Philangles 376 Catalogue

Page 1

Lot 2585 Seychelles - See section

AUCTION NUMBER 376 l AUCTION DATE 19TH AUGUST 2019

Lot 1045 Propaganda

International Postage Stamp & Postal History Auctioneers

Lot 2261 Classics of the Empire This sale features Seychelles (an extensive specialised collection) KGVI Empire fine used collections (see lots 2 to 60), a worldwide estate with extensive country collections offered intact, Commonwealth classics, Batum and many other interesting lots. Items can be viewed on our website.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND

Lot 1279 KGV booklet panes Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL philangles@btinternet.com Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 376 l AUCTION DATE 19TH AUGUST 2019

Philangles 376 cover.qxp_Layout 1 19/07/2019 09:49 Page 1

Estd 1990

Philangles 376 cover.qxp_Layout 1 19/07/2019 09:49 Page 2

ST HIGHE S PRICE ED E T N A GUAR

WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.

52

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151.

We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com ———————— 208 ————————

Philangles 376 plates.qxp 19/07/2019 11:45 Page 1

203

182

257

254

622

1066

1011

1090

Philangles 376 plates.qxp 19/07/2019 11:45 Page 2

145

—— 174 ——

255

265

351

243

———————————— 209 ————————————

399

Philangles 376 plates.qxp 19/07/2019 11:45 Page 3

432 441

442 444

—————— 347 ——————

445

453

458

449

459

464

460

467

448

454

461

457

462

469

463

478

Philangles 376 plates.qxp 19/07/2019 11:45 Page 4

500 ———— 617 ————

506

696

700

553

697

702

554

698

555

699

—— 716 ——

556

701

808

Philangles 376 plates.qxp 19/07/2019 11:45 Page 5

———— 780 ———— 798

900

———— 889 ————

906

907 914

———— 902 ————

905

Philangles 376 plates.qxp 19/07/2019 11:45 Page 6

898

899

915

912

957

916

920

961

999

923

976

971

1014

Philangles 376 plates.qxp 19/07/2019 11:45 Page 7

———————————————— 1018————————————————

1026

1039

1027

1040

1041

1037

1043

1038

1045 1044

1042

Philangles 376 plates.qxp 19/07/2019 11:45 Page 8

1046

1129

1108

1117

1118

1128

———— 1139 ————

1138

1197

———————————————— 1159 ————————————————

1256

1156

1211

1242

1261

1257

1258

Philangles 376 plates.qxp 19/07/2019 11:45 Page 9

1194

1200

1228

1198

1227

1342

1685 1696

Philangles 376 plates.qxp 19/07/2019 11:45 Page 10

1263

1262

1279

1277

———— 1280 ————

1292

1293

Philangles 376 plates.qxp 19/07/2019 11:45 Page 11

1299

1294

1315

1318

1320

1319

1323

Philangles 376 plates.qxp 19/07/2019 11:45 Page 12

1324

1325

1358

1412

1368

1433

1434

Philangles 376 plates.qxp 19/07/2019 11:45 Page 13

1437

1408 1478

1573

1703

—————— 1661 ——————

Philangles 376 plates.qxp 19/07/2019 11:45 Page 14

1706 1700

1708

1711

1774

1790

2352

2408

Philangles 376 plates.qxp 19/07/2019 11:45 Page 15

1859

1933 —————————————— 1877 ——————————————

1926

1937

1924 1969

1977

1973

1981

1954

1970

Philangles 376 plates.qxp 19/07/2019 11:45 Page 16

1979

1978

1994

1991

1990

1992

1993 —— 2058 ——

2099

1998

2133

Philangles 376 plates.qxp 19/07/2019 11:45 Page 17

2183

2184

———— 2052 ———— 2185

———————————— 2159 ———————————— 2186

2124

2197

2255

Philangles 376 plates.qxp 19/07/2019 11:45 Page 18

2198

2118

2248

2261

2262

2270

2263

2302

2296

2303 2284

2297

2336 2380 2351

2409

2386

2388

Philangles 376 plates.qxp 19/07/2019 11:45 Page 19

2389

2421

2488

2454

2498

2512

2453

2447

2446

2457

2499

2492

2501

2513

2552

2547

2559

2560

Philangles 376 plates.qxp 19/07/2019 11:45 Page 20

2428 2460

2563 2461

2615

2623

2619

2658

Philangles 376 plates.qxp 19/07/2019 11:45 Page 21

—————— 2555 ——————

2573 2561

2582

2580

2548

———— 2568 ————

2583

2584

2586

2581

2588 2585

2596

Philangles 376 plates.qxp 19/07/2019 11:45 Page 22

2598

2602

2603

2652 2604

2654

2655

2656

2704 2643

———— 2723 ————

Philangles 376 plates.qxp 19/07/2019 11:45 Page 23

2697 2689

2762

2908

2856

2909

Philangles 376 plates.qxp 19/07/2019 11:45 Page 24

2813 2803 2713

2720

—————— 2814 ——————

2817

2816

2842

2843

Philangles 376 plates.qxp 19/07/2019 11:45 Page 25

———————— 2894 ————————

2895

2898

Philangles 376 plates.qxp 19/07/2019 11:45 Page 26

———————— 2899 ————————

2939

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 1

Welcome to our latest sale which is full of new material as we have travelled all over the UK during the previous month from London to Newcastle. We have been searching out interesting items for you. Highlights this month include the following

•

KGVI EMPIRE fine used collections offered by Country with many useful pickings

•

KGV BOOKLET PANES in excellent condition including advertising panes

•

GERMAN PROPAGANDA forgeries & wartime issues with many interesting & unusual issues

•

SEYCHELLES a most extensive & original collection featuring stamps with varieties, collections, blocks & cancellations

•

A MASSIVE COLLECTION from The Staffordshire Area (filled a van) with intact collections offered at a fraction of catalogue values or face values. See substantial France and Japan

•

BATAM a fine selection of these 1919/1920 issues offered as individual stamps by SG number (see selection)

And much more throughout the catalogue. If you need any information we are just a call or email away.

Wishing you all the best

Simon Carson & the Philangles team

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 2

KGVI COLLECTION { *,%5$/7$5 LQFO GHILQV VHW

Â… Â…

7KH IROORZLQJ ORWV UHSUHVHQW D JUHDW RSSRUWXQLW\ WR KHOS \RX EXLOG \RXU ),1( 86(' .*9, &2//(&7,21 DV ZH KDYH VSOLW D .*9, ³&URZQ $OEXP´ LQWR PRVWO\ VLQJOH FRXQWU\ ORWV HDFK FRQWDLQLQJ ILQH XVHG DOO GLIIHUHQW VWDPSV ± WKH FRXQW LQ EUDFNHWV Â… Â…

{ *2/' &2$67 LQFO ERWK GHILQV VHWV

FRPSOHWH Â… Â…

{ $'(1 67$7(6 LQFO 'KRZV WR

U SOXV ODWHU 6WDWHV PRVWO\ LQ VHWV Â… Â…

{ +21* .21* XVHIXO UDQJH ZLWK GHILQV

WR ERWK ODWHU Â… Â… { ,1',$ DOPRVW FRPSOHWH LQFO 2IILFLDOV

{ $17,*8$ DOPRVW FRPSOHWH

Â… Â…

Â… Â…

{ ,1',$1 67$7(6 ± &219(17,21

{ $6&(16,21 DOPRVW FRPSOHWH

)(8'$725< VSDUVH UDQJH EXW QRWH XVHIXO &RFKLQ -DLSXU 6WDWH LQFOXGHV 2IILFLDOV Â… Â…

Â… Â…

{ ,5(/$1' XVHIXO UDQJH

{ $8675$/,$ SRVWDJH VWDPSV DOO

Â… Â…

VSDFHV ILOOHG DOVR LQFO D IHZ 3RVWDJH 'XHV % & 2 ) IHZ YDOXHV WR V DSSUR[ Â… Â…

{ ,5(/$1' XVHIXO UDQJH

{ %$+$0$6 MXVW D IHZ VSDFHV

Â… Â…

Â… Â…

{ .8:$,7 LQFO GHILQV

{ %$+5$,1 LQFO PRVW YDOV WR

VHWV Â… Â…

U VHW WR U RQ V VHW DQG PRUH Â… Â…

{ 0$/$<$ 67$7(6 ± VXSHU UDQJH

LQFO FRPSOHWH VHWV DV LQ DOEXP QR VSDFH IRU F LVVXHG LQ DOVR VHH 6WUDLWV GHILQV VHW JRRG RQ SLHFH SOXV 6LQJDSRUH FDW Â… FRXQW Â… Â…

{ %$5%$'26 DOPRVW FRPSOHWH

Â… Â…

{ 0$/',9( ,6/$1'6 GHILQV VHW 6*

{ %$6872/$1' %(&+8$1$/$1'

9)8 Â… Â…

LQFO %DVXWRODQG GHILQV VHW %HFK 7R V G SDLUV Â… Â…

{ 0$/7$ DOPRVW FRPSOHWH

{ %(508'$ LQFO GHILQV WR V

Â… Â…

56: VHW Â… Â…

{ 0$85,7,86 XVHIXO UDQJH

{ %U 6RORPRQ ,VODQGV DOPRVW FRPSOHWH

Â… Â…

3/86 3RVWDJH 'XHV VHW Â… Â…

{ 02176(55$7 XVHIXO ZLWK

{ %5,7,6+ *8,$1$ DOPRVW FRPSOHWH

GHILQV WR V Â… Â…

SOXV 3 'XHV F F YDOXHV Â… Â…

{ 0252&&2 $*(1&,(6 %ULWLVK

{ %5,7,6+ 2&&83$7,21 2) ,7$/,$1

6SDQLVK )UHQFK FXUUHQFLHV SOXV 7DQJLHU RYSWV LQFO VHYHUDO VHWV DQG D QXPEHU RI EHWWHU VWDPSV DSSUR[ Â… Â…

&2/21,(6 ± JURXSLQJ WRJHWKHU RI LVVXHV IRU 0LGGOH (DVW )RUFHV (ULWUHD 6RPDOLD 7ULSROLWDQLD VHWV FRPSOHWH RU DOPRVW ZLWK KLJK YDOXHV DOVR LQFO D IHZ 3RVWDJH 'XHV Â… Â…

{ 086&$7 DQG LVVXHV OLVWHG XQGHU %ULWLVK

3RVWDO $JHQFLHV LQ ( $UDELD LQFO PRVW YDOV WR U GHILQV VHW SOXV 2IILFLDOV VHW Â… Â…

{ %581(, DOPRVW FRPSOHWH

Â… Â…

{ 1(: =($/$1' VWURQJ UDQJH ZLWK

{ %850$ JRRG UDQJH LQFO WR U

FRPSOHWH VHWV 3267$/ ),6&$/6 YDOXHV WR Â… LQFO VFDUFH V G V YDOXHV DOVR 2)),&,$/6 WR V $1' 025( Â… Â…

SOXV 2)),&,$/6 WR U DQG XVHIXO ODWHU Â… Â…

{ 1(:)281'/$1' LQFO

{ &$1$'$ DOPRVW FRPSOHWH SOXV

$GGLWLRQDO &RURQDWLRQ VHW Â… Â…

6SHFLDO 'HOLYHU\ DOO VSDFHV ILOOHG SOXV JRRG UDQJH RI 2IILFLDOV Â… Â…

{ 1257+ %251(2 LQFO GHILQV

{ &$<0$1 ,6/$1'6 DOPRVW FRPSOHWH

%0$ GHILQV WR F YDOXHV RYSWG VHW WR $1' 025( Â… Â…

Â… Â…

{ 1257+(51 5+2'(6,$ DOPRVW

{ &(</21 DOPRVW FRPSOHWH LQFO

FRPSOHWH Â… Â…

U 3RVWDO )LVFDO Â… Â…

{ 1<$6$/$1' LQFO GHILQV WR

{ &<3586 DOPRVW FRPSOHWH

V G GHILQV VHW $1' 025( Â… Â…

Â… Â…

{ 3$.,67$1 %$+$:$/385 VWURQJ

{ '20,1,&$ XVHIXO UDQJH

UDQJH RI 3DNLVWDQ VHYHUDO VHWV LQFO GHILQV IHZ %DKDZDOSKXU QRWH JRRG 2IILFLDOV VHW RI Â… Â…

Â… Â… { )$/./$1' ,6/$1'6 '(3(1'(1&,(6

ZLWK )DONODQGV WR V G SOXV V 'HSV DOPRVW FRPSOHWH Â… Â…

{ 3,7&$,51 ,6/$1'6 DOPRVW FRPSOHWH

Â… Â…

{ *% SRVWDJH VWDPSV DOO VSDFHV ILOOHG

{ 6$5$:$. LQFO GHILQV

LQFO KLJK YDOXHV SOXV D IHZ 3 'XHV Â… Â…

VHWV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 3

KGVI COLLECTION { 6(<&+(//(6 LQFO XVHIXO GHILQV

4 ),567 )/,*+7 &RYHUV EHWZHHQ /RQGRQ DQG

3RVWDJH 'XHV FRPSOHWH VHW Â… Â…

6\GQH\ VWDJH IOLJKW LOOXVWUDWHG %2$& LQ DVVRFLDWLRQ ZLWK 4DQWDV ZLWK W\SHG DGGUHVVHV Â… Â…

{ 6,(55$ /(21( LQFO GHILQV VHW

4 ),567 )/,*+7 &RYHUV /RQGRQ WR 6\GQH\

Â… Â…

6WDJH )OLJKWV &RPHW -HWOLQHU LOOXVWUDWHG FRYHUV HDFK ZLWK W\SHG DGGUHVVHV Â… Â…

{ 6RPDOLODQG ZLWK GHILQV WR D

Â’ 63$&( 3RVWDJH 6WDPS 6KRZ 1HZ <RUN IRXU Â’ FRPSOHWH VKHHWV ZLWK VWDPSV LQ HDFK VKHHW DQG HDFK VKHHW

GHILQV FRPSOHWH VHWV Â… Â… { 6287+ $)5,&$ QRWH V G

LV GLIIHUHQW $ ILQH ZD\ WR HQKDQFH \RXU FROOHFWLRQ QHYHU KLQJHG PLQW Â… Â…

JUHHQ EURZQ EHWWHU VWDPS WKDQ EOXH EURZQ YDULRXV EHWWHU SDLUV +XJXHQRW %DQWDP :DU VHWV DOVR IHZ EHWWHU 3RVWDJH 'XHV SDLUV VLQJOHV Â… Â…

Â’ 6,/9(5 :('',1* 9$5,(7,(6 XQPRXQWHG Â’ PLQW PDLQO\ RQ FDUGV LQF LQYHUWHG ZPNV LQ SDLUV RU EORFNV RI

ZLWK WKH YDULHW\ LGHQWLILHG VWDPSV D ILQH DQG LQWHUHVWLQJ JURXS ZLWK D SXUFKDVH SULFH RI Â… SOXV ORRVH EORFNV WR EH VRUWHG Â… Â…

{ 6287+ :(67 $)5,&$ JRRG ORW LQ

FRUUHFW SDLUV SDLUV VLQJOHV Â… Â…

$11,9(56$5< RI ' '$< /DQGLQJV LQWHUHVWLQJ

{ 6287+(51 5+2'(6,$ DOO VSDFHV

FROOHFWLRQ LQ FRYHUV FDUGV ZLWK EHLQJ VLJQHG LQF 3LSHU %LOO 0LOOLQ +HQU\ %URZQ 0HOY\Q 6DXWHU -RKQ *RUPDQ ZLWK PDQ\ DGGLWLRQ LWHPV QHHGV VRUWLQJ Â… Â…

ILOOHG H[FHSW UDUH G 3RVWDJH 'XH Â… Â… { 68'$1 DOPRVW FRPSOHWH LQFO JRRG

81,7(' 1$7,216 VSHFLDO FRYHUV ZLWK HDFK

3RVWDJH 'XHV VHW DQG PRVW 2IILFLDOV Â… Â… ^3KRWR` { 6:$=,/$1' DOPRVW FRPSOHWH

SDLUV Â… Â… { 7+( %$/$1&( ± VPDOOHU FRXQWU\

UDQJHV LQFO *DPELD *UHQDGD 1LJHULD &RRN ,VODQGV DQG RWKHU 3DFLILF DUHDV SOXV D IHZ RGGPHQWV FDW Â… Â… Â… { 7+( 6$,176 VWURQJ UDQJHV QRWH 6W

FRYHU KDYLQJ WKH VWDPS E\ WKH WKUHH RIILFHV DWWDFKHG ZLWK VSHFLDO FDQFHOV ZLWK QR DGGUHVVHV $ ILQH FROOHFWLRQ RI LOOXVWUDWHG FRYHUV HDFK GLIIHUHQW Â… Â… 5R\DOW\ 4XHHQ (OL]DEHWK WK %LUWKGD\ /LIHWLPH RI VHUYLFH VXSHUE RPQLEXV FROOHFWLRQ KRXVHG LQ $OEXPV SXUFKDVHG DW JUHDW H[SHQVLYH SULVWLQH V 7KH FROOHFWLRQ DOVR IHDWXUHV FRLQ FRYHUV QRWLQJ YDOXHV WR Â… Â… Â… Â’ $ FROOHFWLRQ RI .*9, HPSLUH LQ D ER[HG 5HG

9LQFHQW GHILQV VHW Â… Â… { 721*$ XVHIXO UDQJH

Â… Â… { 75,1,'$' 72%$*2 DOPRVW FRPSOHWH

SRVWDJH VWDPSV SOXV 3RVWDJH 'XHV LQFO VFDUFH V PRVW YDOXHV WR F Â… Â… { 785.6 &$,&26 ,6/$1'6 DOPRVW

FRPSOHWH Â… Â… { 9,5*,1 ,6/$1'6 LQFO GHILQV

WR V Â… Â…

FURZQ $OEXP SULPDULO\ PLQW DQG ZHOO ILOOHG ZLWK PDQ\ GHILQV VHWV WR Â… RU HTXLYDOHQW WRS YDOXHV :HGGLQJ VHWV DQG PRUH $GHQ ZLWK VWDWHV RYSW VHWV $VFHQVLRQ VHW %DKDPDV FRPSOHWH ZLWK VHWV WR Â… %HFKXDQDODQG VHW %HUPXGD VHW WR Â… %U +RQGXUDV WR %UXQHL &D\PDQ &H\ORQ U )DONODQGV WR Â… WR Â… -RKRUH WR .HGDK WR WR .HODQWDQ &KHIV +DWV WR .XW WR Â… /HHZDUGV WR Â… 3DNLVWDQ WR U 3DSXD $LU V 6H\FKHOOHV U *UHHQ 6LQJDSRUH WR 6XGDQ 3DOPV VHW HWF $Q RULJLQDO FROOHFWLRQ RIIHUHG LQWDFW PDQ\ V DOO GLIIHUHQW Â… Â… { $ /$5*( &$5721 ZLWK PDLQO\ (XURSHDQ

Â’ 4(,, *5($7 %5,7$,1 WKH VXEVWDQWLDO Â’ 0 80 FROOHFWLRQ LQ SDFNHG 1HZ $JH $OEXP YHU\ PDQ\ V Â’ ZLWK ORWV RI H[WUDV :LOGLQJV ZLWK JUDSKLWHV HYHU\ JRRG HDUO\

LVVXHV LQ *% $QGRUUD )UDQFH *HUPDQ\ )LQODQG 'HQPDUN WR QDPH D IHZ PDQ\ V RI VWDPSV PDLQO\ ILQH XVHG Â… Â…

Â’ .*9, 6,/9(5 :('',1* 2PQLEXV 6HWV 80 Â’ IRU %ULWLVK $IULFD GLIIHUHQW VHWV 3ULVWLQH LQF %DVXWRODQG

PDQ\ EHWWHU H[RWLF RULJLQV %DUJDLQ Â… Â…

$)5,&$1 &RPPRQZHDOWK DHURJUDPPH ZLWK SKRV FRPPHP VHW LQF /LIHERDW DQG 5HG &URVV $ UDQJH RI 4 FRYHUV IURP .*9, LQ 6RXWK $IULFD ZLWK 6ZD]LODQG RYSW .*9, PLVVLQJ SKRVSKRU FRPPHP VWDPSV 80 ZLWK EHWWHU G *DPELD YHU\ ILQH XVHG QG XQXVHG 6RXWK $IULFD RYSW HG ERRNOHW SDQHV DQG D UDQJH RI ROGHU ERRNOHWV 0DFKLQV ZLWK YDULHWLHV 3RVWDJH GXHV UHJLRQDOV ZLWK PDQ\ FRPSOHWHG SDJHV %HFKXDQDODQG G %RWVZDQD LOOXVWUDWHG XQXVHG .*9, 2+06 XQXVHG 6RXWK $IULFD G ZLWK %DVXWRODQG RYSW D YHU\ JRRG ([FHOOHQW RULJLQDO ORW Â… Â… FROOHFWLRQ RI DHURJUDPPH ZLWK MXVW WKH RGG RQH XVHG 6,/9(5 -8%,/(( 1HZ =HDODQG VHW RQ VXSHUE Â… Â… UHJLVWHUHG FRYHU 6* FKRLFH Â… Â… $LUFUDIW %RPEHUV LOOXVWUDWHG FRYHUV ZLWK Â’ 6LOYHU -XELOHH RPQLEXV VHWV FDW Â… LQF PDQ\ VLJQHG LQF 5$) %RPEHU 6HULHV % WR /DQFDVWHU WKH VFDUFH (J\SW RYHUSULQW 6* $ PLQW Â… Â… %RPEHU FRYHUV DQG SSF V 9XOFDQ %RPEHU FRYHUV $ YHU\ LQWHUHVWLQJ ORW ZLWK RYHU EHLQJ VLJQHG Â… Â… &2521$7,21 2PQLEXV FRPPRQZHDOWK LVVXH Â’ $,50$,/ 0RQDFR VHW RI VHYHQ IUHVK D UHPDUNDEOH FROOHFWLRQ RI GLIIHUHQW VHWV HDFK DV EORFNV RI 4 PLQW PRVW 80 6* F &DW Â… Â… Â… IRXU RQ UHJLVWHUHG FRYHUV WR 8. ZLWK PDQ\ EHWWHU WHUULWRULHV LQF +RQJ .RQJ DQG $IULFD 5DUHO\ VHHQ DV EORFNV RI IRXU RQ FRYHU $,50$,/6 %R[ FRQWDLQLQJ RYHU GLIIHUHQW &DW $SSUR[ Â… DV XVHG VWDPSV Â… Â… 4 IORZQ FRYHUV V FDUULHG DURXQG WKH ZRUOG E\ /XIWKDQVD

$LUWUDIILF &RQWURO )OLJKW 'RFNHWV SOXV FRYHUV SHULRG PDLQO\ ZLWK VSHFLDO LOOXVWUDWHG FDQFHOV Â… Â…

%HFKXDQDODQG 1\DVDODQG DQG 6ZD]LODQG Â… Â… Â’ .*9, 6LOYHU ZHGGLQJ VHWV H[ +RQJ .RQJ

Viewing

DQG 6LQJDSRUH FDW Â… IUHVK PLQW Â… Â…

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

4 ),567 )/,*+7 VWDJH FRYHUV /RQGRQ WR 7RN\R

%2$& &RPHW -HWOLQHU 6HUYLFH FRYHUV ZLWK W\SHG DGGUHVVHV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 4

{ $Q H[ GHDOHUV VHOHFWLRQ RI EHWWHU PDWHULDO LQ D

%5,7,6+ $)5,&$ /,7(5$785( $ YHU\ JRRG

%R[ PRVWO\ %ULWLVK HPSLUH LQF D VHOHFWLRQ RI *KDQD SURYLVLRQDO RYSWV 80 *X\DQD ORFDO RYSWV &DSH G WULDQJOH 9)8 1LJHULD G 6* D DV UDUH 80 FRPSOHWH VKHHW SULVWLQH SRVWDO VWDWLRQHU\ DQG PRUH 3ULFHG WR VHOO Â… V Â… Â…

{ Â’ Â’ Â’

ORW %LOOLQJV +DQGERRNV YROXPHV LQF DOO 5KRGHVLD V VWDPSV &RFNULOOV +DQGERRNV IRU 1LJHULD V VXSHUE 5REVRQ /RZH VDOHV ZLWK UHDOLVDWLRQV IRU 1LJHULD V DQG FRS\ RI WKH 3RVW 2IILFH LPSUHVVLRQV ERRN IRU DOO 1LJHULD &'6 4W\ Â… Â…

Â’ %5,7,6+ $17$5&7,& 7(55,725,(6 $1 ,17(5(67,1* 2/' &20021:($/7+ 0LVFHOODQ\ RQ FDUGV DQG SDFNHWV VRPH EHWWHU SXUFKDVHG HWF Â’ FROOHFWLRQ XQPRXQWHG PLQW ZLWK VHWV WR QRWH 1HZ LQF *LEUDOWDU 49 EURNHQ WULDQJOH PLQW YDULHW\ XVHG 6* D &XUUHQF\ VHW RI 1DYLJDWRU VHW RI :HGGLQJ 7XUNV .*9 DV PLQW EORFN 1HZ =HDODQG $GPLUDO RYSW $QQLY S ZPN LQY $ ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ RIILFLDO .XZDLW .*9, VHW PLQW 6* /DEXDQ $UPV RYSW VHW VHWV FDW RYHU Â… Â… Â… 6* *% .*9, 6HYHQ %HUULHV G YLFWRU\ YDULHW\ XVHG D Â’ %5,7,6+ &20021:($/7+ &ROOHFWLRQ FKLHIO\ 0DOD\D .*9, JURXS 6HYHUDO V Â… Â… PLQW ZLWK EHWWHU SLFNLQJV (OHSKDQW .*9, VHW RI )8 .*9, *ROG &RDVW GHILQ VHW RI PLQW 1LJHULD $1 25,*,1$/ FROOHFWLRQ LQ ROG SDFNHWV DQG DQ .*9, GHILQV WR ZLWK GLIIHUHQW VKDGHV DQG SHUI W\SHV LQF DOEXP ZLWK PXFK 80 LQ SDFNHWV %ULWLVK &RPPRQZHDOWK D YDVW G PLQW 6LHUUD /HRQH .*9, VHW RI ILQH DPRXQW RI VWDPSV VHHQ EHWWHU LQ WKH DOEXP LQF 6RXWKHUQ XVHG FKLHIO\ .*9, YHU\ HDUO\ 4(,, VWDPSV 5KRGHVLD .*9, GHILQV WR PLQW 49 *% RIILFLDO *RYW SDUFHOV Â… Â… G G G G XVHG (GZDUG G G XVHG D JRRG VRUWHU LQ QHHG RI VRUWLQJ ZLWK D KLJK FDW YDOXH Â… Â… %5,7,6+ &20021:($/7+ PDQ\ V RI

Â’ $1,0$/6 21 67$036 $ VWXG\ RI 0LQN Â’ :HDVHO %DGJHU DQG 2WWHUV ZLWK RWKHU IDPLO\ PHPEHUV 9HU\

VWDPSV RQ 2OG 3DJHV RU $OEXPV LQF HDUO\ LVVXHV VHHQ .XW &RRN ,VODQGV 6RXWK $IULFD 6W 9LQFHQW 6W /XFLD 6W .LWWV 1HYLV 3LWFDLUQ V $Q RULJLQDO ROGWLPH ORW WKDW QHHGV VRUWLQJ Â… Â…

JRRG VWXG\ RI VWDPSV DQG 06 RQ SDJHV ZLWK D KRVW RI FKLHIO\ PRGHUQ 80 :RUOGZLGH LVVXHV 5HFRPPHQGHG Â… Â… $5$%,$ 2OG WLPH UDQJH ZLWK PDQ\ FRPSOHWH VHWV ZLWK EHWWHU SLFNLQJV 7UXFLDO 6WDWH VHW RI PLQW <HPDQ $LU VHW RI )8 $MPDQ 2O\PSLF QHZ FXUUHQF\ VHW RI PLQW $GHQ QHZ FXUUHQF\ 6KLKU DQG { 0XNDOOD VHW WR 6RXWK $UDELD QHZ FXUUHQF\ VHW RI Â’ PLQW $ YHU\ ILQH FROOHFWLRQ RI V RI VWDPSV Â… Â… $8675$/,$ )'& LQ SULVWLQH XQDGGUHVVHG FRQGLWLRQ ZLWK GLIIHUHQW &DW Â… DV ILQH XVHG DORQH 0DQ\ PRGHUQ EHDXWLIXO VHWV %X\ Â… Â…

%5,7,6+ &20021:($/7+ PDQ\ V RI VWDPSV RQ SDJHV DQG ORRVH VHHQ *% 5HG &URVV DQG /LIHERDW SKRV VHWV PLQW LQ QHHG RI VRUWLQJ ZLWK PDQ\ SHULRGV FRYHUV LQ WKLV ODUJH FDUWRQ Â… Â… %5,7,6+ &20021:($/7+ 3DJHV ZLWK PDQ\ V RI VWDPSV ZLWK VHWV VHHQ 6DUDZDN GHILQ VHW PLQW FDW Â… %$7 1DYLJDWRUV VHW RI PLQW [ PLQW FÂ… ZLWK PDQ\ GLIIHUHQW VRUWHG E\ FRXQWU\ PDLQO\ ILQH XVHG LQ D ODUJH FDUWRQ Â… Â… %5,7,6+ (03,5( D YHU\ JRRG ORW RI YDULRXV PLQW FRXQWU\ FROOHFWLRQV LQ IROGHUV 9HU\ JRRG ORW RI 6287+(51 5+2'(6,$ QRWLQJ .*9 WR G IUHVK 0 6LOYHU -XELOHH VHW ERWK 0 )8 .*9, WR 0 YDULRXV 4(,, WR Â… )8 3,7&$,51 ,6 ZLWK YHU\ JRRG .*9, PLQW FRQWHQWV LQF EORFNV RI IRXU 4(,, WR G 0 8 PDQ\ GHILQV DQG VHWV 7ULVWDQ WR U 0 %($ 6XQEXUVW VHW WR U 0 *UHQDGD WR 0 .*9, WR 0 VROLG FROOHFWLRQ RI 6RXWK $IULFD PXFK RWKHU $IULFD 1RUWK %RUQHR ZLWK EHWWHU ROG SLFNLQJV 7HUULILF RULJLQDO ORW RI (PSLUH ZLWK XVHIXO SLFNLQJV WKURXJKRXW PXFK LV PLQW Â… Â…

{ %,5'6 )DONODQG ,VODQG GHILQ VHW 9)8

6* Â… Â… Â’ %,5'6 21 67$036 DQ DOEXP GHGLFDWHG WR Â’ %LUGV RQ %ULWLVK VWDPSV LQF :LOGOLIH +DELWDW 7UXVW 3RVW DQG *R %LUGV SDFNV :HVW $QJOLD *DOD 'D\

06 %LUGV :LOGOLIH 7UXVW 2IILFH FRYHU VLJQHG E\ 3HWHU 6FRWW $Q LQWHUHVWLQJ FROOHFWLRQ RI LWHPV Â… Â…

%5,7,6+ (03,5( FROOHFWLRQ LQ DQ DOEXP DQG VWRFN ERRN ZLWK V RI VWDPSV LQF 80 DQG PLQRU YDULHWLHV LQF 6HDKRUVH XVHG ZLWK FHUW YHU\ JRRG $XVWUDOLD LQF 4(,, PXOWLSOHV WR 0DXULWLXV %LUGV WR U 80 0RQWVHUUDW WR ERWK 6W +HOHQD WR WR Â… ORWV RI PDWHULDO IRU VRUWLQJ ZLWK D KLJK FDWDORJXH YDOXH VWUHQJWK LQ 4(,, HDUO\ LVVXHV ZLWK PXFK 80 Â… Â…

Â’ %,5'6 21 67$036 VXSHUE FROOHFWLRQ RI Â’ PLQLDWXUH VKHHWV IURP DURXQG WKH JOREH XQPRXQWHG PLQW ZLWK

PDQ\ GLIIHUHQW VSHFLHV RI ELUGV D VXSHUE FROOHFWLRQ DQG YDOXDEOH FROOHFWLRQ RI 06 VKHHWOHWV RXWVWDQGLQJ ORW HDFK GLIIHUHQW Â… Â… %R[ RI 3RVWDO 6WDWLRQDU\ H[FHOOHQW ORW LQ D %R[

{ %5,7,6+ )'& %$5*$,1 &$5721 7HQ $OEXPV RYHU GLIIHUHQW )'& 4(,, VRPH XVHIXO SLFNLQJV

PL[HG FRPPRQZHDOWK LQF +RQJ .RQJ , 2 0 UHJLVWHUHG ZLWK GLIIHUHQW VL]HV XQIROGHG $LUOHWWHUV ZLWK HPSLUH Â… Â…

DPRQJVW WKH RUGLQDU\ %DUJDLQ Â… Â…

Â’ %ULWLVK $IULFD %HFKXDQDODQG PLQW VHOHFWLRQ LQF .*9, WR ILUVW 4(,, 1LFH Â… Â…

%5,7,6+ $)5,&$ 6287+ $)5,&$ ([WHQVLYH ORW RQ VWRFNSDJHV ZLWK ORWV RI XVHIXO SLFNLQJV ILUVW òG EORFN PLQW .*9 WR PLQW ZLWK ORWV RI H[WUDV LQF FRLOV XVHG WR Â… LQF FRLOV $LUPDLO VHW PLQW )8 *RRG UDQJH RI GHILQ LVVXHV LQF PLQW WR G SDLUV $LUPDLO G LQF YDULHWLHV GHILQV WR G XVHG 6LOYHU -XELOHH PLQW SDLUV VHW &RURQDWLRQ SDLU PLQW ZLWK PLVVLQJ K\SKHQ YDULHW\ FÂ… 9RRUWUHNNHU VHW PLQW Â… %RWK :DU (IIRUW VHWV LQF EORFNV GHILQ SDLUV WR PLQW VHW PLQW GHILQV 80 9HU\ JRRG GHILQ UDQJH 80 LQF 6* HWF V Â… Â… {

%5,7,6+ 1257+ $0(5,&$ &$1$'$ ([WHQVLYH VWDPS ORW RQ SDJHV ZLWK DSSUR[ VWDPSV SDFNHG ZLWK 49 VPDOO 4XHHQV -XELOHH F XVHG 4XHEHF (GZDUG F PLQW 3HDFH VHW 80 YHU\ H[WHQVLYH WKHUHDIWHU 0LQW 8 VRPH 1HZIRXQGODQG HWF Â… Â… %5,7,6+ 6287+ $7/$17,& ([WHQVLYH VWDPS KRDUG RQ SDJHV FLUFD GLIIHUHQW VWDPSV PDQ\ XVHIXO SLFNLQJV HVSHFLDOO\ 0LQW 80 VHWV JRRG )DONODQGV QRWLQJ .*9, WR .*9 :DU 7D[ 0RGHUQ VHWV WR Â… 0DS VHWV $VFHQVLRQ ZLWK PDQ\ VHWV XSWR Â… 6W +HOHQD %DGJHV WR QRWLQJ G FOHIW URFN YDULHW\ :HGGLQJ DQG PRUH *RRG ORW Â… Â… %81'/(:$5( *UHDW %ULWDLQ 4(,, SUH GHFLPDO KLJK YDOXHV LQF FDVWOHV VHHQ 'H /D 5XH SULQWLQJV PDQ\ V XQFKHFNHG Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 5

&$1$'$ )'& &2//(&7,21 SULVWLQH Â’ (55256 $1' 9$5,(7,(6 &RPPRQZHDOWK FROOHFWLRQ RI FLUFD GLIIHUHQW XQDGGUHVVHG )'& LQF 'HILQV Â’ LWHPV 8P RQ &DUGV .XW F ,78 LPSULQW EORFN

WR %HDU %RRNOHW SDQHV DQG FRPPHP VHWV 3ULVWLQH Â… Â…

PLVSHUI DW EDVH 1= òG +HDOWK 6HDJXOOV ZLWK GRXEOH OHJV *KDQD PLVSODFHG YDOXH 0DOWD PLVSODFHG *ROG 0DODZL FRORXU VKLIW HWF Â… Â…

&$1$'$ 0$66 RI VWDPSV LQ DOEXPV LQ D FDUWRQ 6L[ YROXPHV V RI GLII VWDPSV IURP DQ LQWHUHVWLQJ { (8523$ VHHQ EHWWHU VHWV LQF UDQJH RI HDUOLHV ZLWK PXFK XVHG 4(,, LV PLQW 80 XSWR DERXW Â’ 6DQ 0DULQR 80 &\SUXV VHW PLQW &\SUXV VHW RI ,UHODQG VHW RI 0 &\SUXV VHW RI 0 3RUWXJDO VHW RI 0 ZLWK ORWV RI EORFNV DQG DGGLWLRQDO PDWHULDO 7KH ORWV DOVR ,UHODQG VHW RI 0 3RUWXJDO VHW RI $ JRRG FROOHFWLRQ RI LQFOXGHV \HDU ERRNV XSWR IXOO RI 80 VHWV &KHDS VWDPSV PDLQO\ RQ SULQWHG DOEXP SDJHV Â… Â… FRXQWU\ ORW Â… Â… &$5721 ZLWK DQ RULJLQDO FROOHFWLRQ RI $OEXPV (8523$ &ROOHFWLRQ ZLWK LVVXHV IURP LQF ZLWK LVVXHV IURP DOO DURXQG WKH ZRUOG VHHQ DQ $OEXP RI /X[HPERXUJ VHW )8 PRGHUQ 06 VKHHWOHWV PDQ\ V RI FKDQQHO ,V &DW Â… QRWH 'XUQVH\ GHILQV WR Â… 80 VWDPSV LQ VWRFNERRN ROG SDJHV DQG ORRVH VHHQ LVVXHV WR ZLWK PXFK 80 LQ ODUJH FDUWRQV Â… Â… SRVWDJH GXH VHW 80 -HUVH\ GHILQV WR Â… SRVWDJH GXH VHW DV SDLU PRVW XQXVXDO ),1( 86(' &DW Â… VHW DOVR 80 (8523$ &RYHU FROOHFWLRQ ZLWK FRYHUV IURP $ JRRG UDQJH RI PDWHULDO LQ DOEXPV RI %ULWLVK &RPPRQZHDOWK VHHQ 7UHHV +HUP ,VOH -HWKRX &DOI RI 0DQ 0DQ\ V RI VWDPSV Â… Â… 6DQGD ,VOH RI 3DED\ /XQG\ PDLQO\ XQDGGUHVVHG )'& V LQ VL[ $OEXPV LQ D ODUJH FDUWRQ Â… Â… &$5721 ZLWK ZRUOGZLGH LVVXHV LQF %ULWLVK &RPPRQZHDOWK PDQ\ V RI VWDPSV LQ WKUHH VWRFN ERRNV )$6&,1$7,1* 0L[WXUH RI :RUOGZLGH PDWHULDO VRPH ORRVH VHHQ 80 %ULWLVK &RPPRQZHDOWK Â… Â… LQ D FDUWRQ EHLQJ WKH EDODQFH RI D ORW IURP WKH 1: DUHD QRWH &2))(( WZR UDUH XQXVHG òG G %ULWLVK 5HYHQXH VWULSV RYSW 6SHFLPHQ IUHVK XQXVHG WKHVH ZHUH GHVLJQHG WR ZUDS DURXQG SDFNDJHV RI FRIIHH Â… Â… &RLQV RI *UHDW %ULWDLQ LQ SDFNHWV ROG WLQV DQG ER[HV ZLWK PDQ\ GLIIHUHQW YDOXHV XQFKHFNHG D IHZ FRLQV Â… Â…

5KRGHVLD 0DUGRQ VHW WR Â… 80 LQGHSHQGHQFH RYSWV VHWV 80 DQG 9)8 LQF &KXUFKLOO RYSW ,QWHUHVWLQJ SUH V *HUPDQ\ ZLWK FRPSOHWH VKHHWV VKRZLQJ PDUJLQDO LQVFULSWLRQV *% ZLWK QLFH ORW RI HDUO\ 4(,, )'& HWF 3OHQW\ WR VRUW WKURXJK Â… Â…

{ )/2:(56 75((6 )81*, &ROOHFWLRQ RI VWDPSV LQ D ODUJH VWRFNERRN ZLWK PDQ\ GLIIHUHQW VSHFLHV &2/266$/ &2//(&7256 FOHDURXW LQ D ODUJH PDLQO\ ILQH XVHG $ YHU\ FRORXUIXO FROOHFWLRQ Â… Â… FDUWRQ ZH VHH D VXEVWDQWLDO 9DWLFDQ &LW\ DOO GLIIHUHQW FKLHIO\ 80 Â’ )227%$// 5DUH 0RQDFR :RUOG &XS FROOHFWLRQ WR YHU\ PRGHUQ FDW Â… DQ ROG FROOHFWLRQ RI Â’ FLJDUHWWH FDUGV LQ DOEXPV D VROLG FROOHFWLRQ RI 3LWFDLUQ ,VODQG $UJHQWLQD VKHHWOHW FHUHV D ILQH 80 &DW HXUR QRWLQJ :HGGLQJ DQG PXFK PRUH 9DVW QXPEHUV WR Â… Â… Â… FOHDU Â… Â… )227%$// 6,*1(' ,QF %REE\ &DUOWRQ 'DYLG &20021:($/7+ $1' *% FRPPHPRUDWLYH 6SHHGLH 3DW -HQQLQJV .HQQ\ 'DOJOLVK *HRII +XUVW FRYHUV QRW )'& V FKLHIO\ PLOLWDU\ DQQLYHUVDU\ RYHU FRYHUV &RYHU &DUGV $OO VLJQHG HDFK GLIIHUHQW Â… Â… ZLWK PDQ\ VLJQHG WKH FROOHFWRU GLG QRW JHW DURXQG WR VRUWLQJ )25(,*1 LQ D ILOHER[ ZLWK EHWWHU SLFNLQJV VHHQ WKHP RXW LQWR WKH UHODWLYH DOEXPV $ YHU\ JRRG UDQJH RI FRYHUV /X[HPERXUJ 6WDPS ([KLELWLRQ 06 )8 FÂ… ILOOLQJ D ODUJH FDUWRQ Â… Â… $XVWULD 5RWDULDQ &RQJ V PLQW FÂ… $XVWULD $LU V

&RYHUV DQG &DUGV PDLQO\ %HQKDP V 6LONV ZLWK

FÂ… )8 $ IHZ VWDPSV Â… Â… VSHFLDO FDQFHOV LQ D YDULHW\ RI $OEXPV DOVR VHHQ { )285 $17,48( DOEXPV VSDUVHO\ ILOOHG ZLWK 4XHHQ 0RWKHU )'& VLJQHG E\ &RXQWHVV RI 6WUDWKPRUH VWDPSV LQF WKH ,GHDO SRVWDJH VWDPS DOEXP VHFRQG RSHQLQJ RI 0DU\V &KDSHO VLJQHG E\ &DUGLQDO +XPH D IHZ HGLWLRQ ZLWK PDQ\ XQPDUNHG SDJHV VWLOO XVHDEOH VWDPSV FRYHUV ZLWK EHWWHU S LFNLQJV ILOOLQJ D ODUJH FDUWRQ PDLQO\ XVHG Â… Â… Â… Â… Â’ )5$0$ ODEHOV RI WKH ZRUOG D XVHIXO FROOHFWLRQ &29(56 0$,1/< PLOLWDU\ DQQLYHUVDU\ LQF ' Â’ ZLWK LVVXHV IURP PDQ\ FRXQWULHV LQF $ODQG ,FHODQG '$< 9( '$< PLOLWDU\ FRDW RI DUPV ZLWK PDQ\ VLJQHG FRYHUV /X[HPERXUJ 1RUZD\ *UHHFH 3RUWXJDO +RQJ .RQJ %HOJLXP $ YHU\ JRRG FROOHFWLRQ RI FRYHUV IURP WKH %ULWLVK $ YHU\ JRRG UDQJH RI )UDPDV 80 Â… Â… &RPPRQZHDOWK DQG (XURSH RYHU FRYHUV LQ D ODUJH Â’ *% DQG &+$11(/ ,6/$1'6 UDQGRP FDUWRQ Â… Â… Â’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Â… Â… PDWFK FRYHUV D YHU\ JRRG ORW RI FRYHUV DOO UHODWLQJ WR WKH Â’ */2%$/ &ROOHFWLRQ RI :RUOG VWDPSV PRVWO\ JUHDW VSRUW RI FULFNHW Â… Â… Â’ 80 VHWV GHSLFWLQJ )ODJV RI WKH :RUOG RQ VWDPSV 2YHU 'HYRQ $OEXP DQG VWDPSV VWLOO LQ SDFNHWV ZLWK GLIIHUHQW LVVXHV SOXV 06 RQ D WZR LQFK KLJK SLOH RI SDJHV WRR EHWWHU SLFNLQJ +RQJ .RQJ ,&< ZLWK EURNHQ OHDYHV YDULHW\ PXFK WR OLVW EXW QRWH PDQ\ EHWWHU LVVXHV +LJKO\ UHFRPPHQGHG 80 0DOGLYHV &KXUFKLOO DV LPSHUI EORFNV RI DQG PXVW KDYH D KXJH &9 Â… Â… .*9, 9LFWRU\ VHWV &DQDGD H[SUHVV GHOLYHU\ VWDPSV PDQ\ *5($7 %5,7$,1 FRORVVDO FDUWRQ ORW ZLWK RYHU V RI FRPPRQZHDOWK VWDPSV FKLHIO\ PLQW LQ D TXDOLW\ $OEXP GLIIHUHQW SUHVHQWDWLRQ SDFNV WR DERXW DOO ZLWK D PDLQO\ .*9, HDUO\ 4(,, LVVXHV Â… Â… GLIIHUHQW 80 VHW IURP ILQH SUH GHFLPDO SDFNV WR UDWKHU PRGHUQ ',625*$1,6(' FROOHFWLRQ RI *UHDW %ULWDLQ LQ D VWDFN RI SKT FDUGV LQF VFDUFH SUH GHFLPDO LVVXHV ,QFUHGLEOH ILYH YROXPHV PDQ\ V RI LWHPV PDLQO\ SUH GHFLPDO YDOXH WR FOHDU Â… Â… FRYHUV FDUGV SLHFHV FROOHFWHG IRU WKH SPNV DQG PLQW 4XHHQ Â’ *5($7 %5,7$,1 H[WHQVLYH 4(,, IURP WR (OL]DEHWK LVVXHV QHHGV UH RUJDQLVLQJ Â… Â… Â’ ZLWK PDQ\ FRPPHPRUDWLYH VHWV GHILQV LQF :LOGLQJV Â’ &DVWOHV ZLWK PXFK 80 Â… Â… '/5 3522)6 RI 3RUWXJXHVH &RORQLHV &KDULW\ LVVXHV SDLUV DQG VLQJOH LQF LQVFULSWLRQV RPLWWHG GLII FRORXUV DQG VHFXULW\ SXQFWXUHV 8QXVXDO PLQW Credit Cards Â… Â… The best way to pay, guaranteed. Best exchange rates

for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 6

Â’ ,19(57(' :$7(50$5.6 6LOYHU *5($7 %5,7$,1 LQ D ODUJH FDUWRQ PDQ\ V Â’ :HGGLQJ XQPRXQWHG PLQW ZLWK YDULHWLHV OLVWHG RQ FDUG PDLQO\ LQ RI VWDPSV ZLWK EHWWHU SLFNLQJV H[KLELWLRQ VHWV PLQW $UPV VHW RI PLQW 6 :HGGLQJ 80 )HVWLYDO EORFNV RI LQF *LEUDOWDU S EORFN RI FDW Â… 6H\FKHOOHV KLJK YDOXHV PLQW 49 5RVH XVHG GHSDUWPHQWDO EORFN RI 7ULVWDQ GD &XQKD òS SODWH EORFN RI %HUPXGD RIILFLDOV $ JRRG ORW IRU VRUWLQJ 0DLQO\ ILQH XVH F EORFN RI %DKDPDV F EORFN RI &D\PDQ F EORFN RI 'RPLQLFD EORFN RI 6W /XFLD F SDLU $ YHU\ ILQH Â… Â… FROOHFWLRQ KLJK FDW YDOXH Â… Â… { *UHDW %ULWDLQ .LORZDUH LQ WZR ODUJH FDUWRQV ,19(57(' :$7(50$5.6 DQG RWKHU YDULHWLHV FKLHIO\ PDFKLQV RQ SDSHU PDQ\ V XQFKHFNHG RI 0RQWVHUUDW LWHPV LQF 2+06 LQY RYSWV QRWLQJ 6* 2 D Â… Â… LQY ZPNV WR PLVVLQJ VWRS 6* 2 D 9)8 9HU\ JRRG *5($7 %5,7$,1 OXFN\ GLS FOHDUDQFH ER[ JRRG JURXS Â… Â… PL[WXUH LQF D TXDQWLW\ RI V VPDOO IRUPDW SUHVHQWDWLRQ

SDFNV LQ JRRG FRQGLWLRQ LOOXVWU HQY ILQH V FRYHUV IROGHU RI 9LFWRULDQ SRVWDO KLVWRU\ D JRRG VHOHFWLRQ RI XQXVHG SRVWDO VWDWLRQHU\ LQF UHJLVWHUHG HQYHORSHV ORWV RI PDWHULDO Â… Â… { *5($7 %5,7$,1 PDQ\ V RI VWDPSV ILOOLQJ

D ODUJH FDUWRQ VHHQ KLJK YDOXHV RQ SDSHU NLORZDUH Â… Â…

Â’ -DSDQHVH 2FFXSDWLRQ UDQJH ZLWK EHWWHU

SLFNLQJV %XUPD <DQR VHDO VWDPS 6* - PLQW LVVXH IRU 6KDQ 6WDWH 6* - - PLQW F Â… IRUPHU F RQ D 6* - VXUFK òD D F Â… U F Â… U F Â… D ILQH UDQJH FKLHIO\ PLQW Â… Â… Â’ -(56(< )$&( 9$/8( Â… IUHVK 80 Â’ FROOHFWLRQ KLJKO\ FRPSOHWH DWWUDFWLYH VHWV DQG

