冲䦇䲬⬴䳸侴㴰⣙炻⚈㬌Ṳ㫉ˬ临㛇˭ㅱ䓊 䓇㕘䘬㤕㪲炻微㪲䭉㚱㗪㓰㛇Ṏㅱ慵㕘攳⥳妰䬿/// ˤ
6 Ữ䳪⮑⹕䘬屨庼㖶⊛䇝⍇姇⹕䘬⻝冱傥㱽⭀⇯娵䁢㬌嫃㱽᷎ᶵㆸ䩳ˤṾᾹ⛯娵䁢炻䩳㱽㨇
斄㚱㪲≃⍣德忶䩳㱽⍣ᾖ㓡㓧⹄⛘⣹ᷕ䘬㡅㔯炷㛇旸炸侴ᶵ⍿㘖忂㱽旸/// ˤ屨庼㖶⊛䇝㚜 ㊯↢炻䩳㱽㨇斄炷㲐シ楁㷗㗗ᶱ㪲↮䩳炻䩳㱽㨇斄᷎ᶵ䫱⎴ἄ䁢埴㓧㨇斄䘬㓧⹄炸德忶䩳㱽
ᾖ㓡⛘⣹ᷕ䘬㡅㔯炻㚱斄ᾖ㓡᷎朆ˬ⣹䲬暁㕡ℙ嬀˭烊侴⌛ἧ㟡㒂˪㕘䓴⛇⛘⣹䲬:临㛇;㡅 ἳ˫䫔 F 㡅/// 炻㤕㪲㑩㚱Ṣ⎗ẍ⛐㊯⭂旸㛇ℏ怠㑯㗗⏎ˬ临㛇˭炻Ữ↢䦇Ṣ炷⌛㓧⹄炸᷎䃉 怠㑯ㆾ⏎㰢临䦇䘬㪲⇑烊⛐℞ᷕᶨ㕡᷎䃉怠㑯ᷳᶳ炻ᶵ傥夾䁢ˬℙ嬀˭/// -烊⚈㬌炻⮯ˬ临
㛇˭夾䁢冲⣹䘬⺞临炻᷎䃉忽⍵㘖忂㱽ˤ 6ˬṌ怬⍲慵㈡˭:*,)) % )%) 8 )%+;ㆾˬ⽑㬠䦇⣹˭:) - )* &%)0# * ;3 ⛐㚱斄㘖忂㱽䱦䤆䘬妶婾ᷕ炻Ṏ㍸↢ℑᾳ炷㕤㬌㟰ᷕ炸庫㫉天䘬㤪⾝ˤ℞ᷕᶨᾳ㗗ˬṌ怬⍲
慵㈡˭:*,)) % )%) 8 )%+;ㆾˬ⽑㬠䦇⣹˭:) - )* &%)0# * ;䘬㤪⾝烉侴⛐⍇姇⍲ᶲ姜⇌ 娆ᷕ炻Ṏ㚱ᶵ⮹斄㕤ℑ侭⎗埴⿏䘬妶婾烊忁⮵㕤䳪⮑㱽昊㚨䳪㰢⭂㚱斄ˬ临㛇˭㗗䩳㱽㨇㥳 䘬ṳℍ㚱ᶨ⭂䘬⼙枧烊侴䔞ᷕ炻ᶲ姜⹕㱽⭀堩⭞⮏ᷣ⻝ˬ临㛇˭Ⱄ冲⣹⺞临䘬妋慳㚨䁢㶭 㤂ˤ ⤡椾⃰⏎⭂˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕ䘬ˬ临㛇˭㗗Ṍ怬⍲慵㈡:*,)) % )%) 8 )%+; 䘬㕡㱽嗽䎮///-ˤ⤡㟡㒂⮵℞Ṿ㱽ἳ䘬奨⮇炻⤪㝄↢䎦暨天德忶Ṍ怬⍲慵㈡㕡⺷忚埴䘬ね㱩炻
ᶨ凔㚫㕤㱽ἳᷕ㖶㔯夷⭂炻Ữ⛐˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫᷎ᷕ䃉㖶䡢妪㖶ˤ Ữ㚜慵天䘬炻㗗➟埴㗪攻烊⤡㊯↢炻ᶨ凔Ṍ怬⍲慵㈡:*,)) % )%) 8 )%+;忶䦳ᷕ炻㗗⛐Ṍ 怬冲⣹⼴炻㕘⣹晐⌛⛐䔞⣑䓇㓰ˤ劍㝄⤪彗㕡炷㛶㮷炸䘬⼳ⷓẍ㊯炻Ṍ怬⍲慵㈡˪㕘䓴⛇
⛘⣹䲬:临㛇;㡅ἳ˫䫔 G 㡅䓇㓰㖍炷BJII ⸜ E㚰 CF 㖍炸忚埴䘬娙炻˪㕘䓴⛇⛘⣹䲬:临㛇;㡅 ἳ˫ᷕ⯙ㅱ㖶䡢妪㖶㕘⣹䘬䓇㓰㖍䁢 E 㚰 CF 㖍炻Ữ㡅ἳ᷎ᷕ㰺㚱㬌枭烊⍵ᷳ炻⛐䫔 G 㡅↿ ↢烉ˬ䓙⣹䲬劍朆⚈㛔㡅ἳὧ㚫⯮㺧䘬㖍㛇崟…˭炻⤡娵䁢忁嬲䚠㈧娵Ḯ㬌ˬ临㛇˭冲⣹䲬 㗗⺞临ˤ ⎎⢾炻⤡Ṏ⏎⭂㗗ẍ⽑㬠䦇⣹:) - )* &%)0# * ;㑵ἄ䘬⎗傥///- ˤ⚈䁢⽑㬠䦇⣹㑵ἄ㡅ẞ炻㗗 ↢䦇侭㈧䦇侭悥㚱㪲怠㑯㗗⏎临䦇↢炻↢䦇侭Ṏ⎗怠㑯临䦇⮵尉烊Ữᶨ⤪⇵徘炻˪㕘䓴⛇ ⛘⣹䲬:临㛇;㡅ἳ˫ᷕ炻⎒妪㖶䦇䓐侭⎗怠㑯㉺䳽临㛇䘬㪲⇑炻Ữ↢䦇侭᷎ᶵ傥怠㑯㗗⏎临
7 䦇炻Ṏᶵ傥怠㑯临䦇䘬⮵尉ˤ⚈㬌炻⤡Ṏᶵ娵䁢˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕ䘬ˬ临㛇˭ ⎗䬿ἄ⽑㬠䦇⣹ˤ 6㚱⏎䡢䩳㕘䘬㤕㪲烎 ⎎ᶨ㕡朊炻ᶨ⤪⇵徘炻➢㕤㕘䓴⛇⛘䘬㚨䳪㤕ᷣ㗗㓧⹄烊⚈㬌炻ˬ㤕㪲˭䘬㤪⾝᷎朆╖䲼䘬 ˬ㤕㪲㑩㚱Ṣ˭ˬ㑭冒Ỽ䓐侭˭ᷳ攻䘬斄Ὢ烊㚱斄微㪲Ỽ㚱䘬䡢䩳炻Ⱄˬ㤕㪲㑩㚱Ṣ˭ ˬ㑭冒Ỽ䓐侭˭ᷳ攻嗽䎮烊侴㚱斄⣹䲬䘬临㛇炻⯙㗗ˬ㤕㪲㑩㚱Ṣ˭ἄ䁢㈧䦇Ṣ㓧⹄ἄ䁢 ↢䦇Ṣᷳ攻䘬斄Ὢˤ㬋⤪ᶲ姜⹕伭‹⽿∗⹕攟⛐⇌娆ᷕ㊯↢炻⍇㛔䘬㤕㪲㑩㚱Ṣ䘬㤕㪲炻⮵
㕤㑭冒Ỽ⛘侭炷微㪲䭉㚱侭炸侴妨⭋⏲䳪䳽炻᷎ᶵẋ堐℞ἄ䁢⛇⛘㈧䦇侭冯↢䦇侭炷⌛㓧 ⹄炸ᷳ攻䘬㪲⇑冯佑⊁䳪䳽烊Ṿ㍸↢ᶨᾳ⼰⮎晃㖻㖶䘬ἳ⫸炻⯙㗗㤕㪲㑩㚱Ṣ炻⌛ἧ⚈微㪲
䭉㚱侴ἧ℞⮵㕤㑭冒Ỽ䓐侭䘬㤕㪲䳪䳽炻Ữṵ䃞暨天两临⎹㓧⹄丛Ṍ⛘䦇ˤ ᶵ忶Ṿ⯙娵䁢炻䓙㕤㑭冒Ỽ䓐侭炷⌛微㪲䭉㚱Ṣ炸冯㚨䳪㤕ᷣ炷⌛㓧⹄炸ᷳ攻ᶵ⬀⛐㤕㪲斄 Ὢ炻ẍ䔞⍇㤕㪲㑩㚱Ṣ冯↢䦇侭ᷳ攻䘬⣹䲬⬴䳸炻㈧䦇Ṣ冲䘬㤕㪲Ṏ⏲䳪䳽炻㑭冒Ỽ⛘侭
⍇㛔⛐娚⛇⛘⺢䩳䘬㪲⇑炷⌛微㪲䭉㚱炸Ṏ⏲⣙㓰///- ˤ 伭‹⽿∗⹕攟㍸↢㚱斄⮵ㅱᶵ⎴⮵尉䡢䩳㤕㪲䘬㤪⾝Ṏ夳㕤堩⭞⮏㱽⭀屨庼㖶⊛䇝㑘⮓ 䘬⇌娆ᷕˤỮ斄挝ṵ䃞㗗⮵㕤㈧䦇Ṣ炷㤕㪲㑩㚱侭炸⍲↢䦇Ṣᷳ攻䘬⍇㛔⣹䲬炻⛐˪㕘䓴⛇
⛘⣹䲬:临㛇;㡅ἳ˫䘬ˬ临㛇˭ᷳᶳ炻Ⱄ㕤ˬ⺞临˭冲䦇⣹怬㗗夾䁢㕘妪䦇⣹䘬ⶖ䔘ˤ Ḵ炽㱽ἳ䓐⫿⍲䩳㱽⍇シ 䳪⮑㱽昊⯙ˬ⚆㬠➢㛔㬍˭⍣嗽䎮忁ᾳ斄挝烉⽆㱽ἳ䘬䓐⫿⍲䩳㱽⍇シ↢䘤⍣䎮妋㱽ἳ䘬䓐
シˤ䳪⮑㱽昊朆ⷠả㱽↿栗ΐ炷 ) ,*+ ++&% 炸娵䁢炻㱽⭂妋慳⽭⃰㸸㕤㗗䓐娆婆䘬 㘖忂婆妨⏓佑炻᷎ᶵㅱ忶⹎教嬨炻䁢忼农㱽昊㛇㛃㓰㝄侴䁢㱽ἳ㶣ᶲ᷎ᶵ⬀⛐䘬シ⿅炻⏎ ⇯暋ẍ䵕㊩冯℞Ṿ㓧⹄㨇斄䘬斄Ὢ烊Ṿ娵䁢㬌㟰㬌⇵䘬妶婾ᷕ炻䋞㕤⛐㡅㔯ᷕ≈ℍˬ㌰Ḱ㕘 䘬⣹䲬˭䘬⫿䛤炻㗗ᶵ傥䘤䓇䘬///- ˤ嬲䚠㗗⏎⭂䁢Ḯ天ˬ䫎⎰㘖忂㱽䱦䤆˭侴⮯㡅㔯䎮妋 䁢㌰Ḱ㕘⣹䲬炷ᶵ婾㗗ˬṌ怬⍲慵㈡˭ㆾˬ⽑㬠䦇⣹˭炸䘬妋慳ˤ Ṿ⍰娵䁢炻㬌㟰䘬妶婾ㅱ娚㗗憅⮵˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫䫔 G 㡅ᷕ䘬ˬ临㛇˭䘬シ⿅ ⍲㓰㝄烊Ṿ娵䁢˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫䫔 G 㡅ᷕ炻㊯㗗䎦⬀⣹䲬䘬⸜㛇ˬ䓙⣹䲬劍朆
8 ⚈㛔㡅ἳὧ㚫⯮㺧䘬㖍㛇崟炻Ḱẍ临㛇: /+ %;˭㗗朆ⷠ㶭㤂烊㱽ἳ䘬劙㔯䓐娆/+ %炻 㶭㘘⛘⯽䣢⺞临䘬シ⿅炻侴妋嬨ㅱ䯉╖䚜㍍烉ˬ䎦⬀䘬䦇⣹临㛇炷 /+ %炸军 CAEH ⸜ G 㚰 DA 㖍炻⎍嘇ˤ˭/// / 侴屨庼㖶⊛䇝昌Ḯ⤪ᶲ徘炻慸㶭Ḯᶨṃ⽆⃰⇵⇌㰢ᷕ℞Ṿ㱽⭀㍸↢䘬奨溆⢾炻ṾṎ㍸⇘
䩳㱽⍇シ烉Ṿ娵䁢炻˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫⍲˪ᷕ劙倗⎰倚㖶˫侴⇞妪炻侴Ṿ娵䁢炻 䩳㱽䘬⍇シ㗗ⶴ㛃䵕㊩⍇䉨:*++,*(,&;炻ᶵ婾㗗⮵㈧䦇侭炷㤕㪲㑩㚱Ṣ炸ㆾ㑭冒Ỽ⛘侭侴 妨ˤ⚈㬌炻Ṿ慵䓛炻˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕ䘬ˬ临㛇˭炻ㅱ夾䁢冲䦇䲬䘬⺞临/#ˤ ䷥䳸 ⌛ἧ⛐⍇姇⍲ᶲ姜⹕⮵㱽⼳奨溆㚱ᶵ⎴䘬斉嬗炻⛐昛姜㛶㟰䘬䳪⮑⇌娆ᷕ炻ℑỵ㱽⭀⼰㶭
㘘⛘ˬ怬⍇➢㛔㬍˭炻塩⭂⮵㱽ἳ䘬䎮妋炻ㅱ娚㗗⽆㚨➢㛔䘬㖍ⷠ妋慳ℍㇳ烊㗗ẍ炻˪㕘䓴 ⛇⛘⣹䲬:临㛇;㡅ἳ˫ᷕ䘬ˬ临㛇˭炻ㅱ夾䁢冲䦇䲬䘬⺞临ˤ㎃妨ᷳ炻忁Ṏ䁢ㆹᾹ㚨⇅ⶴ㛃 妶婾䘬␥柴㍸ὃḮ㚨䚜㍍䘬䫼㟰烊䓙㕤˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫䘬妪䩳㗗ㅱˬᷕ劙倗⎰ 倚㖶˭䘬天㯪炻侴倚㖶䘬⍇シ㗗ⶴ㛃䵕㊩⍇䉨炷*++,*(,&炸FA ⸜炻⚈㬌炻㚱斄㕘䓴䦇⣹䘬 ˬ临㛇˭ㅱ夾䁢冲䦇䲬䘬⺞临烊⛐ᷣ㪲䦣Ṍ⇵䡢䩳䘬微㪲䭉㚱炻ㆾ攳⥳䘬㗪㓰㛇妰䬿炻 ⯙ᶵ⍿㬌ˬ临㛇˭⼙枧炻ᶵ暨慵㕘妰䬿ˤ ῤ⼿㲐シ䘬⛘㕡㗗炻㓧⹄ἄ䁢⛇⛘↢䦇侭炻℞ᷣ㪲䓙㷗劙㬾㮹⛘㓧⹄廱嬲䁢楁㷗䈡⇍埴㓧㪲 㓧⹄㬌ᶨ奨溆炻᷎㰺㚱ㆸ䁢㟰ẞ䘬妶婾天溆烊⍵侴炻⯙ˬ临㛇˭㚱⏎⺢䩳㕘㤕㪲䘬妶婾炻ᷣ 天㗗➢㕤㚱斄㘖忂㱽䱦䤆䘬妶婾炻侴朆㚱斄㓧⹄䘬ˬᷣ㪲˭ˤ 劍䳘教⇌娆炻Ṏᶵ暋䔁シ䔞ᷕ䘬⍇⚈烉㬋⤪屨庼㖶⊛䇝㊯↢炻㕤ᷕ劙暁㕡㕤 ⸜ẋ⇅⯙楁 㷗⇵徼婯⇌㗪炻䓙㕤䔞㗪㕘䓴㚱㈡䦇䘬⛇⛘䘬⣹䲬悥㚫⛐ᷣ㪲䦣Ṍᷳ⇵䳪䳸烊䔞㗪⚈⇵ 徼ᶵ䡢⭂侴忈ㆸṢ⽫ゞゞ炻ℑ⚳㓧⹄⯙忼ㆸ⋼嬘炻Ṏ㕤˪ᷕ劙倗⎰倚㖶˫㖶䡢↿㖶炻⮯㚱
⍇㛔⛐ BJJH ⸜ G 㚰 DA 㖍⇵䳪䳸䘬⛇⛘⣹䲬ˬ临㛇˭军 CAEH ⸜/# 烊侴˪㕘䓴⛇⛘⣹䲬:临㛇; 㡅ἳ˫Ṏ䁢句⮎㬌ℙ嬀侴妪䩳ˤ ⎎ᶨ㕡朊˪ᷕ劙倗⎰倚㖶˫᷎䃉ảỽ㡅㔯天㯪炻⚈䁢㓧⹄䘬ᷣ㪲ᶵ⎴侴慵㕘妪䩳⣹䲬炻⍵侴
㗗天㯪临㛇/# 炻劙㔯Ṏἧ䓐“extend”/# 㬌ᶨ㚱⺞临ᷳシ䘬⫿䛤烊侴⛐˪➢㛔㱽˫䫔 BCA ⍲ BCB
9 㡅Ṏ㚱䚠ㅱ㡅㔯/# -ˤ⚈㬌炻⛐忁ṃ㖶䡢䘬㡅㔯ᷳᶳ炻⯙暋ẍ䲼䱡⽆ᷣ㪲䘬廱嬲侴婾嫱㚱斄⣹
䲬Ⱄˬ㕘⣹䲬˭炻侴暨⽆㱽⼳奨溆ℍㇳˤ 侴晾䃞㚱斄㘖忂㱽䱦䤆妶婾⛐䳪⮑塩㰢ᷕ塓夾䁢⮵㡅ἳ䘬ˬ忶ấ妋嬨˭炻侴䔞ᷕ䘬ˬṌ怬⍲
慵㈡˭⍲ˬ⽑㬠䦇⣹˭悥塓夾ᶵ䫎˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫䘬妪䩳⍇シˤ䃞侴炻傥德忶 㬌㟰ἳ⮵忁ṃ⍇⇯㚱忚ᶨ㬍䎮妋炻⎗傥⮵䎮妋℞Ṿ⛇⛘䚠斄㟰ẞ㚱⸓≑烊⎎⢾炻天㲐シ䘬㗗 ⇘⸽㚱斄ˬ临㛇˭ⰔˬṌ怬⍲慵㈡˭㈹ㆾˬ⽑㬠䦇⣹˭℞⮎ᶨ䚜㛒㚱嗽䎮炻⚈䁢㱽⹕娵䁢炻 ᶵ婾怠枭䁢ỽ炻悥㚫忼农䚠⎴䳸㝄侴㛒㚱ἄ㰢⭂烊Ữ䃉婾⤪ỽ炻⚈䁢ℑ侭悥ᶵㆸ䩳侴㚱斄
ˬ临㛇˭夾䁢⺞临冲⣹炻䚠ᾉṎᶵ㚫ℵ⯙㬌ἄ妶婾ˤ 㚨⼴炻㬌婾㔯⚈䁢䭯ⷭ⍲㗪攻旸炻⎒⽆˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫↢䘤Ḯ妋℞⮵微㪲䭉 㚱㗪㓰㛇妰䬿䘬⼙枧烊䃞侴炻ᷣ㪲䦣Ṍᷳ⼴炻昌Ḯ㚱˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫⍲冯⛇⛘ 䚜㍍䚠斄䘬夷⭂⢾炻Ṏ㚱⍇㤕㪲㑩㚱Ṣ炷䳁ᶲ㑩㚱Ṣ炸娵䁢˪㗪㓰㡅ἳ˫冯˪➢㛔㱽˫䫔 G 㡅⍲䫔 BAF 㡅斄㕤ᾅ晄䥩㚱屉䓊㡅㔯㚱㉝妠侴姜媠㱽⹕炻㚨⼴⛯塓⼳㓧⎠⍲䳪⮑㱽昊楩⚆ ℞⎠㱽央㟠䘬䓛婳ˤ晾䃞楩⚆䘬ᷣ⚈㗗➢㕤℞㚱㾓䓐㱽⼳䦳⸷ᷳ⩴⍲㚱⍇㤕㪲⛐˪➢㛔㱽˫
䓇㓰⇵䳪䳽炻Ữ㱽⭀⛐⇌娆ᷕṎ㚱䡢䩳微㪲䭉㚱⇞⹎䘬⽭天⿏–ᷣ天Ṏ㗗➢㕤㱽ἳ䘬䓐⫿ ẍ⍲䥩㚱屉䓊冯℔䛦⇑䙲炷䍵屜䘬⛇⛘屯㸸炸ᷳ攻䘬⸛堅ἄ侫慷/#-烊忁䚠ᾉ⎗ẍἄ䁢㖍⼴㍊ 妶微㪲䭉㚱䘬⬀⛐シ佑㗪䘬ᶨᾳ慵天⍫侫ˤ
㱽⼳㓡朑⥼⒉㚫ˬ微㪲䭉㚱⮷䳬⥼⒉㚫˭媖娊㔯ẞˤCABC ⸜ BC 㚰炻㭝 C6Bˤ⍾冒烉 ++'*577...6 ") &)$6 &-6 "7+7',# + &%*7- )* '&** ** &%6 +$ 6㭝 C6C 6㭝 C6G8C6I ⍲ C6EC -⛐教嬨昛姜㛶㟰䘬⇌娆㗪炻㱽⭀㚦⣂㫉㍸↢昛㮷ἄ䁢微㪲䭉㚱Ṣ㚱冱嫱屔ảˤ &,)+& + &% &% 4 &,)+& )*+ %*+% 6 % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %+ + *++ & + * % ,;: EBJB7BJJI;BE %,)0CAAD6 -㱽⼳㓡朑⥼⒉㚫ˬ微㪲䭉㚱⮷䳬⥼⒉㚫˭媖娊㔯ẞˤCABC ⸜ BC 㚰ˤ⍾冒烉 ++'*577...6 ") &)$6 &-6 "7+7',# + &%*7- )* '&** ** &%6 +$ - ˪㗪㓰㡅ἳ˫:楁㷗㱽ἳ䫔DEH䪈;䫔 H 㡅炻⍇㔯䁢ˬ:B;冒㚱斄姜姇㪲⛐⭀㕡㕡朊䓊䓇䘬㖍㛇崟妰㺧 GA ⸜⼴炻 ⭀㕡ᶵ⼿㍸↢㓞⚆⛇⛘䘬姜姇烊⤪娚姜姇㪲㚨⇅⛐㝸Ṣ㕡朊䓊䓇炻侴⭀㕡㗗德忶娚㝸Ṣ侴䓛䳊䘬炻⇯⭀㕡Ṏᶵ ⼿⛐娚姜姇㪲⛐娚Ṣ㕡朊䓊䓇䘬㖍㛇崟妰㺧 GA ⸜⼴㍸↢㓞⚆⛇⛘䘬姜姇ˤ:C;冒㚱斄姜姇㪲⛐ảỽ℞ṾṢ㕡朊 䓊䓇䘬㖍㛇崟妰㺧 BC ⸜⼴炻Ṿᶵ⼿㍸↢㓞⚆⛇⛘䘬姜姇烊⤪娚姜姇㪲㚨⇅⛐㝸Ṣ㕡朊䓊䓇炻侴Ṿ㗗德忶娚㝸Ṣ 侴䓛䳊䘬炻⇯ṾṎᶵ⼿⛐娚姜姇㪲⛐娚㝸Ṣ㕡朊䓊䓇䘬㖍㛇崟妰㺧 BC ⸜⼴㍸↢㓞⚆⛇⛘䘬姜姇ˤ˭⍾冒烉 ++'*577...6 # *#+ &%6 &-6 "7 "7'DEH2 %81 8%+8 3 9K烊侴㱽⼳㓡朑⥼⒉㚫ˬ微㪲䭉㚱⮷䳬⥼⒉ 㚫˭媖娊㔯ẞṎ㚱⮵㬌枭ἄ妋慳ˤ - 㕤˪BJJB⸜㗪㓰:ᾖ妪;㡅ἳ˫䫔 DB 嘇䫔F㡅⮵䫔DEH䪈ἄ↢ᾖ妪ˤ⛐㬌ᷳ⇵炻㓞⚆⛇⛘䘬㗪㓰㛇䁢CA⸜ˤ
10
- ⍫夳 Cheung, S.W. (2017), “Landlords, Squatters, and Tenants: Fundamental Concepts of Land $ % *+)+ &% % Early Colonial Hong Kong,” in Sui8 ,% : 6;4&#&% #$ % *+)+ &%% % &)$ %*+* 4/&%5 &,+# 4CABH4''6CB8DG6 /⍫夳˪㗪㓰㡅ἳ˫:楁㷗㱽ἳ䫔DEH䪈;䫔 BD 㡅:B;炻⍇㔯烉ˬ昌朆⛇⛘㗗䓙㗪㓰㛇䘬妰䬿⮵℞㚱⇑䘬Ṣ䭉㚱 :⛐㛔㡅ᷕ㍸徘䁢微㪲䭉㚱;炻⏎⇯㓞⚆⛇⛘䘬姜姇㪲枰䔞ἄ㰺㚱䓊䓇烊侴↉㟡㒂㛔㡅ἳ⇵徘㡅㔯ᶲ徘姜姇㪲塓䔞 ἄ⛐㝸㖍㛇䓊䓇炻Ữ䃉Ṣ㕤娚㖍㛇⛐微㪲䭉㚱炻⇯姜姇㪲ᶵ䔞ἄ䓊䓇炻昌朆冯䚜军娚⛇⛘嗽㕤微㪲䭉㚱ᶳˤ˭ /⍫夳˪㗪㓰㡅ἳ˫:楁㷗㱽ἳ䫔DEH䪈;䫔 I 㡅:B;炻⍇㔯烉ˬ↉㍸↢㓞⚆⛇⛘䘬姜姇䘬Ṣㆾảỽ℞ṾṢ:侴㍸↢ 姜姇䘬Ṣ㗗德忶娚Ṣ䓛䳊䘬;炻ᶨ䚜䭉㚱娚⛇⛘炻侴㕤㚱㪲䭉㚱䘬㛇攻炻塓∅⤒ㆾᷕ㬊℞䭉㚱炻⇯㚱斄姜姇㪲枰 䔞ἄ⛐∅⤒ㆾᷕ㬊䭉㚱䘬㖍㛇䓊䓇˭ / 楁㷗暣⎘˪夾溆 DB˫烉暋㓞⚆䘬曠⛘ˤCABI ⸜ G㚰 BC 㖍ˤ⍾冒烉 ++'*577...60&,+, 6&$7.+ 3-K & IH.* / 㱽⼳㓡朑⥼⒉㚫ˬ微㪲䭉㚱⮷䳬⥼⒉㚫˭媖娊㔯ẞᷕ⮵㬌Ṏ㚱妋慳ˤ / 昌Ḯ俾䲬侘⹏➪炷㡅ẞ㗗娚⛇⛘⽭暨䓐ἄ㔁➪炸⍲楁㷗⣏⬠炷⼴Ἦ廱䁢 JJJ ⸜䦇䲬炸㗗ẍ ) &#+ %,) ⼊ ⺷㈡↢⢾炻℞检⛇⛘悥㗗ẍ # * &#+ %,) ⼊⺷㈡↢ˤ夳 ,% 466, “Landlords,(,++ )*4% %%+*5 Fundamental Concepts of Land Administration in Early Colonial Hong Kong,” in Cheung. S.W. (ed.), Colonial $ % *+)+ &%% % &)$ %*+* 4/&%5&,+# 4CABH4'CG / - ,% 466, “Landlords, Squatters, and Tenants: F,%$ %+#&% '+*& %$ % *+)+ &% %)#0&#&% # Hong Kong,” in Cheung. S.W. (ed.), Colonial Administration and Land Reform in East Asia, Oxon: Routledge, 2017, p'CB8 DG /-˪⛇⛘姣Ⅎ妋䡤5⛇⛘姣Ⅎ忂嬀㔁做䥹㔁㛸⣿˫炻楁㷗烉⛇⛘姣Ⅎ嗽炻CABD⸜ˤ枩BFˤ /- ˪ᷕ劙倗⎰倚㖶˫旬ẞᶱˤ⍾冒㓧⇞⍲ℏ⛘ḳ⊁⯨䵚枩烉 ++'*577...6$6 &-6 "7+7 **, *7!F6 +$ /- ˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫:楁㷗㱽ἳ䫔BFA䪈;䫔 C ⍲䫔 G 㡅ˤ⍾冒烉 ++'*577...6 # *#+ &%6 &-6 "7 "7'BFA2 %81 8%+8 3 9K /- &,)+& + &% &% 4&,)+& )*+ %*+% 6 % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;: EBJB7BJJI;BE %,)0CAAD6㭝 HF6 / /BJJH ⸜ᷣ㪲䦣Ṍ⇵炻䁢楁㷗忚埴㟰ẞ䳪⮑䘬㨇㥳ˤ //ℐ䧙䁢 11 // /⍇㔯烉ˬ㛔㡅ἳ怑䓐⣹䲬䘬⸜㛇䎦Ḱ临㛇炻䓙⣹䲬劍朆⚈㛔㡅ἳὧ㚫⯮㺧䘬㖍㛇崟炻临㛇军 CAEH ⸜ G 㚰 DA 㖍⬴䳸㗪㬊炻䃉枰墄丛⛘₡ˤ˭˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫:楁㷗㱽ἳ䫔BFA䪈;䫔 G 㡅ˤ⍾冒烉 ++'*577...6 # *#+ &%6 &-6 "7 "7'BFA2 %81 8%+8 3 9K /// &,)+& + &% &% 4&,)+& '' #6 , $ %+& % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;:HB7CAAD;BJ&- $ )CAAE 㭝 BB8BH /// 6㭝 CJ8DA /// 夳 &,)+& %#'' #& + &% &% 6 , $ %+& % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;:H7CAAF;F %,)0CAAG : )+& + ). + BC7CAAF%BD7CAAF%CB7CAAF:&%*&# + ;;㭝 CG8CH⍲ &,)+& + &% &% 4&,)+& )*+ %*+% 6 , $ %+& % % %,% 4 &% & 4 &% % % %,% :''& %+ +&) ') * %++ *++ & + * % ,;: EBJB7BJJI;BE %,)0CAAD6㭝 JG /// ⍇㔯烉ˬ㈧䦇Ṣ⎗啱㕤㊯⭂㖍㛇⇵⛐䓘⛇姣Ⅎ嗽姣Ⅎ䲨抬Ⅎᶲ⮯ᶨấẍ䓘⛇姣Ⅎ嗽嗽攟㊯㖶䘬㟤⺷侴ἄ↢ 䘬⁁⾀抬姣Ⅎ炻⮯Ṿ㟡㒂ảỽ⣹䲬侴ṓ㚱䘬㪲䙲:冯娚⣹䲬㚱斄䘬⛇⛘䘬ᶵ↮√ấ㔠昌⢾;㏺昌㕤㛔㡅ἳ怑䓐䭬⚵ ᷳ⢾ˤ˭˪㕘䓴⛇⛘⣹䲬:临㛇;㡅ἳ˫:楁㷗㱽ἳ䫔BFA䪈;䫔 F 㡅:B;ˤ⍾冒烉 ++'*577...6 # *#+ &%6 &-6 "7 "7'BFA2 %81 8%+8 3 9K /// -夳 &,)+& %#'' #& + &% &% 6 , $ %+& % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;:H7CAAF;F %,)0CAAG : )+& + ). + BC7CAAF%BD7CAAF%CB7CAAF:&%*&# + ;;㭝 CG8CH ///- &,)+& + &% &% 4&,)+& '' #6 , $ %+& % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;:HB7CAAD;BJ&- $ )CAAE6 㭝 DG8EF6 ///- 6㭝 EG8FA ///- 6㭝 BF8BG ///- &,)+& %#'' #& + &% &% 6 , $ %+& % % %,% 4 &% & 4 &% % % %,%:''& %+ +&) ') * %++ *++ & + * % ,;:H7CAAF;F %,)0CAAG: ) +& + ). + BC7CAAF%BD7CAAF%CB7CAAF:&%*&# + ;;㭝 E8BA /// / 6 /# 6㭝 DI /# 6㭝 BE /# ˪ᷕ劙倗⎰倚㖶˫旬ẞᶱˤ⍾冒㓧⇞⍲ℏ⛘ḳ⊁⯨䵚枩烉 ++'*577...6$6 &-6 "7+7 **, *7!F6 +$ /# ˪ᷕ劙倗⎰倚㖶˫旬ẞᶱ炷劙㔯䇰炸ˤ⍾冒㓧⇞⍲ℏ⛘ḳ⊁⯨䵚枩烉 ++'*577...6$6 &-6 "7 %7 **, *7!F6 +$ /# -˪➢㛔㱽˫䫔 BCA 㡅烉ˬ楁㷗䈡⇍埴㓧⋨ㆸ䩳ẍ⇵㈡↢ˣ㰢⭂ˣㆾ临㛇䘬崭崲ᶨḅḅᶫ⸜ℕ㚰ᶱ⋩㖍⸜㛇 䘬㚱⛇⛘⣹䲬冯⛇⛘⣹䲬㚱斄䘬ᶨ↯㪲⇑炻⛯㊱楁㷗䈡⇍埴㓧⋨䘬㱽⼳两临Ḱẍ㈧娵ᾅ嬟ˤ˭䫔 BCB 㡅烉ˬ⽆ᶨḅℓḼ⸜Ḽ㚰Ḵ⋩ᶫ㖍军ᶨḅḅᶫ⸜ℕ㚰ᶱ⋩㖍㛇攻㈡↢䘬炻ㆾ⍇㰺㚱临㛇㪲⇑侴䌚⼿临㛇䘬炻崭 ↢ᶨḅḅᶫ⸜ℕ㚰ᶱ⋩㖍⸜㛇侴ᶵ崭忶Ḵ○⚃ᶫ⸜ℕ㚰ᶱ⋩㖍䘬ᶨ↯⛇⛘⣹䲬炻㈧䦇Ṣ⽆ᶨḅḅᶫ⸜ᶫ㚰ᶨ㖍崟 ᶵ墄⛘₡炻Ữ暨㭷⸜丛䲵䚠䔞㕤䔞㖍娚⛇⛘ㅱ婚ⶖ梱䦇ῤ䘦↮ᷳᶱ䘬䦇慹ˤ㬌⼴炻晐ㅱ婚ⶖ梱䦇ῤ䘬㓡嬲侴婧 㔜䦇慹ˤ˭⍾冒˪➢㛔㱽˫䵚枩烉 ++'*577...6* #.6 &-6 "7+7* #.+ /+7 '+ )9F6 +$#>* + &%9C /#-㚱斄塽‹䘤⯽㚱旸℔⎠姜⼳㓧⎠⎠攟⍲℞ṾṢ:)- *+&& - #&'$ %+ +- ) +)0 &) ,*+ % &+ )*;炻庱㕤㱽⼳㓡朑⥼⒉㚫ˬ微㪲䭉㚱⮷䳬⥼⒉㚫˭媖娊㔯ẞˤCABC ⸜ BC 㚰炻㭝 C6DH8C6ED 12 旬抬↿堐 旬抬ᶨ 㱽⼳㓡朑⥼⒉㚫ˮ微㪲䭉㚱⮷䳬⥼⒉㚫˯媖娊㔯ẞ , )14+152- 旬抬Ḵ 楁㷗㱽ἳ䫔 347 䪈˪㗪㓰㡅ἳ˫ , )153+168- 旬抬ᶱ 楁㷗㱽ἳ䫔 150 䪈˪㕘䓴⛇⛘⣹䲬,临㛇-㡅ἳ˫ , )169+172- 旬抬⚃ $!# # ( $!# !"# "# )$ # , )172+223- $ ( ( $ , ## ! !" ##"## #" $-, 4191*1998-14 $!'2003) 旬抬Ḽ $!# # ( $!# )$ # , )224+247- $ ( ( $ , ## ! !" ##"## #" $-,71*2003-19 % !2004 旬抬ℕ $!# # )$ # , )248+268- $ ( ( $ , ## ! !" ##"## #" $-,7*2005-5 $!' 2006,!# #!*2005 13*2005 21*2005 , " #-- ଉ ཽ ऄ ৳ ޏ ࡡ ᄎ ՛ ิ ࡡ ᄎ ڶ ಭ ᦞ ጥ ᘬ ᇬ ֮ ٙ ڶ ಭ ᦞ ጥ ZZZKNUHIRUPJRYKN!Ζ KWWS ᘬᇬ֮ٙբՂሉյᜤጻΔጻܿΚء ִ ڣ ᄎ α ᥆ Հ ऱ ಭ ޏ ࡡ ᄎ ΰ ऄ ޏ ৳ ऄ ط ᘬ ᇬ ֮ ٙ ਢ ء Գ Փ ಘ ᓵ ֗ ࿇ । რ ٺ ࠎ א ՛ ิ ࡡ ᄎ ᚵ ໂ Δ ڶ ᦞ ጥ ᄎ ࢨ ՛ ิ ࡡ ᄎ ޏ । ऄ ז ᘬ ᇬ ֮ ٙ ऱ փ ୲ ࠀ լ ء ߠ Ζ ऱ ່ ึ რ ߠ Ζ ᘬ ᇬ ֮ ٙ ࿇ । რ ߠ Δ ࠀ ء Գ Փ ༉ ٺ ՛ ิ ࡡ ᄎ ᦟ ० ᣂ ऱ ૿ რ ߠ ಬ ሒ Κ ڶ ࢨ հ ছ ല ֲ ִ ڣ ᓮ ࣍ ג ଉ ཽ ᇆ 䉥 Օ ლ ᑔ Փ ؚ ሐ ܫ ऄ ৳ ޏ ࡡ ᄎ ՛ ิ ࡡ ᄎ ఽ ڶ ಭ ᦞ ጥ ሽ ᇩ Κ ႚ ట Κ ሽ ၡ Κ KNOUF#KNUHIRUPJRYKN ܫ Գ Փ ಘ ᓵ ࢨ ࿇ । ה ᄎ ࡉ ՛ ิ ࡡ ᄎ ֲ ৵ ፖ ࠡ ޏ ऄ ༼ ᘬ ᇬ ֮ ٙ ࢬ ء Գ Փ ༉ ٺ ش ֧ ౨ ᄎ ༼ ૪ ࡉ ױ ழ Δ ࢨ ຝ ։ რ ڶ ऱ ࢬ נ ༼ ה ല ޣ ڕ ऱ რ ߠ Ζ ٚ ۶ Գ Փ ٌ ߠ অ യ Δ ऄ ޏ ᄎ ᅝ ᑗ ࣍ ൷ Δ ൫ ᓮ 堚 ᄑ । ࣔ Δ ܡ ঞ ऄ ᣂ რ ߠ ྤ ႊ অ യ Ζ ڶ ᄎ ല ޏ ᘬ ᇬ ء խ Δ ຏ ൄ ᄎ ሉ ᙕ ༉ ܫ ৵ ࿇ । ऱ ֲ ڇ ᄎ ޏ ऄ լ ᣋ რ ൷ ڕ Ζ ٚ ۶ Գ Փ ټ ٙ ༼ ٌ რ ߠ ऱ Գ Փ ऱ ࡩ ֮ ඈ Δ ᓮ ࣍ ૿ რ ߠ խ । ࣔ Ζ ڜ ຍ ႈ ଉཽऄ৳ޏࡡᄎ ՛ิࡡᄎڶಭᦞጥ ᘬᇬ֮ٙ ڶಭᦞጥ ؾᙕ ᖄ ߢ ઔߒᒤ ՛ิࡡᄎ ᄎᤜ ംᠲऱᄗउڶଉཽಭᦞጥ ᘬᇬ֮ٙऱᒳඈء ৳ ऱ ۩ ऄ ڶ ร ີ ᣂ ࣍ ಭ ᦞ ጥ ઌᣂऄ৳ πழயයࠏρΰร ີα ڶጥ ڶᢞࣔಭᦞጥ ڶࠃኔጥ რቹڶጥ ऱய࣠ڶಭᦞጥ ࠷ऱᄐᦞऱࢤᔆۖڶಭᦞጥ៶ृچ۾ᖐ۞ ூٙڶᐉऄೃᐉऱಭᦞጥึ ᐞە2[IRUG /WGY*UDKDP ԫூխ H\3$- ڇഏՂᤜೃ ംᠲڶಭᦞጥ -$3\H 2[IRUG /WGY*UDKDPüüூൣ ऄஅऱဪެ شᖕ L ଉཽऄ৳ࡉᥞऄ৳ऱ։ࣴհ :RQJ7DN LL ფዿᥞ 3HUU\Y:RRGIDUP+RPHV/WG ԫூऱဪެ ᄅ۫ᥞ چՒםॺု چՒםု ᒵ چ ร ີ ઌ ᣂ ം ᠲ ΫΫྒྷ ၦ ࡉ ᄅ ऱ Ւ હན چऱՒנޅᖕႃ᧯ࡴৈࢬ ቹऱംᠲچՁၦપٝ ऱംᠲڇژપऱቹঞࢬޅᄅ ᄐᦞࠫ৫ऱᐙچՒםኙലᄎኔਜऱု ౨ᇞެֱூױၦംᠲऱྒྷ ૹᄅྒྷၦᒵ ޏޓڤ࠰ᤜֱא ᒔऱऄإ ֗ ີ α ᄐ ᦞ ය ࠏ ρ ΰ ร چ ີ π Ւ ร ऱ ਙ ڶ ᣂ ࣍ ಭ ᦞ ጥ ߢ֧ 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ࡉ ᐒ چ Ւ ط ٚ ܍ ร Բ ႈ ᖕ Κ ᝩ ऄྤګ᧢ᄎچᣂՒڶൣउๅᆏΔڶᦞࡉኔᎾጥڶᖑچՒڕ Κس࿇ۖڂՀאڂഇΖຍጟൣउᄎנ բ९ழၴ۩ࠌᖑृچ۾Գլवࢬ᠋Δۖᖐ۞ڶऱᖑإD ట Ιࢨܓऱᦞڶ ؆ϙΔࠌုאધᙕםϘုڇऱٌ࣐ਢچᣂՒڶ௫֗ڶE མ ᦞΖڶऱϙᖑإϘటچಖᙕ٦լ౨֘ਠՒם Δቔᚐኙࠡၞ۩ݔऱፂᥨΕچऱՒشܓ։ךآ౨९ཚױءኙ࣍ 墿ऱΖܓֆฒٽࡉၲ࿇Δਢฤޏ ે ܺ ګ ᙑ ᎄ ழ ທ ڶ ڇ ܍ ร Կ ႈ ᖕ Κ ᝩ ᙑᎄڶڇ܍ᝩױ৳ऱऄڶΔಭᦞጥנᥞऄ৳ࡡᄎਐ ᦞࢨᒵംڶᖑڂृچ۾ऱࠏਢᖐ۞נΖᇠࡡᄎᜰેܺګழທ ԳवሐࠀᚈڶᖑإటڕऱࠃՂΖچՒޏᠲऱᙑᎄۖक़၄ၲ֭࣍ Գլ୲֘ϙঞڶᖕϘᖑױृچ۾ᙑΔᖐ۞حृچ۾ᖐ۞ ኔᎾൣउথլਢຍ܀ΔڼڕΖᇩឈعנ༼ ΰ SURSULHWDU\ HVWRSSHOα ᑌ Ζ Δऄ৳ࡡᄎรڣ ᘬᇬ֮ٙρΰםုچᥞऄ৳ࡡᄎΔπ֥ԫધՒ ᇆαΔร ۟ Ζ ՂΔร Ζٵנᥞऄ৳ࡡᄎΔ Ꮝ ऱ ᓵ រ ֘ ঞऱᖕΖڶԫࠄᓵរΔ֘ᏍՂ૪Կႈ֭ಭᦞጥנՀ֮٨ բᆖขطڂऱ္ܓڶԳवሐኙࠡڶรԫႈᖕᖑ Գڶؘਢ᧩࣐ۖߠΔᖑآ౨ਢᄆխၞ۩ࢨױڶΖࠃኔՂΔಭᦞጥس Գլਢటऱኙ۞ڶΔᖑڼڂ ΖچऱՒהشᖕإԳה౨լवሐࠡױ բᆖขطڂլΖኔᎾवሐࢨᖇऄ৳ංࡳۖवሐ္ီ݄ܓաऱᦞ ࢭᎁृچ۾ࠌᖐ۞ܛயऱ٣ެයٙΖ उΔسΔࠀլਢழயཚس ऱঞՈᅃڶਢլᅝऱΔಭᦞጥڶᖞழயཚփࢬၞ۩ऱጥڇա۞ ᑌਜ۩Ζ ߺ܌ڍၞ۩ၲ࿇ࡉፂଥαΔچኙ࣍รԲႈᖕΰቔᚐኙՒ ঞཏሙڶ֭ಭᦞጥګૻऱൣउΔլ౨ڶٽ֊ᎁຍႈؾᑑ ᐒढᄐऱൣउΔڶ९ཚጥچኑڜᣂঞࠀլૻ࣍ڶऱᖕΖشᔞ ൣشՆࡉլवൣऱᖕזڣ࣍شΔਝᔞشԫᄗᔞچ։ףਢլۖ ࣍ൎ۩ᦀດऱଡூΖشउΔՈᔞ ૡࡳڇαΔᕣጥેܺګԳທܫኙ܍࣍รԿႈᖕΰᝩ۟ ಾኙإլवሐழயཚڂԳܫ۶ؓᘝڕᐞࠩەழயཚऱ९ழΔբ ऱڶಭᦞጥ܀Գࢬ࠹ࠩऱܺેΔܫ౨ᔡ࠹ऱܺેࡉױૠጩۖה யۖسऱழૻਢ۞೯္נ༼ԳܫຍᑌऱؓᘝΖ ܂ঞࠀྤቫᇢ ՀംᠲΚאנ༼ߺམ܌ڍॺ಼ൣެࡳऱΖ ࡲூٙऱࠃኔဪࡳᓴԳࢬ࠹ޢൣᦞਊ಼ڶࡳऄஅڕϘ ݙໂࡋΛϙޓܡᣂঞਢڶऱܺેለՕΔ߷Ꮦ Λϙڣ Ꮑ۟ܡԾംΚϘθழயιཚਢה ऱ ᠏ ࣐ چ Ւ ם ု ॺ ܓ ঁ ร ႈ ᖕ Κ ڶಭᦞጥ֭אנ༼ߺᎁΔՂ֮ࢬಘᓵऱԿႈ່ൄ܌ڍ 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墿ፖܓመૹऱຂٚΔࠀధᡏֆฒףԳਜܫᄐᦞΔኙچԳऱՒܫ ৳ᣂऄڶΔڼڂհၴऱ৾ᅝؓᘝΖܓࠡತขऱᦞشࠆچኑڜԳܫ ሔ֘ԱֆપรԫᇆᤜࡳรԫයΖ ऄࡴټ طᑛԳᦞऄೃΰՀጠϘऄೃϙαޣഏਙࢌ ܒؒऱֲ ִ ڣ ڇஅૹᄅᐉᇠூΖऄೃܒऱՕᐉګิ ᣂऱऄࠏය֮ࠀྤሔ֘ֆપรԫᇆڶᑇဪࡳڍֺ ऱ א խΔެ ᣂऱऄࠏය֮լ᥆ֆપรԫᇆᤜࡳรڶᤜࡳรԫයΖऄೃᎁ ԫයխϘଷኆತขϙऱොᆠհփΖऄೃဪࡳΚ ᦞऱऄࠏයڶኔ墿ᖑװᓮԳֆ؈عΔࠌڼڂ Ϙ ᦞΔۖਢڶԳऱᖑڶΔؾऱլਢԱଷኆՂᖑ֮ ຍଡࠫ৫ՀΔڇΔװᣂࠫ৫ऱᄐᦞംᠲΖመڶԱጥࠫ ጥڃگࢨچՒگԳૹڶࠌᖑא༉ߩڶऱಭᦞጥڣ ڶլ࠹֘ኙऱ९ཚጥאΔۖᄅऱᄐᦞਢึܓऱᦞڶ ࡉᇠחऄڣ ࠉᖕΖᇠ܂ղᄐᦞຍႈঞױ ৳ऄچᓮԳֆऱය֮ਢᖞ᧯Ւع࣍شᔞחऄڣ -$3\H 2[IRUG /WGY8QLWHG.LQJGRP %+5& Ζֲ ִ ڣ ᓮᒳᇆร ᇆΔع چՒڇਔଡԳհၴץႈࠃࡵΔڍऱԫຝ։Δ௫֗ጥࠫ ᓮԳֆլਢعΔڼڂᦞֱ૿ऱழயཚΖڶࡉᖑشࠌ ࢬਐऱϖଷኆತขϗᐙΔۖ࠹รԫයรԫรԲ ϗᐙشιऱࠌچਢ࠹ᇠයรԲࢬਐऱϖጥࠫθՒ Ζϙ ߪࡉᄐءრഏਙࢌऱᨠរΔᎁழயཚٵᑛԳᦞऄೃ Κق墿Ζऄೃ।ܓழயཚࡻየழึऱࡳຟ௫֗ᖞ᧯ֆฒڇᦞ ഏګڍΔৰق᧩ࢬ༼ٌऱֺለᇷற堚ᄑֱٺ Ϙ ઌᣊڶਬጟᖲࠫΔᖕፖཏຏऄࠫ৫խಭᦞጥڶຟ Գլᛧڶᖑڇऱঞ᠏ฝᄐᦞΔۖຍࠄ᠏ฝຟਢۿ ᇖᚍऱൣउՀၞ۩Ζ چՒڣ அԫᑌΔࣹრࠩπܒऄೃٍፖᐉء ࠫ৫ڶρΰ/DQG 5HJLVWUDWLRQ $FW αኙಭᦞጥחऄםု ऱחऄڣ ࡉᇠחऄڣ ᐒೈᇠڶऱଥૡࠀ ΔഏഏᄎᒔᎁԱഏփᎁႚอऱᖞڼڂઌᣂය֮Ζ யऱᨠរΖڶ墿ս᥆ܓ᧯ ڤጟֱٺאഏ୮ຟٵԫଡរΔ༉ਢլڶತข ڕچᚨᅝڂנࡉ᠏ฝΖઌᣂऱঞ֘ਠشጥࠫತขऱࠌ ࠌՒܛऱषᄎਙΖګݮۖش܂۶ᇞತขऱૹࢤࡉ ૹီլ࠹֘ኙאױऄᖲᣂսمΔםತขऱᄐᦞբᆖုچ ऄءऱࠃኔΖםုڤإ࣍ૹီڍൣउΔچՒڶऱ९ཚጥ چኙՒڃگऄ৳ऱਜ۩ۖլ౨ڂԳڶᖑڕრΔٵೃ ࠉٽڶીᄐᦞึΔຍՈլ౨ᎅਢࣔ᧩אΔڶऱጥ ழயཚࡻየழึऱڇߪࡉᄐᦞءΔழயཚڼڂᖕऱΖ αףൎᓳऱࢍᒵ৵ق墿Ζϙΰ।ܓ᧯ᖞڇژࡳຟ چՒڇᣂऱᄐᦞբಖᙕڶΔچՒםਢုچᇠூࢬ௫֗ऱՒ ऱધᙕਢެࡳࢤםಖ࿆چԳऱംᠲՂΔՒڶᓴਢᖑڇՂΖםಖ࿆ ऱಭᦞጥچՒםயছုسρחऄםုچՒڣ πނڶऱΖऄೃ םய৵ုسחऄڣ ঞࢨᇠڶऱಭᦞጥچՒםঞΔፖॺုڶ ঞ։ၲࠐΖऄೃٍဪࡳΔֆપรԫᇆᤜࡳڶऱಭᦞጥچՒ 墿հၴፂܓऱृچ۾墿ऱᏁፖଡܑᖐ۞ܓ᧯ᖞڇร යࡳؘႊ Κقூխࠀྤ࠹ࠩధᡏΖऄೃ।ءڇϘ৾ᅝؓᘝϙΔຍଡؓᘝ ՂΔร Ζٵנ Ζ Δร ᤩုٵנ ழயཚڕய৵ΔسρחऄםုچՒڣ Ϙ ۞π ᣂڶڇԳڶԳૠጩΔᇠᖑڶऱՂᖑچՒםբಾኙု ਢΔᇠ܀ᓮԳֆࠋΖΞΞعழၴऱቼᒔኔֺ ऄೃؘႊਊᅃءூΔء࣍شऱය֮ࠀլᔞחऄڣ ऄچՒڕڇ۶ΔڕூऱࠃኔΖྤᓵءᐞەᅝழऱൣउ ऄࠏᏁৰ९ழၴΔۖऄޏຍᑌᓤᠧऱᒤᡱփΔଥ৳ ฤܡߪࠀլ౨ᐙհছऱය֮ਢءေΔޅஅኙऄࠏऱ αףൎᓳऱࢍᒵ৵قֆપऱംᠲΖϙΰ।ٽ ऱ ฆ ᤜ რ ߠ ٽ ᜤ ଖఎრऱ܀அऱဪެਢึݝऱΔܒᑛԳᦞऄೃՕᐉ ՒםࡉုچՒםऄࡴऱฆᤜრߠԼ։ൎᓳॺုټਢΔ᥆࣍֟ᑇऱԮ Κנऱฆᤜრߠխਐٽᜤڇऄࡴټऱ։ܑΖᅝխऱնچ ऄ৳ΖڶऱಭᦞጥچՒם࣍ုشூᣂᔞءϘ ΞΞ ኔ墿ᄐᦞނழயཚࡻየழڇΔΞΞᖵࠐ֭چՒםုڇ Ւם௫֗ॺုڇڶԳऱᖕΔڶ᠏ฝಭᦞጥ ڇᎅࣚԺΖᎏভᕬᛤΰ/RUG%LQJKDPαڶऱൣउՀ߷ᑌچ ٚ۶ᖕڶנΔৰᣄםբᆖုچՒڕூխᎁΔء Գऱኔ墿ᄐᦞڶଷኆᖑګኔਜԫႈऄ৳ঞΔທ֭ Գ࠹༡ຍᑌࣔ᧩լֆऱ࣠Ζݺଚᎁڶࠌಭᦞጥۖ ԺΔᗝ૭ཎऄࡴΰ-XGJHڶᎏভᕬᛤຍଡᨠរॺൄ ຍଡᨠរΖΞΞٵऱฆᤜრߠխՈᢥהڇRXFDLGHVα/ چՂΔᄐᦞऱࠉᖕլਢኙՒچՒםုڇਢΔ܀ ױऱᄷ၇୮چԳऱࠃኔΖՒڶᖑםΔۖਢုڶऱጥ ៶ԳΔᄷᔄ୮ՈլᏁڶऱᖑچᒔࡳᓴਢՒאધᙕםု Δኙ࣍נऄ৳ࡡᄎਐڕإᄐᦞΖمᒔۖچՒڶᢞࣔጥ ऄ৳Δᖵࠐڶழயཚࡻየழึऱಭᦞጥڇᖄીᄐᦞ ڇՕຝ։ᎅࣚԺΖװऱᖕբ؈נ༼ۖ৳ຍႈऄ֭ ூऱൣउՀΔθՂᤜೃऱιᎏভᕬᛤࡉθᥞء ᖑچଚဪࡳՒהຍଡᨠរΖٵऄೃऱιኣਹቯऄࡴຟᢥ ڶᔹࢬ៶ױڇ౨ױऱլᒔࡳൣउΔᄕլנᦞೝዿڶ ᦞࠫڶᖑچԳऱՒڶᖑچધᙕۖ᎘࣐ᢝܑᓴਢՒםᦞု αףൎᓳऱࢍᒵ৵قΖϙΰ।נ৫Հ Δร Ζ ᤩုٵנ Δร ࡉ Ζ ᤩုٵנ ᄐ ᦞ ם ု ፖ ڶ ಭ ᦞ ጥ ߠ࣍ױᑛԳᦞऄೃࢬ༼֗ऱᥞऄ৳ࡡᄎऱᨠរΔ ᘬᇬ֮ڇ ᇠࡡᄎ Ζܫऱᘬᇬ֮ٙࡉםုچᇠࡡᄎᣂ࣍Ւ Κقߺඒࢬᒔᎁऱᖕ৵।܌ڍ֗༼ٙխ ՒםϘ ΞΞݺଚऱᓵਢΔᕣጥ۩ऄ৳ኙ࣍ॺု ڕᄐᦞۖߢথॺםኙ࣍ု܀ᖕऱΔױڶߢਢۖچ ΖΞΞڼ ࠫ৫ڶऱಭᦞጥڶኔ۩چՒםΞΞ֭༉ॺု ߷ᏖૹڶᄐᦞۖߢםΔኙ࣍ုైڂᐞەऱਙ Ζϙ Κقխ।ܫڇᥞऄ৳ࡡᄎԾ ڶኔ۩چՒםᖕ֭ᤉᥛ༉ုנ༼אϘ ΞΞᣄ ιঞΖΞΞڶऱθಭᦞጥ ։ךڶߢΔຍႈঞۖچᄐᦞऱՒםኙ࣍ॺု ঞਢഗ࣍ᄐᦞࠀॺڶऱऄ৳ᖕΖࠃኔՂΔಭᦞጥ ऱᄐᦞۖߢՈםऱቃ٣Δᇠঞኙ࣍ॺုםု ڶጥאऱᄐᦞ່ึਢچՒםॺုڂऱΖຍਢٽਢ ᦞึΔڶ٣ऱጥڇ౨ജࠌڶ࣍ಭᦞጥطഗ៕ΖΞΞ ױٍشऱᄐᦞၞ۩ᓳΔ၄چՒםኙॺုܓঁױڼڂ Δᄐᦞऱഗ៕༉םᄐᦞբᆖုڕਢΔ܀Ζ֟྇ۖڂ ൎᓳऱࢍᒵ৵قΰ। Ζϙڶऱࠃኔۖॺጥםਢု αף ߢΔᥞऄೃऱኣਹቯۖچՒםࠃኔՂΔኙ࣍ॺု ڶߺඒࢬᒔᎁऱ֭ಭᦞጥ܌ڍრٵऄࡴࡉՂᤜೃऱᎏভᕬᛤຟ ঞऱᖕΔ֠ࠡਢรႈᖕΖኣਹቯऄࡴᎅΚ ΔᇞطլᒔࡳൣउנᦞೝዿڶᖑچՒאϘԳଚᆖൄ ᎁೈԱஂء܀Δܓᄐᦞऱᦞچ࠷Ւڶಭᦞጥ៶ᤩ ௫ڇ౨ױԫࠟଡࠏ؆ൣݮ؆ΔՂ૪ऱլᒔࡳൣउᄕլ چΖᔹՒנᦞࠫ৫ՀڶᖑچऱՒםൎࠫု֗ Δऄ৳ࡡᄎร ᇆαڣ ᘬᇬ֮ٙρΰםုچᥞऄ৳ࡡᄎΔπ֥ԫધՒ Δऄ৳ࡡᄎร ᇆαΖڣ Κढᄐ᠏࣐ऱࡎρΰםုچࡉπ֥ԫધՒ ՂΔร ۟ ΖٵנαΔڣ ᥞऄ৳ࡡᄎΰ ՂΔร ࡉ ΖٵנαΔڣ ᥞऄ৳ࡡᄎΰ ᎘࣐ᢝܑױધᙕΔঁםᦞုڶփઌᣂᄐᦞऱࢬםု ڶᖑڕΔזऱழםսྤုچՒڇԳΖڶऱᖑچᣂՒڶ ݙ٤ᇞࠩլᒔࡳױऱ᠏࣐ৈΔԳଚ៱۔Գᇢቹଘᘸ Աᒔװᜢጠ؈ױऱԳچՒڶጥڇإΖנ౨ױऱൣउ א༉ৰՆ܍౨ެࡳᚨᝩױऄᖲᣂمࠡᄐᦞऱ֮ٙΖم ՀֱאञᓵΔࠀެࡳᚨຏመנԱᏖࠃسছߒຶ࿇ چխឰྤה౨ജᢞࣔृچ۾ᖐ۞ڕሒࠩຍଡؾऱΚڤ ࿑Նऱזڣ܀ࠐݔڶΔࠠڣ ၌መچՒڶጥ ൎᓳقᦞΖϙΰ।ڶԳ༉ᄎଷኆᖑڶՂᄐᦞऱᖑ αףऱࢍᒵ৵ ክګآࡸםုڇࢨਢچՒם௫֗ॺုڕᎏভᕬᛤᎁΔ ᄐᦞ᥆ᓴچྤऄᒔࡳՒנ९ཚ܍ᝩױऱঞڶΔಭᦞጥזڣࠏऱ բᆖုچՒڕנਐה܀։ᖕ֭ऱΖךڶጊਢྤڼڂऱൣउΔ ৳ࣔ᧩լֆ࣠ऱऄڼڕګٚ۶ᖕ֭ԫႈທڶנΔ༉ৰᣄם ঞΖ ڣ ᑇऱऄࡴՈԼ։ૹီπ֟۾அܒᑛԳᦞऄೃՕᐉ ऱฆᤜრߠխ।ٽଚᜤהڇऱଥૡΔࠡխնԳ܂ρࢬחऄםုچՒ ՀრߠΚאሒ ।זլႛਢڼڂΔچՒםᣂଥૡιᐙုڶ θ Ϙ ڶऄ৳ႉࠡ۞ྥऱ࿇୶Ζຍࠄଥૡᑑ㷂ڶಭᦞጥ ڶΔۖऄ৳ࡡᄎࡉऄஅຟམࢭᎁ᧢ޏࠫ৫ऱૹՕ ທܓԳऱᦞڶᖑםࠫ৫ᄎᖄીլֆؓऱൣउΔࠀኙု ֺࠏऱᐙΖΞΞٽլګ ᑇऄࡴऱრڍऄೃءრٵऱࠐᎅΔݺଚլ౨᜔ ऱය֮חऄڣ ࡉᇠחऄڣ ଚᎁᇠהߠΔ ࡉܓԳऱᦞڶᖑڇױԳழΔڶᖑםऱုچ࣍Ւشᔞڇ א墿հၴ࠷৾ᅝؓᘝΖഏऱऄࡴམܓ᧯ٚ۶ᖞ ֺٽᙀϗΕϖլ᧤ٽϖᣤϗΕϖլֆᆠϗΕϖլ ூऱൣउΖء࣍شࠐݮ୲ຍࠄය֮ᔞဲٵࠏϗլ ԳऱڶᖑםଚਢုהᓮԳֆଷኆԱعݺଚᎁΔ ڂીႊࢭᖜመૹऱଡԳຂٚΔאᦞΔڶऱኔ墿ᖑچՒ >@&KΔร Ζ >@$OO(5Δร Ζ ࠹ࠩॿܓऱᦞڶଚᖕรԫᇆᤜࡳรԫයࢬࠆהڼ αףൎᓳऱࢍᒵ৵قΖϙΰ।ح ऄ ρ ֱ ૿ ऱ ം ᠲ ء ௫ ֗ π ഗ Գΰ +DUYHVW *RRGהૻֆນ ৳ਙ९֗ࠡڶᇛໃ࿇୶ڇ ᐞᣂ࣍ەHYHORSPHQW/WGY6HFUHWDU\IRU-XVWLFHDQGRWKHUVαԫூխΔ ऄஅམ' KDQ 7LQ 6KL ூ խඓ္& ڇᇛໃூխΔڇᖆΖٽܡऱය֮ਢڶಭᦞጥ ਙ९ආ࠷ൻਜᐒೈπழயයࠏρΰร৳ޣԳڶऱՂᖑ ऄρรքයءπഗٽࠌՂ૪ය֮ฤڤֱהࠡא ֗ යࢨ αรີ ร ີՂڂଚהଚऱತขᦞࢨኙהሿնයΔࠀ༚ۍࡉรԫ ૪ය֮ऱਜ۩ۖଷኆऱತขղߩജऱᇖᚍΖ ሿնයࡳΚۍऄρรքයࡉรԫءπഗ ತขᦞΖڶϘรքය ଉܑཽ۩ਙࠉऄঅᥨߏ ሿնයଉܑཽ۩ਙࠉऄঅᥨߏԳࡉऄԳۍรԫ ࠉऄᐛ֗אΔܓΕᆜࡉᤉࢭऱᦞشತขऱ࠷Εࠌ ԳࠩᇖᚍऱڶತขऱࢬشߏԳࡉऄԳತขழᐛش ತขऱᇖᚍᚨઌᅝ࣍ᇠತขᅝழऱኔᎾᏝشΖᐛܓᦞ ΖϙבངΔլྤਚᙈ֭܋ط۞ױଖΔ ૻֆ࣍ਢಾኙڶΖᇛໃ࿇୶ޣਙ९լւՂ૪৳ πழயයࠏρڂଚהᓮΔਐعऄுנ༼ਙ९ऱެࡳ৳ ᛧᇖᚍऱൣउՀଷኆತآڇऱය֮ۖڶΰร ີαᣂ࣍ಭᦞጥ ሿնයΖۍऄρรքයࡉรԫءขΔሔ֘πഗ ԳऱᄐᦞڶᓮԳհছऱᄐᦞعڇ࣍طऄࡴဪࡳΔاإ ڇᄐᦞऱࠃٙຟڶጥװᣂ࣍࠷ࡉ؈ڶࢬڼڂΔึڣ ڇբ ࣍شಳᄩயԺۖլᔞڶڂऄρءΖπഗسயছ࿇سऄρءπഗ ऄࡴاإΖ ڃᏍאᓮؘႊղعᣂऱऄுڶאຍࡲூٙΔࢬ ऄρಳᄩயԺऱംᠲءπഗڇהאञᓵរΔהᐞࠀဪࡳࠡەၞۖ ऄ৳࿓چՒڃگբݙऱڇᚨءࠀױءᓮԳع࣍طဪࡳהᙑΖנՂ ᓵរۖၞڼנ༼ᓮԳԱعڼڂऄρऱᓵរΔءᣂ࣍πഗנ༼ݧխ ࡉֱٺऄ৳࿓ݧऱچՒڃگ࿓ݧΖឈྥشԫࡲ္Δ᥆࣍ᛒ۩ 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լ֟ຍᑌऱڶ၌መଡΖ۷ૠڶվ֚ս܀Δڃگ৵ࠐբڍৰ ऱق᧩ቹࢬچՁၦપٝڇᆜࠀॺۯԿ։հԲαऱᒔኔڶΰ۷ૠપچ ቹऱᄷᒔ৫چᆜપ ۟ ֡լΖՁၦપٝۯᆜՂΔۖਢᠦຍࠄۯ ઝᖂֱऄᢄ፹ऱྒྷၦቹΖאᑑᄷזቹࠀॺਊچຍࠄ܀ࠡኔৰΔ ԫຝ։ီڶՂऱ৬ᗰढΔچપޅ៱࣍ຍࠄۯլመΔ ຍࠟᣊଡூڇᒤϙΔۖچ؆ᘋ৬ϙࢨϘ၌။ਙࢌՒאچڇ Ϙ ڕऱΖګਢᆖመઝᖂऱቤྒྷၦۖᢄ፹܂ቹຟᅝچխΔՁၦપٝ ڇথਢ৬܀ऱΔࢨ৬ᗰढឈਢᄅ৬ګছ৬ڣ ڇᣂ৬ᗰढᒔਢڶ ຍࠄଡூڇছऱܿՂऱΔঞլઌฤऱൣउ༉᧩࣐ۖߠΖڣ چᣂڶ؆ᘋ৬ϙΔۖਢאچڇᣂ৬ᗰढࠀॺϘڶխΔࠃኔՂ Ղऱچપޅ៱ࠌܛਢΔ܀ᆜϙΖۯ৬ᗰढऱڇቤچᄷᒔڶϘ ࠀ Δڣ ᆠཉΰ*RUGRQ 1 &UXGHQαΔ/DQG &RPSHQVDWLRQ DQG 9DOXDWLRQ /DZ LQ +RQJ .RQJ %XWWHUZRUWKV$VLD Δร Ζ D ۶լᄷᒔΚڕቹኙᒵऱ༴૪ਢچՀࠏΔᎅࣔՁၦપٝאࡡ༼ࠎټ՛ิࡡᄎԫ Ⴣ॰Ձၦપٝรڇ E նၴΙڶق᧩ৢޘছऱڣ ᙰߡॵ२ΔԫඈԼၴޥڇ אԵ௧ΙۼΔࠀٻऱֱٵᄕլٻཛق᧩ৢޘ៱Δԫඈፖ௧ࡾؓ۩ऱچપ ຑ൷ࠟ༏ᛥኙߡऱኙߡᒵΖق᧩ᛥشऱ٥ৢޘছऱڣ ९Δԫඈڇ F ֗ ቹՂΔ۩ऄ৳սچՁၦપٝڇਠ֘چኔڕᆜࠀॺۯ৬ᗰढऱᒔኔ ᇠ৬ᗰढॺΖאᣂྒྷၦਢΔۖڶ൷ ऱ ം ᠲ ڇ ژ પ ऱ ቹ ঞ ࢬ ޅ ᄅ αፖچऱڶऱࡴৈࢬנޅ৵ڣ ڇપΰᖕޅᄅ چऱംᠲΖຍࠄٵઌڍլڶຟچપޅ៱ऱڶᖕႃ᧯ࡴৈࢬ ᆜᄎᢄۯऱچऱᄅՒנޅࠐΖ৬ᤜנ։໊چၲ࿇ऱਙࢌՒآਢൕ ޅچᇠჇՒނਙࢌޣᓮመ࿓խᄎعڇᓮԳعቹঞՂΔۖڇ પΖൕݾՂޅᣂऱڶᣂऱᄅቹঞᄎॵຑ࣍ڶΔפګᓮعڕΖה ৈऱ࠰ᤜΔנޅچॵຑऱቹঞࢬਐࣔऱՒٻપਢޅࠐᎅΔᄅ ڼڂऱݙ٤ԫીΔق᧩ؘፖቹঞࢬآൣउش۾ኔᎾऱچբუࠩՒ ৵ϙղمϘࡴৈڇױԵයཱིΔࠌٚ۶լԫીऱൣउףપբٽᣂڶ Ζإޓא Ζمڤإપޅᄕ֟ᑇऱࡴৈࠉᖕՂ૪ऱᄅڶ൦Δױ પࢬࡳऱޅᐌ۩ᄅڤਙࢌየრऱֱחאࢭԳڇክൄऱऄਢ ޅࠌܛΔڼڂΖנޅբᆖ܂ᐌ۩৬ᗰৈᘭαΔࡴৈঁᅝܛຂٚ৵ΰ ൣउࠀլش۾ኔᎾऱچऱՒנޅऱᒵፖق᧩ٙॵຑऱቹঞࢬ֮چ Δۖຍࠄլԫીऱൣإޓאৈ֮ٙՂղڇᖲᄎڶةԫીΔՈ ޘΰՕ୕ູߡޘધᙕΖԫଡ௫֗ჺᔢࡉૹ৬៱ၢڤإڶउٍ પऱᒵംᠲΖޅࠎኔࠏΔᎅࣔᄅ༼ױΔߠॵٙ α ऱଡூޘऱ ᄅ ᖞؓآࡸڇΖૹ৬ૠቤנޅڰመچᣂऱଡܑڶᇠଡூխΔڇ ቹঞڇᢄچբᆖԫ༏ԫ༏چऱՒנޅലᄎ܀Ղᘋ৬Δچऱඪݮ ؓ۩৵ࠐၞچપΖՂ૪ऱඪݮޅᣂऱᄅڶՂΖᇠቹঞᅝழॵຑ࣍ ޅᣂऱᄅڶፖॵຑ࣍چᛩቼࡉՠ࿓ՂऱૻࠫΔᇠچ࣍ط܀ᖞΔ ᆜቹࠀլԫીΖۯપऱ ᆜຟፖۯધᙕՂऱڇچપޅᄅڍΔৰچ֢॰ਬଡڇ ऱԫࡲێ႓ڇᎅࣔΖאףױΔॵٙऱቹঞٵൣउլش۾ኔᎾऱ ऱԫᐏق᧩ࠐϙ৵Δધᙕ٣נقϘਐچᒵ࣍ኔچڇଡூխΔ ᣊڍৰڶᆜΰߠॵٙDࡉ EαΖࠃኔՂۯ؆ऱۏฝ۟၌መڙৢ ࿚܀Δٵࢬլڶፖ࿚ՠ৵ऱൣउچଡூΔᅝխࢬಖᙕऱچޅऱۿ ߠױრቹΔԫଡࠢীऱࠏڶᓮԳऱعנՠ৵ऱൣउথኔᎾ֘ਠ ࣍මጢऱቹঞΰॵٙ αΖ ᛀڶംᠲΔᅝݝԾנᢄ፹ழڇપऱቹঞޅᄅۿ چנޅڇਙᆟऱࠫ৫Δا৵ࠐऱ࿇୶ႈؾ࿚ՠ৵ऱൣउΖᖕᄅ قϘਐچપऱቹঞΖቤԳྥ৵ᄎኔޅ૿Ղᢄ፹ڇழᄎ٣ Ղף૿ՂچڇᇠԳᄎၞ۩֟ၦ৫ΔՈլᄎ܀ᒵΔچϙ נ ౨࠹ࠩױהᆜऱᇭᤩၲࡨ৬ৢΔۯچኙהᖕױԳچޅᑑಖΖᛧ ቹঞऱழڶᢄ፹ڇ墿ࡉଅֽംᠲࢬᐙΖຍᑌΔܓաऱ࿇୶۞ ኔᎾਜՠऱழଢΔຟઌڇ֗אᒵऱழଢΔچנقࠡ৵ਐڇଢΔ પऱቹঞլޅऱൣउፖچՒش۾Δ່ึڼڂᙑᎄΖנ౨ױᅝ ၲࡨၞ۩ૹ৬چપޅΔኔ᥆ൄߠۖॺࠏ؆Ζ৵ࠐᅝຍࠄᄅٵ אچڇᣂ৬ᗰढϘڶאऄα࿇ᤚਙࢌڶԳᄎΰਊڶழΔᖑ Ζױࢴղط؆ ϙ ᣂ৬ᗰڶ։ᢞᖕᢞࣔךڶࡡ৬ᤜΔೈॺټ՛ิࡡᄎऱԫ ֺ٣ګᣂ৬ᗰढ৬ڶᇠழଢڇ৵ऱਬଡழଢૹ৬Δۖڣ ڇढམ چપޅ៱ڇᙑΖנঞᚨਢྒྷၦܡΔچԱࡌऱਙࢌՒشছՕࠀᖕ ᘣࢨల׀הऱ৬ᗰढΰՈਢהრૹ৬ڶڇԳ۟֟ڶՂΔ৬ᗰढऱᖑ ؆ϙۖࢴאچڇᇠ৬ᗰढϘڂথ൷ᛧਙࢌຏव܀٣ऱ৬ᗰढαΔ ؆ϙΖאچڇऱ৬ᗰढီϘהवሐױ৵Δթאױղ৬ᗰ چࢨਬچਬ܂ቹီچႃ᧯ࡴৈऱՁၦપٝނਙࢌࢨऄஅഒ ΖנᆜऱᢞࣔΔംᠲ༉ᄎຬᥛۯڶՂऱ৬ᗰढऱᚨ چᄷᒔ֘ਠၞ۩ՁၦપٝྒྷၦழऱՒڶᣂቹঞڶࠃኔਢ ਙࢌࡉऄஅথ᜔܀ᑑᄷΔޣᒵֱ૿ऱڇվٽฤאൣउΔش۾ ຍଡނڕᒵംᠲऱࠉᖕΖچᇞެՒ܂ቹΔچՁၦપٝەਢ چՁၦપٝٽլฤڕش۾ऱٚ۶چᣂऱञᤜΔழኙՒڶ࣍شऄᚨ ᣂऱᒵംᠲழΔՈᄎڶᇞެڇΔۖڶቹऱᒵΔຟီಭᦞጥ ऱூٙࠐΖڶಭᦞጥ܂ᅝ ᄐ ᦞ ࠫ ৫ ऱ ᐙ چ Ւ ם ု ኙ ല ᄎ ኔ ਜ ऱ ڇᄐᦞࠫ৫چՒםᄐᦞයࠏρΰร ີαࡉုچᅝπՒ ऱᄐᦞϙլઌڶϘࢬࠆچՒڇᔞᅝழၴኔਜ৵ΔՂऱᄐᦞঁᄎፖ ऱᒵࡉق᧩ऱᄐᦞৈᖕαࢬםုګቹΰലچ࣍ՁၦપٝطฤΖ ऱຝ։ढᄐהڶԳ૿ኙ౨ᖑڶᖑם૿ՂऱኔᎾᒵլԫીΔုچ ᣤૹΖޓऱᒵംᠲᄎ᧢ڶڼڂऱଅᙠΔ ऱڶኙڂਢנᣂംᠲڶΔהࡡᎁຍଡऄݙ٤ᙑᎄΖࠉټ՛ิࡡᄎऱԫ ޏ్֒۩ቹၞچኙՁၦપٝܛΔإिא؈ኔຫ૪Δᇞެᙄऄᚨਢൕᄭᙰղڶൣउش۾ ޓ៶ױቹՂऱᒵආچՁၦપٝނߜΔۖॺආ࠷ٚ۶ᣊൻਜΖᇠࡡᎁլࡵ إ܂D Ձၦપٝྒྷၦऱრൕլਢ ՀԿႈΚאڶڂଥૡऱഄԫऄࡳᒵધᙕΔۖإ ྒྷطڶቹऱᒵழΔچ൷ՁၦપٝڇԳڶᖑچᦞऱՒڶᖑڶE ᜢጠ ऱᒵྒྷၦΙڤ ޓၦஃ༼ᤜྒྷټထڶቹΔՈچߜ۟֟ຝ։ऱՁၦપٝޏൻਜቫᇢڶF མ ֗א।Ιזၦஃ ቹچᒵધᙕΖᅝॣආՁၦપٝ܂شቹچՁၦપٝނլࡵנق᧩ቹΔຍࠄຟچᣂڶᄅ ൦ຍଡऄԫऴᥛ۟վΖױ܀ΔਢԱ۩ਙֱঁΔشધᙕհ܂ ၇ֱऱۯऱࠫ৫ՀΔԳଚᄎਊᄐᦞऱउࢭ൷ছԫڶڇ ՒםုڇਢΔ܀ᦞ墿ΖچᄐᦞΖԳଚਢຏመ᠏࣐ৈ࠷ࢬ၇ऱՒ ಭᦞڇژڕऱᄐᦞΖق᧩ધᙕࢬםᄐᦞࠫ৫ՀΔԳଚᄎ࠷ုچ ࣍ᔄֱऱᄐᦞլᄎϘ᠏࣐ϙطΔᇠᄐᦞঁᄎፖኔᎾणउլฤΖڶጥ բ᠏ܡਢܓ࠷ऱᦞۖڶᣂ࣍ᔄֱ៶ಭᦞጥנ౨ױڼڂ၇ֱΔ۟ ฝ၇ֱऱംᠲΖ ౨ ᇞ ެ ֱ ூ ױ ၦ ം ᠲ ऱ ྒྷ ౨ऱᇖඑױଡڍڶᣂࠃࡵ৵Δݺଚᎁྒྷၦംᠲڶᐞەڇ ਔΚץऄΔֱ ऱᒵΙچપޅࡉᄅچપޅ៱D ૹᄅྒྷၦ Ζޏޓ۩ၞڤ࠰ᤜֱאۖ۩ऄ৳ऱਜڂԳڶE ਙࢌፖᖑ ૹ ᄅ ྒྷ ၦ ᒵ ၞ۩ݙᖞچᣂڶᇷऱറᄐԳૹᄅኙٽطԳམ৬ᤜڶ ऱਙࢌྒྷၦࠫ৫ڶڇ౨ऱᇩΔՂ૪ྒྷၦᚨױ᥆ڕࡉᄷᒔऱྒྷၦΙ ૹᄅၞ۩ྒྷၦऱ৬ᤜᄎࠐנࡡਐה؆ၞ۩Ζ ԫֱ૿Δࠡא ຍ۩ױܡݾՂਢڇᒵچৰՕᐙΖೈԱᓳᖞྒྷၦቹՂऱᄅՒ ڕਙࡉತਙՂऱᐙΖ۩ڇᐞૹૡऄࡳᒵەଡംᠲհ؆Δᝫᚨᇠ ؘࡳຑՕΖਙࢌ܂٤૿ྒྷၦΔૹᄅྒྷၦऱՠ۩ၞچՒڶኙࢬ چᄅڶᄷᒔྒྷၦऱࢬآኙհছൕঁאႊࡡٚᔞᅝऱጥᅝݝΔ چᣂڶإޓऄࠏՂڇ୲אऄمߓอऱྒྷၦΖਙࢌٍႊڶ۩ၞ ᄅऱྒྷڂᐉဪࠫ৫ΔဪެمᣂऱᄅऄࠏڶऱऄࡳᒵΔࠀႊᖕ چᣂऱՒڶڂଚהԳᄎᜢጠڶऄ৳ՂΔᖑڇದऱञᤜΖ֧ۖ܂ၦՠ ᒵऱञᤜΔࠀچဪެՒאᐉဪᖲዌمګΖਙࢌႊچՒװၦۖ؈ྒྷ ᇖᚍΖבᔞऱଡூխ֭ٽڇႊ Գ৬ᤜଥૡπՒڶΖإԫࡳ࿓৫Ղආ࠷ൻਜिڇᒵऱംᠲΔࠀբچਙࢌբࢭᎁᣂ࣍Ւ ڶဪࡳᇠᖑאᓮΔعנ༼ਙ᜔ᆟᆟ९چٻԳڶᖑچၦයࠏρΰร ີαΔ୲Ւྒྷچ ࣍ᇞެԫܗڶս܀ᒵംᠲΔڶࢬإ౨िױऱᒵΖݺଚवሐຍଡ৬ᤜլچڶԳࢬᖑ რᄅᢄ፹ऱቹঞΖٵԳ౨ജڶᔣऱᖑڕΔ֠ࠡਢچംᠲऱڶࠄ ᖕז࠷אπࡴৈΰᜳݿࣥαයࠏρΰรີαਢऄࠏֱ૿ऱࠏΔᦞਙࢌᚵໂቹঞ سයࠏऱءڇױቹঞΖᇠයࠏรයࡳΔϘθ۩ਙ९ࡴιڶऱપऱנޅႃ᧯ࡴৈࢬ זᇠቹঞ࠷ط૿ऱؾऱֱٺ౨ঁאਙ᜔ᆟιᆟ९ᚵໂቹঞΔچθقயֲཚ৵Δጐݶਐ ૿ۖߢΔֱٺଥૡऱᄅᒵቹΔϘ༉חࢨਊऄஅࡎޅਙ᜔ᆟᆟ९چቹঞΖϙࠩڶ ऄֱچٻױᙑᎄհΔڶऱቹঞޅᎁᛧڕቹঞϙΰรයαΖٚ۶Գڶ܂ႊᅝ ଥૡᇠቹঞΰรයαΖڤݮהऱࠡإऄೃᎁֆאࢨڤऱݮشᔞאᓮΔعנ༼ೃ ޏ ޓ ڤ ֱ ࠰ ᤜ א ྒྷၦڂΔຝ։ਢנא՛ิࡡᄎբवՂ૪ംᠲհࢬ რࢨྤრխ࢙ီڶၞ۩ٌ࣐ழڇԳڶᖑڂΔຝ։ਢړլ܂ՠ ڶ᠏ᨃৈሉڶ৵ࢬၞ۩ऱٌ࣐խΔנޅႃ᧯ࡴৈڇլᄷᒔऱቹঞΖ ढᄐٌ࣐ছᐌمૡڇڶԳڶᖑچऱՒאڂᒔऱ༴૪ΖೈԱإլ ऱਙچᣂڶऄ৳ᇖඑ؆Δޣଚ༈הᆜऱຂٚۖಾኙۯچᛀՒ۩ Ζޏޓۖ۩ऄ৳ऱਜڂ౨բױࢌৈࠃኔՂ ޅᄅڇࡉچપޅ៱ऱנޅᖕႃ᧯ࡴৈڇԫۖߢΔ ᣂהࠡ֗אጟਙࢌৈΕයٙΔٺਔץપϙԫဲޅΰϘᄅچપ ٙαᘋ৬৬ᗰढΔؘႊᛧਙ֮چޅऱچ؆ऱᄅאچ࣍ᄅؑ ୌԫଡழڇᏖᣊܑऱ֮ٙΔီ৬ທՠ࿓ਢנΖਙࢌ࿇ޅࢌ ᢞࣔΕլ֘ኙԵ۰ࡉᑉٽᢞΕױ৬ᗰڶཚၞ۩Δຍࠄ֮ٙ ΰอጠϘޅࠤϙαΖ ڇࠤᢞࣔαޅऱנ࿇طऱൣउՀΰޅਙࢌڇ৬ᗰढբڕ ࠀॺႃ᧯ࡴৈࢨچϙαՂᘋ৬ΔۖᇠჇՒچΰϘ࠹ᐙچਬჇՒ ᎁطڶϙαΔچᒔإΰϘլچऱق᧩પऱቹঞՂࢬޅᄅ ᄅৈנޅچ࠹ᐙٻਙࢌطࠀڃऱਙࢌৈಯچᒔإլڇ Գհၴऱ࠰ᤜࡉऄ৳ऱڶਙࢌፖᖑڂऱਙࢌৈբچᒔإழΔլ Ζޏޓۖ۩ਜ ऱچપࢬॵຑऱቹঞՂΔ࠹ᐙޅႃ᧯ࡴৈࢨᄅڇ ৵ڂٍբچऱق᧩ቹঞՂࢬڇᇠԳڕૹᦤΔچԫຝ։ፖԫԳऱ ΖנլᄎۿڶԫᑌΔಭᦞጥچΔ༉ቝ࠹ᐙޏޓࠐऱٌ࣐ۖ ૹچऱԫຝ։ፖԫԳऱچࢨᇠچ࠹ᐙڕਢΔ܀ ޅਙࢌऱ៶ڶऱᒵچشΔۖᖕچԱᇠԳऱشᦤΔࠀᖕ ڂ౨ױՂൣउΔਙࢌא᥆ڕΖנᄎঁڶΔಭᦞጥޏޓࢨ᧢ޏۖ ࠤࡉլᄷᒔऱቹঞۖႊՂऄ৳ຂٚΖޅऱچᣂ࣍࠹ᐙנ࿇ ΚڕᐞΔࠏەאऱऄ৳ംᠲႊղהࠡڶᝫ ޓۖޅຟբ៶ਙࢌऱچϙشࡉϘᖕچ࠹ᐙڕ L ऱچشᖕאऱਙࢌৈᝫਢچ࠹ᐙאΔ߷ᚨޏ ਙࢌৈᄷΛ נޅऱਙࢌৈچشᖕڇױऱਙࢌৈچLL ࠹ᐙ ۶ᐙՂԫයംᠲΛڕᄎైڂΖຍଡנޅհছࢨհ৵ آຍଡംᠲΔսڶಭᦞጥאױܡऱຝ։ਢشLLL ኙ࣍ᖕ ݙ٤्ࡳऱூΖڶ ౨ױԳڶऱᖑچࠤΔࢨຍࠄޅڶ౨ױچપޅ៱ԫࠄ Δۖຍࠄ۩ᛧޅਙࢌޣᐛڶຜࢨၞ۩৬ທՠ࿓ছش᧢ޏڇ ࠤޅڇၞ۩৬ທՠ࿓Δࢨਙࢌڶԫࠄଡூਢڶ౨ױਙࢌᐈ୲Ζٍ ຍࠄڇຂٚΖڶᣂऱംᠲڶऱቤࡳࢨፖᒵچᣂڶխլࢭᎁኙ ΖڇژൣउՀΔᒵംᠲսྥ ᒔ ऱ ऄ إ ౨ऱᇞެֱூ৵Δ՛ิࡡᄎױᒵംᠲچᐞྒྷၦࡉՒەڇ ९ழၴڕԳڶ٤૿ྒྷၦࠀլ౨ᇞެംᠲΖᖑ۩ᎁኙᒵૹᄅၞ چᔡ࠹ܺેΖࠐᄅऱՒۖڼڂᇷΔᄎދ۩ᖕϘᙑᎄϙऱᒵၞ ᄐᦞයࠏρऱኔਜመ࿓խԫࠓᇞެΖچπՒڇਢړᒵംᠲΔ່ ᦞૻփऱࡳႈޅࠃࡵழຟᄕ՛֨Δૻ࣍ᐉچՒޅᐉڇΔਙࢌຝ॰נࡡਐټԫ ᢞࣔঁਢࠢীࠏٽऱנਙࢬ࿇چᎁٚ۶ኙᒵऱංᓵΖ։ܡچؾΔࠀශྤࠏ؆ Հऱᑑᄷ࠵ຂᜢࣔΚאਔץΔᇠᢞࣔ ᢞࣔΔٽᒵၞ۩ྒྷၦΖՂ֮༼֗ऱش۾ኙᇠ৬ᗰढऱآϘਙࢌࠀ םऱုچ࣍ᇠۯढנۼᇠ৬ᗰढࢨᇠ৬ᗰढऱٚ۶ق᧩լီ ᘋ৬ᇠ৬ᗰढ܃ࢨፖسᘋ৬ᇠ৬ᗰढۖข܃ڂΔኙ࣍ڼᒵհփΖ༉ ٚ۶ऄ৳ຂٚΖϙڶᎁܡࢨჾ୭ᓽᚍΔਙࢌࣔᒔعᣂऱٚ۶ڶ ᄅৈۖီנޅچ࠹ᐙٻڤࠤݮޅאਙࢌڂܡױऱਙࢌৈچᒔإΔլڼڂ Δսྤऄݙ٤ᒔࡳΖޏޓբ ֗ ᄐ ᦞ ය ࠏ ρ ΰ ร ີ α چ ร ີ π Ւ ऱ ਙ ڶ ᣂ ࣍ ಭ ᦞ ጥ ߢ ֧ ࠫ৫ऱऄࠏឈբڼمࠫ৫ΖૡםᄐᦞုچՒڶآଉཽࡸ ኔਜΖآս܀ࠫࡳΔ ऱ ࠫ ৫ چ Ւ ם ု ֗ چ Ւ ם ု ௫ ֗ ॺ ࠫ৫םုچኔਜΔଉཽऱՒآऱᄅऄࠏԫֲםᣂ࣍ᄐᦞု ࠫםऱৈᖕုمයࠏρΰร ີαۖםုچսਢԫጟᖕπՒ ᦞ墿ऱ֮ΔຍਢݺଚؘႊጹಖऱԫរΖৈچಖᙕᣂ࣍Ւאش৫Δ ີ ಳᄩᄐᦞۖॺᓿղᄐᦞΖᖕรঁܓࠫ৫ऱؾऱΔਢםᖕု םร ີႛᓿղբုڼΔਢԫ֧֮Δਚםऱ࿆ಖژࢬໂ ढᄐٌ࣐ၞ۩Δ၇ֱ৳ஃ݁ႊᛀီઌᣂ֮ڶᅝޢݧΖڻऱ֮ᚌ٣ Ζڻԫࡲٌ࣐Δ݁ႊૹᓤԫޢढᄐࠡ৵ऱڇᢞᄐᦞΖຍ࿓ݧא ᄐڂ౨ᣄߢࣔᒔΔױᖲࠫਝ၄ழԾᓤᠧΔֶۖயΖᄐᦞڼ ऱုژ᥆ᢞᄐᦞऱ৳ஃऱଡԳრߠΖլመΔొאױܡᦞࣔᒔፖ ᦞ༼ࠎ।૿ᢞᖕΖڶᖑאױધᙕם 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ᇆαร Ζڣ RFXPHQWαΰ' &% Ζڣ ۟ڣ طཚֲ ᒵ ം ᠲ چ Ւ ԳڶऱᖑچऱՒش යΔᇠයࠏࢬᔞ ᖕπᄐᦞයࠏρร چᇠڕऱᒵΖچᣂڶ᠖ࡳޣᓮΔعנ༼ਙ᜔ᆟᆟ९چٻױ چ൷࠹Δױቹঞլڶऱچਙ᜔ᆟᆟ९ᎁᇠچቹঞࢨڶࠀྤ ڶᒵྒྷၦࠀᚵໂᄅቹঞΔࢨຏवچၞ۩Ւچኙᇠױਙ᜔ᆟᆟ९ ᒵچၞ۩ՒچၦஃΔኙᇠྒྷچՒױᎁټԳࡡٚԫڶᖑچᣂऱՒ ڇױղ൷࠹Δঞױਙ᜔ᆟᆟ९ᎁᄅቹঞچڕᄅቹঞΖבၦࠀٌྒྷ ုםုچՒڇቹঞࢨᄅቹঞڶඈലڜრհՀٵԳڶऱᖑچᇠ Ζם ಘᓵࢬߠΔ ऱࡡᄎֲ֮ٙ ִ ڣ ༉ֲཚ ՀംᠲΚאڶ ය πᄐᦞයࠏρร ޏޓቹঞࢨᄅቹঞڶڕ යΔ D ᖕπᄐᦞයࠏρร ٚ۶ਙࢌৈՂڇᒵቹՂࢨچऱՒژփໂםုچՒڇ ਙ᜔ᆟᆟ९լچᒵࢨ૿ᗨࢨၦ৫ᑇଖΔچऱق᧩ࢬ ᆠ܂ යኙϘ᠖ࡳϙԫဲ ऱᒵΖรچ᠖ࡳᇠ ᄅᇠᒵऱመ࿓խΔਊᔞޓڇࡳΔΰ༉ਬᒵۖߢαਢਐ Εᒵ֡՚֗ஆᑑΖլመΔᒵ᠖ࡳ௫֗ۯԵֱףൣउش Εᒵ֡՚֗ஆۯԵֱףᒔኔᒵऱᒔࡳΔࠀॺਢچ ᑑࢨޓᄅ៱ᇷறΖ යٙࢬሉऱچޅ៱ යऱය֮ፖለ ය֗ร E ร ᒵ᠖ࡳክൄԫයٙࠀլԫીΖᇠႈයٙࡳΚ ࢬהऱᒵΰچ࿇ࡴৈছΔΞΞᆟ९ႊ᠖ࡳڇϘ ᇡൣ।ࢬچ૿ᗨለچڕऱਢ່ึެࡳαΖ܂ ࢨᛧ࿇ᝫऱཱིב֭ۖڼԳ༉ޅࢨ֟Δࢭڍૡࣔृ ႈΔᄎਊᆟ९ࢬ᠖ࡳऱֺૠጩΖΞΞϙ ਙ᜔ᆟᆟ९ᄎਊᅃ۩ऱྒྷၦچᒵழΔچ᠖ࡳڇ F ۩ᄅऱྒྷၦݾ֗ྒྷၦໂၞ່شፖ壄ᒔ৫ᑑᄷΔሎ ౨ױរऱ၏ᠦΔৰچၦ৫ΖլመΔழၦ৫ٚ۶ࠟଡ ၦݾΕษૼྒྷၦໂ֗լྒྷڶ៱شܓছڣ ᎅڕፖֺ ڍ᎘პܑΖᦸ࣍ৰڶࠐऱ࣠נஆᑑߓอࢬၦ৫ٵ යࠏρΰรםုچࠀᖕπՒםုچ࣍Ւژழ ቹچژছᖕᅝழࢬڣᑇԼڇᒵቹਢچऱՒםαုີ ၦஃऱԳՓ፹ໂΔྒྷچॺਙࢌറᄐՒط፹ໂΔࢨ۟ਢ &% چऱመ࿓խኙՒچ᠖ࡳڇਙ᜔ᆟᆟ९چଣૉլ୲ ᑇچ᠖ࡳᒵऱױਙ᜔ᆟᆟ९چΔঞޏาპଥ܂ᒵቹ Ζڍؾ᧩ྥլ ᇷறڂױਙ᜔ᆟᆟ९چ܍ڶ යࠀ G πᄐᦞයࠏρร ᒵऱچנ܂ଡூαۖྤႊچᙊ؈ቹᖕڕլߩΰࠏ ਙچය֮ૡࣔΔଣૉڶ යٍ ᠖ࡳΖπᄐᦞයࠏρร ုםုچՒڇቹঞࢨᄅቹঞڶඈڜ౨༉آᆟᆟ९᜔ ቹঞࢨᄅቹڶᣂऱڶრழΔٵԳऱڶᖑچ࠷Ւۖם ۶Ζڕঞᚨ ၦයࠏρΰร ີαྒྷچπՒ Ζᖕچ࣍ԵπᄐᦞයࠏρጥऱՒشπᄐᦞයࠏρᔞ ၦයࠏρΰՀጠϘπྒྷၦයྒྷچπՒڇ ਙࢌᚵ ԫٝࡡᄎ֮ٙΔ ࣍࠹شழᔞٵᣂය֮ലڶᒵऱය֮Δچࠏρϙαխ֧Ե᠖ࡳՒ Եπᄐᦞ֗אΔچՒڶයࠏρΰร ີαጥऱםုچπՒ යലᄎᐒೈΔࠀ ߢΔπᄐᦞයࠏρรۖڼΖ༉چයࠏρጥऱՒ ऱנ܂ᄐᦞΰଥૡαයࠏ౻ூρኙπྒྷၦයࠏρچຘመࠫࡳπՒط Ζז৬ᤜଥૡࢬ࠷ ᒵऱᚵᤜࠫ৫چᖕπྒྷၦයࠏρ᠖ࡳՒ ڇᒵࠫ৫Δലᄎچऱ᠖ࡳՒمᖕπྒྷၦයࠏρࢬᚵ යုچ࣍࠹πՒشழᔞٵ යऱഗ៕ՂࠫૡΔࠀᄎ πᄐᦞයࠏρร ၦᅮऱྒྷچΖՒچऱՒםࡉᖕπᄐᦞයࠏρုچࠏρጥऱՒ ᒵऱ౨ΖπྒྷၦයࠏρรچԵ᠖ࡳՒףאଥૡΔ܂౨ᄎ چ։໊ऱઌᣂ֮ᎠٌՒچՒנ܂ڇၦஃႊྒྷچՒױයࡳΔᎁ ၦྒྷچ࣋࣍Ւژၦಖᙕቹྒྷ֗אᒵቹچ৵ΔലՒםࠎုאםု ऱԫીࢤࠀ܂ᒵྒྷၦᑑᄷऱ൳ՠچᅮΖᇠႈය֮ᒔঅՒ යۖࠫࡳऱᄅ ᅃπᄐᦞයࠏρรٽฤאଥૡΔ܂யΔᄎګࠠޓ ᒵቹԫࠓᎠچᆖுኔ֗።ີऱՒٵᣂ֮ຑڶڇය֮Δൕۖࡳ ᒵቹΕྒྷچၦஃؘႊലՒྒྷچՒױছΔᎁםࠎုאםုچՒٌ ၦᅮுΖྒྷچՒבٌܫऱ܂ᒵྒྷၦࢬچၦಖᙕቹ֗༉Ւ Ղءϙΰഗܫऱ܂ᒵྒྷၦࢬچՂԫࢬ༴૪ऱϘ༉Ւ αਢԫٝૹ֮ٵG යࢬ༴૪ऱ֮ٙઌ ፖπྒྷၦයࠏρร ۶᠖ࡳڕᒵྒྷၦխچࡳՒڻਬڇ֗אࢬऱᒵᢞᖕڶٙΔሉ Ζֲִڣ Δֲཚ ࿇୶ࠃ೭ࡡᄎ֗ऄ֗ऄ৳ࠃ೭ࡡᄎΔ&% ᄎԵπྒྷၦයࠏρร යࢬאᒵऱᖕᇷறΔࢬچՒ ᒵಖᙕϙࢬਐऱႈؾհԫΖπᄐᦞයࠏρॵ। รچࡳऱϘՒ ଥૡΖ܂ႊۖڼڂයࢨᄎ ྒྷچ৬ᤜᎁπྒྷၦයࠏρรයᚨղଥૡΔᨃՒڶ؆ ၦஃࢨࠡαᔹྒྷچՒױٚ۶ԳՓΰۖॺਢᎁױၦᅮ ᒵቹΕྒྷၦಖᙕچٚ۶ԳՓ༼ࠎٚ۶ՒٻᒵಖᙕΔࠀچٚ۶Ւ ᣂԳՓؘႊᢆٌૡࣔ၄ڶ܀Δءऱ೫ܫ܂ᒵྒྷၦࢬچቹ֗༉Ւ ᒔঅਙࢌࢨٚ۶Գ݁ྤאଥૡΔ܂ යᄎ Ζπྒྷၦයࠏρรش ᒵऱ౨ۖࢭᖜٚ۶ऄ৳ຂٚΖچᐌ۩᠖ࡳՒڂႊ ઌᚨଥૡऱݮאऱଥૡΔૠቤᄎנ܂ኙπྒྷၦයࠏρࢬᚵ ᒵچ᠖ࡳՒޣᄐᦞΰଥૡαයࠏ౻ூρհխΖچπՒڇܶץڤ ቹڶਙ᜔ᆟᆟ९ᎁچऱঞΖኙ࣍ءګڃگאᓮΔᄎعऱ ਙ᜔چבᚍאΔشԫ၄בԳലႊᢆڶᖑچ൷࠹ऱଡூΔՒאױঞ ګᇠቹঞࢬ௫֗ऱםုםုچՒڇඈڜΕᐉுࡉڇᆟᆟ९ ᒵྒྷၦऱଡچၦஃၞ۩ՒྒྷچՒױԳႊࡡᆤᎁڶᖑچΖኙ࣍Ւء ױᎁطםုםုچՒڇඈڜࡉޅਙ᜔ᆟᆟ९ᄎ༉ுΕچூΔ ਙچطΖኙ࣍ش࠷၄گऱঞءګڃگၦஃᚵໂऱቹঞΔਊྒྷچՒ ԫ၄בԳലႊᢆڶᖑچᒵྒྷၦऱଡூΔՒچᆟᆟ९ၞ۩Ւ᜔ ඈലڜᒵྒྷၦΕᚵໂቹঞࡉچၞ۩Ւڇਙ᜔ᆟᆟ९چבᚍאΔش Գؘႊڶᖑچ۶ΔՒڕΖྤᓵءګࢬ௫֗ऱםုםုچՒڇቹঞ Ζشऱઌᣂ၄םုםုچՒڇᒵቹچࢭᖜՒ ඈ ڜ ᚦ ᚍ ֗ إ ޓ ඈၞ۩ऱֆฒᘬڜᚦᚍ֗إޓ༉πᄐᦞයࠏρՀऱڣ යՀऱൎ ᚨृཏሙ֭অఎπᄐᦞයࠏρรڃΔق᧩ᇬऱ࣠ ױԳڶ့ུ࣍ۖໜ؈ᄐᦞऱլवൣছᖑطঞΔࠌຘመࢨإޓࠫ ࠹ᐙނאਬࠄൣउՀᄎᣄڇრٵᚨृڃԳΖԫֱ૿Δڶ༚ᖑ ঞૡࡳՀ૪ࠏ؆ൣउ ΫΫإޓԳΔਚᚨኙൎࠫڶऱढᄐូᝫছᖑ ֆ܂ൣउ࿇հছբٌᝫਙࢌ့ུڇ࣠࠹ᐙढᄐڕ D Ι֗ڃگຜࢨբਙࢌش٥ ᄅ၇୮Δۖ༚ছᖑټڍ࣠ढᄐբૹᄅ࿇୶ࠀഇղڕ E ֆւΖֶڶԳऱᄐᦞല᧩ڶ Ζֲ ִ ڣ Δֲཚ %& ኙπᄐᦞය֘قଉཽ৳ஃᄎΰՀጠϘ৳ஃᄎϙαࠡ৵। ࣠լवൣऱছᖑڕঞΖ৳ஃᄎᎁΔإޓ යՀऱൎࠫ ࠏρร ધᙕփऱઌםLL ᄐᦞု ֗א့ུ࣍ۖໜ؈ᄐᦞΔطL ຘመࢨ ڂԳڶ ᖕπᄐᦞයࠏρױܛᣂಖႈਢࠐ۞ྤயऱ֮ࢨဠऱಖႈΔ ऱٌ࣐א؆ுאધᙕםᄐᦞုڇԳΔຍലᄎᦀࠌ၇୮ڶ༚ᖑ Օ࿓৫Ղᒔঅࠡᄐᦞլᄎ૿ᜯଅᙠΖຍᄎচஇᄐᦞऱޓڇאᇷறΔ ࣔᒔࢤΔٍፖ១֏ढᄐ᠏࣐࿓ݧऱؾᑑહሐۖቍΖ৳ஃᄎ֘ۖ৬ᤜ Ꮭऱటזଖڶנב֗چՒڶբጥܛංঞΔٍױழլܛආᄐᦞ ංऱᄐᦞΖ৳ஃᄎԾ৬ᤜᔭᚦᚍՂૻΰழױլڶࠆױᇨ၇୮ ᚦᚍऱࡳΖנ܂৬ᤜᆄցαࡉᆃַኙ᠏ངছऱ့ུଡூ ԫֱ૿ΔᄅၢᤜݝΰՀጠϘၢᤜݝϙαൎ௺֘ኙ༉ൎ إޓൎࠫڶ࣠ڕ೯ΖၢᤜݝᣂࣹऱਢΔޏٚ۶נ܂ঞإޓࠫ ڂ့ུ࣍ۖໜ؈ऱढᄐΖطࠡڃԳঁྤऄ࠷ڶঞΔլवൣऱছᖑ ౨ᄎ᧢Δܑਢᅝױᄅࠫ৫ՀऱቼঁڇԳڶΔլवൣऱছᖑڼ ᣂढᄐऱᏝଖழΔൣڶᓽᚍאऱᚦᚍլߩנ܂ᖕπᄐᦞයࠏρႊ ขچԳኙలႚՒڶփऱᖑچ؆ΔၢᤜݝᎁΔᄅڼᡏΖޓउঁ ԱऱᇩΔॺ८ᙒࢬ౨ᇖᚍΖၢᤜݝഒެᎁװᄐԼ։ૹီΙૉ؈ ঞΖإޓᚨঅఎൎࠫ ԫଡᄅנ༼რߠࡉᣂࣹΔਙࢌٵᚨ֗ؓᘝٝृऱլڃ ᔞᅝऱנ܂ඈڜᚦᚍ֗إޓூΔ։ࠟଡၸၞ۩۞೯᠏ངΔࠀኙֱ ٵࠫ৫ຑםயழΔᄐᦞုسᄅֱூՀΔᅝπᄐᦞයࠏρڇΖޏଥ Ζ ኙ࣍πՒုයچ࣍ᄅՒشழᚨܛංϙऱࡳᄎױழլܛϘ ਔࠟଡၸऱ۞೯᠏ངΰࠟၸ᠏ངᖲץΔ ᠏ང࿓ݧᄎچࠏρՒ ऱֲཚದૠऱԫ֧ၞཚ հچπᄐᦞයࠏρਜ۩࣍ᄅՒڇࠫαΖ ۩ৈપૻृೈ؆αᄎၞםΰ࠹ᑉַုچπՒုයࠏρՒڶ৵Δࢬ ԫଡਐࡳֲཚ۞೯᠏ࠩπᄐᦞයڇ᠏ངαΔءรԫၸऱ᠏ངΰഗ սᄎچᄐᦞऱՒءփΰመྀཚαΔࠠഗڣ ᠏ང৵ءഗڇࠏρՀΖ ऱم᠏ངհ৵ၞ۩ऱᄅٌ࣐֗ᒔءഗڇᦞ墿 ࢬૻΔۖژ࠹ࠩᥛ யΖسڤࡉݮڤᦞ墿Δലਊπᄐᦞයࠏρࢬૡऱֱ யᅝ֚ࢨհ৵ᖕਙࢌৈࢨਙࢌৈ࠰ᤜղسπᄐᦞයࠏρڇਙࢌطϙਐچϘᄅՒ πᄐᦞයࠏρร ය Ζ چऱՒ ࢬՀऱࡳᆠαਐ᥆ਙࢌৈဲڼ ය ϙΰਊᅃπᄐᦞයࠏρรچϘπՒုයࠏρՒ ΖچऱՒםಖ࿆ڶයࠏρΰร ີαໂםုچᑑऱࠀᖕπՒ ࠷ᄐᦞု֗אਔၞ۩᠏ངۖၲ࿇ሽᆰߓอΔץΔ܂ᣂᤂໂՠڶ۩ݺଚᏁ֧ၞཚၞ ৵ऱᆖ᧭Ζچࠫ৫ኔਜ࣍ᄅՒם αΔۖૉםࢨॺုލםऱᦞ墿ΰլᓵբုڇژ᠏ངֲཚᤉᥛءഗڇᦞ墿ኔᔆՂਢਐژᥛ ۩Գൎࠫചڶᖑםኙᅝழऱုױءࠫ৫ጥΔຍႈᦞ墿ਢםုچࠉ៱࠹ՒچઌᣂऱՒྥ ऱΖ ڶໜ؈ढᄐऱլवൣছᖑ့ུۖڂ࣍شঞᄎᔞإޓൎࠫ Գ༚ࠡᄐڶլवൣऱছᖑټ౨ᇠױࠡ༚ᄐᦞΰೈॺլחԳΔ Ղڶבᛧ֭ױԳڶᄐᦞऱᖑװऱ့ུۖ؈נ᠏ང৵ءഗڂᦞαΖ መྀཚփڇᙇᖗױঞΔإޓԳუঅఎൎࠫڶᖑםૻऱᚦᚍΖૉု ਢش܂ऱܫᤞנಯםΖုܫᤞנԫٝಯםಾኙ۞աऱढᄐု Ζشঞᤉᥛᔞإޓढᄐऱᄐᦞ۞೯ݙ٤᠏ངΔࠌൎַࠫ ᄎၞ۩່৵ၸऱ᠏چᄐᦞऱՒءழΔࠠഗޔመྀཚڇ ࠹ࠫچΔೈॺᇠՒچՒםངΰݙ٤᠏ངαࠀᄎ۞೯ݙ٤᠏ངု ࣍ ΫΫ ຏवܫऱᤞםԳࢬုعᦞ墿ऱژᥛםုױլڶD ᜢጠ Ι ऱݼݙ٤᠏נ౨ᒔࡳۖ࿇آᦞڶ९ഗ࣍ᖑםုچE Ւ ངᤞܫΙ םࢬုۖچՒםုګࠡढᄐऱᄐᦞݙ٤᠏ང܍ԳڶF ᖑ Ιࢨܫᤞנऱಯ Ζܫრᤞٵऱॺםऱऄ৳࿓ݧۖࢬုإޓG ༉௫֗ Ꮭଖऱటᇨ၇Գנב֗چՒםုڶݙ٤᠏ང৵Δբጥڇ ᦞژࠃႈঅᎽऱᥛם࠹ࠩٚ۶ုڶآංऱᄐᦞΖױլڶࠆױല ऱ့ུۖྤऄנ᠏ང৵ءഗڂࠃႈऱૻΖםုה墿Δᄎ࠹ࠩࠡ ՂૻऱᚦᚍΖڶבᛧ֭ױԳΔڶ༚ᄐᦞऱছᖑ ᠏ངᖲࠫઌֺΔᚵᤜऱࠟၸ᠏ڶፖπᄐᦞයࠏρՀऱ ᠏ངհءഗڇངᖲࠫऱԫᚌႨΔਢπᄐᦞයࠏρऱઌᣂය֮ലᄎ ࠫ৫ኔਜםΔൕۖՕ༏༼ছᄐᦞုچ࣍πՒုයࠏρՒشழᔞܛ৵ რߠΔᖕٵ࣍Ꮑ֗ٝृऱլطऱழၴΖլመΔچ࣍ᇠՒ ऱݙ٤᠏ངΔຒ৫ࢨᄎ࿑྇ኬΖנ܂Ղ૪ֱூۖ ᄐᦞයࠏρᅮᖄࡡچၲπՒ״ֲ ִ ڣ ਙࢌ࣍ რߠΖ৳ஃޡॣנ༼ᄎᄎᤜΔᨃٝृ༉ᚵᤜऱࠟၸ᠏ངᖲࠫ ข৬ᄎ֗چᄎΕၢᤜݝΕ၄ृࡡᄎΕଉཽᎬ۩ֆᄎΕଉཽ ڃΖٝृཏሙᦟ०ਙࢌஂנ।זڶૻֆ݁ڶଉཽਊ༿ᢞࠦ ԺΔࠀᎁᚵᤜऱࠟၸ᠏ངܘऱנ܂რߠࡉᣂࣹࢬٵଚऱլהᚨ Ζ܂ᄐᦞऱՠچං୶Ւאಘᓵऱഗ៕Δޡၞԫ܂אױۿᖲࠫ ࠐ آ ऱ ם ု ᄐ ᦞ Ղ܀ԳࢬवΔآᄐᦞᖲࠫऱาᆏࡸםឈྥଉཽऱု ᄐᦞऱு֨ᏝםऱΖုٵຟਢՕીઌش܂ᄐᦞםࠫ৫ऱုםုڶࢬ ରᕏࢤᦞ墿ࡉ௫ڕધᙕೈႊ࠹ਬࠄࠏ؆ൣउΰࠏם࣍ᄐᦞုڇଖΔ ᦞ֗ုڶढᄐऱᖑםߪঁਢုءધᙕऱය֮αૻ؆Δםုޏޓ֗ א֮ٝڍ٦ྤؘڼංऱᢞᖕΔ ਚױࡉᦞ墿ऱլܓᦞם ९םုچࢨՒ့ུطધᙕՂਬଡםᄐᦞုڂਬԳڕᢞᄐᦞΖ ᦞᛧਙࢌᚦᚍΖڶԳڼऱಖႈۖ፞࠹ჾ؈Δګऱᙑᎄࢨᙊዥࢬທ Ζבᄐᦞᚦᚍഗ८ᐸچऱՒمᖕร ີطᇠᚦᚍႊ ऱᄗ࢚ΖڶൣउࠐᎅΔਢঅఎԱಭᦞጥڶࠡאີ ร Δ݁࠹ରᕏࢤᦞ墿ૻΔۖରᕏࢤᦞ墿ഗ࣍ࠡچՒםᣂऱုڶٚ۶ ਔΚץऱΔຍᣊᦞ墿םࢤᔆਢྤႊု Δۖᖇ៶πழܓऱٚ۶ᦞچ࠷ऱᇠՒڇإϘբ࠷ࢨ ึܫԳऱᄐᦞբڶᖑםᣂုڶயයࠏρΰรີαΔ ࢨല࣍ᔞᅝཚၴࡻየ৵ึΙϙ ֏Ζᖲࠫ۶᧢ڍৰڶࠐݮኪսᄎآᄐᦞᖲࠫऱםଉཽऱု ࣔᒔΖೈॺآ۶ԵᖲࠫհխΔழ݁ࡸڕڶಭᦞጥ֗אழኔਜΔ ρΰ/DQG 5HJLVWUDWLRQ $FW αรחऄםုچՒڣ䋽πۿᣊ Աᄅऱຏवمᄐᦞᖲࠫխםုڇය֮բղኔਜΰᇠයڶයऱಭᦞጥ Ζش౨սྥᔞױᄐᦞᖲࠫխםုڇঞڶऱಭᦞጥڶঞܡࠫ৫αΔ ऱ ਙ ڶ ᣂ ࣍ ಭ ᦞ ጥ ऄᄎᄎᤜՂऱ༼ംΔᅝழऱছࢪمֲ ִ ڣ ᚨڃ ᣂऱ༼ംڶ૿ऱਙΖֱڶಭᦞጥڇਙݝݝ९૪ࣔਙࢌچቤ֗ৢ ΚەࠎאՀΔڕࡉኴᙕ ം ᠲ ΰ ԫ α ۾৵Δঁᄎ᧢ڣ ش۾ຑᥛچϘᦸ࣍۩ऄࠏࡳਙࢌՒ ༏᥆ਙࢌऱᄅ֟ڍڶေ۷ழڶڶΔᅝݝچԳऱՒش چΙ௫֗ऱՒچԳऱՒش۾᧢ۖެܒՂ૪ऱࡳ֗ڂچՒ ΕΕ ֗ යΖ ร ร යΖ ร යΖ ร N යΖ ڶᅝݝ֗אֱ૿ऱჾ؈ཱིᠰΔچᏝ֗چڇ૿ᗨࡉᅝݝ Ιϙ۾ॺऄॿچᏖൻਜַᄅਙࢌՒ ം ᠲ ΰ Բ α ࿇༉֧ۖެܒᣂڶڂבቃࡉᚨאٚ۶ਙࢨൻਜΔڶڶϘ ऱऄ৳္Ιϙ֗נ༼ᒵࢬچᑓᒫࢨࠠञᤜࢤऱᄅՒ ം ᠲ ΰ Կ α ᥆࣍ߏނᎄ܍ᝩאᒵધᙕΔچᙑऱՒנإޓ۶ൻਜڶϘᅝݝ ᣂऱᄐڶીאΔچਙࢌՒق᧩ᣂધᙕՂڶڇچऱچԳՒ 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ᇆऱࢭԳΖԳګଚۖ࠷ᄐᦞΖՂ္Գࠡ৵ה ৈޅཚڣ ႊ࠹ઌᣂऱ܀ՆᄐᦞΔة၇Եร ᇆऱڣ ٽՆᄐᦞةଚΔፖร ᇆऱהڃՆঁಯڍৈޅૻΖຍٝ ԳΖڶՆᄐᦞةร ᇆऱګࠓΔ࣍ਢԳ ଚक़Ⴜऱᇠຝ։૿ᗨΔࠀᜢጠה࣍ۯ՛ৢڶጥޣԳ ᦞᦀດՂ္ԳΖՂ္ڶଚהଚΔהڃৈբಯޅ࣍ร ᇆऱط ৈऱᖞཚࡻየհছΔᦀດᦞຟլᄎޅཚڣ ᇠٝڇԳঞ֘Ꮝ Ζسข ഏ Ղ ᤜ ೃ ऱ ဪ ެ ഏՂᤜೃΰ່Ղ္ऄஅαဪࡳΔร ᇆऱޅৈ Ϙึܫհழբڃಯڣ ৈ࣍ޅڇរαΔچڇਔ՛ৢࢬץΰ ऱᄐᦞࢤृچ۾ᖐ۞᧢ޏழயཚࡻየᄎኧࢍق।ܛऄ৳ՂਢݔऱᇩΔڇᇠႈဪެڕϘ Δࠀլᄎᄤᄰ۞աऱᄐᦞΖϙ6 -RXUGDQ $GYHUVHڶࠡ৵࣋ඵጥृچ۾ᖐ۞אᔆΔࢬ αΔร Ζڣ 3RVVHVVLRQΰ%XWWHUZRUWKVΔ > @$& ܓढᄐऱᦞנڶԳጥڶՆขᦞᖑةऱԫࠥΔسࠃ࿇ڼڇϙΔۖ ַ ሒࠩᖞழயཚΔڶآڶԳऱಭᦞጥנ࣍ઌಭ࣍طΖسขܫٍ ࣍ร ᇆक़Ⴜऱຝ։૿ᗨΖଁໃ֛ᕬᛤΰ/RUGۯᦞࠩ՛ৢڶԳ ՀΚڕط5DGFOLIIHα֗ᔥኑᕬᛤΰ/RUG'HQQLQJα٨ࣔဪެ ༚ូࢨໍڶԳΔࠠڶՆขᦞᖑةཚૻऱڣϘΞΞ࠹ਬ چ۾ᖐ۞چՒנ߷ಾኙהڼ塒ऱขᄐᦞࢨᦞ墿Δਚ ٣ขᄐᦞڇ।ऱזཚࢬڣᇠڇ܂ऱ္ᦞΔႊᅝृ ڶጥהطԳऱขᄐᦞࢨᦞ墿ႊូءהીאࢨᦞ墿ึַ ூऱဪެࠐᎅΔ່ૹऱਢެءΔኙڼڂΖسհֲข طৈޅୌଡֲཚึַΖຍٝڇৈႊီޅࡳઌᣂ ᚌ٣ٍ࣍אՆขᦞᦞ墿Δࢬة࣍ਢᚌ٣࣍Գऱ ᦞΖϙΰଁໃ֛ᕬᛤαΰร αΙ֗ڶԳऱጥ ऱᄐᦞΔઌኙ࣍ᖐ۞ڶԳኙ՛ৢࢬࠠڶৈޅϘΞΞ ԳࠐڶՆᄐᦞةઌኙ࣍܀㽅Δึܫࠐᎅਢբृچ۾ ൷࠹אױਢഄԫۿࠐᎅΔຍஂءڇᎅঞս᥆ݔΖ ৈึַհছਢޅڇق।ܛऄΔڼऱऄΖૉආ ԳၲࡨૠጩழૻऱΫΫ ຍᑌթڶՆᄐᦞةլᄎኙ ՆᄐᦞةၲࡨૠጩழૻհছΔڇقጩֆؓΖຍՈ। ᇖඑΰຍנ܂ԳڶৈޅޣᦞᖕৈᘭڶԳᚨڶ ૹۖگഗ࣍ᇻᦞᔡאױՈהαΔܓᦞڶऱᚨהਢ ऱࠃൣαΚߠ +XPSKU\ Yאױᚨᇠהढᄐΰຍਢگ ᖕϖխឰཚϗයཱིאױԳՈڶՆᄐᦞةDPLRQΙ' ຏवΰီ᥆۶ൣउۖנৈຏवࢨᔢַึנ࿇ Գ౨ജᎈࠌᖐ۞ڶৈޅڕق؆ΔຍՈ।