7. Annualised JSE Liquidity *


                  Month       Month      % Change   Year to date
                  ended       ended       May 96    1997
                  May 97      May 96     to May 97

Liquidity %       14.4        10.1       +42.6       14.7


Liquidity %       1996        1995       1994

                  10.9        7.0        7.5


* Liquidity calculated on a daily basis and not as at month end



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