YDOXHV WR Â… V DOO GLIIHUHQW Â… Â… -2+1 &5$9(1 QHZV SUHVHQWHU DXWRJUDSKHG 0,''/( ($67 ZLWK VHWV DQG EHWWHU SLFNLQJ %DKUDLQ .,//(5 :+$/(6 LOOXVWU FRYHU ZLWK &URZQ FRLQ V ZHGGLQJ %06 (ULWHD WR %$ RYSWV WR .XZDLW WR U 3ULVWLQH Â… Â… V ZHGGLQJ &DVWOHV WR U 0HI WR 4DWDU WR U D YHU\ JRRG DQG KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV Â’ .*9 0,17 &ROOHFWLRQ RQ SDJHV FDWDORJXH PLQW Â… Â… YDOXH Â… LQF 7ULQLGDG DQG 7REDJR WR Â’ *5($7 %5,7$,1 5DPEOLQJ UDQJH RI LVVXHV 7DQJDQ\LND WR .87 WR $ JRRG VHOHFWLRQ Â’ ZLWK EHWWHU SLFNLQJV PDLQO\ 80 LQF -XELOHH òG G òG RI VWDPSV PLQW Â… Â… 80 6LOYHU -XELOHH ERRNOHW SDQHV %ULWLVK { .*9, 5+2'(6,$ .*9, VHW WR $QQLYHUVDU\ G ZLWK EURNHQ ' YDULHW\ QRQ SKRV WRS YDOXH )8 6* &DW Â… Â… Â… &RPPHPRUDWLYH ZLWK &\O EORFNV QXPEHUV ZLWK VWDPSV WR $ IHZ WKDW QHHG VRUWLQJ Â… Â… { .*9, $'(1 RQ ROG SDJHV 'KRZ òD WR D *5($7 %5,7$,1 ::,, 5$) UHODWHG LOOXVWUDWHG PLQW U )8 &RURQDWLRQ VHW RI )8 SLFWRULDO GHILQ VHW RI ILQH XVHG 9LFWRU\ )8 6LOYHU :HGGLQJ )8 838 )8 1HZ FRYHUV LQF LOOXVWUDWHG 'DPEXVWHUV VLJQHG E\ 5LFKDUG &XUUHQF\ VHW )8 $ JRRG UDQJH FDW Â… Â… Â… 7RGG SSF RI /DQFDVWHU VLJQHG E\ 6LU +XJKLH (GZDUGV 9& SSF VLJQHG E\ +XJKLH (GZDUGV FRYHU VLJQHG E\ / + { .*9, &RURQDWLRQ VHWV LQF VHYHQ )'& V %DYH\VWRFN SSF VLJQHG E\ 1RUPDQ -DFNVRQ 9& LOOXVWU FRYHU FKLHIO\ RQ SLHFHV ZLWK )', FDQFHOV Â… Â… VLJQHG E\ 1RUPDQ -DFNVRQ 9& SSF VLJQHG E\ -RKQ &UXLFNVKDQN 9& SSF VLJQHG E\ /HRQDUG 7UHQW 9& SLHFHV Â’ .*9, *5($7 %5,7$,1 $UPV Â… DQG VLJQHG E\ $UWKXU &DQQRQ IRXU YROXPHV ZLWK VLJQHG FRYHUV Â’ :HGGLQJ VHW DOO 80 &DW Â… Â… Â… DQG PDQ\ H[WUD LWHPV V RI LWHPV Â… Â… Â’ .*9, *5($7 %5,7$,1 +LJK YDOXH VHOHFWLRQ *8(516(< RYHU GLIIHUHQW ILQH PLQW $UPV VHW LQF .H\ 'DUN %OXH :HGGLQJ )'& V LQ SULVWLQH FRQGLWLRQ Â… Â… Â… )HVWLYDO WR Â… HWF &DW Â… Â… Â… +2$5' 2) &29(56 ILOOLQJ D ODUJH FDUWRQ Â’ .*9, PLQW RQ ROG DOEXP SDJHV QRWH $VFHQVLRQ PDLQO\ 8. DQG WKH %ULWLVK FRPPRQZHDOWK 0DQ\ V RI WR LQF G EODFN DQG XOWUDPDULQH FÂ… SHUI FRYHUV Â… Â… FÂ… 6W +HOHQD G )DONODQG ,V 'HS RYSWV VHWV $ YHU\ JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW +2$5' 2) &29(56 ZLWK EHWWHU SLFNLQJV Â… Â… FKLHIO\ *% LOOXVWUDWHG )'& V VHHQ EHWWHU LQF &HQWHQDU\ LOOXVWU )'& ZLWK VSHFLDO /RQGRQ 5HG &URVV ([KLE { .*9, ROG DOEXP SDJHV ZLWK EHWWHU SLFNLQJV 2O\PSLF ZLWK )', :HPEOH\ VORJDQ FDQFHO &DEOH SKRV Â’ VWUHQJWK LQ PLQW VWDPSV VHHQ 1LJHULD WR G PLQW WR LOOXVWU 6RXWKDPSWRQ 7 ZDY\ OLQH FDQFHO ()7$ ZLWK )8 1RUWKHUQ 5KRGHVLD WR G PLQW 1\DVDODQG WR GDPDJH XQGHU FDUULDJH ZLWK /RQGRQ )'& :RUOG &XS G PLQW 6RPDOLODQG 3URWHFWRUDWH WR U PLQW $ JRRG :LQQHUV ZLWK +DUURZ DQG :HPEOH\ )', WKHVH FDW Â… UDQJH RI VWDPSV Â… Â… KRDUG RI )UDQFLV &KLFKHVWHU FRYHUV VHW RI WKUHH òS { .*9, 6RPDOLODQG VHW 9)8 6* PDFKLQ DOO SKRV FDW Â… $ KXJH FDWDORJXH YDOXH LQ WKLV ORW Â… Â… ILOOLQJ WZR FDUWRQV Â… Â… Â’ *5($7 %5,7$,1 29(535,176 IRU WKH

{ +21* .21* 683(5,25 9)8 4(,,

KLJKO\ FRPSOHWH EDVLF RYHU GLII VWDPSV 06 QRWLQJ GHILQ VHW $QQLJRQQL GHILQ VHW JRRG FRPPHP VHWV VXSHUE Â… Â…

{ .*9, 7ULVWDQ 'D &XQKD RYSW VHW 9)8 6*

Â… Â… /$5*( &$5721 &UDPPHG ZLWK FDYRV IURP

Â’ ,03(5,$/ $,5:$<6 $LU 0DLO /DEHOV FRPSOHWH Â’ ERRNOHW Â… Â… ^3KRWR`

PDQ\ GLIIHUHQW FRXQWULHV LQF %ULWLVK FRPPRQZHDOWK *% VXSHUE VRUWHU ORW PDQ\ V RI FRYHUV Â… Â…

Â’ ,19(57(' :$7(50$5. 9$5,(7,(6 2) Â’ .,5,%$7, 80 V ILQH ORW RI GLII YDULHWLHV LQF GRXEOH

/$5*( &$5721 ZLWK (QYHORSHV 6WDPSV LQ (QYHORSHV $OEXPV PDQ\ V RI VWDPSV (QYHORSHV KDYH D YDULHW\ RI IUDQNLQJ FKLHIO\ *% DOO IURP RQH IDPLO\ Â… Â…

RYSWV KLJK YDOXH GHILQV EHWWHU LQF 6* Z Z Z Z HWF Â… Â… ,19(57(' :$7(50$5. YDULHWLHV RI 9DQXDWX DOO 6* OLVWHG LQF VFDUFH 2UFKLG 6* Z RQO\ NQRZQ XVHG RWKHUV 80 Â… Â…

/$5*( &$5721 ZLWK JHQHUDO PL[WXUH RI VWDPSV FRYHUV VHHQ *% SULQWHG $OEXP IRU LVVXHV IURP WR PDQ\ V RI VWDPSV Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 7

/,7(5$785( 7KH VWDPSV RI 6RPDOLD DQG

WKHLU VWRU\ E\ *LRUJLR 0LJOLDYDFFD DQG SRVWDO PDUNLQJV 6RPDOLODQG 3URWHFWRUDWH E\ * 0HQWJHQ ERWK LQ ILQH FRQGLWLRQ Â… Â… /,7(5$785( %ODFN *ROG E\ .HQQHWK - .XW]

02817$,1((5,1* YHU\ UDUH

DXWRJUDSKHG FRYHU VLJQHG E\ -RKQ 1RHO 3KRWRJUDSKHU IRU WKH (YHUHVW ([SHGLWLRQ WRJHWKHU ZLWK 3KRWR 3DQHO RI (YHUHVW &DUG DQG VSHFLDO 3PN 9HU\ IHZ SUHSDUHG Â… Â… ^3KRWR`

OLPLWHG WR MXVW FRSLHV VLJQHG DERXW 7KH 3KLODWHOLF +LVWRU\ RI 0XOWLSOH IUDQNHG FRYHUV IURP DURXQG WKH %ULWLVK &RPPRQZHDOWK SHULRG ZLWK KLJK YDOXHV 7XUNV DQG 3HWUROHXP DQ LQWHUHVWLQJ UHDG ZLWK PDQ\ LOOXVWUDWLRQV LQ YHU\ &DLFRV 2+06 (QY :LWK YDOXHV IURP G WR ILQH FRQGLWLRQ Â… Â… 7ULVWDQ 'D &XQKD ZLWK 6KLSV IURP G WR 2+06 /,7(5$785( %5,7,6+ 3RVWDJH 6WDPS (QY :LWK GHILQLWLYH IURP G WR %UXQHL VXOWDQV YDULHWLHV LOOXVWUDWHG E\ $OFRFN DQG 0HUHGLWK YHU\ GHWDLOHG 49 IURP F WR F 6W .LWWV 1HYLV 2+06 (QY :LWK òF VXUIDFH SULQWV WR .*9, YHU\ LQWHUHVWLQJ DV VKRZ YDULHWLHV QRW WR &\SUXV GHILQLWLYHV IURP P WR P OLVWHG LQ 6* Â… Â… *X\DQD ,QGHSHQGHQFH RYSWV F WR $ ILQH UDQJH /,7(5$785( &DQDGD 7UDQVSRUWDWLRQ 3RVWDO RI FRYHUV VHQW WR WKH 8. Â… Â… 0DUNLQJ &DQDGD 0DLO E\ 5DLO +LVWRU\ RI Â’ 1DYLJDWRUV $XVWUDOLD VHW LQF ZKLWH &DQDGLDQ 532 V &DQDGLDQ 7UDQVSRUWDWLRQ SDSHUV IUHVK PLQW 6* &DW Â… Â… Â… 3RVWPDUNV E\ 7 3 * 6KDZ %1$ 7UDQVDWODQWLF 6WDPSOHVV 0DLO E\ - & $UQHOO DQG WKH FDWDORJXH VHFWLRQ RI WKH KDQGERRN RI Â’ 1(: ,668(6 2) %5,7,6+ (03,5( &LUFD 7UDQVSRUWDWLRQ SRVWPDUNV E\ 7 3 * 6KDZ DQG / 0 /XGORZ $OO Â’ V SHULRG VWRUHG LQ IRXU VPDOO %R[HG V RI VWDPSV LQ LQ ILQH FRQGLWLRQ Â… Â… RULJLQDO SDFNHWV ZLWK PDQ\ EORFNV DQG XVHIXO UDQJHV 3DSXD /,7(5$785( 2386&8/80 $Q 1HZ *XLQHD VWDPS ERRNOHWV $XVWUDOLD VWDPS ERRNOHWV $QWKRORJ\ RI 3KLODWHOLF DQG KLVWRULFDO SDSHUV E\ 536& LQ JRRG %$67 VFLHQFH VHW DV EORFNV 1DYLJDWRUV GHILQV LQF Â… FRQGLWLRQ LQWHUHVWLQJ UHDG SDJHV LQ ILQH FRQGLWLRQ EORFN 5RVV GHILQ VHW DV F\OLQGHU EORFNV &DQDGD Â… Â… .*9, ERRNOHW SDQHV *LEUDOWDU HWF 1HHGV WDNLQJ RXW RI WKHVH SDFNHWV 2ULJLQDO /RW Â… Â… /LWHUDWXUH 5REVRQ /RZH YROXPH *UHDW %ULWDLQ DQG 7KH (PSLUH LQ (XURSH VHFRQG HGLWLRQ LQ YHU\ JRRG 1(: =($/$1' )'& FROOHFWLRQ FRQGLWLRQ ZLWK PDQ\ LOOXVWUDWLRQ IDFWV ILJXUHV $ YHU\ SULVWLQH XQDGGUHVVHG GLIIHUHQW ZLWK KLJK YDOXHV VHWV DQG LQWHUHVWLQJ UHDG Â… Â… PLQLDWXUH VKHHWV %DUJDLQ Â… Â… /,7(5$785( 7KH 4XHHQV 6WDPSV 7KH 1(: =($/$1' 3DFNHG FROOHFWLRQ RQ SDJHV $XWKRULVHG +LVWRU\ RI WKH 5R\DO 3KLODWHOLF &ROOHFWLRQ +5+ 7KH RYHU GLIIHUHQW VWDPSV ORWV RI H[WUDFW ZLWK 3ULQFH RI :DOHV :DWHUFRORXUV 4XHHQ (OL]DEHWK ,, D -XELOHH PDQ\ VHWV PXFK LV )8 ORWV RI KLJK YDOXHV LQFUHGLEOH YDOXH 3RUWUDLW LQ 6WDPSV DOO YHU\ JRRG FRQGLWLRQ ZLWK GXVW KHUH Â… Â… MDFNHWV Â… Â… 1250$1 :,6'20 VLJQHG LOOXVWUDWHG FRYHU /,7(5$785( %/,1'0$1 6 0DLO KRZ WKH EOLQG ZLWKRXW WKH VWDPS EHLQJ DWWDFKHG PRVW XQXVXDO Â… Â… KDYH EHHQ VHUYHG E\ WKH SRVW E\ *DYLQ )U\HU VLJQHG ZLWK LW 1257+ $7/$17,& FRYHU FDUG FROOHFWLRQ 'XVW -DFNHW LQ YHU\ ILQH FRQGLWLRQ LQWHUHVWLQJ UHDG Â… Â… PDLQO\ FRYHUV IURP +06 (QGXUDQFH ZLWK FDFKHW LQ RQH YROXPH RYHU FRYHUV FDUGV SOXV D JURXS RI FRYHUV IRU WKH 0$/$<6,$ 2/'7,0( UDQJH ZLWK LVVXHV IURP DQQLYHUVDULHV RI WKH %DWWOH RI 5LYHU 3ODWH ZLWK PXOWLSOH VLJQHG 49 VHHQ EHWWHU .*9, SHULRG ZLWK YDOXHV WR PLQ ZLWK LVVXHV FRYHUV ZLWK )DONODQG ,VODQG IUDQNLQJV VHHQ VLJQHG FRYHU IURP 0DOD\ +RQJ .RQJ 6LQJDSRUH -DSDQHVH 2FF LQF LQF 5H[ +XQW 3HWHU 6FRWW 9LYLDQ )XFKV $ VXSHUE ORW QHHGV 6LQJDSRUH -DSDQHVH 2FF F F F F 6*- )8 2YHU VRUWLQJ Â… Â… VWDPSV Â… Â… ^3KRWR` 0$5,7,0( FROOHFWLRQ RI FRYHUV FKLHIO\ %ULWLVK

1DY\ ZLWK PDQ\ DGGLWLRQDO LWHPV QRW FRXQWHG ZLWK RYHU FRYHUV LQF VLJQHG ZLWK PXOWLSOH VLJQHG IURP SHUVRQ ZKR VHUYHG LQ ::,, KRXVHG LQ YROXPHV $ YHU\ LQWHUHVWLQJ ORW ZLWK PDQ\ EHWWHU FRYHUV Â… Â… { 0$5;,60 (DVW *HUPDQ\ SDLU RI 06

SHUI 9)8 HDFK ZLWK VSHFLDO FDQFHOV &DW Â… VFDUFH Â… Â… 0HGDOV *% 7KH .LQJV 0HGDOV (GZDUG .*9 LVVXHG E\ /RQGRQ &RXQW\ &RXQFLO Â… Â… { 0,''/( ($67 ILQH XVHG RQ VWRFNERRN SDJHV

ZLWK LVVXHV IURP 3DOHVWLQH LQF 3DOHVWLQH DXWKRULW\ ,UDQ /HEDQRQ 6\ULD RYHU VWDPSV ZLWK LVVXHV FLUFD Â… Â… { 0,''/( ($67 VWRFNERRN ZLWK LVVXHV IURP

,VUDHO <HPHQ -RUGDQ ZLWK VWUHQJWK LQ ILQH XVHG 2YHU VWDPSV Â… Â… 0,/,7$5< FRPPHPRUDWLYH FRYHUV LQ ILYH ODUJH

YROXPHV V RI FRYHUV ZLWK VSHFLDO FDQFHOV LOOXVWUDWHG FRPPHPRUDWLYH FRYHUV HYHQ VHHQ PRGHUQ VLJQHG FRYHUV LQ QHHG RI VRUWLQJ LQ D ODUJH FDUWRQ Â… Â… 02817$,1((5,1* 6RXWK 3DWDJRQLD

6XUYH\ ([SHGLWLRQ WR &KLOH $ ILQH DQG VFDUFH PXOWL VLJQHG FDUG ZLWK VLJQDWXUHV LQF &KULV %RQQLQJWRQ Â… Â…

Â’ 125:$< \HDU ERRNV LQF VFDUFH ILUVW Â’ \HDU DQG ERWK YHU\ ILQH FRQGLWLRQ FDW NU

Â… Â… { 2)) 3$3(5 0L[WXUH PDQ\ V RI VWDPSV

LQF %ULWLVK FRPPRQZHDOWK PLQW LQ D ODUJH ILOHER[ HYHQ VHHQ 49 LVVXHV WR PRUH PRGHUQ PDLQO\ ILQH XVHG Â… Â… 2)),&( 6:((3,1*6 LQ D ODUJH FDUWRQ ZLWK PDQ\ GLIIHUHQW :RUOG ZLGH LVVXHV LQ 2OG $OEXP SDJHV DQG ORRVH VHHQ 3RODQG FKDOOHQJH RYSW VHW 80 5RPDQLD H[KLELWLRQ VHW PRGHUQ 0DFDX DQG H[ 5XVVLDQ 5HSXEOLFV PDQ\ V RI VWDPSV Â… Â… 2)),&( 6:((3,1*6 WKUHH FDUWRQV ZLWK PDLQO\ FRYHUV FDUGV PDQ\ V RI LWHPV LQF 80 VWDPSV LQ QHHG RI VRUWLQJ Â… Â… Â’ 2/' $/%80 3$*(6 ZLWK 5KRGHVLD 1\DVDODQG

5KRG 1\DV GHILQ VHW RI ZLWK VKDGHV VHW RI ZLWK VKDGHV $ JRRG UXQ RI FRPPHP 6HWV 5KRGHVLD ,QGHSHQGHQFH RYSW VHW GHILQ VHW WR Â… ZLWK FRPPHPRUDWLYH VHWV DQG 3RVWDJH GXH $ ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW Â… Â… 2OG SDJHV ZLWK D UHDO PL[WXUH RI VWDPSV LQF ,WDO\ *UHHFH *HUPDQ\ RFFXSDWLRQ LVVXHV ORFDO VWDPSV $VWUR +XQJDULDQ PLOLWDU\ VWDPSV D JRRG PL[WXUH $Q LQWHUHVWLQJ JURXS PDQ\ V Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 8

Â’ 201,%86 LVVXHV YDULRXV FROOHFWLRQV RI 80 Â’ FKLHIO\ FRPSOHWH &RURQDWLRQ 9LFWRU\ ZLWK PDQ\

35,9$7( 3$5&(/ 67$036 &KLHIO\ XQXVHG E\ %ULWLVK &DUULHUV LQF : *RVK DQG 6RQV *LEVRQ 0RWRU 6HUYLFH *UHDW <DUPRXWK &RUSRUDWLRQ *UHHQ %XV &R +DQWV DQG 'RUVHW +HEEOH 0RWRU 6HUYLFH +LJKODQG 2PQLEXVHV +LGVRQ %XV &R ZLWK WKH PDLQ VWUHQJWK EHLQJ LQ SUH GHFLPDO SHULRG $ VXSHUE FROOHFWLRQ RI LWHPV LQF 6H 7HQDQWV DQG ODEHO ZLWK WKH UHFHLSW VWLOO DWWDFKHG QHDWO\ GLVSOD\HG Â… Â… ^3KRWR`

DGGLWLRQDO VHWV DV EORFNV RI IRXU LQF SODWH EORFNV &RURQDWLRQ DQG 5HG &URVV V FKLHIO\ VXSHUE FRQGLWLRQ Â… Â… { 21 3$3(5 0L[WXUH V RI VWDPSV IURP DOO

URXQG WKH JOREH $ YHU\ JRRG PL[WXUH Â… Â…

Â’ 4(,, *5(1$'$ +LJKO\ FRPSOHWH Â’ 0 80 LQ VXSHUE ER[HG 1HZ $JH 3ULQWHG $OEXP PDQ\ V Â’ SOXV 06 $ JRRG QXPEHU RI GHILQ VHWV WR SOXV PDWFKLQJ

3$&,),& ,6/$1'6 $XVWUDOLD 1HZ =HDODQG FROOHFWLRQ LQ DOEXPV ORRVH SDJHV ZLWK LVVXHV WR $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 DQG FRYHUV VHHQ PDQ\ KLJK YDOXHV DV PDQ\ DUH DV FRPSOHWH VHWV ZLWK PXFK PLQW LQF 80 +XJH FDWDORJXH YDOXH ILOOLQJ D ODUJH FDUWRQ $ YHU\ JRRG ORW Â… Â…

*UHQDGLQHV VHWV Â… Â… 5$,/:$< 3267$/ +,6725< VSHFLDO FRYHUV

DQG PXFK PRUH 2ULJLQDO FROOHFWLRQ KRXVHG LQ HLJKW DOEXPV DSSUR[ GLII FRYHUV HWF LQF PDQ\ *% 4(,, 732 FDQFHOOHG FRYHUV ZLWK 8S 'RZQ VSHFLDO SRVWPDUNV KLVWRULF WUDLQV FRYHUV VRPH YHU\ JRRG SULYDWH )'& 6HDOLQN FRYHUV SULYDWH VWDPSV LQF VKHHWOHWV DQG XVHG RQ FRYHUV DQG PXFK PRUH 7HUULILF ORW Â… Â…

3$&,),&6 *LOEHUW ,VODQGV DQG .LULEDWL FDUWRQ KRDUG IURP D FROOHFWRUV LQF HDUO\ 4(,, SODWH EORFN JXWWHU SDLUV VLJQHG E\ 'HVLJQHU &RURQDWLRQ DV SODWH EORFNV FRYHUV ZLWK LQWHUHVWLQJ VPDOO RIILFH FDQFHOV H[FHOOHQW /RW ZLWK DOO VRUWV 7R FOHDU Â… Â…

{ 5(9(18(6 *LEUDOWDU LVVXHV LQ 6SDQLVK 3DTXHERW DQG 0DULWLPH FDQFHOV ZLWK VWDPS DQG D IHZ FRYHUV LWHPV ZLWK UHDGDEOH FDQFHO PXFK SUH &XUUHQF\ ZLWK YDOXHV WR SWD Â… Â… V Â… Â… { 5(9(18(6 /HHZDUG ,VODQGV XVHG ORW LQF { 32/,&( D VFDUFH JURXS RI %ULWLVK 4(,, 3ROLFH .*9 DQG .*9, Â… Â… Â… &RXUW 5HYHQXHV LQF G DV 9)8 SDLUV ZLWK FRPSOHWH

SPNV Â… Â… 3RVWDO +LVWRU\ DQG RWKHU FRYHUV PRVW

LQWHUHVWLQJ ORW DSSUR[ LWHPV PXFK LQWHUHVW LQ 6287+ $)5,&$ ZLWK :DUWLPH )UDQNLQJV XVH RI :DU (IIRUW VWDPSV LQF DGYHUW FRYHUV 2+06 %HFKXDQDODQG 2+06 %DVXWRODQG 2+06 &XUDFDR )ODJ 6HW FDW Â… RQ FRYHU IDXOWV 1HWKHUODQGV )OLJKW &RYHU VXSHUE 9 $GYHUWLVLQJ &RYHU IRU D %XV DPD]LQJ &HQVRUHG &RYHU 6RXWK $IULFD WR -DSDQ $OEXP RI LQWHUHVWLQJ )'& HWF RULJLQDO ORW Â… Â… 3267$/ +,6725< &RYHUV 33& V FKLHIO\ SUH

4(,, LQF HDUO\ UHDO SKRWR W\SH SLFWXUH SRVWFDUGV ZLWK PLOLWDU\ 33& V )DPLO\ FDUGV YLHZV DURXQG (GLQEXUJK 0LOLWDU\ PDLO &HQVRUHG &RYHUV .*9, SHULRG IURP 0DXULWLXV *ROG &RDVW WR (GLQEXUJK 0DULWLPH 0DLO RI .*9, XQXVHG WHOHJUDPV $ YHU\ LQWHUHVWLQJ ORW RI LWHPV Â… Â… ^3KRWR`

Â’ 52:/$1' +,// 3RUWXJDO 6HW IUHVK 80 Â’ 6* Â… Â…

52<$/7< 35,1&( :,//,$0 WK %LUWKGD\ &HOHEUDWLRQ FROOHFWLRQ KRXVHG LQ VSHFLDO $OEXPV ZLWK FRLQ FRYHUV RWKHU SULVWLQH )'& 06 KLJK &DW :LWK LVVXHV FRPSUHKHQVLYH Â… Â… 52<$/7< 48((1 (/,=$%(7+ $1' 35,1&( 3+,//,3 6LOYHU :HGGLQJ FROOHFWLRQ H[FHSWLRQDO ORW KRXVHG LQ ILYH VSHFLDO $OEXPV WKDW IHDWXUHV GLIIHUHQW FRLQ FRYHUV ZLWK YDOXHV WR Â… DQG VSHFLDO %ULWLVK )'& ZLWK SLFWRULDO SRVWPDUNV HWF 3ULVWLQH FRQGLWLRQ DQG KXJH QHZ LVVXH FRVW +LJKO\ UHFRPPHQGHG Â… Â… 52<$/7< 7KH 4XHHQ 0RWKHU PRVW H[WHQVLYH FROOHFWLRQ RI V KRXVHG LQ )RXUWHHQ $OEXPV WKDW¶V IHDWXUHG FRLQ FRYHUV DORQH 7KH FROOHFWLRQ DOVR IHDWXUHV VFDUFH VHWV RI *ROG /LEHULD VKHHWOHWV DQG PDQ\ RWKHU FRYHUV 80 VHWV HWF FKLHIO\ WR SHULRG &RORVVDO QHZ LVVXH FRVW DQG RIIHUHG DW D PHUH IUDFWLRQ 3ULVWLQH Â… Â…

3RVWDO +LVWRU\ ZLWK V $PHULFDQ )LUVW 4 )OLJKWV LQF IORZQ E\ $LUVKLS PDQ\ GLIIHUHQW VSHFLDO IOLJKW

FDFKHWV VRPH IRU &DQDGD WZR PXOWL IUDQNHG &DUDFDR FRYHUV HDFK ZLWK ORFDO FHQVRU FDFKHWV RULJLQDO ORW LWHPV Â… Â… { 32670$5.6 &ROOHFWLRQ ZLWK )32 IURP ::,,

HDUO\ 33& DQG FDUGV ZLWK PXFK RI LQWHUHVW DOO FROOHFWHG IRU WKH PDUNLQJV LWHPV Â… Â… 35(0,80 &DUWRQ IXOO RI :RUOG FROOHFWLRQV V RI VWDPSV LQF YHU\ ILQH FROOHFWLRQ RI *% LQ SULQWHG $OEXP QRWLQJ EHWWHU SKRV VHWV 80 +RQJ .RQJ KDQGLQJ RYHU FROOHFWLRQV $OEXP IXOO RI :RUOGZLGH 06 VWUDQJH FROOHFWLRQ RI *ROG )RLO VWDPSV RI WKH :RUOG LWHPV LQ $OEXPV SDJHV HWF &RORVVDO SXUFKDVH SULFH DQG ORWV WR DGG WR FROOHFWLRQV *RRG Â… Â…

52<$/7< 7+( 48((16 &2521$7,21 -8%,/(( IDEXORXV QHZ LVVXH FROOHFWLRQ KRXVHG LQ IRXU VSHFLDO $OEXPV KXJH QHZ LVVXH FRVW VWURQJ LQ &2,1 &29(56 GLIIHUHQW ZLWK YDOXHV WR Â… PDQ\ HODERUDWH SLFWRULDO HQYHORSHV IHDWXULQJ FRLQV H[WHQVLYH PDWFKLQJ VWDPSV 80 HWF SULVWLQH DQG KLJKO\ UHFRPPHQGHG Â… Â… 52<$/7< 0DVV LQ D FDUWRQ ZLWK SUHPLXP PRGHUQ FRLQ FRYHUV LQF *ROG 3ODWHG Â… 'LDPRQG -XELOHH FRLQ FRYHU LQ IROGHU MXVW SUHSDUHG YDULRXV RWKHU FRLQ FRYHUV WR Â… 3UHPLXP 5R\DOW\ PRGHUQ )'/ DQG PXFK PRUH LWHPV SULVWLQH Â… Â… 6&$1',1$9,$ WZR SULQWHG GDYR DOEXPV RQH IRU 6FDQGLQDYLD QG IRU 6ZHGHQ RYHU VWDPSV ZLWK EHWWHU SLFNLQJV 'HQPDUN RUH IUDPH LQYHUWHG 1RUZD\ WRXULVW VHW RI P ,FHODQG DLU VSHFLPHQ RYSW VHW RI PLQW FÂ… D ILQH SDLU RI DOEXPV IRU ILOOLQJ ZLWK LVVXHV IURP Â… Â…

35(9,286 (67,0$7( Â… IDEXORXV ORW RI

RYHU GLIIHUHQW %ULWLVK 3+4 FDUGV IUHVK XQXVHG DV FRPSOHWH VHWV WR FOHDU Â… Â…

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… GHFLPDO LVVXHV … … ^3KRWR` WZR VFRXW %DGHQ 3RZHOO VFRXWV LOOXVWU IGF F… D YHU\ ILQH FROOHFWLRQ RI FRYHUV IURP DOO DURXQG WKH ZRUOG … … Key to symbols in this catalogue Used ✈ Airmail ✱ Mint ✱✱ Unmounted mint VISIT ✉ Postal History & Literature www.philangles.co.uk.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 9

6&287,1* H[WHQVLYH FROOHFWLRQ RI VWDPSV DQG PV VKHHWOHWV VHHQ &\SUXV 06 FDW Â… XP /LHFKWHQVWHLQ VKHHWOHW RI VWDPSV PLQW 0DIHNLQJ G FDGHW VHUJW PDMRU *RRG\HDU SDOH EOXH EOXH 6* FÂ… )8 D VXSHUE UDQJH RI LVVXHV PDLQO\ XQPRXQWHG PLQW RGG PLQW PL[HG LQ KRXVHG LQ DOEXPV Â… Â… {

6&2876 HDUO\ SLFWXUH SRVWFDUGV ER\

VFRXWV VLJQDOOLQJ JURXS UHDO SKRWR W\SH 'XNH RI :LQGVRU PHHWLQJ VFRXWV SKRWR W\SH F VLJQDOOLQJ WHVW DQ LQWHUHVWLQJ JURXS RI SLFWXUH SRVWFDUGV Â… Â… { 6LOYHU -XELOHH %DKDPDV VHW 9)8 6*

Â… Â…

{ Â’

Â’ Â’ Â’

Â’ Â’

7+( 1(: ,03(5,$/ 3267$*( 67$03 $/%80 9RO , DQG ,, ZLWK DSSUR[ VWDPSV VHHQ D SHQQ\ EODFN (GZDUG WR :DU 7D[ LVVXHV ZLWK PDQ\ XQPDUNHG SDJHV $ JUHDW SDLU RI DOEXPV IRU FRPSOHWLRQ FKLHIO\ ILQH XVHG Â… Â… 7+( :25/'6 ILUVW VWDPSV *UHDW %ULWDLQ SHQQ\ EODFN DQG WZR SHQFH EOXH ERWK ILQH XVHG IRXU PDUJLQ H[DPSOHV ZLWK VPDOO IDXOWV 9HU\ FROOHFWDEOH H[DPSOHV RI WKHVH LFRQLF VWDPSV FDW Â… Â… Â… 7+(0$7,& &ROOHFWLRQV LQ WZR FDUWRQV +LVWRU\ RI )OLJKW 838 VWDPSV RQ VWDPSV 5R\DOW\ VHHQ 6DQ 0DULQR 838 VHW RI 80 PDQ\ V RI VWDPSV DQG FRYHUV $ XVHIXO ORW IRU WKH WKHPDWLF FROOHFWRU Â… Â…

6,;7((1 $OEXPV ZLWK IRUHLJQ FROOHFWLRQ ZLWK 7,1 &$1 0$,/ DQ LQWHUHVWLQJ PXOWL PDQ\ V RI VWDPSV VRUWHG E\ FRXQWULHV QHHG UH RUJDQLVLQJ IUDQNHG FRYHU IURP 7RQJD ZLWK PDQ\ FDFKHWV Â… Â… DV PXFK KDV EHHQ PRYHG DERXW VHHQ HDUO\ LVVXHV LQF 0H[LFR F %XOOV (\H XQXVHG RQ RULJLQDO FROOHFWLRQ LQ 2OG 72548$< 3LFWXUH SRVWFDUG PDLQO\ V ZLWK $OEXPV 0DLQO\ ILQH XVHG ILOOLQJ WZR ODUJH FDUWRQV D JRRG YDULHW\ RI GLIIHUHQW YLHZV FDUGV Â… Â… Â… Â… 7:2 /$5*( &$57216 ZLWK PDQ\ #V RI 63$,1 FROOHFWLRQ RI GLIIHUHQW VWDPSV 6WDPSV &RYHUV IURP DOO URXQG WKH JOREH RQH SHUVRQ ORW WKDW ZLWK EHWWHU SLFNLQJV IURP WKH V LQF &KDULW\ VHWV $QWL 7% WKH\ QHYHU JRW DURXQG WR VRUWLQJ Â… Â… QRWH ,VDEHOOD VHW PLQW 6W )UDQFLV PLQW $ JRRG UDQJH ZLWK VWUHQJWK LQ PLQW VHWV LQF 80 Â… Â… Â’ 838 3DOHVWLQH LQYHUWHG RYHUSULQW HUURUV Â’ VHW RI )RXU IUHVK 80 6*3 $ % % DQG % 63(&,$//< 35,17(' %ULWLVK &RPPRQZHDOWK Â… Â… ^3KRWR` DOEXPV &RURQDWLRQ ZLWK PDQ\ VHWV PLQW &RURQDWLRQ VHW 80 ,&< DQG &KXUFKLOO ERWK ZLWK PDQ\ VHWV PLQW $ 9,17$*( 5,&+$5' 6(1) LOOXVWUDWHG DOEXP ILQH VHOHFWLRQ RI DOEXPV ZLWK PDQ\ FRPSOHWH VHWV QG HGLWLRQ ZLWK PDQ\ SDJHV XQPDUNHG D ORYHO\ ORRNLQJ Â… Â… $OEXP Â… Â… 6SULQJEDFN $OEXPV ZLWK :RUOGZLGH FKLHIO\ Â’ :$7(50$5. 9$5,(7,(6 %DKDPDV 4(,, ILQH XVHG ZLWK PDQ\ GLIIHUHQW FRXQWULHV RQH $OEXP IXOO RI Â’ LQYHUWHG ZPNV 80 LQF 6* DZ DZ Z (XURSHDQ 06 80 ILOOLQJ D ODUJH FDUWRQ PDQ\ V RI Â… Â… VWDPSV Â… Â… Â’ :$7(50$5. 9$5,(7,(6 %DUEDGRV 4(,, 67$03 %22./(76 2) 7+( :25/' Â’ LQYHUWHG ZPNV 80 ZLWK JRRG %LUG GHILQV WR LQF 6* 6XEVWDQWLDO ORW RI RYHU PRGHUQ SULVWLQH ERRNOHWV LQ D Z Z Z Â… Â… FDUWRQ WHUULILF YDULHW\ PDQ\ LQ RULJLQDO SDFNHWV ZH VSRWWHG ,ULVK Â’ :$7(50$5. 9$5,(7,(6 )LML LQYHUWHG ZPNV ZLWK KLJK YDOXH SUHVWLJH $OGHUQH\ Â… *% SUHVWLJH ZLWK Â’ LQF :RUOG &XS )RRWEDOO F 6* Z HWF 1LFH JURXS DOO YHU\ KLJK )9 DQG PDQ\ EHWWHU *HUPDQ\ EXLOGLQJ GHILQ GLIIHUHQW Â… Â… ERRNOHWV 3RUWXJDO VHWV RI ERRNOHWV YHU\ PLQRU GXSOLFDWLRQ EXW WKLV LV RXWZHLJKHG E\ WKH WHUULILF YDULHW\ SUHVHQW 9HU\ ILQH Â… Â…

:25/':,'( LQ D ODUJH FDUWRQ VHHQ %ULWLVK &RPPRQZHDOWK LQ HQYHORSHV WKHPDWLF LQF %LUGV )XQJL :LOGOLIH 6SDFH ZLWK VWRFN ERRNV SDJHV DQG SDFNHWV PDQ\ V RI VWDPSV HYHQ VHHQ 80 VHWV Â… Â…

Â’ 67$56 2) 67$*( $1' 6&5((1 +XJHO\ Â’ H[SHQVLYH DW WLPH RI LVVXH VSHFLDO FROOHFWLRQ RI :RUOGZLGH

PRGHUQ 80 LVVXHV KRXVHG LQ IRXU YROXPHV PDQ\ V ZLWK D { :25/':,'( PDQ\ V RI VWDPSV LQ DOEXPV VWRFNERRNV DQG ORRVH IURP PDQ\ GLIIHUHQW FRXQWULHV JRRG QXPEHU RI VKHHWOHWV LQF 86$ VKHHWOHWV QRWLQJ (OYLV 3UHVOH\ F VHDOHG VKHHW RI LQ UHFRUG VOHHYH W\SH ZUDSSHU ZLWK KRXUV RI IXQ WR EH KDG VRUWLQJ LW RXW PDLQO\ )8 ILOOLQJ D +LVWRULFDOO\ LQWHUHVWLQJ DQG SULVWLQH ORW Â… Â… ODUJH FDUWRQ Â… Â… ::,, $LUJUDSK FROOHFWLRQ RI PDLQO\ 6WRFNERRNV ZLWK PDQ\ V RI VWDPSV D :RUOGZLGH FROOHFWLRQ FKLHIO\ ILQH XVHG KRXVHG LQ VWRFNERRNV $PHULFDQ IRUFH IURP GLIIHUHQW FRXQWULHV Â… Â… ZLWK PDQ\ GLIIHUHQW FRXQWULHV UHSUHVHQWHG Â… Â… Â’ ::,, FROOHFWLRQ LQF 0DUVKDOO ,VODQG LPSULQWHG 672&.3$*(6 ZLWK (XURSD LVVXHV IURP Â’ EORFNV IRU GLIIHUHQW HYHQWV WKURXJKRXW WKH :DU &DQDGD WR RYHU VWDPSV 06 6KHHWOHWV LQF 6RXYHQLU IROGHUV DQG ZRXOG /X[HPERXUJ VHW PLQW FÂ… /LHFKWHQVWHLQ U FÂ… PDNH D JUHDW GLVSOD\ LWHP Â… Â… 80 0RQDFR VKHHWOHW 80 0RQDFR VKHHWOHW 80 $ ::,, 54$) FHQVRUHG FRYHUV ZLWK D YDULHW\ RI JRRG UDQJH ZLWK EHWWHU SLFNLQJV Â… Â… GLIIHUHQW FHQVRU KDQGVWDPSV LQF ER[HG WULDQJOH WRPEVWRQH 675$1' VWDPS DOEXP VW HGLWLRQ XQXVHG LQ VWDPSOHVV FRYHU ZLWK 5$) SRVW FGV $ JRRG ORW IRU UHVHDUFK ILQH FRQGLWLRQ IRU LWV DJH Â… Â… LWHPV VRPH FRYHUV ZLWK FRQWHQWV Â… Â…

{ 68'$1 ROG WLPH FROOHFWLRQ PDLQO\ RQ ROG DOEXP =(33(/,1 6,*1(' FRYHUV &DPHURQ Â’ SDJHV VHHQ 7XWL ,VODQG VHW ILQH XVHG FÂ… DLU VHW PLQW DLUVKLSV FRYHUV RQH VLJQHG E\ 2VNDU )LQN ZKR IOHZ DFURVV

&DPHO 3RVW WR SL D XVHIXO VHOHFWLRQ RI VWDPSV WR PDLQO\ ILQH XVHG Â… Â…

WKH $WODQWLF RQ =HSSHOLQV VSHFLDO DQQLY RI *UDI =HSSHOLQ VLJQHG E\ 2VNDU 5RVFK DQ LQWHUHVWLQJ JURXS RI WKUHH FRYHUV Â… Â…

7(1 $/%806 3OXV ROG SDJHV ILOOLQJ D ODUJH FDUWRQ VHHQ RQ HDUO\ 6HQI SULQWHG $OEXP VSDUHO\ ILOOHG PDQ\ V RI VWDPSV FKLHIO\ ILQH XVHG Â… Â…

=,(+(5 3267&$5'6 XQXVHG D ILQH

7KH QHZ LGHDO 3RVWDJH 6WDPS $OEXP *UHHQ DQG *ROG LQ XVHDEOH FRQGLWLRQ VSDUVHO\ ILOOHG Â… Â…

FROOHFWLRQ RI LQF 3RUWXJDO 1R -DSDQ 1R 1HWKHUODQG 1R %HOJLXP &RQJR 1R (WKLRSLD 1R )UHQFK *X\DQD 1R )UHQFK 'DKRPH\ 1R $OO LQ ILQH FRQGLWLRQ Â… Â… ^3KRWR`

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 10

&200(025$7,9( 6WDPSV 3RVWDO +LVWRU\

$%8 '+$%,

2SHQLQJ RI 3DUOLDPHQW òG GHHS %OXH IUDQNHG (QY VHQW Â’ )5(6+ 0,17 3LFWRULDO VHW RI 6* WR /HHUVXP WKHQ IRUZDUGHG RQ PXOWLSOH IUDQNHG (QY )DOFRQU\ ,QGHSHQGHQW 3RVWDO $GPLQLVWUDWLRQ VHW RI ZLWK &2*+ G G (GZDUG DQG 2SHQLQJ RI 3DUOLDPHQW òG 6* $ ILQH VHOHFWLRQ RI HDUO\ VHWV Â… Â… UHJG VHQW WR 86$ 3DUOLDPHQW VLQJOH IUDQNLQJ VHQW WR 8. )$/&215< VHW RI LOOXVWUDWHG )'& ZLWK QHDW QG VHQW WR $XVWULD (QY VHQW WR &DQDO =RQH 3DQDPD W\SHG DGGUHVV Â… Â… ZLWK G (GZDUG ')6 DQG òG 3DUOLDPHQW [ $ YHU\ LQWHUHVWLQJ JURXS RI FRPPHUFLDO PDLO FRYHUV Â’ 3URYLVLRQDO LQ $UDELF RQ I IUHVK 80 Â… Â… ^3KRWR` Â’ 6* $ Â… Â… Â’ .*9 6,/9(5 -8%,/(( 2PQLEXV FROOHFWLRQ LQ D SHULRG SULQWHG $OEXP IRU WKHVH LVVXHV VHWV IUHVK PLQW H[ Â’ 6* I RQ I SURYLVLRQDO 80 Â… Â… (J\SW &DW Â… Â… Â… Â’ .,1*6 6,/9(5 -8%,/(( $Q LQWHUHVWLQJ UDQJH 'RPH RI WKH 5RFN -HUXVDOHP VHW RI RQ RI LWHPV RQ &DUGV DQG 3DJHV YDULHWLHV DQG XVHIXO LQF LOOXVWUDWHG )'& QR DGGUHVV Â… Â… )DONODQGV G 'RXEOH )ODJVWDII -DPDLFD òG /LJKWQLQJ &RQGXFWRU 6RPDOLODQG $ .LWH DQG 9HUWLFDO /RJ RWKHU PLQRU { 8$( RYSW I 6* ILQH SLHFH IUDQNHG LQF 6* OLVWHG 1LXH 0L[HG FRQGLWLRQ EXW YDOXDEOH H[DPSOHV LQF VWULS RI )LYH &DW Â… Â… Â… Â… Â… 3KLODWHOLF ([KLELWLRQ FROOHFWLRQ QHDWO\ SUHVHQWHG $'(1 W\SHG RQ SDJHV %UXVVHOV $UPV RQ ODUJH SLHFH ZLWK VSHFLDO VKRZ FDQFHOV )UDQFH 3RVWDO &DUG LOOXVWUDWHG IRU 5DUH XQGHUSDLG FRYHU DGGUHVVHG WR WKH 3RVW 2IILFH $GHQ IUDQNHG *% G G 6* UDWHG Â… RQ FRYHU $LU 6WDPS ([KLELWLRQ ZLWK VSHFLDO VKRZ FDQFHO H[WHQVLYH &DQFHOOHG DW (GLQEXUJK UDUH 9$/8( 2) 67$036 8QLWHG 6WDWHV &HQWHQDU\ ([KLELWLRQ &RYHUV &DUGV 6KHHWOHWV '(),&,(1&< 9LROHW ER[HG FDFKHW DSSOLHG LQ $GHQ 7 +6 DQG $ VXSHUE UDQJH RI LWHPV IRU WKH VKRZV RI WKHVH \HDUV $GHQ DUULYDO &'6 6HH :HEVLWH Â… Â… Â… Â… Â’ .*9, 6LOYHU :HGGLQJ *% RYSW VHWV 80 Â’ %DKUDLQ .XZDLW 0RURFFR HWF Â… Â…

5HJLVWHUHG FRYHU ZLWK DWWUDFWLYH ,QGLDQ òD D SDLU IUDQNLQJ QHDW $GHQ &DPS &'6 DQG 5HJ G ODEHO YHU\ ILQH Â… Â…

Â’ .*9, 6LOYHU :HGGLQJ 2PQLEXV 6HWV 80 Â’ $VFHQVLRQ 3LWFDLUQ DQG 6W +HOHQD 3ULVWLQH Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, LVVXHV

'KRZ VHW WR U 3LFWRULDOV VHW RI 6 :HGGLQJ 1HZ &XUUHQF\ 4(,, GHILQV WR ZLWK VKDGHV 1HZ ZPN VHW RI VWDWH LVVXHV $ JRRG UDQJH RI VHWV RYHU VWDPSV IUHVK PLQW KLJK FDWDORJXH YDOXH LQ VHWV IURP WKLV SHULRG Â… Â…

Â’ .*9, 6LOYHU :HGGLQJ 2PQLEXV VHWV 80 Â’ GLIIHUHQW LQF $GHQ *LOEHUWV 1RUWK %RUQHR 3ULVWLQH

Â… Â… Â’ .*9, 6LOYHU :HGGLQJ 2PQLEXV 6HWV 80 IRU Â’ %ULWLVK :HVW ,QGLHV GLIIHUHQW VHWV 3ULVWLQH LQF &D\PDQV

48 $,7, VFDUFH *(,/ %$ :$=,5 W\SH ' FGV

RQ PXOWL IUDQNHG FRYHU 0XNDOOD WUDQVLW FGV $ YHU\ ILQH FRYHU Â… Â… (8523$ H[WHQVLYH FROOHFWLRQ YHU\ FRPSOHWH IRU ',6 W\SH ' RQ UHJLVWHUHG FRYHU WR 8. ZLWK WKH SHULRG ZLWK VWDPSV SOXV 06 LQF VWDPS FRPELQDWLRQ 0XNDOOD WUDQVLW FGV 6KLKU UHJG ODEHO $ /X[HPERXUJ VHW RI ILQH XVHG /X[HPERXUJ VHW 80 &DW VFDUFH PDUN YHU\ ILQH Â… Â… Â… $ YHU\ JRRG ORW ZLWK EHWWHU VHWV Â… Â… 08.$//$ &DQFHOOHG UHJLVWHUHG FRYHU WR ^3KRWR` 6ZLW]HUODQG VKRZLQJ WZR GLIIHUHQW W\SHV RI FDQFHO &KRLFH IRXU :LQVWRQ &KXUFKLOO FROOHFWLRQ RI LOOXVWUDWHG VWDPS F IUDQNLQJ $UULYDO %6 Â… Â… IGF V ZLWK EHWWHU LQF +RQJ .RQJ *% ZLWK )', %ODGRQ PDLQO\ RPQLEXV %ULWLVK &RPPRQZHDOWK FRYHUV PDLQO\ XQDGGUHVVHG +$'+5$0$,7 VHW RI QLFHO\ XVHG RQ D SDLU RI UHJG )'& FDQFHOOHG 0XNDOOD 6* DOVR ILQH 2+06 ZLWK DGGUHVVHV HDFK GLIIHUHQW Â… Â… HQY ZLWK VLQJOH I RYSW FDQF 0XNDOOD Â… Â… :LQVWRQ &KXUFKLOO H[WHQVLYH FROOHFWLRQ RI ZRUOG ZLGH VHWV LQF %ULWLVK &RPPRQZHDOWK 0LGGOH (DVW $IULFD ZLWK Â’ 6287+ $5$%,$1 )('(5$7,21 (5525 2) Â’ 29(535,17 ILO RQ F 29(535,17 ,1 %/$&. LVVXHG ZLWK SHUI DQG LPSHUI VHWV 06 VH WHQDQW VWULSV D YHU\ LPSUHVVLYH EOXH RYHUSULQW DV FRUQHU UHTXLVLWLRQ EORFN RI QLQH VXSHUE 80 FROOHFWLRQ RI LWHPV PLQW LQF XQPRXQWHG PLQW $ PDMRU UDULW\ 0LFKHO FDW (XUR 6* YDU Â… Â… Â… Â… ,17(51$7,21$/ 67$03 (;+,%,7,21 3RVWDO +LVWRU\ 49 ,QGLDQ 3RVWFDUG &2//(&7,21 RI LWHPV IURP PDQ\ GLIIHUHQW VKRZV LQF ZLWK $GHQ VTXDUHG FLUFOH '6 XVHG WR +ROODQG 3DTXHERW 6ZLW]HUODQG $HURSKLODWHOLTXH VKHHWOHW 6SDLQ H[KLELWLRQ VWDPSV FDUG DQG DGYHUWLVLQJ HQY )RU )ORUD 2WWRV )8 FRYHUV %HOJLXP 7KHPDWLF H[KLELWLRQ $ YHU\ ILQH Â… Â… FROOHFWLRQ Â… Â… -DPDLFD 6DLQWV 7ULQLGDG Â… Â…

Â’ Â’ Â’ Â’ Â’ Â’