ڼࡳαΖ ৈޅۖװᠦृچ۾ᠦၲ՛ৢΫΫԾࢨृᖐ۞ृچ۾ ༚ڃࠥمԳᄎڶৈޅढᄐΫΫ߷ᏖڶԳૹᄅጥڶ Ոॊ՛ৢ܀墿Δܓ௫֗՛ৢऱڶᦞࠆڶࠐൣउΔ ࠐ݁᥆ᄕஂءڇጟጟΔڼৈࢬࠐऱຂٚΖՅޅ ऱृچ۾ᖐ۞ڶࠌܛΔঞޡچሒࠩຍଡ܀Δٽ ՆᄐᦞةԳऱᄐᦞΔսႊઌኙ࣍ڶৈޅΔڇژ Գࠐᎅ᥆࣍ݔΞΞΖϙΰᔥኑᕬᛤαΰร αڶ ᄐᦞ༉ٚ۶ؾऱچࢭԳऱՒڕᇞᤩΔޡໃ֛ᕬᛤၞԫଁ ۶լֆؓհΚڶԳנ㽅Δຍᄎኙึܫٚ۶ֱ૿݁ڇ֗א ஂءߢۖڼࢨᄐᦞࢨᦞ墿ΫΫ༉ܓϘࢭԳऱขᄐᦞࢨᦞ ઌኙ࣍ࠡᄐऱڕ۶ૹ։ܑΫΫڶڗشڼլઌॾ ۾ᄎਢᄐઌኙ࣍ᖐ۞܍㽅Δࢬऱᓵᣄึܫᒔբ ृچ۾Ζᖐ۞سհழขسᇠࠃ࿇ڇᦞΔਢڶऱጥृچ ԳڶՆขᦞᖑةཚࢨขᄐᦞΔۖڣ࠷ࢭԳऱڶآ ூࠐᎅΔءאٚ۶ᣂএΖڇژհၴٍլृچՒڶፖጥ ঁڣ ڇΔࠀسขڣ ڇࠐਢءᄐऱ္ᦞ ᖞཚၴڇរΔឈྥࢭԳڼՆᆃַΚۖᣂ࣍ةᔡࠩ ᄐথਝྤֱऄٍ܀८Δבᤉᥛਊᅃৈ֭ڶփ݁ ᦞऱൣउڶଷኆጥسवሐຝ։ढᄐբ࿇אױطྤ ംᠲΙլڶૠጩΖຍൣउࠐՕהࢨழૻբၲࡨኙ ึܫؾऱۖߢ݁ڶ࣠ࢭԳऱขᄐᦞਢ༉ࢬڕመΔ πܛழϖึַϗΰٵ㽅Δ߷ᏖᇠႈขᄐᦞՈؘࡳ යࢬਐհ ρรחऄڣ ρร ය֗πחऄڣ ৈ᥆९ޅڶᅝޢ܀რαΖຍጟൣउ᧩ྥլֆؓΔ ຝ։ࢨ۟ڶயཚၴբسৈޅڇऱढᄐנཚۖڣ ຍጟൣउΖϙנՂΔঁᄎאࢨڣ ڶ٤ຝᔡಭᦞጥ ΰร α ৈխऱৈᘭऱᦞޅ۩ᄐଷኆൎࠫചڕΔנᤉۖਐה ᣤૹΚףޓൣऱൣउٽΔঞլܓ ؾऱۖߢᔡࠩᄤᄰΔڶࢭԳऱขᄐᦞࢨᄐᦞ༉ࢬڕϘ ঞࢭԳፖᄐհၴऱขᄐᦞઌյᣂএᄎᙟհۖ ࢭԳऱৈޔΔঞપڇژขᄐᦞઌյᣂএլ٦ڕ؈Ζ ຍࠄৈᘭਢഗ࣍ขᄐᦞઌյᣂএڂΔڇژᘭٍլ٦ ڶڕৈऱࢭᨃԳΰޅழऱࢭԳਢڕऱΚڇژۖ ৈऱࢭᨃޅ౨ᄎਢױৰהཚਢ९ऱᇩΔڣᣂऱ ᣂൻਜΔբڶऄᖲᣂࢬආ࠷ऱمԳαΔᄐঁᄎ࿇ ऱ۾ᖐृچ۾ऄ༉բᖐ۞ྤהחΔܓऱᦞהଷኆԱ הૹࢤऱৈᘭΙᖄીڶࠐᎅהൎࠫച۩ԫࠄኙچՒ ԳথլࠩءהΔسऱࠃٙࠃኔՂբ࿇ܓᦞڼଷኆ ऱຏवΖנ࿇הٻࠩٚ۶ᚨگڶٚ۶ᓽᚍΔۖՈ ढڶᦞઌኙ࣍ᄐۖߢᤉᥛጥڶΔঞृچ۾࣍ᖐ۞۟ ८ࢨᐌ۩ৈᘭΖຍבଡԳऄ৳ຂٚᢆڶᄐΔࠀ α ৸ᤜΖϙΰรױլۿଡऄ৳ᖲࠫ ρխᣂ࣍חႈπழயऄٺᓵΔᎁנڼໃ֛ᕬᛤਚଁ Ϙ ึ㽅ϙऱය֮ΔլᄎᄤᄰࢭԳፖᄐհၴऱขᄐᦞΔۖࢭԳ ࣍Ϙլ౨ڇൎᓳംᠲࠀॺהৈऱΖޅڃಯנ༼Գנٻאױਢ ᔞܡ࣍ຍႈঞਢڇࠏ؆Δۖਢڶܡऱࣟ۫ϙऱঞਢڶա۞ב ᣂൣउΖڶ࣍شᎁຍႈঞࠀլᔞהᣂൣउΖڶ࣍ش რଁໃ֛ᕬᛤऱऄΔຟਢլ൷࠹Հ૪ᎅऄΚٵᔥኑᕬᛤ ࠐᎅृچ۾Գኙ՛ৢऱᄐᦞբݙ٤ึ㽅ΰլਢኙᖐ۞ڶৈޅ ᦞޅᑌਢݙ٤ึ㽅αΔٵԳࠐᎅՈڶՆᄐᦞةբݙ٤ึ㽅Δኙ ΚچᦞࠩՒڶԳڶՆᄐᦞة墿բ٤ྥ؈Δۖ ܛݙ٤լ൷࠹θຍࠄᎅऄιΖ൷࠹θຍࠄᎅऄιஂءϘ θࢭڣ ڇᄎءԳڶՆᄐᦞةூխΔءڇق। ໜ؈ழڣຍԫڇऱ္ᦞਢڶࢬࠠृچ۾Գಾኙᖐ۞ ၲࡨኙڣ طᄎء՛ৢΔۖழૻڶᦞጥڶயιঁ ܛհ৵ٍڣ ڇીאԳιૠጩΔڶՆᄐᦞةθ 㽅ΖึܫԳኙ՛ৢऱᄐᦞঁڶՆᄐᦞةழΔڣ ڼנ༼چԳམᎁటڶ౨ਢኙऱΔۖՈױຍլ ԳڶՆᄐᦞةࡲຟਢ ڶࡲଡூհխΔ ڇऄΖ ՆᄐᦞةڕढᄐԫࠃࠀլवൣΖڶ۾إृچ۾ኙᖐ۞ ալवൣऱൣ۞ڇயཚၴسৈޅ࣍ױԳऱᄐᦞڶ ᒔऱऄਢΔإउՀॿ፱ൾΔຍᄎਢ㽅ኙᙑᎄऱΖ යࢬਐऱ༚ូขᄐ ρรחऄڣ Նᄐᦞਢπة ՆᄐᦞةհছΔழૻլᄎኙַึآৈࡸޅڇᦞΔۖ ԳၲࡨૠጩΞΞڶ ڶৈհֲ᧩ྥਢޅڃಯڇԳڶৈޅរΔڼഗ࣍ הԳࠐᎅΔڶՆᄐᦞةΖઌኙ࣍ڃಯאױԫࠄࣟ۫ ڶՆᄐᦞةڃಯ،ނאױ՛ৢऱᄐᦞΔڶսྥᖑ ऱࣟ۫ϙऱঞΔݙ٤լᔞڶա۞בԳΖϘլ౨ ூΖϙΰร αء࣍ش ฆ ᤜ ܒ ެ լመΔ๕ཎᕬᛤΰ/RUG 0RUULV RI %RUWK\*HVWαথഗ࣍Ϙլ౨ ܒฆᤜנ܂ऱࣟ۫ϙΰQHPR GDW TXRG QRQ KDEHWαऱঞۖڶա۞ב ެΚ ढᄐሒࠩऄڶயཚၴᤉᥛጥسৈޅ࣍ृچ۾ᖐ۞ڇϘ ԱઌኙװᎅࢭԳਢ؈אױ࣠ڕࡳཚૻऱൣउխΔ ᦞΔঞࢭԳԾ৻౨ಾኙᇠڶऱढᄐጥृچ۾࣍ᖐ۞ ԳΛΞΞנᦞٌڶጥނۖृچ۾ᖐ۞ > @$&Δร Ζ ࣍ร ᇆऱຝ։૿ᗨࢨۯ՛ৢ߷ڶࢭԳլམጥٺ ࢨጥڶ࠷ᇠຝ։૿ᗨऱጥڶآଚٍהᦞΔڶጥڶᖑ ܫᦞٌڶᇠຝ։૿ᗨऱጥނଚྤऄהאᦞΔࢬڶ ᦞᦀດڶଚהԳྤऄᢞࣔܫᎁஂءΔڼڂԳΖ ܫԳΖϙΰร α รڶጥޣױղԳڶآΔڃৈಯޅൎᓳூխऱࢬᘯה ऱࣟ۫ڶଚլམᖑהԫࠄނࢭԳྤऄڂᣂຝ։ऱ္ᦞΔڶᇆ ᦞαٌԳΖ ๕ཎᕬᛤԾᎅΚڶΰጥ ढᄐሒࠩऄࡳཚૻΔঞࢭԳڶᤉᥛጥृچ۾ᖐ۞ڕϘ բ࿇قຍࠀլ।܀㽅ΖึܫऱᄐᦞΕขᄐᦞࢨᦞ墿ᄎ נપႊኙٽીᇞೈԱࢭԳᖕאԱԫࠄࠃൣΔس ٚ۶ֱڇױཚࡻየழڣৈڇԳࢭᖜऱຂٚΔԾࢨृ ࢭڕΖܓᦞऱ٣ᦞڶጥڃگԳנൎף૿ᐙࢨ ီπאױԳऱᄐᦞΕขᄐᦞࢨᦞ墿ऱึ㽅Δ යࢬਐऱϖึַϗΔঞຍึ㽅Δլᄎ ρรחऄڣ ࠐขᄐᦞࢨᦞآԳऱנחױ යࢬਐऱ߷ጟ ਢร Գנ࣍طऱϖึַϗΖڶԳጥנطႊូঁڇ墿 પࢬႊࢭٽඈΔࢭԳᖕڜፖࢭԳհၴࠀྤٚ۶ யཚၴسપٽڇᝫᄎۖװᄎᤉᥛՀ܀ᖜऱຂٚΔլ Ζϙΰร αװᤉᥛՀ ኙ Ϙ !(- * (ϙ ூ ဪ ެ ऱ ေ ᓵ ڍေΖფዿᥞ່ऄೃऱޅ௺DLUZHDWKHU ூऱဪެམ࠹ࠩෳ( 3HUU\ Y :RRGIDUP +RPHV /WG ூ խࢴ㽅ᙅൕຍႈဪެΔۖᖂृ ڇᑇऄࡴ ऱࣟ۫ϙঞऱऄΚڶա۞בլᚨ೯ᄀϘլ౨ٵཏሙ݁ᢥ ऱᄐᦞࠀॺݔऱᄐڶΔឈྥ 7 ઌኙ࣍ 6 ۖᖑڼڂϘ ݶޓױ / חಾኙ 6 ۖᓿղ / ݔऱᄐᦞאױה܀ᦞΔ ৈսྥޅ࣍༉ / ፖ 7 հၴۖߢطᦞΖڶ࠷ጥچຒ Գᎅຍਢؘྥऱ৵࣠ΖլመΔຍጟංڶאயΔࢬڶ ᐞࠩ 7 բ٤ຝໜ؈Աەڶآ،ڂംᠲΔڶۿڤֱ ऄᓿղ / ຍֱ૿ऱᦞԺΖઌྤءીאᦀດ 6 ऱᦞԺ / ৈΔլᓵਢᖕ 7 ᝫਢޅऱڶኙ࣍ 6 ࠐᎅΔ7 ࢬ ԳᎅຍৈڶऱᎅऄΔຟլ٦ਢݔऱᄐᦞΔۖ୲ ঞΔ༉ਢྤԳ౨ءਢݔऱᄐᦞΔঁᄎሔ֘ԫႈഗ > @$&Δร Ζ > @,5 ݔऱᄐᦞΰϘլृڶԳԫႈለ۞աࢬᖑהജᓿղ ᦞึַ 7ڶ࣠ / ᅝழڕऱࣟ۫ϙαΖڶա۞ב౨ ്אױ / ᅝழঁڂৈΔঞൣउᄎլԫᑌΔޅऱ ࠷ױऴ൷᥆࣍۞աऱ۟ྤՂᄐᦞΔྤႊຘመ 7 թ ऱृچ۾ᖐ۞ނࠃΖഏՂᤜೃऱဪެΔਢ۩ܓऱᦞ ऄࡳᄐᦞូԵ࠹ᆃࠫृΰ7 αऱᦞԺΔᨃรԿֱΰ/α ृچ۾ਢᣤૹჾ୭Աᖐ۞אΔࢬृچ۾ᦀດᖐ۞אױ چՒޅρኙחழயऄڣ ΔπڼڂऱऄࡳᄐᦞΖ բᔡՕ༏চஇΖϙش܂ࢬದऱ ࣠ড়ઌኙ࣍ڕऱࣟ۫ϙঞΔڶա۞בഗ࣍Ϙլ౨ ৈۖޅڃऄຘመಯྤঁהऱᄐᦞΔچรԿֱࠐᎅբໜ؈ԱઌᣂՒ ղᄐԫႈઌኙ࣍รԿֱࠐᎅ᥆࣍ݔऱᄐᦞΔଁᐚΰ:DGHαඒ რ๕ཎᕬᛤऱऄΔᎁೈॺড়ٵה ေΖޅڶൣउՈڼኙ ढᄐΔۖڶழጥܛޣঞ )DLUZHDWKHU ூխऱᄐྤᦞܡৈΔޅڃಯ ଁᐚඒᇞᤩᎅΔᄐਢ ऱࣟ۫Ζڶալམᖑ۞ڃড়ٍྤᦞಯ ขᄐᦞऱृچ۾ᄐ࠹ࠩᖐ۞אΔࢬޣՂ૪נ܂ຘመড়ۖ ཚڣᑌৱࠩৈٵਢᎅᄐܛΔٍٵૻΔ࿓৫ፖড়ࢬ࠹ࠩऱઌ ᑇऄࡴऱრߠڍDLUZHDWKHU ூխΔ( ڇנԾਐה ढᄐΖڃگױݙֱ ࣍ᇠூΖଁشऱࣟ۫ϙঞլᔞڶա۞בϘլ౨אᇞᤩ۶ڶآ چՒޅρኙחπழயऄقေ )DLUZHDWKHU 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ᐌ۩ሉ֗ښ࿔Δࠀႊᙅچ᥆۶ൣउۖࡳ ᆖ։ᦝऱီ ۩ᐌ֗ښ࣍ਙࢌৈ֗ٚ۶ֆৈփۖԾਢࢭԳႊᙅ ࿔ऱৈᘭچ٤ຝב࿔բᆖ։ᦝΔঞᢆچڕ ৈᘭڶऱࢬ ࿔ΕৈᘭΕ࠰ᤜچૻ࣍ᇠ܀ೈ؆ Ε࠰ᤜ֗යٙΔ ᣂृΖϙڶچයٙፖࢬ᠏ᨃऱՒ֗ Ղ૪ऱࠏխਢਐڇਙࢌৈऱ᠏ᨃԳΰڇڱऄࡳৈᘭ ܛהڂႊॊਙࢌৈհՀऱऄ৳ຂٚΔྤה7α༼ࠎঅᎽΔᨃ යૡ ີร աऱᦞ墿᠏սႊᤉᥛऄ৳ຂٚΖ ร۞ނࠌբ অᎽ᠏ᨃԳΚאऱය֮ޡၞԫڶ ऱขᄐᦞࢨᦞچ࠹ਬৈᘭᐙऱՒڶٚ۶ԳೖַᖑڇϘ ڶೖַᖑڇ༉ᇠԳ܀ᇠԳΔޔլ٦પܛ墿৵Δᇠৈᘭ ᇠขᄐᦞࢨᦞ墿ছሔ֘ᇠৈᘭऱࠃႈۖߢΔᇠԳս࠹ ᇠৈᘭપޔΖϙ Գհ৵Δᚨהཚ᠏ᨃڣޅաऱ۞ނڇຍႈය֮ऱؾऱਢΔࢭԳ נ܂ৈཚၴࢬޅڶڇה܀ৈᘭۖऄ৳ຂٚΔޅᇠྤႊ٦༉ Հൣउאٽ࣍ฤش යΔรයᔞ ऱሔ֘ৈᘭࠃႈೈ؆Ζਊᅃร ՂਢᗨᄕࢤᝫਢૻࠫࢤऱΫΫشயڇᣂৈᘭڶऱৈᘭΔլᓵ E Ζ ร ठαΔรڣ ठषΔנ61LHOG+RQJ.RQJ/DQG/DZΰி֮ - 6LKRPELQJ DQG 0 :LONLQVRQ +RQJ .RQJ &RQYH\DQFLQJ ± /DZ DQG 3UDFWLFHΰ%XWWHUZRUWKVαΔ࠴ Δ;,,Δร ֗ Ζ $ ΙچD ᣂৈᘭࢭᘭԳऱՒ ᠏ฝΙچრᙟৈᘭࢭᘭԳऱՒشE ৈᘭऱᖜࣔૡࢨ ֗ چრࠌৈᘭ࠹墿Գ֗ࠡᄐᦞᤉࢭԳऱՒشF ࣔૡ֗ 墿Δࢨࠌ៶㷂ࢨຘመৈᘭ࠹墿ԳࢨࠡᄐᦞᤉࢭԳۖ࠷ 墿ΖچᄐᦞऱԳऱՒچᇠՒ ৈᘭᚨᇠᄎฤޅऱנ܂ዿΰ1LHOGαᎁΔࢭԳࢬ؍ Ղ૪ऱࠏխڇࢭԳΰچᄎᇞೈࠐऱਙࢌՒאຍࠄයٙΔࢬٽ աऱᦞ墿᠏ᨃ৵ऱሔ۞ނբה࣍سႊ࿇ྤהחਢਐ 7αऱຂٚΔ යࢬૡࣔऱรԫႈයٙਢৈᘭ ৈᘭࠃႈۖऄ৳ຂٚΖ ร֘ ऱࠃנ܂ࢨլנ܂ΚৈᘭᣂԫࠄႊղچᣂৈᘭࢭᘭԳऱՒ ൣΔۖຍࠄࠃൣࠀॺ᥆ଡԳֱ૿Δۖਢ௫֗ࢨᣂৈᘭࢭᘭԳࢬ რᙟشD යαΖรԲႈයٙਢৈᘭࣔૡࢨ ΰรچऱՒڶ E යαΖร යૡࣔΔፖৈᘭࢭ ᠏ฝΰรچৈᘭࢭᘭԳऱՒ ৈᘭط܂ঞႊᅝܡრΔشઌ֘ڶᣂऱৈᘭΔೈॺࣔૡڶچᘭԳऱՒ 㷂ࢨຘመৈᘭࢭᘭԳࢨࠡᄐ៶֗אԳΕࠡᄐᦞᤉࢭԳءࠡזࢭᘭԳ شΖรԿႈයٙঞਢΔৈᘭࣔૡ֗נ܂ᦞᤉࢭԳۖ࠷ᄐᦞऱԳ 墿Δࢨࠌ៶㷂ࢨຘመৈچრࠌৈᘭ࠹墿Գ֗ࠡᄐᦞᤉࢭԳऱՒ 墿ΰรچᄐᦞऱԳऱՒچᘭ࠹墿ԳࢨࠡᄐᦞᤉࢭԳۖ࠷ᇠՒ ᣂऱৈᘭΔೈڶچ යૡࣔΔፖৈᘭ࠹墿ԳऱՒ F යαΖร ৈᘭ࠹墿Գ֗ࠡᄐٻৈᘭࢭᘭԳط܂ঞႊᅝܡრΔشઌ֘ڶॺࣔૡ 㷂ࢨຘመৈᘭ࠹墿ԳࢨࠡᄐᦞᤉࢭԳۖ࠷ᄐᦞ៶֗אᦞᤉࢭԳΔ ऱՒمԫႈᗑګዌױԳऱ༚ូᦞנຍႈයٙΔٽΖฤנ܂ऱԳ Գऱ༚ូᦞΖנਢإΔृچৈᘭۖ墿ऱՒڂᄎګᦞ墿Ζዌچ પઌյᣂٽΔಾኙፖ۞աਝྤطഗ࣍ຍଡױԳנዿᎁΔ؍ এٍྤขᄐᦞઌյᣂএऱ։ࢭԳൎࠫച۩ৈᘭΖ ृچ۾ᖐ۞ڇᒔऱᇩΔ߷Ꮦإዿऱऄਢ؍࣠ڕΔڼڂ Ղ૪ऱࠏխਢਐ 7αऱᄐᦞ৵ΔࠐऱਙڇԳΰڶ㽅ԱՂᖑึ รش֧אױ යࢬૡऱයٙΔਢ ࢭԳΰ7αᐌ۩รچࢌՒ ऱᦞ墿հ৵ऱሔ֘ৈچՒڶբೖַᖑה࣍سաྤႊ࿇۞חය سࠡڇ࣍ش ۟ යᔞ ᘭࠃႈՂऄ৳ຂٚΖଖࣹრऱਢΔร ႊऄܡࢭԳਢچ ᤉ৵ऱਙࢌՒ ऱৈᘭΖمயֲཚছࢨհ৵ૡ F Ζٍߠ 0 ร ठαΔรڣ ठषΔנ61LHOG+RQJ .RQJ /DQG /DZΰி֮ αΔร ۟ Ζڣ 0HUU\+RQJ.RQJ7HQDQF\/DZΰ%XWWHUZRUWKVΔร ठΔ Ζ G ร ठαΔรڣ ठषΔנ61LHOG+RQJ.RQJ/DQG/DZΰி֮ යΖ ֗ Ε ร ᦞऱڶଷኆጥृچ۾ᔡᖐ۞ܡਢהऱᇩαΔঞီڶڕຂٚΰ৳ ፖਙࢌհၴהڂԳΖ7 ྤႊ༉ৈᘭۖٚ۶ऄ৳ຂٚΔڶՂᖑ ڶᦞऱՂᖑڶଷኆጥृچ۾ᔡᖐ۞ܛࠀྤขᄐᦞઌյᣂএΖ7ΰ ઌኙ࣍ਙࢌۖߢ܀㽅Δึܫߢբۖृچ۾ԳαऱᄐᦞΔઌኙ࣍ᖐ۞ ᦸ࣍ڶ լመΔ սႊ༉ৈᘭۖՂऄ৳ຂٚΖ 7 אࠉྥݔΔࢬ යऱ รٽञΔᎅ۞աฤנ༼אDLUZHDWKHU ூऱဪެΔ7 ᣄ( ऱขᄐᦞࢨᦞ墿ϙΖچՒڶࡳΔϘբೖַᖑ ႊऄאՂ૪ऱࠏխऱ 7αհࢬܛࠐऱৈᘭࢭᘭԳΰ բՆऱঞհਚΔۖรمપઌյᣂএຍႈᒔٽڂຂٚΔਢ৳ ጊڶΔথش܂౨ದ྇ჾຍႈঞऱܡ යࢬૡऱࡳΔਢ รີ խΔึᐉऄೃဪࡳร යऱ 6N\+HDUW/WGY/HH+\VDQ&R/WG ூ ڇംΖ ࠌܛࠩחऄ৳ঞ֗ᘝؓऄঞΔൕۖڶ៱ऱڶࢬޏޓრࠀլਢش ऱৈᘭΰFRYHQDQW LQڇژمᗑۖچߢࣔΔլ۴ᙟՒڶ යբ ร ࠐऱৈᘭ࠹墿Գΰᅝࠡழբലঁא᠏ฝΔۖچJURVVαսྥլᄎᙟՒ ൎࠫച۩ৈᘭΖึᐉऄೃࢬᣂࣹृਢΔࠀྤܑᏁאױ᠏ᨃαچՒ ऄڶ៱ऱৈᘭऱڇژمᗑۖچᅝழ௫֗ൎࠫച۩լ۴ᙟՒޏޓ ය Δ༉รچᑌٵઌᣂऱऄ৳Ζޏޓڶآဪࡳร 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2UVY0DQ ݔऱᄐڂऱ᠏࣐ΔچՒםॺုঁܓױڶ٦ृΔಭᦞጥ ݔऱᄐᦞழΔႊڶᢞࣔ۞աᖑڇᚰऱΖᔄֱױᦞՈլਢݙ٤ྤᖎ נհ৵࿇ګ࣐ݙٌڇ౨ᄎױ ਬႈංࡳ ႈऄࡳංࡳΖڍܗଗ ംᠲΖڶݔࢨ۟Օֶڶીམᎁਢݔऱᄐᦞᄎ᧢אᙑΔ ٌ۩ၞאױچࠎᖲࠫΔᨃઌᣂऱՒ༼ױᄐᦞڶຍጟൣउՀΔጥڇ ࣐Ζ ං೯ढᄐ᠏ֱ࣐૿ऱᏝܗ࠰ڇঞڶଉཽࠐᎅΔಭᦞጥڇ ڂΔ܅ᥞፖዿཎαڕऄጥᝤΰࠏה౨ᄎለࠡױଖΔ ࠃኔՂچഇՒנଉཽڇ࣍طΖچՒޅଉཽݺଚࢬ૿ኙऱؘྥਢڇ ऱृچ۾ऱਢᖐ۞ڶ࣠ᔄֱࢬᖑڕഇࡉԵਙࢌৈΔנਢ࣍ ۾ᖐ۞ڂጊംΖຍਢګؘႊ൷࠹ᇠႈᄐᦞΔᏅܡᄐᦞΔঞ၇ֱਢ ᄐΰຏൄਢਙࢌαڶ౨ᄎױΔچऱᄐᦞࢬො።ऱᇠຝ։Ւृچ چऱᄐᦞࢬො።ऱՒृچ۾࣠ᖐ۞ڕᦞऱଅᙠΖլመΔޅگ Δঞ܅ऱଅᙠԾᄕگᄐૹچऱԫ՛ຝ։ۖᇠຝ։ՒچഇՒנ۾ Ζم၇ᔄᄐᦞբᆖᒔؑڇױऱچᎅᇠຝ։Ւאױݺଚ ቹࢨچൄߠऱՁၦપٝ֗א ᒵംᠲچݺଚԾಘᓵመՒ िਢൄߠհچࠠ᧯ᒵլฤऱംᠲΖچપቹঞፖᄅՒޅᄅ ॵຑ࣍ႃ Ζچႃ᧯ࡴৈො።ऱᄅطֱ݁چڍڇࠃΔܑਢ ش۾᧯ᒵፖࠠچऱچቹࢬቤࡳऱਬ༏ՒچࡴৈऱՁၦપٝ᧯ ش۾ᒔࡳאچᣂऱՒڶᦫፊհࠃΖ ၇ֱຏൄᄎီኘڶᒵլฤਢழ א૰൷࠹אױΔ၇ֱڼڂ %HDY ร Ζ ऱኙᄐᦞΖߠ &RWWUHOOY:DWNLQV ऱᄭڶ؆ΔՈᢞࣔጥڶᣊൣउխΔᔄֱೈԱؘႊᢞࣔጥڼڇ܀ഗ៕ऱᄐᦞΔڶጥ ౨Ժऱଡ۩ྤڇᦞ墿࠹ࠩૻࠫऱཚၴ࠷ΖᖕπழயයࠏρΔڇਢڶࢭᎁጥאᙰΔ ڣ אழயཚΔழயཚՈႛڣ ᢞࣔྤ۩౨Ժፂழ၌ማ່९ऱאױࠌܛூխΔ යਢ ९ΰรۖ܂ යऱሎ πழயයࠏρรڂڶآᔄֱՈؘႊᢞࣔழயཚאૻΔࢬ ༚ូᦞ墿ऱࠃࡵαΖߠՂ֮ :LOOLDPVRQ7LWOH ร ֗ %DPVOH\ ร ऱಘᓵΖรԲ ױ࣠ݔऱᄐᦞڕഗ៕Ζڶጥאٙഗ៕ۖຝ։֮אਢຝ։אױႈයٙਢݔऱᄐᦞ ݔհൕۖൎ૰၇ֱ൷࠹ᄐֶإिאױਢڶᇠֲၲࡨऱጥطಳᄩࠩᄐᦞֶݔऱֲཚΔא ق Ղ֮ऱ %DPVOH\ ร Ζϙΰ। @&K ᦞऱΝߠ 5H$WNLQVRQDQG+RUVHOO¶V&RQWUDFW> αףൎᓳऱࢍᒵ৵ ᣂऱᄐᦞ֮ٙΕਊ༿֮ٙΕᜢڶچ යΔፖՒ ີร ଡࠏΖᖕรڍڶऄࡳංࡳ ঞࠡࢬሉऱࠃኔຫ૪ܡΔمګΔೈॺઌ֘ᢞࣔڣ ऱֲཚլ֟࣍مૡڕࣔࢨᦞΔ Աم යঞૡ ղංऱ۩౨ԺංࡳΔۖร ֗ $ױԱمႊංࡳటኔΖร යૡ ֗ รڕංංࡳΔࠏױ࣍ᔄֱऱլܓڶԫࠄڶ؆ՈڼංࡳΖمղංऱݔױ $ යΖ ߠհছร ີΖ ਙݝݝ९ᎅΚϘᄅႃ᧯ࡴৈࢬො።ऱߏԳچᤜऱ༼ംழΔࢪৢ֗ቤګᚨᏥߐڃڇ ՁၦપګၦΔࠀᢄྒྷڤቹᑌֱאছڣڇΔᑇ၌መᆄ༏Δਢچપޅ៱Δጠچ ִ ڣધᙕρΰڤإऄᄎᄎᤜመ࿓مΖϙπشհگᅝழಖᙕᄐᦞࡉ࿔ٽٝቹΔᔞ αΖֲ ছᒔམၞ۩ྒྷၦՠڣਙݝݝ९ᎅΚϘΞΞچᚨࣥൎᤜऱ༼ംழΔࢪৢ֗ቤڃڇ ਢش܂࣍ᅝழऱՁၦપٝቹऱطધᙕΖլመΔڤإڶຍᑌऱቹঞΔݺଚٍڶΔਢ܂ ऱԳچຍ༏Ւڶ࣠ᖑڕࠀլ壄าΖຍᅝྥᄎ֧ದംᠲΖΞΞאΔࢬشհگ࿔܂ಖᙕᄐᦞࡉ مૡױრՀΔٵᠨֱڇૹᄅၞ۩ྒྷၦΖהਙ᜔ᆟᄎཙچຍᑌऱધᙕΔڶᏁΔࠀڶᎁ ᥏ΕᛥΕڕऱՕ՛Εݮण֗ࠏچ౨ൕױᒵΔۖຍᒵ ౨ᄎጐ۞աױ۶Ζ ᔄֱՈڕवࠡൣउױբۥⷴΕሐሁΕֽሐ ऱᒵΖ ኔᎾՂΔ၇ᔄᠨֱຏൄچᣂՒڶ၇ֱ༴૪ٻࢬवࢨࢬॾ ഇΔۖլਢਊᅃ࣍ԲԼנᒵۖش۾᧯ऱࠠچᄎਊᅃኔچᄎᤜࡳՒ נᒵۖچऱقቹࢬچॺ٣ၞᏚᕴ፹ໂऱՁၦપٝאધհॣ ࣍ࠠ᧯ᒵۖॺՁၦપٝۯਢֱچຝ։ڶچഇऱՒנ࣠ࢬڕ ഇΖ ऱݔᄐֱچऱᒵհփΔᔄֱঁྤऄղ၇ֱᇠຝ։قቹࢬچ ᄐᦞംᠲऱഄԫچຏൄਢຍᣊՒڶᦞΖ՛ิࡡᄎࣹრࠩΔಭᦞጥ ኔᎾᇞެֱऄΖ ৬ ᤜ ഗ ៕ ڶ ጥ א ऱ ڶ ਔ ץ ᐞ ଉ ཽ ऱ ൣ उ Δ ە ᆖ ᐉ შ ऄ அ ֗ א ᒵ ം ᠲ Δ چ ᖲ ࠫ Ε ᄅ Ւ چ Ւ ם ု ऱ ॺ π ഗ ٽ ය ֮ ฤ ڶ ಭ ᦞ ጥ ڶ բ ဪ ࡳ π ழ ய ය ࠏ ρ ऱ ය ֮ ᚨ ڶ ऱ ಭ ᦞ ጥ ڶ ԫ ࠃ ኔ Δ ݺ ଚ ᎁ ڼ ऄ ρ ء ᄐ ᦞ ऱ ം چ ຝ ։ ᣂ ࣍ Ւ ױ ֮ ຍ ࠄ ය ڂ ղ অ ఎ Δ ᠲ ༼ ࠎ ኔ Ꮎ ᇞ ެ ֱ ऄ Ζ অ ఎ Λ א ࠫ ৫ հ Հ ղ چ Ւ ם ု ࠐ ऱ آ ڇ ܡ ᚨ ڶ ಭ ᦞ ጥ ᄐᦞයࠏρچᘬᇬ֮ٙऱร ີΔݺଚಘᓵመπՒءڇ ΰร ີα֗ኔਜᇠයࠏࢬሖࠩऱԫࠄംᠲΖݺଚࣔػ৬ᤜऱု ݺଚנݺଚઌॾ٨܀Δ᧢ޏࢨ۟ਢૹՕऱޏଥנ܂ᄐᦞᖲࠫᄎם Ζܗᚥڶᄐᦞᖲࠫऱऄᄎםଉཽऱုٽ۶ڕᚨڶኙಭᦞጥ ऱࠃኔםऱᄐᦞۖߢΔᄐᦞਢ৬ഗ࣍բղုם༉բု ᄐᦞچՒםঞΔᄎፖုڶհՂΖಭᦞጥڶհՂΔۖլਢ৬ഗ࣍ጥ ࿇୶ΔݺଚچΕ৬ԭৢ֗Ւچگ࣍ഗ৬ՠ࿓ΕطூΖΞΞڇৈપΔലᄅધᙕಖᙕإଥ ຘመ࿓ݧၞ۩ຍֱ૿ऱՠױຍᑌऱᏁΔ݁ڶ൷ᛧࡲຍᣊଡூΖٚ۶Գᎁ݁ڣޢ αΖֲִڣધᙕρΰڤإऄᄎᄎᤜመ࿓مΖϙπ܂ ࢬᖄીऱՒ፱Δࢨᔣࡺഗ࣍ᙑᎄࢨైڂ֚ڕΔࠏ᧢ޏۖڂጟٺڂࠠ᧯ᒵৰ୲࣐ ΖچԱՒش࢚ۖᖕ چڇᒵۖچቹࢬቤࡳऱچၦஃਊᅃՁၦપٝྒྷچՒطᒵؘႊچ၇ֱৰ֟ᄎૡࣔՒ ऱයٙΖچ၇ֱԵՒ܂ՂቤࡳΔ ംڶ౨ᄎױഇঁנᒵۖچऱقቹࢬچਊᅃՁၦપٝڕΔچԫ༏࠹ႃ᧯ࡴৈො።ऱՒ ऱՒٵլڂᆜΔۯऱچᒔࡳᇠ༏ՒאױᒵࠀॺچऱقቹࢬچᠲΖรԫΔՁၦપٝ ۯਢֱچຝ։ڶچഇऱՒנ౨ᄎ࿇ࢬױऱᓵΖรԲΔᔄֱٵլנ౨ᄎױၦஃྒྷچ ༉ᇠຝ։Ւא౨ᣄױൣउՀΔᔄֱڼڇऱᒵۖॺࠠ᧯ᒵհփΖقቹࢬچ࣍Ձၦપٝ ᦞࢨฝٌݔऱᄐᦞΖڶऱጥچᆜՒ़נΔٌچ ࠫ৫ऱཏຏऄםᄐᦞုڶڍৰڇᄗ࢚હሐۖቍΖءංऱഗױլ լਢբᐒೈঁਢ࠹ࠩઌᅝ࿓৫ऱૻࠫΖڶऄጥᝤΔಭᦞጥ ᄐᦞࠫ৫Δ᧩ྥਢם࣍ုشᚨچૻࠫףঞլڶಭᦞጥނ யΔ߷ࠄ۞աᄐᦞڶᄐᦞࠫ৫ૉ۩հםߩജᖕ֭ऱΖုڶ ᦞΔೈॺڶऱࠃኔࠐঅᎽ۞աऱᖑםࠉᖕᄐᦞբղုױऱԳΔᚨםု ߪᚨਢಾኙءםΔঞ᥆ࠏ؆Ζုڼڕൣउլᚨق᧩طԳॾࣚऱחڶ ຍঅᎽլᚨਢ٤ྤૻࠫऱΖ܀ΔڤऱԫጟঅᎽֱڶಭᦞጥ ৬ ᤜ ࠫ چ Ւ ם ု ࠐ ऱ آ ڇ ऱ ऄ ৳ ᚨ ڶ ݺ ଚ ৬ ᤜ Δ ಭ ᦞ ጥ ऱ ԫ ڶ ߪ ᚨ ਢ ಾ ኙ ಭ ᦞ ጥ ء ם ု ৫ հ Հ ૹ ᄅ ૡ ࡳ Ζ ຍ অ Ꮍ լ ᚨ ਢ 㽅 ኙ ऱ Ζ ຍ ਢ Ա ሒ ܀ Δ ڤ ֱ ጟ অ Ꮍ ౨ ജ ᠏ ฝ ࢨ ᓿ ղ ם ု ڶ ࠫ ৫ ऱ ؾ ऱ ΫΫ چ Ւ ם ု ࠩ ᄐ ᦞ Ζ ऱ ৬ ᤜ ᖲ ࠫ ᄗ ع ڶ ࠫ ৫ հ Հ ಭ ᦞ ጥ چ Ւ ם ု ڇ ऱऄጥᝤխಭᦞጥםᄐᦞုڶהݺଚբ൶ಘࠡ چՒם࣍ॺုشԫࠄऄጥᝤঅఎԱፖᔞڶᖲࠫΖٵጟլٺऱڶ הΖ ࠡڶऱঞΔ ۖԫࠄঞݙ٤ᐒೈԱಭᦞጥٵऱঞઌ ૻࠫΖףਜشऱᚨڶऄጥᝤঞբኙಭᦞጥ ૻࠫऱऄጥᝤխΔݺףਜشऱᚨڶଡբኙಭᦞጥٺڇ ΰᥞፖዿཎαρΰ/DQGחऄםုچՒڣ ଚઌॾπ ᒔڇאױ5HJLVWUDWLRQ$FWΰ(QJODQGDQG:DOHVααॵ। ࢬආऱය֮Δ ڶڇ৳ऱऄڶಭᦞጥח֗אขᦞΔڶᇷறݙໂΕঅᎽߏםધᙕםঅု ࣍ᒤᄕాऱൣउԿृհၴ࠷ᔞ৫ؓᘝΖشױԳॾࣚऱᖕழח ขᄐऱᄐᦞึ㽅Ζםုחլ౨ڶഗ៕ऱঞਢΔᖇಭᦞጥ ࠃࡵऱᇡาᖲםᄐᦞऱုڶጥጥנร ີխ٨ڇݺଚբ ࡉ֫ᥛ ΖೈԱԫࠄࠏ؆ൣउנՀ֮٨ڇ ຍᖲࠫऱរᄎ ࠫΖ ᓮုعࡴםုٻױΔঁڣขᄐሒԼڶբಭᦞጥڕृچ۾ૻ؆Δᖐ۞ ࠅΖܓࠅ֗۫ᖾՕܓڍࠅΕፂ؍Ⴣཎ ΖچᏆקΕچᖾଈຟ ࠅΕᄅ۫ᥞ֗լ٨ᣌୂֺࠅΖܓᥞፖዿཎΕᄅতዿཎΕ࣒ՓᥞΕতᖾՕ ร ± Ζ ΔԾࢨृڶڤॾಜֱאऱขᄐᦞਢچԳ壄壀Ղྤ۩౨ԺΕՒڶᖑםਔုץࠏ؆ൣउ ᑅԳऱᏆՒΖߠհছร ΖڇఎڬԳਢᑅԳࢨਢڶᖑםု ᖐ۞ڕΙچᣂՒڶඈီኘڜᄎםုچԳΖՒڶขᄐऱᖑםုם ڶ֗אԳڶขᄐऱᖑٻᄎםုچᓮΔՒعנ༼ᦞڶ౨ױৰृچ۾ םᄎᛧုঁृچ۾ᓮྤԳ֘ኙΔᖐ۞عڕ ᓮຏवΖعנᣂԳՓ࿇ ԳΖڶᖑ ಬሒ֘ኙຏवΔঞृچ۾ᖐ۞ٻԳڶᖑם࣠ုڕլመΔ ρॵ। ร ࢬ٨חऄםုچՒڣ ᢞࣔπױृچ۾ೈॺᖐ۞ ᓮᄎ؈ඓΖعঞܡऱԿႈයٙࠡխհԫΔנ Ϙรԫႈයٙ ޣ Գ ᘩ ڶ ᖑ ם ᘝؓऄऱլ୲֘ঞΰHVWRSSHOαΔုڂ D ൣऱΔ֗ٽᦞᄎਢլڶᓮԳऱጥعଷኆ ԳΖڶᖑםᓮԳᚨᛧုعᣂൣउՀΔڶڇ E รԲႈයٙ ԳΖڶขᄐऱᖑםᦞᛧုڶۖطהࠡڂᓮԳع รԿႈයٙ ΔچऱՒڶᓮԳࢬᖑعᔣچᣂՒڶ D ᠖אᖕร යղڶآᒔᒵإհၴऱچE Ղ૪ࠟჇՒ ࡳΔ ڶᓮԳΰࢨ٣ছऱᄐᦞعᓮᅝֲַΔعנ༼ኲ۟ڇ F ڶઌॾچٽΔࠀڣԼ່֟چᣂՒڶڶԳαբಭᦞጥ ऱΔ֗הਢ᥆࣍چᣂՒ ၌መԫםᓮࢬᣂऱขᄐբုعᓮᅝֲհছΔعנ༼ڇ G Ζϙڣ ៶ཚૻڣࠟڶԳڶᖑםᓮࢴ৵Δုعऱृچ۾ᖐ۞ڇ ΔࢨެܒΚ࠷ऄஅڶऱጥچᣂՒڶኙڃ࠷ृچ۾ൕᖐ۞ڤՀֱא ጥڃگנ༼ृچ۾Δࢨኙᖐ۞נດृچ۾৵ലᖐ۞ެܒ࠷ऄஅڇ ࠃΔۖᖐ۩ڤਊՂ૪ࠡխԫጟֱڶԳڶᄐᦞᖑڕऱऄ৳࿓ݧΖڶ ཚૻऱ່৵ԫ֚ڣᓮᅝֲದऴ۟ᇠࠟعڻรԫנ༼ൕृچ۾۞ հছร LLL Ζ ΔܓᦞڼڶԳࠀྤᙊ᧷ऱൣउՀࠆڶբਚᖑڇԳऱᙊ᧷ࢨڶᖕբਚᖑृچ۾ᖐ۞ڕࠏ Ζה᠏ฝڶآऄࡳขᄐᦞথ܀၇Ꮭבբ֭ृچ۾Ծࢨृᖐ۞ عםုڻรԲנ༼ױঁृچ۾Δᖐ۞چᣂՒڶڶΔԫऴಭᦞጥַ ᣂࠃࡵᄎڶኙΔ֘נ༼ᓮعםုڻऱรԲृچ۾Գኙᖐ۞ڶڕᓮΖ ኙऱ֘נ༼ழၴࡉڣࢬᏁऱԼڶ٦ૠጩಭᦞጥڇ᠏ٌᐉဪࡴဪެΖ ᓮছբլ࠹եعڻรԲנ༼ڇڶृچ۾ཚૻ৵Δᖐ۞֚܂ଡՠ ΖפګױᓮթعڻΔรԲڣ ່֟چᣂՒڶڶಭᦞጥچឫ ڇᥞऄ৳ࡡᄎऱઌᣂ֮ٙ ࢬᇞᤩΔڕإངߢհΔ ڇᑇ৵ΔڣሒࠩࢬᏁऱچᣂՒڶش۾ڇृچ۾ᄅࠫ৫հՀΔᖐ۞ ԳΚڶᖑםᛧုױՀൣउթא Գ࣋ඵՒڶᖑםုڕ Գ؈᠋ۖྤऄ༈ᛧΫΫڶᖑםု D ຍጟנԳආ࠷۩೯ലขᄐ堚ᒌΔঁᄎྤ܀װࢨբچ ᧗چᎅਢϘՒאױਬጟრᆠՂڇृچ۾ൣउΖឈྥᖐ۞ ၇ᔄۖլױսچᒔঅՒױ່֟৳ऱऄڶಭᦞጥ܀ᇶϙΔ ીᐒΖ ऱᇷறࠀլݙםધᙕם؆ϙऱٌ࣐ۖုאધᙕםϘုڶ E ܩL ል֛ፖᔣࡺᖕԫႈ ਔΚץऱࠏس౨࿇ױໂΫΫ םု LL ֗אΙםԫࠃုچ࣐ڶآ܀Δچ࠰ࡳٌངՒ ආ࠷۩೯ᄐڶآ܀ՖࠝΔطΔढᄐٌװԳڶᖑ םᣊଡூխΔုڼڇΖᥞऄ৳ࡡᄎᇞᤩΔםᦞု ۾ᨃطڶݙ٤א౨֘ਠᄐᦞऱటኔൣउΔࢬآםધᙕ ԳΖڶᖑםऱԳုچՒش ם Գլ୲֘ঞΰSURSULHWDU\ HVWRSSHOαΔုڶF ᖕᄐᦞᖑ ᓮԳع ൣऱΫΫٽᓮਢլعऱृچ۾Գ֘ኙᖐ۞ڶᖑ ᓮԳઌعطቔᚐࢨٚڤਬጟֱאԳམڶᖑםု L ႊᢞࣔ عΔڼڕ࣍ઌॾൣउط LL ΙچᣂՒڶڶᖑृچ۾ॾᖐ۞ ࠃਢڼԳኙڶᖑםჾऱ۩ΔۖုڶԱኙ۞աנ܂ᓮԳ ܓऱᦞڶᓮԳࢬࠠعԳଷኆڶᖑםု LLL ֗אवൣऱΔ ൣऱΖٽᄎਢլ ઌॾ۞چٽ܀ᙑᎄڇԳΔࠀڶᓮԳਢᔣढᄐऱᖑع G ᣂՒڶԱڶԳऱൣउՀբಭᦞጥڶऱᖑچᣂՒڶաਢ Ζچ &+ऄ৳ࡡᄎร ᇆΔ֗אΔร ; ຝΙִ ڣ ऄ৳ࡡᄎร ᇆΔ&P Δ Δร ;,9 ຝΖִ ڣ Δ ৬ ᤜ ᄐ ᦞ ࠫ ৫ ழ Δ ᖇ ಭ ᦞ ם ု ڶ ݺ ଚ ৬ ᤜ Δ ᅝ ଉ ཽ Գ ڶ ᖑ ם ု ข ᄐ ऱ ᄐ ᦞ ึ 㽅 Ζ ם ု ח א լ ᚨ ߩ ڶ ጥ ڂ Գ ڶ ᖑ ם ု ڕ ᚨ ࠹ ࠩ অ Ꮍ Ζ ᜰ ࠏ ࠐ ᎅ Δ ܓ ऱ ᦞ ڂ ࢬ Ꮑ ऱ ެ ࡳ Δ ࢨ נ ܂ 壄 壀 Ղ ऱ ྤ ۩ ౨ Ժ ۖ լ ౨ 壄 壀 Ղ ऱ ྤ ۩ ౨ Ժ ࢨ ߪ ᧯ Ղ ऱ ྲྀ Ꮍ ۖ լ ౨ ႚ ሒ ᓮ լ ᄎ ᛧ Ζ լ መ Δ ع ऱ ृ چ ۾ ۞ Ղ ૪ ެ ࡳ Δ ঞ ᖐ ৬ ᤜ ऱ ᖲ ࠫ հ Հ Κ ڇ Ղ ૪ অ Ꮍ լ ᄎ ਢ 㽅 ኙ ऱ Ζ ຑ ᥛ ڇ ױ Δ ृ چ ۾ ۞ ऱ ᖐ چ ऱ Ւ ם ု z ᄐ ᦞ բ Ζ ם ု ᓮ ع ᦞ ڶ ৵ թ ڣ چ ᇠ Ւ ڶ ಭ ᦞ ጥ ᓮ Δ ع נ ༼ բ ृ چ ۾ ۞ Գ ᄎ ᛧ ຏ व ᖐ ڶ ᖑ ם ု z ኙ Ζ ֘ נ ༼ ᓮ ع ኙ ױ ࠀ ኙ Δ ֘ נ ༼ ࡳ ழ ၴ հ փ ڇ ڶ آ Գ ڶ ᖑ ם ု ڕ z Ζ ם ု ᛧ ױ ঁ Գ ڶ ಭ ᦞ ጥ ঁ ᓮ ع Գ ऱ ڶ ኙ Δ ಭ ᦞ ጥ ֘ נ ༼ Գ ڶ ᖑ ם ု ڕ z D Հ ࠡ խ ԫ ጟ ൣ उ Κ א ౨ ᢞ ࣔ ה ᄎ ؈ ඓ Δ ೈ ॺ ޣ Գ ᘩ ڶ ᖑ ם ု ഗ ࣍ ᘝ ؓ ऄ ऱ լ ୲ ֘ ঞ Δ ڇ ۖ ൣ ऱ Δ ٽ ᦞ ਢ լ ڶ ऱ ጥ ृ چ ۾ ۞ ଷ ኆ ᖐ Գ Ι ڶ ᖑ ם ု ᚨ ᛧ ृ چ ۾ ۞ ᇠ ൣ उ Հ Δ ᖐ ᄐ ᦞ ऱ ᖑ ם ု ᦞ ᛧ ڶ ڂ ה ᓮ Գ ഗ ࣍ ࠡ ع E ۞ ઌ ॾ چ ٽ ܀ ᙑ ᎄ ڇ ृ چ ۾ ۞ F ᖐ Գ Ι ࢨ ڶ ᇠ ڶ Գ ऱ ൣ उ Հ բ ಭ ᦞ ጥ ڶ ऱ ᖑ چ ա ਢ ᔣ Ւ Ζ چ Ւ چ Ւ ڶ ࠀ ᤉ ᥛ ಭ ᦞ ጥ נ ດ ڶ آ ृ چ ۾ ۞ ᖐ ڕ z ع ڻ ร Բ נ ༼ ᦞ ڶ ᄎ ृ چ ۾ ۞ Δ ঞ ᖐ ڣ ࠟ ڍ ٦ ᣂ ࠃ ࡵ ᄎ ᠏ ٌ ᐉ ဪ ࡴ ဪ ެ Ζ ڶ ۖ ᓮ Δ ᐒ ೈ Ϙ ឆ ܶ ϙ ঞ ኔᎾՂྤᣂڇԳऱრቹϘڶؾছऱൣउਢΚՕ᧯ۖߢΔᖑ چԳኙᇠՒڶፖᖑڤऱֱچՒشࠌृچ۾ᖐ۞ڕጹϙΖ ྥۖΔ Ζ࠹ᕬՂ္ڶಭᦞጥڇژࠀլᣋრဪࡳאࠐૠቤઌฤΔऄஅآऱ ऄࡴؒᥞΰ%UDPZHOO/-αᎅΚ چ۾ᦞۖᐒַࠡᄐᦞΔᖐ۞ڶԳऱጥڶଷኆᖑڕϘ ऱቃࡳؾچՒشࠌהԳኔڶऱ۩ؘႊፖᇠᖑृ ઌࣂᤛΖϙڤऱֱچՒشऱۖࠆ ৵ࠐऱԫࡲூٙխΔ࠹ᕬՂ္ऄࡴᙥᐚཤࡉ೬ཎΰ+RGVRQ /- DQGڇ რ࠹ᕬՂ္ऄࡴؒᥞՂ૪ऱॵრߠΖٵ6HOOHUV/-α݁ DOOLV¶V &D\WRQ%D\+ROLGD\ &DPS/WG Y 6KHOO0H[ DQG%3/WG ԫூ: ڇ ՀঞΚೈאԱمHLJKY-DFN ԫூီૡ/ ނᑇऄࡴڍխΔՂ္ऄஅऱ ঞܡԳऱؾऱઌࣂᤛΔڶፖᖑشऱࠌچञᤜऱՒڶኙृچ۾ॺᖐ۞ ࠃऄஅ೫அ९اΖՂ္ऄஅڶၞ۩ಭᦞጥچլ౨ኙᇠՒृچ۾ᖐ۞ 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چ۾࣍ᖐ۞طᙑृΖحਢאΔࢬچՒش۾ऱߪ։ၲࡨ ழլᄎᢆٌ८ΔۖπᥛཚයࠏρऱؾچՒش۾ڇृ ਙࢌαऱܛऱհԫΔ༉ਢࠫࡳԫࠄঅᎽ່ึᄐΰ ٽޓຍᑌऱᇞᤩ༉᧩ڼڂԵۖᤜࡳऱය֮Δگ Ζϙ ৈપچᐞऱംᠲਢπᄅՒەՂ္ழΔึᐉऄೃࢬڇ ᄅขم༉ਙࢌৈڶࠠܡΰᥛཚαයࠏρΰร ີαร යਢ ᇞެຍଡംᠲழΔॺൄٚऄࡴ၅᎖ࣔᕬᛤࡉ௺᧩ڇᄐᦞऱயԺΖ ϘH[WHQGHGϙԫء૿ᇞᤩऱঞᇞᤩπᥛཚයࠏρร ය֮ڗشᚨ ऱϘᥛشࢬࠌءൕπᥛཚයࠏρխ֮אױ ΔנᓵृਐڶΖམဲ ᜢٽπᜤٵຑڕ ཚϙԫဲΔवϘH[WHQGHGϙԫဲऱᄷᒔොᆠΖ ᥛཚϙऱොᆠਢਐױ堚ᄑवሐϘױࣔρॵٙԿऱය֮ԫದᇞΔঁ լฤΖڼፖۿᥛཚϙऱ֮ױϘڼڂϘ UHQHZDEOHϙΔ +.&)$5 >@+./5' ߠհছร Ζ ೫அ९ᢅໃݳ֗Ղ္ऄஅऄࡴພભ၌ࡉಒ୮ኑΖ ร Ζ ڣ ԳऱᄐᦞΚ([WHQGHG ፖ 5HQHZHG ऱᢞϙπଉཽ৳ஃρΔ۾႓ࠕᘃΔϘᄅቚ Δร ۟ Ζִ ऄࠏऱ֮ΚߠรයΖ֒༼ۯچխ֮ऱނऄρբءπഗ ৈપΰᥛཚαයࠏρऱயԺΔਢچᐉऄೃဪࡳπᄅՒึ ཚࡻڣऱৈڶڇཚΔۖլਢڣऱנޅਙࢌৈࢬڶૹᐊᖕ ൣऱٽԫଡլسཚΖຍႈဪެขڣਙࢌৈղᄅऱٻየழ ཚႛڣऱڶ៱ᄅऱขᄐᦞΔીࠌمڶཚਢᥛཚۖڣ࣍ط࣠Ζ ऄ৳ຂڶԳᄎᤉᥛڶᖑڼڂΔֲ ִ ڣ ᥛ۟چਢ១ چᢆٌڶृچ۾ᖐ۞ڕΖچਊᚨᓰ塃ଖऱ ᢆٌڣޢٚ ႊऄ৳ຂٚΖॺൄٚऄࡴ௺᧩ܒ౨ױԳঁڶࢨᑨಲΔᖑ ൣऱൣउΝٽร ۟ ᇞᤩຍଡլڇ ۾ᄐᦞ৵Δᖐ۞ڶऱጥृچ۾ᖐ۞مᜢࣔᒔנ܂Ϙऄஅ ՕՕ༼ढᄐऱᏝଖΖຍᑌᄎᏺۖچՒޏ៶ױृچ ਊᚨᓰ塃ଖऱڣޢ܀ᇠढᄐऱᚨᓰ塃ଖΔף םᦞऱုڶբଷኆጥڇऱຂٚΔথᆵچᢆٌ ࣍Օ୕ᢰۯᣂढᄐڶߪՂΖृچ۾Գۖॺᖐ۞ڶᖑ ؾچΖឈྥຝ։ՒچऱՒܢֱؓ ਔપץᒴΔ Ꮦ౨ॴַՂڶ܀ౙጟΔ్܅܂شছ़ᆜΔࠡ塒ঞ ৬ᎌဎऱޏՂࠀچᖞଡނιृچ۾Գθᖐ۞္ ऱຂٚΖΞΞϙچٚ۶ᢆٌ܍ΔԾڛၢ۰ ࠫࡳԫႈऄܡᐞᚨەൣऱൣउΔݺଚམٽᇞެຍଡլ ᦞ৵ΔڶԳऱጥڶழயཚփଷኆՂᖑڇृچ۾ࡳංࡳΔ।ࣔᖐ۞ ࠌᖐאԳऱࢭᨃԳΔڶऱՂᄐᦞᖑچᣂՒڶႊᖕਙࢌৈီ ᐞຍႈ৬ᤜ৵Δەาגڇႊ༉ৈᘭۖՂऄ৳ຂٚΖݺଚृچ۾۞ ৬ᤜऱऄࡳ᠏ᨃᄎ௫ᓤᠧംᠲΔՈڂᎁլᔞࡵຍᑌΖຍਢ ।૿Ղ߷ڕൣऱൣउࠀլٽ৸ၦ৵Δᎁຍଡլ֘ڇݺଚڂ ᖆऱऄுխ।ٽܡᄗ࢚ਢڶᣂ࣍ಭᦞጥڇऄࡴاإᏖᣤૹΖ Κق ࠐ߷ᏖᣤૹΖڕϘ ኔᎾՂΔᐙࠀլ᜔ਢ π塃යࠏρΰร ີαΰ֮ᅃᙕαࡳΔৈપ ऄ৳ຂٚᢆٌ塃ΙڶԳ݁ش۾ऱۯԳࡉढᄐڶ چԳᢆٌΖኙ࣍塃ࡉش۾ط࠰ᤜΔ塃ႊڶڕ ԳࢬڶԳᚍᝫৈપش۾ޣᦞڶԳ݁ڶΔৈપ Գᚍᝫཱིش۾ޣڇԳڶᢆٌऱཱིᠰΖᅝྥΔৈપ ଚߠऱΖהڕԳऱणउ༉ਢԫش۾ႈழΔؘႊ൷࠹ თۖټԳਢԫش۾Գᄎ࿇ڶழΔৈપڍጊৰྤ բΖΞΞ ᄐڶጥװ؈܀ԳլڶᣂᖲࠫՀΔৈપڶڇ ऱچᄐᦞ৵ΔᝫႊᤉᥛՂᣂ࣍Ւڶጥװ؈ڇהᦞΙ ৈᘭהΔࠀᐌ۩ࠡچבࢨႊᢆٌ塃Δ֭הຂٚΚ ܓऱၲᙰΰร αᎅΚլဲܒءڇஂءڕإຂٚΖ ൎᓳऱࢍقࠐ߷ᏖᣤૹΖΞΞ ϙ ΰ।ڕൣउࢨլ αףᒵ৵ ৬ ᤜ Գ ႊ ڶ ᖑ ם ု ᦞ ऱ ڶ ՛ ิ ࡡ ᄎ व ሐ Δ բ ଷ ኆ ጥ ٽ ᤉ ᥛ ༉ ਙ ࢌ ৈ ऱ ৈ ᘭ Ղ ऄ ৳ ຂ ٚ Δ ۖ ຍ ᑌ լ ऱ Ζ ྥ ۖ Δ ݺ ଚ լ ৬ ᤜ ࠫ נ ౨ ױ ڶ ൣ ऱ ൣ उ ਢ ႊ ګ ᧢ Գ ڶ ࡳ ԫ ႈ ऄ ࡳ ං ࡳ ࢨ ऄ ࡳ ᠏ ᨃ Δ ࠌ ಭ ᦞ ጥ ᖕ ਙ ࢌ ৈ ऱ ৈ ᘭ ۖ Ղ ऄ ৳ ຂ ٚ Ζ ᒵ ം ᠲ چ ၦ ࡉ Ւ ྒྷ รڇᒵംᠲΔࠀچร ີ૪ᄅऱྒྷၦࡉՒڇݺଚ ܂ၦՠྒྷچᒵംᠲऱ৬ᤜΖ ཏሙᎁᄅऱՒچಘᓵᇞެՒີ ᒵ᜔ਢܺᣄૹૹΖլᓵऄچໂ࠹ᖵംᠲܺឫΔᖕቹঞឰࡳՒ ڶီᇞެױ৳ऱऄڶ۶Δಭᦞጥڕᆜۯإ૿Ղऱటچڇࡳᒵ ᙄऄΖ۩ױᣂംᠲऱ ϙऱூٙኔᎾՂਢᄭ࣍լᄷڶԫរᚨղࣹრΔϘಭᦞጥڶ પޅቹࢨᄅچપቹঞΖՁၦપٝޅቹϙࢨᄅچᒔऱϘՁၦપٝ ԳڶᖑچࠐΖᕣጥଡܑऱՒנ૿ՂᢝܑچڇቹঞՂऱᒵྤऄ᎘࣐ ࢨྒྷᢄםုچᣂቹঞ༼ٌՒڶނඈറԳᢄ፹ྒྷၦቹΔࠀڜ౨ᄎױ յٌ܂પቹঞޅቹࢨᄅچՁၦપٝٻਐڶຍࠄྒྷၦቹ܀ Δ ૹᄅၞچԳ৬ᤜኙᄅՒڶΖམۯچ৳ᅃΔࠀլᛧᓿղᒔࡳऱऄ ៶౨ᄎױऱԳܓ࣍፞࠹լطᣂംᠲΖڶᇞެױ٤૿ྒྷၦΔᎁຍᑌ۩ ՛ิࡡᄎᎁૹᄅၞ۩ྒྷၦࠀڼڂჾ؈Δڃऄಘֱהࢨ္ࠡ ᒵംᠲ່چᣂംᠲΖਙࢌലᏁࠫࡳऄࠏΔۖᄅऱՒڶլ౨ᇞެ ᄐᦞයࠏρऱኔਜመ࿓խԫࠓᇞެΖچπՒڇਢړ ৬ ᤜ چ Ժ ᇞ ެ ᄅ ऱ Ւ ܘ ף ݺ ଚ ৬ ᤜ Δ ᚨ আ ᓮ ਙ ࢌ ྒྷ ૿ ٤ ۩ ᒵ ം ᠲ Ζ ྥ ۖ Δ ݺ ଚ ᎁ ኙ ᒵ ૹ ᄅ ၞ ૻֆນ৳ਙ९ΰ+&$/αΖڶᇛໃ࿇୶ ۟ Ζ ߠհছร ਊ ૹ ᄅ ྒྷ ၦ ऱ ᒵ ۖ ፞ ڂ ᣂ ം ᠲ Δ ڶ ެ ၦ ࠀ լ ౨ ᇞ ݺ ଚ ڇ ౨ լ ᄎ ൷ ࠹ ᄅ ऱ ᒵ Ζ ױ ऱ Գ ܓ ࠹ ჾ ؈ ࢨ լ ᄐ ᦞ ය چ π Ւ ڇ ਢ ړ ່ ᒵ ം ᠲ Δ چ ࠐ Δ ᄅ ऱ Ւ ࠏ ρ ऱ ኔ ਜ መ ࿓ խ ԫ ࠓ ᇞ ެ Ζ &RPPRQ/XFN ூ ऱ ဪ ެ ಘᓵԱ &RPPRQ /XFN ,QYHVWPHQW /WG Y &KHXQJ .DP ร ີڇݺଚ ཱིבਊ༿ԳࣆֶڕՀംᠲऱऄ৳Κא ᇠூࡳՀԱᣂ࣍ KXHQ ԫூΖ& ۶ழᖕڇܓᦞऱᦞڶढᄐጥڃگਊ༿ढᄐΔࢭਊԳڶսྥጥ܀ ࡉԫࠄᖂ։ެܒ යໜ؈ழயΛᇠூऱூൣΕ πழயයࠏρร ร ີ૪Ζڇ࣫բ ଉཽ৳ஃᄎऱढᄐࡡᄎམ༉Ղ૪ംᠲ࿇।რߠΖ ढᄐ ऱᣂএֱۖٺΔ༉ਊ༿ऱנᐞԫႈംᠲ ழਐەڇࡡᄎऱࡡ ଚऱრה႖ࢨܶᒫհΖڶߢΔऄஅኙπழயයࠏρය֮ऱᇞᤩ ՀΚڕߠ ֗ ԫࠄூٙխΔ ਊ༿Գ౨ࠉᖕπழயයࠏρรڇ z RPPRQ /XFN& ڇᐉऄೃথึ܀Δعנ༼යᆃࠫࢭਊԳ ᇞᤩڤऱֱٵլشQYHVWPHQW /WG Y &KHXQJ .DP &KXHQ ԫூխආ, ݙ٤լנΔࠀܓऱᦞڶਊ༿Գᖕπழயයࠏρࢬࠆ ऱᓵΖٵ ᒔऱΔࢭਊإᐉऄೃऱဪެਢึڕz ढᄐࡡᄎᣂࣹࠩΔ Δլᐌ۩ຂٚܓൎࠫച۩ࠡᦞאٚ۶ࠃൣڶԳ ढش۾Գऱߪ։ڶאਊ༿Գ༉ᄎီڶऱጥ ةΔܓᦞऱᦞڶᄐΔ߷ᏖࢭਊԳಾኙਊ༿Գۖ࠷ጥ ຟլᄎᖕπழயයࠏρऱය֮ۖ࠹ऄᆃࠫΖԫֱ ᦞࠉᖕπழயයࠏρร යᜢጠਊڶࢭਊԳڶጥڕ૿Δ ਊ༿Գسᦞբ࠹ऄᆃࠫΔຍ༉ᄎขڃ༿Գऱᘝؓऄᦱ ൣउຟਢᙁ୮ऱլݔᅝൣउΖڶࢬڇ ߠร ۟ Ζ > @+.& Ζֲ ִ ڣ Δ %& נ܂ޣࢭਊԳΕਊ༿֮ٙࢨࠟृຟլवࢬ᠋ऱൣउՀΔࠉᖕπழயයࠏρऱය֮ۖ༈ڇ யऱᜢࣔऱֱऄΖڶਊ༿լ٦ @+./<Ι&DVWOH ნα>ڶΔ 7DQJ.XQ1LQ7RQ\Y7DQJ&KXQ&KDFNΰ+&03 &LW\/WGY&KRL ဪެࡉהᐉऄೃऱဪެፖࠡึނאz ढᄐࡡᄎ࿇ᤚᣄ ਙٻଚᎁຍਢᔞᅝழၴהπழயයࠏρऱය֮࠰ᓳΖ าᛀಘึᐉऄೃגଚࢬᣂࣹऱംᠲΔࠌਙࢌ౨הࢌ।ሒ ऱဪެΖ܂༉πழயයࠏρऱය֮ࢬ რढᄐࡡᄎऱᨠរΖ՛ิࡡᄎٍՕીᢥٵ՛ิࡡᄎ ڇژᘬᇬ֮ٙհছऱ։࣫Ζ ༉πழயයࠏρۖߢΔءཏሉ࣍ٵ ᚨբขطڂऱԳऱ္چᣂՒڶڶΔਢಾኙጥޣऱഄԫڶಭᦞጥ ڇΔڼڂΖޣՂ૪ٽΔঁբฤཱིבࣆֶڕΖ᧩࣐ۖߠΔਊ༿Գس ᄎໜ؈ழயΖܓழயཚࡻየ৵ΔࢭਊԳऱᦞ ৬ ᤜ ܓ ᦞ ऱ ᦞ ڶ ༉ ࢭ ਊ Գ ಾ ኙ ਊ ༿ Գ ۖ ࠷ ਊ ༿ ढ ᄐ ጥ ڇ 堚 ᄑ ᎅ ࣔ ழ ய ཚ א ߢ Δ ݺ ଚ ৬ ᤜ ᚨ ຏ መ ऄ ࠏ Δ ۖ ਊ ༿ Գ լ ᐌ ۩ ࠡ ຂ ٚ ᅝ ֲ ದ ၲ ࡨ ૠ ጩ Ζ ऱ ᐙ چ ኙ ల ڶ ಭ ᦞ ጥ ΖϘలϙਢ୮அิ៣ΔڶϘలϙࢬᖑطਢچᄅऱԫࠄՒ ԫల٣ऱࢬٵԫଡϘలϙխΔڇ ΖچՒڶᄃ࡚ల٣ऱؾऱۖᖑ ᦞ墿ΖچՒڶছࠆسڇᦞڶߊࢤ৵ᇔຟڶ ᒤشऱᔞچలڇ৳ऄڶ٣ছऱີխ൶ಘಭᦞጥڇݺଚམ Գಭᦞس૽چऱՒڶڤॾಜݮאڕΖ ᖕπழயයࠏρΔ ࠹墿Գऱᦞ ڶ Δ࠹ಜԳኙऄࡳขᄐऱᄐᦞࠀլ࠹ᐙΔऴ۟ࢬڶጥ ᖑچՀऱՒא墿ຟբໜ؈ழயַΖ٦ृᖕπழயයࠏρΔ ᄣ Δۖਢڣ ৵ऱسऱ္ऱழயཚլਢ္ᦞขچՒڃگԳ୶ၲڶ ۖګΖݺଚಘᓵԱϘలϙਢᅝࠡழऱڣԳየ ᄣ৵ऱքڶᇠᖑ ය πழயයࠏρรڶࠆچՒڇګڶऱॾಜΔۖϘలϙऱ הڼڂ࠹墿Գऱߪ։Δڶࠠګ࣍Ϙలϙऱطࢬਐऱᘝؓऄᦞ墿Ζ Δ༉سנګᄅټԫڶᅝޢᦞΖڶጥڃԳڶऱಭᦞጥچలٻױଚ ߠร ֗ ۟ Ζ @ < ॾಜۖլਢऄ৳ኔ᧯ΰ7DQJ ΔۖᄅऱழயཚՈᄎၲࡨૠጩΖسขچలڇԫႈᄅऱᘝؓऄᦞ墿ڶ ౨ऱΖױਢլڶಭᦞጥمᒔچలڇऄ৳ΔڶΔᖕڼڂ ৬ ᤜ ಭ ᦞ ጥ م ᒔ چ ల ڇ ኔ Ꮎ ऱ ൣ उ Հ լ ౨ ڇ ݺ ଚ व ሐ ᣂ ࣍ ຍ ଡ ം ᠲ ऱ ᧢ ޏ Ꮑ ڶ נ Ζ ྥ ۖ Δ ݺ ଚ լ ڶ ऄ ৳ Ζ !(- * (,*(/# &% (&' (*/ &* ԫ ூ ऱ ဪ ެ ऱဪެΖᇠூဪ ݺଚಘᓵԱ )DLUZHDWKHU ூ ছԫີխΔڇ ৵ΔࢭԳึृچ۾ழயཚࡻየۖࢭԳऱᄐᦞբᖐ۞ڇࡳΔ ΖݺଚಘᓵԱڶऱጥچኙՒڃࠌᄐ౨ജۖڃৈಯޅނထ៶ױ ԳנڂေΖ۟࣍ޅኙᇠဪެऱ֗אΔط )DLUZHDWKHU ூဪެऱ֭ ေޅլֆؓऱൣउΰຍਢڶԳᤚחࡉࢭԳऱ٥ᘩ۩ۖ ԳנߪڂΔڇژଉཽࠀլڇᣂംᠲڶDLUZHDWKHU ூऱྡྷរαΔ( 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KWWSV ZZZHOHJLVODWLRQJRYKNSULQWKWPO"5, HCMP 4191/1998 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE MISCELLANEOUS PROCEEDINGS NO. 4191 OF 1998 ______ BETWEEN CHAN TIN SHI (䲣ཙԅ) Plaintiff and LI TIN SUNG (ᵾཙ䘱) LI WONG CHOI (ᵾⲷ䋑) LI WONG HING (ᵾⲷ㠸) LI TIN SUNG (ᵾཙ䘱)(appointed to represent the estate of the Deceased LI WING FU (ᵾ῞ᇼ) alias LI KOON SHING(ᵾᇈऍ)) Defendants ______ Coram: Deputy High Court Judge A Cheung in Court Dates of Hearing: 27-30 May, 19-21 August & 19 December 2002 Date of Judgment: 14 January 2003 ______ J U D G M E N T ______- 2 - Parties 1. In this action, the Plaintiff claims title to a piece of land based on adverse possession. The land is known as Lot No. 525RP in DD No. 26 in Tai Po. It is registered in the name of Li Wing Fu also known as Li Koon Shing, deceased (“Mr Li”), whose estate is sued by the Plaintiff as the 4th named Defendant and is represented by Mr Li’s eldest (adopted) son, the 1st named Defendant (“the 1st Defendant”) in this action. The other two Defendants (“the 2nd Defendant” and “the 3rd Defendant” respectively) are the other two sons of Mr Li. Confusion of titles 2. The history of land ownership of the subject lot is rather complicated. The claim of the Plaintiff also concerns several other adjacent pieces of land. Ownership of these pieces of land is to some extent relevant to the issues between the parties. Mr Mak, counsel for the Plaintiff, has in his very detailed written opening set out the devolution in title of the various pieces of land in question by way of an Annex A. For all practical purposes (and save where otherwise indicated), the information set out in Annex A accurately summarises the devolution in title of each of the pieces of land concerned. 3. For the purpose of this judgment, I need only give a brief summary. Five adjacent pieces of land are involved, i.e. Lot No. 520, Lot No. 522, Lot No. 523, Lot No. 524 and Lot No. 525. The first four lots used to be registered in the name of a Li Sam Shing Tong (“the Tong”) pursuant to a Block Crown lease. Lot No. 525 used to be registered in the name of a Li Yi Mui Tso (“the Tso”) pursuant to the same Block Crown lease. Right from the beginning, there seems to have been some - 3 - confusion between the Tso and the Tong regarding the ownership of the five pieces of land. In 1947, the Tong appointed Mr Li as its manager and the appointment was somehow registered against Lot No. 525 thereby treating Lot No. 525 as a piece of property belonging to the Tong. Then came 17 January 1954. By an agreement in Chinese (“the Chinese Agreement”), Mr Li as manager of the Tong agreed to sell to a Mr Chan Mau Wo (“Mr Chan”) – the late father of the Plaintiff – the five plots of land in question including Lot No. 525 for a total consideration of $500.00. Pausing here, it should be remembered that Lot No. 525 which is the subject property in dispute, actually belonged to the Tso; but as explained above, it ended up being included in the Chinese Agreement as part of the subject matter of sale between the Tong and Mr Chan. 4. Then in October 1954, to add to the confusion, the Government obtained the surrender of a portion of Lot No. 525 from Mr Li as the manager of the Tong. Mr Li was paid $65.90 as compensation, notwithstanding that Mr Li had in such capacity already agreed with Mr Chan to sell Lot No. 525 to Mr Chan earlier the same year. Moreover, it should be added that notwithstanding the signing of the Chinese Agreement, title to the five plots of land in question including Lot No. 525 was not transferred by the Tong (or for that matter, the Tso – the true owner of Lot No. 525) to Mr Chan. 5. The confusion compounded when in May 1955, there was an appointment of new managers by the Tso. The instrument of appointment was registered against Lot No. 525. That notwithstanding, the Tso apparently either did not notice or chose not to take any action against the earlier inconsistent registration of the appointment of Mr Li as manager of - 4 - the Tong against Lot No. 525 or the subsequent surrender of land between the Government and Mr Li representing the Tong. 6. In July 1963, the Government again procured the surrender of a further portion of Lot No. 525 of about 100 sq ft in area, and likewise compensation was paid to Mr Li as manager of the Tong, which was apparently still regarded by the Government as the lawful owner of the remaining portion of Lot No. 525 since the last surrender. After this second surrender, the remaining portion of the former Lot No. 525 was renamed Lot No. 525RP. Again at that stage, neither the Tso – the true owner of Lot No. 525 nor Mr Chan who had contracted to purchase Lot No. 525 from Mr Li under the Chinese Agreement of 1954, featured in the second surrender. 7. In fact, these two surrenders involved not only Lot No. 525 but Lot No. 524 as well which was also included in the Chinese Agreement as part of the subject matter of sale. Unlike Lot No. 525, Lot No. 524 indeed belonged to the Tong, and therefore for that reason, the Government was quite correct in dealing with Mr Li as manager of the Tong on each occasion regarding the surrender of a portion of Lot No. 524 in favour of the Government, to whom the Government paid compensation for the two surrenders. But Mr Chan, the purchaser of Lot 524 under the Chinese Agreement, did not feature in any of the two surrenders. 8. The confusion over the title to Lot No. 525 eventually came to light in early 1968. On 12 March 1968, the Government entered into two new surrenders with the Tso, the rightful owner of Lot No. 525, in relation to the two portions of Lot 525, the surrender of which the Government had previously sought to obtain from Mr Li as the manager of the Tong. The - 5 - compensation monies due to the Tso were regarded as having been paid on account of the compensation monies already paid by the Government to Mr Li previously. In effect, the previous surrenders were ratified by the Tso. 9. Moreover, on that day by a conveyance on sale, the Tso sold Lot No. 525RP to Mr Li in his personal capacity for $350.00. In other words, more than 14 years after Mr Li in his capacity as manager of the Tong purported to deal with Lot No. 525 by entering into the Chinese Agreement selling Lot No. 525 to Mr Chan, Mr Li eventually obtained title to the lot in question, albeit in his personal capacity. As I said, Lot No. 525 remains registered in Mr Li’s name up to this day. Mr Li passed away intestate on 8 February 1993; the 1st, 2nd and 3rd Defendants are his only surviving sons and but for the claim of a possessary title by the Plaintiff to the subject lot, the three sons would be entitled to succeed to the subject lot in accordance with the provisions in the New Territories Ordinance (Cap. 97). That is why they are joined as defendants in their personal capacity in this action. 10. Returning to 1968, in August of that year, all the beneficiaries of the Tong resolved to dissolve the Tong, and title to Lot No. 522, Lot No. 523 and Lot No. 524RP became vested in Mr Li and another person beneficially. The three lots were then respectively carved up, and to cut a long story short, eventually on 12 December 1968, a Section D of each of the three lots, i.e. Lot No. 522, Lot No. 523 and Lot No. 524 were respectively assigned by Mr Li and his co-owner to Mr Chan for a total sum of $300.00. Unlike the Chinese Agreement made in 1954, this time the assignment was duly registered with the District Land Registry and Mr Chan eventually became the registered owner of Lot No. 522D, Lot No. 523D and Lot No. 524D, more than 14 years after he first contracted to - 6 - purchase the three whole lots under the Chinese Agreement. In 1974, Mr Chan, for personal reasons, decided to transfer his title to the three lots to his only son, the Plaintiff who therefore became and is still the registered owner of Lot No. 522D, Lot No. 523D and Lot No. 524D. 11. What about Lot No. 520 which was also included as part of the subject matter of sale under the Chinese Agreement? The confusion is even more amazing. As I said, according to the Block Crown lease, Lot No. 520 belonged to the Tong but since as early as 1911, the Tso seems to have included Lot No. 520 as one of its properties. But in Mr Li’s instrument of appointment as manager of the Tong in April 1947, Lot No. 520 was regarded quite correctly by the Tong as one of its properties and the appointment was indeed registered against Lot No. 520. As I said, in 1954 Lot No. 520 was included in the Chinese Agreement for sale in favour of Mr Chan. In the first surrender in October 1954, the whole of Lot No. 520 was surrendered by Mr Li as manager of the Tong in favour of the Government together with portions of Lot No. 524 and Lot No. 525 as mentioned above. But then in May 1955, when the Tso appointed new managers, the instrument of appointment was again registered against Lot No. 520; and in November 1967, when one of the managers of the Tso retired, the instrument was again registered against Lot No. 520. Then came 12 March 1968 on which date a number of instruments were executed as mentioned above. On that day, a conveyance on sale of Lot No. 520 was executed by the Tso in favour of Mr Li for a consideration of $350.00. Thereafter nothing happened in relation to this particular lot, so apparently, the lot is still registered in the name of Mr Li. In other words, despite the inclusion of the lot in the Chinese Agreement, the lot was never assigned to Mr Chan; and despite the 1954 first surrender, it is still registered in the name of Mr Li. - 7 - 12. So in short, despite the Chinese Agreement made in 1954 in which Mr Li as manager of the Tong purported to sell the five lots to Mr Chan, eventually Mr Chan only obtained title to portions of three lots, namely Lot No. 522D, Lot No. 523D and Lot No. 524D. Mr Chan did not obtain title to Lot No. 520, nor is it claimed by his son, the Plaintiff, that he ever obtained possession of Lot No. 520 after the making of the Chinese Agreement in 1954. 