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.       London             2,981
2.       New York           2,555
3.       Germany            2,227
4.       Tokyo              1,846
5.       Toronto            1,368
6.       Australian         1,198
7.       Paris                865
8.       Korea                766
9.       American#            752
9.       Tel-Aviv             653
11.      Kuala Lumpur         652
12.      Hong Kong            619
13.      JOHANNESBURG         617
14.      Rio de Janeiro       579
15.      Sao Paulo#           556
16.      Thailand             455
17.      Switzerland          435
18.      Taiwan               391
19.      Madrid               376
20.      Amsterdam            343

*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 1997 statistics have been used.



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'.