$)*+$1,67$1

,17(51$7,21$/ 67$03 (;+,%,7,21 /RQGRQ * %DQG &RPPRQZHDOWK &RYHUV 6WDPSV 0LQLDWXUH 6KHHWV ZLWK DGGLWLRQDO LQIRUPDWLRQ QHDWO\ W\SHG XS RQ SDJHV DQ LQWHUHVWLQJ ORW LQF 3DLQWLQJ IURP WKH 1DWLRQDO *DOOHU\ VWLOO ZLWK LWV 2ULJLQDO )ROGHU $GPLVVLRQ 7LFNHW 5HFHSWLRQ &DUG D YHU\ ILQH FROOHFWLRQ RI LWHPV MXVW IRU WKLV RQH VKRZ Â… Â…

Â’ &RPSOHWH VKHHW RI D %OXH 6* IUHVK PLQW Â’ D UDUH VXUYLYRU Â… Â… Â’ &RPSOHWH VKHHW RI D 5HG 6* PLQW Â’ 6FDUFH VXUYLYRU Â… Â…

1DWLRQDO &RXQFLO S WR D 6* DV LPSHUI SURRI VKHHWOHWV RI DOO IUHVK XQXVHG 8QXVXDO RQ :KLWH *OD]HG 7KLFN 3DSHU SURRI VKHHWV Â… Â…

(8523$ &ROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV ZLWK PDQ\ FRXQWULHV UHSUHVHQWHG RYHU VWDPSV 06 $Q H[WHQVLYH ORW Â… Â… Â’ 0(;,&2 )RRWEDOO :RUOG &XS FROOHFWLRQ LQ WZR Â’ $OEXPV XQPRXQWHG ZLWK VWDPSV 06 6KHHWOHW DV

Viewing

/LPLWHG (GLWLRQ &ROOHFWLRQ Â… Â…

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 11

$,50$,/6 D ILQH VWXG\ RQ SDJHV IHDWXULQJ 4 VHOHFWHG FRYHUV VKRZLQJ PXOWLSOH IUDQNLQJV DQG UDWHV SOXV WKH

LVVXHG VWDPSV QRWH (J\SWLDQ (PEDVV\ 5HJG FRYHU LQWHUHVWLQJ UDWHV $LUSRUW LVVXH LQF 6FDUFH XVDJHV RQ FRYHU ([FHOOHQW ORW Â… Â…

Â’ .*9, FROOHFWLRQ FRPSOHWH EDVLF PLQW

Â… Â… Â’ 6LOYHU :HGGLQJ 6* ERWWRP WZR URZV Â’ PLQW VWDPSV IROGHG LQWR EORFNV RI VKRZLQJ SODWH 1R

$ %UDGEXU\ LPSULQW HWF 0DQ\ VWDPSV DUH 80 6FDUFH ODUJH PXOWLSOH Â… Â…

(0%$66< 0$,/6 ILQH SRVWDO KLVWRU\

ORW LWHPV RIWHQ XVLQJ (PEDVV\ (QYHORSHV ZLGH UDQJH RI IUDQNLQJV 5DWHV PDQ\ LQWHUHVWLQJ LQF ,WDOLDQ /HJDWLRQ )UHQFK /HJDWLRQ *RRG &]HFKRVORYDNLDQ LWHPV $PHULFDQ 'LSORPDW &RYHU URXWHG WKURXJK $GHQ Â… Â…

Â’ %$5%8'$ òG LQYHUWHG ZPN ILQH PLQW

6* Z Â… Â… ),1( 86(' LQFOXGLQJ WR Â… DQG WR 4W\ Â… Â…

$,787$.,

3RVWDO +LVWRU\ .*9 .*9, /DG\ Â’ 9$5,(7< 7$, ZLWKRXW GRW RYHU , IUHVK PLQW LQ

1HOVRQ PDLOHG DW VHD FRYHU ZLWK VWDPS SRVWHG RQ ERDUG +6 -XELOHH VHW RQ FRYHU 838 VHW RQ FRYHU FKRLFH SSF WR 86$ ZLWK $QWLJXD /HHZDUG PL[HG IUDQNLQJ HWF Â… Â…

SDLU ZLWK QRUPDO 6* DE FDW Â… 6FDUFH Â… Â…

$/%$1,$

Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV { 49 &ODVVLFV VWDPSV 2OGWLPH VHOHFWLRQ RI

6NDQGHUEHJ WR T PLQW VXUFK WR * 7KLUG DQQLYHUVDU\ RI ,WDOLDQ RFFXSDWLRQ VHW RI $QWL 7% $LU VHW FÂ… 6KWDWRU RYSW WR I 80 $ VPDOO EXW XVHIXO ORW RI VWDPSV Â… Â…

$/*(5,$

ILUVW GHVLJQ G DQG G LQF VHYHUDO PLQW 8QFKHFNHG 5H SULQWLQJV DQG SPNV Â… Â…

$5*(17,1$ Â’ &HQWHQDU\ VHW PLQW 6* 6FRWW

Â… Â…

V $ (;7(16,9( FROOHFWLRQ RI V VWDPSV RQ ROG DOEXP SDJHV VHHQ HDUO\ )UHQFK &ROV KLJK YDOXH DLUV WR IU ZLWK HDFK VWDPS EHLQJ GLIIHUHQW Â… Â…

Â’ )ODJ DQG 1DWLRQDO $QWKHP 06 ERWK ILQH 80 Â’ 9HU\ VFDUFH 6*06 $ % Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ RI VWDPSV Â’ 06 ZLWK EHWWHU VHWV QRWH &ODLP RQ )DONODQG ,V

Â’ :$5 253+$16 RYSW IU IU IUHVK 80 6* Â’ D FDW Â… Â… Â…

6DQ 0DUWLQ S )DXQD $QLPDOV %XWWHUIOLHV ZLWK PDQ\ KLJK YDOXHV $ VROLG FROOHFWLRQ IRU WKLV SHULRG Â… Â…

$1'255$ 63$1,6+ 3267 2)),&(6 ZLWK EHWWHU SLFNLQJ Â’ SLFWRULDO GHILQV WR S LQF S DQG S 6* D D PLQW FÂ… ZLWKRXW FRQWURO QXPEHUV S DQG S PLQW FÂ… SLFWRULDO VHW WR S PLQW F IX DLU FÂ… PLQW D Â’ ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ VHWV PDLQO\ PLQW LQF 80 Â’ ZLWK VWDPSV WR SULQWHG KLQJOHVV 'DYR SDJHV Â… Â…

$1'255$ )5

3OD]D +RWHO OHWWHU VKHHW HQGRUVHG ZLWK 6DQ 0DUWLQ YDOXHV DWWDFKHG òF WR F YHU\ IUHVK Â… Â… 8102817(' 0,17 V LVVXHV ZLWK EHWWHU SLFNLQJV QRWH ,QGHSHQGHQFH VKHHWOHW RI 6* 06 $LU 5RFNHW 'U 6XQ 6FLHQWLVWV )DPRXV :RPHQ ZLWK YDOXHV WR S $ XVHIXO FROOHFWLRQ RI VWDPSV 06 Â… Â…

)5(1&+ 29(535,17(' ZLWK YDOXH IURP F WR $6&(16,21 IU QRWH F ZLWK GU\ SULQWLQJ WRS OHIW IUDPH DQG ZLQJV Â’ 9$5,(7< òG %DGJH RI 6W +HOHQD ZLWK OLQH PLVVLQJ I VKDGHV KLJK YDOXHV I I I DQG I $ WKURXJK F 6* F PLQW Â… Â… VFDUFH DQG YHU\ KLJKO\ FDWDORJXHG JURXS Â… Â… Â’ 3267$*( '8( RYHUSULQW VHW RI 6* )' Â’ 9$5,(7< G %DGJH RI 6W +HOHQD ZLWK %URNHQ

IUHVK PLQW D VFDUFH VHW Â… Â…

0DLQ 0DVW 6* D PLQW Â… Â…

Â’ 3,&725,$/ LVVXHV ZLWK D FDWDORJXH YDOXH RYHU { 6* 9)8 VHW Â… Â…

Â… SLFWRULDO F WR IU $UPV VHW RI DQG SLFWRULDO VHW RI 6* ) DOO PLQW Â… Â…

{ 6LOYHU -XELOHH YDULHW\ .LWH +RUL]RQWDO /RJ Â’ 3267$*( '8(6 VHW RI VHW RI

6* / )8 9HU\ VFDUFH Â… Â…

FÂ… VHW RI DQG VHW RI $ ILQH FROOHFWLRQ IUHVK PLQW Â… Â…

6LOYHU -XELOHH VHW RQ FKRLFH UHJLVWHUHG FRYHU WR

$17,*8$

6FRWODQG GLIILFXOW VHW WR ILQG RQ FRYHU 6* UDWHG Â… Â… Â…

Â’ 6* VHW PLQW Â… Â…

Â’ 9$5,(7< 0RXQWDLQHHU )ODZ G 6* GD PLQW

$ VFDUFH VWDPS Â… Â…

Â’ 6* VHW PLQW Â… Â…

{ .*9 ILQH XVHG LQF $VFHQVLRQ RYSWV òG G G

%DGJH òG WR SLFWRULDOV WR G 6LOYHU -XELOHH òG SDLU G FDW Â… Â… Â…

Â’ 6* PLQW )LQH Â… Â…

Â’ 3DJHV &DWDORJXHG RYHU Â… ZLWK EHWWHU Â’ 6* VHW PLQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G 6* FRUQHU EORFN RI Â’ QLQH ZLWK WZR GRWV RYHU 8 RI $QWLJXD 80 Â… Â…

SLFNLQJV .*9 SLFWRULDO WR G PLQW .*9, GHILQV WR PLQW %LUG 6HW RI $ JRRG UDQJH RI 4(,, FRPPHPRUDWLYH WR RYHU VWDPSV QHDWO\ SUHVHQWHG RQ SDJHV PLQW Â… Â…

PHILANGLES

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 12

Â’ 522 òG 6* ILQH DQG VFDUFH FRLO VWULS RI VL[ Â’ IUHVK 0 80 ZLWK YDULHWLHV DW SRVLWLRQV FRLO MRLQ DW

$8675$/$,1 $17$5&7,& 7(55,725< Â’ &2//(&7,21 ZLWK PDQ\ VHWV LQF VHW Â’ 80 6KLSV 80 $UFWLF 6FHQHV $QWDUFWLF

:LOGOLIH VHW SDLUV 80 :KDOH DQG 'ROSKLQV LQF RYSW HG 06 ([SORUDWLRQ VKHHWOHW RI 80 ZLWK WKH PRGHUQ LVVXHV KDYLQJ D IDFH YDOXH RYHU $ YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 6KHHWOHWV PDLQO\ 80 Â… Â…

$8675$/,$ Â’ 3RVWDJH GXH G (PHUDOG 6*' YHU\ ILQH

PLQW Â… Â… Â’ 3RVWDJH GXH G 6*' YDULRXV SHUI DQG

VKDGH YDULDWLRQV RQH ZLWK LQYHUWHG :PN JRRG WR ILQH PLQW Â… Â… Â’ 3RVWDJH GXH G :PN XSULJKW IUHVK XP Â’ 6*' Â… Â…

QXPEHU LQ WKH VWULS YHU\ IUHVK VOLJKW VSOLWWLQJ LPSUHVVLYH SLHFH Â… Â… '$92 35,17(' $/%80 ZLWK DQ H[WHQVLYH FROOHFWLRQ FDWDORJXHG RYHU Â… ZLWK EHWWHU SLFNLQJV 5RR PLQW 26 SHUI )8 VSHFLPHQ VHW RI .RRNDEXUUD 06 PLQW :HVWHUQ $XVWUDOLDQ 6ZDQ ZLWK UH HQWU\ 6* D 80 $LU 26 VHW RI .)9, Â… 80 %&2) VHW RI )8 $Q RULJLQDO FROOHFWLRQ Â… Â… ^3KRWR` { 86(' µ5226 $&&808/$7,21 JRRG PL[WXUH

RI GLIIHUHQW YDOXHV DFURVV WKH YDULRXV ZDWHUPDUNV YDOXHV WR V SOXV ZPN & RI $ Â… JUH\ PL[HG FRQGLWLRQ FDW Â… DV FKHDSHVW VKDGH GLHV VWDPSV Â… Â… .*9 KHDG G VWXG\ RQ ROG SDJHV ZLWK VKDGHV PLQRU YDULHWLHV LQYHUWHG ZPN D JRRG VHOHFWLRQ RI IUHVK PLQW 6* Â… Â…

Â’ 3RVWDJH GXH G 6*' JURXS RI GLIIHUHQW

{ 26 SHUI VHFRQG :PN 6*2 ERWK

VKRZLQJ YDULRXV SHUIRUDWLRQ DQG VKDGH FRPELQDWLRQV )LQH PLQW Â… Â…

VRXQG )8 &DW Â… Â… Â…

Â’ 3RVWDJH GXHV PLQW G 3 [ WZR ZLWK Â’ V JUH\ EULJKW DQLOLQH SLQN µ5RR 6* D

LQY :PNV DQG GLIIHUHQW VKDGHV DOVR SHUI 6*' Â… Â…

ILQH PLQW Â… Â… ^3KRWR`

Â’ 3RVWDJH GXH 6*' ZLWK GLIIHUHQW

VKDGHV DQG RU SHUIRUDWLRQ FRPELQDWLRQV FKLHIO\ ILQH PLQW &DW Â… Â… Â… Â’ 3RVWDJH GXH 6*' ERWK (PHUDOG 3

[ ò PLQW DQG SHUI [ XQXVHG 9HU\ IUHVK &DW Â… Â… Â…

{ $Q RULJLQDO FROOHFWLRQ RI VWDPSV ZLWK Â’ EHWWHU SLFNLQJV $LU 26 RYSW )8 DQG PLQW .*9,

GHILQV LQF G :KLWH ZDWWOHV 6* D PLQW )RRG SURGXFHG 6H WHQDQW JXWWHU SDLUV &RLO SDLUV D YHU\ JRRG UDQJH QHDWO\ DUUDQJHG ZLWK PXFK PLQW Â… Â… Â’ .*9 KHDGV G G -2+1 $6+ ,035,17

Â’ 3RVWDJH GXH G SHUI :PN XSULJKW ILQH PLQW

6*' Â… Â…

%ORFNV DQG G DV EORFN RI ZLWK LPSULQW ILQH PLQW 6* LPSULQW EORFNV %: Â… Â… { ),1( 86(' ZLWK RYHU GLIIHUHQW VHWV

Â’ 3RVWDJH GXH G 6*' ' Z VWDPSV ZLWK

GLIIHUHQW VKDGHV HWF )LQH PLQW Â… Â… Â’ 3RVWDJH GXH G DOO GLIIHUHQW SULQWLQJV WZR

VWDPSV ZLWK EHWWHU SLFNLQJV 0DF$UWKXU $1=$& 6LOYHU -XELOHH GHILQV WR Â… H[WHQVLYH GHFLPDO LVVXHV ZLWK YDOXHV WR $ ILQH FROOHFWLRQ RI VHWV Â… Â… Â’ ,PSULQW EORFN 5RR 6* ZLWK $VK LPSULQW

ZLWK LQYHUWHG :PN ZLWK 6*' ' Z ' 0LQW *RRG WR ILQH Â… Â…

ILQH PLQW Â… Â…

Â’ &HQWHQDU\ RI 6$ VHW DV *877(5 SDLUV ILQH Â’ 3RVWDJH GXH G SHUI ERWK :PN XSULJKW DQG

PLQW 8QXVXDO 6* Â… Â…

:PN LQYHUWHG PLQW 6*' ' Z Â… Â…

Â’ &2,/ 3$,56 ò' ' ' FKLHIO\ 80 Â’ 6* % $ % &DW Â… Â… Â…

Â’ 3RVWDJH GXH G 6*' ' Z LQF

LQYHUWHG :PN DQG GLIIHUHQW FRORXUV )LQH PLQW Â… Â… Â’ 3RVWDJH GXH G 'XOO *UHHQ :PN XSULJKW ILQH

PLQW 6*' Z Â… Â…

%&2) RFFXSDWLRQ RYSW VHW RQ VXSHUE UHJ G

FRYHU WR 86$ FDQF DW $32 6* - Â… Â… Â’ 81&87 FRPSOHWH VKHHW RI .*9 G 6* Â’ ERRNOHW SDQH [ VHOGRP VHHQ DV D FRPSOHWH VKHHW QRUPDO

Â’ 3RVWDJH GXH G SHUI :DWHUPDUN XSULJKW

6*' Z IUHVK PLQW Â… Â… Â’ 3RVWDJH GXH (PHUDOG 6*' PLQW 7RQHG

JXP RQ EDFN &DW Â… Â… Â… Â’ 3RVWDJH GXH :PN LQYHUWHG 'XOO *UHHQ

D YHUW VWULS RI ERRNOHW SDQHV XQPRXQWHG PLQW Â… Â… Â’ 3ULQWHG $OEXP ZLWK VWDPSV 06 80 Â’ ZLWK EHWWHU SLFNLQJV GHILQ VHW LQF :KLWH SDSHU

FÂ… 6* D <0&$ ZLWK EURNHQ WULDQJOH 80 GHILQ VHW RI $ YHU\ ILQH FROOHFWLRQ YHU\ FRPSOHWH IRU WKH SHULRG &DWDORJXH YDOXH RYHU Â… Â… Â…

6*' PLQW Â… Â… Â’ 3RVWDJH GXH òG SHUI ILQH PLQW

Â’ 1DYLJDWRU VHW 80 6* Â’ Â… Â…

6*' Â… Â…

Â’ 3RVWDJH GXH òG 6*' ' Z $ IUHVK PLQW Â’ 1DYLJDWRUV VHW LQF :KLWH SDSHU DQG Â… VHW JURXS RI Â… Â… Â’ RI 6* XQPRXQWHG PLQW Â… Â… Â’ 3RVWDJH GXH G ERWK SULQWLQJV 6*' DQG

SHUI ' IUHVK PLQW Â… Â…

Â’ %22./(76 F ZLWK GLIIHUHQW HGLWLRQ QXPEHUV Â’ '1 '9 ERWK GLIIHUHQW '* ZKLWH VWLWFKLQJ DQG '1 FDW

DOO LQ YHU\ ILQH FRQGLWLRQ XQPRXQWHG PLQW Â… Â…

Â’ 3RVWDJH GXH G 6*' IUHVK PLQW

Â… Â…

Â’ 8QPRXQWHG PLQW H[WHQVLYH FROOHFWLRQ RI Â’ VWDPSV ERRNOHWV DQG 06 ZLWK D IDFH YDOXH RI ZLWK

www.philangles.co.uk

YDOXHV WR RXWVWDQGLQJ FROOHFWLRQ KXJH &DW YDOXH Â… Â…

place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 13

6,*1(' WK DQQLYHUVDU\ RI 4DQWDV LOOXVWUDWHG 5RVV 6PLWK 8. WR $XVWUDOLD $YLDWRU 6LJQDWXUH FRYHU VLJQHG E\ $LU &RPPRGRUH 6LU +XJKLH ,GZDO (GZDUGV 9& 4 RQ 3RUWUDLW &DUG IRU KLV OHFWXUHV RQ WKLV HYHQW 6FDUFH

D YHU\ ILQH FRYHU Â… Â…

Â… Â…

Â’ 8102817(' 0,17 &ROOHFWLRQ ZLWK PDQ\ Â’ FRPSOHWH VHWV LQF 06 ZLWK D IDFH YDOXH RYHU RYHU

63(&,$/ &$1&(//$7,216 RQ HYHQW

VWDPSV 06 2XWVWDQGLQJ FROOHFWLRQ ZLWK YDOXHV WR Â… Â… Â’ 683(5% &2//(&7,21 LQ D 'DYR $OEXP ZLWK Â’ D IDFH YDOXH RI XQPRXQWHG PLQW ZLWK 06 6KHHWOHWV DQG

%RRNOHW SDQHV RYHU VWDPSV 06 %RRNOHW 6KHHWOHWV $ YHU\ ILQH FROOHFWLRQ RQO\ YDOXHG IRU WKH XQPRXQWHG PLQW YHU\ FRPSOHWH IRU WKH SHULRG ZLWK PDQ\ KLJK YDOXHV Â… Â… Â’ 8QPRXQWHG PLQW FROOHFWLRQ ZLWK D IDFH YDOXH Â’ RYHU ZLWK VWDPSV 06 6KHHWOHWV LQF 6 $ VH

WHQDQW VWULSV ZLWK YDOXHV WR FRXQWHU SULQWHG ODEHOV $ YHU\ JRRG FROOHFWLRQ Â… Â… Â’ 683(5% &2//(&7,21 LQ D 'DYR $OEXP ZLWK Â’ D IDFH YDOXH RYHU 8102817(' 0,17 ZLWK VWDPSV

06 6KHHWOHWV YHU\ FRPSOHWH IRU WKH SHULRG $ VXSHUE FROOHFWLRQ ZLWK PDQ\ KLJK YDOXHV 2QO\ YDOXHG WKH 80 Â… Â… Â’ 683(5% &2//(&7,21 LQ D 'DYR $OEXP ZLWK Â’ D IDFH YDOXH RYHU ZLWK VWDPSV LQF 6 $ DQG

06 6KHHWOHWV XQPRXQWHG PLQW YHU\ FRPSOHWH IRU WKH SHULRG Â… Â…

FRYHUV LQF 7R RUGHU UHJLVWHUHG ODEHOV YHU\ IHZ H[LVW GLIIHUHQW QRWLQJ UHJLRQDO PHHWLQJV &RQJUHVV %ULWLVK ([KLELWLRQ VSHFLDO SRVWPDUNV 6SHFLDOLVW 0DWHULDO DQG YHU\ KLJK UHWDLO LQ $XVWUDOLD Â… Â… 9$/8$%/( 3,&.,1*6 ,1 7+,6 $/%80 )RU LVVXHV G .RRNDEXUUD 6* IUHVK PLQW H[WHQVLYH .LQJVIRUG 6PLWK $LUPDLOV PLQW )8 LQF 26 RYSWV 9LFWRULD 6HWV ERWK XVHG 0DF$UWKXU PLQW $Q]DF 6HW PLQW )8 6LOYHU -XELOHH 6HW PLQW )8 .*9, WR RQ )'& 5R\DO YLVLW XQLVVXHG SKRWR SURRI FDUG ORWV RI PDWHULDO JRRG ORW Â… Â… :,7+ ,17(5(67,1* $1' 81868$/ ,QFOXGLQJ VSHFLDOLVHG PDWHULDO D FROOHFWLRQ RI 4(,, GHFLPDO PDWHULDO LQ VL[ $OEXPV PDQ\ V YDOXH LV LQ WKH 80 PDWHULDO PDQ\ OLVWHG PLQRU YDULHWLHV PDLQO\ LQ EORFNV VRLO LQF YDULRXV JXWWHU SDLUV ZLWK GLIIHUHQW SULQWLQJV HDUO\ DXWRWURQ EORFNV DQG JXWWHU SDLUV )OLJKW PXOWLSOHV ZLWK QXPHURXV YDULHWLHV &RLOV ZLWK WZR PLVVLQJ FRORXU HUURUV IDPRXV $XVVLH ERRNOHW SDQHV &KULVWPDV SDQHV 3LRQHHU OLIH ZLWK YDULHWLHV LQ EORFNV &KULVWPDV ZLWK SODWH QXPEHU JXWWHU EORFNV 3DLQWLQJ KLJK YDOXHV ZLWK YDULHWLHV IHZ PRGHUQ 9DOXH LV LQ WKH WR SHULRG Â… Â… <($5%22.6 DQG VSULQJEDFN $OEXP FKLHIO\ V SHULRG ZLWK WKH PLQW LQF PXFK 80 KDYLQJ D IDFH YDOXH RYHU $ XVHIXO UDQJH ZLWK VHWV LQF $UW VHW WR $ IHZ VWDPSV Â… Â…

Â’ '$92 35,17(' $/%80 YHU\ FRPSOHWH LQF Â’ 6 $ 06 DQG FRPPHPRUDWLYH VHHQ VHYHUDO YDOXHV RYHU

VWDPSV 06 6KHHWOHW IDFH YDOXH 80 Â… Â… Â’ %RRNOHW FROOHFWLRQ PDLQO\ ODWH V ZLWK D Â’ IDFH YDOXH RYHU ERRNOHW Â… Â…

Â’ .*9 FRPPHPRUDWLYH VHWV RQ D VWRFN SDJH LQF

9LFWRULD ERWK SHUI VHWV 0DF$UWKXU VHW RI $1=$& VHW 6LOYHU -XELOHH VHW D ILQH FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â… { .*9 +HDGV D FROOHFWLRQ RI VWDPSV ZLWK

VRPH LGHQWLILHG ZLWK YDOXHV WR G RIILFLDO RYSWV RIILFLDO SHUIV D VXSHUE ORW IRU VWXG\ ZLWK PDQ\ GLIIHUHQW VKDGHV VHHQ FKLHIO\ ILQH XVHG $ YHU\ LQWHUHVWLQJ ORW Â… Â…

$8675,$ { 2/' 7,0( FROOHFWLRQ ZLWK EHWWHU VHWV QRWH Â’ :KLVNHUV NU /00 0XVLFLDQ )XQG VHW RI PLQW

$UWLVW VHW PLQW DLUV WR V :DU 2USKDQV VHW RI )8 $QWL 7% VHW PLQW :ULWHUV VHW RI 80 KLJK YDOXHV V V PLQW :HOIDUH )XQG VHW PLQW $LU VHW PLQW :LQWHU )XQG PLQW :HOIDUH )XQG VHW )8 /DQGVFDSHV VHW RI PLQW &RVWXPHV WR V PLQW LQF V UHG J EURZQ SXUSOH &KLOG :HOIDUH VHW PLQW $ YHU\ JRRG FROOHFWLRQ RI VWDPSV ZLWK D FDWDORJXH YDOXH RYHU Â… Â… Â…

'DQXEH VWHDP QDYLJDWLRQ FR HQWLUH H[WHQVLYH { .*9, GHILQLWLYH VWXG\ RQ DOEXP SDJHV FRQWHQWV IUDQNHG N 6* WLHG &DODIDW FGV WR %UDLOD Â’ LQF LPSULQWHG EORFNV FRLO VWULSV LQF FRLO MRLQW SDLUV $ YHU\ JRRG 9 VFDUFH H[ .LGGOH %URWKHUV *URVYHQRU VDOH Â… Â… ORW RI LWHPV Â… Â… Â’ .*9, FROOHFWLRQ RQ SULQWHG DOEXP SDJHV Â’ GHILQV WR Â… LQF G ILYH GLIIHUHQW SULQWLQJV FRPPHPV LQF Â’ 1HZ 6RXWK :DOHV ,PSHULDO )RUFHV QR ZPN GHILQ VHW RI

'DQXEH VWHDP QDYLJDWLRQ FR N ERWK JHQXLQH SRVWDO XVHG ZLWK QHDW FGV 6* SOXV D JURXS RI HDUO\ IRUJHULHV RU UHSULQWV )DVFLQDWLQJ LVVXHV Â… Â…

YDULHW\ VLQJOH ZLWK SDUW GRXEOH SHUIV HQY *HR $GDPV ZLWK G PLOLWDU\ SRVWDJH UDWH DQ LQWHUHVWLQJ ORW RI LWHPV Â… Â…

'DQXEH VWHDP QDYLJDWLRQ N VKLS FRQYH\DQFH

VHYHQ $ YHU\ ILQH FROOHFWLRQ RI VWDPSV PLQW LQF 80 'DQXEH VWHDP QDYLJDWLRQ N JUHHQ VKLSSLQJ VWDPS 6* WLHG WR HQWLUH IURP %UDLOD WR &DODIDW H[WHQVLYH Â… Â… FRQWHQWV VPDOO IDXOWV )HUFKHQEDXU FHUW H[ *URVYHQRU ILQH .*9, VSHFLDOLVHG VWXG\ G LQF -RKQ $VK VFDUFH Â… Â… LPSULQWV DXWKRULW\ LPSULQWV EORFN RI WZR ZLWK ZKLWH IDFH

VWDPS XVHG RQ ZUDSSHU WLHG 3DODQND FGV WR :LGGHQ 9 VFDUFH FUHDVH DZD\ IURP VWDPS ([ JURVHQRU DXFWLRQ 6HOGRP IRXQG PDWHULDO Â… Â…

/LWHUDWXUH $XVWUDOLDQ ,PSHULDO )RUFHV 3RVWDO

+LVWRU\ E\ %RE (PHU\ SOXV VXSSOHPHQW +LVWRU\ RI Â’ 32 ,1 785.(< RYSWV VXSHUE IUHVK 0 (DJOH VHW RI 6* DQG VHW RI WR SL H[FHOOHQW WKH $XVWUDOLDQ 0LOLWDU\ 3RVWDO 6HUYLFH E\ 3URXG TXDOLW\ FDW Â… Â… Â… $OO 7KUHH LQ YHU\ ILQH FRQGLWLRQ ZLWK '- Â… Â… { 2OG 3DJHV ZLWK %RVQLD DQG +HU]HJRYLD LVVXHV /LWHUDWXUH %LOOLJ V SKLODWHOLF KDQGERRNV 7KH Â’ LQF $UPV 3RVWDJH GXHV 3RVWDJH GXHV )8 (PSLUH LQ $XVWUDODVLD YROXPH WR LQ YHU\ ILQH &DW Â… GHILQ VHW RI PLQW VHW RI PLQW FRQGLWLRQ Â… Â… GHILQ VHW PLQW GHILQ VHW RI )8 $ YHU\ JRRG ORW Â’ 1HZ &XUUHQF\ LVVXHV LQ WZR $OEXPV ZLWK PXFK RI VWDPSV &DW Â… Â… Â… Â’ 80 VHHQ GHILQV WR $UW KLJK YDOXHV WR 80 ZLWK Â’ RYHU VWDPSV 06 80 RU HDUO\ LVVXHV PLQW WR $

Key to symbols in this catalogue

YHU\ JRRG UDQJH ZLWK PDQ\ VHWV 80 Â… Â… 2/' 7,0( 5DQJH RQ ROG SDJHV URR V WR LQF PLQW .*9 KHDGV PLQW WR óG XVHG WR óG &RPPHPRUDWLYH VHWV ZLWK LVVXHV WR .*9, HDUO\ GHILQV D XVHIXO ORW RI VWDPSV Â… Â…

✱

✉

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 14

{ 0XVLF )XQG VHW RI PLQW $UWLVW )XQG VHW Â’ .*9, YDULHW\ òG HORQJDWHG ( 6* HF ZLWKLQ Â’ RI PLQW $UWLVW )XQG VHW RI PLQW $QWL 7% VHW RI Â’ IUHVK 80 SRVLWLRQDO SODFH EORFN IDXOWV EXW LPSUHVVLYH

PLQW 6NL &KDPSLRQVKLS VHW RI FÂ… PLQW Â… Â… :HOIDUH )XQG VHW RI 80 6NL &KDPSLRQVKLS VHW RI { )LQH XVHG RQ ROG SDJHV RU LQ WZR VWRFNERRNV PLQW $LU VHW RI PLQW $ JRRG FROOHFWLRQ RI VWDPSV ZLWK ZLWK EHWWHU SLFNLQJV .*9 WR .*9, WR Â… LQF GHILQV D YHU\ KLJK &DW YDOXH ZLWK LVVXHV IURP WR ZLWK VKDGHV /DQGIDOO VHW RI 6 :HGGLQJ 4(,, PDLQO\ RQ SULQWHG $OEXP SDJHV Â… Â… GHILQ VHW RI ZLWK RYHU VWDPSV PDQ\ FRPSOHWH VHWV { 2/' '$92 SULQWHG DOEXP ZLWK VWDPSV Â… Â… VHHQ 3OHELVFLWH VHW XVHG 5HFRQVWUXFWLRQ )XQG VHW Â’ 6XEVWDQWLDO 4(,, QHZ LVVXHV FKLHIO\ LQ SDFNHWV RI PLQW 6WDPS 'D\ PLQW VWUHQJWK LQ ILQH XVHG Â’ 80 RU RQ SDJHV IUHVK PLQW ZLWK LVVXHV WR V LQF 06 DQG Â’ ZDWHUPDUN FKDQJHV V RI VWDPSV KLJK FDWDORJXH VHWV Â… Â… )285 35,17(' 'DYR $OEXPV IRU LVVXHV IURP YDOXH Â… Â… WR ZLWK PDQ\ EHWWHU HDUO\ VHWV DQ RULJLQDO FROOHFWLRQ %$+5$,1 VHHQ 0XVLFLDQV )XQG VHW RI FÂ… )8 $UWLVW ::,, FHQVRUVKLS ILQH FRYHU WR 8. )5$1.(' )XQG FÂ… PLQW $UW )XQG FÂ… )8 $QWL 7% VWULS RI IRXU D S 6* QHDWO\ WLHG $JHQF\ KV %ULWLVK &HQVRU FÂ… PLQW 5RWDULDQ &RQJUHVV FÂ… PLQW :ULWHUV ODEHO 9HU\ ILQH Â… Â… FÂ… PLQW 3DLQWHUV FÂ… PLQW 6NL &KDPSLRQVKLS FÂ… PLQW 5HOLHI RI 9LHQQD FÂ… PLQW /RFDO LVVXH òD 6*/ QHDWO\ XVHG RQ D FRYHU $LU VHW FÂ… PLQW :HOIDUH )XQG FÂ… PLQW WLHG YHU\ ILQH %DKUDLQ &'6 Â… Â… $LUV V V V V DQG V FÂ… PLQW $ YHU\ JRRG ORW RI VWDPSV Â… Â… 6HOHFWLRQ RI LOOXVWUDWHG )'&V 7UDGH )DLU QHDW W\SHG DGGUHVV (GXFDWLRQ &RQIHUHQFH 0LOLWDU\ 3RVW .8. )(/'3267 VHW RI $UFKDHRORJ\ )LUVW )OLJKW DQG (GXFDWLRQ <HDU DOO PLQW FÂ… -XO\ VHW WR N &DUOHV VHW RI XQDGGUHVVHG Â… Â… 6HUELDQ RYSW VHW WR N ZLWK GLDJRQDO RYSW D JRRG UDQJH RI VWDPSV FDW 9DOXH Â… Â… Â… { .*9, +,*+ 9$/8( IHVWLYDO LVVXH EXQGOHZDUH HYHQ VHH U RQ EORFN RI 6FDUFH Â… Â… { 2/' 3$&.(76 FDUGV DQG SDJHV ZLWK D KLJKO\ Â’ FDWDORJXHG UDQJH RI VWDPSV RQH FDUG DORQH KDV GHILQ V V &Â… FRVWXPHV &Â… V UHG FÂ… .*9, 3267$/ +,6725< YDULRXV IUDQNLQJV LQF PXOWLSOHV D SDLU D 6* RQ IORZQ FRYHU WR 8. SOHELVFLWH VHW FÂ… :HOVEDFK FÂ… DOO PLQW RQ RWKHU VWDPS D UDWH WR 8. Â… Â… SDJHV VHHQ DUW VHW FÂ… PLQW UHFRQVWUXFWLRQ IXQG FÂ… PLQW D IHZ VWDPSV FKLHIO\ V V SHULRG 7KH 3267$/ +,6725< SSF FDUULHG RQ 06 DERYH DORQH FDW Â… Â… Â… 6LUGKDQD ZLWK WUDGH IDLU FDFKHW DQG IRUPXOD UHJLVWHUHG HQYHORSH 9)8 WR 1RUWKHUQ ,UHODQG Â… Â… %$+$0$6

%$5%$'26

Â’ 6* PLQW 9HU\ ILQH %LJ PDUJLQV

Â’ 0,17 FROOHFWLRQ ZLWK EHWWHU SLFNLQJV VHDO

Â… Â… ^3KRWR` :$5 7$; 7ZR YHU\ ILQH :LOVRQ 5HJ G FRYHUV

ZLWK SDLU RI G :DU 7D[ RYSWV 6* DQG 5HG &URVV G G IUDQNLQJV 6* &DW Â… 6* Â… Â… :$5 7$; 0RVW DWWUDFWLYH FRYHU WR &DQDGD IUDQNHG [ G :$5 7$; RYSW 6* QHDW 1DVVDX &'6 Â… Â… :$5 7$; LPSUHVVLYH RYSW 5HJ G FRYHU WR 8. ZLWK G SDLU òG SDLU G :DU7D[ RYSWV 6* QHDWO\ FDQFHOOHG DW 1DVVDX Â… Â…

VHW RI -XELOHH VHW RI ZKLWH SDSHU 1HOVRQ VHW RI 6HDO VHW RI D YHU\ JRRG FROOHFWLRQ RI VWDPSV KLJK FDW YDOXH HDFK GLIIHUHQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ %,5' $%29(

5,*+7 &+$3(/ PLQW 6* YDU 6SHFLDOLVW LWHP Â… Â… Â’ 9$5,(7< òG %LUG E\ 7XUUHW 6* P

PLQW Â… Â… { &XUYHG OLQH WRS ULJKW G YDULHW\ )8

6* % Â… Â…

Â’ .*9 GHILQ VHW WR Â… ILQH PLQW 6* SOXV

H[WUD VKDGHV Â… Â…

Â’ .*9, G RULJLQDO SULQWLQJ 6* DV PLQW EORFN Â’ ORZHU WZR XQLWV 80 W\SLFDO ORFDO JXP 9HU\ JRRG IRU WKLV $ { 0$/)250(' ( 9DULHW\ G 6* D 9)8 Â’ UDUH PXOWLSOH FDW Â… Â… Â…

Â… Â…

Â’ (/21*$7(' ( YDULHW\ .*9 òG IUHVK 80 6* Â’ D Â… Â… Â’ *UHDW VHDO DQG ZLWK VKDGHV LQF

VODWH SXUSOH DQG LQGLJR D UDQJH EHWZHHQ 6* E 0LQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ òG GRW E\ )ODJVWDII Â’ LQ 80 SODWH 1R FRUQHU EORFN RI 6* + Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI &KDSHO

6* J PLQW Â… Â…

Â’ /2&$/ 63(&,0(1 KDQGVWDPSV LQ YLROHW RQ

9LFWRU\ VHW 6* EHOLHYHG WR EH RQO\ IRXU VXFK VHWV SUHSDUHG IRU GLVSOD\ DW WRXULVW KRWHOV PLQRU ORFDO DJLQJ ([WUHPHO\ UDUH 9LFWRU\ LWHPV Â… Â… Â’ /2&$/ 63(&,0(1 KDQGVWDPS RQ RQH SHQQ\

VXUFKDUJH SHUI 6* RQO\ D KDQGIXO SUHSDUHG ORFDOO\ IRU GLVWULEXWLRQ IRU GLVSOD\ LQ LVODQG KRWHOV 0LQW Â… Â… /2&$/ 63(&,0(1 +$1'67$03 RQ RQH SHQQ\ VXUFKDUJH 6* H SULQWLQJ RQO\ D VPDOO QXPEHU ZHUH SUHSDUHG IRU ORFDO LVODQG GLVWULEXWLRQ 0LQW Â… Â… { '/5 ,035,17 EORFNV RI òG WR DOO 9)8

UHPDUNDEOH VHW RI WHQ EORFNV HDFK VXSHUEO\ FDQFHOOHG EHWZHHQ 6* F D Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI &KDSHO

6* J PLQW Â… Â…

Â’ /2&$/ 63(&,0(1 KDQGVWDPSV LQ YLROHW

Â’ &2,80%86 HUURU RI RYHUSULQW G 6* D

SUHSDUHG IRU ORFDO WRXULVW KRWHOV RQO\ DSSUR[ VHWV SUHSDUHG 8QLYHUVLW\ VHW 6* ILQH PLQW ([WUHPHO\ UDUH Â… Â…

IUHVK PLQW %UDQGRQ FHUW 6* D Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 15

(5525 RQ FRYHU F RQ F YHUWLFDO SDLU RQH

Â’ 6* D %OXH RYSW U RQ N 0LQW Â… Â…

ZLWK '28%/( 29(535,17 (5525 FDQFHOOHG RQ ILUVW GD\ 6* F Â… Â… Â’ 0,66,1* 9$/8( (5525 /DQGVKLS 06 Â’ IUHVK 80 $ PDMRU QHZ GLVFRYHU\ LW LV EHOLHYHG WKDW MXVW HLJKW

{ 6* )8 RQ FRPELQDWLRQ SLHFH

Â… Â… ^3KRWR`

VXFK VKHHWV H[LVW 6* 06 YDU WRJHWKHU ZLWK QRUPDO WR FRPSDUH Â… Â…

Â’ 6* U RQ RQ N 0LQW Â… Â… ^3KRWR` &ODVVLFV 49 %ULWDQQLD V D VHOHFWLRQ RI Â’ 6* D 0LQW 7RQHG SHUI WLS Â… Â… GLIIHUHQW &DW Â… DOO VRXQG DQG PRVW FROOHFWDEOH 6FDQ DGYLVHG G 6* XQXVHG G 6* 9)8 G 6* ILQH XQXVHG G 6* VXSHUE PLQW $ PRVW GHOLJKWIXO JURXS 6* U RQ RQ N XQXVHG Â… Â… Â… Â… ^3KRWR`

60$// 67$03 ORW LQF .*9, LVVXHV WR )8 WR )8 0DULQH /LIH VHW )8 9LFWRU\ òG WZR IODJV YDULHW\ PLQW 6* D TW\ Â… Â…

Â’ 6* D %OXH RYSW U RQ RQ N 0LQW

Â’ 63(&,0(1 2YSWV VHOHFWLRQ RI

GLIIHUHQW PLQW LQF -XELOHHV WR G G $WWUDFWLYH JURXS Â… Â…

Â… Â… ^3KRWR` { 6* )8 6LJQHG +ROFRPEH U RQ N

Â… Â… ^3KRWR`

%$6872/$1'

Â’ 6* D %OXH RYSW U RQ N 0LQW

Â… Â… ^3KRWR`

{ .*9 Â… UHYHQXH 9)8 $ VFDUFH VWDPS

EDUHIRRW Â… Â…

Â’ 6* 0LQW U RQ N Â… Â… ^3KRWR`

Â’ 6LOYHU -XELOHH YDULHW\ G 'LDJRQDO /LQH E\

7XUUHW 6* I IUHVK PLQW Â… Â…

Â’ 6* U RQ N 0LQW Â… Â… ^3KRWR`

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI FKDSHO Â’ 6* J IUHVK 80 6FDUFH Â… Â…

Â’ 6* )8 U RQ N 6LJQHG Â… Â…

^3KRWR`

Â’ 6LOYHU -XELOHH YDULHW\ G GRW WR OHIW RI FKDSHO Â’ 6* J IUHVK 80 6FDUFH Â… Â…

{ 6* )8 U RQ N ,PSHUI Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G 'DVK E\ 7XUUHW 6* L Â’ 80 VPDOO FRUQHU FUHDVH 9HU\ VFDUFH &DW Â…

Â… Â…

%$780

^3KRWR` { 6* )8 Â… Â… ^3KRWR`

Â’ 6* 6HW 0LQW Â… Â…

Â’ 6* PLQW Â… Â…

Â’ 6* D %OXH RYSW 0LQW Â… Â…

6* )8 RQ SLHFH ZLWK IXOO &'6 U RQ N Â… Â… ^3KRWR` Â’ 6* 0LQW U RQ N Â… Â… ^3KRWR` Â’ 6* D 5HG RYSW U RQ N 0LQW Â… Â…

Â’ 6* D DQG E %OXH RYSW PLQW DOO

LVVXHV RI U RQ N <HOORZ Â… Â… ^3KRWR` Â’ $ PRVWO\ PLQW VHOHFWLRQ LQF U RQ N

6* 6* VHW Â… Â…

%(&+8$1$/$1'

{ 6* D 5HG RYSW )8 Â… Â… ^3KRWR`

Â’ 67(//$/$1' $UPV ILUVW LVVXH G 6* DQG

6* ILQH XQXVHG DV LVVXHG 6FDUFH VWDPSV DOVR G G 6* ZLWK VPDOO IDXOWV &DW Â… Â… Â… ^3KRWR`

{ 6* E 9LROHW RYSW U RQ NU )8

Â… Â… ^3KRWR` Â’ 6* PLQW U RQ N Â… Â…

{ &DSH 2937 VHW RI )8 6FDUFH

Â’ 6* 0LQW U RQ N Â… Â…

Â’ 49 G DOO PLQW *RRG FRORXUV

Â’ 6* 0LQW U RQ N SHUI VPDOO DJH VSRW RQ

Â’ 6* òG PP RYSW XSULJKW IUHVK PLQW FDW

6* Â… Â… 6* &DW Â… Â… Â… Â… Â… Â…

JXP Â… Â… ^3KRWR`

{ 6* òG PP RYSW XSULJKW )8 VFDUFH FDW

Â’ U RQ N 0LQW %UDQGRQ &HUW RI *HQXLQHVV

Â… Â… Â…

6* Â… Â… ^3KRWR` { 6* U RQ N )8 Â… Â…

{ 6* òG PP RYSW XSULJKW )8 VFDUFH FDW

Â’ 6* U RQ N 0LQW Â… Â…

{ 6* D òD 29(535,17 ,19(57(' 9)8 FDW

Â… Â… Â… Â… Â… Â…

BATUM

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 16

{ 6* D òG RYHUSULQW LQYHUWHG ILQH XVHG 3$,5

VFDUFH PXOWLSOH FDW Â… Â… Â… { 6* D òG 29(535,17 ,19(57(' 9)8 FDW

Â… Â… Â… Â’ 6* 0LQW òG &DW Â… Â… Â…

25,*,1$/ FROOHFWLRQ LQ D )DYRXULWH VSULQJEDFN DOEXP $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 ZLWK EHWWHU SLFNLQJV 6XQGD\ ODEHOV WR IU DLU IU 2YDO VHW $QWL 7% VHW RQ VSHFLDO VKHHWOHW &HQWHQDU\ DQG $QWL 7% VHWV %UXJH )XQG VHW ZLWK PXFK VXSHUE XVHG $ YHU\ ILQH FROOHFWLRQ Â… Â… $,50$,/ ,ULVK DFFHSWDQFH IORZQ FRYHUV 4 FDUULHG RQ ILUVW QLJKW IOLJKW WR %UXVVHOV KDQG SDLQWHG ,ULVK )ODJV

^3KRWR`

òG UDWHV RQH FDQFHOOHG RQ WKH +RO\KHDG URXWH FGV ERWK ZLWK DUULYDO EDFNVWDPSV 9HU\ ILQH Â… Â…

Â’ *% RYSW (GZDUG VHW ILQH PLQW 6*

Â… Â… Â’ 3267$/ ),6&$/ G 6* ) )8 FDW Â…

Â… Â…

{ )/(0,6+ /(*,21 $QWL %ROVKHYLVW VHW RI

VWDPSV ILQH XVHG ZLWK IHOGSRVW &'6 &2% ( PLFKHO , ,9 $ VHOGRP VHHQ VHW Â… Â…

Â’ :DOORQ OHJLRQ VHW RI )RXU LPSHUI ::,, Â’ .*9 RYHUSULQW VHW RI ILQH PLQW LQF DGGLWLRQDO Â’ VKHHWOHWV 80 0L ;;, ;;,9% Â… Â… ^3KRWR`

VKDGHV WR 6* E IUHVK TXDOLW\ Â… Â…

{ 2/' 0,1.86 SULQWHG DOEXP ZLWK

Â’ .*9 &DWWOH 3LFWRULDO GHILQ VHW ILQH PLQW

VWDPSV LQF 5DLOZD\ LVVXHV $QWL 7% LQF VHW FÂ… PLQW VWUHQJWK LV LQ WKH ILQH XVHG DOEXP IRU LVVXHV WR Â… Â…

6* Â… Â… 6,/9(5 -8%,/(( 0DWFKHG SDLU RI UHJLVWHUHG

{ 2/' 35,17(' SDJHV DQG D VWRFN ERRN ZLWK Â’ PDLQO\ ILQH XVHG FROOHFWLRQ VHHQ 6XQGD\ ODEHO LVVXHV UDLOZD\

FRYHUV 6L[ VWDPS PXOWL IUDQNHG DW LQF SDLU G 0DUYHOORXV VLQJOH G XVDJH Â… Â…

SDUFHO VWDPSV 5HG &URVV LQF 5HG &URVV VHW RI FDW Â… )8 5HG &URVV )XQG VHW RI FÂ… )8 $QWL 7% LQF VHW RI FÂ… )8 $ VROLG UDQJH RI VWDPSV IURP WR Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD IODJVWDII

PLQW 6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD IODJVWDII

PLQW 6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ H[WUD IODJVWDII RQ DOO IRXU

YDOXHV HDFK DV PDWFKLQJ FRUQHU EORFNV RI IRXU ILQH PLQW $ UDUH JURXS RI EORFNV 6* $ Â… Â…

2/' 672&. &$5'6 DQG SDFNHWV ZLWK EHWWHU SLFNLQJ ODEHO GHILQV WR I WLQ KDWV WR IU WZR GLIIHUHQW UHG FURVV ERRNOHWV PXFK PLQW RYHU VWDPSV DQG PV DQG ERRNOHWV Â… Â… Â’ 6(/(&7,21 RI EHWWHU VHWV IUHVK PLQW RQ ROG

{ 5(9(18( &20%,1$7,21 3,(&( .*9 Â…

&DWWOH 5HYHQXH LVVXH SOXV .*9, SRVWDJH VWDPSV DOO RQ SLHFH ZLWK QHDW 0DVWHUV 2IILFH KDQG VWDPSV 9HU\ DWWUDFWLYH Â… Â… { $ 63(&7$&8/$5 5HYHQXH SLHFH IUDQNHG [

.*9 Â… 5HYHQXH XVHG ZLWK .*9, VWDPSV SDLU DQG PXOWL FDQF DW 0DVWHUV 2IILFH UHPDUNDEOH PXOWLSOH XVH RI WKH .*9 KLJK YDOXH 5HYHQXH Â… Â… .*9, G 6* QLFHO\ XVHG RQ VXSHUE OLWWOH

FRYHU IURP /REDWVL DOVR G DHURJUDPPH FWR XVHG DQG FRYHU FDQF 6HURZH Â… Â… Â’ %LUG GHILQ YDULHWLHV DOO 80 DQG PLQRU Â’ Â… Â…