13. As regards Lot No. 525, after the two surrenders in favour of the Government, only Lot No. 525RP is left. Like Lot No. 520, Mr Chan never obtained title to Lot No. 525RP from either the Tso, the Tong or Mr Li personally. However, unlike Lot No. 520, the Plaintiff claims that at all material times since the signing of the Chinese Agreement in 1954, Mr Chan and his family were and still are in continuous and exclusive possession of Lot No. 525 and subsequently Lot No. 525RP. This forms the basis of the Plaintiff’s claim for a possessary title to Lot No. 525RP in the present action against the Defendants. The Plaintiff’s evidence 14. The case of the Plaintiff who gave evidence at trial is essentially as follows. Mr Chan, the Plaintiff’s father, was a native resident of Chan Uk Village in Tai Po; he used to work as a fisherman and owned several pieces of land in Tai Po. In 1954, when the Plaintiff was only 11 years old, Mr Chan agreed with Mr Li representing the Tong to acquire the five lots in question, i.e. Lot No. 520, Lot No. 522, Lot No. 523, Lot No. 524 and Lot No. 525 for the construction of buildings on the land for residential purpose. The Plaintiff said he was present on the occasion when the written agreement was signed and actually witnessed the making - 8 - of the Chinese agreement. He was old enough to realise what was happening and actually witnessed the making of payment by his father of $500.00 to Mr Li in the presence of witnesses and others concerned. His case is that after the acquisition of the lots in question, his father erected two village type town houses on part of the land which subsequently became Lot No. 522D, Lot No. 523D and Lot No. 524D as explained above. Besides, his father also managed to obtain a short-term licence from the Government in respect of a piece of land at the rear of the lots in question, on which his father erected a small house. The short-term licence has since been renewed many times up to the present. All this was accomplished in the year of 1954 and upon the completion of the construction of the twin town houses, the Plaintiff’s family, comprising the Plaintiff’s parents, the Plaintiff and his sisters, began to reside there as their new home. 15. Mr Chan was a fisherman but subsequently became an employee of China Light & Power. Mrs Chan, the mother of the Plaintiff, was a farmer. She was assisted by her daughters before they got married. She farmed land owned by Mr Chan, and she used the small house for storage purpose in relation to her farming activities. Moreover, according to the Plaintiff’s evidence, at the time when the houses were constructed, Lot No. 525 which like the other lots used to be paddy fields was flattened and became an open ground with a slope near its edge facing the main road (Ting Kok Road). Mrs Chan used Lot No. 525RP for rearing poultry, and a septic tank was also constructed in Lot No. 525RP to serve the pig rearing activities carried on by Mrs Chan inside the small house. The pig manure was used by Mrs Chan for farming purpose. A wooden fence was erected to enclose Lot No. 525 by the parents of the Plaintiff. Fruit trees were planted by the family on the land and an ox used by Mrs Chan for farming - 9 - was kept there at night. Subsequently, according to the Plaintiff, a small pond was constructed on the land for the purpose of rearing ducks and for that purpose, water pipes were laid across the land. All these activities, according to the Plaintiff, were carried on by the Plaintiff’s family in Lot No. 525RP because the same, like the other lots in question, had been purchased by Mr Chan from Mr Li. They regarded the land as belonging to them and used it to the exclusion of all others including Mr Li or the Tong he represented, as well as the Tso – the true owner of the land until 1968. 16. According to the Plaintiff, after the making of the Chinese Agreement in 1954, his father had, on various occasions, asked Mr Li to formally transfer the title to the lots to him, in accordance with the provisions in the Chinese Agreement which provided for the transfer of title after one month’s public notification of the sale and purchase, a requisite procedure for the sale of Tong land. However, according to the little information that the Plaintiff had obtained from his father, Mr Li had been refusing to do so on various excuses. Something relating to payment or receipt of compensation was mentioned but no details were known. Apparently since the Plaintiff’s family had been using the land so purchased without encountering any particular problem, Mr Chan did not really take any concrete action to follow up the matter. Rather, after the Plaintiff went to the United Kingdom for work in 1963, Mr Chan mailed the Chinese Agreement to his son in the United Kingdom for safekeeping. 17. According to the Plaintiff, since 1963 until 1997 when he retired and returned from the United Kingdom to Hong Kong for good, he visited his family in Tai Po annually; each time he would spend several weeks to a month with his family. According to his observation, his - 10 - family continued to occupy and use exclusively Lot No. 525RP as before, and there was never any objection from anybody. According to the Plaintiff, in 1968 his father eventually managed to obtain the transfer of title to land from Mr Li. But he was not involved in the transfer and knew nothing about its details including why title to three lots only was transferred by Mr Li to his father and why only a Section D of each of the three lots were transferred. But it was the Plaintiff’s evidence that whether before 1968 or after 1968, his family continued to use Lot No. 525 (or the remainder thereof after the Government resumptions) to the exclusion of everybody including in particular, Mr Li and his family. The Plaintiff was not aware of the change in title to Lot No. 525RP in 1968 as described above. 18. According to the Plaintiff, in 1974 his father transferred to him various plots of land including Lot No. 522D, Lot No. 523D and Lot No. 524D on which the family houses had been erected. At that time he was focusing on his restaurant business in the United Kingdom and thought nothing about the title to Lot No. 525RP which his family had been using since 1954. The Plaintiff said that throughout this period of time, his family’s relationship with the Defendants’ family was acceptable even though Mr Li had, despite Mr Chan’s requests, failed to effect the transfer of title as described before. In 1968, the Defendants’ family erected three town houses next to the twin houses of the Plaintiff’s; as a matter of fact, the Plaintiff’s houses stand between the Defendants’ houses built in 1968 and Lot No. 525RP. According to the Plaintiff, so far as he could tell the neighbours were on reasonable or speaking terms. During cross-examination, the Plaintiff said he had no knowledge of his father’s alleged objection to Mr Li’s intended construction of houses on his land in 1968. - 11 - 19. The Plaintiff said that his parents throughout lived at the twin houses erected in Lot No. 522D to Lot No. 524D, and moreover, his mother continued to use Lot No. 525RP for various purposes as described above. Her mother only ceased her farming activities in early 1980s when she grew old and developed an eyesight problem. The Plaintiff said that the poultry and pig rearing activities stopped eventually and Lot No. 525RP was subsequently used by his mother and family members for miscellaneous gardening and storage purposes. What is important is that the Plaintiff claimed that the family continued to occupy Lot No. 525RP exclusively as before. 20. The Plaintiff maintained that his mother used to live in the twin houses in question since their construction in 1954 until her death in 1990, whereas he accepted that his father had during different periods of time resided at his ancestral home in Chan Uk Village; but he denied that the relationship of his parents in their later years was less than good. 21. The Plaintiff said his mother passed away in 1990 and his father passed away in 1993. His wife together with his eldest son returned to live in Hong Kong in 1992 when he expended some money in renovating the twin houses. Amongst other things, he filled up the former septic tank for pig rearing purpose constructed in Lot No. 525RP. He repaired the wooden fence erected by his father many years before and built a new septic tank to serve the twin houses which his wife and his eldest son resided in. He said that none of these activities was objected to by the Defendants’ family. 22. As mentioned before, the Plaintiff retired in 1997 and returned to live in Hong Kong for good in the same year. He and his family lived - 12 - in the twin houses and continued to occupy exclusively Lot No. 525RP which he used as a garden to grow flowers, fruit trees, bamboos and vegetables as well as for storage purposes. 23. Dispute between the two families arose in mid 1998 when the Plaintiff began to construct a new septic tank in Lot No. 525RP. The 1st Defendant and his family members claimed that the land belonged to their family and that the Plaintiff was trespassing on their land. This led to several confrontations between the two families, the calling of the police, the alleged demolition of the wooden fence previously erected by the Plaintiff’s family along the boundaries and the erection of a new wire mesh fence along the boundaries of Lot No. 525RP by the Defendants. In the same year, the present action was commenced by the Plaintiff against the Defendants. Aerial photographs and the surveyor’s evidence 24. Apart from the oral evidence of the Plaintiff, many photographs including Government aerial photographs were adduced before me at trial. Whilst I have borne in mind all of these photographs, I need only mention several specifically. In an aerial photograph taken in 1963 of the area in question, besides the twin village houses and the small house erected by the Plaintiff’s father, the photograph depicts quite clearly a flattened and more or less vacant piece of land next to the houses where Lot No. 525RP lies. It seems quite clear to me that somebody must have carried out work on the land in question to flatten it and turn it into an open ground. This is quite consistent with the Plaintiff’s story that the land in question was converted from sloping paddy fields into a piece of vacant land in 1954 after it was acquired by his father pursuant to the Chinese - 13 - Agreement. Another aerial photograph taken ten years later in 1973 still shows the same piece of land, but by then trees had grown and tree tops simply prevented a clear view of the land in question from being photographed from the sky. The Plaintiff was able to pinpoint a particular tree shown in the photograph which he claimed was planted by him on the boundary of the land when it was first acquired by his father. Subsequent aerial photographs are less helpful for our purposes because much of the land in question was covered by tree tops. The Plaintiff accepted that in the 1963 photograph, neither the septic tank for pig rearing purpose nor the small pond for duck rearing could be seen, but he said they were relatively speaking too small to be seen clearly or at all in the aerial photograph. 25. The surveyor who was called by the Plaintiff to give evidence also confirmed in his evidence that the 1963 aerial photograph clearly shows that Lot No. 525RP had by then been flattened substantially and there were activities being carried on there. But understandably the surveyor was unable to tell what these activities were from the aerial photograph. The surveyor said that by the time he conducted his survey on site in 1998, there were no obvious landmarks on the site to indicate the boundaries of the subject lot. He prepared his survey plan based on on-site measurements as well as the available pre-existing plans. According to his measurement, Lot No. 525RP measures 81.8 m2. PW3’s evidence 26. The Plaintiff’s case as described above was substantially corroborated and supplemented by the evidence of other witnesses called by him. Mr Chan Yung Sing (“PW3”) was born in 1936. He was 18 when Mr Chan purchased the lots in question from Mr Li under the - 14 - Chinese Agreement. He heard about it at the time. Apart from generally corroborating the evidence given by the Plaintiff, PW3 said that after the acquisition by Mr Chan of the lots, he constructed the twin village houses and the small house and flattened the piece of land in front of the small house (i.e. Lot No. 525RP) and turned it into an open ground whereas previously the lots comprised paddy fields. Despite suggestions to the contrary put to him during cross-examination, PW3 maintained that this work was done by Mr Chan after his acquisition of the various pieces of land and thereafter, his wife and his family used the piece of open ground for rearing poultry, keeping an ox, planting fruit trees and general storage purposes. PW3 said he had known Mr Chan and his family since he was 7 years old and he was also well acquainted with Mr Li. PW3 confirmed on oath the existence of the pig septic tank and a small pond constructed by the Plaintiff’s family in Lot No. 525RP. He said for poultry rearing purposes, a fence had been erected by the Plaintiff’s family within Lot No. 525RP up to the edge of a slope within the land on the side of the bicycle lane and main road (Ting Kok Road). PW3, a fellow villager of Mr Chan until he and his family moved to live in the new village houses he erected in 1954, used to pay frequent visits to Mr Chan’s family until 1961 when he went abroad to work in the United Kingdom. He did not return to Hong Kong until 1977, he kept in contact with Mr Chan’s family after his return and visited the village houses from time to time. He said in evidence that by that time pig rearing had stopped but Mr Chan’s family continued to rear chicken at the open ground, i.e. Lot No. 525RP. PW3 left for the United Kingdom in 1979 again and in the 80s, he returned to Hong Kong from time to time. 27. In 1992, he assisted the Plaintiff in renovating the twin village houses. He said that for that purpose the Plaintiff arranged for the felling - 15 - of many fruit trees previously planted in the flattened portion of Lot No. 525RP in order that building and construction materials could be temporarily stored at Lot No. 525RP. He said that on that occasion, the Defendants’ family which lived at the town houses nearby did not raise any objection at all. He denied the suggestion that originally the Plaintiff had planned to construct a septic tank in Lot No. 525RP to serve his twin village houses but the plan was aborted because of objection from the Defendants’ family. PW3 said that that never happened. As I said, by and large the evidence of PW3 supported and supplemented the case and evidence of the Plaintiff and I need not repeat further his evidence here. PW4’s evidence 28. As mentioned above, both the Plaintiff and PW3 left for the United Kingdom in the early 1960s. PW3 did not return to Hong Kong until 1977 whereas the Plaintiff managed to visit Hong Kong annually. The evidential gap since 1963 relating to what happened to Mr Chan’s family’s alleged use and occupation of Lot No. 525RP was filled by the evidence of Mr Ng Sing Ming (“PW4”). PW4 was able to give very useful evidence on the user of the land in question during the “missing years”. 29. PW4 is the son of the eldest daughter of Mr Chan and the nephew of the Plaintiff, he was born in 1958 and was brought up by his grandparents at the twin houses since the age of one. PW4 was able to recollect at trial the user of the subject lot in question since the early 1960s. His evidence substantially supported the evidence given by his uncle, the Plaintiff, as well as that given by PW3 whom he did not know well. PW4 confirmed in evidence about the rearing of chicken and ducks by his - 16 - grandmother and aunts (i.e. Mrs Chan and her unmarried daughters) on the open ground outside the small house, i.e. Lot No. 525RP. A fence of 3-4 feet in height had been erected there on the ground enclosing the area where the poultry was reared since his earliest recollection. Within that enclosed area was a septic tank constructed for rearing pigs inside the small house. Further, there was a small and shallow pond constructed next to the septic tank for the purpose of rearing ducks. A fruit tree had been planted by his uncle, i.e. the Plaintiff, so he was told by his grandmother, in the flattened portion of Lot No. 525RP (which was substantially enclosed by the fence for poultry rearing), and there were other trees planted by Mr Chan’s family on the slope facing Ting Kok Road also within the boundary of Lot No. 525RP. PW4 was able to clarify that, in fact, the ox used by Mrs Chan for farming purpose was not kept within Lot No. 525RP but kept at an area on the other side of the twin village houses. According to PW4, the farming activities stopped before 1970 and the ox was no more kept by the family. The pig rearing activities had stopped earlier in 1967 and thereafter the small house was used mainly for storage purposes. The pig septic tank was continued to be used as the small house also served as a toilet for those living in the twin village houses. There was apparently a problem with the water supply in 1977 and at around that time, duck rearing stopped; but the elderly Mrs Chan and her daughters continued to rear chicken on the open ground within the enclosed portion of Lot No. 525RP for self-consumption, and that continued until around 1988 as Mrs Chan grew older. According to PW4, the fence enclosing the poultry rearing area was still there in the 1980s and lasted until early 1990s. He moved out of the premises in early 1992 after his uncle, i.e. the Plaintiff, had indicated to him his intention to renovate the twin village houses. - 17 - 30. According to PW4, there was another fence erected at the slope facing Ting Kok Road, it had fallen into disrepair in the 1970s and little if any traces could be found of the former fence in the subsequent years. He also said that in the later years, the open ground was used mainly for storage purposes. He confirmed that the ground in question had always been used by his grandparents’ family as its own and he had never seen anybody objecting to their use of the land. He also said firmly despite suggestions to the contrary that were put to him during cross-examination that apart from his grandparents’ family, nobody had used Lot No. 525RP during his time there. In particular, he denied that the Defendants’ family had ever used the land for any purpose at any time. 31. Like the other factual witnesses of the Plaintiff, PW4 was cross-examined at great length relating to his years spent at the premises in question. I need not repeat the details of his evidence here; suffice it to say that he maintained that the land in question had been used exclusively by his grandparents’ family as its own at all material times. The 1st Defendant’s evidence 32. The 1st Defendant who has also been appointed to represent the estate of the late Mr Li gave evidence at trial. The 1st Defendant was born in November 1958. Although he was only formally adopted by Mr Li and his wife in 1977, he was actually raised by the couple since birth, and was throughout regarded by the couple as their own son. In fact, the 1st Defendant’s natural father was one of the managers of the Tso. Mr Li and his wife had four daughters but no son and that was why the 1st Defendant was adopted. After his adoption (which was subsequently formalised in - 18 - 1977), two sons were born to the couple and they are respectively the 2nd and 3rd Defendants in this action. 33. According to the 1st Defendant, even prior to 1968 when his family moved to live next door to Mr Chan’s family, his parents had made use of Lot No. 525 RP by keeping an ox and farming equipment there at night. This was because his parents owned and farmed various pieces of land at the opposite side of Ting Kok Road roughly facing Lot No. 525 RP. It was therefore convenient to keep the ox as well as the farming tools at the subject lot. He said in 1968, his parents erected three adjourning houses on land owned by Mr Li and moved to live there from Lee Uk Village where they used to reside. The houses were just next door to the twin houses of the Chan family. As mentioned above, the twin houses of the Chan family situate, roughly speaking, in between the houses of the Li family and the suit property, i.e. Lot No. 525RP. 34. According to the 1st Defendant, he learned from Mr Li that by then the relationship between the two families had turned sour because Mr Chan had objected to Mr Li’s intended erection of the houses on the ground of “fung shui”. Indeed, according to the 1st Defendant, his father was angry with Mr Chan and had quarrelled with him after they had moved to live in the new houses in the summer of 1968. By that time, Mr Li had formally acquired the title to Lot No. 525RP from the Tso; and according to the 1st Defendant, on one occasion, his father went over to Lot No. 525RP to clear the weeds and bushes that had overgrown on the land, in order to “demonstrate his ownership” of the land to Mr Chan. His father also told Mr Chan on that occasion that the lot (i.e. Lot No. 525RP) belonged to him and warned Mr Chan and his family not to trespass on it. It was also on that occasion, according to the 1st Defendant, that Mr Li - 19 - quarrelled with Mr Chan about the latter’s objection to his erection of the houses. According to the 1st Defendant, since that occasion, the two families were on poor terms and apparently had little contact with each other. 35. According to the 1st Defendant, he could tell from his own observation that since then (as before) nobody ever (and in particular the Chan family never) made use of Lot No. 525RP for any purpose. Instead it was his family which had from time to time gone over to Lot No. 525RP to cut and collect the weeds and bushes as miscellaneous burning fuel. The 1st Defendant said that from his first floor room in the houses, he could see 80% of the subject lot and he confirmed in evidence that none of the activities alleged to have been carried on in the subject lot by the Chan family was in fact carried on at any material time. Moreover, he said that in fact since 1968, at most of the time the twin houses of the adjacent family were occupied by Mrs Chan and a young kid (i.e. PW4 – the nephew of the Plaintiff) only. Mr Chan was seldom seen there and the 1st Defendant had never met or seen the daughters of Mr Chan or indeed the Plaintiff until the late 1990s when dispute arose relating to the ownership of the subject lot. 36. According to the 1st Defendant, in 1977, the source of water supply to the twin houses of the Chan family had been contaminated and his mother (Mrs Li) agreed to let the elderly Mrs Chan obtain water supply from her houses instead and that situation continued until the death of Mrs Chan in 1990. 37. The 1st Defendant started working for the Government in 1978, and his job related to land resumption and compensation in the New - 20 - Territories. In 1979, he advised his father to plant some fruit trees in the subject lot so that in case the lot was resumed by the Government, higher compensation could be claimed from the Government. His father followed his advice and planted two fruit trees in the subject lot which, according to the evidence, were depicted in some of the photographs taken after the dispute between the parties arose. 38. According to the 1st Defendant, the Plaintiff or his family had trespassed or attempted to trespass on Lot No. 525RP by trying to lay water pipes on the ground as well as by attempting to construct a septic tank in the lot in 1991 and 1993 respectively. On each occasion, after his intervention, the trespass or attempted trespass came to a halt. 39. In 1998, there was yet again an attempt by the Plaintiff to build a septic tank in Lot No. 525RP. This time it led to several confrontations between the two sides, police was summoned and surveyors were engaged. Eventually, the 1st Defendant managed to erect a wire mesh fence to enclose the subject lot, and the present action was commenced by the Plaintiff in 1998. 40. The 1st Defendant also gave evidence (by adoption of one of his two witness statements) on the confusion relating to the title of the various lots of land in question. He said he had heard from his father that there was confusion of titles between the Tso and the Tong chiefly because of the Japanese occupation during the Second World War and the consequential loss of title documents, and the matter was eventually rectified in 1968. The 1st Defendant claimed no knowledge of the Chinese Agreement which he said he had never seen prior to the present litigation. As regards the flattening of the subject lot, he said this was done by his - 21 - father on behalf of the Tong in 1954 in order to obtain a general building licence covering the five lots in question. There can be no denial that all this was based on hearsay. 41. As regards the 1968 transfer of Lot No. 522D, Lot No. 523D and Lot No. 524D by Mr Li (and his co-owner) to Mr Chan, whilst the 1st Defendant did not claim any specific knowledge or information (from his father or otherwise) relating to the deal, he emphasized in evidence that according to the conveyance, his father only sold the three lots to Mr Chan for the total sum of $300.00, and there was a plan annexed to the conveyance which was signed by Mr Chan, demarcating the boundaries of the three lots which, of course, did not cover the subject lot in dispute. The 1st Defendant also said that after 1968 when his father formally became the registered owner of the subject lot, his father and subsequently he himself have been paying continuously the Crown/Government rent. 42. The 1st Defendant emphasized in his evidence that since the two families lived next door to each other at all material times and the subject lot is no more than a minute’s walk from his own houses, there was no way the Chan family could have trespassed into the subject lot without his and his family’s knowledge. According to the 1st Defendant, apart from the incidents in the 1990s, the last of which led to the present litigation, and apart from a track which Mr Chan used to use to reach the small house erected at the rear of the twin houses, a corner of which might have cut into the boundary of the subject lot, the Chan family had never carried on any activities of any sort in the subject lot; and in relation to the track, it in fact led to the warning given by Mr Li on the occasion in 1968 when he went over to clear the overgrowth in the subject lot mentioned - 22 - above. The Plaintiff’s claim of a possessary title to the subject lot was therefore strongly denied by the 1st Defendant. DW2’s evidence 43. The Defendants called a Mr Cheung Kam Moon (DW2), a salesman, to give evidence. DW2 was born and raised in a nearby village in October 1965, he had his primary school education at a village primary school situated (uphill) at the back of the twin houses of the Plaintiff and the subject lot since the age of 6. There were two routes to the primary school, both used by DW2, one of which would lead him past the twin houses of the Plaintiff and the subject lot. According to DW2, he was rather familiar with the subject area in question and on many occasions, he played with his friends and schoolmates at the hillside at the rear of the subject lot. Moreover, he was acquainted with the Plaintiff’s mother due to his frequent presence in the area. The 3rd Defendant, on the other hand, was his primary school classmate whom he came to know in around 1975 to 1976. 