The past three months has seen continued progress with all our holdings,
and results are encouraging although share prices have not reflected this
due to the continuing uncertainties of Brexit.

Results from our major holdings in the past 3 months are as follows:
TaylorWimpey. Company is cautious about position post Brexit and awaiting
the solution, but sales still up by 1% , profits down 10% but
expected to return an increase in second half once a clearer
picture of the future can be seen. Dividend for the 6 months
increased from 2.44p to 3.84p.

Persimmon Company has resolved most of problems of the rapid growth
of the last few years when quality suffered from the large
Increase in home completions.A further 5 weeks is scheduled
to allow more time to complete homes with the minimum of
snags and maximum of quality standards,resulting in a sales
reduction of 4%, and decreased profit of 4%. Sales enquiries
remain at record levels and profits should continue to rise
again with this new management policy in place from now on,
as should dividends

Redrow Homes Results for the full year to June were once again excellent,
with profits up £26 m to £406 m, and the final dividend
Increased from 19p to 20.5p with another record year
anticipated in 2020. The quality and range of Redrow Homes
continues in our view to be the most attractive in the market.

ACCOR Hotels. First half figures continued the trend of previous periods,
reflecting the major acquisitions of the past 4 years,with
sales up by 27% and EBITA up by 30%. The range of brands
continues to grow and the consolidation of its activities
S should now begin to produce increased profits and dividends.
We continue to increase our holdings in Accor.

Private company Investments
Our holdings here continue to grow and our media interests
will shortly open an office in Berlin as the corporate world
adjusts to the effects of Brexit. Whatever that may be !!!!!