VWRFN FDUGV FLUFD FDW Â… VWDPSV QLFH TXDOLW\ QRWLQJ 0RQXPHQW )XQG 6* &KLOG :HOIDUH )XQG 6* 5HVWRUDWLRQ )XQG 6* HWF *RRG ORW Â… Â… 7:2 35,17(' $OEXP IRU LVVXHV IURP WR ZLWK RYHU VWDPSV DQG WKH RGG PLQLDWXUH VKHHW ZLWK VWUHQJWK LQ ILQH XVHG VHHQ 6XQGD\ ODEHO VHWV 5HG &URVV VHWV $QWL 7% QRWH $QWL 7% VHW RI PLQW VWDPS FHUWHVDU\ PLQW 838 WR IU )8 FXOWXUDO IRXQG FÂ… PLQW 7RXULVW VHW FÂ… )8 $ ILQH UDQJH RI VWDPSV Â… Â…

%(508'$ { .*9 Â… 6* 9)8 .H\ VWDPS

Â… Â… ^3KRWR` VHWWLQJ 6* D XVHG RQ ILUVW GD\ FRYHU 6* VWDWHV WKDW WKH U Â’ .*9 KLJK YDOXH PLQW VHOHFWLRQ DOO GLII W\SH ,, ZDV QRW LVVXHG XQWLO IRXU ZHHNV ODWHU " XQXVXDO 6* G G DQ LPSUHVVLYH Â… Â… KLJK FY JURXS Â… Â… 4(,, GHFLPDO RYSW VHW RI ZLWK VFDUFH RULJLQDO Â’ ILUVW SULQWLQJV XVHG RQ LOOXVWU )'& QRWLQJ WKH VFDUFH U RULJLQDO Â’ 6LOYHU -XELOHH YDULHW\ NLWH YHUWLFDO ORJ 80 6* . Â… Â… VHWWLQJ 6* Â… Â… 4(,, GHFLPDO RYSW VHW RI ZLWK U VHFRQG

Â’ 4(,, GHILQ VHW 80 6* Â’ Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG %LUG E\ 7XUUHW PLQW

6* P Â… Â…

{ 49 KRDUG RI G DQG G PDQ\ RQ Â’ 6LOYHU -XELOHH YDULHW\ G %LUG E\ 7XUUHW LQ SDLU

SLHFH ZLWK FGV FDQFHOV JRRG IRU VWXG\ Â… Â…

ZLWK QRUPDO PLQW 6* P Â… Â… { %URNHQ ORZHU ULJKW VFUROO YDULHW\ 6* EH

%(/$586

IX 5DUH Â… Â…

Â’ (;&(37,21$/ FROOHFWLRQ ZLWK RYHU Â’ GLIIHUHQW VWDPSV SOXV 06 VKHHWOHWV ZLWK GHILQV VXSHUE

UDQJH RI FRPPHPRUDWLYHV VHOGRP VHHQ FROOHFWLRQ RI PRGHUQ LVVXHV XQPRXQWHG PLQW Â… Â…

Â’ %URNHQ ORZHU ULJKW VFUROO YDULHW\ .*9, YIX

6* FH Â… Â… { )LQH XVHG KLJK YDOXHV DQ LPSUHVVLYH VHW RI DOO

%(/*,80 { ,'($/ $/%80 SDJHV ZLWK VWDPSV GLIIHUHQW

VWDPSV LQF 6XQGD\ ODEHO LVVXHV PDLQO\ ILQH XVHG Â… Â…

SHUI SULQWLQJV ZLWK G G DQG Â… GLII SULQWLQJV LGHQWLILHG DV SHU <HQGDOO +LJK FY Â… Â… { .*9, G 6* G YIX ZLWK EUDQGRQ FHUW

&KRLFH Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 17

Â’ .*9, 6* HWF LPSUHVVLYH PLQW JURXS RI Â’ $11,9(56$5< RI WKH $QWDUFWLF 7UHDW\ VHW DV Â’ SODWH QXPEHU EORFNV RI WUDIILF OLJKW EORFNV RI DQG VLQJOH VHW GLVSOD\LQJ D ZLGH UDQJH RI VKDGHV SULQWLQJV LQF 6*

RULJLQDO SULQWLQJV +LJK FY Â… Â… { .*9, SHUI HDUO\ SULQWLQJV G DOO IX

6* Â… Â… { .*9, YDOXHV ILQH XVHG VHOHFWLRQ YDOXDEOH

KLJK FY JURXS G GLII SULQWLQJV HWF Â… Â…

DOO XQPRXQWHG PLQW VXSHU TXDOLW\ QHDWO\ ZULWWHQ XS Â… Â… Â’ '(&,0$/ VXUFK VHW 80 6* Â’ Â… Â… 1(: &855(1&< VHW RI RQ D QHDW

HQYHORSH ZLWK $UJHQWLQD ,VODQG *UDKDPODQG ILUVW GD\ RI LVVXH FGV FDQFHO Â… Â…

{ /LQH SHUI ZDUWLPH HPHUJHQF\ SULQWLQJ KLJK

Â’ 1(: &855(1&< VHW RI ZLWK SODWH QXPEHUV Â’ DV EORFNV RI SODWH QXPEHU òS òS S òS S S

YDOXHV IX 6* E E E Â… Â…

òS S S S DQG S SODWH QXPEHU D S S DQG S VFDUFH DV SODWH QXPEHU EORFNV 80 SOXV D VHW RI QHDWO\ ZULWWHQ XS RQ SDJHV 6XSHUE TXDOLW\ XQPRXQWHG PLQW VWDPSV Â… Â…

{ .*9, HDUO\ SULQWLQJ IX 6* D

Â… Â… { Â… 6* E )8 Â… Â…

6&$5&( 2+06 HQY ZLWK VFDUFH Â… +06

:5(&. 0$,/ FRYHU H[ +DPEXUJ *HUPDQ\

WR +DPLOWRQ ZLWK ODUJH YLROHW FDFKHW 6DOYDJHG 0DLO 3UHVWZLFN $Q XQXVXDO URXWLQJ DQG GHVWLQDWLRQ IRU WKLV ZUHFN Â… Â…

(QGXUDQFH DQG 1HZ &XUUHQF\ VHW RI ZLWK WKH S VKRZLQJ FRQIHWWL IODZ DIIHFWLQJ WKH 4XHHQV SRUWUDLW ZLWK +DOOH\ %D\ &DLUG &RDVW DQG %ULWLVK $QWDUFWLF 6XUYH\ FDFKHWV RQ WKH UHYHUVH 1HZ &XUUHQF\ LVVXH ZLWK %DVH = ILUVW GD\ RI LVVXH FDQFHO Â… Â… $ 9(5< ),1( FROOHFWLRQ RI FRYHUV XVLQJ WKH

%2(5 :$5 0$)(.,1* 5(/,(9(' SLFWRULDO XQLRQ MDFN IODJ

VKDNLQJ KDQGV FDUG IX WR 8. IUDQNHG *% SHQQ\ UHG FDQFHOOHG )HOGSRVW FGV DOVR *% SRVWDO HQYHORSH XVHG DW )LHOG 32 Â… Â… { %ULWLVK 6WDPSV FDQFHOOHG DW WKH %RHU :DU

1HZ &XUUHQF\ LVVXHV HQY ZLWK òS [ +DOOH\ %D\ FGV VHQW WR $UJHQWLQD HQY ZLWK òS S VLJQHG E\ ( % 6KHOGRQ ZLWK $GHODLGH ,VODQG FGV DQG ER[HG FDFKHW HQY ZLWK S VLQJOH IUDQNLQJ ZLWK 556 %UDQVILHOG FDFKHW DQG KV YHU\ XQXVXDO HQY VHQW WR )UDQFH ZLWK S VLQJOH IUDQNLQJ ZLWK

5HWRXU $ / (QYR\ (XU ER[HG FDFKHW DQG )UHQFK F SRVWDJH GXH $ YHU\ LQWHUHVWLQJ JURXS Â… Â…

LWHPV LQF FRPELQDWLRQ SLHFH ZLWK G G G DOVR 6* DV LQWHUHVWLQJ EORFN ZLWK 1DWDO )LHOG )RUFH &'6 $ 6&$5&( *5283 RI FRYHUV HQY Â… Â… ZLWK Â… (QGXUDQFH DQG 1HZ &XUUHQF\ VHW ZLWK +DOOH\ %261,$ %D\ &DLUG &RDVW 5R\DO 5HVHDUFK 6KLS FDFKHWV ZLWK 3HQJXLQ KV RQ WKH UHYHUVH HQY ZLWK S VLQJOH IUDQNLQJ HQY Â’ $ VHOHFWLRQ RI HOXVLYH RYSW LVVXHV PLQW LQF ZLWK S VLQJOH IUDQNLQJ DQG òG òG IUDQNLQJ DOO WKH K RQ K RYSW GRXEOH DQG 1HZVSDSHU VHW HWF

%DVH = +DOOH\ %D\ FGV FDQFHOV Â… Â… 6HH :HEVLWH Â… Â… Â’ $ 9(5< *22' FROOHFWLRQ RI FRPPHPRUDWLYH Â’ VHWV LQF JXWWHU SDLUV F\OLQGHU EORFNV QHDWO\ ZULWWHQ XS RQ

1HZVSDSHU RYSW VHW XVHG RQ DQ HQYHORSH

6* UDWHG XV LQ 6FRWW Â… Â… { 1HZVSDSHU VWDPS K RQ K 9)8 6* 6FRWW

/ &DW Â… Â…

%261,$ +(5= 6WRFN FDUGV ZLWK $XVWUR +XQJDULDQ UDQJH RI VWDPSV SLFWRULDOV WR N LQF NU NU DQG NU LPSHUI ILQG XVHG N ZLWK FRPSRXQG SHUIV PLQW D XVHIXO QRW FKHFNHG IRU SHUIRUDWLRQ W\SHV VWDPSV Â… Â…

SDJHV XQPRXQWHG PLQW QRWH $QQLYHUVDU\ F\O EORFNV RI 5R\DO :HGGLQJ WUDIILF OLJKW EORFNV RI &KXUFKLOO LPSULQWHG EORFNV RI :KDOHV LPSULQWHG EORFN RI DQG F\O EORFNV RI 6LOYHU -XELOHH LPSULQWHG DQG F\O EORFNV RI *HRJUDSKLFDO JXWWHU SDLUV $QWDUFWLF 7UHDW\ F\O EORFNV RI JXWWHU EORFNV RI $ VXSHUE FROOHFWLRQ RI LWHPV VWDPSV VXSHUE TXDOLW\ Â… Â… $ 6&$5&( &29(5 ZLWK 1HZ &XUUHQF\ RYSW

%5 $17$5&7,& 7(55 3,&725,$/ GHILQLWLYH VHW RQ ILUVW GD\ FRYHU ZLWK

KDQGVWDPS DGGUHVV DQG YHU\ ILQH 'HFHSWLRQ ,VODQG FGV Â… Â… 3,&725,$/ GHILQLWLYH VHW WR Â… RQ D QHDW

VHW RI DQG VFDUFH Â… +06 (QGXUDQFH ZLWK +DOOH\ %D\ &DLUG &RDVW ER[HG FDFKHW DQG 5R\DO 5HVHDUFK 6KLS %UDQVILHOG %ULWLVK $QWDUFWLF 6XUYH\ 5HOLHI 6HDVRQ ER[HG FDFKHW $ YHU\ ILQH DQG VFDUFH FRYHU Â… Â… 1$9,*$7256 VHW RQ FRYHU ZLWK +DOOH\ %D\

&DLUG &RDVW FDFKHW %DVH = ILUVW GD\ RI LVVXH IRU WKH VWDPSV D VHFRQG FRYHU ZLWK +DOOH\ %D\ FGV DQG ER[HG +DOOH\ %D\ FDFKHW DOVR ZLWK )', FDQFHO ERWK FRYHUV GLIIHUHQW Â… Â…

HQYHORSH ZLWK $GHODLGH ,VODQG FGV ZLWK PDQXVFULSW \HDU DGGHG ILUVW GD\ RI LVVXH FDQFHO VHQW WR &ULHII LQ 6FRWODQG $ ),1( &2//(&7,21 RI FRYHUV XVLQJ Â… Â… 1DYLJDWRUV LVVXHV LQF ODUJH HQY ZLWK GLIIHUHQW 678'< RI WKH &KXUFKLOO LVVXHV òG YHUW VWULS RI IUDQNLQJV HDFK ZLWK D GLIIHUHQW FDQFHO LQF $UJHQWLQD ,VODQGV RQH ZLWK VKRUW VWURNH LQ òG EORFN RI RQH ZLWK ZKLWH VSRW E 3RUW 6WDQOH\ 5RWKHUD )DONODQG ,VODQG 'HSHQGHQF\ 6W 3DXOV LPSULQWHG VWULSV RI IRU òG G DQG ZULWWHQ XS FRYHU ZLWK òS WR Â… ZLWK YHU\ ILQH 5RWKHUD FGV QHDWO\ RQ SDJHV ZLWK GHWDLOV VWDPSV Â… Â… HQY ZLWK S IUDQNLQJ DQG QLQH GLIIHUHQW KV S IUDQNLQJ { 9(5< ),1( XVHG &KXUFKLOO VHW RI LQ EORFNV RI ZLWK 0D\ S WR SD\ KV ZLWK *HUPDQ\ LOOXVWUDWHG ZLWK 'HFHSWLRQ ,VODQG FGV Â… Â… FDFKHW +06 (QGXUDQFH )OLJKW ZLWK ER[HG $GHODLGH ,VODQG FDFKHW $ YHU\ JRRG DQG LQWHUHVWLQJ JURXS RI (19(/23( ZLWK SLFWRULDO GHILQLWLYHV G G G FRYHUV FDUGV Â… Â… G G DQG Â… 0DS ZLWK YHU\ ILQH $UJHQWLQH ,VODQGV 1$9,*$7256 VHW LQF F\OLQGHU EORFNV *UDKDPODQG FGV VHQW WR ' ( 0DUWLPHU RI WKH UHVHDUFK VWDWLRQ Â’ Â’ LPSULQWHG EORFNV JXWWHU EORFNV LQF S S òS S DW 6WDQOH\ )DONODQG ,V YHU\ ILQH FRYHU Â… Â… òS S S DV LPSULQWHG F\OLQGHU EORFNV RI HLJKW IURP WKH ERWWRP RI WKH VKHHW $ VXSHUE FROOHFWLRQ RI LWHPV IUHVK VISIT XQPRXQWHG PLQW Â… Â…

www.philangles.co.uk.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 18

$ ),1( &29(5 FROOHFWLRQ XVLQJ WKH

3267$/ 67$7,21(5< VXSHUE FROOHFWLRQ LQF

3HQJXLQV LQF IRXU FRYHUV ZKHUH WKH FDFKHW KDV EHHQ ILQLVKHG RII E\ KDQG ZLWK 6LJQ\ ,V $UJHQWLQD ,V 5RWKHUD 3RLQW 6LJQ\ ,V VLJQHG E\ WKH SRVWPDVWHU DV ZHOO WKUHH FRYHUV ZLWK VFDUFH JXWWHU SDLUV ZLWK F\OLQGHU QXPEHUV WZR ZLWK WUDIILF OLJKW SDLUV HDFK ZLWK GLIIHUHQW FDQFHOV $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â…

F SLFWRULDO HQY ZLWK 6SHFLPHQ RYSW UHJG HQY F ZLWK 6SHFLPHQ RYSW F HQY ZLWK 6SHFLPHQ RYSW F HPERVVHG WKLFN SDSHU 4(,, F UHJG HQY $Q RXWVWDQGLQJ FROOHFWLRQ RI FRYHUV FDUGV XQXVHG ZLWK 6SHFLPHQ RYSWV PL[HG LQ Â… Â…

%5 +21'85$6

Â’ $17$5&7,& 6($/6 VWXG\ ZLWK JXWWHU SDLU Â’ F\OLQGHU EORFN JXWWHU SDLUV LQ WUDIILF OLJKWV D VXSHUE FROOHFWLRQ RI (GZDUG WRS YDOXH 6* RQ D ILQH

LWHPV IUHVK XQPRXQWHG PLQW VWDPSV Â… Â… $11,9(56$5< RI 6FRWWV DUULYDO DW WKH 6RXWK

UHJLVWHUHG FRYHU WR *HUPDQ\ WLHG %HOL]H &'6 $ IDEXORXV VLQJOH IUDQNLQJ RI D KLJK YDOXH VWDPS UDUHO\ IRXQG RQ FRYHU Â… Â…

3ROH VHW RI LOOXVWUDWHG )'& V ZLWK SULQWHG DGGUHVV ZLWK HDFK Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII IUHVK LPDJH EHLQJ GLIIHUHQW ZLWK WKH VHW RI 6FRWW $QQLYHUVDU\ VWDPSV PLQW LQ FRUQHU SDLU ZLWK QRUPDO 6* $ Â… Â… RQ HDFK DQG ILQH 5RWKHUD )', FDQFHO Â… Â… )266,/6 GHILQLWLYH VHW RQ FRYHUV QRWH

%5 , 2 7

&RWVZROG FRYHU ZLWK %ULWLVK $QWDUFWLF 7HUULWRU\ UHJG ODEHO FDQFHOOHG DW +DOOH\ D VHFRQG VHW ZLWK 6LJQH\ FGV FDQFHO D VHW Â’ 9$5,(7,(6 PDLQO\ LQ SRVLWLRQDO EORFNV RI VL[ Â’ F F F F DQG F ZLWK QR GRW DIWHU R SOXV F F F RI RIILFLDO )'& V ZLWK 5RWKHUD )', FGV FKLHIO\ ZLWK VPDOO ODEHO EORFNV RI ZLWK WKH VDPH YDULHW\ DOO XQPRXQWHG PLQW DGGUHVVHV ORW RI FRYHUV Â… Â… Â… Â… ::,, LOOXVWUDWHG FRYHUV IRU HYHQWV WKDW { ),1( 86(' ZLWK YDULHWLHV SLFWRULDO RYSW KDSSHQHG GXULQJ WKH :DU ZLWK VSHFLDO FDQFHOV LQF )LUVW VHW SOXV F F F F PLVVLQJ VWRS DIWHU , F F F &RPEDW RI WKH )O\LQJ 7LJHUV )DOO RI 6LQJDSRUH &DSWXUH RI F F PLVVLQJ DIWHU 2 U ZLWK PLVVLQJ GRW DIWHU % *XDP $WWDFN RQ 3HDUO +DUERXU LVVXHG E\ WKH 0DUVKDOO ,VODQG 0DULQH OLIH VHW RI 1DWXUH UHVHUYH VHW RI 5R\DO FRYHUV Â… Â… 6RFLHW\ %LUGV VHW RI %LUG VHW RI $ YHU\ JRRG &29(56 D ILQH FROOHFWLRQ RI FRYHUV ZLWK PDQ\ FROOHFWLRQ RI VWDPSV ILQH TXDOLW\ &DW Â… EHWWHU FRYHUV 0DULQH /LIH RQ UHJG HQYV VHQW IURP Â… Â… )DUDGD\ DQG 6LJQ\ ,VODQG ZLWK KDQG LOOXVWU 5HVHDUFKHU S IUDQNLQJ 6LJQ\ ,V FGV ZLWK %UDQVILHOG ER[HG FDFKHW Â’ 8102817(' 0,17 D VXSHUE FROOHFWLRQ ZLWK Â’ YDULHWLHV VHW RI SOXV U QR VWRS DIWHU % FÂ… F HQY ZLWK )RVVLO S S ZLWK %UDQVILHOG DQG 6LJQ\ FDFKHW ZPN 7R ULJKW F F F F F F F U U U WZR HQYV VLJQHG E\ 6WHIDQ +HLMW] D YHU\ JRRG ORW U U U U QR VWRS DIWHU 2 F F F F F U FRYHUV Â… Â… U U QR VWRS DIWHU , 0DULQH /LJH VHW RI Â’ '(),1,7,9( VHWV XQPRXQWHG PLQW VHW RI 1DWXUH 5HVHUYH 5R\DO 6RFLHW\ %LUGV %LUGV Â’ 1HZ &XUUHQF\ VHW RI 1DYLJDWRUV VHW RI 6KDUNV $Q H[WHQVLYH FROOHFWLRQ RI VWDPSV PV &DW DQG 0DULQH /LIH VHW RI Â… Â… Â… Â… Â…

%5 ($67 $)5,&$

%5 /(9$17

{ 5(9(18( 49 U KLJK YDOXH 6* RYSW

{ 6* òG ORFDO RYSW )8 Â… Â…

-8',&,$/ )(( 9)8 Â… Â…

%5 *8,$1$

{ (':$5' RYSWV )8 VHOHFWLRQ LQF DOO

SULQWLQJV RI SL RQ G SL RQ 6* )8 Â… Â…

{ &ODVVLF F LPSHUI 6* )8 QHDW &'6 PLQRU

LPSHUIHFWLRQV &DW Â… Â… Â… ^3KRWR` { 5R\DO *D]HWWH F W\SH 6* )8 ILQH DQG

VFDUFH Â… Â… ^3KRWR`

{ ,668(' DW %H\URXWK SL RQ G 6* ILQH XVHG

ZLWK QHDW %H\URXWK FGV VRPH FRORXU ORVV UDUH VWDPS $36 FRORXU FHUW RI JHQXLQHVV Â… Â…

%5 2&& ,7$/ &2/

{ 5R\DO *D]HWWH F W\SH 6* )8

Â… Â… ^3KRWR`

(19(/23( ZLWK 75,32/,7$1,$ RYSWV O WR O

6* 7 7 YHU\ ILQH XVHG ZLWK (O 0DWD ILUVW GD\ RI LVVXH FDQFHOODWLRQ VFDUFH Â… Â…

{ 5R\DO *D]HWWH F W\SH 6* )8

Â… Â… ^3KRWR`

Â’ 0LVSODFHG VWRS YDULHW\ VK F (ULWUHD RYSW

Â’ 6LOYHU -XELOHH YDULHW\ F /LQH E\ 7XUUHW

ZLWKLQ SRVLWLRQDO FRUQHU EORFN 6*( D 0LQW Â… Â…

6* I ILQH PLQW Â… Â… { 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII 9)8

6* + Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII IUHVK Â’ 80 ZLWKLQ SODWH FRUQHU EORFN SRVLWLRQ 6* +

Â… Â…

Â’ 9DULHW\ F RQ G SRVWDJH GXH ZLWK 12 6723 Â’ $)7(5 $ 80 LQ SDLU ZLWK QRUPDO 6*(' D Â… Â… (ULWUHD VSHFWDFXODU ORFDO FRYHU IUDQNHG .*9,

RYSW VHW RI 6* UHJ G DW $60$5$ UDWHG HXUR RQ FRYHU Â… Â… 620$/,$ .*9, RYSW VHW RI RQ ILQH UHJG

Â’ 6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI FKDSHO

)'& H[ 0RJDGLVKX 6* 6 DOVR LQWHUHVWLQJ 0() UHJLVWHUHG FRYHU ZLWK G UDWH Â… Â…

ILQH PLQW 6* J Â… Â…

%5 32 ,1 ( $5$%,$ Â’ &2,/ 67$036 .*9, F HQG RI UROO DQG F HQG Â’ RI UROO ZLWK D TXDQWLW\ RI VWDPSV VWLOO DWWDFKHG 6* D DQG Â’ 9$5,(7< &DVWOH U ZLWK ZLGH VXUFKDUJH 6* D Â’ 6* D VHOGRP VHHQ VWLOO DWWDFKHG DV FRLO SOXV F VWULS RI IUHVK XQPRXQWHG PLQW Â… Â… FRLO VWDPSV Â… Â… { $ VHOHFWLRQ RI 6DLOLQJ 6KLS &ODVVLFV XVHG ZLWK

YDOXHV WR F XQFKHFNHG VWDPSV Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 19

{ &$12( VHW RI ILQH XVHG ZLWK F UHYHUVHG

%5 32 6,$0

ZDWHUPDUN DQG WKH DGGLWLRQDO F OLVWHG VKDGH 6* Â… Â…

Â’ % RYHUSULQW F EURZQ 6* IUHVK PLQW UDUH

KLQJH UHPDLQV H[SHUW KDQGVWDPS VPDOO FRUQHU FUHDVH YHU\ ILQH FRORXU Â… Â…

{ &$12( 9)8 6* Â… Â…

{ % RYHUSULQW F URVH 6* ILQH XVHG

VFDUFH Â… Â…

{ '(),1 VHW ILQH XVHG VHYHUDO DGGLWLRQDO YDOXHV

FKLHIO\ ILQH DQG HOXVLYH XVHG 6* Â… Â…

{ % RYSW F 6* 9)8 QHDW %DQJNRN FGV

VPDOO KLQJH WKLQ Â… Â…

{ ),1( 86(' RQ ROG SDJHV GHILQLWLYHV WR

FDW Â… VHW RI -XELOHH DQG 838 $ JRRG ORW Â… Â…

{ % RYHUSULQW F 6* )8 ZLWK QHDW %DQJNRN

FGV Â… Â…

Â’ -DSDQHVH RFFXSDWLRQ F &DQRH 6*7 DV Â’ DWWUDFWLYH FRUQHU EORFN RI [ IUHVK 80 6RPH VSOLWWLQJ

%5 62/2021 ,6

EXW D YHU\ ILQH PXOWLSOH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ Â’ 7XUUHW 80 LQ SODWH FRYHU EORFN 6* )

Â’ -$3$1(6( 2&&83$7,21 RYHUSULQWV D PLQW

VHOHFWLRQ RI GLII YDOXHV F WR 6* - LVVXH LQF F F +XWV Â… Â…

Â… Â… Â’ 6FRWW SULQWHG SDJHV ZLWK EHWWHU SLFNLQJV FDW

Â… QRWH SRVWDJH GXH VHW RI GHILQV WR V ZHGGLQJ D XVHIXO ORW RI VWDPSV PLQW Â… Â… 3RVWDJH GXH G 6* ' RQ /2&$/ FRYHU WLHG

<DQGLQL &'6 ZLWK òG SRVWDJH VWDPS FDQF $W $XNL Â… Â…

{ %581(, 683(5,25 9)8 FRPSOHWH

VHWV VWDPSV ZLWK GHILQV DQG FRPPHPV ([FHSWLRQDO JURXS Â… Â… { ),1( 86(' VHOHFWLRQ LQF F 6*

9)8 HWF TXDOLW\ Â… Â…

Â’ $ VFDUFH ORW RI 0RGHUQ 6* OLVWHG ZPN YDULHWLHV Â’ IUHVK 80 F %XWWHUIO\ 6* Z F 6* Z

F 6* E )XQJL F 6* Z *RRG JURXS Â… Â…

%850$ { .*9, RYSW VHW 9)8 6*

Â… Â…

{ &2//(&7,21 RQ SDJHV UDQGRPO\ SODFHG ZLWK Â’ 81,21 2) %850$ HUURU RI LQVFULSWLRQ S DV Â’ PDQ\ VHWV VHHQ .*9, WR 4(,, WR LQF %LUGV VHW WR Â’

ILQH 80 FRUQHU EORFN FDW Â… 6* D Â… Â… 80 GHILQV WR 80 ZLWK PRGHUQ LVVXHV WR $ JRRG UDQJH RI VWDPSV 06 PLQW LQF 80 RU ILQH { ,1685$1&( 5(9(18(6 LQ FRPSOHWH VKHHWV XVHG Â… Â… S S N DQG N DOO SUH FDQFHOOHG UHDG\ WR EH XVHG Â… Â… 0HPRUDQGXP IURP 3RVW 2IILFH IRU LQVXIILFLHQF\ SDLG LWHP IUDQNHG G SRVWDJH GXH 6* ' QHDWO\ WLHG 081'$ Â’ -DSDQHVH 2FFXSDWLRQ 2OG 3DJH ZLWK 3HDFRFN 7D[ +6 6FDUFH LWHP Â… Â… RYHUSULQWV 0\DXQJP\D PDLQO\ 6* - LQF VFDUFH U - &DW Â… SOXV D SDLU RI F GXW\ VWDPSV XQXVHG DV %5 9,5*,1 ,6 LVVXHG Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ òG %LUG E\ 7XUUHW Â’ .*9, RQ ROG DOEXP SDJHV 0LO\ RYSW VHW RI 6* 0 IUHVK PLQW Â… Â… 1HZ &RORXUV VHW RI ,QWHULP *RYHUQPHQW VHW RI 0DUW\UV 0HPRULDO VHW RI 838 HVW RI Â’ 6LOYHU -XELOHH YDULHW\ G .LWH +RUL] /RJ GHILQV S WR D DOO IUHVK PLQW FDW Â… PLQW 6* / Â… Â… Â… Â… Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW 5($/ 3+272 3,&785( 3267&$5'6 :LWK 6* 6 Â… Â… LQWHUHVWLQJ ORFDO LPDJHV GLIIHUHQW DOO XQXVHG DQG SUH 5HTXHVW LPDJHV Â… Â… Â’ &/$66,& 49 3(5,2' PLQW JURXS FDW &$0%2',$ Â… LQF WDOO W\SH G GLII DQG G RQ SURYLVLRQDO Â… Â… Â’ &$0%2',$ GHOHJDWH IROGHU ZLWK FRQWHPSRUDU\ Â’ LVVXHV GHILQV WR S VWXGHQWV IXQG $LUV WR { &/$66,& 49 SHULRG XVHG JURXS FDW Â… S DOO 80 Â… Â… LQF ILUVW LVVXHV WDOO W\SH G òG SDLU 9)8 RQ SLHFH ZLWK FRPSOHWH FDQFHO 8VHIXO Â… Â… &$0(5221

%5$=,/

{ 67$036 2) *(50$1< RYHUSULQWHG

{ 2OG $OEXP SDJHV ZLWK VWDPSV ZLWK PDQ\

GLIIHUHQW FKLHIO\ ILQH XVHG ROG WLPH RULJLQDO ORW Â… Â…

.DPHURRQ VHW RI VL[ SOXV SI &KRFRODWH DOO VHYHQ VWDPSV ILQH XVHG Â… Â… Â’ $ 9$/8($%/( &ROOHFWLRQ ZLWK PDQ\ EHWWHU Â’ HDUO\ LVVXHV LQF .DPHUXQ RYSW VHW RI VL[ PLQW Â’ <DFKW WR PN PLQW ZPN <DFKW WR PN &()

%581(, { /2&$/ 67$5 VHW 6* ILQH XVHG VFDUFH

Â… Â… { 67$5 DQG ORFDO VFHQH VHW RI H[ F F DOO

)8 6* FDW Â… Â… Â… Â’ 6WDU DQG ORFDO VFHQH VHW RI H[ F HDFK DV Â’ IDEXORXV PDWFKHG PDUJLQDO EORFNV RI )RXU DOO IURP WKH VDPH

VKHHW SRVLWLRQV EULOOLDQW 80 ZLWK IXOO 2* H[FHSWLRQDO 6* H[ 1LQH EORFNV Â… Â…

RYSWV òG WR G PLQW :DU UHOLHI IXQG VHW RI PLQW +RVSLWDO )XQG VHW RI PLQW 5HXQLILFDWLRQ G RQ I DQG G RQ I 80 VXUFKDUJH WR Â… 80 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 FKLHIO\ XQPRXQWHG PLQW Â… Â… { *HUPDQ 32 PN PN <DFKWV ERWK ZLWK .ULEL

&'6 YHU\ ILQH 6*N &DW Â… Â… Â… { *HUPDQ 32 PN <DFKW 6*. H[DPSOHV

{ /$%8$1 RYHUSULQW VHW ILQH XVHG ILQH DQG YHU\

VFDUFH 6* Â… Â…

HDFK ZLWK D GLIIHUHQW &'6 3PN IRU %XHD .ULEL DQG 9LFWRULD 9HU\ ILQH &DW Â… Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 20

{ *HUPDQ 32 <DFKW KLJK YDOXHV PN WR PN

{ $PD]LQJ LURQ FURVV SRVWPDUN RQ F 6*

VHW RI )RXU HDFK 9)8 RQ SLHFH ZLWK PDWFKLQJ %XHD &'6 SPNV $ ILQH DQG VFDUFH VHW 6*N &DW Â… Â… Â… ^3KRWR`

FHQWUDOO\ VWUXFN *HP Â… Â… { %($9(5 F ZLWK YDULHWLHV XQLWUDGH VHHQ

{ *HUPDQ 32 PN PN 9)8 HDFK ZLWK %8($

&'6 3PN $ ILQH SDLU 6*. &DW Â… Â… Â… { +,*+ 9$/8( PN 6* . ILQH XVHG

/RJ LQ ZDWHUIDOO URFN LQ ZDWHUIDOO SUH SULQWLQJ SDSHU FUHDVH LPSULQWHG FRS\ $ JRRG ORW RI VWDPSV FRPH IDXOWV EXW DQ LQWHUHVWLQJ JURXS Â… Â… Â’ &ODVVLF òF 4XHHQ 6* PLQW SDUW RJ

Â… Â…

WHUULILF FRORXU WULIOH VRLOHG WKH FROOHFWRU SDLG Â… IRU WKLV VWDPS &DW Â… Â… Â…

{ +,*+ 9$/8( PN 6*. ILQH XVHG

Â’ &ODVVLF F &DUWLHU 6* IDEXORXV XQXVHG

Â… Â…

YLYLG FRORXU &DW Â… PLQW Â… Â…

*2/' &2$67 G (GZDUG UHJLVWHUHG HQYHORSH

Â’ &ODVVLF F EHDYHU 6* IUHVK XQXVHG &DW XSUDWHG ZLWK G FDQF 9,&725,$%252 FGV ZLWK VXSHUE Â… PLQW Â… Â… &DPHURRQV DGGUHVV DQG URXWHG WKURXJK :HVW &HQWUDO $IULFD 0RVW DSSHDOLQJ LWHP Â… Â… { 49 F 6* RQ XVHIXO VHOHFWLRQ LQF 6WULS RI WKUHH HQGRUVHG 3DLG VLQJOH ZLWK VKDGH RQH ZLWK ( IODZ 5HJLVWHUHG PXOWL IUDQNHG FRYHU WR 6ZLW]HUODQG ZLWK )UHQFK 32 &() <DFKW RYSWV DQG .*9 1LJHULD G VWDPS RQ FRYHUV DQG òG LPSHUI 6* PL[HG FRQGLWLRQ &DW 9DOXH FRPELQDWLRQ DOO WLHG %8($ 6NHOHWRQ 3PNV 8QXVXDO Â… Â… Â… Â… Â… ^3KRWR` { 6WULS RI WKUHH F 6* 9)8 $Q H[FHSWLRQDO

{ /$48,17,1,( +RVSLWDO )XQG VXUFKDUJH VHW RI

6* YHU\ ILQH XVHG Â… Â… Â’ 63,7),5( )81' 6XUFKDUJH VHW RI 6* D E Â’ XQPRXQWHG PLQW H[SHUWLVHG RQ WKH UHYHUVH Â… Â… { 5(81,),&$7,21 G RQ I DQG G RQ I ERWK

YHU\ ILQH XVHG 6* VFDUFH Â… Â… { 5(81,),&$7,21 SURYLVLRQDO RYSW VHW 9)8 DOO

PXOWLSOH &DW Â… PDQ\ LWHPV DUH LOOXVWUDWHG RQ RXU ZHEVLWH Â… Â… Â’ 6* 49 F VLQJOH LVVXH IUHVK XQXVHG

IDEXORXV FRORXU PLQW &DW Â… Â… Â… Â’ /DUJH 4XHHQ òF 6* VXSHUE IUHVK XQXVHG

&DW Â… PLQW FROOHFWRU SDLG Â… IRU WKLV VWDPS H[FHSWLRQDO FRORXU Â… Â… { /$5*( 48((1 9$5,(7< F ZLWK 6+$9,1*

1,&. )/$: 9)8 683(5% $1' 5$5( 8QLWUDGH YLL FROOHFWRU SDLG FQ Â… Â…

PDUJLQDO H[DPSOHV 0L $ VFDUFH VHW Â… Â… Â’ 5(81,),&7,21 6WHUOLQJ RYSW VHW IUHVK 80 Â’ VFDUFH 0L Â… Â…

{ /$5*( 48((1 &ROOHFWLRQ ZLWK PDQ\ VWLOO RQ

Â’ 685&+$5*( 6HW RI UHXQLILFDWLRQ 6* Â’ D VFDUFH VHW IUHVK XQPRXQWHG PLQW Â… Â… { '8$/$ &'6 3PNV RQ <DFKWV &LUFD

SXUFKDVHG FDUGV VHHQ YDULHWLHV ,QF òF :KLWH %XQ F WKLQ SDSHU F :PN * F ZLWK F %L VHFW RQ SLHFH ZLWK VKDGH $ JRRG UDQJH RI VWDPSV ZLWK D KXJH &DW 9DOXH Â… Â… Â’ /DUJH 4XHHQ F PLQW 6* E &DW Â…

$ ILQH ORW RI GLIIHUHQW LQF PN PN KLJK YDOXHV +LJKO\ FDWDORJXHG Â… Â…

&ROOHFWDEOH Â… Â… Â’ 60$// 48((1 6HOHFWLRQ PLQW &DW Â… $Q

0267 81868$/ ,PSHUIRUDWHG VWDPSV RQ

LQWHUHVWLQJ ORW F YHUW VWULS RI ZLWK SDUWLDO LPSULQW F ZLWK SUH FRYHUV VHQW WR +ROODQG $LU VHW RI 6* ZLWK SULQWLQJ IODZ RQ WKH 4XHHQV QRVH F F RII VHWV F SDLU RQH ILQH %DPHQGD &'6 8QLWHG 5HSXEOLF VHW RI 6* RYHU LQNHG VWDPSV Â… Â… ZLWK D ILQH 1'23 &'6 PXOWLSOH IUDQNHG FRYHU ZLWK 'HOLJKWIXO 6PDOO 4XHHQ IUDQNLQJ RQ LOOXVWUDWHG IUDQNLQJ ZLWK ILQH 1'23 &'6 $Q LQWHUHVWLQJ JURXS HQYHORSH GHSLFWLQJ D FKLFN VSULQJLQJ IURP LWV VKHOO FKDVLQJ D Â… Â… EXJ IUDQNHG F ZLWK +DPLOWRQ GXSOH[ H[FHSWLRQDO FROOHFWRU { 2/' $/%80 SDJHV ZLWK LVVXHV IURP )UHQFK SDLG &1 Â… Â… Â’ &ROV LVVXHV PDLQO\ SUH $ JRRG UDQJH RI Â’ 60$// 48((1 òF VWXG\ LQF EORFN RI ZLWK VWDPSV FDWDORJXHG Â… VHHQ GHILQLWLYHV SRVWDJH GXHV Â’ LPSULQWHG PDUJLQV RIIVHW VWULS RI DQG D VLQJOH VFDUFH JXWWHU DLUV FRPPHPRUDWLYHV QRWH F DQG F 6* )8 Â’ SDLU DQ LQWHUHVWLQJ JURXS RI LWHPV PDLQO\ PLQW ZLWK D KLJK FÂ… $ JRRG ORW ZLWK EHWWHU SLFNLQJV Â… Â… &DW 9DOXH 6* XQLWUDGH Â… Â…

&$1$'$

Â’ 6PDOO 4XHHQ F 6* DV IDEXORXV IUHVK PLQW PDUJLQDO SDLU Â… Â… SHQ ; RQ ZUDSSHU WR 4XHEHF ([WHQVLYH IDPLO\ FRQWHQWV IURP D IDWKHU WR KLV GDXJKWHU ZULWWHQ DW 1(: &$5/,6/( GHVSDWFK 3267$/ +,6725< VPDOO 4XHHQV F RQ FGV Â… Â… EXVLQHVV HQY LQF LOOXVWUDWHG -RKQ 6 3HDUFH 6HHG 0HUFKDQWV ZLWK ILQH %XUN )DOOV FGV +DUULV +DUYHVWLQJ 0DFKLQHU\ HQY Â’ &ODVVLF G EHDYHU 6* IUHVK PLQW IRXU ZLWK ILQH %UDQWIRUG FGV 0 ) %HDFK )ORXU DQG 2DWPHDO ZLWK ILQH PDUJLQV IRXU IXOO PDUJLQV ,QFUHGLEOH FRORXU YHUWLFDO FUHDVH ,URTXRV FGV %HOO 2UJDQ DQG 3LDQR &R $Q LQWHUHVWLQJ JURXS RI PHQWLRQHG IRU DFFXUDF\ FDW Â… Â… Â… FRYHUV Â… Â… { &/$66,& G %HDYHU 6* 9)8 ZLWK ODUJH { :,'2: :((' F 6* DV D IDEXORXV 9)8 EDODQFHG PDUJLQV YHU\ ILQH FDW Â… Â… Â… SDLU ZLWK FRPSOHWH )UHGHULFWRQ 1% RYDO FDQFHO ([KLELWLRQ LWHP &ODVVLF G EHDYHU LPSHUI 6* XVHG RQ DQG VXSHUEO\ FDQFHOOHG Â… Â… HQYHORSH WLHG SHQ ; DQG LQN WKH VWDPS LV IRXU PDUJLQ ZLWK Â’ -XELOHH IUHVK PLQW YHU\ ZHOO FHQWUHG 6* (OJLQILHOG FGV LQYHUWHG GDWH LQWHUHVWLQJ Â… Â… &KRLFH Â… Â… &ODVVLF G EHDYHU 6* XVHG RQ VPDOO HQYHORSH WLHG 6WDQVWHDG FGV VWDPS KDV IDXOWV EXW PRVW DWUU HQY DGGU WR { -8%,/(( YHU\ JRRG 3DQHOOL HQJUDYHG IRUJHU\ RI WKH WRS YDOXH ZLWK UROOHU SRVWPDUN 8QXVXDO 6* 0RQWUHDO &DW Â… RQ FRYHU Â… Â… Â… Â… &ODVVLF G EHDYHU VJ ILQH IRXU PDUJLQV WLHG

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 21

{ -8%,/(( &ROOHFWLRQ ZLWK H[WUDV WR LQF F

SUH FDQFHOV F ZLWK 9LFWRULD VSHFLDO DQQLYHUVDU\ FDQFHO F PDUJLQDO EORFN RI ZLWK 0RQWUHDO 95 VSHFLDO FDQFHO ZLWK VKDGHV VWDPSV Â… Â…

{ 75,$1*/( G EOXH GHHS 6* )8 ZLWK IXOO

PDUJLQV TXDOLW\ VWDPS Â… Â… { 75,$1*/( G 6* 9)8 ZLWK IXOO PDUJLQV RQ

IUDJPHQW VKRZLQJ WKH FRPSOHWH WULDQJOH FDQFHOODWLRQ &KRLFH 6* Â… Â… F F F F F F F F F F F { 6* G 7ULDQJOH 9)8 RQ IUDJPHQW ZLWK JRRG DQG a &DW Â… Â… Â… PDUJLQV DQG QHDW SRVWPDUN 9HU\ ILQH Â… Â… 0$3/( /($) $1' 180(5$/6 &ROOHFWLRQ VHHQ F 6* SUH FDQFHO òG EORFN RI ZLWK SDUFHO FDQFHO D { 6* )8 ZLWK IXOO PDUJLQV DQG JRRG JURXS ZLWK SUH SULQWLQJ SDSHU FUHDVHV F IURP ERRNOHW GLH ,, FRORXU Â… Â… EORFN RI XQLWUDGH E 80 F VXUFK QDUURZ VSDFLQJ SDLU XQLWUDGH ,, 80 $ JRRG UDQJH RI VWDPSV FRYHUV { 75,$1*/( 6* )8 ZLWK ODUJH PDUJLQV *RRG IRU VWXG\ Â… Â… YHU\ ODUJH DW ULJKW NH\ VWDPS Â… Â… 4 ),567 )/,*+7 $,50$,/ &29(56 { 75,$1*/( G GHHS URVH OLODF VKDGH 6* E &2//(&7,21 VXSHU KROGLQJ RI WKH FRYHUV SURGXFHG WR VHOHFW )8 ZLWK IXOO PDUJLQV DQG FULVS SRVWPDUN YHU\ ILQH FDW FRPPHPRUDWH WKH PDQ\ ILUVW IOLJKWV FRPSOHWHG DFURVV WKH Â… Â… Â… FRXQWU\ DQG RYHUVHDV GXULQJ WKH SLRQHHULQJ GD\V RI DLU WUDYHO $UUDQJHG FKURQRORJLFDOO\ DFURVV WZR DOEXPV PRVW FRYHUV KDYH { 75,$1*/( G 6* ILQH XVHG ZLWK IXOO ODUJH D FDFKHW IRU WKH SDUWLFXODU IOLJKW D IHZ DUH VLJQHG DOO IUDQNHG PDUJLQV ILQH H[DPSOH RI WKLV FODVVLF VWDPS FDW Â… ZLWK VWDPSV VRPH EHWWHU VHHQ LQFO FRLO VWDPSV DQG FOHDUO\ Â… Â… SRVWPDUNHG ZLWK HLWKHU FGV RU VORJDQ FDQFHOV 0RVWO\ FOHDQ { 75,$1*/( SHQQ\ 9)8 ZLWK ODUJH PDUJLQV ILQH FRYHUV Â… Â… KXJH WRS ULJKW 6* D ILQH VWDPS FDW Â… Â… Â… Â’ (5525 &KULVWPDV F JURVVO\ PLVSHUIRUDWHG Â’ IUHVK 80 XQLWUDDGH Â… Â… { 75,$1*/( G VODWH OLODF 6* F ILQH XVHG ZLWK IXOO PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH VKDGH $HURJUDPPH ZLWK LVVXHV IURP .*9, IRUFH DLU Â… Â… OHWWHUV LOOXVWUDWHG DHURJUDPPH DQ LQWHUHVWLQJ UDQJH RI { 7ULDQJOH G EURZQLVK UHG 6* F )8 ZLWK FRYHUV FKLHIO\ XQXVHG ZLWK D JRRG YDULHW\ RI FRYHUV ODUJH PDUJLQV DQG FOHDU SURILOH 9HU\ QLFH VWDPS Â… Â… Â… Â… -8%,/(( RQ FRYHUV QRWH 0RQWUHDO { 7ULDQJOH G 6* 9)8 ZLWK IXOO PDUJLQV &DQDGD )ODJ ([KLELWLRQ 0RQWUHDO LOOXVWUDWHG (QY GHHS ULFK FRORXU Â… Â… VFDUFH $LU 0DLO (QY :LWK F ODWH XVDJH F RQ EXVLQHVV (QY /DWH XVDJH F [ F VLQJOH XVDJH { 7ULDQJOH G 9)8 RQ SLHFH ZLWK IXOO FRYHUV SOXV XQXVHG FDUG Â… Â… PDUJLQV 6* D Â… Â… Â’ 0,63(5)25$7(' 67$03 (55256 80 Â’ LWHPV GHILQV F F )ODJ PDMRU VKLIW F )ODJ Â’ 6* 7ULDQJOH FKRLFH IUHVK PLQW ZLWK JRRG WR ODUJH PDUJLQV $ YHU\ ILQH H[DPSOH Â… Â… LPSHUI SDLU &KULVWPDV F KXJH VLGHZD\V VKLIW (\H DSSHDOLQJ DGGLWLRQV IRU \RXU FROOHFWLRQ Â… Â… { 7ULDQJOH G VWHHO EOXH 6* F )8 ZLWK IXOO 3267$/ +,6725< PDQ\ V RI HQYHORSHV LQ PDUJLQV &DW Â… Â… Â… D ODUJH FDUWRQ ZLWK PDQ\ GLIIHUHQW FDQFHOV IURP DURXQG WKH FRXQWU\ ZLWK ORWV RI FRPPHUFLDO PDLO JRRG VRUWLQJ ORW { 75,$1*/(6 G GLIIHUHQW VKDGHV LQF VWHHO Â… Â… EOXH GHHS EOXH EOXH SDOH EULJKW EOXH DOO LGHQWLILHG RQ D SDJH Â’ -8%/(( ZLWK VKDGHV WR 6* òF

68%67$17,$/ FROOHFWLRQ LQ HLJKW YROXPHV ZLWK 6* F DOO WKUHH PDUJLQDOV ILQH XVHG Â… Â… VWDPSV SDQHV FRYHUV DQG 06 VKHHWOHWV .*9, { 75,$1*/( G 6* VHOHFW )8 ZLWK ODUJH HYHQ 4(,, LQF KLJK YDOXHV FRLO VWULSV VH WHQDQW HYHQ SODWH EORFNV RI PDUJLQV QLFH FODVVLF Â… Â… ZLWK PXFK LGHQWLILHG $Q H[WHQVLYH FROOHFWLRQ Â… Â… { 75,$1*/( G 6* VHOHFW )8 ZLWK ODUJH HYHQ PDUJLQV YHU\ ILQH Â… Â… &$3( 2) *22' +23( { 6* D ILUVW SHQQ\ WULDQJOH GHHS EULFN UHG VKDGH { 75,$1*/( G 6* VHOHFW )8 ZLWK IXOO HYHQ

9)8 ZLWK IXOO PDUJLQV FKRLFH Â… Â…

{ 6* G WULDQJOH )8 ZLWK JRRG PDUJLQV FDW

Â… Â… Â… { 6* G WULDQJOH )8 ZLWK ODUJH PDUJLQV DQG

FOHDU SURILOH &KRLFH FDW Â… Â… Â… { 6* SHQQ\ WULDQJOH )8 ZLWK IXOO PDUJLQV DQG

FOHDU SURILOH $ ILQH VWDPS RI GHHS FRORXU FDW Â… Â… Â… { 75,$1*/( G EURZQ UHG 6* D 9)8 ZLWK

JHQHURXV PDUJLQV KXJH RQ WZR VLGHV JHP FDW Â… Â… Â… { 75,$1*/( G 6* 9)8 ZLWK IXOO HYHQ PDUJLQV

DQG GHHS ULFK VKDGH 4XDOLW\ VWDPS Â… Â… { 75,$1*/( G 6* D 9)8 ZLWK IXOO YHU\ ODUJH

PDUJLQV KXJH RQ ULJKW JHP FDW Â… Â… Â…

PDUJLQV $ ILQH VWDPS FDW Â… FOHDU SURILOH Â… Â… 86(' &2//(&7,21 RQ DOEXP SDJHV QHDWO\ ODLG RXW UDQJHV ZLWK VKDGHV QR WULDQJOHV RGG PLQW VWDPS .(9,, XVHG VHW FDW Â… VWDPSV Â… Â… Â’ 6LWWLQJ KRSH PLQW VWDPSV &DW Â… òG WR