44. In 1977, DW2 started studying in a secondary school in Yuen Long. On a daily basis he had to take a bus to Yung Long at a bus stop in Ting Kok Road immediately outside the twin houses of the Plaintiff and the town houses of the Defendants. Whilst waiting at the bus stop, he continued to have the occasions to chat with the Plaintiff’s mother. After Form 5 education, DW2 started working and he continued to use the bus stop as before until 1988 when he moved to live elsewhere. Thereafter he used to visit his home village once a week. - 23 - 45. According to the evidence of DW2, there were never any activities being carried on in the area outside the small house of the Plaintiff (i.e. the subject lot and its immediate surrounding area). Throughout these various periods of time, the area was simply a piece of abandoned land overgrown with weeds. From time to time somebody would cut the weeds for burning but he did not know who did it. He saw no poultry rearing, pig rearing or septic tank, there was no fruit tree and there was no fence of whatever sort (until late 1990s when the dispute between the parties to this action arose and he was requested by the 3rd Defendant to act as a witness in the present case). 46. According to DW2, only the Plaintiff’s mother and a youth (i.e. PW4) used to reside in the Plaintiff’s twin houses and apparently his other family members did not reside there. Occasionally, he would see the Plaintiff’s father but he had never seen the Plaintiff. He was not acquainted with the youth residing together with the Plaintiff’s mother who was apparently not particularly friendly or sociable. From time to time, the Plaintiff’s mother would complain to him about her poor eyesight and after her death in 1990, he saw the youth no more. According to DW2, the Plaintiff's father moved to reside at Chan Uk Village in about 1977, and he resided there until he passed away in about 1993. DW2 did not know who owned the subject land and he was not aware of any dispute over the ownership of the same until dispute arose in late 1990s as described above. 47. DW2 said that of the 1st to 3rd Defendants, he knew the 3rd Defendant best, and they would chat with each other every time they met. He was not related to the Defendants. - 24 - DW3’s evidence 48. The Defendants also called a former neighbour of the Plaintiff’s father in Chan Uk Village since 1981 (DW3). DW3 moved to live in Chan Uk Village in 1981 and the Plaintiff’s father lived next door to him. All that he was able to say was that the Plaintiff’s father had another house (i.e. the twin village houses), but according to what he had learned from the Plaintiff’s father, the Plaintiff’s father was not on good terms with his wife and therefore he alone moved to reside at Chan Uk Village. Findings of fact 49. The Plaintiff obviously bears the burden of proof in relation to the alleged adverse possession of the subject lot. In deciding the factual disputes, particularly that in relation to the user of the subject lot, I have borne in mind not only the burden and standard of proof, but also the content of the evidence of the various factual witnesses who have given evidence at trial, their demeanour in court, the documentary evidence, the undisputed objective facts and the general circumstances surrounding the case. Where relevant, I have also borne in mind the evidence of the surveyor (PW2). 50. At the end of the day, I have come to the conclusion and I make as a finding of fact that the dispossession of Mr Li, as well as the exclusive user of the land by the Plaintiff’s family have been established together with the necessary intention to possess. In general, I prefer the evidence of the Plaintiff and his witnesses to that of the 1st Defendant. In particular, I prefer the evidence of PW4 to the evidence of the 1st Defendant relating to the user of the land. - 25 - 51. I have no doubt that the Chinese Agreement was signed in 1954, it was a genuine document and it represented a genuine attempt by Mr Chan to purchase the five lots from the Tong as represented by Mr Li, its registered manager. I have no doubt that the consideration was duly paid pursuant to the Chinese Agreement. About the execution of the Chinese Agreement, I have the evidence of the Plaintiff. In 1954, the Plaintiff was only 11 years old but I take the view that he was old enough to have some recollection of this event which cannot be described as an ordinary or everyday occurrence and which must have been rather exciting to him as a boy. After all, his father was buying land for the erection of a new family residence. 52. That this was not a paper transaction which was never carried through or performed (at least substantially) is clearly evidenced by the fact that the twin houses were soon afterwards erected in portions of Lot No. 522, Lot No. 523 and Lot No. 524 by Mr Chan who has since made the twin houses his new residence, quite obviously without any objection from anybody. Moreover, a short-term licence was obtained from the Government to erect the small house immediately next to the new twin houses and the subject lot, for use in conjunction with the twin houses, and so I find, the subject lot. 53. It is true that title to the five lots of land covered by the Chinese Agreement was never transferred to Mr Chan pursuant to the Chinese Agreement, and apparently the same never received the blessing of the District Land Officer whose consent must be obtained to comply with section 15 of the New Territories Ordinance. It is also true that the Chinese Agreement was never registered against any of the five lots of land in question. All this, in my judgment, would only suggest that after the - 26 - signing of the Chinese Agreement, some problems arose in relation to the proper and formal implementation of the same and in this regard, as I mentioned earlier on, there were Government resumptions of some of the land in question to complicate matters. In particular in 1954, apparently the whole of Lot No. 520 was resumed by the Government. All these complications could well explain the absence of any formal implementation of the Chinese Agreement after it was signed. But looking at the case as a whole, I have no doubt that pursuant to the Chinese Agreement, the twin houses were erected and the Chan family occupied and used the subject lot in question in conjunction with the adjourning twin houses and small house erected on Government land, after the same was flattened by Mr Chan. I accept the Plaintiff’s evidence that he learned from his father that Mr Li had since the making of the Chinese Agreement refused or failed to formalise the transaction on various excuses. 54. As for Lot No. 520, it was never used by the Plaintiff’s family. One possible and indeed likely explanation for this is that as explained above, in October 1954, i.e. soon after the making of the Chinese Agreement, the whole lot was surrendered to the Government. Very likely because of this, Mr Chan never really enjoyed any real use or occupation of Lot No. 520. It is also likely that some agreement was reached between Mr Li and Mr Chan relating to this lot; but unfortunately, there is no direct evidence on this. Be that as it may, whilst I have borne in mind the fact that Lot No. 520 which was included in the Chinese Agreement was never made use of by the Plaintiff family in evaluating the inherent possibilities and probabilities of the competing stories, as I said, on the evidence as a whole, I am satisfied that pursuant to the Chinese Agreement, the Plaintiff family did occupy and make use of the subject lot in question in conjunction with the twin houses (and the small house). - 27 - 55. The Plaintiff’s family’s use of the land since 1954 is to some extent corroborated by the aerial photographs. Particularly, the photographs taken in the earlier years quite clearly suggest that some human activities must have been carried on in the subject lot. This is much more consistent with the story of the Plaintiff and his witnesses than the story of the 1st Defendant. Two aerial photographs taken in 1977 also tend to corroborate the Plaintiff’s case in that they suggest that the subject lot was still a piece of vacant and open ground (instead of an abandoned lot) very much like before. This is more consistent with the Plaintiff’s case than the story of the 1st Defendant. 56. As regards what took place in 1968, whilst I tend to accept that the two families were not on very good terms, I am not sure about the reason why. The 1st Defendant said it was because of Mr Chan’s objection to Mr Li’s building houses on the adjacent land based on “fung shui”. The relevant District Land Office file has not been obtained or disclosed. Whilst there might have been an objection, I am not satisfied about the alleged reason. But in any event, this does not necessarily support the Defendants’ argument that because of the bad relationship between the two and because of the fact that since the two sides had become neighbours in that year, any trespassing by the Plaintiff’s family must have been vigorously objected to by the Defendants’ side. 57. I do not accept the 1st Defendant’s evidence. Apart from my general rejection of his evidence where it conflicted with the evidence given by the Plaintiff and his witnesses, what he said does not quite accord with what I have found to have been the situation. According to my finding as mentioned above, pursuant to the Chinese Agreement, the Chan family had erected the twin houses and had been making good use of the - 28 - subject lot which was after all just next to the twin houses and in front of the small house erected on Government land obtained by Mr Chan under a short-term licence. The occupation and use of the subject lot was obviously based on everybody’s then assumption that in 1954 when the same was “sold” by the Tong through Mr Li to Mr Chan, Mr Chan had thereby acquired a good title to the subject lot. From the subsequent history relating to the subject lot, it would appear that until 1968, not even Mr Li himself realised that the Tong did not own the subject lot and there was no reason why Mr Chan would have known better in this regard. 58. This being the background as I find it, when the mistake or confusion was apparently discovered in 1968 and the situation changed by the transfer of title to the subject lot by the Tso to Mr Li personally (who could, if he had so wished, have “rectified” the matter by transferring the same to Mr Chan), this would not, in my judgment, as a matter of fairness and common-sense, give Mr Li a good reason to evict Mr Chan and his family from the subject lot. Nor would it give Mr Li a good argument to assert his newly acquired title to the subject lot against Mr Chan and his family, who until 1968 had occupied and used the subject lot as their own, under the belief that Mr Li had, on behalf of the Tong, lawfully sold the subject lot to Mr Chan back in 1954. 59. Put simply, vis-à-vis Mr Chan, Mr Li had no good reason to assert his newly acquired title to the subject lot in 1968; it would have been a very odd if not outrageous thing for him to do. Indeed it would have been an even odder thing for Mr Chan to remain silent if he was in fact faced with an assertion of title to the subject lot by its new registered owner, namely Mr Li. As a matter of common-sense, I would have thought that his immediate reaction would have been to cry foul and demand Mr Li to - 29 - immediately transfer to him the title to the subject lot and make good the situation pursuant to the Chinese Agreement. 60. In my judgment, none of this happened because Mr Li, after personally obtaining the title to the subject lot from the Tso, never asserted his title against Mr Chan. I accept the Plaintiff’s evidence that on their side they never knew that there was this transfer of title between the Tso and Mr Li personally in relation to the subject lot in 1968. So far as their side was concerned, life carried on as before with the exception that in 1968 they had a new neighbour. As I said, I reject specifically the evidence of the 1st Defendant in this regard. 61. Question marks still hang in relation to what actually happened between the Tso and Mr Li relating to the subject lot in 1968. It is possible and likely that in that year the two sides reached some sort of an agreement to resolve all confusion of titles relating to land (not restricted to the subject lot). As to whether the stated consideration of $350.00 for the transfer of the subject lot by the Tso to Mr Li personally was actually paid, there is no reliable evidence (apart from the memorial and the one page assignment itself). But none of this is crucial to the Plaintiff’s case although the Plaintiff bears the burden of proof in relation to adverse possession. The more important thing is that in my judgment, and so I find as a fact that, in 1968 and thereafter, Mr Chan and his family continued to regard and use the subject lot as their own land as before. 62. In this regard, I have the very useful and helpful evidence of PW4 relating to the user of the lot. I accept his evidence and in fact, in so far as his evidence differed from that given by the Plaintiff and PW3, I prefer his evidence to that of the Plaintiff and PW3, basically for the reason - 30 - that whereas PW4 called the twin houses his home since birth until early 1990s, the Plaintiff and PW3 had spent much of their time during the relevant period in the UK. The differences in their evidence were, in my judgment, due to innocent lapses in memory. As regards the differences in evidence between that given by PW4 and the 1st Defendant, both of whom are of the same age and were neighbours with little contact at the material time, bearing everything in mind including the content of their evidence and their demeanour in Court, I have little difficulty in preferring, as I said, the evidence of PW4 to the evidence of the 1st Defendant, particularly relating to the user of the subject lot from 1968 onwards. I totally disagree with counsel’s submission that the 1st Defendant was a straightforward witness. In fact, I find him to have been most argumentative and defensive in the box. In any event, in view of his age and where he used to live, I find that he could say very little that was useful about the user of the land prior to 1968. 63. In this regard, I should say that I have fully borne in mind the evidence of DW2 who was apparently more independent as a witness than the Plaintiff, PW3, PW4 and for that matter, the 1st Defendant. However, given his age, his knowledge of the user of the subject lot related more to the 1970s and thereafter. Of course by then, even on the Plaintiff’s case and particularly based on the evidence of PW4 which I accept, the activities being carried on in the subject lot had greatly diminished as compared with the earlier years. Several factors contributed to this, such as the ageing of Mrs Chan, the marriage of the daughters, the cessation of farming due to changes in economic conditions in Hong Kong, and perhaps the less than prefect marital relationship between Mr Chan and his wife resulting in the former spending more and more time in Chan Uk Village. Moreover, it must be remembered that the boundaries of the subject lot were not - 31 - apparent on the ground and the user of the subject lot by then (as per the Plaintiff’s case) only covered part of the subject lot. To an uninformed outsider like DW2, he might well have got the impression that the area in question was an abandoned area with no human activities. In any event, bearing in mind the respective qualities of their knowledge about the user of the land, I prefer the evidence of PW4 to the evidence of DW2 where there was any conflict. 64. As to why in 1968 only title to Lot No. 522D, Lot No. 523D and Lot No. 524D was transferred to Mr Chan but not also title to Lot No. 525RP, there is no direct evidence. I accept, particularly bearing in mind the burden of proof, that this is an objective fact against the case of the Plaintiff. This fact would seem to suggest that the subject lot was either by agreement between Mr Chan and Mr Li or otherwise not intended to be given to Mr Chan for his use and all that he was entitled to was the three partial lots. I wish to say specifically that I have fully borne this fact and its possible implications in mind, and given the same their due weight in my deliberation process, in coming to my factual findings. 65. Likewise, I wish to say that I have not overlooked the fact that throughout the years, it was Mr Li and his son who have been paying the Crown/Government rent in relation to the subject lot. This would tend to suggest that at least on their side, they did not treat the land as belonging to Mr Chan and his family. But in this regard, I must note that Mr Li did have a history of dealing with land as its owner even though he had sold or agreed to sell it to someone else. His behaviour between 1954 and 1968 relating to the surrenders of land and the receipt of compensation monies, which land was covered by the Chinese Agreement, would tend to support my comment. It is possible that he held out the hope that by holding onto - 32 - the title to the subject lot and making payment of the Crown rent notwithstanding the loss of possession of the same to Mr Chan and his family pursuant to the earlier Chinese Agreement, one day when the Government again resumed the land (or a portion thereof), he could once again had a share in it. This is of course speculation but is indeed a possible explanation for what happened. I have borne in mind the burden of proof as well as the standard of proof, and I have fully kept this fact and its possible implications in mind in my deliberation process. 66. In final submission, both counsel urged upon me a number of factual matters, possibilities, discrepancies and arguments relating to whose version was more credible and so forth. I wish to say that I have taken into account all these points and accorded them their due weight in my deliberation process. I have no intention to lengthen this judgment by referring to these matters one by one, apart from those that I have already mentioned or discussed in the previous paragraphs. Law 67. In short, I have reached the conclusion that the Plaintiff has made out a case on adverse possession, bearing in mind the law’s requirement in this area of dispossession of the true owner, and both factual possession and the requisite intention to possess by the squatter. For authorities, see Wong Tak Yue v. Kung Kwok Wai David [1998] 1 HKLRD 241; and Powell v. McFarlane (1979) 38 P & CR 452, 470-472. For the requisite intention to possess in the case of a trespasser who (mistakenly) believed himself to be the owner of land, see Tsun Wai Man v. Cheung Yung HCA 14202/1999, Cheung J (9 August 2001), paras. 36 to 39; - 33 - Hughes v. Cork [1994] EGCS 25; Viva Steamship Co. Ltd v. Chow Lim Choy HCA 1722/2001, Kwan J (7 May 2002), paras. 23 and 24. 68. On the evidence before me, I have no doubt that Mr Chan and his family genuinely thought that they had purchased and become the owner of the subject lot in question pursuant to the 1954 Agreement and in that (mistaken) belief they had been in possession and making use of the subject lot since 1954 with the intention to exclude the whole world generally from the land. Of course, Mr Chan and his family would not have realised (and did not realise) that the Tso (prior to 1968) and Mr Li (as from 1968) were respectively the true owners of the land, but the intention to exclude them from the land must have been there given their mistaken belief that Mr Chan was the owner of the land. Such an intention is, according to the above authorities, sufficient to constitute the necessary intention to possess. 69. I have borne in mind the point urged forcefully upon me by counsel for the Defendants during submission that compelling evidence is required to prove the necessary intention to possess and that the burden on the trespasser to establish a case of adverse possession is heavy. I accept all that and in fact I have borne all that in mind in my evaluation of the evidence before me. But at the end of day, I have come to the conclusion that a case of adverse possession comprising the necessary factual possession as well as the requisite intention to possess has been made out. When did time begin to run? 70. Given my findings, i.e. since 1954, Mr Chan and his family have been in continuous adverse possession of the subject lot with the - 34 - requisite intention to possess, I need not deal with the rather interesting question of when time should begin to run in this case. Both sides are in agreement that the requisite period is 20 years whether under the relevant provisions of the Limitation Ordinance (Cap. 347) at the material times or under the Real Property Limitation Act 1833 which applied to Hong Kong prior to the enactment of the Limitation Ordinance in 1965: See the recent judgment of Deputy High Court Judge Lam in Leung Kuen Fai v. Tang Kwong Yu (or U) Tong [2002] 2 HKLRD 705. Of course, if one simply counts 20 years from 1954, the relevant period would expire in 1974. But the possible complication is this: Between 1954 and 1968, the Tso was the true owner of the land in question. According to Lam DJ’s recent judgment, given the peculiar nature of a tso or tong as a trust, one cannot simply focus on the limitation period applicable to the registered manager of the tso or tong; one must take into account all its living members (if not those yet unborn) and see whether their causes of action against the trespasser have also become time-barred, before one can say whether a case of adverse possession has been made out against a tso or tong and its title to the land in question has become time-barred and extinguished. 71. Since the Tso was the owner of the subject lot in the present case between 1954 and 1968, the question that arises in the present case is this: In seeking to make out a case of adverse possession not as against the Tso but as against Mr Li (the true owner since 1968), whether the Plaintiff can resort to the period of adverse possession prior to 1968 (i.e. starting from 1954) in counting the 20 years period or whether he must only start counting his years from 1968. Even based on Lam DJ’s judgment, the answer must to some extent depend on the membership of the Tso between 1954 and 1968, as to which there is not much evidence. - 35 - 72. But I need not express any definite view on the matter, nor need I go any further into this very interesting question. This is because on the facts as found by me, there has been continuous adverse possession since 1954 right up to the time in mid 1990s when the two families started having serious confrontations, resulting eventually in the commencement of the present litigation. In other words, whether one starts counting the 20 years from 1954 or from 1968, it does not really matter. In my judgment, subject to one important matter which I will shortly deal with, whether by 1974 or by 1988, Mr Li’s cause of action to recover possession of the subject lot has become time-barred and his title to the same extinguished. Alternative argument based on the Chinese Agreement 73. I should mention, for the sake of completeness, that on the pleading, the Plaintiff also runs an alternative case of an equitable or beneficial interest in the subject lot arising from the Chinese Agreement itself. But Mr Mak, counsel for the Plaintiff, told the Court in no uncertain terms, both during his opening and during his final submission, that the Plaintiff is not pursuing this argument. In any event, it is difficult to see how this argument could lead the Plaintiff anywhere. The 1954 Chinese Agreement dealt or purported to deal with land owned by the Tong (or, in truth, so far as the subject lot was concerned, the Tso), the consent of the District Land Officer to which was required as mentioned above. Moreover, there was a mutual mistake amongst the vendor and the purchaser in that both apparently thought that the subject lot belonged to the Tong. This was a most fundamental mistake and rendered the Chinese Agreement void in relation to the subject lot. The acquisition of the title to the subject lot by Mr Li in his personal capacity, 14 years after the - 36 - signing of the Chinese Agreement, would not help to feed the title. So in my judgment, this alternative argument based on the Chinese Agreement itself is a dead end. Result but… 74. But for one matter, the upshot of all this is that I would be prepared to make a declaration that by 12 March 1988 (the 20th anniversary of Mr Li’s acquisition of title to the subject lot) at the latest, Mr Chan has acquired a possessary title to the subject lot and Mr Li’s title to the same has been extinguished, by reason of Mr Chan’s adverse possession of the same for a continuous period of no less than 20 years. I would not be minded to make any declaration in relation to the Plaintiff’s title to the land. For this would depend on his succession to his late father’s intestate estate, and the claim, if any, of any other possible beneficiaries (like his sisters). The New Territories Leases (Extension) Ordinance (Cap. 150) (“The Extension Ordinance”) 75. The one very important matter that I referred to above is this: It is common ground that the Block Crown lease in question was for a term of 75 years from 1 July 1898 with an option to renew for a further term of 24 years less 3 days. Pursuant to the New Territories (Renewable Government Leases) Ordinance (Cap. 152) (“the Renewal Ordinance”), the option was deemed to have been exercised and a new Government lease granted immediately upon the expiration of the Block Crown lease on 30 June 1973, for a new term of 24 years less 3 days, expiring on 27 June 1997: sections 3 and 4 of the Renewal Ordinance. - 37 - 76. According to the Privy Council decision in Chung Ping Kwan v. Lam Island Development Co. Ltd [1997] AC 38, the Renewal Ordinance did not have the effect of giving a leaseholder under a Crown lease a fresh cause of action to evict a squatter, who had been in adverse possession for over 20 years prior to 1 July 1973, by virtue of the renewal and grant of a new lease on that day pursuant to the provisions in the Renewal Ordinance. On its true construction, the Renewal Ordinance was essentially administrative machinery designed to facilitate the implementation of existing rights and obligations under Crown leases, with a rent alteration in favour of lessees; the Ordinance should be approached on the footing that, save as otherwise provided, the Ordinance was intended to achieve the same result as would have occurred if a new lease had been granted pursuant to the right of renewal. In those circumstances, the deemed new lease was to be regarded as having the like consequences in law as would have followed from an actual exercise of the renewal option and an actual grant of a new lease: p. 50E-F. 77. According to the Privy Council, if there were an actual exercise of the renewal option and an actual grant of a new lease, the lessee would be obtaining and holding the new lease pursuant to the exercise of an option which was granted by the Government under the original Crown lease. The new lease was not obtained by virtue of any new right unconnected with the lessee’s prior interest, but by the maturing of a right which had its inception in the original Crown lease. Prior to the grant of the new lease, the lessee under his current lease (the leasehold estate under which is the subject of extinguishment under the squatter’s adverse possession) already got a specifically enforceable right to a new lease against the Government. His new lease stemmed from his original lease. According to the Privy Council, - 38 - “The lessee’s claim in right of the new lease is not a claim to an estate or interest in reversion within the meaning of section 9(1) [of the Limitation Ordinance]1, because the lessee’s right to the new lease, subject to satisfying any prescribed conditions, was a right he already had as lessee.” 