    Are we reviewing any of our quoted investments as a result of the Stock Exchange
    turbulence of the last few days? Emphatically no as all our holdings are in sound
    well managed companies with substantial funds available/on deposit and earning
   increasing profits/ dividends.

This week has seen the half year figures from REDROW, with sales up 20%, profits up
  26% and dividend up 50%, all in line with our expectations. A surprise was to learn
  that the company's spectacular site in Colindale, North London is ahead of
  schedule which augurs well for another set of record figures and increased dividend
in the next six months.

PERSIMMON has figures due on the 27th February which should emulate REDROW, and
with the appointment of a new Chairman, resolve the problem of the Management
Incentive Scheme which has arisen from profits far exceeding those originally envisaged.