G WKH NH\ G LV YHU\ IUHVK 6* Â… Â… Â’ 1R VWRS DIWHU 3HQQ\ RYSW YDULHW\ PLQW 6* E

DOVR D ILQH EORFN RI )RXU RI WKH VWDPS 6* Â… Â… Â’ 6LWWLQJ +RSH VHW ILQH PLQW 6*

Â… Â… { 0DIHNLQJ G RQ G )8 6* Â… Â…

^3KRWR` { 0DIHNLQJ RQ G )8 6* Â… Â…

^3KRWR`

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 22

{ 0DIHNLQJ RQ G 6* )8 Â… Â…

Â’ .*9 SLFWRULDO VHW RI QRWH F DV D LPSULQWHG

^3KRWR`

EORFN RI 6* PLQW Â… Â…

{ 0DIHNLQJ G RQ òG )8 6* Â… Â…

^3KRWR`

{ 6LOYHU -XELOHH YDULHWLHV $ XVHG WULR F 'RW

E\ &KDSHO DQG 'LDJRQDO E\ 7XUUHW DQG F 'LDJRQDO /LQH E\ 7XUUHW 6* ) * DQG ) Â… Â…

{ 0DIHNLQJ G RQ G )8 6* Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\

^3KRWR`

7XUUHW PLQW 6* ) Â… Â…

{ 0DIHNLQJ G RQ G 6* )8 Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

^3KRWR`

6* + PLQW Â… Â…

0DIHNLQJ G RQ G 6* )8 Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

^3KRWR`

6* + PLQW Â… Â…

Â’ (GZDUG VHW PLQW 9HU\ ILQH 6*

Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F GRW E\ )ODJVWDII

6* + PLQW Â… Â…

75,$1*/( &/$66,&6 XVHG VHOHFWLRQ ZLWK { 6LOYHU -XELOHH YDULHW\ F GRW WR OHIW RI FKDSHO 6* PDQ\ DWWUDFWLYH G ZLWK &'6 G XQXVHG G :RRGEORFN J )8 6FDUFH Â… Â… SRRU QLFH ZLWK IXOO PDUJLQV YDULRXV G LQF IXOO PDUJLQV DQG GLIIHUHQW SULQWLQJV WZR IRUJHULHV PL[HG EXW VRPH { 3$5&(/ 3,(&( ZLWK VSHFWDFXODU VL[ VWDPS U LQWHUHVWLQJ VWDPSV +LJK &9 5HTXHVW 6FDQ Â… Â… F LQFOXGLQJ .*9, [ U SRVWDO ILVFDO 6* ) DOO QHDWO\ FDQF DW &RORPER Â… Â… &$<0$1 ,6 Â’ (GZDUG ZLWK YDOXHV WR U FDWDORJXHG Â…

Â’ 3529,6,21$/ òG RQ 6* PLQW 6WRORZ

LVVXHV RQ D VWRFN SDJH PLQW VWDPSV Â… Â…

KV DQG JXDUDQWHH VRPH WRQLQJ YHU\ VFDUFH VWDPS Â… Â…

{ .*9 .*9, &2//(&7,21 RQ OHDYHV PDLQO\ ILQH

Â’ 6* VHW PLQW Â… Â…

XVHG V MXELOHH VHW RI U WR U ILVFDOO\ XVHG .*9, SLFWRULDO GHILQV WR U LQF F ZLWK DSRVWURSKH IODZ 6* ID RYHU VWDPSV Â… Â…

Â’ 6* G RQ 3URYLVLRQDO PLQW

Â… Â…

2OGWLPH &ROOHFWLRQ ZLWK EHWWHU SLFNLQJV G LPSHUI 6* )8 F :DU 6WDPS RYSW 'RXEOH 6* E 0,17 .*9, U PLQW ZLWK LVVXHV WR $ XVHIXO VHOHFWLRQ RI VWDPSV Â… Â…

Â’ 6* VHW PLQW Â… Â…

Â’ 6* .*9 VHW PLQW SOXV H[WUD G

5HYHQXHV 49 .(9,, $Q DFFXPXODWLRQ RI XVHG RQ ROG +DJQHUV *RRG YDULHW\ RI LVVXHV (GZDUG VWDPS GXW\ WR U 49 RYSW LVVXHV 4(,, U 49 MXGLFLDO RYSWV &RQGLWLRQ LV JRRG Â… Â…

VKDGHV Â… Â… { -XVWLFH VHW WR 9)8 &KRLFH 6*

Â… Â…

&+,/(

Â’ 6* 3LFWRULDO VHW PLQW

3267$/ 67$7,21(5< XQXVHG HDUO\ LVVXHV

Â… Â…

YHU\ IUHVK ZLWK GLIIHUHQW W\SHV PDLQO\ SRVWDO FDUGV Â… Â…

Â’ .*9, VHWV FDWDORJXH Â… PLQW &RURQDWLRQ

Â’ 3ULQWHG DOEXP SDJHV IRU LVVXHV IURP WR GHILQ VHW RI 9LFWRU\ 6LOYHU :HGGLQJ 838 GHILQ Â’ ZLWK PDQ\ EHWWHU VHWV PLQW RU 80 3DQ $PHULFDQ VHW RI Â… Â… Â’ VHW PLQW $LU VHW PLQW VNLLQJ VHW DQG 06 80 Â’ (;7(16,9( FROOHFWLRQ RI 4(,, HDUO\ \HDU $LU 06 80 D FKLHIO\ 80 FROOHFWLRQ RI VWDPSV 06 D Â’ LVVXHV LQF GHILQ WR Â… PLQW GHILQ WR Â… 80 YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ DLU VHWV Â… Â… Â’ H[WHQVLYH FRPPHPV PLQW ZLWK PDQ\ VHWV 80 $ VROLG &+,1$ FROOHFWLRQ RI VWDPSV Â… Â… Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK 'HILQ VHW RQ SDLU RI YHU\ ILQH )'& (OXVLYH UHPDLQV Â… Â… 6* Â… Â…

Â’ 5(' 5(9(18( F RQ F 6* PLQW

&(</21

Â… Â…

Â’ &+$/21 G 6* IUHVK PLQW ZLWK JRRG

FOHDU PDUJLQV DQG YHU\ ILQH &ODVVLF VWDPS Â… Â… { &ODVVLF G G &KDORQV ERWK )8 ZLWK )RXU IXOO

PDUJLQV 6* Â… Â… ^3KRWR`

Â’ 5(' 5(9(18( F RQ F 6* PLQW ZLWK

UHPDLQV Â… Â… { 7,(176,1 3529,6,21$/ SI 6* )8

5DUH &DW Â… Â… Â…

Â’ 49 òG 6* ILQH PLQW Â… Â…

{ 7,(176,1 3529,6,21$/ SI 6* )8 UDUH

Â’ 2)),&,$/6 SUHSDUHG DQG QHYHU LVVXHG G G

G RYSW 6(59,&( PLQW 6* 2 FDW Â… Â… Â…

&DW Â… Â… Â… { 7,(176,1 3529,6,21$/ SI 6* )8

6XSHUE 7RQJNX &'6 &DW Â… Â… Â…

{ 2/' $/%80 SDJHV ZLWK D JRRG VHOHFWLRQ RI Â’ VWDPSV PDLQO\ ILQH XVHG .*9 WR U LQF

Â’ 7LHQWVLQ 3URYLVLRQDO SI 6* PLQW YHU\ VFDUFH

VPDOO LPSHUIHFWLRQV &DW Â… Â… Â…

V MXELOHH VHW RI .*9, GHILQV WR U DQ RULJLQDO ORW Â… Â…

CHINA

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 23

5XVVR -DSDQHVH :DU 0DQFKXULD &RYHU ZLWK

&5(7(

FRQWHQWV Â… Â…

Â’ 3,&725,$/ VHW ILQH PLQW 6*

Â… Â…

Â’ %22./(7 &2//(&7,21 LQF VFDUFH Â’ 7(55$&277$ ),*85(6 IURP 4LQ 6KL +XDQJ V WRPE 1HZ

$1 2/' 7,0( FROOHFWLRQ RI GLII LVVXHV RQ SULQWHG SDJHV LQF VHW RI PLQW 5XVVLDQ FRQWURO VWDPSV ZLWK VWDUV DQG FRQWURO RYSWV GLII *UHHN LQF 5HYROXWLRQDU\ $VVHPEO\ VHW XVHG DQG RWKHU HDUO\ LVVXHV Â… Â…

<HDU ERRNOHWV VSDFH Â… Â… Â’ <($5%22.6 ZLWK D YHU\ IUHVK 80 Â’ FROOHFWLRQ RI VWDPSV &DWDORJXH YDOXH Â… D YHU\ ILQH

FROOHFWLRQ RI PRGHUQ VHWV Â… Â… Â’ 1(9(5 +,1*(' 0,17 FROOHFWLRQ PDLQO\ V Â’ LVVXHV ZLWK PDQ\ FRPSOHWH VHWV LQF PLQLDWXUH VKHHWV

FDWDORJXHV RYHU Â… LQ SDFNHWV SUHVHQWDWLRQ IROGHUV RQ VWRFN SDJHV D YHU\ ILQH FROOHFWLRQ IURP WKLV SHULRG D IHZ VWDPSV PV IUHVK XQPRXQWHG PLQW Â… Â…

&52$7,$ { '$/0$7,$ ,WDOLDQ 7HUULWRU\ F F F KLJK

YDOXH SRVWDJH GXH RYSWV 9)8 RQ VPDOO SLHFHV VFDUFH 6* ' FDW Â… Â… Â…

3267$/ 67$7,21(5< 8186(' HQYHORSHV

,PSHUIRUDWHG YHU\ UDUH SURRI VKHHW ZLWK +HDGLQJ %RUDGHU &HQWUDO :RUNHU ,PDJH 6* ZDWHUPDUNHG XQJXPPHG SDSHU Â… Â…

DQG FDUGV LQF PDQ\ SLFWXUH FDUG VHWV ORRN WR EH V SHULRG RYHU FDUG HQYHORSHV Â… Â…

Â’ :$5 ,19$/,'6 5HOLHI )XQG LPSHUIRUDWH FRUQHU Â’ PDUJLQDO V SULQWLQJ LQ EDVH FRORXU RQO\ 6* ZLWK RXW

&+5,670$6 ,6/$1'6 $ YHU\ ILQH FROOHFWLRQ RI LOOXVWUDWHG IGF V

FRXQWU\ LQ WKH WDEOHW IUHVK 80 6* 9DU Â… Â…

PDQ\ VWLOO LQ WKHUH RULJLQDO SURWHFWLYH SDFNDJLQJ XQDGGUHVVHG ZLWK GHILQLWLYH VHWV FRPPHPRUDWLYH VHWV LQF 06 D YHU\ JRRG ORW DW D EDUJDLQ SULFH FDWDORJXHG RYHU Â… DV ILQH XVHG VHWV Â… Â…

&8%$ Â’ 8102817(' 0,17 V VHWV VWDPSV Â’ LQF %LUGV DLUPDLO VHW 6* FKRLFH Â… Â…

&2&26 .((/,1*

&<3586

$ ILQH FROOHFWLRQ RI LOOXVWUDWHG ILUVW GD\ FRYHUV

FDW Â… DV ILQH XVHG VHWV D YHU\ JRRG UDQJH RI FRYHUV LQF { 49 ',( , ZPN &URZQ && VHW )8 6* Â… Â… GHILQ VHWV DQG 06 DOO XQDGGUHVVHG Â… Â…

&2/20%,$

Â’ 6* GLH SL IUHVK PLQW (OXVLYH DQG ILQH

H[DPSOH IURP WKH ILUVW SULQWLQJ &DW Â… Â… Â…

{ ,1685(' /(77(5 67$036 )8 JURXS RI GLII

F WR S 6FRWW * LQF SRVWDO FDQFHOV VFDUFH JURXS { 9$5,(7< .*9 SD JUHHQ ZLWK EURNHQ ERWWRP Â… Â… WULDQJOH DW OHIW 6* D ILQH XVHG Â… Â… ,1685(' /(77(5 67$036 RQ FRORXUHG Â’ .*9 Â… 6* IUHVK PLQW Â… Â… SDSHUV )8 VFDUFH FRPSOHWH VHW F WR SWD SOXV VHYHUDO H[WUD PLQW YHU\ JRRG FRQGLWLRQ DQG VHOGRP RIIHUHG 6FRWW * Â… Â… Â’ .*9 SL SL ERWK IUHVK PLQW 6* { ,1685(' /(77(5 67$03 :KLWH &DOL LVVXH Â… Â… 6FRWW *2 ILQH XVHG PLQRU LPSHUIHFWLRQV Â… Â… Â’ 3ODWH QXPEHU PDUILQD VLQJOHV PLQW GLIIHUHQW

Â’ /$16$ / DQG $9,$1&( $ RYHUSULQWV

/DQVD VHW RI 6* DQG $YLDQFD F WR F DQG WRS YDOXH S WKLUWHHQ VWDPSV IUHVK PLQW Â… Â… { ,1685(' /(77(5 VWDPSV D VXSHU ORW RI PRVWO\ DOO GLII GHVLJQV LQF PXOWL FRORXUHG DQG YDOXHV { D JRRG SHUFHQWDJH DUH XVHG KLJKO\ FDW LQ 6FRWW KLJK YDOXHV DQG VRPH RYSW IDFVLPLOH :LOO PDNH D JUHDW VWXG\ Â… Â…

ZLWK YDOXHV WR SL 1LFH Â… Â… %5,7,6+ 58/( SLFWRULDO VHW )8 6* Â… Â… %ULWLVK 5XOH VHW )8 6* Â… Â…

$SULO ,ULVK DFFHSWDQFH IORZQ FRYHU 'XEOLQ WR 4 /LPDVVRO IUDQNHG òG G G WLHG 'XEOLQ FGV HDUO\ EOXH DLU

&22. ,6 Â’ 5$5$721*$ SRVWDO ILVFDO IUHVK 0 6*

ODEHO DOVR WLHG HQGRUVHG RQ DUULYDO Â… Â…

Â… Â…

{ .*9 SLFWRULDO VHW )8 6* FDW Â…

Â’ 5$52721*$ G WR Â… &RDVW RI $UPV SRVWDO

ILVFDOV IUHVK 0 6* Â… Â…

Â… Â… Â’ 63(&,0(1 3HUI &RURQDWLRQ VHW IUHVK PLQW

3,&725,$/ VHW RI WHQ 6* RQ D VXSHUE

UHJG )'& Â… Â…

6* 6 Â… Â…

Â’ 6LOYHU :HGGLQJ 6HW 80 6* Â’ Â… Â… ,17(5(67,1* VHOHFWLRQ RI ROG VWDPSV RQ FDUGV ZLWK YDOXDEOH (DUO\ 4XHHQ LVVXHV WR G )8 1LXH { 6LOYHU :HGGLQJ YDULHW\ òSL H[WUD GHFRUDWLRQ VHW RI WR 6* DV 80 EORFNV RI VL[ G :0. (5525 IUHVK PLQW LQ SDLU ZLWK QRUPDO 6* D Â… Â… 6* \ DV 80 EORFN RYSW VHWV WR Â… 9)8 HWF +LJKO\ UHFRPPHQGHG Â… Â… &$7$/2*8( 9$/8( RYHU HXUR V LOOXVWUDWHG IGF V ZLWK YDOXHV WR Â… XQDGGUHVVHG FROOHFWLRQ &267$ 5,&$ YHU\ ILQH TXDOLW\ Â… Â… 3267$/ 67$7,21(5< HDUO\ FROOHFWLRQ RI &<5(1$,&$ FRYHUV FDUGV XQXVHG F ZLWK 0XHVWUD 6SHFLPHQ RYSW F JUHHQ RQ EXII 838 LOOXVWUDWHG SRVWDO FDUG DQG Â’ :DUULRU 6HW IUHVK PLQW 6* &DW UHSO\ $ ILQH JURXS RI FRYHUV FDUGV Â… Â… Â… Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 24

&=(&+26/29$.,$

(/ 6$/9$'25

3267$/ 67$7,21(5< XQXVHG HDUO\ W\SH LQF

683(5% FROOHFWLRQ RI XQXVHG SRVWDO VWDWLRQHU\

&KDLQ %UHDNHUV $OO 6RNRO RYSW FDUG ZLWK VSHFLDO VKRZ FDQFHO FWR XQXVHG $OO 6RNRO LOOXVWU FDUGV XQXVHG HDUO\ &DVWOHV $ ILQH FROOHFWLRQ RI FRYHUV FDUGV Â… Â…

LQF LOOXVWUDWHG SRVWDO FDUGV HPERVVHG HQYV ZLWK PDQ\ GLIIHUHQW VL]H DQG YDOXHV LQWHULRU SRVWDO FDUGV LQF UHSO\ FDUGV $ YHU\ LQWHUHVWLQJ ORW RI FDUGV HQYV Â… Â…

68'(7(1/$1' 6:$67,.$ RYSWV D PLQW DQG XVHG VHOHFWLRQ RI GLIIHUHQW ,QYHUWV $LUPDLOV VROG RQ WKHLU PHULWV +XJH &9 SRWHQWLDO Â… Â… ^3KRWR`

'(10$5. 5$,/:$< SDUFHO VWDPSV DQG ORFDO SRVW VWDPSV RQ ROG SDJHV 6HHQ $$/%25* SULYDWH UDLOZD\ VWDPSV $$5+86 /)-6 UDLOZD\ VWDPSV RQ LQWHUHVWLQJ ORW 5DLOZD\ VWDPSV PDLQO\ PLQW ORFDO SRVW FKLHIO\ ILQH XVHG Â… Â… $ JURXS RI HDUO\ LWHPV RI SRVWDO VWDWLRQHU\

PRVWO\ XVHG LQF XSUDWHG $ PRVW LQWHUHVWLQJ ORW Â… Â… Â’ /HWWHUKHDG + :LOVRQ <RXQJ &R /RQGRQ

HQGRUVHG &RSHQKDJHQ ZLWK FRQWHPSRUDU\ 'DQLVK VWDPS DIIL[HG ZLWK YDOXHV WR RUH LQF QXPHUDOV $UP DQG .LQJ LVVXHV )UHVK PLQW Â… Â…

$OEXP SDJHV ZLWK DQ LQWHUHVWLQJ PL[WXUH RI VWDPSV IURP DOVR VHHQ ILVFDO LVVXHV D VPDOO EXW XVHIXO ORW RI VWDPSV 0DLQO\ (8 PDLQO\ SUH Â… Â…

(6721,$ Â’ *HUPDQ 2FFXSDWLRQ N ORFDO RYSW 80 0L Â’ &DW HXUR Â… Â… ^3KRWR`

($5/< VHOHFWLRQ LQ SDFNHWV GLII LVVXHV FDW Â… LQF 5HG &URVV VHW 0 VXUFKDUJHV 6* )8 HWF 1LFH Â… Â… 672&.&$5'6 $1' 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV $LU VXUFK P RQ P DQG P RQ P ERWK PLQW SDLUV H[KLELWLRQ RYSW 06 [ ZLWK ERRNOHW 06 FRYHUV LQF PRUH PRGHUQ HXUR V YDOXHV $ JRRG UDQJH WKDW QHHGV VRUWLQJ DV PXFK VWLOO LQ SDFNHWV 80 Â… Â… Â’ ::,, RFFXSDWLRQ LVVXHV D PLQW FROOHFWLRQ Â’ KLJKO\ FDWDORJXHG VWDPSV ILUVW VHW ORFDO SRVW N Â’ 0L 3HUQDX RYSW VHW 80 LQF ERWK N 0L ,, HWF $

'20,1,&$ 8SUDWHG òG HQYHORSH LQ VXSHUE FRQGLWLRQ ZLWK

DGGLWLRQDO òG G 'RPLQLFD FGV DUULYDO EV &KRLFH Â… Â… Â’ 6FULSW ZPN .*9 VHW RI ILQH PLQW 6*

&DW Â… Â… Â…

JRRG ORW Â… Â…

(7+,23,$ { 9(5< ),1( 86(' $QLPDOV VHW RI DV

VKHHWOHWV RI 6* UDUHO\ VHHQ DV XVHG VKHHWOHWV Â… Â…

)$/./$1' ,6

Â’ 6LOYHU -XELOHH YDULHW\ 'DVK E\ 7XUUHW

Â’ .*9, 6HOHFWLRQ &DWDORJXHG Â…

6* / PLQW Â… Â…

GHILQV WR &RURQDWLRQ 838 IUHVK PLQW Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG 'RW E\ )ODJ PLQW

Â’ 12 :$7(50$5. 49 VHW RI IRXU PLQW

6* + Â… Â…

FRPSOHWH DQG UDUH JURXS 6* &DW Â… G QLFH IHZ QLEEOHG SHUIV G DJHG LPSHUI DW EDVH G VPDOO WKLQ DQG YHU\ ILQH 6HOGRP RIIHUHG VHW RI WKH ILUVW LVVXH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G 'RW E\ )ODJ 6* +

PLQW Â… Â… Â’ (5525 PLVVLQJ & IURP ZDWHUPDUN F 6* Â’ D ZLWKLQ D VWULS RI VWDPSV DQG FDQ EH FOHDUO\ VHHQ LW LV

Â’ 6* 49 G IUHVK XQXVHG PDUJLQDO :HOO

FHQWUHG &DW Â… Â… Â…

PLVVLQJ DV WKH ZPN LV LQ WKH PLGGOH RI WKH VWDPS Â… Â…

Â’ (GZDUG WRS YDOXH IUHVK PLQW 6*

(&8$'25

Â… Â…

Â’ ($*/( U LPSHUI IUHVK PLQW IRXU PDUJLQ 6FRWW

FDW Â… Â…

(*<37 Â’ 3267$*( '8( LPSUHVVHG ZDWHUPDUN RQ WKH

UHYHUVH S S DQG SL IUHVK PLQW FDW Â… Â… Â… Â’ 3267$*( '8(6 P SL SL 6* ' FDW

Â… PLQW Â… Â…

(':$5' 6(/(&7,21 LWHPV òG ZLWK SRVWPDUNV G 49 G )8 RQ VDPH SLHFH òG .*9 òG XVHG RQ VDPH SLHFH PLQW WR G Â… Â… { 6* (GZDUG 6HW )8 Â… Â…

^3KRWR` Â’ .*9 VHW RI GLIIHUHQW YDOXHV òG WR PLQW

&DW Â… 6* Â… Â… .*9 2QH 3HQQ\ OHWWHUFDUG YHU\ ILQH XQXVHG

{ $ PRVW GHOLJKWIXO &RPLF &DUG GHSLFWLQJ FDULFDWXUH RI :DLWHU +ROGLQJ D 3RVWFDUG ZLWK +DW )H] DUHD

/ + * $ Â… Â…

FRQWDLQLQJ P VWDPS WLHG &'6 WR 8. ZLWK DUULYDO &'6 &KRLFH Â… Â… { *% Â… &RQVXODU )HH UHYHQXH VWDPS EDUHIRRW

% D DV D IDEXORXV PDUJLQDO EORFN ZLWK WKH FWR %ULWLVK &RQVXODWH $OH[DQGULD &'6 6SHFWDFXODU PXOWLSOH Â… Â…

Â’ :$5 67$03 ZLWK GLIIHUHQW VKDGHV DQG Â’ RYSWV FKLHIO\ PLQW LQ 0 D JRRG ORW IRU VWXG\ VWDPSV Â’ Â… Â… Â’ :$5 67$03 RYHUSULQWV òG ZLWK PDQ\

Â’ $ PRVW H[WHQVLYH FROOHFWLRQ RI 80 KRXVHG LQ Â’ WZR VWRFNERRNV YHU\ FRPSUHKHQVLYH VWURQJ LQ HOXVLYH PRGHUQ

NQRZQ GDPDJH OHWWHUV VHHQ GDPDJH Z P S VPDOO V WKLQ DQG WKLFN RYSWV VKDGHV D VXSHUE ORW IRU VWXG\ Â… Â…

Â’ :$5 67$03 RYHUSULQWV òG FKLHIO\ LQ EORFNV RI PDWHULDO YHU\ PDQ\ V SOXV 06 LQF 5HYROXWLRQ 6HW Â’ EORFN RI VL[ DQG D EORFN RI VHHQ GDPDJHG OHWWHUV LQ PV 6HW 2IILFLDO 6HW 7RXULVW 6HW 7R Â… Â’ Z S P ZLWK VKDGHV D JRRG ORW IRU VWXG\ VWDPSV PLQW ( 'DP 6HW $LUV 0DQ\ RWKHU VHWV WR Â… ( PXFK 80 Â… Â… 7R Â… ( DQG YHU\ FRPSUHKHQVLYH FRPPHPV ZLWK VHOGRP IRXQG PRGHUQ Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 25

Â’ :$5 67$03 RYHUSULQWV G ZLWK D YDULHW\ RI Â’ RYSWV DQG VKDGHV VHHQ EURNHQ OHWWHUV UDLVHG VSDFHU DOELQR Â’ RYSW LQ WKH PDUJLQ ODUJH EORFN RI D VXSHUE ORW IRU VWXG\

Â’ $LUSRUW S S ERWK ZLWK LQYHUWHG ZDWHUPDUN Â’ YDULHWLHV 6* Z Z Â… Â…

0LQW LQ PXFK 80 RYHU VWDPSV Â… Â… Â’ :$5 7$; 9$5,(7,(6 ZLWKLQ D FRUQHU PDUJLQDO Â’ EORFN RI G ZLWK LQYHUWHG Y IRU D DQG EURNHQ P DQG ZLGH

S SRV 6* F YDU VFDUFH EORFN OLVWHG YDULHW\ LQ +HLMW] 80 Â… Â…

Â’ ,QYHUWHG :PN S 'ROSKLQ ILQH PDUJLQDO 80 Â’ 6* Z Â… Â… Â’ ,QYHUWHG :DWHUPDUN YDULHWLHV S S Â’ :HGGLQJ ILQH XP 6* : Â… Â…

Â’ :DWHUPDUN VLGHZD\V Â… 0DS 80 Â’ .*9 GHILQ VFULSW ZPN VHW IUHVK PLQW 6* Â’ 6* Z Â… Â… Â… Â… ,QWHUHVWLQJ LQZDUG UHJLVWHUHG FRYHU H[ *% ZLWK

38& FRPELQDWLRQ òG SDLU G SDLU DQG òG FDQFHOOHG DW %UDFNQHOO HQGRUVHG RQ UHYHUVH 1R $QVZHU 6WUDQJH Â… Â… { 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII

6* % )8 Â… Â…

Â’ :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* Â’ Z Â… Â… Â’ :DWHUPDUN WR 5LJKW Â… PDS YDULHW\ 80 6* Â’ Z Â… Â… { &2//(&7,21 )LQH XVHG WR VHHQ

%LUG VHW RI )ORZHU VHW RI 1HZ &XUUHQF\ VHW RI 'HILQ VHW RI %DWK 6KLSV VHWV 6KLS VHW RI 0DULQH OLIH VHW RI ZLWK PDQ\ FRPPHPRUDWLYH VHWV LQF 06 $ YHU\ JRRG FROOHFWLRQ PDQ\ V RI VWDPSV Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII Â’ 80 ZLWKLQ SRVLWLRQDO FRUQHU PDUJLQDO EORFN UDUH

6* % Â… Â… { 6LOYHU -XELOHH YDULHW\ òG 5H HQWU\ RQ YDOXH

WDEOHW ILQH XVHG 6* / Â… Â… Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW

6* 6 Â… Â… { 683(5% 9(5< ),1( 8VHG FROOHFWLRQ FRPSOHWH

.*9 RQ KDJQHU SDJHV ZLWK LVVXHV IURP LQF ZDU VWDPS òG DQG G GHILQV ZLWK YDOXHV WR LQF VKDGHV PDLQO\ PLQW V MXELOHH VHW PLQW DQG WZR VHWV ILQH XVHG D YHU\ XVHIXO UDQJH RI VWDPSV Â… Â…

LQ EDVLF VHWV ZLWK PDQ\ EHWWHU VHWV LQF GHILQ VHW ZLWK WZR { .*9, $Q LQWHUHVWLQJ DFFXPXODWLRQ ZLWK D JRRG GLIIHUHQW 6 :HGGLQJ VXSHUE XVHG SLFWRULDO VHW VHOHFWLRQ RI LVVXHV WR Â… )8 ZLWK DGGLWLRQDO RQ SLHFHV LQF VXSHUE XVHG %LUG GHILQLWLYHV VXSHUE XVHG RXWVWDQGLQJ PXOWLSOHV IRU VWXG\ RI SULQWLQJV G EORFN DQG RQ UDQJH RI FRPPHPRUDWLYHV ZLWK WKH RGG ZDWHUPDUN YDULHW\ RYHU SDUFHO SLHFH LVVXHV WR Â… PLQW HWF RULJLQDO VWDPSV 06 VXSHUE TXDOLW\ WKURXJKRXW &DW ORW Â… Â… Â… Â… Â… Â’ 4(,, $Q LQWHUHVWLQJ /RW RQ D TXDQWLW\ RI Â’ +DJQDUV DQG SDFNHWV ZLWK VWUHQJWK LQ 80 FRPSOHWH VHWV QRWLQJ 3+,/$7,&$//< LQVSLUHG HQYHORSH ZLWK VL[ VWDPS .*9, FRPELQDWLRQ FDQF DW 3RUW 6WDQOH\ ZLWK %LUGV WR Â… %DWWOH DV SODWH EORFNV RI PDQ\ ODWHU SULQWLQJ SULQWLQJ DQG Â… SOXV ORZ VHWV WR Â… Â… EORFNV VRPH DGGLWLRQDO 9)8 ZLWK YDOXHV WR Â… YDOXHV 0RVW DWWU 6* Â… Â… V ILQH ORW $OO GLII Â… Â… Â’ )DEXORXV VXEVWDQWLDO FROOHFWLRQ LQ /LJKWKRXVH Â’ KLQJHOHVV $OEXP ZLWK GLIIHUHQW VWDPSV DQG 06 &DW

)$/./$1' ,6 '(36

Â’ Â… %LUGV WR Â… )ORZHUV WR Â… 6KLSV WR Â’ $ ),1( FROOHFWLRQ ZLWK PXFK XQPRXQWHG PLQW ZLWK PDQ\ VHWV RYSW VHWV XQPRXQWHG Â… ),' .*9, RYSW VHWV 6RXWK *HRUJLD VHWV DQG YDOXHV WR Â’ PLQW WKLQ PDS VHW 80 WKLFN RYSW VHW PLQW VKLS VHW PLQW Â… Â… Â… SLFWRULDO VHW WR Â… 80 QRWH Â… ZKDOH PLQW VKLS 80 Â’ 6LOYHU :HGGLQJ 6HW 80 6* DOVR D YHU\ JRRG UDQJH RI VWDPSV 3OXV WKH RGG 06 KLJK Â’ 'HSHQGHQFLHV VHW 6** Â… Â… FDWDORJXH FROOHFWLRQ Â… Â… .*9, FRYHUV VHQW ORFDOO\ 6RXWK Â’ 4(,, FROOHFWLRQ RI VHWV LQF GHILQLWLYH XQPRXQWHG Â’ PLQW QRWH %LUG VHW RI )ORZHU VHW RI 6KHWODQG RYSW VHW RI ZLWK 'HF FGV *UDKDP /DQG

1HZ &XUUHQF\ VHW RI 1HZ &XUUHQF\ VHW RI %DWK 6KLS VHWV H[WHQVLYH UXQ RI FRPPHPRUDWLYH VHWV LQF 06 V RI VWDPSV +XJH &DWDORJXH YDOXH Â… Â… { %,5' GHILQ VHW 9)8 6*

RYSWV VHW RI ZLWK 'HF FGV 6RXWK 2UNQH\ RYSW VHW RI ZLWK -DQ FGV 7KLFN PRS VHW -XO FGV 6 :HGGLQJ ZLWK 'HF FGV 838 VHW RI ZLWK 2FW FGV D XVHIXO ORW RI FRYHUV Â… Â…

{ 7KLQ 0DS VHW 9)8 WKH òG ZLWK GRW LQ 7 YDULHW\

Â… Â…

6** E Â… Â…

5HJLVWHUHG (QYHORSH G ZLWK )R[ED\ 5HJG

/DEHO DQG &'6 XSUDWHG ZLWK òG 5RFNKRSSHU 3HQJXLQ EORFN RI VHQW WR WKH 8. Â… Â… %LUG GHILQLWLYHV RQ DQ LOOXVWUDWHG FRYHU ZLWK D

$ JURXS RI VL[ FRYHUV HDFK ZLWK VLQJOH XVH RI

G WR 6RXWK 2UNQH\V .*9, LVVXH HDFK ZLWK 6RXWK 2UNQH\V &'6 Â… Â…

{ 6KLSV VHW 9)8 6** 6RXWK *HRUJLD ILQH )R[ED\ &'6 WR LQF òG 6 :D\V :PN G 'H /D 5XH 3PNV Â… Â… ZLWK &'6 GDWHG WK )HE ZLWK VWDPSV QHDWO\ DSSOLHG LQ YHU\ ILQH FRQGLWLRQ Â… Â… Â’ :DWHUPDUN VLGHZD\V YDULHW\ Â… 0DS 6* Z 4(,, ' 5HJLVWHUHG HQYHORSH 6L]H * XSUDWHG Â’ 80 Â… Â… ZLWK )8 WR 8. 3UHWW\ Â… Â… Â’ :DWHUPDUN YDULHW\ Â… PDS 6* Z IUHVK Â’ 6 6 *5($7 %5,7$,1 *XWWHU SDLUV VHW RI 6* Â’ PDUJLQDO 80 Â… Â… Â’ QRWH G ZPN WR WKH ULJKW VFDUFH DV D JXWWHU SDLU )UHVK XQPRXQWHG PLQW Â… Â… )$52( ,6/$1'6 { (5525 6LU :LQVWRQ &KXUFKLOO PLQLDWXUH VKHHW

ZLWK ZDWHUPDUN LQYHUWHG YHU\ ILQH XVHG D VFDUFH PLQLDWXUH VKHHW XVHG 6* PV Z Â… Â…

)'& RI )DURHV KLJKO\ FRPSOHWH LQ VXSHUE XQDGGUHVVHG FRQGLWLRQ GLIIHUHQW FRYHUV YHU\ KLJK &9 Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 26

),-,

)5 &2/ $17 7(55

{ (GZDUG VHW WR Â… )8 6*

Â’ 2/' $/%80 3$*(6 ZLWK V V LVVXHV

Â… Â…

ZLWK PDQ\ VHWV FDW Â… $ JRRG UDQJH RI VWDPSV PLQW Â… Â…

Â’ 63(&0(1 RYSW (GZDUG VHW RI IUHVK PLQW

)5 &2/ &+$'

DIIL[HG WR RULJLQDO DUFKLYH IUDJPHQW IUHVK ZRQGHUIXO FRORXUV Â… LV GDPDJHG DQG HVWLPDWHG DFFRUGLQJO\ 6* 6 Â… Â…

{ 2/' 3$*(6 ZLWK D JRRG UDQJH RI )UHQFK &ROV Â’ LVVXHV ZLWK GHILQV DLUV FRPPHPRUDWLYHV SRVWDJH GXHV $

JRRG VHOHFWLRQ RI VWDPSV Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ 'LDJRQDO /LQH E\

7XUUHW 6* ) PLQW Â… Â…

)5 &2/ '$+20(<

{ 2/' $/%80 SDJHV ZLWK LVVXHV IURP { 6LOYHU -XELOHH YDULHW\ G 'RW E\ )ODJ 6* + Â’ UDQGRPO\ DUUDQJHG D JRRG VHOHFWLRQ RI VWDPSV ZLWK

)8 Â… Â…

YDOXHV WR IU FDW Â… Â… Â…

Â’ .*9, '(),1,7,9(6 ZLWK DGGLWLRQDO

)5 &2/ (48 $)5

VKDGHV DQG SHUI W\SHV 6* IUHVK PLQW FDW Â… Â… Â…

Â’ /LEUH RYSW LQ %ODFN IU 6* % ILQH PLQW

Â’ .*9, òG 6* D FRPSOHWH VKHHW RI 80 Â’ SODWH LPSULQWV 6WDWHG WR EH VWDJH Â… Â…

([SHUW +6 &DW Â… Â… Â…

{ 7+( 5$5( .*9, SRVWDJH GXH VHW HDFK ZLWK

68%67$17,$/ /27 2) 67$036 21 3$*(6 ZLWK JRRG SLFNLQJV LQF RYSWV PLQW RYSWV WR IU PLQW YHU\ JRRG JURXS RI SRVWDJH GXHV DV PLQW EORFNV DQG VHYHUDO SDQHV WR IU 3RVW LV FKLHIO\ XVHG ZLWK ORWV RI KLJK YDOXHV DQG SRVVLEOH 3PN ,QWHUHVW QRW RIWHQ RIIHUHG Â… Â…

)5 &2/ *$%21

WKH IRUJHG 6XYD FGV DV OLVWHG E\ 6* &DW Â… DV XVHG DQG H[FHOOHQW IRU UHIHUHQFH UHTXHVW VFDQ 6* ' Â… Â… Â’ .*9, òG 6* D ILQH FRPSOHWH VKHHW RI Â’ 80 SODWH LPSULQW PDUJLQDO OLQHV WR LGHQWLI\ SULQWLQJ

Â… Â…

)5 &2/ ,1' &+,1$

Â’ .*9, òG 6* FRPSOHWH VKHHW RI SODWH Â’ LPSULQW DQG QR IHZHU WKDQ PLQRU SRVLWLRQDO IO\ VSHFN

YDULHWLHV GHOLJKWIXO Â… Â…

Â’ ,1'2 &+,1(6( 3RVW 2IILFH LQ &KLQH &DQWRQ

RYSW VHW RI 6* $ VFDUFH VHW IUHVK PLQW Â… Â…

Â’ ,1'2 &+,1(6( 3RVW 2IILFH LQ &KLQD &DQWRQ Â’ .*9, òG 6* DV DQ 80 FRPSOHWH VKHHW RI Â’ ZLWK WKH (;75$ ,6/$1' YDULHW\ 6* D SOXV VL[ IXUWKHU RYSW VHW RI 6* IUHVK PLQW $ VFDUFH VHW

Â… Â…

PLQRU SRVLWLRQDO YDULHWLHV DQG IXOO LPSULQW SODWH HWF Â… Â…

)5 &2/ ,1' 6(77

Â’ .*9, òG 'LH ,, 6* D GHHS &DUPLQH D Â’ VFDUFH FRPSOHWH VKHHW RI SODWH LPSULQW WKRXJKW WR EH D

{ )5$1&( /,%5( RYSW FD RYSW LQ EOXH 6*

)8 $ UDUH VWDPS FDW Â… Â… Â…

ODWH VWDWH RI WKH SULQWLQJ 80 Â… Â… Â’ .*9, òG 3 6* % $ ILQH 80 FRPSOHWH Â’ VKHHW IHDWXULQJ WKH (;75$ 3$/0 YDULHW\ 6* %$ SOXV

)5 &2/ ,925< &2 Â’ ,925< &2$67 ,QVFULSWLRQ RPLWWHG YDULHW\ F

YDULRXV RWKHU SRVLWLRQDO PLQRU YDULHWLHV SULQWHUV GDWH KDQGVWDPS LQ PDUJLQ Â… Â…

6* D IUHVK PLQW VFDUFH Â… Â…

Â’ .*9, òG 3 6* F D ILQH FRPSOHWH VKHHW Â’ RI 80 SODWH LPSULQWV Â… Â… Â’ .*9, D VHOHFWLRQ RI LPSULQW EORFNV DQG VKHHWV Â’ 80 òG WZR FRPSOHWH VKHHWV RI òG SODWH EORFN

ZLWK YDULRXV IO\ VSHFN 5H HQWULHV HWF &KDULW\ LVVXH ZLWK SODWH EORFNV +LJK &9 Â… Â… .*9, )5$1.(' &29(56 LQF VXSHUE

VLQJOH XVDJH RI KLJK YDOXH 6* D DQG RWKHU XVDJHV XSWR )LQH JURXS Â… Â…

)5 &2/ 5(81,21 $ ),1( UDQJH RI VWDPSV ZLWK EHWWHU SLFNLQJV QRWH VXUFK WR I WR I WR I DUUDQJHG RQ ROG DOEXP SDJHV Â… Â…

)5 &2/ 67 3 0 (DUO\ RYHUSULQW LVVXHV D JURXS RI HDFK GLIIHUHQW 5HG RYSWV 6* F %ODFN RYSW LQY 6* D PLQW GLDJRQDO RYSWV FKLHIO\ PLQW &DW Â… Â… Â…

{ 3HDFH DQG &RPPHUFH WR I Â’ FRORXU FKDQJH VHW RI VXUFKDUJH VHW RI PDLQO\ PLQW ZLWK G òG òG G G G DQG GHILQLWLYHV ZLWK &DW Â… Â… Â… UHJG +6 DQG /DXWRND FDQFHO )', QG FRYHU LOOXVWUDWHG Â’ 3LFWRULDO GHILQV WR IU VXUFKDUJHV 2IILFLDO LOOXVWUDWHG )'& ZLWK YDOXHV IURP G WR ZLWK 3LFWRULDO GHILQV -DTXHV &DWLHU 80 RYSW 6XYD )', FDQFHO $ ILQH VHOHFWLRQ RI FRYHUV Â… Â… ,QWHUQDWLRQDO $QWL &DQFHU )XQH VWDPSV PDLQO\ PLQW ),1/$1' Â… Â… Â’ %22./(76 FDWDORJXH YDOXH RYHU Â… ZLWK Â’ )LQH &ROOHFWLRQ ZLWK &RPPHPRUDWLYH LQF Â’ LVVXHV WR VHHQ 6 $ )ORZHUV %LUGV 0RRPLQV &KULVWPDV H[KLELWLRQ VHW LQF 06 3LFWRULDO VHW WR IU $QQLYHUVDU\ RI +HOVLQNL 6XSHUE ORW HDFK GLIIHUHQW 3RVWDJH DQG $LU $LU VHW RI $ ILQH FROOHFWLRQ RI Â… Â… VWDPSV 06 Â… Â… 0XOWLSOH IUDQNHG FRYHUV 2+06 HQYHORSH

),80(

&ROOHFWLRQ RQ SDJHV ZLWK PDQ\ VHWV &DW Â… LQF )UHH )UHQFK *RYHUQPHQW $LU 80 3LHUUH /RWL $LU 6* 80 &HOHEULWLHV $LU VHW RI 80 & $LU 6* 80 $ YHU\ JRRG FROOHFWLRQ RI VHWV RYHU VWDPSV 0DLQO\ PLQW LQF 80 Â… Â…

Â’ 1(: &855(1&< VHW RI FÂ… ([SUHVV

/HWWHU VHW RI FÂ… DQG 1HZVSDSHU F DOO IUHVK PLQW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 27

Â’ (DUO\ 3DUFHO 3RVW 2YHUSULQWV F

{ :$5 253+$1 6 7RS YDOXHV ) F DQG )

6*3 S F DQG F 6*3 PLQW VWDPSV Â… Â…

) 6* YHU\ ILQH XVHG Â… Â… ^3KRWR`

Â’ 675$6%285* (;+,%,7,21 06 IDEXORXV Â’ ($5/< 3267$*( '8( 6HWV VHW RI Â’ TXDOLW\ 80 FDW (XUR Â… <YHUW Â… Â…

VHW RI 6*' VHW RI VHW RI DOO VHWV PLQW Â… Â… Â’ Â’ )5(( )5(1&+ $'0,1,675$7,21 )1)/ RYSWV ZLWK EHWWHU SLFNLQJV LQF 6RFLDO )XQG VHW RI WZR RQ D )LUVW 'D\ &RYHU 6FDUFH 1HZ <RUN :RUOG )DLU VHW RI 80 Â’ 6RFLDO )XQG VHW RI 80 1RHO RYSW RQ F PLQW $ Â’ YHU\ ILQH ORW RI VWDPSV PDLQO\ PLQW Â… Â… { 2/' $/%80 SDJHV ZLWK LVVXHV IURP D Â’ JRRG UDQJH RI VWDPSV FDWDORJXHG Â… PDLQO\ SUH

PXFK PLQW LQF GHILQV DLUV SRVWDJH GXHV FRPPHPRUDWLYHV ZLWK VHWV $ JRRG ORW Â… Â…

6,1.,1* )81' RYSW VHWV IUHVK PLQW YDOXHV VXSHUE 80 6* FKRLFH Â… Â… 6,1.,1* )81' ) ) 6* XQPRXQWHG PLQW Â… Â… ^3KRWR` $,5 67$036 ZLWK D &DW YDOXH RYHU Â… LQF IU &DW Â… )8 WR 80 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV ZLWK VHWV HDUOLHV )8 Â… Â… ^3KRWR`

Â’ 6,1.,1* )81' ) ) 6* 9HU\

)5 32 528$' ,6

OLJKWO\ PRXQWHG PLQW Â… Â… ^3KRWR`

Â’ 29(535,176 WR S ZLWK F WR F EHLQJ

EORFN RI ZLWK WZR VWDPSV LQ HDFK EORFN EHLQJ 80 6* )UHVK Â… Â…

{ $LUPDLO VHW WR IU WRS YDOXH XVHG 6* 4 &DW Â… Â… Â…

Â’ 6RXWK $PHULFD IOLJKW IU IUHVK P FDW Â… \YW )5$1&( Â… Â… '$92 35,17(' $/%80 &DW YDOXH RYHU Â… ZLWK PDQ\ EHWWHU LWHPV LQF 5HG LVVXHV :HOIDUH )XQG Â’ 3(;,3 ,QWHUQDWLRQDO 3KLODWHOLF ([KLELWLRQ VHWV 3UH &DQFHOV 6LQNLQJ )XQG $LU VHW PLQLDWXUH VKHHW 6*06 XQPRXQWHG PLQW Â… Â… &DW Â… PLQW 0XVHXP VHW RI &DW Â… PLQW 6WDPS ([KLELWLRQ ) &DW Â… 0LQW :HOIDUH )XQG &DW { )5(1&+ /(*,21 $LUPDLO VHW RI WZR PLFKHO ,, Â… 0LQW ZLWK RYHU VWDPSV $ YHU\ JRRG ORW DQG ,,, ILQH XVHG Â… Â… Â… Â… ^3KRWR` Â’ /(*,21 92/817((56 )U PLQLDWXUH VKHHW { 2/' '$92 3ULQWHG $OEXP ZLWK VWDPSV OLJKWO\ PRXQWHG PLQW Â… Â… ^3KRWR` ZLWK EHWWHU SLFNLQJ 1DSROHRQ F 3HDFH DQG &RPPHUFH WR IU KLJK YDOXH 0HUVRQ WR I H[WHQVLYH Â’ /(*,21 $LU VHW RI $LU VHW RI 6RZHUV 5HG &URVV 6LQNLQJ )XQG VHWV 5HOLHI )XQG VHW 5HOLHI )XQG VHW 5HOLHI )XQG VHW $ YHU\ Â’ %RURGLQR VHW RI ZLWK ODEHOV )UHVK 80 Â… Â… JRRG FROOHFWLRQ FKLHIO\ ILQH XVHG Â… Â… Â’ /(*,216 &2855,(5 6HW RI \YHUW 80 Â’ &RORXU 7ULDO F 1DSROHRQ LQ 6ODWH 3XUSOH DV Â’ )UDQFH /LEUH VHW RI ) ) ZLWK WDE \YHUW Â’ IUHVK XQXVHG LPSHUI PDUJLQDO EORFN &KRLFH Â… Â… Â’ 6ROLGDULWH DQG $LU $ JRRG ORW RI VWDPSV 80 Â… Â… ^3KRWR` Â’ &RORXU 7ULDO F 1DSROHRQ LQ /LODF DV IUHVK Â’ 6DLQW 1D]DLUH ::,, IU +DQGVWDPSHG Â’ XQXVHG LPSHUI PDUJLQDO EORFN &KRLFH Â… Â… /LEHUDWLRQ ILQH XQXVHG DV LVVXHG \YHUW % Â… Â… Â’ 1DSROHRQ FRORXU WULDO HVVD\ RI WKH F LQ SDOH ^3KRWR` JUHHQ JUH\ DV IUHVK XQXVHG EORFN IRXU 'HOLJKWIXO Â’ 6DLQW 1D]DLUH ::,, 6KLS VHW ILQH XQXVHG DV Â… Â… LVVXHG \YHUW Â… Â… ^3KRWR` { 1DSROHRQ IU KLJK YDOXH 6* E 9)8 ZLWK Â’ 8102817(' 0,17 &DWDORJXH Â… ZLWK SRVWPDUN RI &KLQHVH 3RVW 2IILFH DQG SRVVLEOH GRXEOH EDFNJURXQG OLQHV YDULHW\ ([FHSWLRQDO VWDPS PLQXWH VKDOORZ Â’ PDQ\ EHWWHU SLFNLQJV LQ D /LJKWKRXVH KLQJOHVV $OEXP ZLWK PDQ\ UHOLHI IXQGV $LUV KLJK YDOXHV LQF IU WKLQ XVXDO RQ WKLV GHOLFDWH LVVXH &DW Â… IU IU IU VWDPS FHQWHQDU\ I Â… Â… IU 6* D H[KLELWLRQ EORFN RI ZLWK ODEHOV $ YHU\ -DQ %DOORQ 0RQWH YHU\ ILQH VPDOO IOLPV\ FRPSUHKHQVLYH FROOHFWLRQ WR RYHU VWDPSV LQ D 4 HQWLUH IUDQNHG / ZLWK 3DULV &'6 DQG /H &UHX]RW DUULYDO TXDOLW\ $OEXP Â… Â… &'6 (QGRUVHG 3DU %DOORQ 0RQWH 9HU\ ILQH Â… Â… &(17(1$5< &LWH[ LOOXVWUDWHG SLFWXUH FDUG { 3HDFH DQG FRPPHUFH FROOHFWLRQ RQ SDJHV ZLWK ZLWK VSHFLDO VKRZ FDQFHO DQG I I VWDPS DWWDFKHG 6* YDOXHV WR IU JRRG IRU VWXG\ DV PDQ\ GLIIHUHQW VKDGHV DQG D VHQW ORFDOO\ Â… Â… SULQWLQJ VWDPSV Â… Â… &281&,/ 2) (8523( VSHFLDO FGV FDQFHOV RQ Â’ 3UH FDQFHOV LQ PLQW FRQGLWLRQ ZLWK IXOO RULJLQDO WZR FRYHUV DQG RQH SRVWFDUG PXOWL IUDQNHG WR 8. RQH LV WD[HG JXP DQG YHU\ ILQH FROOHFWLRQ RI GLIIHUHQW &DW Â… LQF F XQXVXDO Â… Â… PHUVRQ VRZHUV LQF F SDVWHXU LQF F )UHVK Â’ 1$7,21$/ 5(/,() )81' VHW RI 6* Â… Â… 0LQW Â… Â… ^3KRWR` Â’ 3UH &DQFHO )UDQFH <YHUW 7LPEUHV Â’ 3UHREOLWHUHV F <YHUW 6FDUFH 8102817(' 0,17 &DW Â’ 1$7,21$/ 5(/,() )XQG VHW RI VL[ 6* (XUR V Â… Â… ^3KRWR` Â’ IUHVK XQPRXQWHG PLQW Â… Â… Â’ 3UH &DQFHO 3DULV F \YHUW 7LPEUHV

SUHREOLWHUHV PLQW 6FDUFH Â… Â… ^3KRWR` Â’ 3$5,6 (;+,%,7,21 )U EORFN RI LQF GHQWHG Â’ IUDPH YDULHW\ 6* XQPRXQWHG PLQW Â… Â…

^3KRWR` Â’ 685&+$5*(' 3UH FDQFHO F RQ F 6*

H[SHUWLVHG Â… Â…

Â’ 1$7,21$/ 5(/,() )81' VHW RI VL[ Â’ 6* IUHVK XQPRXQWHG PLQW Â… Â… { 1$7,21$/ 5(/,() )81' VHW RI VL[

6* )LQH XVHG Â… Â… ^3KRWR`

VISIT www.philangles.co.uk.