78. In other words, the lessee was not in the same position of a person claiming through the reversionary interest of the Government as landlord, which in the absence of an option to renew (or the exercise thereof) would fall into possession upon the expiry of the term of the original Government lease, and thus a person who could exercise the Government’s fresh cause of action to evict the trespasser upon the falling into possession of the Government’s reversionary interest pursuant to section 9(1). Rather, the lessee was a person obtaining and holding the newly granted lease pursuant to the exercise of an option to renew that was contained in the original Government lease in his favour. As between him and the trespasser, that option had been defeated and indeed extinguished pursuant to section 17 just as much as the lessee’s other rights under the original Government lease: pp. 48F-G, and 49G-H. Therefore, there was no accrual of a fresh cause of action to evict the trespasser pursuant to section 9(1) of the Limitation Ordinance. 79. Whereas the Renewal Ordinance did not, in substance, create any new right or obligation as between the Government and the lessee, save that there was a mandatory statutory exercise of the option to renew, the same cannot be said in relation to the Extension Ordinance, which had its origin in the Joint Declaration dated 19 December 1984. Annex III para. 1 Section 9(1) reads: “Subject as hereafter provided in this section the right of action to recover any land shall, in a case where the estate or interest claimed was an estate or interest in reversion or remainder or any other future estate or interest and no person has taken possession of the land by virtue of the estate or interest claimed, be deemed to have accrued on the date on which the estate or interest fell into possession by the determination of the preceding estate or interest.” - 39 - 2 of the Joint Declaration provided that all leases of land granted by the British Hong Kong Government not containing a right of renewal that expired before 30 June 1997, with some (irrelevant) exceptions, might be extended if the lessee should so wish for a period expiring not later than 30 June 2047 without payment of an additional premium. 80. This part of the Joint Declaration was carried into effect domestically by the enactment of the Extension Ordinance in 1988: see the short title and the preamble of the Ordinance. A Government lessee could opt out of the extension provisions in the Ordinance by a prescribed procedure that had to be completed prior to the coming into effect of Part II of the Ordinance on 25 April 1988 which contained the necessary extension provisions: see section 5 in Part I of the Extension Ordinance which came into operation earlier on 26 February 1988. 81. Section 6 in Part II of the Extension Ordinance reads in English and Chinese as follows: “6. The term of a lease to which this Ordinance applies is extended, from the date on which it would, apart from this Ordinance, expire, until the expiry of 30 June 2047, without payment of any additional premium. ᵜọֻᡰ䚙⭘ཱྀ㌴Ⲵᒤᵏ⨮Ҹ㒼ᵏˈ⭡ཱྀ㌴㤕䶎ഐᵜọֻׯ ᴳቶ┯Ⲵᰕᵏ䎧ˈ㒼ᵏ㠣 2047 ᒤ 6 ᴸ 30 ᰕᆼ㎀ᱲ→ˈ❑丸 㼌㒣ൠܩDŽ” 82. Section 7 contains provisions dealing with the burdens and covenants affecting the land during the period of “extension” under section 6, as well as the preservation of rights and obligations concerning the land during the same period. - 40 - 83. In short, whereas under the Renewal Ordinance, the renewed Government leases were to expire by effluxion of time on 27 June 1997, by virtue of the Extension Ordinance, the leases have been “extended” for 50 years and 3 days to 30 June 2047. 84. The Extension Ordinance was adopted as the laws of the Hong Kong Special Administrative Region by the Provisional Legislative Council on 1 July 1997 under section 7 of the Hong Kong Reunification Ordinance. Furthermore, articles 120 and 121 of the Basic Law confirm the “extension” of these leases. The relevant provisions in both English and Chinese are as follows: “Article 120 All leases of land granted, decided upon or renewed before the establishment of the Hong Kong Special Administrative Region which extend beyond 30 June 1997, and all rights in relation to such leases, shall continue to be recognized and protected under the law of the Region. Article 121 As regards all leases of land granted or renewed where the original leases contain no right of renewal, during the period from 27 May 1985 to 30 June 1997, which extend beyond 30 June 1997 and expire not later than 30 June 2047, the lessee is not required to pay an additional premium as from 1 July 1997, but an annual rent equivalent to 3 per cent of the rateable value of the property at that date, adjusted in step with any changes in the rateable value thereafter, shall be charged. ㅜаⲮҼॱọ 俉⢩ࡕ㹼᭯॰ᡀ・ԕࡽᐢᢩࠪǃ⊪ᇊǃᡆ㒼ᵏⲴ䎵䎺аҍ ҍгᒤޝᴸйॱᰕᒤᵏⲴᡰᴹ൏ൠཱྀ㌴઼㠷൏ൠཱྀ㌴ᴹ䰌 ؍Ⲵа࠷℺࡙ˈ൷᤹俉⢩ࡕ㹼᭯॰Ⲵ⌅ᖻ㒬㒼Ҹԕ䂽઼ 䆧DŽ ㅜаⲮҼॱаọ ᗎаҍޛӄᒤӄᴸҼॱгᰕ㠣аҍҍгᒤޝᴸйॱᰕᵏ䯃 ᢩࠪⲴˈᡆ⋂ᴹ㒼ᵏ℺࡙㘼⦢ᗇ㒼ᵏⲴˈ䎵ࠪаҍҍгᒤ ޝᴸйॱᰕᒤᵏ㘼н䎵䙾Ҽ䴦ഋгᒤޝᴸйॱᰕⲴа࠷൏ - 41 - ൠཱྀ㌴ˈ』Ӫᗎаҍҍгᒤгᴸаᰕ䎧н㼌ൠܩˈն䴰⇿ ↔٬Ⲯ࠶ѻйⲴ』䠁DŽ『ᒤ㒣㌽⮦ᯬ⮦ᰕ䂢൏ൠ៹䃢ᐞ伹 ”٬Ⲵ᭩䆺㘼䃯ᮤ』䠁DŽ『ᖼˈ䳘៹䃢ᐞ伹 85. In those circumstances, can a Government lessee who has been dispossessed by a squatter for the requisite period of adverse possession prior to the “extension” of his Government lease (as renewed pursuant to the Renewal Ordinance) claim that he has thereby obtained a fresh cause of action based on the extended lease to evict the squatter, pursuant to section 9(1) of the Ordinance, so that time should begin to run again upon the “extension”? Depending on when the squatter completed his requisite period of adverse possession, and depending on the actual meaning and legal effect of an “extension” of the lease, the above question may have to be further modified or fine-tuned. But for the time being, this sufficiently highlights the question faced by the Plaintiff in the present action. 86. In Unijet Ltd v. Yiu Kwai Hoi HCA 13637/1998 (21 June 2002), Sakhrani J held that the Extension Ordinance must be construed according to common law principles. Under common law principles, there can be no “extension” of the term of a lease even by mutual agreement between landlord and tenant. That can only be achieved by a surrender and re-grant, or a “reversionary lease”. In a surrender and re-grant situation, the unexpired term of the original lease is there and then surrendered by the tenant to the landlord in exchange for the re-grant of a new tenancy. In a reversionary lease situation, otherwise known as a “concurrent lease” (see Halsbury’s Laws of England (4th ed. reissue) Vol. 27(1) para. 81 and particularly footnote 1 and para. 83), for the type of concurrent leases one is concerned with here, the term of the - 42 - concurrent/reversionary lease will begin immediately upon the expiration of the earlier lease and end on a future day. 87. Sakhrani J therefore held that the “extension” in the Extension Ordinance was achieved by means of either an immediate surrender and re-grant which therefore would have taken place on 25 April 1988, or a reversionary lease the term of which would have commenced on 28 June 1997 immediately after the expiry of the renewed term of 24 years and 3 days pursuant to the Renewal Ordinance. His lordship did not find it necessary to decide this point on the facts of that case: see para. 81 of the learned judge’s judgment. 88. In those circumstances, the learned judge further concluded that in either case, this was a completely different situation from that obtaining in the Renewal Ordinance and the Privy Council decision in Chung Ping Kwan. Neither the surrender and re-grant nor the reversionary interest was premised on a pre-existing option to renew under the original lease, or the new lease renewed pursuant to the Renewal Ordinance. The lessee under the re-grant or under the reversionary lease took the lease in question as the new lessee of the Government landlord. He was someone claiming through the Government’s reversionary interest whether under the re-grant or under the reversionary lease. There was therefore an accrual of a fresh cause of action pursuant to section 9(1) of the Limitation Ordinance upon the re-grant or upon the taking effect of the reversionary lease. In those circumstances, notwithstanding the possessary title vis-à-vis the original lease (as renewed) obtained by a squatter prior to April 1988 or June 1997 when the re-grant or alternatively the reversionary lease took effect, time began to run again upon the re-grant or the reversionary lease taking effect. - 43 - 89. If that is correct, and if time really began to run again under such a new cause of action either in April 1988 or in June 1997, given that the present counterclaim by the Defendants for eviction was commenced in September 1998, the result must be that the Plaintiff cannot now claim a good possessary title against the Defendants, regardless of what the true position was prior to the “extension”. 90. However, in Mutual Luck Investment Ltd v. Yeung Chi Kuen HCMP 6047/1998 (25 November 2002), Lam DJ in his judgment (Part II) came to an opposite conclusion relating to the Extension Ordinance. In the learned judge’s view, the Extension Ordinance is covered by the true principle behind the Privy Council decision in Chung Ping Kwan. According to the learned judge (in paras 48-50), first, the “extension” took place in April 1988, because section 6 of the Extension Ordinance in both English and Chinese refers to a present extension. He also drew support from articles 120 and 121 of the Basic Law which have been extracted above. (But the past tense used in these two articles of the Basic Law would equally support Sakhrani J’s construction of the Extension Ordinance because whether by means of a surrender and re-grant or a reversionary lease, the “extension”, according to Sakhrani J, was achieved before 1 July 1997 when the Basic Law came into effect.) 91. In any event, Lam DJ was of the view that the material question according to the Privy Council’s decision is as follows (at paras. 63 and 64): “63. It seems to me on proper reading of the judgment of Lord Nicholls, the material question is not whether the right of the lessee to the new legal estate stemmed from an option to renew or other right inherently built into the old lease or right bestowed on the lessee when the old lease was granted. The material question is whether there was a specifically enforceable right in - 44 - the lessee to call for the new legal estate by reason of his interest under the old lease when he was already lawfully in possession. If he had such a right, Section 9(1) would operate in favour of the lessor and conversely, if such a lessee had slept on his rights, the fact that he acquired a new legal estate could not assist him. That is precisely why Lord Nicholls said that the legal source of the lessee’s entitlement to his new legal estate could not be ignored. 64. Applying such a test, the answer is obvious. The right of the Plaintiff’s predecessor in title under Section 6 of the New Territories Leases (Extension) Ordinance Cap. 150 is a specifically enforceable right. Such a right was conferred upon Fung Lok Kung Sze when, as between it as lessee and the Government as lessor, it was lawfully in possession. Hence, at all material time, the Government could rely on Section 9(1) to maintain that time has not started to run against it. As regards the squatter, on the assumption that I were incorrect in all my above findings as to the boundary of the First Tau Shui Mun and the status of Hon Kun and the 39th Defendant, Fund Lok Kung Sze slept on its rights by failing to commence proceedings against the 39th Defendant to recover possession. The right of Fund Lok Kung Sze to obtain the new legal estate pursuant to the extension was not by virtue of any new right unconnected with its prior interest (see paragraph 58 above). Hence, the rationale in Chung Ping Kwan applies to the new estate obtained by a Government lessee pursuant to the New Territories Leases (Extension) Ordinance Cap. 150 as much as it applied to the new estate pursuant to the deemed renewal in 1973.” 92. In other words, Lam DJ held that since the right to an “extension” had its origin in the lessee’s status as a Government lessee in lawful possession under the original Government lease (as renewed by the Renewal Ordinance), he did not derive his new title under the re-granted lease in 1988 from the Government’s reversionary interest under the original lease (as renewed), but rather pursuant to his statutory right in section 6 of the Extension Ordinance by virtue of his status as a Government lessee under a Government lease that had been renewed pursuant to the Renewal Ordinance. - 45 - 93. I have carefully considered the reasonings in both judgments, as well as the very interesting arguments mounted by counsel on both sides. With the greatest respect to the two learned judges (and counsel), I prefer the decision of Lam DJ. I will not further lengthen this judgment by a detailed analysis of the situation. That has been done twice by two learned judges. This point, of potentially great importance, obviously requires appellate clarification, particularly in the light of the conflicting first instance decisions. I hope that whatever that I may try to say on this issue in this judgment will not add to the present confusion on the proper construction of the Extension Ordinance. 94. For what it is worth, I would like to simply add a few observations of my own. First, insofar as Unijet decided that the extension was achieved by a surrender and re-grant in April 1988 and the effect of that was that a fresh cause of action accrued in April 1988, I cannot agree with it. This would effectively mean that a squatter who had obtained a good possessary title prior to April 1988 was, by a side-wind under the Extension Ordinance, deprived of his possessary title to the land in question for the remainder of the term of the renewed lease (pursuant to the Renewal Ordinance) of more than 9 years, before it was due to expire on 27 June 1997. An interest in land for 9 years is a very valuable interest indeed. The Extension Ordinance should not be construed, unless for compelling reasons, to have such a draconian effect on a person’s accrued interest in land, even though that accrued interest was in the nature of a possessary title, which was good only for the remaining term of the leasehold estate of the dispossessed leaseholder. See Bennion, Statutory Construction (4th ed.) sections 269 and 278. - 46 - 95. Secondly, of course, insofar as Unijet decided that the “extension” was only achieved by means of a reversionary lease taking effect in June 1997, the above startling result would not arise. However, this alternative construction does not sit well with the actual wording of section 6 of the Extension Ordinance, whether in English or Chinese, as has been pointed out by Lam DJ in para. 48 of his judgment. 96. Thirdly, one must not only focus on what happened on 25 April 1988 when Part II (and in particular section 6) of the Extension Ordinance came into operation. One should bear in mind and analyse the position between 26 February 1988 when Part I and section 5 came into operation and 25 April 1998. Granted that common law does not allow the extension of the term of a lease by mutual agreement, or, for that matter, the insertion of an option to renew into a lease that did not contain such an option (Baker v. Merckel [1960] 1 QB 657), it does not follow that the legislature cannot force upon the parties a statutory option to “extend” (via a surrender and re-grant), which it obviously did, when Part I of the Extension Ordinance came into operation on 26 February 1988. Part I section 5 contains the opt-out provisions. If the lessee opted out before the deadline (i.e. 25 April 1988 when Part II came into operation), there would be no “extension” and his pre-existing lease would be left to run its course. This was, in substance, an option given to the lessee by legislation. This statutory option therefore did not, unlike the common law, by itself cause a (deemed) surrender and regrant. But if the lessee did not opt out before the deadline, when Part II came into operation, an “extension” via a surrender and regrant would then take place. To this extent, on this analysis, the common law as represented by Baker v. Merckel was departed from by the legislative. - 47 - 97. I call it an “option” to surrender and re-grant because the lessee was indeed given an option under section 5 of the Extension Ordinance, or more correctly, a “negative” option to opt out of the surrender and re-grant, which option to opt out must be exercised within a period of time, i.e. between 26 February 1988 (when section 5 came into effect) and 25 April 1988 (when section 6 came into effect). This was, like an option to renew, a unilateral option on the part of the lessee. The Government had no choice. The lessee had a specifically enforceable right to surrender and obtain a re-grant, provided that he did not choose to opt out within the short period of time. This right was given to him by legislation. 98. Thus analysed, I can see no material distinction between a lessee who was given this option by section 5 during the period of time between 26 February 1988 and 25 April 1988, and a lessee who had an option to renew the Government lease for another term of 24 years less 3 days prior to the expiration of his lease on 30 June 1973. The latter had a right under the original Government lease. The former had a right pursuant to the Extension Ordinance. They both had their respective rights because they were the lessees of the Government, and their rights were specifically enforceable against the Government in their capacity as lessee. In other words, the reversionary interest of the Government to the land was (made) subject to those rights. Put yet another way, in between the squatter and the Government, there stood the Government lease plus those rights respectively. When the two lessees in my example respectively exercised the options against the Government and respectively obtained a new leasehold interest in the land, they were not obtaining the new leasehold estate pursuant to the reversionary interest that the Government had in the land prior to the exercise of the option, which fell - 48 - into possession upon the expiry of the existing lease – it did not; rather they were obtaining the new leasehold interest pursuant to their own respective rights against the Government prior to the exercise of the options. The Government’s reversionary interest under the current lease in each case never fell into possession; no fresh cause of action therefore accrued under section 9(1). 99. To be more specific, between 26 February and 25 April 1988, the Government lessee had an option (or negative option). If he opted out, there would be no surrender and re-grant. If he did nothing, then on 25 April 1988, there would be a surrender and re-grant. The Ordinance gave him an option or a right to a re-grant upon surrender on 25 April 1988. That right was specifically enforceable against the Government. That right also stood between the Government and the squatter. Section 9(1) of the Limitation Ordinance therefore did not apply, in the sense that the Government’s reversionary interest never fell into possession on 25 April 1988. The situation is therefore indistinguishable from the Privy Council decision in Chung Ping Kwan. 100. Fourthly, in fact, the same analysis would mean that even if the “extension” in the Extension Ordinance was achieved not by a surrender and re-grant, but by a reversionary lease, there would be no accrual of a fresh cause of action under section 9(1) when the reversionary lease came into effect on 27 June 1997. Just like the right/option to surrender and re-grant in the previous analysis, the right to the reversionary lease originated from an option conferred under section 5 which lasted for two months in 1988. After the lapse of the two months, the option turned into a right which was specifically enforceable against the Government between April 1988 and 27 June 1997. The reversionary lease only came into - 49 - maturity on 27 June 1997. The analysis in Chung Ping Kwan therefore applies equally to a reversionary lease situation. No accrual of a fresh cause of action under section 9(1) would be involved. As between the squatter and the Government, there would be this right to a reversionary lease standing between them, preventing the application and operation of section 9(1). 101. Finally, the assumption that the Extension Ordinance should not be construed against established common law principles, particularly in relation to how an “extension” of the term of a lease can be achieved at law, must, where necessary, give way to practical considerations. After all, the legislature is not bound by any common law technicalities or disability. If it so wishes, it can legislate on something new or contrary to common law principles. If on any fine and technical analysis of the law, one is driven to the conclusion that an accrued possessary title acquired by the time the Extension Ordinance was enacted would be disturbed fatally by the Ordinance as from April 1988, in my judgment, the Ordinance should be construed free from the common law restrictions, and if necessary, one could construe the “extension” as meaning simply what it says, i.e. that the renewed term of the Government lease pursuant to the Renewal Ordinance is extended for 50 years and 3 days. 102. Admittedly, the need to adopt such a bold construction of the Ordinance would be lessened if the alternative basis of a reversionary lease in Unijet is preferred. But in my judgment, even in that case, looking at the spirit, intention and wording of the Joint Declaration and the Extension Ordinance as a whole, I would still lean in favour of a construction which would preserve the status quo for 50 years, and that would include preserving the status quo of squatters who had acquired a possessary title - 50 - for 50 years. After all, it should be remembered that the Extension Ordinance was enacted to give effect to the Joint Declaration, and the Joint Declaration is a treaty between the United Kingdom which of course follows the common law and the People’s Republic of China which does not use common law. One should therefore be slow to assume that in agreeing to the extension of leases in Annex III of the Joint Declaration, the PRC Government did not intend the “extension” to mean what it says, i.e. simply an extension, and that rather, the PRC Government intended to follow the technical common law position prevailing in the United Kingdom – its treaty counterpart, in achieving the extension of the lease. Since the Extension Ordinance specifically refers to the Joint Declaration and the expressed object of the Extension Ordinance is to give effect to the Joint Declaration, I see no objection whatsoever in looking at the Joint Declaration for reference in seeking to properly construe the Extension Ordinance: See Bennion, op. cit., section 221. 103. So for all these reasons, I hold that the Extension Ordinance does not stand in the path of the Plaintiff in the present case. Outcome 104. I make a declaration that by 12 March 1988 at the latest, Mr Chan has acquired a possessary title to Lot No. 525RP and Mr Li’s title to the same has been extinguished, by reason of Mr Chan’s adverse possession of the same for a continuous period of no less than 20 years; and that since 12 March 1988 at the latest, the aforesaid possessary title was and is good against the Defendants. - 51 - 105. As regards costs, costs should follow the event. I order that the Defendants pay to the Plaintiff the costs of the action including all costs reserved previously, such costs to be taxed if not agreed. 