12. Ranking of Top 20 International Stock Exchanges by Number of
    Companies listed as at 30 June 1997.


RANK     STOCK EXCHANGE     N0. OF COMPANIES LISTED

1.       Nasdaq             5,536
2.       London             2,980
3.       New York           2,542
4.       Germany            2,195
5.       Tokyo              1,847
6.       Toronto            1,357
7.       Australia          1,196
8.       Paris                849
9.       Korea                763
9.       American #           751
11.      Tel-Aviv             650
12       Kuala Lumpur         644
13       JOHANNESBURG         619
14.      Hong Kong            610
15.      Rio De Janeiro       580
16.      Sao Paulo            557
17.      Thailand             455
18.      Switzerland          434
19.      Taiwan               391
20.      Madrid               375

*The following exchanges have been excluded, due to double listings:

Osaka
Montreal
Vancouver
Barcelona

*The ranking of the JSE has been effected by the inclusion of the 
following Stock Exchanges in to the FIBV statistics.

*Athens
*Phillipines
*Lima
*Irish
*Lisbon

#Statistics not available for May 1997, April 1996 statistics have been used.

Please note the turnover figures for 1996 in respect of value and deals have been revised.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Ailsa Thorpe at the Johannesburg Stock Exchange - Tel: +27 11 377 2306, Fax: +27 11 834 7402, Web:http://www.jse.co.za - or enter text search 'Johannesburg Stock Exchange' and 'Business Monitor'.