Philangles 376 (84 pages).qxp 19/07/2019 11:37 Page 28

Â’ 7RXULVW VHW YDULHW\ LPSHUI LQ VLQJOH HVVD\ Â’ ,PSHUIRUDWH LVVXHV ZLWK LVVXHG VWDPSV FDW Â’ FRORXUV ILQH 80 0DXU\ &DW HXUR Â… Â… Â’ 8SWR HXUR HDFK DQG FRORXU WULDO VWULSV VWDPSV ZLWK PDQ\ Â’ &281&,/ 2) (8523( $1' 81(6&2 LVVXHV Â’ 80 ZLWK PDQ\ VHWV LQF &RXQFLO RI (XURSH VHWV

ERWK H[WHQVLYH 81(6&2 VHWV $ YHU\ JRRG ORW RI VWDPSV &DW Â… Â… Â… Â’ /,1'1(5 3ULQWHG $OEXP ZLWK D XQPRXQWHG Â’ PLQW FROOHFWLRQ RI VWDPSV SOXV 3KLODWHF 6KHHWOHW

RI 6*06 D PLQW VWDPSV 80 &DWDORJXH Â… Â… Â…

LVVXHG VWDPSV &DW XSWR HXUR HDFK LQ <YHUW ([FHOOHQW DGGLWLRQDO Â… Â… Â’ ,03(5)25$7( ,VVXHV RI &RPPHPV ZLWK Â’ PDQ\ DV WKH LVVXHG VWDPS YHUVLRQV DOO 80 SOXV RQH FRORXU WULDO

{ ),1( 86(' LQ .DEH SULQWHG $OEXP ZLWK RYHU

VWULS RI )LYH Â… Â…

6WDPSV ZLWK PDQ\ VHWV Â… Â…

Â’ ,03(5)25$7( 9$5,(7,(6 RI FRPPHP Â’ LVVXHV IUHVK 80 7KH ORW RI GLIIHUHQW VFDQV DGYLVHG IRU

Â’ 5HG &URVV LVVXHV DV LPSHUI YDULHWLHV DQG Â’ FRORXU WULDOV GLIIHUHQW LQF DV FRORXU WULDOV VWULSV RI

VXSHUE TXDOLW\ LQF VLQJOH FRORXU VWULSV $UWV 5HG &URVV KLJKO\ &DW VLQJOH LVVXHV HWF 6XSHUE Â… Â…

)RXU LVVXHG VHW ZLWK ZLQJ PDUJLQV $ ILQH ORW Â… Â…

Â’ Â’ Â’ Â’

$UWV DQG PDQ\ EHWWHU &KRLFH Â… Â… Â’ ,03(5)25$7( LVVXHV RI FRPPHPRUDWLYH Â’ LVVXHV IUHVK 80 ZLWK LVVXHG VWDPSV DQG FRORXU WULDO VWULSV

Â’ ,03(5)25$7( 9$5,(7,(6 RI FRPPHPV Â’ IUHVK 80 7KH ORW RI GLIIHUHQW LQF VLQJOH FRORXU LVVXHV DQG

3+,/$7(& ,QWHUQDWLRQDO VWDPS H[KLELWLRQ FRPSOHWH PLQLDWXUH VKHHW WKH VWDPSV DUH XQPRXQWHG PLQW /LJKWO\ PRXQW PDUNV LQ WKH WLS PDUJLQ Â… Â…

Â’ Â’

Â’ ,03(5)25$7( 9$5,(7,(6 2) &200(0 Â’ ,668(6 80 7KH ORW RI GLIIHUHQW LQF VLQJOH FRORXU VWULSV

GLIIHUHQW LQF IU %HH VWULS DQG LVVXHG VWDPS IU F VSDFH URFNHW FDW HXUR DQG PDQ\ PRUH Â… Â…

Â’ 5HVLVWDQFH VHW YDULHW\ LPSHUI QRQ GHQWHOHH Â’ )5(6+ XP <9(57 Â… Â…

Â’ Â’

EHWWHU PDQ\ DUH WKH LVVXHG YHUVLRQV 9HU\ ILQH Â… Â…

Â’ ,03(5)25$7( ,VVXHV RI FRPPHPV ILQH 80 Â’ ZLWK LVVXHG YHUVLRQV DQG FRORXU WULDO VWULSV 9HU\ ILQH ORW '$92 35,17(' $/%80 ZLWK VWDPSV 06 6KHHWOHWV DQ H[WHQVLYH FROOHFWLRQ YHU\ KLJKO\ &DW HYHQ VWDPSV LQF FRPSOHWH VWULSV LQ GLIIHUHQW FRORXUV 0DQ\ DUH VHHQ WKH RGG 5HG &URVV %RRNOHW Â… Â… WKH LVVXHG VWDPSV DOO OLVWHG LQ <YHUW HWF 6XSHUE ORW KLJK &9 5HTXHVW VFDQ Â… Â… ,PSHUIRUDWH LVVXHV DQG FRORXU WULDOV VWULSV HWF DOO 80 $ ILQH FROOHFWLRQ 80 IHDWXULQJ VWDPSV ZLWK VWULSV Â’ 3KLOH[IUDQFH 6H 7HQQDQW VWULS YDULHW\ LPSHUI Â’ IUHVK 80 <YHUW D &DW HXUR Â… Â… VKRZLQJ VHSDUDWLQJ LVVXHV VWDPSV LPSHUI HWF 6FDQ UHFRPPHQGHG Â… Â… Â’ ,03(5)25$7( ,VVXHV RI FRPPHPV ILQH 80 ,03(5)25$7( 9$5,(7,(6 RI FRPPHP Â’ ZLWK LVVXHG YHUVLRQV DQG FRORXU WULDO VWULSV 9HU\ ILQH LVVXHV 80 9HU\ ILQH ORW RI GLIIHUHQW VWDPSV LQF VLQJOH VWDPSV LQF )LYH VWULSV DQG 3KLOH[IUDQFH 6H WHQDQW SDLU &DW FRORXU VWULSV DQG LVVXHG VWDPSV DOO LPSHUI /LVWHG LQ <YHUW HWF HXUR DORQH H[FHOOHQW IRU FRPSOHPHQWLQJ D VHULRXV 9HU\ KLJK &9 Â… Â… FROOHFWLRQ Â… Â… $USKLOD VHW YDULHW\ LPSHUI IUHVK XP <YW Â’ 3RVWDJH GXHV VHW DV LPSHUI SDLUV IUHVK 80 &DW (XUR Â… Â… Â’ <YHUW SDLUV Â… Â… ,03(5)25$7( 9$5,(7,(6 RI FRPPHP Â’ LVVXHV 80 YHU\ ILQH ORW RI GLIIHUHQW VWDPSV LQF VLQJOH FRORXU Â’ &200(025$7,9( %22./(76 ZLWK D &DW YDOXH RYHU 8102817(' 0,17 $ YHU\ JRRG FROOHFWLRQ HVVD\ VWULSV DQG LVVXHG VWDPSV DOO LPSHUI 9HU\ KLJK &9 LQ RI HDFK GLIIHUHQW Â… Â… <YHUW DQG PDUYHOORXV LVVXHV Â… Â…

Â’ ,PSHUI 9DULHWLHV 0DULDQQH GHILQV 80 LWHPV Â’ F F SDLUV F *UHHQ DQG IU VLQJOHV <YHUWW

HWF Â… Â… Â’ ,03(5)25$7( 9$5,(7,(6 2I FRPPHP Â’ LVVXHV 80 9HU\ ILQH ORW RI GLIIHUHQW VWDPSV LQF VLQJOH

Â’ 8QPRXQWHG 0LQW &ROOHFWLRQ ORRNV YHU\ Â’ FRPSOHWH IRU WKH SHULRG ZLWK PLQLDWXUH VKHHWV 6H 7HQDQW

VWULSV $LU WR I ZLWK RYHU VWDPSV 06 6XSHUE TXDOLW\ QHDWO\ DUUDQJHG LQ DQ $OEXP +LJKO\ FDWDORJXHG 4XDOLW\ Â… Â… )5(1&+ 5(92/87,21 FRLQ FRYHU ZLWK IU

FRORXU VWULSV DQG LVVXHG VWDPSV $UWV DQG SRSXODU LVVXHV H[FHSWLRQDO DQG &DW 8SWR HXUR HDFK Â… Â… Â’ ,03(5)25$7( 9$5,(7,(6 2I FRPPHP Â’ LVVXHV 80 9HU\ ILQH ORW RI GLIIHUHQW VWDPSV LQF $UW 6LQJOH

FRORXU LVVXHV VWULSV PDQ\ EHWWHU DQG KLJKO\ UDWHG LQ <YHUW Â… Â… Â’ ,PSHUIRUDWH YDULHWLHV RI LVVXHG SRVWDJH VWDPSV Â’ 80 LQF DV LVVXHG VWDPSV LQF (XURSD VHW PDXU\

HXUR Â… Â… Â’ $UW VWDPSV 6SHFLDO LPSHUI LVVXHV DQG FRORXU Â’ WULDOV 80 )LQH ORW RI GLIIHUHQW PRVWO\ WKH LVVXHG VWDPSV

LPSHUI YHU\ KLJKO\ FDWDORJXHG ([FHSWLRQDO DGGLWLRQV WR D FROOHFWLRQ Â… Â…

VLOYHU FRLQ ZLWK $PHULFD DQG )UHQFK $QQLYHUVDU\ VWDPSV FDQFHO ZLWK )', FDQFHO Â… Â… '$92 35,17(' $/%80 ZLWK DQ H[WHQVLYH FROOHFWLRQ RI VWDPSV DQG 06 6KHHWOHWV &DWDORJXHG RYHU Â… LQF GHILQLWLYH 06 XQPRXQWHG PLQW +LJK YDOXH DLU VWDPSV $ YHU\ JRRG FROOHFWLRQ LQ D TXDOLW\ $OEXP Â… Â… ^3KRWR` { 'HILQLWLYH FROOHFWLRQ ZLWK KLJK YDOXH

PHUVRQ QRWH IU 6* IX VRZHU F SUH FDQFHO PLQW VRZHU F SUH FDQFHO VRZHUV PRXFKRQ D XVHIXO ORW RI VWDPSV PDLQO\ ILQH XVHG Â… Â… { 2/' 3$*(6 672&. 3$*( ZLWK V RI

Â’ ,PSHUIRUDWH YDULHWLHV &DW HXUR Â… IRU Â’ &RXQFLO RI (XURSH LVVXHV IUHVK 80 ZLWK VHWV DQG VLQJOH LWHPV

PDQ\ ZLWK ODUJH ZLQJ PDUJLQV VWDPSV Â… Â… Â’ ,PSHUIRUDWH LVVXHV ZLWK FRORXU WULDOV DQG VWULSV Â’ )LQH 80 ORW RI GLIIHUHQW YHU\ ILQH Â… Â… Â’ ,03(5)25$7( 9$5,(7,(6 2I FRPPHP Â’ LVVXHV 80 9HU\ ILQH ORW ZLWK GLIIHUHQW VWDPSV LQF $UWV

VHSDUDWH FRORXU VWULSV LVVXHG VWDPSV ZKLFK DUH KLJKO\ UDWHG LQ <YHUW &KRLFH Â… Â…

VWDPSV ILQH XVHG ZLWK EHWWHU SLFNLQJV &HUHV F 3HDFH DQG &RPPHUFH IU 3RVWDJH GXH F )UHQFK &ROV &HUHV F ZLWK PRGHUQ HXUR V LVVXHV PL[HG LQ D YHU\ JRRG ORW IRU VRUWLQJ LQ D ODUJH FDUWRQ Â… Â… 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV VWUHQJWK LQ GHILQLWLYHV ZLWK PXFK 80 VHHQ YDOXHV WR I SRVWDJH GXHV WR IU FRPPHPRUDWLYHV LQF 6SRUW VHW FÂ… 80 5HG &URVV )XQG VHWV 5HOLHI )XQG VHW SUH FDQFHOV IURP $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:48 Page 29

3267$*( '8(6 EORFN LVVXHV F F )8-(,5$ F F F F FÂ… F F FÂ… )8 ZLWK { $OEXP SDJHV ZLWK PDQ\ FRPSOHWH VHWV ZLWK YDOXHV WR IU )8 VXUFK VHW RI Â’ WKHPDWLF FRQWHQW RYHU VWDPSV 06 0DLQO\ IUHVK PLQW ZLWK YDOXHV WR IU $ XVHIXO UDQJH RI SRVWDJH GXH PDLQO\ VRUW E\ VHW RQ HDFK SDJH Â… Â… ILQH XVHG Â… Â… ^3KRWR`

*$%21 Â’ 35,17(' /,1'1(5 $OEXP SDJHV IRU LVVXHV Â’ IURP ZLWK RYHU VWDPSV FDW Â… ZLWK EHWWHU VHWV { 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ LQ PDQ\ FKDULW\ VHWV QRWH VWDPS FHQWHQDU\ IU PLQW Â’ )UHQFK &ROV LVVXHV WR PRUH PRGHUQ $ JRRG VHOHFWLRQ FÂ… 1DWLRQDO 5HOLHI )XQG FÂ… PLQW 5HOLHI )XQG FÂ… PLQW 5HOLHI IXQG FÂ… PLQW 5HOLHI )XQG FÂ… 80 2O\PSLF FÂ… PLQW 5HOLHI )XQG FÂ… PLQW 5HOLHI )XQG FÂ… PLQW ZLWK LVVXHV WR PDQ\ FRPSOHWH VHWV PLQW LQF XQPRXQWHG PLQW Â… Â… Â’ Â’ 5HG &URVV %RRNOHWV EHWZHHQ DQG Â’ LQF ZLWK D FDWDORJXH YDOXH RYHU Â… XQPRXQWHG PLQW Â… Â… Â’ Â’ 6WRFN SDJHV DQG SDJHV ZLWK D PLQW FROOHFWLRQ Â’ ZLWK PXFK 80 RYHU VWDPSV DOVR 06 DQG 5HG &URVV Â’ %RRNOHWV VHHQ 3HDFH DQG &RPPHUFH F F F F

{

Â’ Â’

Â’ Â’ Â’

RI VWDPSV VHHQ RYSWV ZLWK YDOXHV WR IU SRVWDJH GXHV WR IU SRVWDJH GXHV WR IU PXFK PLQW Â… Â…

*$0%,$ &DPHR G LPSHUI 6* IUHVK PLQW PDUJLQV VPDOO LQFLVLRQ WRS ULJKW PDUJLQ &DW Â… Â… Â… ^3KRWR` 6FULSW :DWHUPDUN .*9 VHW RI GLIIHUHQW YDOXHV òG WR PLQW 6* LV 6* &DW Â… Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ IUHVK 80 LQ FRUQHU SRVLWLRQDO EORFN 6* % PHUVRQ F F IU IU IU 2USKDQ )XQG I F 6* 0XVHXP VHW 3RVWDJH GXHV 3UH FDQFHOV Â… Â… 3KLODWHOLF ([KLELWLRQ ODEHO 80 $LG WR WKH UHVLVWDQFH PLQW Â’ 6LOYHU -XELOHH YDULHW\ G 6KRUW H[WUD )ODJVWDII 5HOLHI )XQG VHWV $ JRRG RULJLQDO ORW Â… Â… Â’ 80 WKUHH WRQHG SHUI WLSV 6FDUFH 6* % Â… Â… 6WRFNFDUGV 'HDOHU &DUGV ZLWK EHWWHU SLFNLQJV 3HDFH DQG FRPPHUFH I 6* H[SHUWLVHG F )8 Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ 6* ZLWK PDUJLQV &Â… $LU IU 6* )8 FRUQHU SDLU ZLWK QRUPDO WZR VKRUW SHUIV 6* $ 0XVHXP VHW )8 6WDPS FHQWHQDU\ I PLQW DQG )8 Â… Â… 5HOLHI )XQG )8 8QHPSOR\HG 5HOLHI )XQG 6WDJHG IOLJKW FRYHUV IURP *DPELD WR 86$ 0HUVRQ IU )8 5HOLHI )XQG VHW )8 5HOLHI )XQG 4 URXWHG WKURXJK YDULRXV FRXQWULHV LQF %UD]LO &RQJR 0LDPL VHW )8 5HVLVWDQFH )XQG )8 DQG PLQW 5HOLHI )XQG YDULRXV UDWHV WR G XVLQJ .*9, (OHSKDQW VWDPSV I I DQG I I DV EORFN RI 80 ZLWK &DUGV PDQ\ Â… Â… V RI VWDPSV Â… Â… 0XOWLSOH IUDQNHG FRYHUV $LUPDLO HQY V 7+5(( 672&.%22. &UDPPHG ZLWK VWDPSV ZLWK D YDULHW\ RI %LUG YDOXHV ZLWK %DWKXUVW &'6 ZLWK VW GD\ RI IURP HDUO\ FODVVLF WR PRUH PRGHUQ PDLQO\ ILQH XVHG LVVXH +6 QHDUE\ VHOI JRYHUQPHQW RYSWV ZLWK 1RY &'6 Â… Â… ZHUH QRW LVVXHG XQWLO WKH 1RY VHW RI YDOXHV 2+06 7:2 35,17(' '$92 $/%806 IRU LVVXHV HQY ZLWK òG WR %LUGV 2+06 (QY :LWK ,QGHSHQGHQFH IURP WR ZLWK RYHU VWDPSV LQF (XUR 6LOYHU RYSWV òG WR ZLWK )', FDQFHO $ JRRG VHOHFWLRQ RI VWDPSV 06 6KHHWOHW KXJH &DW YDOXH LQ PRGHUQ 80 ZLWK FRYHUV Â… Â… D IDFH YDOXH RYHU (XUR V ZLWK PDQ\ KLJK YDOXHV 2QO\ 3267$/ +,6725< /27 6LOYHU YDOXHG WKH 80 LQ WZR TXDOLW\ $OEXPV Â… Â… -XELOHH VHWV RQ FRYHU .*9 VL[ VWDPS UHJG LQF .*9, DLUPDLO IOLJKW FRYHUV ZLWK YDOXHV WR G JRRG òG RQ VL[ )5(1&+ &2/21,(6 VWDPS FRPELQDWLRQ FRYHU .*9, FRPPHUFLDO XVDJHV 'LYHUVH )(==$1 2FFXSDWLRQ VWDPS RI /LE\D ORW Â… Â… VXUFKDUJH )U RQ F 6* PLQW &DW Â… $LU VHW 4(,, XVHIXO UDQJH ZLWK VWDPSV 06 DQG RI WZR 0 GHILQ VHW RI 80 &KDULW\ VHW 0 FRYHUV ZLWK VHWV D JRRG VHOHFWLRQ RI LWHPV 7KH VWDPSV 3RVWDJH GXH VHW PLQW GHILQ VHW RI 80 DUH PDLQO\ 80 Â… Â… *KDGDPHV VHW RI 0 D ILQH FROOHFWLRQ RI VWDPSV Â… Â…

*(25*,$

{ $/(;$1'5$ ROG SDJHV ZLWK D FDWDORJXH YDOXH Â’ RYHU Â… ZLWK EHWWHU SLFNLQJV I PLQW 6* I )8 6* Â’ (;&(37,21$/ &2//(&7,21 RI Â’ GLIIHUHQW LVVXHV SOXV 06 VKHHWOHWV ZLWK PDQ\ EHWWHU VHWV

P RQ I 6* PLQW D XVHIXO RULJLQDO ORW ZLWK PXFK ILQH XVHG DQG EHWWHU PLQW YDOXHV VWDPSV Â… Â…

3DLQWLQJV 'RJV %LUGV (XURSD VHOGRP VHHQ PRGHUQ FROOHFWLRQ XQPRXQWHG PLQW *HRUJLD YHU\ KLJK FDW YDOXH LQ PRGHUQ LVVXHV Â… Â…

{ ,1'2 &+,1$ &RPPHUFH RYSW VHW )8 LQF Â’ 0RGHUQ VHWV IURP WR PDLQO\ LQ XQLVVXHG 6* Â… Â… Â’ 'HDOHU 6WRFNFDUGV ZLWK D &DW 9DOXH RYHU Â… ZLWK { 2/' $/%80 ZLWK D UDQJH RI VWDPSV IURP PDQ\ Â’ FRORQLHV LQF )UDQFH /LEUH RYSWV $LUV 3RVWDJH GXH

&RPPHPRUDWLYHV GHILQLWLYHV ZLWK VWDPSV 0DQ\ GLIIHUHQW VHHQ LVVXHV IURP &DPHURRQ *XDGHORXSH ,QGR &KLQD 0DGDJDVFDU WR QDPH D IHZ Â… Â… ^3KRWR` Â’ =$1=,%$5 UDUH VH WHQDQW SDLU RI WKH D

RQ RQ F ZLWK W\SH / - RYHUSULQWV ILQH PLQW 6* E FDW Â… 7KH W\SH O VHWWLQJ LV RQO\ IRXQG RQFH SHU SDQH $ UDULW\ Â… Â… { =$1=,%$5 RQ òD RQ F 6* IX RQ

SLHFH ZLWK FRPSOHWH SPN &DW Â… Â… Â…

VWDPSV DQG 06 SOXV (XURSD W W DQG W DV LPSHUI EORFNV RI 80 $ YHU\ JRRG ORW RI PRGHUQ LVVXHV ZLWK PDQ\ VHWV XQPRXQWHG PLQW Â… Â…

*(5 &2/6 $/6$&( { 180(5$/ F 'HHS %URZQ 6* IUHVK PLQW Â’ 6FDUFH Â… Â…

*(5 &2/6 &$0(5281 { <DFKW PN KLJK YDOXH )8 &DW Â…

6*. Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 30

2/' 3$*(6 ZLWK D ILQH UDQJH RI VWDPSV HDFK GLIIHUHQW PLGGOH &RQJR 2937 V WR I 2937 V WR I VHW WR I KLJK YDOXH DLU WR IU D ILQH VHOHFWLRQ HDFK VWDPS GLIIHUHQW 6WUHQJWK LQ PLQW Â… Â…

*(50$1 &2/21,(6 Â’ &$0(5281 PLQW FROOHFWLRQ RI GLII LVVXHV

YHU\ KLJK &9 LQF (DJOH VHW 6* . <DFKWV LQF QR ZPN PN PN 6* . RWKHU <DFKWV Â… Â…

{ 2/' 7,0( VPDOO EXW XVHIXO ORW RI VWDPSV Â’ (DJOH RYSWV WR SI P DQG ILQH XVHG <DFKWV ZLWK YDOXHV

WR PN PLQW XQLVVXHG PN ZLWK IRUJHG FDQFHOV DQ ROG RULJLQDO JURXS ZLWK D KLJK &DW YDOXH Â… Â… Â’ )LUVW LVVXH SI 6* ILQH PLQW H[SHUW +6 RQ

UHYHUVH $ VFDUFH VWDPS &DW Â… Â… Â… Â’ )LUVW LVVXH SI (DJOH WRS YDOXH PLQW 6* &DW

Â… Â… Â…

Â’ 0$5,$1$ RYSW VHW RI VL[ IUHVK PLQW 6*

6* PLQW Â… Â…

Â… Â…

Â’ <$&+7 6HW WR U ZLWK ERWK VKDGH RI U

{ 0DULDQHQ ,VODQGV PN <DFKW )8 6FDUFH

&DUPLQH 5RVH 6* PLQW Â… Â…

KLJK YDOXH 6* Â… Â…

*(5 &2/6 .,$2&+2:

0$56+$// ,6 D VPDOO VHOHFWLRQ ILQH XVHG LQF (DJOH RYSWV SI WR SI )8 <DFKW SI EORFN RI ZLWK 1$858 &'6 WR ODEHOV DQG D 33& ZLWK WZR ODEHOV DWWDFKHG 8QXVHG Â… Â… ^3KRWR`

Â’ <DFKW WRS YDOXH òG &KLQHVH &XUUHQF\

VXSHUE PLQW 6* &DW Â… Â… Â…

*(5 &2/6 0$5,$1$ { 25,*,1$/ *5283 2) VWDPSV FRYHU Â’ LQF RYSWV SI WR SI &DW Â… PLQW <DFKWV

{

RI WHQ LQF W\SH ,, VHW FDW Â… 6* Â… Â… ILQH JURXS LQF S WRS YDOXH 6* VHW 6* Â… Â…

*(5 &2/6 ($67 $)5,&$

{

{ &+,1$ (DJOH RYSWV )8 *RRG VHOHFWLRQ Â’ ($67 $)5,&$ HDUO\ RYHUSULQWV PLQW

Â’ 67$036 2) *(50$1< 6XUFKDUJH VHW RI

{

. Â… Â… &+,1$ YDOXDEOH FKLHIO\ PLQW ORW ZLWK JRRG KLJK YDOXHV VWDPSV RYSWV WR SI DQG XVHG WR SI VHW WR PN 6* &KLQHVH &XUUHQF\ VHW 6* ZPN VHW WR ò 'ROODUV H[WUDV LQF KLJK YDOXHV *RRG JURXS Â… Â…

*(5 &2/6 &$52/,1( ,6

{

Â’ &$0(5281 RYSW VHW RI VL[ IUHVK PLQW 6*

Â’ 0252&&2 1HZ YDOXHV VHW RI IUHVK

PLQW H[ F 6* &DW Â… .H\ VHW Â… Â…

ZLWK YDOXHV WR PN _ LQF PN [ RQH ZLWK ZPN /R]HQJHV Â’ 0252&&2 JRRG FROOHFWLRQ RQ ROG SDJHV VWDPSV PLQW 5HLFKVSRVW RYSWV WR S F ZPN VHW &DW Â… DQG <DFKWV SI WR SI ILQH XVHG &DW RI WR S F WRS YDOXH 6* Â… Â… Â… Â… Â… 0252&&2 DQ LQWHUHVWLQJ FROOHFWLRQ *(5 &2/6 72*2 LVVXHV WR S PLQW QRWH F 6* DV D PLQW EORFN RI <DFKW KLJK YDOXHV PN DQG PN 6** UHJG SRVWFDUG XSUDWHG ZLWK SI *HUPDQLD S PLQW D JRRG ERWK )8 ZLWK /20( &'6 &DW Â… Â… Â… UDQJH RI VWDPSV FDUG +LJK &DW YDOXH Â… Â… ^3KRWR` <DFKW KLJK YDOXHV PN DQG PN 6** ERWK )8 ZLWK PDWFKHG $*20( 3$/,0( &'6 &DW Â… 3RVWDO 6WDWLRQHU\ <DFKW LVVXHV &OHDQ ORW RI FKLHIO\ XQXVHG DQG DOO GLIIHUHQW SRVWDO FDUGV YHU\ ILQH DOVR Â… Â… WZR XVHG DW .LDXWVFKRX DQG 6:$ 1LFH /RW Â… Â… <DFKWV PN 6** H[DPSOHV HDFK ZLWK D Â’ 6287+ :(67 $)5,&$ JRRG FROOHFWLRQ RI GLIIHUHQW RIILFH SPN $JRPH 3DOLPH /RPH DQG .OHLQ 3RSR FKLHIO\ PLQW ZLWK KLJK YDOXHV VWDPSV (DJOH RYSW VHW &DW Â… )LQH VWULNHV Â… Â… ^3KRWR` 6* <DFKWV ZLWK YDULRXV KLJK YDOXHV LQF QR ZPN PN *(5 &2/6 785.,6+ (03,5( PN ZPN PN KLJK &9 Â… Â… $OEXP SDJHV ZLWK EHWWHU SLFNLQJV Â’ 72*2 JRRG PLQW VHOHFWLRQ (DJOHV WR VHW RI VRXQG XVHG VHW RI ILQH XVHG SL RQ SI <DFKWV LQF QR ZPN PN 6* * DQG ERWK PN ZPN P 6* )8 ZPN OR]HQJHV VHW ILQH XVHG SL RQ PN ILQH LVVXHV 6* D Â… Â… XVHG FDW Â… D YHU\ JRRG VHOHFWLRQ RI VWDPSV ZLWK D YHU\ 785.,6+ &2/21,( D FROOHFWLRQ ZLWK PDQ\ KLJK FDW YDOXH Â… Â… YDOXDEOH DQG KLJK YDOXH VWDPSV *HUPDQLD KLJK YDOXH RYSWV LQF SL RQ P RQ SDUW RI D SDUFHO FDUG 6* 9)8 VL[ FDUGV *(5 =21(6 %5 $0 LQF 33& $Q LQWHUHVWLQJ DQG KLJKO\ &DW JURXS RI VWDPSV $ FRPSUHKHQVLYH FROOHFWLRQ ZLWK PDQ\ EHWWHU FDUGV Â… Â… ^3KRWR` SLFNLQJV LQF QXPHUDOV 06 ERWK PLQW +DQQRYHU 06 { 785.,6+ (03,5( (DJOH RYSW VHW PLQW $ ILQH ORW RI VWDPSV 06 PDLQO\ PLQW JRRG WR )8 6* FDW Â… Â… Â… Â… Â…

*(5 =21(6 )5(1&+

{ 785.,6+ (03,5( SL SL DQG SL

*(1(5$/ ,668( 6HW %DGHQ LQF 5HEXLOGLQJ LQF ERWK 06 PLQW 5HG &URVV VHW LQF 06 PLQW $ JRRG UDQJH RI VWDPSV 06 &DW 9DOXH Â… Â… Â… Â’ :XUWWHPEHUJ &DWDORJXHG Â… LQF 3)

KLJK YDOXHV DOO 9)8 ZLWK GLII RIILFH SPNV 6* Â… Â… { 785.,6+ (03,5( ZPN SL SL DQG

SL KLJK YDOXHV )8 QLFH SRVWPDUNV 6* Â… Â…

RPLWWHG WR 3) H[ 3) 5HG &URVV VHW LQF WKH 06 $ { 785.,6+ (03,5( SL 6* ILQH YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 IUHVK PLQW XVHG Â… Â… Â… Â…

Selling?

Credit Cards

Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 31

Â’ 785.,6+ (03,5( FROOHFWLRQ RQ ROG SDJHV VWDPSV FDW DERXW Â… LQF RYSWV (DJOH VHW )8 6* Â’ SL 6* PLQW SL 6* 9)8 SL 6* )8 *HUPDQLD RYSWV RWKHU KLJK YDOXHV WR SL *RRG JURXS Â’ Â’ Â… Â…

*(50$1 67 %$9$5,$

::,, $PHULFDQ IRUJHULHV RI +LWOHU +HDG SI SI 80 0L HXUR Â… Â… ^3KRWR` ::,, 3URSDJDQGD IRUJHU\ 86$ " RI 9LROHW +SI SI FKDULW\ VWDPS LPSHUI RQ JULG EDFNJURXQG 8QXVXDO 80 Â… Â… ^3KRWR`

Â’ ::,, 3URSDJDQGD IRUJHU\ SI SI { 35,1&( /8,732/' WK ELUWKGD\ LVVXHV Â’ :LW]HOEHQ ILQH 80 0L Â… Â… ^3KRWR`

WR P W\SH ,, W\SH , FDW Â… Â… Â…

{ .XUODQG +LWOHU RYSWV VHW RI DOO ZLWK W\SH ,,

*(50$1<

RYSWV 9)8 0L ,, Â… Â… ^3KRWR`

3$5&(/ &$5'6 ZLWK D YDULHW\ RI IUDQNLQJV

{ .XUODQG ::,, RFFXSDWLRQ VHW 9)8 0L

VHQW WR 7XUNH\ VHHQ FDUGV IURP .DUOVUXKH =ZLFNDX 0LWWZHOGD Â… Â… :RUPV 9HOEHUW D IHZ ZLWK GHFODUDWLRQ IRUPV FDUGV JRRG IRU VWXG\ Â… Â… Â’ 9(56,&+(581* ,QVXUDQFH PN EORFN RI Â’ XQXVHG 6HOGRP VHHQ LQ EORFNV Â… Â… Â’ ::, %ULWLVK )RUJHULHV RI %D\HUQ SI SI DQG Â’ SI LPSHUI IUHVK 80 0L % Â… Â… ^3KRWR` 3$66,21 3/$< 2EHUDPPHUJDX VSHFLDO FDUGV

{ )HOGSRVW LQ /LEDX RYSWV 9)8 RQ SLHFH HDFK

ZLWK IHOGSRVW &'6 VFDUFH SI 9LROHW RYSW 0L %D SI 0L %% DQG SI 0L %% &DW HXUR Â… Â… ^3KRWR` Â’ =HSSHOLQ VHW IUHVK PLQW 6* &DW Â… 4 Â… Â…

RQH ZLWK 5HIXJHHV )XQG VHW RI 6* VHFRQG FDUG ZLWK WZR VWDPS FHQWHQDU\ SI SI 6* ERWK FDUG ZLWK VSHFLDO FDQFHOV Â… Â… { &2//(&7,21 +286(' ,1 6,; '$92 3ULQWHG Â’ $OEXP DQG VWRFN ERRN PDQ\ V RI VWDPSV ZLWK EHWWHU

=HSSHOLQ &DUG )ORZQ IURP +XQJDU\ ZLWK ILQH 4 XVDJH RI WKH JRRG S =HSSHOLQ RYSW ODUJH $LUVKLS SLFWRULDO

FDFKHW 9HU\ ILQH Â… Â… =HSSHOLQ )OLJKW IURP )LQODQG IUDQNHG WZR 4 H[DPSOHV RI WKH PN =HSSHOLQ RYSW 6* +HOVLQNL

&'6 VSHFLDO FDFKHW )ULHGULFKVKDIHQ DUULYDO &'6 Â… Â… =HSSHOLQ )OLJKW IURP 6SDLQ LPSUHVVLYH ILYH 4 VWDPS IUDQNLQJ IURP 6HYLOOH WR )ULHGULFKVKDIHQ VSHFLDO FDFKHW

PLQRU LPSHUIHFWLRQV Â… Â… =HSSHOLQ )ORZQ &DUG IURP +XQJDU\ ZLWK S 4 JRRG =HSSHOLQ RYSW VWDPS SOXV I H[ %XGDSHVW ODUJH $LUVKLS

FDFKHW 9HU\ ILQH Â… Â… =HSSHOLQ )ORZQ &RYHU IUDQNHG 7KH 9HU\ *RRG 4 +XQJDU\ =HSSHOLQ RYSW VHW S S H[ %XGDSHVW ODUJH $LUVKLS

&DFKHW DQG YDULRXV FDQFHOV Â… Â… '2; )OLJKW SLFWXUH SRVWFDUG RI WKH 'RUQLHU ZLWK

=HSSHOLQ 6RXWK $PHULFD PN 6* D ZLWK +LQGHQEXUJ SI VHQW WR /RQGRQ $ YHU\ VFDUFH SRVWFDUG YHU\ ILQH FRQGLWLRQ Â… Â…

SLFNLQJV IURP HDUO\ VWDWH &RORQLHV WR H[WHQVLYH FROOHFWLRQ $OOLHG ]RQH 5XVVLDQ *RHWKH 06 80 FÂ… :HVW *HUPDQ\ FHQWHQDU\ RI WKH ILUVW VWDPS VHW RI FÂ… PLQW 5HIXJHHV )XQG VHW RI FÂ… PLQW 838 )8 %DFK VHW RI FÂ… )8 6W 0DU\ V &KXUFK VHW RI )8 FÂ… +XPDQLWDULD )XQG GHW RI FÂ… PLQW 9HU\ KLJK &DW 9DOXH LQ WKH HDUO\ LVVXHV ROG WLPH ORW Â… Â… 0,/,7$5< D ILQH JURXS RI )LYH 5HDO 3KRWR &DUGV GDWLQJ IURP GHSLFWLQJ 0RXQWHG &DYDOU\ 8QLWV DQG 0DQRHXYUHV 8QXVHG Â… Â… 3,&785( 3267&$5'6 ZLWK PDQ\ GLIIHUHQW

YLHZV XQXVHG ZLWK UHDO SKRWR IURP DOO URXQG WKH FRXQWU\ GLIIHUHQW FDUGV PDLQO\ EODFN DQG ZKLWH Â… Â… :$57,0( 67$03 ,668(6 ::, *HUPDQLD SI DQG SI PLQW SRVWDO IRUJHULHV 8NUDLQH RYSW +LWOHU VHW 80 -HUVH\ RFFXSDWLRQ òG RQ *UH\ SDSHU 80 VWULS XQXVXDO 6WXWWJDUW RFFXSDWLRQ RI )UDQFH RYSW VHW 80 ,QWHUHVWLQJ ORW Â… Â…

*(50$1< $//,(' =21(6

=HSSHOLQ FDUULHG FDUG IURP 1HWKHUODQGV XSUDWHG 4 ZLWK VWDPSV =HSSHOLQ PDFKLQH FDQFHO FDUULHG WR *HUPDQ\

FDFKHWV RQ UHYHUVH 9HU\ ILQH Â… Â… =HSSHOLQ )ORZQ $FFHSWDQFH FDUG WR %UD]LO 4 IUDQNHG 'HQPDUN RUH RUH NU $LUPDLO KLJK YDOXHV

0(&./(1%85* VSHFWDFXODU IUDQNHG HQYHORSH

ZLWK ERWK SHUI DQG LPSHUIV QRWH SI SI SI DQG SI SOXV SI >I SI DQG SI SHUI HDFK ZLWK D ILQH FGV FDQFHO FDW Â… DV ILQH XVHG VWDPSV Â… Â…

*(50$1< ($67 { 7:2 '$92 3ULQWHG $OEXPV ZLWK DQ H[WHQVLYH Â’ FROOHFWLRQ RI VWDPSV DQG 06 6KHHWOHWV ZLWK PDQ\

FDQFHOOHG DW &RSHQKDJHQ %HUOLQ WUDQVLW DQG %UD]LO DUULYDO LPSUHVVLYH LWHP Â… Â… Â’ (DVW 3UXVVLD )HOGSRVW &DPS .RQJVEHUJ SULYDWH Â’ VWDPS %OXH RQ <HOORZ DV D ILQH XQXVHG EORFN 6FDUFH

Â… Â… ^3KRWR` Â’ )UHQFK /HJLRQ ) I 3RODU %HDW VWDPS IUHVK Â’ 80 0L , &DW HXUR Â… Â… ^3KRWR`

EHWWHU VHWV %DFK VHW )8 6FLHQFH VHW RI PLQW FÂ… )ULHQGVKLS ZLWK &KLQD VHW )8 .DUO 0DU[ VHW RI )8 VHW RI 06 SHUI DQG LPSHUI PLQW FÂ… GHILQV VHW RI )8 )LYH <HDU SODQ VHW RI D YHU\ JRRG FROOHFWLRQ KRXVHG LQ WZR TXDOLW\ $OEXPV Â… Â…

Â’ &RPELQDWLRQ DQG 6H 7HQDQW EORFNV DQG Â’ %RRNOHW SDQHV $ PDJQLILFHQW HLJKW YROXPH FROOHFWLRQ RI V 2FFXSDWLRQ RI =DUD $ KLJKO\ &DW JURXS RI LWHPV DOO 80 KXJHO\ FDWDORJXHG WKH ORW LQFOXGHV YHU\ VFDUFH 6ROG RQ WKHLU PHULWV DORQH F RYSW LQYHUWHG XQXVHG / 0L V FRPSOHWH ERRNOHW VKHHWV ZLWK ; ODEHOV )LYH \HDU SODQ 80 DQG F 3RVWDJH 'XH 9)8 UDUH 0L P &DW &LUFD LVVXHV %ORFNV 6KHHWV VHYHUDO HDUO\ VWDPS ERRNOHWV ERWK HXUR Â… Â… ^3KRWR` GHILQV DQG FRPPHPV 5DUHO\ RIIHUHG PDWHULDO ZLWK PDQ\ ::,, $UP\ LQ 7XQLV 3DOP 7UHH LVVXH 0L $ EHWWHU LWHPV +LJKO\ UHFRPPHQGHG Â… Â… JURXS RI XQXVHG YDULRXV SULQWLQJV LQF D IRUJHU\

XQXVXDO Â… Â… ^3KRWR` Â’ ,QVHOSRVW (DJOH RYSW VWDWHG WR EH 0 % Â’ 80 0RJOHU H[SHUW +6 Â… Â… ^3KRWR`

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Â’ -XGHQSRVW /LW]PDQQVWDGW VHW RI LPSHUI

XQXVHG 0L Y Â… Â… ^3KRWR`

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 32

Â’ .*9 6* IUHVK 0

*(50$1< :(67

Â… Â…

Â’ $ 0DJQLILFHQW FROOHFWLRQ DQG YHU\ Â’ FRPSUHKHQVLYH ODUJHO\ 80 ZLWK RYHU GLIIHUHQW VWDPSV Â’ .*9 Â… 6* ILQH DQG IUHVK PLQW $ NH\ Â’ SOXV 06 &DW Â… PDQ\ EHWWHU HDUO\ FKDULW\ VHWV VWDPS

VWDPS Â… Â… FHQWHQDU\ :LQGRZ HWF H[WHQVLYH PRGHUQ GHILQV VHWV ZLWK H[WUDV DQG PXFK PRUH KRXVHG LQ IRXU TXDOLW\ VWRFNERRNV { .*9 Â… 9)8 6* Â… Â… 2ULJLQDO /RW Â… Â…

Â’ 683(5% FROOHFWLRQ ZLWK PDQ\ EHWWHU HDUO\ VHWV Â’ 6LOYHU -XELOHH YDULHWLHV $ PDWFKHG WULR G G Â’ LQF HDUO\ 5HOLHI )XQG 6WDPS &HQWHQDU\ 5HOLHI Â’ )XQG 5HOLHI )XQG D VXSHUE FROOHFWLRQ RI VWDPSV HDFK ZLWK VPDOO /LJKWQLQJ &RQGXFWRU RQ OHIW JDEOH

6* 9DU 0LQW 3XUFKDVHG IURP 6* 9DUV Â… Â…

06 FDWDORJXHG RYHU Â… 2XWVWDQGLQJ TXDOLW\ Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW ),567 '$< FRYHU QHDW HQYHORSH ZLWK 3UHVLGHQW

6* $ Â… Â…

SI SI DQG SI QHDWO\ FDQFHOOHG VHQW WR ,UHODQG VFDUFH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII Â’ 80 6* % Â… Â…

*+$1$ { )LQH XVHG H[WHQVLYH FROOHFWLRQ ZLWK PDQ\

Â’ Â’

Â’ Â’

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ FRPSOHWH VHW RYHU VWDPSV 06 DV VHWV RQ SDJHV VHHQ SDLU ZLWK QRUPDO 6* $ Â… Â… GHILQ VHW WR $ YHU\ JRRG FROOHFWLRQ ZLWK ORWV RI VHWV Â… Â… Â’ %LUG RQ PHPRULDO YDULHW\ .*9, LVVXH IUHVK 9DULHWLHV RI QHZ FXUUHQF\ RYSWV LQF S RQ G PLQW 6* EE FDW Â… Â… Â… RYSW LQY S RQ G RYSW LQY S RQ RYSW LQY ZLWK Â’ &2,/ 67$036 (QG RI UROOV òG ZLWK D YHU\ PLVSODFHG DQG GDPDJH ZLWK YDOXH WR F RQ Â… DQ Â’ ODUJH DPRXQW RI VWDPS DWWDFKHG G DQG G ZLWK D TXDQWLW\ RI LQWHUHVWLQJ ORW WR HQKDQFH \RXU FROOHFWLRQ VWDPSV VWDPSV DWWDFKHG 6* E G &DUPLQH 6* F VHOGRP 80 Â… Â… VHHQ VFDUFH Â… Â… (UURU DQG 9DULHWLHV DQ LQWHUHVWLQJ ORW PDLQO\ &(1625(' &29(56 6HQW WR $UJHQWLQD ZLWK RYSW LVVXHV S RQ VKHHW RI PLVSODFHG RYSW òG 33 UDWH ZLWK WKUHH KDYLQJ /LVERQ WUDQVLW PDUNV RQ WKH 3RVWDJH GXH V ZLWK RYSW LQYHUWHG GHILQV ZLWK RYSW V UHYHUVH Â… Â… UXQQLQJ XSZDUGV GDPDJHG OHWWHUV PXFK LGHQWLILHG RQ SDJHV $ IHZ VWDPSV Â… Â… Â’ 6LOYHU :HGGLQJ 6HW 80 6* Â’ Â… Â… *,%5$/7$5

*,%5$/7$5 YHU\ ILQH ER[HG DUF RQ HQWLUH WR

Â’ &2,/ 67$036 òG DQG G FRLO OHDGHUV ZLWK Â’ VWDPSV DWWDFKHG SOXV òG DQG G FRLO HQGV ZLWK D TXDQWLW\ RI

6FRWODQG UDWKHU ILQH Â… Â…

VWDPSV DWWDFKHG Â… Â…

*,%5$/7$5 DUF ZLWK 3$,' KV ERWK H[FHOOHQW

Â’ VWULNHV RQ HQWLUH WR &DGL] HQGRUVHG DQG ZLWK 4 KV 6XSHUE Â’ ,QYHUWHG ZDWHUPDUN S %LUG 6* Z 80 Â… Â… FRQGLWLRQ Â… Â…

*,%5$/7$5 ER[HG DUF ZLWK 3$,' KV RQ HQWLUH

WR &DGL] FKDUJHG DW ZLWK ODUJH UHGXFHG UDWH" RYHU HQWLUH )LQH DQG XQXVXDO Â… Â… 7ZR ILQH ZUDSSHUV URXWHG WKURXJK WKH 6SDQLVK

3RVWDO 6\VWHP GLIIHUHQW IUDQNLQJV 6DQ 5RTXH 7UDQVLW &'6 9HU\ ILQH Â… Â… ^3KRWR` 0DLO SDVVHG WKURXJK WKH 6SDQLVK V\VWHP

2QH SHUVRQV FROOHFWLRQ ZLWK PRGHUQ YDOXHV KDYLQJ D IDFH YDOXH WR Â… 80 ZLWK LVVXHV IURP 49 PDQ\ V RI VWDPSV ZLWK PRGHUQ LVVXHV VWLOO LQ SDFNHWV Â… Â… 3DJHV ZLWK XVHIXO SLFNLQJV .*9 4(,, RYHU VWDPSV DQG 06 FKLHIO\ PLQW LQF 80 VHHQ .LQJV WR Â… GHILQV WR Â… PDQ\ FRPPHPRUDWLYH VHWV 5DQGRPO\ DUUDQJHG Â… Â… 3267$/ 67$7,21(5< 49 WR .*9, ZLWK SRVWDO

&RYHU WR &DGL] ZLWK 6SDQLVK F VWDPS WLHG &'6 6DQ 5RTXH 7UDQVLW &'6 )LQH Â… Â…

FDUG UHJLVWHUHG HQYHORSHV ZUDSSHUV HYHQ VHHQ VSHFLPHQ RYSW UHSO\ FDUGV $ YHU\ JRRG FROOHFWLRQ RI LWHPV DOO XQXVHG ZLWK GHWDLOV PDLQO\ 49 LVVXHV Â… Â… ^3KRWR`

0DLO SDVVHG WKURXJK WKH 6SDQLVK V\VWHP

(QWLUH ZLWK F 6SDQLVK VWDPS DQG 6DQ 5RTXH 7UDQVLW &'6 1LFH Â… Â…

7KUHH SUH VWDPS HQWULHV IURP WKH 'DQLHO

Â’ (':$5' 6* IUHVK PLQW Â… Â… Â’ (':$5' Â… 6* IUHVK PLQW SDUW RJ VXSHUE

FRORXU FDW Â… Â… Â…

0F3KHUVRQ FRUUHVSRQGHQFH YDULRXV 6DQ 5RTXH SRVWDO PDUNLQJV PL[HG FDUG Â… Â…

*,/%(57 (//,&( ,6 Â’ .*9 Â… PLQW 6* D NH\ VWDPS

Â… Â…

{ (':$5' Â… 6* VXSHUE XVHG D YHU\ ILQH

5(*,67(5(' FRYHU WR 6ZLW]HUODQG G G

VWDPS Â… Â…

FRPER UHJLVWHUHG DW )XQDIXWL &RORQ\ FDFKHWV DQG DUULYDO FGV 8QXVXDO Â… Â…

{ (':$5' 6* ILQH XVHG DQ HOXVLYH

VWDPS Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ )ODJVWDII RQ 5LJKW

+DQG 7XUUHW PLQW 6FDUFH 6* ' Â… Â…

Â’ .*9 Â… 6* IUHVK 0 Â… Â…

.,5,%$7, $1' 789$/8 LVVXHV ZLWK EHWWHU SLFNLQJV LQF 7XYDOX RYSW GHILQ VHW .LULEDWL \HDU SDFN 7XYDOX \HDUV RI PDQQHG IOLJKW VSHFLPHQ RYSW ZLWK &RYHUV 6WDPSV 06 $ JRRG VRUWHU ORW RI D IHZ LWHPV Â… Â…

Â’ .*9 Â… WRS YDOXH IUHVK PLQW 6*

Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 33

(PSLUH $LUPDLO VFKHPH IORZQ FRYHU WR 1HZ

*2/' &2$67

+HEULGHV DW òG 9LOD DUULYDO &'6 RQ REYHUVH DQG UHWXUQHG WR 8. 9HU\ ILQH Â… Â…

{ .*9 VHW RI WR )8 6*

Â… Â…

*5($7 %5,7$,1 % 48((1 9,&725,$

Â’ .*9 VHW RI òG WR IUHVK PLQW 9LEUDQW

0XOUHDG\ FDULFDWXUH VRXWKJDWH 1R ILQH XQXVHG UHSULQW Â… Â…

FRORXUV 6* $ Â… Â… { 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII )8

08/5($'< /HWWHU VKHHW IRUP VWHUHRV $ D

6* $ Â… Â…

VFDUFH VWHUHR YHU\ IUHVK XQXVHG 6*0( K Â… Â…

Â’ VLOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW

0XOUHDG\ SHQQ\ ZUDSSHU VWHUHR $ XQXVHG

ZLWKLQ FRUQHU EORFN 6* $ Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWHQLQJ &RQGXFWRU Â’ 80 ZLWKLQ FRUQHU EORFN RI ZLWK 5HTXLVLWLRQ 1XPEHU 9HU\