106. The Plaintiff has indicated to me that he is not pursuing any claim for damages arising from the confrontations between the two families in 1998. I make no order in relation to the claim for damages. 107. It must follow from the above that I dismiss the counterclaim of the 4th Defendant for damages based on trespass. I also order that the 4th Defendant pay to the Plaintiff the costs of the counterclaim, such costs to be taxed if not agreed. 108. I would like to thank counsel for their helpful assistance (Andrew Cheung) Deputy Judge of the Court of First Instance High Court Mr Andrew Y S Mak, instructed by Messrs Donald Yap, Cheng & Kong, for the Plaintiff Ms Anita Ma, instructed by Messrs Yeung & Chan, for the Defendants CACV 71/2003 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF APPEAL CIVIL APPEAL NO. 71 OF 2003 (ON APPEAL FROM HCMP NO. 4191 OF 1998) ______BETWEEN CHAN TIN SHI (昛⣑ṽ) Plaintiff and LI TIN SUNG (㛶⣑復) Defendants LI WONG CHOI (㛶䘯屉) LI WONG HING (㛶䘯冰) LI TIN SUNG (㛶⣑復) (appointed to represent the estate of the Deceased LI WING FU (㛶㥖) alias LI KOON SHING(㛶⭀⊅)) ______ Before: Hon Rogers VP, Le Pichon and Yuen JJA in Court Date of Hearing: 13 January 2004 Date of Handing Down Judgment: 19 November 2004 ______ J U D G M E N T ______ Hon Rogers VP: 1. This is an appeal from a judgment of Deputy High Court Judge A Cheung, as he then was, given on 14 January 2003. At the conclusion of the hearing of this appeal, this court reserved its judgment which we now give. - 2 - Background 2. Although the history behind the litigation is somewhat involved and took the judge many pages in his judgment to explain, the essential facts found by the judge are not in dispute. For the purposes of this appeal it is sufficient to state that the plaintiff’s claim relates to land known as Lot No. 525RP in DD No. 26 in Tai Po (“the land”). The land is registered in the name of Li Wing Fu, also known as Li Koon Shing, deceased (“Mr Li”). Mr Li’s estate is sued by the plaintiff as the 4th named defendant, it is represented by Mr Li’s eldest (adopted) son, the 1st named defendant (“the 1st defendant”). The other two defendants (“the 2nd defendant” and “the 3rd defendant” respectively) are the other two sons of Mr Li. The essential claim in the action is for a declaration that the registered owner of the land and the defendants have lost the right to bring any action to recover the land or any part thereof by reason of section 7(2) of the Limitation Ordinance, Cap. 374. An order is also sought to vest all the estate right title benefit and interest in the land in the plaintiff. 3. The judge reached the conclusion that the plaintiff had made out a case of adverse possession of the land, having been in adverse possession since 1954. There was a question which arose as to whether the period of adverse possession as against the defendants could be counted from 1954 or 1968. Again, for the purposes of this appeal, that issue does not need to be addressed. I would mention that the judge approached the matter on the basis that the plaintiff could only rely on adverse possession from the later date and thus, at paragraph 74 of the judgment, he said: “74. But for one matter, the upshot of all this is that I would be prepared to make a declaration that by 12 March 1988 (the 20th anniversary of Mr Li’s acquisition of title to the subject lot) at the latest, Mr Chan has acquired a possessary title to the subject lot and Mr Li’s title to the same has been extinguished, by reason of - 3 - Mr Chan’s adverse possession of the same for a continuous period of no less than 20 years.” 4. That one matter to which the judge referred was the effect of the New Territories Leases (Extension) Ordinance, Cap. 150 (“the Extension Ordinance”). In particular, the question was whether the effect of the Extension Ordinance was to create a new estate by reason of the extension which had the effect of rendering the prior adverse possession by the plaintiff irrelevant. The judge was faced with conflicting decisions at first instance as to the effect of the Extension Ordinance. 5. In Unijet Ltd v Yiu Kwai Hoi HCA 13637/1998 (21 June 2002), Sakhrani J held that the extension under the Ordinance could only be achieved by a surrender and re-grant, or a “reversionary lease”. In those circumstances, notwithstanding the possessory title vis-à-vis the original lease (as renewed) obtained by a squatter prior to April 1988 [or June 1997] when the re-grant [or alternatively the reversionary lease] took effect, time began to run again upon the re-grant [or the reversionary lease] taking effect. 6. In contrast, Lam DJ, as he then was, in Mutual Luck Investment Ltd v Yeung Chi Kuen HCMP 6047/1998 (25 November 2002), had come to the opposite conclusion. He held, in effect, that the source of the government’s lessee’s right to the extension was his pre-existing lease and, since the title of the government lessee had been extinguished as against the squatter under the pre-existing lease, the fact that he acquired a new legal estate could not assist him. In so holding, Lam DJ considered that he was following the reasoning in the Privy Council decision in Chung Ping Kwan v Lam Island Development Co. Ltd [1997] AC 38 (“the Lam Island decision”). 7. The judge below preferred the reasoning of Lam DJ and in doing so mentioned three further points. The first was that to hold in favour of the - 4 - government lessee would “mean that a squatter who had obtained a good possessory title prior to April 1988 was, by a side-wind under the Extension Ordinance, deprived of his possessory title to the land in question for the remainder of the term of the renewed lease (pursuant to the Renewal Ordinance) of more than 9 years, before it was due to expire on 27 June 1997.” Secondly, he felt that it was difficult to construe the Extension Ordinance on the basis that a reversionary lease would take effect in June 1997. Thirdly, he held that the effect of the Extension Ordinance was to give the government lessees a statutory option to extend their leases, thus, in effect, re-writing the original leases. 8. On that basis the judge below gave judgment for the plaintiff and made a declaration that Mr Li’s title had been extinguished by reason of the plaintiff’s adverse possession of the land and that since 12 March 1988, at the latest, the plaintiff’s possessory title was good against the defendants. The Extension Ordinance 9. Before turning to the arguments on the appeal, it would be convenient to set out some of the provisions of the Extension Ordinance. Under section 5 of the Extension Ordinance a government lessee may exclude the application of the Extension Ordinance. Section 5(1) provides: “Option by the lessee (1) A lessee may exclude from the application of this Ordinance his interest under a lease, other than an undivided share in the land to which the lease relates, by registering in the Land Office register, before the appointed day, a memorandum in a form specified by the Land Officer.” 10. Part II of the Extension Ordinance deals with the question of extension of New Territories leases. That part commences: - 5 - “PART II EXTENSION OF NEW TERRITORIES LEASES 6. Extension of leases The term of a lease to which this Ordinance applies is extended, from the date on which it would, apart from this Ordinance, expire, until the expiry of 30 June 2047, without payment of any additional premium.” This appeal 11. On this appeal Mr Chan SC, who appeared on behalf of the defendants, argued quite simply that the only way in which section 6 of the Extension Ordinance could be implemented is by means of a surrender and re-grant or alternatively by the grant of a new lease which would take effect after the expiry of the old lease in June 1997. He said that in either event that would constitute a new estate. In those circumstances, the fact that the plaintiff may have acquired squatter’s rights as against the defendants in respect of the old lease did not mean that any rights had been acquired which would affect the new lease which took effect either on the coming into operation of Part II of the Extension Ordinance or else upon the expiry of the old lease in June 1997. 12. In the course of his argument, Mr Chan relied heavily on the decision of the majority of the House of Lords in Fairweather v St. Marylebone Property Co. Ltd. [1963] AC 510. Although the decision in that case was heavily criticised by Professor Wade in an article in 1978 LQR 541, those criticisms are not pertinent to the matters which are relevant in this case. In his speech Lord Radcliffe explained, in terms to which Professor Wade did not object, the effect of the limitation provisions. For present purposes the provisions then prevailing in England can be taken as having the same effect as those in Hong Kong. He said that it was a misunderstanding that had been clearly explained by Scrutton, LJ in Taylor v Twinberrow [1930] 2 KB 16, to - 6 - treat the legal effect of adverse possession under the Limitation Acts as if it gave a title. Its effect was “merely negative”. Where the possession had been against a tenant, its only operation was to bar the tenant’s right to claim against the man in possession. Although he qualified that by saying at page 535: “I think that this statement needs only one qualification: a squatter does in the end get a title by his possession and the indirect operation of the Act and he can convey a fee simple.” He went on to say, at page 536: “...but he (i.e. the squatter) has not the title or estate of the owner or owners whom he has dispossessed nor has he in any relevant sense an estate ‘commensurate with’ the estate of the dispossessed. All that this misleading phrase can mean is that, since his possession only defeats the rights of those to whom it has been adverse, there may be rights not prescribed against, such, for instance, as equitable easements, which are no less enforceable against him in respect of the land than they would have been against the owners he has dispossessed.” 13. Lord Denning, in agreement with Lord Radcliffe, explained that although the title of the leaseholder may be extinguished as against the squatter, the leaseholder’s title remained as against the landlord of the premises. 14. If one applies those principles to the facts of this case, leaving aside the question of any extension in 1988, the defendants would not have been able to assert title as lessee against the plaintiff but, as against the government, the lease remained good. One example of that is that rent would still have had to have been paid. Another example is that the plaintiff would have had no rights against the government under the Limitation Ordinance. Hence it would naturally follow that the plaintiff would have had no rights once the defendants’ rights had ceased. Thus although the judge correctly pointed out that the plaintiff could have confidently expected not to have been ousted until the end of the defendants’ term of the lease, the plaintiff could have had no expectation - 7 - or otherwise that he would have any rights after June 1997, or even earlier, if the lease had terminated for any reason, for example because of government action for non-payment of rent. 15. Mr Chan argued that, in those circumstances, since the government had good title as against the plaintiff, if it granted a new estate, whether it be to the defendants or anybody else, that new estate would be good as against the plaintiff. Chung Ping Kwan v Lam Island Development Co. Ltd [1997] AC 38 at 46H-47B. In my view, Mr Chan’s argument to this extent cannot be faulted and, indeed, the defendants did not seek to argue otherwise, nor did the judgment below proceed on any other basis. 16. The Lam Island decision is not directly relevant to this case. It was a decision as to the effect of the New Territories (Renewable Government Leases) Ordinance, Cap. 152 (“the Renewal Ordinance”) in relation to a lease that had contained an option to renew. Quite apart from the fact that the wording of the Renewal Ordinance is different from the Extension Ordinance, the important part of the decision was that the original lease had contained a right of renewal. That, the Privy Council held, gave the lessee a right in respect of the property which he could enforce against the landlord. The Privy Council held that the adverse possession barred the lessee from asserting against the squatter that specifically enforceable right, and the legal estate which flowed from that right, as much as it barred the lessee from asserting against the squatter the other rights granted to him by the lease. 17. The question in this case might be thought to come down to whether the extension granted by section 6 of the Extension Ordinance amounts to a new estate which was created or whether as Lam DJ held, there was for all practical purposes an insertion into the old lease of an option to renew which - 8 - would take effect as a surrender and new grant. However, even when that latter proposition is analysed it can be seen that the notional insertion of an option to renew in a lease must constitute giving a new right. Hence, even if it should be assumed that there was a notional insertion of the option, that would, in my view, constitute the creation of a new estate or at the very least a new right which would rise to a term beyond that originally contracted for and time would begin to run again as against the squatter. I consider that on its proper construction section 6 of the Extension Ordinance did create a new estate in the leaseholders who did not opt out of the provisions of the Extension Ordinance under section 5. 18. Thus, although I consider that there is some attraction in the notion that section 6 of the Extension Ordinance means that somehow the original leases were to continue unaltered save for the fact that they would not expire in June 1997, I consider that without very clear wording, which would have in some way either preserved the “squatter’s title” or made it clear that no new estate was being created, the effect of what has been done is that a new estate had been created. The legal effect may thus be wider than had at first been envisaged. 19. It may well be that squatters’ rights were curtailed in the New Territories in the period after March 1988, after the coming into force of the Extension Ordinance, but, as was pointed out by Lord Denning, squatters’ rights are often vulnerable. Whilst that result might have not been at the forefront of the intention of the legislature, it would be equally unimaginable, if not more so, that the legislature would have wished to grant immunity to squatters in the New Territories as against the registered owners who would be liable to pay the rent for the land. - 9 - 20. The intention of the legislature in passing the Extension Ordinance was to provide legislation in accordance with what had been agreed in the Joint Declaration. That agreement would appear to have had a twofold purpose. In the first place it was to secure the continuity of land tenure, particularly in the New Territories, so that financial confidence could be maintained based upon a certainty that land tenure would continue. By the early 1980’s the continued financing of land purchases in the New Territories had become something of blind faith since bankers were in severe quandaries as to whether land tenure which expired in 1997 could be used as security for loans extending beyond that date. In the second place the provisions of the Joint Declaration, in this regard, were there to safeguard the revenue source from land for the future government of Hong Kong. Hence questions of squatters’ rights did not come into the policy behind the Extension Ordinance. 21. Insofar as it might be relevant to consider the policy behind the legislation relating to limitation of actions, that has been variously described as being that long dormant claims should not be permitted since they had “more of cruelty than justice in them”; coupled with that, defendants might have lost the evidence to disprove a stale claim and finally that persons with good causes of action should pursue them with reasonable diligence: see Halsbury’s Laws of Hong Kong, vol. 17 para. 245.004. Whilst it might be said that statutes relating to limitation are beneficial and should be construed liberally and not strictly, that does not, in my view, predispose that construction of a statute relating to ownership of land, but not in any way concerned with limitation, has to be favourable to squatters, who, after all, commenced their occupation as trespassers and thus were wrongdoers. This would be all the more so since they would be occupying land without paying rent and one of the purposes behind the Extension Ordinance was to enact provisions which had been agreed - 10 - on the basis that they would preserve the income of the ultimate landlord i.e. the government. 22. I would therefore allow this appeal, make an order dismissing the plaintiff’s claim, make a further order granting an injunction in terms sought in paragraph 2 of the prayer for relief sought in the notice of appeal and make an order for an enquiry as to damages as sought in paragraph 3 of the prayer for relief in the notice of appeal. I would make an order nisi that the costs of this appeal and in the Court below be to the defendants. Hon Le Pichon JA: 23. I have had the advantage of reading in draft the judgments of the Vice President and Yuen JA. I agree with the Vice President that the appeal should be allowed for the reasons he gives in his judgment and the order he proposes. In view of the difference of opinion on the effect of the Extension Ordinance, I would add a few observations of my own. 24. The judge below followed the decision of the Lam DJ (as he then was) in Mutual Luck Investment Ltd v Yeung Chi Kuen, HCMP 6047 of 1998 (unreported, 25 November 2002) whose judgment was premised on a surrender and re-grant having taken place on 25 April 1988 which was when section 6 of the Extension Ordinance came into operation. Lam DJ concluded that time did not begin to run again upon the re-grant in April 1988. He reached that conclusion because he did not think that Lord Nicholls intended to confine the rationale of Chung Ping Kwan v Lam Island Co Ltd [1997] AC 38 to a new estate obtained pursuant to an option to renew contained in the original lease and that a new interest granted pursuant to statute could come within the scope of such a rationale provided there was sufficient nexus between the old interest and the new one. See paragraph 55 of Mutual Luck. In considering the - 11 - correctness of this analysis, it is necessary first of all to determine what Lam Island did decide. 25. Lam Island had nothing to do with the interpretation of the Extension Ordinance. Rather, it concerned the interpretation of the New Territories (Renewable Crown Leases) Ordinance, Cap. 152 (“the Renewal Ordinance”) and its effect on squatters who had been in adverse possession of land in the New Territories. Until 1959, crown leases of land in the New Territories were normally for a term of 75 years from 1 July 1898 with an option to renew for a further term of 24 years less three days. Original leases were thus to expire on 30 June 1973 and renewed leases on 27 June 1997. Under the Renewal Ordinance, such leases were deemed to have been renewed for a period of 24 years less three days from 1 July 1973. It was held that an option to renew contained in the original lease was an existing property right vested in the lessee which was specifically enforceable against the lessor and although upon the exercise of the option, the lessee obtained a new legal estate, that was no more than implementation of a pre-existing contract embodied in the original lease. Where a squatter has been in adverse possession for the prescribed period, that barred the lessee from asserting against the squatter all his rights under the original lease and that included the option to renew because the source of that right was the original lease itself. 26. In his speech, Lord Nicholls cited with approval the decision of the Full Court of Victoria in Bree v Scott (1904) 29 VLR 692. In that case, the defendant had been in adverse possession of land since 1878 under such circumstances as to acquire title under the Statute of Limitations. A., the plaintiff’s predecessor in title had entered into the land in question under the Land Act 1869 sometime prior to 1878 as Crown licensee and subsequently became Crown lessee. A person who had acquired prior rights by licence and - 12 - lease under that Act could acquire the fee upon the performance of her obligations under them. In 1885, a grant of the land in question issued to A., “in pursuance of the Land Act 1869”. The plaintiff brought an action to recover the land from the defendant and the question for determination was whether that claim was time-barred. The answer depended on whether time ran in favour of the defendant from the time she entered into possession or from the date of the Crown grant. In holding that time ran from the earlier date, A’Beckett J said this (at p. 713): “This inactive licensee and lessee afterwards acquired a legal estate in the fee, not by virtue of any new right unconnected with her prior interest, but by the maturing of a right which had its inception in the licence.” It will be seen that the point made here was that ownership of the licence vested in the licensee an inchoate right to call for the Crown grant which right became absolute on the performance of certain obligations. The acquisition of the licence under the Land Act was therefore crucial: without it, A. would not have been in a position to call for a Crown grant at the later date. The right to the Crown grant could thus be said to have had its inception in the licence. 27. In Mutual Luck, Lam DJ framed the crucial issue (at para 56) as “whether there was such a continuity of interest that the new legal estate … could not be regarded as a new right unconnected with the prior interest under the old lease, but should be regarded as the maturing of a right having its seed in the old lease” and found (at para 58) “a nexus between the old lease and the new legal estate” in the original grant made in 1918 deemed to be renewed in 1973 without which the plaintiff could not have had the benefit of the extension. Mr Chan SC described paragraph 58 in Lam DJ’s judgment as a “quantum leap” because it ignored the source of the rights possessed by the lessee at the time the squatter’s rights were acquired. Lam DJ went on to say this (at para 59): - 13 - “59. It is true that the Plaintiff’s right under the extension derived from statute rather than an inherent property rights (sic) within the original lease. But so was the right of the grantee in Bree v Scott (1904) 29 VLR 692. In that case, the statute had been enacted when the grantee became a licensee of the land whilst in the present case, Cap. 150 was only enacted in 1988. Is this a material distinction?” To that question, after referring to certain passages in the judgment of Lord Nicholls in Lam Island, his answer (at para 63) was this: “63. It seems to me on proper reading of the judgment of Lord Nicholls, the material question is not whether the right of the lessee to the new legal estate stemmed from an option to renew or other right inherently built into the old lease or right bestowed on the lessee when the old lease was granted. The material question is whether there was a specifically enforceable right in the lessee to call for the new legal estate by reason of his interest under the old lease when he was already lawfully in possession. If he had such a right, Section 9(1) would operate in favour of the lessor and conversely, if such a lessee had slept on his rights, the fact that he acquired a new legal estate could not assist him. That is precisely why Lord Nicholls said that the legal source of the lessee’s entitlement to his new legal estate could not be ignored.” 28. But the focus of Lord Nicholls’ judgment was not the existence or otherwise of a specifically enforceable right; rather it was the existence of a right that was part and parcel of the original lease or embedded in it and one which gave rise to or matured into the new legal estate. That was the crucial feature of both Lam Island and Bree v Scott. So, had the option to renew in Lam Island not formed part of the original lease but had come about, for example, through a subsequent agreement between the parties, the result would have been very different. In that scenario, the right to renew would not have had its source in the original lease but in the subsequent agreement. Adverse possession by a squatter for the prescribed period would bar all rights of the lessee under the original lease but not those arising under the subsequent agreement. The fact that there happened to be in existence a landlord tenant relationship is insufficient to satisfy the “continuity of interest in the land” contemplated by A’Beckett J in Bree v Scott (at p. 712) which on proper - 14 - analysis required the original lease to have been the seed of the subsequent fruition of title (see Madden CJ at 700). Quite simply, it would not pass the test laid down by Lord Nicholls because, on any footing, the original lease could not be said to be the “legal source of the lessee’s entitlement to the new estate”. 