Balance Sheets

BALANCE SHEETS December 31, 1997
	NOTES	GROUP		COMPANY
		1997 $(000)	1996 $(000)	1997 $(000)	1996 $(000)
FIXED ASSETS	3	343,724	344,810	308,512	312,095
LONG-TERM RECEIVABLE	4	701	812	280	183
INVESTMENTS	7	19,818	17,832	18,081	17,130
WORKING CAPITAL	8	344,385	269,887	283,734	225,029
		708,628	633,341	610,607	554,437
Less
DEFERRED TAXATION		(14,826)	(17,006)	(14,768)	(16,948)
LONG-TERM LIABILITIES	9	(17,375)	(30,114)	(16,299)	(28,383)
NET ASSETS		676,427	586,221	579,540	509,106
Financed by: SHAREHOLDERS' EQUITY
SHARE CAPITAL	10	131,024	98,268	131,024	98,268
RESERVES	11	545,403	487,953	448,516	410,838
		676,427	586,221	579,540	509,106
On behalf of the Board O. F. Clarke - Chairman and Managing Director C. S. Roberts - Financial Manager/Director The accompanying notes form an integral part of the financial statements.