LQFUHGLEOH GHHS EODFN LPSUHVVLRQ 6PDOO IDXOWV Â… Â… { 3HQQ\ %ODFN )+ 9)8 PDUJLQ DQG QHDW 5HG

&URVV Â… Â… ^3KRWR`

ILQH 6* & Â… Â… { 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII

ILQH XVHG 6* % 2QH VKRUW SHUI 6FDUFH Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW

{ 3HQQ\ %ODFN +% SODWH 9)8 ZLWK )RXU JRRG

PDUJLQV DQG 5HG 3PN OHDYLQJ D FOHDU SURILOH Â… Â… ^3KRWR` { 3HQQ\ %ODFN 0& SODWH 9)8 ZLWK IRXU ODUJH

ZLWKLQ FRUQHU EORFN 6* $ Â… Â…

EDODQFHG PDUJLQV $ YHU\ ILQH H[DPSOH IURP WKLV GLIILFXOW SODWH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII IUHVK

PLQW ZLWKLQ FRUQHU EORFN 6* $ Â… Â…

{ 3HQQ\ %ODFN 1, SODWH )8 ZLWK IRXU JRRG WR

ODUJH PDUJLQV 5HG 30. *RRG ORRNLQJ VWDPS 6PDOO IDXOWV Â… Â…

Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW PLQW

6* 6 Â… Â… { .*9, ILQH XVHG RQ ROG SDJHV &RURQDWLRQ Â’ GHILQV WR 9LFWRU\ GHILQV WR RGG PLQW

6LOYHU :HGGLQJ 838 VHW RI $ JRRG ORW RI VWDPSV Â… Â…

{ 3HQQ\ %ODFN 2. SODWH ILQH XVHG ZLWK IRXU

JRRG WR ODUJH PDUJLQV QHDW 5HG 0& 9HU\ ILQH Â… Â… { 3(11< %/$&. SO D OHWWHUV $$ )RXU

3267$/ +,6725< /27 LWHPV UHJG

PDUJLQV ZLWK 5HG 0DOWHVH &URVV Â… Â…

HQY IUDQNHG [ G GXSOH[ WR /RQGRQ 6LOYHU -XELOHH { 3HQQ\ %ODFN 3/ SODWH ILQH XVHG ZLWK )RXU JRRG PDUJLQV DQG OLJKWO\ FDQFHOOHG 1LFH VWDPS VHW RQ UHJG FRYHU ::,, LQF FHQVRUHG FHQVRUHG DQG Â… Â… UHJG FRYHU WR 6ZLW]HUODQG ZLWK G UDWH òG 33 UDWH FRYHU EORFN 6* RQ UHJG FRYHU 4(,, VHW { 3(11< %/$&. 3/ SODWH )8 ZLWK IRXU WR RQ ORFDO 7DUNZD FRYHU 6RPH LQWHUHVWLQJ LWHPV 0L[HG PDUJLQV DQG VXSHUE IXOO UHG 0DOWHVH FURVV RI WKH ILQHVW FRQGLWLRQ Â… Â… TXDOLW\ Â… Â… 3267$/ +,6725< 6(/(&7,21 _ { 3(11< %/$&. SO OHWWHUV 2- PDUJLQV LQF :DU 7D[ XVHG RQ UHJLVWHUHG FRYHU 6SHFLDO )OLJKW ZLWK D YH\ ILQH 5HG 0DOWHVH &URVV Â… Â… &RYHU WR 'DNDU UHJLVWHUHG HQYV )URP VPDOOHU RIILFHV )LQH Â… Â… { 3(11< %/$&. SO ZRUQ SODWH OHWWHUV *& PDUJLQV ZLWK D ILQH 5HG 0DOWHVH &URVV Â… Â… *5($7 %5,7$,1 { 3(11< %/$&. OHWWHUHG ³* -´ 6* XVHG UHG { 3HQQ\ %ODFN 3ODWH E &% 9)8 IRXU PDUJLQV

0; PDUJLQV Â… Â… ^3KRWR`

ZLWK FULVS %ODFN 0DOWHVH &URVV $ YHU\ ILQH VWDPS Â… Â…

4(,, &RYHU FROOHFWLRQ FRPPHUFLDO PDLO QHDWO\

W\SHG XS DV D VWXG\ VHHQ SRVWDJH GXH PDLO :LOGLQJV %LVHFWV 0RELOH 3RVW 2IILFHV 2IILFLDO 6HDOHG &RYHU 2+06 &RYHUV $ YHU\ JRRG ORW RI FRYHUV ZLOO PDNH D JUHDW GLVSOD\ Â… Â…

{ 3HQQ\ %ODFN SODWH % .+ 9)8 ZLWK )RXU ODUJH

WR YHU\ ODUJH PDUJLQV FULVS 5HG SPN VPDOO FRUQHU FUHDVH Â… Â… ^3KRWR`

{ 3HQQ\ %ODFN SODWH ,+ D VXSHUE XVHG VWDPS ZLWK )RXU JRRG ODUJH PDUJLQV DQG FULVS %ODFN 0DOWHVH &URVV 2QH SHUVRQV FROOHFWLRQ ,Q VHYHUDO $OEXPV DQG *HP Â… Â… ^3KRWR` ORRVH RQ SDJHV VHHQ 4(,, &RPPHPRUDWLYH 80 + 9 V LQ { 3HQQ\ %ODFN SODWH OHWWHUV + $ PDUJLQ ZLWK EORFNV RI 80 DQG ([KLELWLRQ VHW PLQW DQG )8 D ILQH EODFN 0DOWHVH FURVV Â… Â… 'HILQ VHW WR PLQW )HVWLYDO + 9 VHW PLQW 6 :HGGLQJ 80 &DVWOH VHW PLQW 7ZR $OEXPV IXOO RI { 3HQQ\ %ODFN SODWH OHWWHUV + . PDUJLQV ZLOGLQJV JUHDW IRU VWXG\ 3RVWDJH GXH VHW WR Â… 80 ZLWK D ILQH EODFN 0DOWHVH FURVV FDQFHO Â… Â… SDJH ZLWK SRVWDJH GXH WR DV EORFNV RI ZLWK PDQ\ V RI VWDPSV IURP 49 WR 4(,, LQ QHHG RI VRUWLQJ ILOOLQJ D { 3(11< %/$&. SODWH ,, .- D PDUYHOORXV ILQH ODUJH FDUWRQ Â… Â… XVHG IRXU PDUJLQ H[DPSOH ZLWK DOPRVW FRPSOHWH EODFN 0DOWHVH *5($7 %5,7$,1 $,50$,/6 &URVV $ YHU\ ILQH H[DPSOH RI WKLV UDUH SODWH FDW Â… Â… Â… 5DLO DLU VHUYLFH 7ZR FRYHUV SRVWHG DW 3UHVWRQ 4 HDFK ZLWK G /06 UDLOZD\ VWDPSV IRU 3UHVWRQ ERWK FDUULHG E\ { 3HQQ\ %ODFN 6+ SODWH )8 PDUJLQV *RRG UDLO WKHQ IORZQ RQZDUGV RQH UHFDUULHG E\ UDLO GXH WR FDQFHOOHG ZRUQ LPSUHVVLRQ %ODFN 0DOWHVH &URVV $ PRVW ILQH IOLJKW XQXVXDO IDXOWV Â… Â… H[DPSOH Â… Â… $OO XS òG $LUPDLO )ORZQ &RYHU WR 1RUIRON { 3HQQ\ %ODFN 7, SODWH 9)8 PDUJLQ QHDW 5HG ,VODQG ZLWK DUULYDO &'6 RQ REYHUVH 6FDUFH Â… Â… 0DOWHVH &URVV OHDYLQJ FOHDU SURILOH Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 34

35(3$,' IDQF\ HPERVVHG HQYHORSH ZLWK Â’ 3HQQ\ 5HG 6* PLQW SDUW 2* &DW

SROLWLFDO HPERVVHG LPSUHVVLRQ RQ UHYHUVH RI WZR GRJV ZKLJV Â… Â… Â… ^3KRWR` $ZD VSHHFK FDSWLRQV YIX ZLWK 6ZLQGRQ FGV KDQGVWURNH HWF { /DUJH *DUWHU G 5RVH 6* D DV D VXSHU )8 $ UDWKHU VXSHUE HQWU\ LWHP RI SRVWDO VWDWLRQHU\ SDLU H[FHOOHQW TXDOLW\ &DW Â… Â… Â… Â… Â… { 7:2 3(1&( %OXH OHWWHU +) ZLWK PDUJLQV

DQG D %ODFN 0& FDQFHO Â… Â… { 7ZR 3HQFH %OXH 5- QLFH )8 )RXU PDUJLQ 6*

&DW Â… Â… Â… { 7ZR 3HQFH %OXH 6* )8 (& )RXU PDUJLQV

6PDOO IDXOWV *RRG ORRNHU &DW Â… Â… Â… ^3KRWR` { /LQH HQJUDYHG FODVVLF *UHDW %ULWDLQ D FROOHFWLRQ

Â’ 0LQW SHQQ\ VWDUV VL[ GLII DOO PLVW FROOHFWDEOH

VWDWHG WR EH 6* FDW Â… 5HTXHVW VFDQ Â… Â… { &DWDORJXHG Â… VXUIDFH SULQWHG FROOHFWLRQ

RQH RI HDFK DV SHU 6* 9HU\ FRPSUHKHQVLYH ORW RI PRVWO\ GLIIHUHQW PRVW SUHVHQWDEOH PL[HG EXW LQFOXGLQJ PDQ\ VRXQG DQG KLJKO\ UDWHG VWDPSV 6RPH YHU\ HOXVLYH SODWH QXPEHUV QRWHG :LOO ILOO PDQ\ VSDFHV LQ D :LQGVRU $OEXP 2IIHUHG DW ò RI &DW YDOXH Â… Â… ^3KRWR`

GHWDLOHG RQ SDJHV VWDPSV 3HQQ\ %ODFN 7ZR { /LQH HQJUDYHG ZLWK SODWH QXPEHUV LQ WKH GHVLJQ SHQFH %OXH VSHFLDOLVHG DWWHPSW DW 3HQQ\ 5HGV LPSHUIV FROOHFWLRQ ILQH XVHG RQ SDJHV VWDPSV 3HQQ\ 3ODWHV WR ZLWK SULQWLQJV DQG VKDGHV HDUO\ SHUIRUDWHG LQF G %OXHG $ &RSHVWDNH XQGHU SULQW G SODWHV òG 3ODWHV GLII SDSHUV 6RPH QLFH VRXQG VWDPSV KHUH 9HU\ KLJK &9 òG 6RPH QLFH DQG YHU\ FROOHFWDEOH VWDPSV KHUH Â… Â… ^3KRWR` &RPSUHKHQVLYH DQG KLJK &9 Â… Â… { &$77(5,&. GLVWLQFWLYH 0DOWHVH &URVV RQ SDLU { &DW Â… PRVWO\ VRXQG XVHG FROOHFWLRQ RI LPSHUI SHQQ\ UHGV MXVW WRXFKLQJ DW RQH SULQW ZRXOG \LHOG D 49 VXUIDFH SULQWHG YDOXHV G WR ZLWK ',))(5(17 MXPER VLQJOHWRQ UDUH Â… Â… LVVXHV H[FHOOHQW UDQJH RI GLIIHUHQW SODWH QXPEHUV HVSHFLDOO\ { *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH òG G JRRG G %OXH GLIIHUHQW LVVXHV HWF )LOO PDQ\ PDUJLQ SHQQ\ UHG %/ SODWH FDW Â… Â… Â… JDSV LQ \RXU :LQGVRU $OEXP Â… Â… { *5((12&. GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

IRXU PDUJLQ SHQQ\ UHG 3/ SODWH FDW Â… Â… Â… { ,PSHUI VHOHFWLRQ DOO )8 IRXU PDUJLQ H[DPSOHV

3HQQ\ DQG 7ZR 3HQFH XQFKHFNHG Â… Â… { 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH

{ $ ILQH XVHG DQG PRVW FROOHFWDEOH JURXS RI

GLII VXUIDFH SULQWV G 6* G 6* YDULRXV G 6* G 6* 'HHS FRORXUV QHDW FDQFHOV &DW Â… Â… Â… { ,19(57(' :$7(50$5. G SODWH ILQH XVHG

6* Z Â… Â…

IRXU PDUJLQ SHQQ\ UHG -& SODWH FDW Â… Â… Â… { 3(11< 3/$7( UHFRQVWUXFWLRQ ILQH WR JRRG XVHG ZLWK VWHSV &DW Â… Â… Â… { 125:,&+ GLVWLQFWLYH 0DOWHVH &URVV RQ ILQH { 3(11< 3/$7( UHFRQVWUXFWLRQ ILQH WR LPSHUI SHQQ\ UHG /. FDW Â… Â… Â… JRRG XVHG ZLWK VWDPSV &DW Â… Â… Â… { 1XPEHU LQ 0DOWHVH &URVV RQ IRXU PDUJLQ { 3(11< 5(' 3ODWH FROOHFWLRQ WR H[ 3HQQ\ 5HG 6' &DW Â… Â… Â… VRXQG XVHG VWDPSV FDWDORJXHG YDOXH Â… { 3(11< 5(' LPSHUIV $Q LQWHUHVWLQJ JURXS RQ Â… Â… D FDUG PRVWO\ )8 PDUJLQ LQF QR LQ 0DOWHVH &URVV { 3HQQ\ 5HG SODWH UHFRQVWUXFWLRQ SODWH FDW XQFKHFNHG Â… Â… Â… )LQH XVHG Â… Â… { 7:2 3(1&( EOXH LPSHUIV SODWH IRXU { 3(11< 5(' SODWHV FRPSOHWH WR H[ VHOHFWHG VWDPSV DOO ZLWK IXOO PDUJLQV VKRZLQJ D YDULHW\ RI FDQFHOV LQF 0DOWHVH &URVV Â… Â… ILQH WR VRXQG XVHG Â… Â… 7ZR 3HQFH %OXH -- VXSHUE )RXU PDUJLQ VWDPS { 7:2 3(1&( 6* D VRXQG )8 VFDUFH FDW ZLWK %ODFN 0DOWHVH &URVV QRW WLHG RQ YHU\ ILQH HQWLUH ZLWK Â… $ JRRG H[DPSOH Â… Â… 1RUZLFK EDFNVWDPS DQG 1RUWKDPSWRQ DUULYDO &'6 H[WHQVLYH FRQWHQWV 5DWHG Â… RQ FRYHU $ PRVW DSSHDOLQJ HDUO\ { /LQH HQJUDYHG SHUIRUDWHG FROOHFWLRQ 3HQQ\ VWDPSHG HQWLUH Â… Â… SODWHV WR GLIIHUHQW SODWH QXPEHUV G GLIIHUHQW { 7ZR SHQFH %OXH -/ )8 ZLWK -XPER PDUJLQV DQG òG PLGJHW GLIIHUHQW SODWHV DQG òG VKLHOG WKDW¶V DQG QHDW XSULJKW SPN 6* Â… Â… GLIIHUHQW VWDPSV PRVWO\ VRXQG XVHG +XJH &9 Â… Â… { 7ZR 3HQFH %OXH VHOHFW )8 SDLU 5% 5& ZLWK { 63(&7$&8/$5 SLHFH ZKHUH WKH VWDPSV FDW ODUJH HYHQ PDUJLQV RQ DOO VLGHV %OXHG SDSHU ZLWK ,YRU\ KHDG RYHU Â… DQG ZDV SXUFKDVHG DW Â… LQ H[KLELWLRQ 'HOLJKWIXO Â… Â… TXDOLW\ ZLWK G 6* SO [ G SO 6* [ G 6* 1XPEHU LQ 0DOWHVH FURVV RQ SHQQ\ SLQN SOV [ DQG G 6* SO PDNLQJ XS G UDWH D VFDUFH HQYHORSH ILQH IUHVK FUHDVH DW WRS QRW GHWUDFWLQJ IURP WKLV PXOWLSOH IUDQNHG SLHFH Â… Â… PRVW XQXVXDO XVDJH Â… Â… 3(11< 5(' 3/$7( 180%(56 XVHG RQ ILQH { (0%266(' ILQH XVHG FXW VTXDUH ZLWK JRRG VPDOO FRYHUV SODWHG WR D VHOHFWHG DOO GLIIHUHQW FROOHFWLRQ PDUJLQV DQG SHUIHFWO\ VRXQG 6* FDW Â… RI FRYHUV QRWLQJ D YHU\ JRRG YDULHW\ RI GXSOH[ FDQFHOV $ Â… Â… PRVW GLIILFXOW VHW RI FRYHUV Â… Â… { (0%266(' G ILQH XVHG FXW VTXDUH MXVW Â’ (UURU RI &RORXU óG /RQGRQ FLUFXODU GHOLYHU\ WRXFKLQJ RQ YHUWLFDOV DWWUDFWLYH 6* FDW Â… VWDPS ILQH PLQW ZLWK LVVXHG òG WR FRPSDUH 6* &' D Â… Â… Â… Â… { 7ZR SHUIRUDWHG 3HQQ\ 5HG VWDPSV ZLWK ODWH Â’ /DUJH JDUWHU G SODWH IUHVK PLQW ZLWK RULJLQDO XVH RI 0$/7(6( &5266 &DQFHOODWLRQV 5DUH JXP DQG ILQH FRORXU $Q H[FHOOHQW RULJLQDO H[DPSOH 6* Â… Â… &DW Â… Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 35

{ 1DWLRQDO 'HOLYHU\ &R &LUFXODU GHOLYHU\ VHW RI

3HQQ\ SODWH QLFHO\ XVHG RQ VPDOO FRYHU

ILYH GLIIHUHQW YDOXHV LQF FRUUHFWO\ XVHG 6FDUFH Â… Â… 'HVWLQDWLRQ 9HUD &UX] 0H[LFR ILQH ZUDSSHU

+RUL] IROG WLHG 1HZFDVWOH 'XSOH[ Â… Â… ^3KRWR` 3HQQ\ SODWH QLFHO\ XVHG RQ VPDOO (QY WLHG

IUDPHG SODWH 6* WLHG QHDW /RQGRQ GXSOH[ Â… Â…

/RQGRQ GXSOH[ Â… Â…

Â’ (',1%85*+ /(,7+ FLUFXODU GHOLYHU\ LVVXHV

PLQW LQF òG OHPRQ H[ %XGLO\ VWDWHG MXVW RI òG UHG EURZQ URXOHWWHG SHUIV HWF 6FDUFH JURXS Â… Â… { 3/$7( 6* ILQH XVHG ZLWK QHDW GXSOH[

SRVWDO FDQFHO $ YHU\ ILQH VWDPS FDW Â… Â… Â…

3HQQ\ SODWH ILQH XVHG RQ VPDOO QHDW

HQYHORSH IURP $UPDJK WR /LYHUSRRO WLHG QHDW GXSOH[ 3ODWH FOHDU QRWDWLRQ WR OHIW DQG SLQ KROHV DW EDVH YHU\ UDUH VWDPS RQ FRYHU )LQH Â… Â… ^3KRWR` Â’ 3URYLVLRQDO 3ULQWLQJ LVVXHV PLQW DWWUDFWLYH

TXDUWHW òG ERWK FRORXUV òG G WRS YDOXH 6* DQG VPDOO IDXOWV EXW DOO IUHVK DQG FROOHFWDEOH &DW Â… Â… Â…

Â’ òG 6KLHOG ERWK SODWH DQG XQXVHG &DW

Â… PLQW 6* Â… Â… Â’ %DQWDP òG SODWH DV D IDEXORXV 80 EORFN RI Â’ VL[ KLQJHG RQ RQH XQLW GHHS ULFK FRORXU &DW Â…

6* Â… Â… { 23 3& HUURU RI OHWWLQJ òG VKLHOG VRXQG XVHG D

JRRG H[DPSOH RI WKLV SRSXODU HUURU 6* FDW Â… Â… Â…

{ 7HOHJUDSK SODWH 6* 7 VXSHUE XVHG ZLWK

*UHHQRFN FGV Â… Â… { 7HOHJUDSK SODWH RXWVWDQGLQJ XVHG ZLWK $\U

7KLPEOH FGV JHP 2QH QLEEOHG SHUI 6* 7 Â… Â… &DWDORJXHG Â… ([WHQVLYH RQH RI HDFK FROOHFWLRQ RQ SDJHV FKLHIO\ XVHG VWDPSV 3HQQ\ /LODFV LQYHUWHG ZPN 0 )8 PLQW SDLU ZLWK PDMRU IUDPH IODZ PLQW WR -XELOHHV LQF PLQW VHW WR %RWK XVHG ZLWK VKDGV DQG Â… -XELOHH 6* XVHIXO SLFNLQJV Â… Â…

{ G SODWH 6* VXSHUE FGV XVHG

FKRLFH Â… Â… { G SODWH VXSHUE FGV XVHG 6*

Â… Â…

Â’ 49 PLQW JURXS RI VL[ YHU\ IUHVK %RWK òG 6*

{ )DEXORXV ILQH XVHG VWULS RI G SODWH VJ

HDFK XQLW ZLWK FULVS 6KHIILHOG FGV *HP Â… Â…

GLII SHQQ\ OLODFV 6* FDW Â… Â… Â… { SODWH 6* RXWVWDQGLQJ XVHG ZLWK

{ 49 SODWH VXSHUE XVHG ZLWK 3RUWUHDWK FGV

6* Â… Â…

VRFNHG 6W ,YHV &RUQZDOO VTXDUH FLUFOH *RUJHRXV FDW Â… Â… Â… Â’ 3HQQ\ /LODF GRW 6* 80 &DW Â… Â’ Â… Â…

{ 49 G SODWH VXSHUE XVHG ZLWK &KHVWHU FGV

6* Â… Â… { 49 G SODWH VXSHUE FGV XVHG 6*

Â… Â…

Â’ 3(11< /,/$& 'LH , PLQW 6* FDW

Â… Â… Â… Â’ Â… 2UDQJH PLQW 6* D IUHVK H[DPSOH RI WKLV

3DLU G 6* SODWH XVHG RQ HQWLUH WLHG

0DQFKHVWHU 'XSOH[ WR )ORUHQFH 1LFH UDWH Â… Â…

LFRQLF VWDPS FDW Â… Â… Â… { G RQ G 9)8 ZLWK QHDW &'6 6* &DW

3(11< 5(' 3/$7(6 XVHG RQ ILQH VPDOO

Â… Â… Â… FRYHUV IURP SODWHV WR D VHOHFWHG DOO GLIIHUHQW FROOHFWLRQ { 5RVH 6* 9)8 ZLWK QHDW %UDGIRUG &'6 RI FRYHUV ZLWK D JRRG YDULHW\ RI GXSOH[ FDQFHOV $ PRVW GLIILFXOW DVVHPEO\ Â… Â… &KRLFH &DW Â… Â… Â… ^3KRWR` { 7HOHJUDSK Â… RUDQJH PXFK UDUHU WKDQ WKH { G RQ G 6* 9)8 FDW Â… Â… Â… SRVWDJH HTXLYDOHQW VRXQG IX DW /LYHUSRRO LURQHG RXW FUHDVH $ ILQH H[DPSOH RI WKLV VHOGRP RIIHUHG VWDPS 6* 7 FDW Â… Â… Â… { +LJK YDOXH XVHG JURXS DOO JRRG XVHG G { 7HOHJUDSK 6* 7 ILQH XVHG ZLWK QHDW FGV DQG 6* &DW Â… Â… Â… 6FDUFH FDW Â… Â… Â… { /,/$& òG 6* PDUYHOORXV )8 Â’ 7HOHJUDSK LPSHUI FRORXU WULDO LQ EURZQ OLODF UHFRQVWUXFWLRQ RI SRVLWLRQV UHTXLULQJ MXVW IRU RYSW VSHFLPHQ IUHVK PLQW 6* 7 LVVXH Â… Â… FRPSOHWLRQ ILQH XVHG LQF VXSHU FGV H[DPSOHV FDW Â… Â… Â… { 7HOHJUDSKV Â… 6* 7 YIX ZLWK QHDW *ODVJRZ /LODF LVVXHV PLQW òG òG òG G DOO FGV MXVW WZR QLEEOHG SHUIV 5DUH VWDPS FDW Â… Y FROOHFWDEOH ZLWK JRRG FRORXUV 6* FDW Â… Â… Â… Â… Â… 3HQQ\ SODWH QLFHO\ XVHG RQ VPDOO (QY WLHG { 49 6* YIX ZLWK FULVS %UDGIRUG 'XSOH[ Â… Â… ^3KRWR` .HQVLQJWRQ <RXQJ 6WUHHW FGV FUD\RQ OLQH QHDWO\ HUDVHG 0RVW DWWU &DW Â… Â… Â… 3HQQ\ SODWH QLFHO\ XVHG RQ VPDOO ZUDSSHU Â’ 6* &ULPVRQ $ EULOOLDQW 80 H[DPSOH WLHG /RQGRQ 'XSOH[ Â… Â… Â’ ([FHSWLRQDO Â… Â… 3HQQ\ 5HGV XVHG RQ FRYHUV VFDUFHU KLJKHU QXPEHUV $ ILQH JURXS RI FRYHUV IHDWXULQJ SODWHV { +,*+ 9$/8( 6(/(&7,21 G DQG Â… Â… -XELOHH Â… SHUILQ DOO SUHVHQWDEOH XVHG VPDOO IDXOWV FDW Â… 6* Â… Â… Â’ 0LQW òG %RWK G òG DQG G 6* &DW { 3$*( )8// 2) +,*+ 9$/8(6 G LQF Â… )UHVK Â… Â… ^3KRWR` QLFH &'6 XVHG DQG Â… 6* VWDPSV &DW Â… 0RVWO\ LPPHQVHO\ FROOHFWDEOH VRXQG H[DPSOHV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 36

Â’ -XELOHH òG 6* DV VXSHUE 80 PDUJLQDO Â’ EORFN RI [ IUHVK 80 )LQHVW TXDOLW\ &DW Â…

Â’ (':$5' '/5 3ULQWLQJV VHW RI GLIIHUHQW

YDOXHV òG WR ILQH PLQW &DW Â… EHWZHHQ 6* 3ULQWLQJV XQFKHFNHG Â… Â…

Â… Â…

Â’ -XELOHH PLQW ORW GLIIHUHQW YDOXHV 6* Â’ 67 $1'5(:6 &5266 ODEHO VH WHQDQW ZLWK òG

H[ &DW Â… /DUJHO\ IUHVK ZLWK JRRG FRORXUV Â… Â…

JUHHQ PLQW ZPN LQYHUWHG $1' SDUWV RI SULQWHUV OHWWHUV LQ ZDWHUPDUN $Q XQXVXDO YDULHW\ Â… Â…

Â’ -XELOHH VHW RI GLII YDOXHV ILQH PLQW H[FHOOHQW

Â’ 6W $QGUHZV &URVV /DEHO ZLWK òG ILQH PLQW

FRORXUV 6* FDW Â… Â… Â…

ZPN LQYHUWHG 6* DZ Â… Â… ^3KRWR`

Â’ -8%,/((6 IUHVK 0 LQF 80 VHOHFWLRQ LQF

Â’ '/5 &KDON SDSHUV IUHVK PLQW VHW òG WR

G G DQG 6* TXDOLW\ JURXS VKDGHV 6HH ZHEVLWH Â… Â…

EHWZHHQ 6* 3ULQWLQJV &DW Â… Â… Â…

Â’ 49 -8%,/(( VHW LQF ERWK òG VKDGHV

{ '/5 (GZDUGV 7KH XVHG FROOHFWLRQ RQ SDJHV

G VKDGHV G VKDGHV G VKDGHV 6* DQG $ JRRG UDQJH RI PLQW Â… Â… Â’ -XELOHH 49 VHW RI PLQW òG WR ERWK ILQH

PLQW &DW Â… 6* Â… Â…

ZLWK VSHFLDOLVHG VKDGHV VWDPSV &DW Â… PDQ\ VRXQG LQF ILQH &'6 XVHG LQF G G G LQF 9)8 DQG 2ULJLQDO ORW Â… Â… { '/5 (GZDUGV PLQW D VHW RI òG WR ZLWK

DGGLWLRQDO OLVWHG 6KDGHV &KDONV 3ULQWLQJV LQF G G G RQH VXSHUE 80 G DQG JRRG WR ILQH 6* &DW Â… 6HH :HEVLWH Â… Â…

3HQQ\ 3RVW -XELOHH VSHFLDO FURZQ FDQFHO RQ

VPDOO FRYHU FDQFHOOLQJ -XELOHH òG Â… Â…

Â’ (GZDUG PLQW VLPSOLILHG VHW RI GLIIHUHQW

3HQQ\ 3RVW -XELOHH VSHFLDO FURZQ FDQFHO RQ

YDOXHV òG WR PLQW LQF FKDON SDSHU LVVXHV ([FHOOHQW FRORXUV EHWZHHQ 6* &DW Â… Â… Â…

VPDOO FRYHU FDQFHOOLQJ -XELOHH G Â… Â… ^3KRWR` 3HQQ\ 3RVW -XELOHH VSHFLDO FURZQ FDQFHO RQ

Â’ $GPLUDOW\ 2IILFLDO ZLGH RYHUSULQW òG 6*2

VPDOO FRYHU FDQFHOOLQJ -XELOHH òG Â… Â… ^3KRWR` -XELOHH òG 6* VXSHUE VLQJOH IUDQNLQJ RQ

LOOXVWUDWHG ZUDSSHU IRU 5XKDPDK 1HZ :HOVK %DSWLVW &KDSHO %ULGJHQG WLHG %ULGJHQG 'XSOH[ &KRLFH Â… Â…

IUHVK /00 Â… Â… { (GZDUG G 6* ZLWK XQXVXDO

&217,1(17$/ 1,*+7 0$,/ &'6 )LQH Â… Â… { (GZDUG 6* 9)8 ZLWK QHDW &'6

{ Â… RUDQJH ILQH XVHG ZLWK FULVS FHQWUDO %HOIDVW

FGV FUD\RQ OLQH HUDVHG SHUIHFWO\ VRXQG ZLWK H[FHOOHQW SHUIV DQG QR IDXOWV .H\ VWDPS 6* FDW Â… Â… Â… { 3RVWDO )LVFDO G 6*I UDWHG Â… RQ FRYHU ORFDO XVH ZLWK FHQWUDO *ODVJRZ &'6 /DWH XVDJH 8QXVXDO Â… Â… { $Q LQWHUHVWLQJ FROOHFWLRQ RQ SDJHV XVHG

LWHPV DOO PLQRU IO\ VSHFN YDULHWLHV 3HQQ\ 5HGV ZLWK PDOIRUPHG OHWWHUV PDQ\ 3HQQ\ /LODFV -XELOHHV HWF Â… Â… { *29(510(17 3$5&(/6 2YHUSULQWV 6RXQG

XVHG ZLWK YDULHWLHV LQF G QR GRW XQGHU 7 LQF EHWWHU VWDPSV LQF G 6*2 VRXQG XVHG GXOO *UHHQ VRXQG XVHG D JRRG ORW RI VWDPSV VRXQG XVHG YHU\ KLJK FDWDORJXH YDOXH Â… Â… { ,1/$1' 5(9(18( ,5 2IILFLDO RYSWV &DW

Â… PDLQO\ )8 LQF G 6*2 *UHHQ [ 6*2 òG SDLU 6*2 G JUH\ [ 6*2 $ JRRG UDQJH RI VWDPSV Â… Â… /,7(5$785( 3ODWLQJ RI WKH 3HQQ\ WR

Â… Â… +DUULVRQ 3ULQWLQJV D )8 VWXG\ RQ SDJHV VRPH 9)8 VKDGHV VWDPSV LQF òG %ULJKW *UHHQ ILQH LPSUHVVLRQ 6* 9)8 G 6* G SHUI ; LVVXHV 6* *RRG ORW Â… Â…

{ 6RPHUVHW +RXVH (GZDUG LVVXHV VSHFLDOLVHG

FROOHFWLRQ RI XVHG VWDPSV DUUDQJHG E\ VKDGHV &DW Â… LQFOXGLQJ G G G G SOXV VRPH GHSDUWPHQWDO DQG LQWHUHVWLQJ IO\ VSHFN YDULHW\ VWXG\ Â… Â… { 6RPHUVHW +RXVH KLJK YDOXH VHW RI WKUHH G WR

VRXQG XVHG 6* &DW Â… Â… Â… $Q (GZDUG 3RW 3RXUUL LQF G DQG Â… DOO JRRG XVHG ZLWK GLIIHUHQW SULQWLQJV FDW Â… $ PLQW VHOHFWLRQ WR PL[HG PLQW ORZ YDOXH FRQWURO PXOWLSOHV +LJK &9 Â… Â… { $50< 2)),&,$/ LQF SDLUV òG G G

ILQH XVHG &DW Â… Â… Â…

VHW RI E\ 7KH *UHDW %ULWDLQ 3KLODWHOLF 6RFLHW\ Â… Â…

*5($7 %5,7$,1 ' *(25*( 9

{ /,77/( KDQGERRN ZLWK FDQFHOODWLRQV FXW RII

Â’ 0$&.(11$/ òG EOXH JUHHQ 6* DV Â’ IDEXORXV FRUQHU EORFN RI IRXU EULOOLDQW 80 VXSHUE WRJHWKHU ZLWK

HQWLUHV SOXV :+ 6PLWK SRVWDJH HPERVVHG òG SODWHV G SODWH DQ XQXVXDO ORW Â… Â…

QRUPDO òG EORFN WR FRPSDUH FDW Â… Â… Â…

{ 49 /,1( (1*5$9(' ,03(5) )8 VHOHFWLRQ

Â’ 1R &URVV RQ &URZQ YDULHW\ òG GRZQH\ ILQH

DOO HPLQHQWO\ FROOHFWDEOH VWDPSV QLFH SHQQ\ EODFN WZR SHQFH SHQQ\ UHGV G $ JRRG QXPEHU KDYH IRXU PDUJLQV $WWU ORW FDW Â… Â… Â…

PLQW 6* D Â… Â… ^3KRWR` Â’ 3URRI RI 'RZQH\ G LPSHUI RQ XQJXPPHG QR Â’ ZPN SDSHU 6XSHUE Â… Â… ^3KRWR`

GREAT BRITAIN - BOOKLETS *5($7 %5,7$,1 %22./(76 Â’ :LOGLQJV G -DQ ERRNOHW LQ Y ILQH FRPSOHWH Â’ FRQGLWLRQ 6* * Â… Â…

*5($7 %5,7$,1 & (':$5' 9,, { '/5 +LJK YDOXH JURXS VRXQG XVHG G

Â’ :DWHUPDUN 6LGHZD\V G GRZQH\ ILQH PLQW

6* F Â… Â… ^3KRWR` Â’ &21752/ 6,1*/(6 2I 'RZQH\ +HDG LVVXHV Â’ PLQW $ KLJKO\ &DW )LQH FROOHFWLRQ FRQVLVWLQJ òG DQG G Â’ ZLWK GLIIHUHQW SULQWLQJV 3HUI ,PSHUI 'RW W\SHV FRUQHU SDLU

SHQQ\ % ZDWHUPDUN UHYHUVHG HWF FRQWUROV Â… Â…

DQG 6* &DW Â… $OO FROOHFWDEOH Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 37

Â’ Â’ Â’ Â’ Â’

Â’ 6($+256( 7RS YDOXH 6* PLQW '2:1(< +($'6 ([WHQVLYH VSHFLDOLVHG FKLHIO\ XVHG FROOHFWLRQ RQ SDJHV PXFK LQWHUHVW LQ VKDGHV Â… Â… PLQRU YDULHWLHV ZPNV HWF DOVR LQFOXGHV VRPH IUHVK PLQW *RRG 6* LVVXHG HWF +LJK &9 Â… Â… { 6($+256( 9HUWLFDO VWULS RI G SDOH EURZQ ZLWK %: &R SHUILQV )LQH XVHG Â… Â… %RRNOHW SDQH òG ZLWK DGYHUWV ILQH PLQW :PN LQYHUWHG 6* EZ Â… Â… ^3KRWR` Â’ 6HDKRUVHV %UDGEXU\ VHW RI ILQH PLQW 6* D Â… Â… %RRNOHW SDQH òG ZPN XSULJKW ILQH PLQW 6* F Â… Â… ^3KRWR` Â’ %: 6HDKRUVH 6* IUHVK PLQW FDW Â… Â… Â… %RRNOHW SDQH òG :PN LQYHUWHG ILQH PLQW 6* FZ Â… Â… ^3KRWR` { 6($+256( 6* DV DQ DWWUDFWLYH )8 EORFN RI IRXU FDW Â… UHPDUNDEOH Â… IDFH YDOXH %RRNOHW SDQH òG :PN LQYHUWHG ILQH PLQW Â… Â… 6* FZ Â… Â… Â’ &21752/ FRUQHU EORFN G 3 ZLWK %RRNOHW VWDPSV òG ZLWK DGYHUW WDEV ILQH PLQW &52:1 0,66,1* ,1 :$7(50$5. 'DQG\ YDULHW\ PLQW $ JURXS RI )RXU GLIIHUHQW 6* 6HH :HEVLWH VWDPSV 80 6SHF 1 =$ Â… Â… Â… Â… Â’ &21752/ 7 ERWK SHUI DQG LPSHUI IRU G

Â’ ,03(5) &251(5 3$,5 òG ZLWK -XELOHH OLQHV

HDFK RYSW 63(&,0(1 W\SH IUHVK PLQW 6* 6 Â… Â…

ROLYH JUHHQ 6* D IUHVK PLQW $ YHU\ ILQH PDWFKHG SDLU %% UHWDLO Â… Â… Â… 6HDKRUVHV $ VSHFWDFXODU IUDQNLQJ RQ DQ LQWDFW

Â’ .*9 GHILQLWLYH V WR ZLWK PDQ\ FRQWURO

SDUFHO WDJ VWDPSV ERWK VLGHV ZLWK DQG DV 7ZR QXPEHUV òG G òG G òG G G G G G ERWK VWULSV RI )RXU DOO FDQFHOOHG /RQGRQ )6 &'6 $ UHPDUNDEOH FRORXUV G DQG G ZLWK WZR GLIIHUHQW VKDGHV VWDPSV Â… UDWH )DXOWV DV WR EH H[SHFWHG Â… Â… IUHVK PLQW Â… Â… { :HPEOH\ H[KLE VHW DV 9)8 EORFNV RI IRXU Â’ 1R ZDWHUPDUN YDULHW\ G ILQH PLQW 1 D LQF G VKRZLQJ YDULHW\ WDLO WR 1 6* E ZLWK VSHFLDO SLFWRULDO Â… Â… FDQFHOV DOVR VLQJOH VHWV XVHG 6* Â… Â… Â’ 5R\DO &\SKHU VHW RI LQF G 2OLYH ILQH PLQW :HPEOH\ H[KLE VHW QLFHO\ XVHG LQ 6* &DW Â… Â… Â… RQ FRYHU WR )UDQFH D PRVW DWWUDFWLYH IUDQNLQJ 6* Â… Â… Â’ :$7(50$5. (55256 IUHVK 0 òG

{ %ORFN &\SKHU LVVXH 6* VWXG\ RQ SDJHV

LQYHUWHG DQG UHYHUVHG 6* ZN G LQYHUWHG 6* ZL DQG LQYHUWHG 6* ZL ILQH WULR Â… Â…

PXFK LV )8 ZLWK PDQ\ GHWDLOHG VKDGHV PLQW VHW WR HWF Â… Â…

Â’ 52<$/ &<3+(5 6SHFLDOLVW FROOHFWLRQ RI

Â’ Â’ {

{

{

VKDGHV òG G òG G GLH , GLH ,, òG Â’ %RRNOHW 3DQH òG ZLWK F\OLQGHU ( GRW ILQH 80 Â’ 8SULJKW 6* Â… Â… ^3KRWR` G G G G G G G $JDWH G 2OLYH *UHHQ G HDFK GLIIHUHQW IUHVK PLQW &DW Â’ %RRNOHW 3DQH òG ZLWK F\OLQGHU 1R H GRW ILQH 9DOXH Â… Â… Â… Â’ 80 8SULJKW 6* Â… Â… ^3KRWR` 5R\DO 6LPSOH &\SKHU 6* H[WHQVLYH FKLHIO\ )8 VWXG\ RQ SDJHV PXFK LQWHUHVW LQ WKH VKDGHV Â’ %RRNOHW SDQH òG ZLWK DGYHUWV :PN LQYHUWHG VWDPSV GRHV LQFOXGH D PLQW VHW LQF G *UHHQ G LQYHUWHG ILQH PLQW 6* GZ Â… Â… ^3KRWR` ZPN 0 G SHUI XVHG 9HU\ KLJK &9 VRPH QLFH &'6 XVHG LQFOXGHG Â… Â… Â’ %RRNOHW SDQH òG ZLWK F\OLQGHU GRW ILQH 80 Â’ 6* H :PN XSULJKW Â… Â… (5525 òG 3(1&) IRU 3(1&( ZLWKLQ D SRVLWLRQDO EORFN RI 6* D IUHVK XQPRXQWHG PLQW Â’ %RRNOHW 3DQH G F\OLQGHU ) QR GRW ILQH 80 Â… Â… Â’ 8SULJKW 6* H Â… Â… 0XOWLSOH F\SKHU FRLO VWDPSV XVHG 6* &DW Â… Â… Â… Â’ %RRNOHW 3DQH G F\OLQGHU ) GRW ILQH 80 Â’ XSULJKW 6* H Â… Â… 6($+256(6 7KH XVHG ORW RQ SDJHV &DW Â… DUUDQJHG E\ 3ULQWLQJV 6KDGHV VWDPSV VRPH QLFHO\ Â’ %RRNOHW 3DQHV G F\OLQGHU ) GRW PLQW òG XVHG ZLWK G Â… Â… Â’ SDQHV RI 6L[ 80 RQH ZLWK SDUWLDO F\OLQGHU ILQH DQG Â’ VFDUFH Â… Â… 6($+256(6 EULJKW FDUPLQH 'H /D 5XH SULQWLQJ 6* YHU\ ILQH XVHG Â… Â… Â’ %RRNOHW SDQHV G òG 6* H H ILQH Â’ 80 Â… Â… ^3KRWR`

{ %RRNOHW SDQH òG 6* LQYHUWHG :PN ZLWK

/RQGRQ &'6 DQG VHFXULW\ SXQFWXUH IURP D YRXFKHU ERRNOHW Â… Â… ^3KRWR`

)'& :HPEOH\ H[KLELWLRQ VHW RQ Y ILQH VPDOO

HQY SULQWHG DGGUHVV ZLWK :HPEOH\ 3DUN SLFWRULDO FDQFHO 6* Â… Â…

{ %RRNOHW SDQH G 6* F ZLWK /RQGRQ &'6

DQG VHFXULW\ SXQFWXUH :ULQNOHV ([ YRXFKHU LVVXH Â… Â…

Â’ ,19(57(' :$7(50$5. òG 6* ZH DV

D EORFN RI IRXU XQLWV 80 KLQJHG D ILQH DQG VFDUFH PXOWLSOH FDW Â… Â… Â…

{ %RRNOHW SDQH G 6* F :PN XSULJKW ZLWK

/RQGRQ &'6 DQG VHFXULW\ SXQFWXUH IURP D YRXFKHU ERRNOHW Â… Â… ^3KRWR`

Â’ .*9, GHILQLWLYH VHW RI IUHVK XQPRXQWHG PLQW Â’ ZLWK WKH òG G òG G G G DQG KDYLQJ FRQWURO

{ %RRNOHW SDQHV òG DQG G $ UDUH

QXPEHUV Â… Â…

FRPSOHWH VHW RI YRXFKHU SDQHV WRJHWKHU ZLWK RXWHU FRYHUV DQG DGYHUW LQWHUOHDYHV ZLWK /RQGRQ W\SH , &'6 DG VHFXULW\ SXQFWXUH ILYH SDQHV DQG H[WUDV 6*1% Y 1% Y Â… Â… ^3KRWR`

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 38

6HDKRUVH VSHFWDFXODU IUDQNLQJ RQ DQ LQWDFW

Â’ 38& G %RRNOHW SDQH PLQW :PN LQYHUWHG

SDUFHO WDJ ZLWK [ %: SULQWLQJ PDNLQJ Â… UDWH ,QGLVWLQFW KHDY\ SRVWPDUNV VWDPSV ZUDSSHG DURXQG WKH WDJ IDXOWV 5HPDUNDEOH LWHP Â… Â…

6* %: Â… Â… ^3KRWR` Â’ 38& G %RRNOHW SDQH XSULJKW :PN 80

6* % Â… Â… ^3KRWR`

Â’ 7(7( %(&+( JXWWHU SDLU òG 6* D YHU\

IUHVK PLQW Â… Â…

Â’ 38& 6,'(:$<6 :$7(50$5. òG G DQG Â’ òG DV SDLUV WKH G VHHPV WR VKRZ IRU ZLWK D ([KLELWLRQ VHWV ERWK 0 )8 38& ORZ QRUPDO 8QPRXQWHG PLQW Â… Â… YDOXHV 0 )8 6LOYHU -XELOHH )8 ZLWK IO\VSHFN YDULHWLHV VRPH Â’ &21752/ 6,1*/(6 VLGH EORFNV H[WHQVLYH (GZDUG WK LVVXHV )8 ZLWK PLQRU YDULHWLHV Â’ PLQW ORW SQ SDJHUV LWHPV 38& VLQJOHV WR òG . Â… Â… Â’ G G 6* DV VLGH EORFNV RI IRXU ORZHU :(0%/(< (;+,%,7,21 3RVWDO FDUGV /HWWHU SDLUV XP ZLWK SODWH QXPEHUV LQ PDUJLQV GLII VL]H KHDGV ZLWK &DUGV DQG (QYHORSHV DOO XQXVHG Â… Â… FRUQHU VWULSV HWF *RRG ORW Â… Â… Â’ &21752/ 6,1*/(6 G òG

Â’ &</,1'(5 %/2&.6 3KRWRJUDYXUH òG Â’ : QXPEHU < QXPEHU GRW G 9 QXPEHU GRW

PRVWO\ LPSHUI PDUJLQ LVVXHV $ WR 9 &RPSUHKHQVLYH IRU HDFK YDOXH &RQWUROV Â… Â…

òG 9 QXPEHU GRW 9 QXPEHU GRW G < QXPEHU GRW 80 Â… Â…

Â’ &21752/ 6,1*/(6 EORFN &\SKHU òG YDOXH

'LII ILQH PLQW $ 9 ZLWK FRPSUHKHQVLYH LPSHUI LVVXHV Â’ 3+272*5$985( F\OLQGHU ERRNOHW SDQHV RI VFDUFH SHUI LVVXHV $ & + 9 *RRG DVVHPEO\ VL[ IUHVK PLQW òG ( GRW G ) GRW DQG òG * GRW VKDGHV QRW FKHFNHG Â… Â… ILQH WULR Â… Â…

Â’ &21752/ 6,1*/(6 %ORFN &\SKHU G YDOXH

$ ILQH PLQW ORW RI GLIIHUHQW IURP $ WR ; $OO GLIIHUHQW FKLHIO\ LPSHUI PDUJLQV +LJK UHWDLO YDOXH Â… Â…

{ 6($+256( 5H HQJUDYHG VHW RI YHU\ ILQH

XVHG 6* Â… Â…

Â’ 6HDKRUVHV 5H HQJUDYHG VHW ILQH PLQW 6* Â… Â… IUHVK PLQW G òG G G DQG G $Q H[FHOOHQW YDULHW\ RI FRQWURO QXPEHUV 6FDQV DGYLVHG YHU\ KLJK Â’ 8QPRXQWHG PLQW UH HQJUDYHG VHDKRUVH UHWDLO YDOXH FRQWUROV Â… Â… Â’ 6* IUHVK Â… Â… Â’ &21752/ 6,1*/(6 %ORFN &\SKHU G YDOXH )'& .*9 GHILQV RQ VHSDUDWH FRYHUV GLII òG $ ILQH PLQW ORW RI GLIIHUHQW LQF &KDON 3DSHU % DQG ' WR G 6* 0RVWO\ Y ILQH ZLWK JRRG SPNV $ VFDUFH DQG RWKHUV WR ' LPSHUI Â… Â… JURXS Â… Â… 6HDKRUVHV $ VSHFWDFXODU [ %: SULQWLQJ ZLWK 7ZR VWULSV RI )RXU RQ ERWK VLGHV RI D SDUFHO WDJ Â’ %RRNOHW SDQH òG MXELOHH ZLWK F\OLQGHU QXPEHU LQ PDUJLQ IUHVK P Â… Â… ZLWK /RQGRQ &'6 3PNV $Q LPSUHVVLYH Â… UDWH Â… Â… Â’ &\OLQGHU %RRNOHW 3DQHV òG &\O QR GRW :HPEOH\ H[KLELWLRQ VHW RQ PRVW DWWUDFWLYH Â’ IUHVK 80 6* ) Â… Â… FRYHU WR 6XH] (J\SW 6* Â… Â… Â’ &21752/ 6,1*/(6 %ORFN &\SKHU LVVXHV

Â’ -XELOHH %RRNOHW 3DQHV òG LQY DQG XSULJKW $ VSHFWDFXODU VWDPS VKLOOLQJV DQG G UDWH Â’

:PN 80 6* D DZ Â… Â…

GRXEOH SDUFHO WDJ IRU FDUU\LQJ QHZVSDSHUV RYHUVHDV LQF 6($+256(6 LQF EORFN DQG $OO ZLWK /RQGRQ )6 &'6 6PDOO IDXOWV EXW DVWRQLVKLQJ XVDJH Â… Â…