29. In the present case, whether or not the new estate that came into existence took effect through a surrender and regrant or a reversionary lease of an estate coming into possession on the expiration of the renewed lease on 27 June 1997 or the insertion or the engrafting of an additional term into the lease made mandatory by statute, the crucial fact is that the right to a new term (i.e. the extension) was not part and parcel of the original lease or an inherent property right embedded in the original lease; rather, it was a new right that came into existence in April 1988 and conferred by statute upon a lessee of New Territories land who did not opt out of the Extension Ordinance under section 5. I cannot agree that the original lease under consideration could be said to be the “seed” from which the extension was the “fruition” as appeared to be the view of Lam DJ. The observations of Madden CJ in Bree v Scott (at p. 708) viz.: “… [the grantee] was a person from the seed of whose license the subsequent Crown grant was the fruition” when properly understood, do not warrant that conclusion. 30. As noted above, at the date the licence in Bree v Scott was acquired, the Land Act 1869 (which conferred on the licensee the right to call for a grant of the fee upon the performance of certain obligations) was already in place. When the licensee acquired the licence, she automatically obtained the right to call for a Crown grant subject to her fulfilling certain conditions. When the lease in the present case was granted, the lessee had no inchoate right to the extension available under the Extension Ordinance for the simple reason that - 15 - that Ordinance did not exist until 1988. Put differently, in the present case, the rights of the lessee under his original lease which were extinguished once the prescribed period of adverse possession elapsed did not and could not have encompassed the right to an extension conferred by the Extension Ordinance. It would follow that the term conferred by the Extension Ordinance is a new estate and for the purposes of limitation of action, time would begin to run again from the date of its creation. Hon Yuen JA: 31. I must respectfully differ from the judgments of the Vice-President and Hon Le Pichon JA in this appeal and that of Hon Sakhrani J in Unijet Ltd v Yiu Kwai Hoi [2003] 1 HKC 90. 32. In the present action, Deputy High Court Judge Andrew Cheung (now Hon Andrew Cheung J) found that the 1st-3rd Defendants’ father (“the Lessee”) had present interests in the land (within the meaning of s.8 Limitation Ordinance Cap. 347) in 1954 or 1968 (for present purposes, it does not matter which year is taken). He found as a fact that the Plaintiff’s father (“the Squatter”) dispossessed the Lessee in 1954 or 1968 and thereafter remained in continuous possession of the land for 20 years or more. 33. The effect of those findings was that in 1974 or 1988, the Lessee’s title in the land was, as between himself and the Squatter, extinguished under s.17 Limitation Ordinance. This did not of course affect the Lessee’s interests in the land as between himself and the Government in its capacity as lessor (“the Lessor”). Nor did this have any effect as between the Squatter and the Lessor, because during the Lessee’s term of years under the lease, the Lessor’s future interests in the land (within the meaning of s.9 Limitation Ordinance) had not yet fallen into possession. - 16 - 34. So much, I believe, is clear on the general principles of the law of limitation. On what basis, then, could the Lessee recover the land from the Squatter by proceedings commenced in 1998? 35. Mr Edward Chan SC for the Lessee submitted that by the New Territories Leases (Extension) Ordinance Cap. 150 (“the Extension Ordinance”) enacted in 1988, there was a surrender of the lease from the Lessee to the Lessor and an immediate regrant of a lease from the Lessor to the Lessee. Alternatively, he submitted, there was a grant of a reversionary lease from the Lessor to the Lessee of an estate to come into possession when the existing lease expired on 27 June 1997. Either way, a new legal estate came into existence under which the Lessor (and so, the Lessee claiming through it) could eject the Squatter. Surrender and regrant 36. I should first set out my understanding of what is meant by a surrender and regrant. Generally, a lessor and a lessee can agree to alter the term of years under an existing lease by the lessee surrendering to the lessor the interests he (the lessee) has under the existing lease, and the lessor giving him a fresh grant of a single term of years from that date for the period as altered expiring on the newly agreed date (which may be earlier or later than the expiry date under the original lease). 37. For the reasons discussed below, I do not consider that the Extension Ordinance operated as a surrender and regrant. 38. First, a surrender and regrant has not been expressed, or even been impliedly referred to, in the Ordinance. In my view, if the legislature had intended that there should be a surrender and regrant of nearly all government - 17 - leases in the New Territories (short term tenancies and special purpose leases excepted), it could easily have said so. A search of the Laws of Hong Kong shows that the terms “surrender” and “regrant” are commonly used in our statutes. They are conspicuously absent from the Extension Ordinance. 39. The Extension Ordinance refers instead to an “extension”. Mr Chan on behalf of the Lessee submitted that an “extension” of a term of years is not a concept or mechanism known to the common law (such as surrender and regrant). In my view, this works against the Lessee, not in his favour, as the legislature must be taken to have known that. Yet it chose not to use the language of surrender and regrant with which it was familiar, but chose to use the word “extend”. 40. In fact, the preamble to the Extension Ordinance tells us the source of its power to “extend” the term of years - the Joint Declaration of the Government of the United Kingdom and the Government of the People’s Republic of China on the Question of Hong Kong, in particular the Annex dealing with leases of land granted by the British Hong Kong Government: Annex III of the Joint Declaration, paragraph 2. The Ordinance was devised in and for unique historical circumstances, deriving its authority from the Joint Declaration of the two governments. It was adopted as part of the laws of the Hong Kong Special Administrative Region on 1 July 1997 under s.7 of the Hong Kong Reunification Ordinance. 41. As I see it, there was an imposition by the legislature of an additional provision in the leases, under which lessees were entitled to extend the term of years as against the lessor for the time being: the British Hong Kong Government and then, upon reunification, the Government of the Hong Kong Special Administrative Region. - 18 - 42. Given the unique historical circumstances in which this Ordinance was devised and the purpose it served, it is in my view neither necessary nor desirable to seek to justify, or engineer, the extension by reference to the mechanism of surrender and regrant, which the legislature had clearly chosen not to employ. 43. Secondly, even within the common law, “the implication of surrender and regrant is a fiction based on estoppel” which is not to be encouraged or extended (Baker v Merckel [1961] 1 QB 657, 667). This must especially be so where the grant of the right to extend the term of years was not a consensual act of individual parties (it being settled law that no difference is to be drawn between a lease granted by the Government and a private lease: Hang Wah Chong Investment Co Ltd v Attorney General [1981] 1 HKLR 336, 341), but was a right conferred by statute made applicable to nearly all leases throughout the New Territories. In my view, arguments based on estoppel have no place in such a situation. 44. Last but not least, the analysis of the Extension Ordinance as a surrender and immediate regrant breaks down even if the Ordinance were read merely as a private document agreed between individuals. It is settled law that on surrender, the original lease merges in the lessor’s reversion and is extinguished immediately (Megarry & Wade, The Law of Real Property 6th ed §14-172). On regrant, a lease is freshly granted for a single term commencing from the time of surrender and expiring at the end of the newly-agreed term of years (see Jenkin R Lewis Ltd v Kerman [1971] 1 Ch 477, 496 and the discussion of this case in Take Harvest Ltd v Liu [1993] AC 552, where the Privy Council held at 565H-566F that the court could not invoke the fiction of a new tenancy for a term of just 21 days when the parties never contemplated it). On Mr Chan’s submission that the Extension Ordinance operated as a surrender - 19 - and regrant, the surrender would have occurred on the operative date of s.6 (25 April 1988) and a fresh grant given for a term commencing from that date (25 April 1988) to 30 June 2047. However, the Extension Ordinance does not confer a single term of years from 25 April 1988 to 30 June 2047. Instead s.6 provides that the term is “extended from the date on which it would, apart from this Ordinance, expire...”, thus acknowledging the continuous existence of the original lease. 45. I do not think it is necessary to go further. In my view, the analysis that the Extension Ordinance operated as a surrender and regrant is incorrect for the reasons discussed above. Accordingly, it is not necessary in this appeal to seek an answer to the interesting problem posed regarding the validity of a surrender by and regrant to a lessee (whose title has been extinguished by a squatter’s adverse possession) for the purpose of overturning the squatter’s right to possession as against the lessee, and how such a device might be invalidated by, amongst other grounds, invoking the tort of conspiracy to injure: see Wade, “Landlord, Tenant and Squatter” (1962) 78 LQR 541 referred to by Lord Nicholls in Chung Ping Kwan v Lam Island Co Ltd [1997] AC 38, 47 as a powerful critique of Fairweather v St Marylebone Property Co Ltd [1963] AC 510, where Lord Denning (at 547) thought that there was “no way of preventing” the destruction of the squatter’s right to possession. Reversionary Lease 46. I then turn to Mr Chan’s submission that the Extension Ordinance operated as the grant of a reversionary lease by the Lessor to the Lessee. 47. Again, I would first set out my understanding of what is meant by a reversionary lease. (As a matter of completeness, I would note, with much respect to the trial judge, that a reversionary lease is not synonymous with a - 20 - concurrent lease; a concurrent lease is however synonymous with a lease of the reversion: see the discussion on the alignment of leasehold relationships in Gray and Gray, Elements of Land Law, 3rd ed. 387-391; Megarry & Wade, §14-061 esp fn.31, and §14-103). 48. Say a lease of land for a term of 10 years has been granted by a lessor L to a lessee T. After say, 3 years of this lease have run, L can secure a future letting of the land to R to take effect immediately upon the expiry of T’s lease in 7 years time. Such a lease to R is called a reversionary lease. 49. It is no less a reversionary lease if after 3 years of T’s lease have run, L agrees to lease the land to T to take effect upon the expiry of his present term (Jenkin R Lewis v Kerman, 496). L is free to decide if he wishes to grant a reversionary lease to R or to T (or not at all). By contrast, if L is under a specifically enforceable obligation under the lease to let the land to T upon the expiry of his present term for a further period of time at T’s option, what T has is not a reversionary lease but a lease with a right to renew for a further term of years. 50. As discussed above, the Extension Ordinance gave every existing lessee of the relevant leases a right to extend the lease from its expiry date under the existing lease to 30 June 2047: sections 5 and 6. The lessee could opt-out of the extension by registering a memorandum within the 2 month period from 26 February 1988 to 25 April 1988: section 5. However the lessor (and at risk of repeating myself, the Government is to be treated in its lease dealings as a private landlord) could not opt-out of the extension. It had no freedom to choose whether to let the land upon the expiry of the present term of years to the existing lessee or to another (perhaps better) lessee. Therefore, in my view, - 21 - the analysis that the Extension Ordinance operated as a reversionary lease is also incorrect. Right of renewal conferred by statute 51. As I see it, by the Extension Ordinance, the legislature wrote into the existing leases an additional right of renewal, under which the existing lessees were given the right to enforce a further term of years against the lessor for the time being, i.e. the British Hong Kong Government and then the Government of the Hong Kong Special Administrative Region. It is interesting to note in this regard that the Chinese term “临㛇” is used for both “renewal” in the New Territories (Renewable Government Leases) Ordinance Cap.152 and for “extension” in the Extension Ordinance. The fact that the option to renew was deemed by statute to be exercised unless a lessee gave notice to opt-out within the given period makes no difference to the nature of the right. Effect on squatters’ rights against dispossessed lessees 52. On this analysis, does the Extension Ordinance affect a squatter’s rights as against a lessee whose title he had extinguished under s.17 Limitation Ordinance? In my view, it does not affect him at all. 53. The decision of the Privy Council in Chung v Lam Island, that a squatter’s right of possession against a lessee he has dispossessed is not affected when the lessee acquires a new legal estate through a right of renewal in the lease, is well-known and I will not attempt to paraphrase Lord Nicholls’ judgment. - 22 - 54. What I would wish to refer to however is that part of the judgment (at 48) where Lord Nicholls emphasized that “to ignore the legal source of the lessee’s entitlement to his new legal estate would be to exalt form (a new legal estate) over substance (a pre-existing right to the estate)”. 55. In Chung v Lam Island, the source of entitlement to the new legal estate was a right of renewal in the lease. In the present case, the legislature conferred an additional right of renewal in the lease. I do not see anything in the authorities which dictates that the “pre-existing right to the [new] estate” must be one which had been in the lease from Day 1. In my view, the crucial point is that the seed of the new legal estate from 1997 to 2047 was planted as part of the lessee’s interest in the land under the existing lease during its currency. The question is simply whether the new estate was or was not a “new right unconnected with [the lessee’s] prior interest” as lessee under the original lease (Bree v Scott (1904) 29 VLR 692, 713). In my view, the new estate from 1997 to 2047 was clearly connected with the lessee’s prior interest, because the right to it had been conferred on him as part of his bundle of rights as lessee under the original lease and only by virtue of that interest. 56. On this analysis, the rationale of the Privy Council’s decision in Chung v Lam Island, regarding a squatter’s position where the lessee has a new lease pursuant to a right of renewal, is directly applicable. Lord Nicholls held (48 D-F) that the lessor had no right to eject the squatter even at the expiry of the original term. That was because the lessee had a specifically enforceable right under the original lease (in our case, imposed on the lessor by statute) which he could enforce against the lessor. The lessor was consequently not entitled to enter into possession of the land at the expiry of the original term, because the pre-existing right of the lessee to possession under the renewal - 23 - stood in the lessor’s way. The lessor therefore had no right to eject the squatter. 57. Further, as Lord Nicholls explained (49G-H), the lessee’s claim in right of the new lease was not a claim to an estate or interest in reversion under s.9 (1), because the lessee’s right to the new lease was a right he already had as lessee. However, as the lessee had slept on his rights vis-a-vis the squatter, the new legal estate does not enable him to eject the squatter, because he acquired that new legal estate by virtue only of a pre-existing right included (in our case, by statute) in the lease, his title to which has been extinguished as against the squatter (48 F-H). 58. In my view, that result accords not only with the recognised policy of the limitation legislation, but also with the intention expressed in the Joint Declaration and the ensuing legislation that all rights in property (albeit the somewhat tenuous rights of squatters as against dispossessed lessees) should continue to be recognised and protected, or at least not abrogated without clear wording, of which there is none in any of the legislation referred to this court. As with the Renewal Ordinance, the Extension Ordinance leaves the squatter in no better and no worse position. 59. For the reasons set out above, I would dismiss the appeal with costs. Hon Rogers VP: 60. There will therefore be an order as set out in paragraph 22 above. - 24 - (Anthony Rogers) (Doreen Le Pichon) (Maria Yuen) Vice-President Justice of Appeal Justice of Appeal Mr Andrew Mak, instructed by Messrs Adrian Yeung & Cheng, for the Plaintiff/Respondent Mr Edward Chan SC and Ms Anita Ma, instructed by Messrs Yeung & Chan, for the Defendants/Appellants FACV No. 7 of 2005 IN THE COURT OF FINAL APPEAL OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION FINAL APPEAL NO. 7 OF 2005 (CIVIL) (ON APPEAL FROM CACV NO. 71 OF 2003) (Heard together with FACV No. 12 of 2005 and FACV Nos 13 and 21 of 2005 (Consolidated)) ______Between : CHAN TIN SHI Appellant - and - LI TIN SUNG Respondents LI WONG CHOI LI WONG HING LI TIN SUNG (appointed to represent the estate of the Deceased LI WING FU alias LI KOON SHING) ______ FACV No. 12 of 2005 IN THE COURT OF FINAL APPEAL OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION FINAL APPEAL NO. 12 OF 2005 (CIVIL) (ON APPEAL FROM HCMP NO. 968 OF 1999) (Heard together with FACV No. 7 of 2005 and FACV Nos 13 and 21 of 2005 (Consolidated)) ______Between : MOK YUEN FUN and PERSONS UNKNOWN Appellant - and - CHINA OVERSEAS GRAND GAIN PROPERTY Respondent DEVELOPMENT LTD ______- 2 - FACV No. 13 of 2005 IN THE COURT OF FINAL APPEAL OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION FINAL APPEAL NO. 13 of 2005 (CIVIL) (ON APPEAL FROM CACV NO. 101 OF 2004) (Consolidated with FACV No. 21 of 2005 and heard together with FACV No. 7 of 2005 and FACV No. 12 of 2005) ______Between : CHAN SUK YIN and WONG YAM TAI Appellant - and - HARVEST GOOD DEVELOPMENT LTD Respondent ______ FACV No. 21 of 2005 IN THE COURT OF FINAL APPEAL OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION FINAL APPEAL NO. 21 of 2005 (CIVIL) (ON APPEAL FROM CACV NO. 101 OF 2004) (Consolidated with FACV No. 13 of 2005 and heard together with FACV No. 7 of 2005 and FACV No. 12 of 2005) ______Between : HARVEST GOOD DEVELOPMENT LTD Appellant - and - CHAN SUK YIN and WONG YAM TAI Respondent ______ Court : Mr Justice Bokhary PJ, Mr Justice Chan PJ, Mr Justice Ribeiro PJ, Mr Justice Litton NPJ and Lord Hoffmann NPJ - 3 - Dates of Hearing : 29 November and 2 December 2005 Date of Judgment : 5 January 2006 J U D G M E N T Mr Justice Bokhary PJ : 1. I agree with the judgment of Lord Hoffmann NPJ. Mr Justice Chan PJ : 2. I agree with the judgment of Lord Hoffmann NPJ. Mr Justice Ribeiro PJ : 3. I agree with the judgment of Lord Hoffmann NPJ. Mr Justice Litton NPJ : 4. What falls for consideration ultimately on these appeals are a few lines in a statute: Section 6 of the New Territories Leases (Extension) Ordinance, Cap. 150. It was passed in 1988 when the Block Crown leases granted in the early years of the 20th century had still about 9 years to run. 5. Section 6, on its face, is unambiguous. The words “is extended” (in Chinese “临㛇”) imports, as counsel for the appellants suggest, the continuance of an existing state of affairs, not the creation of a new one: The legislature in 1988 simply extended the then existing leases to 30 June 2047, to give effect to Annex III of the Joint Declaration, signed in Beijing in December 1984: As simple as that. If this interpretation of s.6 is correct, the appellants must succeed on these - 4 - appeals: The title by which the registered owners claim possession in these cases is the same title which was extinguished, as against the squatters, by the operation of s.17 of the Limitation Ordinance, Cap. 347 when the 20 years of continuous adverse possession expired. 6. The fact that, as between the sovereign governments, the lease of the New Territories expired on 30 June 1997 is not relevant on these appeals. It has not been suggested by counsel that, as a matter of Hong Kong’s domestic law, the legal consequence, as summarized above, is not possible: So the argument must necessarily focus on the meaning and effect of the words “is extended” in s.6. 7. Section 6 cannot be viewed in isolation: It must be construed having regard to the Ordinance as a whole. Hence, counsel for the respondents say as follows: Look at s.7: It says that during the period of extension, the lease shall be subject to the same covenants, exceptions, reservations etc as appear from the instrument; if the lease during the extended period is the same lease, there is no need to make a provision like that. This submission has some weight: But the point does not go very far. Regard must be had also to s.7(1)(c) which provides for a reservation of government rent payable under the Government Rent (Assessment and Collection) Ordinance, Cap. 515: 3% of the rateable value, payable annually for the 50 years expiring on 30 June 2047. Plainly, this is outside the terms of the Block Crown leases and separate provision such as this must be made to give effect to Annex III of the Joint Declaration. Further, s.7 deals with things like mortgages and charges which are not contained in the Block Crown leases: These are covered by s.7(1)(a)(i). Looked at overall, there is, in my view, nothing in s.7 which supports the respondents’ case. - 5 - 8. There are undoubted oddities arising from the construction urged upon us by counsel for the appellants. For example, s.5 which enables a registered lessee to opt out by lodging a memorandum before the appointed date (25 April 1988). So a lessee who had sold his land, say a few months before, could in theory be liable to pay the annual government rent amounting to 3% of the rateable value until 30 June 2047. But the greatest anomaly, in my view, is this: A squatter, confirmed in his possessory title by a court declaration, can greatly enhance the value of the property by improvements on the land, increasing its rateable value. But the burden of paying the annual rent of 3% of the rateable value falls on the dispossessed registered owner, not on the squatter. Take as an example, appeal No. FACV13/2005 which concerns Lots 6A RP, 7 RP, 8, 9 and 10 in D.D.32. They comprise nearly 121,000 square feet of land, on the edge of Tai Po. Although part of the land is left vacant at present, and the rest used for low-grade farming, there is nothing to prevent the appellants from fencing off the whole lot and turning it into a luxurious country residence, free of all obligation to pay government rent. 9. Rogers VP in the Court of Appeal (Appeal No. FACV 7/2005) said that one of the purposes behind the Extension Ordinance was to give effect to the Joint Declaration so as to preserve the income source of the ultimate landlord, the Hong Kong SAR Government; he thought it “unimaginable…that the legislature would have wished to grant immunity to squatters in the New Territories as against the registered owners who would be liable to pay the rent for the land”. That, with respect, is to put the matter too high. It is an anomaly: A troubling one. But it does not mean that, in consequence, s.6 must necessarily be construed as if it created a new estate (either by way of a surrender and regrant as at 25 April 1988, or by way of a reversionary lease - 6 - commencing on 28 June 1997), rather than to take it upon its plain meaning : That the existing leases are extended to 30 June 2047. Full stop. 10. The starting point in statutory interpretation must always be the ordinary linguistic meaning of the words used: Were it otherwise the relationship between the two branches of government, the legislature and the judiciary, would be a very difficult one. Great mischief could result in the courts reading words into statutes which are not there, simply to achieve a purpose which the courts claim to be desirable: Here it would be to add the words “by the grant of a new lease” after the words “is extended” in s.6. This cannot be done. 11. I have had the advantage of reading in draft Lord Hoffmann NPJ’s judgment. For the reasons he gives I too would allow the appeals and make the orders he proposes. Lord Hoffmann NPJ : 12. These three appeals have been heard together because they raise a common question of construction on s.6 of the New Territories Leases (Extension) Ordinance (“the Ordinance”), Cap. 150: “The term of a lease to which this Ordinance applies is extended, from the date on which it would, apart from this Ordinance, expire, until the expiry of 30 June 2047, without payment of any additional premium.” 13. The Ordinance, which was passed in 1988, applied to “every New Territories lease that exists at the commencement of this section and that, but for this Ordinance, would expire before 30 June 1997” (s.2) with immaterial exceptions and subject to the right of all persons interested in the lease, acting together, to opt out of the s.6 extension by registering an appropriate memorandum at the Land Office under s.5. - 7 - 14. The background to the passing of the Ordinance was the 1984 Joint Declaration of the Government of the United Kingdom and the Government of the People’s Republic of China concerning the future of Hong Kong. The Colonial government had not granted any leases of land in the New Territories for terms exceeding that of the British Government’s own lease from China, which expired on 30 June 1997. In fact the standard form of New Territories lease had been for 75 years from 1 July 1898 with an option to renew for 24 years less three days, but the New Territories (Renewable Government Leases) Ordinance, Cap. 152, passed in 1969, had deemed the right of renewal to have been exercised and a new Government lease to have been granted on 1 July 1973 for a term of 24 years less three days. At the time of the Joint Declaration, therefore, all leases in the New Territories were due to expire within less than 13 years. In order to put an end to the uncertainty over what would happen next, the Chinese Government agreed, by Annex III, paras 2 and 3 of the Joint Declaration, to recognise extensions of New Territories leases until a date not later than 30 June 2047. The Extension Ordinance was passed pursuant to this agreement. 15. These appeals all concern lots of leasehold land in the New Territories which are occupied by squatters. In Chan Suk Yin and another v. Harvest Good Development Ltd the plaintiffs are squatters living on some agricultural land in the hills near Tai Po who claimed a declaration that the leasehold owner’s title had been barred by upwards of 20 years adverse possession, pursuant to s.7(2) of the Limitation Ordinance, Cap. 347. The judge found that their possession had been sufficient to satisfy the Ordinance and this finding of fact was upheld by the Court of Appeal. Likewise in Chan Tin Shi v. Li Tin Sung and others the plaintiffs claimed a declaration that the leaseholder’s title to some land in Tai Po was barred under the Limitation Ordinance. The judge - 8 - found that the plaintiffs and their predecessors had been in adverse possession since 1954. This finding of fact was also upheld by the Court of Appeal. 16. In Chan Tin Shi, however, the claim was dismissed by the Court of Appeal on the ground that the leaseholders were not relying upon the title which had been barred by adverse possession but upon a new title created by the 1988 Ordinance, which I shall call the “Extension Ordinance”. The reasoning was as follows. English law, unlike systems based upon Roman law, has no theory of prescription by which title can be obtained by long possession: see R. v. Oxfordshire County Council, ex parte Sunningwell Parish Council [2000] 1 AC 335, 349. Instead, adverse possession by a squatter for the period of limitation will bar the right which the person entitled to possession has to recover the land by action. This principle is reflected in s.7(2) of the Limitation Ordinance: “No action shall be brought by any…person to recover any land after the expiration of [20] years from the date on which the right of action accrued to him or, if it first accrued to some person through whom he claims, to that person…” 17. As is plain from the language of the Ordinance, adverse possession does not affect the rights of other persons having interests in the land which do not entitle them to possession. In the case of land subject to a lease, the person entitled to possession is the lessee. The freeholder has no right to possession until the lease comes to an end. Adverse possession by a squatter may therefore bar the remedy of the lessee but will not affect the right of the freeholder to claim possession when the lease falls in. 18. The lessee’s right to possession derives from the lease being - 9 - an estate in the land. The leasehold estate is the lessee’s title to possession. Conversely, if the right to possession is barred by s.7(2) of the Limitation Ordinance, then the lessee’s estate is destroyed by s.17: “at the expiration of the period prescribed by this Ordinance for any person to bring an action to recover land . . . the title of that person to the land shall be extinguished." 19. The lessee’s “title” is his estate – the words in this context mean the same thing: see Lord Denning in Fairweather v. St. Marylebone Property Co. Ltd [1963] AC 510, 544–545. But the title is extinguished only as against the squatter. As against the landlord it remains in existence, so that the lessee remains liable upon the covenants of the lease. 20. It follows from these well established principles that when the period of limitation expired, the lessee of the land occupied by a squatter was barred by s.7(2) from bringing proceedings for possession and his title was, as against the squatter, extinguished by s.17. This did not however affect the interest of the government, against which time could not commence to run while the leasehold interests subsisted. As between the government and the lessees, the lease continued to subsist, notwithstanding the expiry of the limitation period. It follows that if the Extension Ordinance had not been passed the government would have been able, by virtue of its superior interest, to claim possession from the squatter when the lease expired in 1997. Or it could have granted a new lease, whether to the same or a different tenant, and thereby created a new leasehold estate giving a right to possession which would not have been affected by the Limitation Ordinance. The decision of the House of Lords in Fairweather v. St. Marylebone Property Co. Ltd [1963] AC 510 is authority for saying that the same would have happened at an earlier date if the original lease had been surrendered. The government could - 10 - immediately have claimed possession itself or regranted the land under a new lease which would have enabled the tenant to obtain possession. It is not necessary in these proceedings to decide whether that is correct because all the proceedings in these appeals were commenced after the old leases would have expired. 21. Apart from this last point, all that I have said so far is, I think, uncontroversial. It is the next step in the reasoning of the Court of Appeal that has been in issue in these appeals. The Court decided, by a majority (Rogers VP and Le Pichon, Yuen JJA dissenting) that the effect of s.6 of the Extension Ordinance was to grant the leaseholders a new lease, either in exchange for a deemed surrender of the old lease when s.6 of the Ordinance came into force on 25 April 1988, or commencing upon the expiry of the old lease on 27 June 1997. In either case, said the majority, the title by which the leaseholders claim possession in these proceedings is not the title which was extinguished by s.17 of the Limitation Ordinance. It is a new title by which they claim under the Government’s reversionary interest after the termination of the old leases. 22. This decision was followed by another division of the Court of Appeal in Chan Suk Yin. It also encouraged the plaintiffs in China Overseas Grand Gain Property Development Ltd v. Mok Yuen Fun and others to apply to strike out a limitation defence in a claim to possession of land in Chiu Keng Village, Sheung Shui, occupied by squatters. Suffiad J struck out the defence, as in the light of Chan Tin Shi he was bound to do. Indeed, if the Court of Appeal is right, the Extension Ordinance has destroyed all squatters’ titles in the New Territories. But Suffiad J gave leave to appeal directly to this Court. The facts of Mok Yuen Fun have not yet been decided. In Chan Tin Shi the findings of fact by the judge and the Court of Appeal are no longer disputed. All - 11 - that remains is the point of law. In Chan Suk Yin the respondent owner challenges by cross-appeal the judge’s finding that the squatters had the necessary intention to possess, which it says was not open to him on the evidence. I shall consider this cross-appeal when I have dealt with the question of law which arises on the three appeals. 23. The issue of law is whether s.6 created new leasehold estates, either by way of regrant after surrender or in reversion after expiry by effluxion of time, or whether it merely extended the term of the existing estates. The language of s.6 is in my opinion clear. It says that the term of the existing leases is extended from the date on which they would otherwise have expired, i.e. 27 June 1997, until 30 June 2047. Every existing lease, instead of being for a term expiring on 27 June 1997, is by force of statute to be for a term expiring 30 June 2047. But it continues to be the same lease. If it were a new lease, whether from 28 April 1988 or from 28 June 1997, it could not be said that its term had been “extended”. 24. That was enough for Yuen JA and I must say at once that I find her reading of the statute entirely convincing. But the majority were persuaded for various reasons that s.6 could not be construed in this straightforward manner. I shall consider the arguments put forward by the Court of Appeal and some additional ones raised by counsel for the respondents. 25. First, reliance was placed upon the rule of common law that a lease is an interest in land, an item of property, originally created by consent but, once launched into the world, incapable of being modified simply by the agreement of the parties or their successors in title. It is therefore not possible for the parties to agree to amend an existing - 12 - leasehold interest to extend the term: see Jenkin R. Lewis Ltd v. Kerman [1971] Ch. 477. If they enter into such an agreement, it will be interpreted as an agreement to surrender the old lease and for the owner to grant in return a new lease for the extended term from the date when the agreement was to take effect, or alternatively as an agreement for the owner to grant a reversionary lease commencing when the old lease expires. In either case, the transaction is given effect by the creation of a new leasehold interest. 26. It is accepted that the legislature is not restricted by the rules which limit what the parties can do by consent. If it passes a law which says that a lease shall be for a longer term than originally granted or shall include land which was not in the original parcels, it is within its competence to do so. But it is said that the legislature should not, in the absence of very clear language, be assumed to have altered the common law. 27. The difficulty about this argument is that the Ordinance leaves the common law intact. The rule is about what the parties can do by consent. But the extension under s.6 is not by consent. It is a plain legislative intervention to alter the character of every existing New Territories leasehold estate by extending the term. The fact that there is a provision for opting out under s.5 does not make it a consensual transaction. 28. Mr Anthony Neoh, SC on behalf of the respondent in Chan Suk Yin and another v. Harvest Good Development Ltd, said that s.6 should be construed as if it had deemed the government and the lessee to have agreed to an extension to the lease. Then it would have taken effect as a surrender and regrant. In support of this submission, he - 13 - referred to a statement by the Secretary for Lands and Works when the bill for the Extension Ordinance was introduced into the Legislative Council (Official Report of Proceedings of the Legislative Council, 6 May 1987). The Minister said that the terms of New Territories leases were to be extended by statute because there were so many that it was impracticable to extend them individually. The inference, said Mr Neoh SC, is that if there had not been so many of them, they would have been extended consensually. That having been the government’s preferred option, the statute should therefore be construed as having deemed consensual extensions to have taken place. 29. The answer to this bold and ingenious argument is that it is not what the statute says. It could easily have provided that the government should be deemed to have given the New Territories leaseholders options to extend their leases and that all leaseholders who did not register objections under s.5 should be deemed to have exercised the options. The precedent of the New Territories (Renewable Government Leases) Ordinance was ready to hand. Section 4(1) of that Ordinance said that the options to renew in the existing leases should be deemed to have been exercised and that “a new Government lease” should be deemed to have been granted. That undoubtedly created a new leasehold interest. Because the lease created by the option was a new estate, the Privy Council in Chung Ping Kwan v. Lam Island Development Co. Ltd [1997] AC 38 had to consider whether adverse possession under the Limitation Ordinance barred not only the existing estate of the owner but also a new estate derived from a right which existed in the old lease. But no such question arises in this case. Section 6 of the Extension Ordinance creates no new interest because it simply says that the existing lease shall be extended. Rogers VP did not accept this argument. He said that without “very clear wording” he was - 14 - unable to give s.6 its literal meaning. I suppose the draftsman might have added something like “notwithstanding any rule of common law”. But for my part, I can detect no ambiguity. 30. Mr Leo Remedios, for the respondent in China Overseas Grand Gain Property Development Ltd v. Mok Yuen Fun and others, took a somewhat different tack. He placed great emphasis upon the 1984 Joint Declaration, without which, as he rightly said, there could be no certainty that any legal system adopted after the 1997 would recognise the validity of leases granted by the colonial government. He referred to para.2 of Annex III to the Declaration, which said that: “All leases of land granted by the British Hong Kong Government not containing a right of renewal that expire before 30 June 1997…may be extended if the lessee so wishes for a period expiring not later than 30 June 2047 without payment of an additional premium.” 31. Section 6, said Mr Remedios, should be construed so as to give effect to the Declaration. I have no difficulty with this proposition but it does not help Mr Remedios. The Declaration does, after all, say that the leases may be extended. It does not say that new ones may be granted in substitution. So the language is entirely consistent with s.6. Mr Remedios says that the Government of the People’s Republic of China and the British Government must be taken to have meant that the leases should be consensually extended and therefore, assuming that they knew of the doctrine of surrender and regrant, intended that the leases should not be extended but that new ones should be granted instead. For my part, I find this far fetched. The truth is that there were various ways in which, in conveyancing terms, effect could have been given to the Joint Declaration. Consensual extensions were one possibility but the method actually adopted was entirely in accordance with the terms of the Declaration. - 15 - 32. Mr Edward Chan SC, in a succinct and excellent argument for the respondent in Chan Suk Yin and another v. Harvest Good Development Ltd, made the point that an extension of the original leases would mean that, by virtue of the doctrine of privity of contract, the original lessee would become liable for the rent for another 50 years without having any opportunity to object. He pointed out, correctly, that the right to contract out under s.5 is given only to the current lessee and not to the original lessee. So, in the event of default in payment of rent by the tenant after 1997, the original tenant might find himself liable for rent which he never contracted to pay. This unfair result could be avoided if s.6 were to be construed as creating a new lease rather than extending the old one. 33. Mr Chan SC may well be right; at any rate, no one offered an answer to his point. But I think that in the case of the ground rent payable during the extension period (3% of rateable value) the possibility of the government having recourse to the original lessee is not in practice very high. In any case, I do not think that the theoretical injustice is sufficient to overcome the very clear language of the section. 34. Mr Chan SC also offered an alternative argument. Even if the terms of the existing leasehold estates were extended and no new estates created, nevertheless the lessee’s rights during the extension period were new rights which had not existed before 1988. These new rights were not derived from anything in the old leases and were therefore not statute barred on the principle applied in Chung Ping Kwan v. Lam Island Development Co. Ltd [1997] AC 38. 35. The point is a subtle one but too subtle, in my opinion, to be viable. A lease is a bundle of rights which subsist in a legal estate, a - 16 - proprietary interest in land. It is delimited in space by the parcels and in time by the term of years granted. The existence of the estate confers the right to possession. The Limitation Ordinance bars the right to claim possession in right of the lessee’s estate or title. If the estate or title is still the same, it remains barred, notwithstanding any variation in the description of the estate or the rights attached to it. In the present case, the legislature has used language which makes it clear that the lease is to continue to exist but that the term is to be extended. It must follow that the lessee’s title remains the same and that it continues to be barred. 36. Finally I must say something about the general policy of the Extension Ordinance. Rogers VP said that neither the sovereign parties to the Joint Declaration nor the Legislative Council when it passed the Ordinance gave much thought to the position of squatters. That may well be true. So one has to ask whether the ordinary meaning of the words used in s.6 would produce a result so contrary to anything which the legislature could have intended that some other meaning must be found. Rogers VP said that it was “unimaginable” that the legislature should have wanted to give immunity to squatters against registered owners who were liable to pay the rent. 37. But that was the position before the original expiry date of the leases. The Extension Ordinance merely prolonged it. I think that I detect in the reasoning of Rogers VP some antipathy to the proposition that a squatter can, simply by wrongful occupation for a period which has now been reduced to 12 years, in effect, if not in legal theory, acquire a valuable property and leave the registered owner with the sole privilege of paying the rent. There is much to be said for this point of view, which was shared by Parliament in the United Kingdom when it passed the Land Registration Act 2002. Section 96(1) simply disapplies the - 17 - Limitation Act in its application to registered land, which means in effect almost all the land in England and Wales. Instead, a person who has been in adverse possession for more than 10 years can apply, on notice to the registered owner, to be registered in his place: see Schedule 6, para.1. An applicant is however not entitled to be registered merely because for upwards of 10 years he has been in adverse possession. He must also satisfy one of the conditions in para.5(2) of the Schedule. In a case like this, he would have to satisfy the first condition: “(a) it would be unconscionable because of an equity by estoppel for the registered proprietor to seek to dispossess the applicant, and (b) the circumstances are such that the applicant ought to be registered as the proprietor.” 38. If that were the law of Hong Kong, then it seems likely that the appellants would fail. They would be unlikely to be able to establish an equitable estoppel in their favour. But that is not the law. Under the Limitation Ordinance, adverse possession is enough. So it seems to me a perfectly respectable policy for the Joint Declaration and the Ordinance to have been intended simply to preserve the status quo both for lessees and for squatters. That might explain why the draftsman used the language of extension in s.6 rather than the language of deemed grant which had been used in the New Territories (Renewable Government Leases) Ordinance some twenty years earlier. 39. I turn now to the cross-appeal in Chan Suk Yin and another v. Harvest Good Development Ltd. Deputy High Court Judge Muttrie found that the appellants and their predecessors had been in possession since 1951. This finding is not challenged. The question is whether for upwards of 20 years their possession was adverse. The registered proprietor says that it was not adverse because it was initially under a lease and subsequently by licence. The lease is admitted. It was - 18 - granted by the then proprietor to the 2nd appellant’s first husband Tam Sun for ten years from 1951. After it expired in 1961, rent ceased to be demanded or paid. In the absence of the grant of a new lease or licence, time under the Limitation Ordinance would have started to run. 40. In 1961, at about the time that the lease expired, the registered title was acquired by Lee Shau Kee, Fung King Hei and Wong Shiu Kin, who are referred to in the evidence as “the three friends”. The proprietor’s pleaded case (para.13 of the amended Defence and Counterclaim) was that before and after their purchase of the land, the “three friends”, with their servants and agents, visited the land and “expressly or by implication” permitted Tam and the 2nd appellant his wife to continue to occupy the land. The visits were described with great particularity. The previous owner Chu Shuk Han introduced the new owners, who said that they were not in a hurry to resume possession but did not want to tie themselves down to lease for a fixed term. They would give adequate notice when they wanted the land. 41. When it came to the trial, only one of the people alleged to have been present at that meeting in 1961 gave evidence. That was the 2nd appellant, who denied that it had happened. There was no evidence to the contrary from the three friends (only one of whom was still alive) or their servants or agents. Nor was there any reference to such a meeting in contemporary documents. The best that the respondent could do was a note made in 1993 by Mr Mok, a surveyor employed by the respondent, of a conversation with the 1st appellant, Chan Suk Yin, who was the 2nd appellant’s daughter by a second marriage to a Mr Chan: “Checked the boundary with Ms Chan directly at the scene, the boundary as shown on the attached plan. First, the opposite party indicated clearly that she would not rent out subject lots; second, she admitted the ownership of the owner in respect of the land, meaning that the opposite party would not contest with the owner on land ownership; third, the main - 19 - point concerned the structures, fruit trees, fish ponds, flowers and plants, etc. The opposite party requested for $600,000 for delivering vacant possession. According to Ms Chan, her father had started using the subject land since 1951. She could correctly state the names of the three owners. She further indicated that when Lee, Fung, Wong purchased the subject land, they had inspected the subject land personally and told her family members that they could continue to use the subject land. They had never paid any rent.” 42. Reliance was of course placed upon the last two sentences in this note. Ms Chan denied in evidence that she had said anything of the kind and claimed that the note was a subsequent invention. But the judge found that it was a genuine note of a real conversation and conveyed the gist of what Ms Chan had said. Nevertheless, he said that it was inadequate, in the face of the 2nd appellant’s denial, to prove that a licence had been granted. In 1961 Ms Chan was not yet born and must have been saying what she had heard, or thought she had heard, or claimed she had heard, from someone else. The judge said that he could not make a finding of fact that a licence had been granted. So the defence failed. 43. In the Court of Appeal, Rogers VP agreed with the judge’s conclusion. He said that the record in Mr Mok’s memorandum did not “inspire confidence” that a licence had been granted. The other members of the court agreed. 44. In my opinion the question was one of primary fact and it was open to the judge, after hearing all the evidence, to find that the evidence was inadequate to prove that a licence had been granted. Furthermore, this finding was concurred in by the Court of Appeal and there is no reason in the present case why this Court should depart from its normal practice of not disturbing concurrent findings of fact. The cross-appeal must therefore be dismissed. - 20 - 45. I would allow all three appeals and dismiss the cross-appeal. The results are that in Chan Tin Shi v. Li Tin Sung the declarations of Deputy High Court Judge A Cheung (as he then was) are restored, in Chan Suk Yin and another v. Harvest Good Development Ltd the declarations of Deputy High Court Judge Muttrie are restored and in China Overseas Grand Gain Property Development Ltd v Mok Yuen Fun and others the order striking out the defence is set aside and the action remitted to proceed to trial. In each case the respondents must pay the appellants’ costs in this Court and below. Mr Justice Bokhary PJ : 46. All three appeals are allowed and the cross-appeal is dismissed, with the results stated in the concluding paragraph of Lord Hoffmann NPJ’s judgment. (Kemal Bokhary) (Patrick Chan) (R A V Ribeiro) Permanent Judge Permanent Judge Permanent Judge (Henry Litton) (Lord Hoffmann) Non-Permanent Judge Non-Permanent Judge Mr Andrew Mak (instructed by Messrs Chan & Associates) for Chan Tin Shi Mr Patrick P Szeto (instructed by Messrs Ho, Tse, Wai & Partners and assigned by the Legal Aid Department) for Mok Yuen Fun & others - 21 - Mr Ronny KW Tong, SC and Mr Kenneth CL Chan (instructed by Messrs Haldanes) for Chan Suk Yin & another Mr Edward Chan, SC and Ms Anita Ma (instructed by Messrs Yeung & Chan) for Li Tin Sung & 3 others Mr Leo Remedios and Mr Frederick HF Chan (instructed by Messrs F Zimmern & Co.) for China Overseas Grand Gain Property Development Ltd Mr Anthony Neoh, SC, Mr Ernest Koo and Ms Barbara Wong (instructed by Messrs Christine M Koo & Ip) for Harvest Good Development Ltd