Â’ 6,/9(5 -8%,/(( ERRNOHWV HGLWLRQ Â’ QXPEHUV DQG ZLWK DOO òG SDQHV ZPN XSULJKW òG

DQG G SDQHV ZPN LQY òG òG SDQHV ZPN LQY G SDQH ZPN XSULJKW Â… Â…

Â’ &2,/ /($'(5 ZLWK 6L[ VWDPSV DWWDFKHG òG Â’ : ORZHU HQG ILUVW ZLWK ZD[ VHDO DQG ULEERQ VWLOO

Â’ 6,/9(5 -8%,/(( ERRNOHW HGLWLRQ LQ Â’ SULVWLQH FRQGLWLRQ Â… Â…

DWWDFKHG Â… Â… ^3KRWR` { 6HDKRUVHV $ VSHFWDFXODU [ RQ ERWK

Â’ 6,/9(5 -8%,/(( ERRNOHWV HGLWLRQ Â’ QXPEHUV DQG 1RW òG SDQHV ZPN LQY G

VLGHV RI D SULQWHG SDUFHO WDJ LQF D VWULS RI )RXU QHDWO\ FDQFHOOHG DW /RQGRQ %: SULQWLQJV VPDOO IDXOWV EXW D UHPDUNDEOH XVDJH Â… Â… Â’ 38& Â… 80 6* Â… Â… Â’

SDQH ZPN LQY òSDQH XSULJKW òG SDQHV ZPN LQY G òG SDQHV ZPN XSULJKW DOO òG SDQHV DQG G SDQH ZPN XSULJKW òG SDQH ZPN LQY Â… Â…

Â’ 38& òG %RRNOHW SDQH 80 :PN XSULJKW Â’ 6* % &DW Â… Â… Â… ^3KRWR`

6,/9(5 -8%,/(( ERRNOHW SDQHV IUHVK 0 80 òG G òG DOO YHU\ ILQH DQG VHOHFWHG H[ 3HWHU 0ROOHWW Â… Â… Â’ 6,/9(5 -8%,/(( &\OLQGHU EORFNV òG F\O Â’ , 3 G &\O ( , òG &\O , 3 òG &\O , ,

Â’ 38& òG %RRNOHW SDQH PLQW :PN LQYHUWHG

6* %: Â… Â… ^3KRWR`

80 Â… Â… 6,/9(5 -8%,/(( 3ODLQ )'& ZLWK WKH IXOO VHW RI

Â’ 38& òG $GYHUW %RRNOHW SDQH PLQW :PN

ZLWK VXSHUE :HVWHUQ ' 2 (GLQEXUJK &'6 Â… Â… ^3KRWR`

LQYHUWHG 6* EZ Â… Â… ^3KRWR` Â’ 38& òG %RRNOHW SDQH :PN LQYHUWHG IUHVK

6,/9(5 -8%,/(( 6HW RQ SODLQ )'& ZLWK

PLQW 6* FZ Â… Â…

VXSHUE :HVWHUQ ' 2 (GLQEXUJK &'6 Â… Â…

Â’ 38& òG %RRNOHW SDQH XSULJKW :PN 80 Â’ 6* F Â… Â…

6HDKRUVH G 6* RQ 3LUHOOL EXVLQHVV

HQYHORSH WR 6DR 3DXOR %UD]LO ZLWK SD\LQJ G UDWH *HUPDQ SLFWRULDO $LU FDQFHO DQG DUULYDO %6 9HU\ ILQH Â… Â…

Â’ 38& òG %RRNOHW SDQH XSULJKW :PN 80 Â’ 6* F Â… Â… ^3KRWR`

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 39

6HDKRUVH 6* ZLWK SDLU VXSHUE 4 XVHG RQ EXVLQHVV HQYHORSH WR 6DR 3DXOR %UD]LO *HUPDQ

Â’ 67$03 %22./(7 HGLWLRQ LQ JRRG

FRPSOHWH FRQGLWLRQ LQY SDQHV Â… Â…

SLFWRULDO $LUVKLS +6 DQG DUULYDO %6 $ VXSHUE XVDJH RI WKH VHDKRUVH DQG DWWUDFWLYH UDWH Â… Â…

Â’ 6WDPS %RRNOHW HGLWLRQ ILQH DQG Â’ FRPSOHWH 6*%& Â… Â…

6SHFWDFXODU EXVLQHVV FRYHU WR 6DR 3DXOR 4 %UD]LO ZLWK UH HQJUDYHG VHDKRUVH VHW RI G DQG

Â’ %22./(7 G 6* %' òG òG Â’ SDQHV ZPN XSULJKW G SDQH ZPN LQYHUW LQ JRRG FRQGLWLRQ

6* HDFK WLHG /RQGRQ $LUPDLO &'6 *HUPDQ SLFWRULDO +6 DQG DUULYDO %6 $ UHPDUNDEOH XVDJH RI WKH FRPSOHWH VHW Â… Â…

Â… Â… Â’ %22./(7 3$1( 'UDJHV 3D\ Â’ ZD\ )UHHERRN 6* 3% ZPN XSULJKW 80 DGYHUWLVHPHQW

{ %/2&. &<3+(5 LVVXH 6* VWXG\ RQ

SDJHV LQF 6RPH PLQW GLIIHUHQW IRUPDWV ZPN 9DULRXV VKDGHV WR )8 Â… Â…

SDQH ZLWK JRRG SHUIV Â… Â…

Â’ &2,/ /($'(5 G ZLWK 6L[ VWDPSV DWWDFKHG ; 4 $,50$,/ FRYHUV IURP 8. WR 6RXWK $IULFD Â’ ORZHU HQG ILUVW ZLWK ZD[ VHDO DQG ULEERQ VWLOO DWWDFKHG

8QLRQ $LUZD\V LQDXJXUDWLRQ IOLJKW ZLWK *LYH \RXU OHWWHU ZLQJV XVH DLUPDLO ODEHO QG FRYHU LOOXVWUDWHG 'DOZLFN 'RUNLQJ ZLWK 3HU VW 6$ $LUPDLO KV ,PSHULDO $LUZD\V LOOXVWUDWHG ILUVW DLUPDLO HQY IRU VSHFLDO &KULVWPDV IOLJKW $OO W\SHG XS ZLWK GHWDLOV Â… Â…

Â… Â… *29(510(17 3$5&(/6 2YHUSULQWV G LQF RQH PLQW G G VRXQG XVHG &DW 9DOXH Â… Â… Â…

{ )/<63(&. 9$5,(7,(6 .*9 LVVXHV

&ROOHFWLRQ RI GHWDLOHG RQ SDJHV DOO )8 PDQ\ LQWHUHVWLQJ $ ORW RI WLPH DQG HIIRUW KDV EHHQ VSHQW KHUH Â… Â… .*9 327 3285, RQ ROG SDJHV VWDPSV PXFK LV PLQW LF $ ILQH ORW RI 0DFNHQQDOV ZLWK GLIIHUHQW SULQWLQJV LQF 6* EORFN F\SKHU VHW PLQW LQF ZPN VLGHZD\V VHW PLQW 6HDKRUVHV XVHG WR 38& Â… XVHG IDXOWV H[KLELWLRQ VHWV PLQW SKRWR VHW PLQW ZPN YDULHWLHV D VPDOO VHOHFWLRQ RI FRQWUROV WR G GLIIHUHQW HWF XVHIXO DQG YHU\ KLJK &9 Â… Â… Â’ .*9, XQDSSURSULDWHG UHYHQXHV G SDLU DQG Â’ SURRIV LPSHUI RQ FDUG 9HU\ ILQH DQG XQXVXDO

Â’ /($'(5 òG ZLWK 6L[ VWDPSV DWWDFKHG : Â’ ORZHU HQG ILUVW VFDUFH ZLWK ZD[ VHDO DQG ULEERQ VWLOO

DWWDFKHG Â… Â… ^3KRWR`

*5($7 %5,7$,1 (;+,%,7,216 ([WHQVLYH FROOHFWLRQ UHODWLQJ WR 6KRZV ([KLELWLRQV LQF 6KRZSH[ &O\GH 6FRWWLVK &RQJUHVV 3KLODWHOLF &RQJUHVV 1RUWK :HVW 6KRZSH[ 6WDPSH[ -XELOHH ([KLELWLRQ (GLQEXUJK 6RFLHW\ ZLWK &RYHUV 6WDPSV DQG PDQ\ DGGLWLRQDO LWHPV $ YHU\ JRRG FROOHFWLRQ QHDWO\ SUHVHQWHG RQ SDJHV LWHPV Â… Â…

*5($7 %5,7$,1 ) *(25*( 9, Â’ %RRNOHW SDQH òG DGYHUW SDQH ZPN LQYHUWHG

SURRIV Â… Â… Â’ 60$// %87 ,17(5(67,1* *URXS LQF FRQWURO

ILQH P 6* EZ Â… Â…

QXPEHUV ZLWK YDOXHV WR G %DUUHG JXWWHU SDLUV G Â’ %RRNOHW SDQH òG DGYHUW SDQH ZPN XSULJKW GRZQH\ KHDG ZPN ,QYHUWHG òG G ZLWK GLIIHUHQW ILQH PLQW 6* E Â… Â… SULQWLQJV $ JRRG ORW RI LWHPV PDLQO\ PLQW Â… Â… Â’ %RRNOHW SDQHV ZPN VLGHZD\V òG G ILQH P 672&.3$*( DQG 672&.&$5'6 ZLWK EHWWHU SLFNLQJV òG WR G ERWWRP VWULSV RI ZLWK F\OLQGHU QXPEHUV ZLWK DUURZV LQ RXWHU PDUJLQV 6* DE DE &DW Â… PLQW G òG G G ZLWK PLVVLQJ FURZQ IURP ZPN Â… Â… YDULHWLH V )8 G ZLWK EURNHQ IUDPH DW OHIW 80 $Q Â’ %RRNOHW VWDPSV RYSW FDQFHOOHG DQG ZLWK ROG WLPH RULJLQDO ORW RI LWHP LQF PDQ\ 80 VWDPSV SXQFWXUHV G VLQJOH DQG òG SDLU ILQH PLQW 6* Â… Â… Â… Â…

*5($7 %5,7$,1 ( (':$5' 9,,,

)'& WKH FRPSOHWH VHW RI .*9, GHILQV òG WR

Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH òG SDQH RI VL[ ZPN LQY DOO RWKHU SDQHV ZPN XSULJKW LQ

RQ WHQ IGF 6* YDOXHV LQF òG RQ LOOXVWU HQY G G RQ RQH FRYHU G RQ VXSHUE VPDOO FRYHU G G RQ RQH FRYHU JRRG WR ILQH $ VFDUFH VHW Â… Â…

JRRG FRQGLWLRQ Â… Â… Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH G SDQH ZPN LQY òG DGYHUW [ VWDPSV ZPN LQY LQ YHU\

ILQH FRQGLWLRQ Â… Â… Â’ %22./(7 6* %& HGLWLRQ QXPEHU Â’ QRWH G òG SDQHV ZPN XSULJKW òG SDQH ZPN LQYHUWHG LQ

Â’ .*9, GHILQLWLYHV XQPRXQWHG PLQW VHW RI Â’ /LJKW FRORXU VHWV LQF 6 ZD\ :PN VHW RI DQG LQY

6HW RI 1HZ FRORXUV VHW RI 6 ZD\ :PN VHW RI DQG LQY 6HW RI Â… Â… Â’ .*9, ORZ YDOXH GHILQLWLYH VHWV LQF ZDWHUPDUNV Â’ VLGHZD\ DQG ZDWHUPDUNV LQYHUWHG LGHQWLILHG RQ D SDJH

YHU\ JRRG FRQGLWLRQ Â… Â… Â’ %RRNOHW 6* %& HGLWLRQ QXPEHU QRWH Â’ òG G DQG òG SDQHV ZPN XSULJKW WKH UHVW ZPN LQYHUWHG

LQ YHU\ ILQH FRQGLWLRQ 6FDUFH Â… Â… Â’ %RRNOHW 3DQH ZLWK DGYHUWV ZPN LQYHUWHG ILQH Â’ 80 6* $: Â… Â… ^3KRWR` Â’ %22./(7 3$1(6 80 G LQYHUWHG DQG Â’ XSULJKW WKLV ZLWK F\OLQGHU ) 'RW òG DGYHUW SDQHV

'UDJHV $GYHUW XSULJKW DQG VDYLQJ LV VLPSOH ,QY &KLHIO\ ILQH DQG KLJK &9 Â… Â…

GLIIHUHQW VWDPSV XQPRXQWHG PLQW Â… Â… $ PRVW H[WHQVLYH FROOHFWLRQ RQ SDJHV V ZLWK DGGLWLRQDO VKDGHV IO\VSHFN YDULHWLHV DQG PRUH 0DMRULW\ LV )8 VRPH PLQW GHILQV ZLWK FRLO VWDPSV $UPV PLQW &DW Â… G 9LFWRU\ %HUULHV YDULHW\ :HGGLQJ Â… 80 )HVWLYDO WR Â… 0LQW FÂ… 0DQ\ LQWHUHVWLQJ YDULHWLHV Â… Â… )'& 6HOHFWLRQ 'LIIHUHQW LQF 6WDPS &HQW LOOXVWUDWHG 9LFWRU\ LOOXVWUDWHG 2O\PSLFV $W *DPHV LOOXVWUDWHG 838 LOOXVWUDWHG HWF Â… Â…

Â’ 6(/'20 6((1 Â… +LJK YDOXH $UP V DV D ODUJH Â’ &</,1'(5 %/2&.6 òG $ QXPEHU GRW Â’ ZLWK SHDUO EHVLGH FURZQ &\O GRW 5 G $ QR GRW DQG Â’ EORFN RI 6* F XQPRXQWHG PLQW VFDUFH DV VXFK

òG $ QR GRW DV F\OLQGHU EORFNV RI 80 Â… Â…

Â… Â… Â’ $UPV KLJK YDOXH VHW PLQW 6* F &DW

)'& LQF DOO YDOXHV RQ RQH UHJ Q FRYHU

Â… Â… Â…

SHQQ\ ILUVW GD\ LQ *XHUQVH\ òG ILUVW GD\ RQ SS UDWH WR .HQ\D Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 40

Â’ .*9, $506 VHW RI VL[ 6* F XQPRXQWHG Â’ PLQW Â… Â… Â’ 63(&,0(1 +6 RQ .*9, G ILQH PLQW 6* 6

&DW Â… Â… Â…

{ )HVWLYDO KLJK YDOXH VSHFWDFXODU XVHG

FRPELQDWLRQ SLHFH IUDQNHG [ Â… PDNLQJ Â… UDWH QHDWO\ FDQFHOOHG /RQGRQ &'6 VPDOO IDXOWV EXW D UHPDUNDEOH SLHFH 6* HWF Â… Â… Â’ $1 ,17(5(67,1* WULR RI .*9, HVVD\V Â’ SURGXFHG E\ +DUULVRQV GLII FRORXUV LPSHUI HWF DOO 80

Â’ 63(&,0(1 2YSW $UPV 6* 6 IUHVK

Â… Â…

PLQW &DW Â… Â… Â…

Â’ %RRNOHW SDQHV RI VL[ ZLWK F\OLQGHU QXPEHUV

Â’ $UPV KLJK YDOXH VHW ILQH PLQW 6* " F

òG &\O * GRW DQG QR GRW * GRW DQG QR GRW IUHVK PLQW Â… Â…

&DW Â… Â… Â…

{ &RPSUHKHQVLYH FROOHFWLRQ RI PLQW ZLWK H[WUDV Â’ VWDPSV RQ SDJHV QRWLQJH GHILQV LQF 80 EORFNV WR LQF 'DUN %OXH :HGGLQJ Â… DQG )HVWLYDO VHW Â’ ZPN VLGHZD\V DQG LQYHUWHG VHWV KLJK YDOXH VHW LQF WR Â… &DW Â… Â… Â… JRRG &DW Â… :HGGLQJ Â… )HVWLYDO WR Â… ([WUDV KLJK Â’ 63(&,0(1 2YSW G $UPV 6* %6 IUHVK &9 Â… Â… PLQW &DW Â… Â… Â… Â’ &</,1'(5 %/2&.6 òG G ? òG Â’ òG G * G * G + G SRVWDJH GXH 0RVW XQXVXDO 3RVWFDUG ZLWK G %L VHFW ZLWK 6FDUOHW 4 EORFN RI ( VLQJOH $OO 80 Â… Â… FKDUJH UDWH DQG G 3RVWDJH GXH IURP +HQGRQ ZLWK +\GH &'6 Â’ .*9, +LJK YDOXH VHWV PLQW $UPV WR Â…

{ .*9, +,*+ 9$/8( 86(' 6(/(&7,21

FDQFHO Â… Â…

$UPV VHW :HGGLQJ Â… )HVWLYDO VHW WR Â… :PN YDULHWLHV KLJK &9 Â… Â…

6SHFWDFXODU VPDOO SDUFHO WDJ IRU GLSORPDWLF

PDLO SULQWHG IRU %DOH 9LOOH 6ZLW]HUODQG IUDQNHG [ XOWUDPDULQH 6* % SOXV G òG PXOWL FDQF /RQGRQ )V UXEEHU &'6 &KRLFH Â… Â…

Â’ ::,, .*9, 3URSDJDQGD IRUJHULHV G G PLQW

Â… Â… ^3KRWR`

Â’ 9LFWRU\ òG F\OLQGHU EORFNV RI VL[ H[WHQVLYH

FROOHFWLRQ LQF VFDUFH F\O GRW DQG QR GRW FÂ… HDFK FO\ GRW DQG QR GRW FÂ… HDFK F\O GRW DQG QR GRW FÂ… HDFK D ILQH FROOHFWLRQ RI EORFNV FDW Â… PLQW Â… Â… $ VSHFWDFXODU IUDQNLQJ RQ VPDOO JUHHQ SDUFHO

WDJ IRU FDUU\LQJ GLSORPDWLF PDLOV IUDPHG [ XOWUDPDULQH 6* % [ òG G PXOWL FDQF :LWK WKH /RQGRQ )V +6 Â… Â…

Â’ 7XGRU :DWHUPDUN %RRNOHW 3DQHV PRVWO\ 80 Â’ G DGYHUW SDQHV ERWK :PN LQYHUWHG òG òG SDQHV

6SHFWDFXODU VPDOO SDUFHO WDJ SULQWHG IRU

Â’ Â’

Â’ Â’

Â’ Â’ Â’ Â’

*5($7 %5,7$,1 * (/,=$%(7+ ,, Â’ 4(,, :,/',1* VHW RI SOXV VLGHZD\ VHW RI Â’ 80 DQG LQYHUWHG VHW RI 80 PDLQO\ 80 &DW Â… Â’ Â… Â…

Â… Â…

LOOXVWUDWHG FRYHU 6* Â… Â…

Â’ Â’

Â… Â…

Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV 6* IUHVK XQPRXQWHG PLQW &DW Â…

)'& 6LOYHU :HGGLQJ VHW RQ DWWUDFWLYH 5HJ G

Â’ Â’

{ ::,, .*9, 3URSDJDQGD IRUJHU\ G )8

$GHODLGH $XVWUDOLD GLSORPDWLF PDLOV IUDQNHG [ SOXV G LQYHUWHG HWF $ ILQH JURXS Â… Â… ^3KRWR` òG VLOYHU ZHGGLQJ DQG EORFN PDNLQJ Â… òG UDWH Â’ &20326,7( G ERRNOHWV 0D\ WR $XJ 6* PXOWL FDQF /RQGRQ 9HU\ ILQH Â… Â… Â’ ) LQ YHU\ ILQH FRQGLWLRQ Â… Â… &2,/ &203/(7( &RLO òG ZDWHUPDUN VLGHZD\ 6* D P GHOLYHU\ OHIW VLGH ILUVW UROO VFDUFH Â’ &RPSRVLWH ERRNOHWV 6* + QRWH + Â’ .*9, òG G SDQHV ZPN LQY + .*9, G SDQH ZPN LQY DOO DV D FRPSOHWH UROO Â… Â… RWKHU SDQHV ZPN XSULJKW ERWK LQ YHU\ JRRG FRQGLWLRQ &2,/ 9(5< 6&$5&( &RPSOHWH FRLO òG 0 Â… Â… GHOLYHU\ OHIW VLGH ILUVW FRGH VWLOO ZLWK ZD[ VHDO DQG 3LQN Â’ 6WDPS %RRNOHWV 0D\ -XO\ ILQH ULEERQ YHU\ VFDUFH DV D FRPSOHWH FRLO &DW Â… DV VLQJOH Â’ DQG FRPSOHWH 6*+ Â… Â… VWDPSV Â… Â… &2,/ 9(5< 6&$5&( &RPSOHWH &RLO G 3DOH Â’ (;7(16,9( 4(,, &ROOHFWLRQ LQ IRXU SULQWHG 5HG %URZQ ZPN VLGHZD\V 6* D 7 GHOLYHU\ OHIW VLGH Â’ $OEXPV LQF DOO WKH HDUO\ FRPPHPRUDWLYH SKRVSKRU VHWV ILUVW FRGH YHU\ VFDUFH FRPSOHWH FRLO &DW Â… DV VLQJOH PRGHUQ SRVWDJH GXH WR Â… &DVWOHV WR Â… Â… %ULWDQQLD PDQ\ VWDPSV Â… Â… V RI VWDPSV 06 ZLWK PRGHUQ LVVXHV KDYLQJ D IDFH YDOXH )(67,9$/ KLJK YDOXH VHW 80 6* FDW RYHU Â… Â… Â… Â… Â… Â… 6XEVWDQWLDO ORW RI GHILQ LVVXHV FKLHIO\ 80 DSSHDUV PXFK RI LV KLQJHG ORWV RI KLJK YDOXHV )HVWLYDO KLJK YDOXH VHW 80 6* ZLOGLQJ VHWV FDVWOHV WR Â… FÂ… *UDSKLWH VHWV :PN Â… Â… YDULHW\ VHWV '/5 FDVWOHV FÂ… H[WHQVLYH GHFLPDO PDFKLQV ZLWK GLIIHUHQW SULQWLQJV DQG VHWV WR Â… DOO KLJK 3267$*( '8(6 8QPRXQWHG PLQW G FRUQHU YDOXHV LQF .LOR VWDPSV WR Â… FDVWOH WR Â… YDULRXV SULQWLQJV EORFN RI òG EORFN RI G DV D VWULS RI &DW Â… D VWDPS WR Â… WR Â… WR Â… VHFXULW\ PDFKLQV PRGHUQ IUHVK Â… Â… SLFWRULDO UHJLRQDO VHWV WR Â… VSHFLDO GHOLYHU\ 18, LVVXHV 6* )HVWLYDO KLJK YDOXHV 80 GHILQ ERRNOHW SDQHV DQG PXFK HOVH +XJH YDOXH PDQ\ Â… Â… V Â… Â… Â’ 6WDPS %RRNOHWV FRPSRVLWHV IHDWXULQJ .*9, Â’ DGYHUW SDQHV G GLIIHUHQW 0D\ -XQH $XJ DQG

Â’ %RRNOHWV 6* %' LQ YHU\ ILQH Â’ FRQGLWLRQ Â… Â…

)HE 6* ) LVVXH Â… Â…

Â’ %22./(76 G 6* %' LQ Â’ YHU\ ILQH FRQGLWLRQ Â… Â…

Â’ 6WDPS %RRNOHWV G HGLWLRQV $ JURXS RI VL[ Â’ GLIIHUHQW HGLWLRQV LQ YHU\ ILQH FRPSOHWH FRQGLWLRQ 1RY 'HF

2FW $SULO -XQH DQG $XJXVW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 41

{ &200(025$7,9( &2//(&7,21 ZLWK PDQ\ Â’ *UDSKLF /LQH 6HWV LQF ZDWHUPDUN YDULHWLHV LQF Â’ VHWV DV EORFNV RI 80 VHHQ &RURQDWLRQ /LIHERDWV 5HG &URVV Â’ òG ZPN XS QG ZPN LQY òG ZPN LQY ZPN Â’ &DEOH FDQFHOOHG RYSW VWLOO RQ WKH RULJLQDO GRFXPHQW D YHU\ HUURU G ZLWK WKH ZURQJ ZPN 6* D $ YHU\ ILQH FROOHFWLRQ

JRRG FROOHFWLRQ YHU\ FRPSOHWH IRU WKLV SHULRG D IHZ VWDPSV PDQ\ VHWV DV EORFNV RI Â… Â…

ZLWK D YHU\ KLJK FDW 9DOXH VWDPSV IUHVK 80 Â… Â…

Â’ &20326,7( G ERRNOHW )HE 6* ) QRWH Â’ 4(,, :,/',1*6 JUDSKLWH VHW 80 VHW RI Â’ .*9, SDQHV ZPN LQY 4(,, òG SDQH ZPN LQY òG SDQH ZPN Â’ XSULJKW VHW RI LQYHUWHG VHW RI VL[ YDOXHV

XSULJKW LQ YHU\ JRRG FRQGLWLRQ Â… Â… Â’ &$67/(6 ZDWHUORZ VHW RI PLQW WRS YDOXH Â…

80 6* Â… Â… Â’ &2,/ &203/(7( &RLO òG W\SH , ZPN Â’ VLGHZD\V 6* D 0 GHOLYHU\ OHIW VLGH ILUVW UROO VFDUFH

DV D FRPSOHWH UROO Â… Â… Â’ &2,/ &203/(7( &RLO òG W\SH , ZPN Â’ VLGHZD\V 6* D 0 GHOLYHU\ OHIW VLGH ILUVW UROO VFDUFH DV D

FRPSOHWH UROO Â… Â…

&DWDORJXHG YDOXH Â… IUHVK XQPRXQWHG PLQW Â… Â… Â’ &2,/ &203/(7( &RLO G 6* 2 GHOLYHU\ Â’ OHIW VLGH ILUVW FRGH VHOGRP VHHQ DV D FRPSOHWH FRLO

Â… Â… Â’ &2,/ &203/(7( &RLO òG W\SH , ZPN Â’ VLGHZD\ 6* I _0 GHOLYHU\ OHIW VLGH ILUVW UROO VWLOO ZLWK

ULEERQ DQG SDUW RI ZD[ VHDO 6FDUFH DV D FRPSOHWH UROO Â… Â…

Â’ &2,/ &203/(7( &RLO G 6* D ZPN Â’ VLGHZD\V &UHDP SDSHU V GHOLYHU\ OHIW VLGH ILUVW UROO Â’ &2,/ /($'(56 G %URZQ WRS HQG ILUVW Â’ UROO ZP XSULJKW 6* /LJKW %URZQ 7 OHIW VLGH ILUVW UROO ZLWK ZD[ DQG ULEERQ VWLOO DWWDFKHG 6FDUFH Â… Â…

QXPEHUV 4 ORZHU HQG ILUVW UROO $ JRRG ORW RI OHDGHUV HDFK ZLWK D TXDQWLW\ RI VWDPSV DWWDFKHG Â… Â…

Â’ &2,/ &203/(7( &RLO G 6* D ZPN Â’ VLGHZD\V ZKLWH SDSHU GHOLYHU\ OHIW VLGH ILUVW UROO

VFDUFH DV D FRPSOHWH UROO Â… Â…

Â’ &2,/ 6&$5&( &203/(7( &RLO òG 6* D Â’ 1 GHOLYHU\ OHIW VLGH ILUVW FRGH WKLV FRGH KDV GRW RYHU 5RVH Â’ &2,/ /($'(56 G 6* D UROOV RI 6 Â’ ZLWK FRGH ZLWK D QXPEHU RI VWDPSV DWWDFKHG WR HDFK

YDULHW\ 6*6 Q YHU\ VFDUFH DV D FRPSOHWH FRLO Â… Â…

UROO UROO ZLWK ZD[ DQG ULEERQ VWLOO DWWDFKHG Â… Â… Â’ &2,/ /($'(56 G 6* &UHDP SDSHU ZPN Â’ XSULJKW FRGH + OHIW VLGH ILUVW ZLWK ROG QXPEHUV DQG

Â’ &RLO VWULSV RI ILYH (GZDUG VLGHZD\V ZPN VHW Â’ IUHVK 80 6* $ % YDOXHV LQ WRWDO Â… Â…

HDFK UROO ZLWK D QXPEHU RI VWDPSV DWWDFKHG HDFK UROO GLIIHUHQW Â… Â…

Â’ 4(,, :,/',1* VHW RI VLGHZD\V VHW RI Â’ LQYHUWHG VHW RI òG ZLWK E IRU G DOO IUHVK 80 &DW YDOXH

Â’ 'H /D 5XH &DVWOH VHW RI 6* D D IUHVK Â’ 80 Â… Â…

Â… Â… Â…

Â’ 6W (GZDUG &URZQ :LOGLQJV %RRNOHW 3DQHV Â’ FKLHIO\ 80 ORW RI 7HQ SDQHV ZLWK G DGYHUW SDQHV WZR LQYHUW Â’ 3KDQWRP 5 :LOGLQJ G UHWRXFK YDULHWLHV $ Â’ JURXS RI 80 FRUQHU EORFNV RI VL[ HDFK ZLWK WKHVH YDULHWLHV

òG WR G SDQHV )LQH ORW Â… Â…

9DULRXV SULQWLQJV Â… Â…

Â’ 6WDPS %RRNOHWV G LVVXHV GLIIHUHQW )HE Â’ $XJ 6HSW 2FW DQG 1RYHPEHU LVVXHV Â… Â…

Â’ :LOGLQJ JUDSKLWH OLQH ERRNOHW SDQHV XP ZPN Â’ XSULJKW G òG òG ILQH FRPSOHWH VFDUFH 6* VE

VE VE SDQHV Â… Â…

Â’ :DWHUORZ FDVWOHV VHW PLQW 6* FDW

Â… Â… Â… Â’ :,/',1* òG %XWWHUIO\ IODZ 5 IUHVK 80 Â’ LQ F\OLQGHU EORFN GRW 6SHF 6 + Â… Â… Â’ :LOGLQJ %RRNOHW 3DQH òG F\OLQGHU QXPEHU - Â’ QR GRW 80 Â… Â… ^3KRWR` Â’ :LOGLQJ %RRNOHW 3DQHV PXOWLSOH FURZQV ZLWK Â’ F\OLQGHU QXPEHUV FKLHIO\ ILQH 80 G + GRW òG - GRW

G LQF . GRW G 1 GRW $ KLJKO\ &DW JURXS Â… Â… ^3KRWR`

Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV QRWH G ZDWHUPDUN LQYHUWHG 6* ZL F Â…

6* &DW Â… HDFK VWDPS GLIIHUHQW Â… Â… Â’ 1RUWKHUQ ,UHODQG 5HJLRQDO 'HILQ 80 &ROOHFWLRQ Â’ VWDPSV F\OLQGHU EORFNV FKLHIO\ FRPSOHWH VHWV DQG

YDOXHG WR Â… HWF Â… Â… Â’ 6&27/$1' 5HJLRQDO GHILQV 80 FROOHFWLRQ Â’ F\OLQGHU EORFN FKLHIO\ FRPSOHWH VHWV ZLWK SKRV

YDULDWLRQV DQG YDOXHV WR Â… HWF Â… Â… Â’ :$/(6 5HJLRQDO GHILQV 80 FROOHFWLRQ Â’ F\OLQGHU EORFNV FKLHIO\ FRPSOHWH VHWV ZLWK H[WUD SKRV W\SHV

Â’ :,/',1*6 VHW RI LQFOXGLQJ WKH ZDWHUPDUN Â’ YDULHWLHV 6* &DW Â… IUHVK 80 Â… Â…

YDOXH WR Â… HWF Â… Â…

Â’ &2,/ /($'(56 òG 6* D ZLWK VWDPSV Â’ DWWDFKHG . ORZHU HQG ILUVW UROO ZLWK VWDPSV DWWDFKHG 1

OHIW VLGH ILUVW UROO ZLWK D YHU\ ODUJH TXDQWLW\ RI VWDPSV DWWDFKHG Â… Â…

Â’ &$67/( Â… 6* IUHVK 80 FDW Â… Â’ Â… Â… Â’ &2,/ &203/(7( &RLO G 6* DE 7 Â’ GHOLYHU\ OHIW VLGH ILUVW % SKRV VWLOO VHDOHG ZLWK ZD[ DQG ULEERQ

VFDUFH Â… Â…

Â’ &2,/ /($'(5 G ZLWK JUDSKLWH OLQH 6* Â’ OHDGHU Y GHOLYHU\ ORZHU HQG ILUVW UROO ZLWK VWDPSV

Â’ &2,/ &203/(7( &RLO G VWLOO VHDOHG ZLWK ZD[ Â’ DQG ULEERQ 7 GHOLYHU\ OHIW VLGH ILUVW % SKRV UROO VFDUFH

DWWDFKHG 6FDUFH Â… Â… ^3KRWR`

VWLOO VHDOHG 6* DE ZPN VLGHZD\V Â… Â…

Â’ &2,/ /($'(5 G 6* &UHDPSDSHU - Â’ Â’ GHOLYHU\ ORZHU HQG ILUVW UROO ZLWK VWDPSV DWWDFKHG Â’ &2,/ &203/(7( &RLO G VWLOO VHDOHG + GHOLYHU\ OHIW VLGH ILUVW SKRV % UROO VWLOO VHDOHG ZLWK ZD[ DQG

Â… Â…

ULEERQ 6FDUFH Â… Â…

Â’ &2,/ /($'(5 6FDUFH G ZLWK JUDSKLWH OLQH Â’ Â’ 6* 9 ORZHU HQG ILUVW UROO ZLWK VWDPSV DWWDFKHG Â’ :,/',1*6 YHU\ FRPSOHWH VHW RI ZLWK PRVW RI WKH ZPN YDULHWLHV ZLWK GLIIHUHQW SULQWLQJ &DW YDOXH Â…

6FDUFH Â… Â…

IUHVK 8102817(' 0,17 HDFK VWDPS GLIIHUHQW Â… Â…

3$5/,0(17$5< &RQIHUHQFH LOOXVWUDWHG ZLWK

Â’ :LOGLQJ %RRNOHW 3DQHV ZLWK SKRV EDQGV Â’ SDQHV DOO 80 $ JRRG UDQJH RI G SDQHV LQY DQG XSULJKW

WK 3DUOLDPHQWDU\ &RQIHUHQFH VSHFLDO FDQFHO ZLWK D QHDW W\SHG DGGUHVV Â… Â…

:PN W\SHV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 42

Â’ &2,/ &203/(7( &RLO òG W\SH , ZPN XSULJKW Â’ 7(&+12/2*< VHW 6* HDFK Â’ &UHDP SDSHU 6* I &RLO ) GHOLYHU\ ORZHU HQG ILUVW UROO KDQGVWDPSHG &DQFHOOHG VPDOO IRUPDW ILQH XQXVHG WDNHQ IURP

VFDUFH DV D FRPSOHWH UROO Â… Â…

D SUH UHOHDVH *32 VKHHW 9HU\ VFDUFH Â… Â…

Â’ 63(&7$&8/$5 (5525 3RVW 2IILFH 6DYLQJV Â’ %DQN YHUW VWULS RI RQH ZLWK 3DUW 2UDQJH %URZQ PLVVLQJ WKH

Â’ 9$5,(7< 5REHUW %XUQV EORFN RI G ZLWK Â’ VKLIW WR WKH OHIW RI VODWH %OXH %DFNJURXQG WR 4XHHQV SRUWUDLW

VWDPS EHORZ FRPSOHWHO\ PLVVLQJ VFDUFH WKULVVHOO SULQWLQJ 6* %D $ YHU\ VFDUFH VWDPS Â… Â…

OLVWHG LQ 6WRQHKDP 6* YDU 6WRQHKDP & D XQPRXQWHG PLQW Â… Â…

Â’ &2,/ 6&$5&( &203/(7( &RLO òG 6* Â’ :25/' &83 :,11(5 VWXG\ ZLWK YDULHWLHV LQF Â’ 1 GHOLYHU\ OHIW VLGH ILUVW FRGH ZLWK ZD[ VHDO DQG 3LQN ULEERQ Â’ QHYHU VHHQ FDQFHOOHG KDQGVWDPSV OLVWHG PLQRU YDULHWLHV

VWLOO DWWDFKHG 6FDUFH Â… Â…

LGHQWLILHG D YHU\ JRRG JURXS RI LWHPV Â… Â…

Â’ &2,/ &203/(7( &RLO G VWLOO VHDOHG ZLWK LWV Â’ &2,/ &203/(7( &RLO G 6* HD SKRV % Â’ ZD[ DQG ULEERQ 6* D 7 GHOLYHU\ OHIW VLGH ILUVW UROO Â’ 6 GHOLYHU\ OHIW VLGH ILUVW VWLOO VHDOHG ZLWK ZD[ DQG ULEERQ

9HU\ VFDUFH VWLOO VHDOHG Â… Â…

6FDUFH Â… Â…

Â’ 5(' &5266 6WXG\ ZLWK YDULHWLHV G ZLWK Â’ UHSDLUHG &URVV VWULS RI DQG ZLWK 'RFWRU %ODGH IODZV

Â’ ()7$ G FRUQHU F\OLQGHU EORFN RI QLQH 80 Â’ ZLWK D VXEVWDQWLDO VKLIW RI WKH EODFN IUDPHG DURXQG IODJV HWF

SKRV VHW 80 $Q LQWHUHVWLQJ JURXS RI LWHPV 80 Â… Â…

PRVW XQXVXDO 6* Â… Â… Â’ ()7$ (5525 G DOO RYHU SKRVSKRU 6* Â’ SN OLVWHG DQG XQSULFHG IUHVK 80 YHU\ VFDUFH

Â’ %RWDQLFDO FRQJUHVV SUHVHQWDWLRQ SDFN LQ Â’ H[FHSWLRQDO FRQGLWLRQ 6* SDFN Â… Â…

Â… Â…

Â’ (5525 G LPSHUIRUDWH SDLU 6* F Â’ %RWDQLFDO VHW SKRV DV VXSHUE XP EORFNV 6* Â’ XQPRXQWHG PLQW Â… Â… Â’ S FDW Â… DOVR FHSW DV EORFNV XP

EORFNV Â… Â…

Â’ (5525 G LPSHUIRUDWH SDLU 6* F Â’ XQPRXQWHG PLQW Â… Â… %27$1,&$/ VHW 6* RUG DIIL[HG WR LOOXVWU )'& DQG KDQGVWDPSHG &$1&(//(' D VFDUFH *32 SUH (;3(',7,21 %ULWLVK &HUUR 7RUUH VLJQHG E\ UHOHDVH FRYHU 9HU\ ILQH XQDGGU Â… Â… 0LFKDHO %XUNH .LOOHG RQ 0RXQW (YHUHVW 0DUWLQ %R\VHQ 3HWHU Â’ )257+ 52$' %5,'*( SUHVHQWDWLRQ SDFN LQ &UHZ DQG 'RXJDO +DVWRQ ZLWK VSHFLDO EDVH FDPS FDFKHW Â’ RXWVWDQGLQJ FRQGLWLRQ 6* FDW Â… Â… Â… Â… Â… Â’ )257+ 52$' %5,'*( 3UHVHQWDWLRQ SDFN D Â’ VFDUFH SDFN %XFNOHG Â… Â…

Â’ 0DFKLQ G &\OLQGHU EORFN 80 DT E ZLWK Â’ SKRVSKRU RPLWWHG DQG YDULHW\ UHWRXFKHG VKRXOGHU 9HU\

ILQH DQG VFDUFH Â… Â…

Â’ )257+ 52$' %ULGJH SUHVHQWDWLRQ SDFN Â’ 6FDUFH Â… Â…

Â’ 9$5,(7< G XQFRDWHG SDSHU 6* D ZLOO Â’ LQF D QRUPDO WR FRPSDUH Â… Â…

Â’ *HRJUDSKLFDO FRQJUHVV SUHVHQWDWLRQ SDFN LQ Â’ H[FHSWLRQDO FRQGLWLRQ 6* SDFN Â… Â…

0$&+,16 35( '(&,0,1$/ ,668( 6* H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ LQ DQ DOEXP ZLWK PDQ\ PLVVLQJ SKRVSKRU YDULHWLHV XP QRWLQJ G G 6* H\ G G DOVR XQFRDWHG SDSHU YDULHW\ G G DOVR VSHFLDOLVW SULQWLQJV GLII KHDGV ERRNOHW SDQHV RULJLQDO ORW Â… Â…

{ 9$5,(7,(6 80 DOO 6* OLVWHG LWHPV ))+ Â’ òG OLQH DFURVV 03$ 6* : $ %2% G EORFN VWXND Â’ UHWRXFK &KULVWPDV G PLVVLQJ 7 HWF Â… Â… 3DUOLDPHQW LOOXVWUDWHG )'& ZLWK +RXVH RI

Â’ %5,7,6+ 3$,17,1*6 YDULHW\ F\OLQGHU EORFN RI Â’ ZLWK XQLWV VKRZLQJ ODUJH VSLOO RI JROG 6* 80

&RPPRQV &'6 FRYHU LV XQDGGUHVVHG ZLWK VSHFLPHQ KDQGVWDPS PRVW XQXVXDO Â… Â…

Â… Â…

Â’ 812 G YDULHWLHV 80 LQ SRVLWLRQDO EORFNV Â’ LWHPV DOO OLVWHG 6* LQF /DNH LQ 5XVVLD 6* 3E

Â’ (5525 0DFKLQ G ZLWK *UHHQLVK %OXH Â’ RPLWWHG DQG RQH P RQ SKRVSRU ERQG a6*8 ( 6* (9

Â… Â…

IUHVK 80 Â… Â…

Â’ %,5'6 0,66,1* &2/285 (5525 ,1 80 Â’ %/2&. )285 ZLWK G %OXH 7LW %/8( 20,77(' IURP +HDG

Â’ 3KRVSKRU RPLWWHG YDULHW\ G 9HUPLOLRQ 6* Â’ H\ ILQH XP Â… Â…

DQG :LQJ VSHFWDFXODU RQO\ FRXOG H[LVW 6* J Â… Â… Â’ Â’ Â’ %OXH &RORXU RPLWWHG DIIHFWLQJ WZR VWDPSV Â’ ZLWKLQ %LUG EORFN RI )RXU IUHVK 80 6SHFWDFXODU 7KH %OXH 7LW LV :KLWH 6* * &DW Â… Â… Â… ^3KRWR`

%5,7,6+ 6+,36 VH WHQDQW SDLUV ZLWK YDULHWLHV ILUVW SDLU PLVVLQJ SKRVSKRU QG EORFN RI ZLWK SHUIRUDWLRQ VKLIW WR WKH ULJKW VR WKH YDOXH LV LQ WKH SHUIRUDWLRQV RQ HDFK XQLW 6* YDU 80 Â… Â…

Â’ &21&25'( G HUURU OHIW KDQG SKRV EDQG Â’ RPLWWHG 6* H IUHVK 80 +DUU\ $OOHQ OHWWHU LQFOXGHG

&$1&(//(' KDQGVWDPSV ODUJH VL]H RQ +DVWLQJ VHW RI WKH VWDPSV KDYH EHHQ XVHG IRU WHVWLQJ SXUSRVHV Â… Â…

Â… Â…

Â’ +$67,1* G PDUJLQDO EORFN RI ZLWK XQLWV Â’ KDYH VWURQJ VDJH JUHHQ GRFWRU EODGH IODZ QRQ SKRV VXSHUE

LWHP 80 Â… Â…

Â’ (8523$ G 6* 80 PDUJLQDO EORFN ZLWK Â’ '28%/( 3(5)257,216 DIIHFWLQJ WKH ULJKW SDLU DQG PDUJLQ

8QXVXDO Â… Â…

Â’ 0LVVLQJ FRORXU HUURU %DWWOH RI +DVWLQJV VWULS RI Â’ DOO ZLWK %OXH FRORXU RPLWWHG ZLWK QRUPDO VWULS WR FRPSDUH

6* + HUURUV &DW Â… Â… Â… Â’ 63(&7$&8/$5 FRPSOHWH VKHHW RI G %DWWOH RI Â’ +DVWLQJV ZLWK VWDPSV KDYH PDJHQWD PLVVLQJ DQG VHYHUDO

VWDPSV ZLWK SDUW RI WKH PDJHQWD PLVVLQJ 6* I XQPRXQWHG PLQW Â… Â…

*$1'+, ZLWK EHWWHU SLFNLQJV LQF *HUPDQ SXEOLFLW\ FDUGV ZLWK GLIIHUHQW FDQFHOOHG KDQGVWDPSV F\OLQGHU EORFN RI ZLWK WRRWK IODZ YDULHW\ 5 SKRV RPLWWHG SOXV RWKHU PLQRU YDULHWLHV $ YHU\ LQWHUHVWLQJ JURXS RI LWHPV FKLHIO\ 80 Â… Â… { 6+,3 G (5525 SDUWLFXODUO\ SHUIV PDUJLQDO Â’ ZLWK H[WUD SHUIV LQ WKH PDUJLQ WKLV WKHQ FXWV LQWR WKH VWDPSV Â’ VSHFWDFXODU YDULHW\ Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 43

6KLS LOOXVWUDWHG IGF V ZLWK D FDWDORJXH YDOXH

Â’ 0$&+,16 òS WR S DQ H[WHQVLYH VSHFLDOLVHG RYHU Â… ZLWK EHWWHU FDQFHOV /OR\GV RI /RQGRQ &RIIHH KRXVH Â’ FROOHFWLRQ XP ZKHUH WKH YDOXH LV DQG IX GHWDLOHG RQ SDJHV +RXVH RI &RPPRQV DQG /RUGV %XFNLQJKDP 3DODFH &XWW\ PDQ\ YDULHWLHV VSHFLDOLVW LWHPV ZLWK FROOHFWRUV QRWHV V 6DUN LOOXVWUDWHG FDQFHO 8QDGGUHVVHG RU QHDW W\SHG WRR PXFK WR OLVW YHU\ JRRG ORW RI PLVVLQJ SKRV HUURUV XP QRWLQJ S PLVSHUIRUDWHG SDLUV ZLWK VRPH VWULNLQJ LWHPV S DGGUHVVHV Â… Â… SRVWDO IRUJHU\ PDQ\ GLII SULQWLQJV HWF $ YHU\ JRRG ORW ZLWK { 6KLS VWXG\ DQG LQWHUHVWLQJ JURXS ZLWK FRYHUV KLJK FY Â… Â… DQG PLQRU YDULHWLHV VHHQ VSHFLDO GHVLJQHG VRXYHQLU FDUG ZLWK

80 VHW DWWDFKHG VLJQHG E\ WKH GHVLJQHU -DQ %ODWFKOH\ PDLGHQ Â’ %52$'&$67,1* $QQLYHUVDU\ VWXG\ ZLWK Â’ YDULHWLHV S PLVSODFHG 4(,, KHDG DQG \HOORZ S SKRV RPLWWHG YR\DJH 4(,, FRYHUV PLQRU YDULHWLHV RQ G LQ EORFNV DQG 4(,, KHDG VKLIW S RQ LOOXVWUDWHG )'& ZLWK SKRV RPLWWHG òS YDOXHV ZLWK PLQRU YDULHWLHV LQ EORFNV D JRRG ORW RI LWHPV FKLHIO\ 80 EORFNV DOVR VHW ZLWK VFKRRO VSHFLPHQ KDQG VLQJOH EDQG SKRV RPLWWHG WKLQ SDSHU S SKRV RPLWWHG VLQJOH VWDPS Â… Â… SKRV WZR EDQGV SULQWHG RQ WKH UHYHUVH VHW ZLWK 6FKRRO 6SHFLPHQ KV *HUPDQ SURPRWLRQDO FDUG $ YHU\ JRRG ORW RI Â’ 67$036 IRU &RRNV Â… VWDPS ERRNOHW ZLWK LWHPV VWDPSV 80 Â… Â… Â’ 6WDSOHV YHU\ ILQH 80 WKH UDUH ILUVW YDULDQW 6* =3

Â’ &+5,670$6 VWXG\ ZLWK YDULHWLHV òS SKRV Â’ RPLWWHG HPERVVLQJ RPLWWHG SKRV DQG HPERVVLQJ RPLWWHG VKLIW RI JROG S VKLIW RI HPERVVLQJ VKLIW RI JUHHQ VKLIW RI JUHHQ

Â… Â… { 9DULHWLHV VKLS 4(,, ZLWK SHUIRUDWLRQ VKLIWV LQF Â’ VKLIW WR WKH ULJKW VR QR YDOXH QG ZLWK SDUW YDOXH DW WKH ULJKW Â’ 9RW VWULSV RI DQG VKLIW RI SHUIV XSZDUGV ,QWHUHVWLQJ

ORW Â… Â… Â’ 9$5,(7< G LQYHVWLWXUH ZLWK ODUJH JROG VPXGJH Â’ DFURVV IRXU VWDPSV ZLWKLQ D EORFN RI QG VWULS ZLWK ILQH JROG

OLQHV LQ WKH PDUJLQ DQG SHUIV RI HDFK VWDPS IUHVK 80 Â… Â… Â’ 3KRVSKRU RPLWWHG VHWV &RQFRUGH Â’ 6* (\ (\ ,QYHVWLWXUH 6* (\D (\

DQG JROG VKLIW RI WXUTXRLVH òS SULQWLQJ IODZV LQF UHG VSLOO SXUSOH VPXGJHV PLVVLQJ SULQWHG DUHDV EORFN ZLWK SDUWLDOO\ H[WUD SHUIV SDSHU MRLQW VWULS RI VHW ZLWK 6SHFLPHQ 6FKRRO KV $ YHU\ JRRG FROOHFWLRQ RI LWHPV Â… Â… { (;3/25(56 S 9$5,(7,(6 EORFN RI ZLWK Â’ GRZQZDUG VKLIW RI WKH EOXH OHDYLQJ WKH H\H RQ URVV V FKHHN D Â’ VLQJOH ZKHUH WKH H\HV DUH LQOLQH ZLWK WKH WLS RI KLV QRVH D QG

VLQJOH ZLWK PXOWLSOH VKLIWV RI FRORXUV DQ LQWHUHVWLQJ ORW XQPRXQWHG PLQW Â… Â…

&RWWDJHV 6* (\ (\ DOO XQPRXQWHG PLQW Â… Â…

Â’ ([SORUHUV YDULHWLHV HUURUV S ZLWK SKRVSKRU Â’ RPLWWHG S HPERVVLQJ RPLWWHG S ZLWK SKRV DQG HPERVVLQJ

Â’ &+5,670$6 HUURU G LPSHUI SDLU IURP WKH Â’ VLGH RI WKH VKHHW IUHVK 80 YHU\ VFDUFH 6* F FDW

RPLWWHG S PLVSHUI VR 5RVV QDPH LV RQ WKH ULJKWKDQG VLGH RI WKH VWDPS S ZLWK GRZQZDUG VKLIW RI RUDQJH *HUPDQ SXEOLFLW\ VKHHW VFKRRO VSHFLPHQ RYSW VHWV DQ LQWHUHVWLQJ JURXS RI LWHPV PDQ\ DV EORFNV Â… Â…

Â… Â… Â… Â’ &KULVWPDV YDULHWLHV G JURVVO\ Â’ PLVSHUIRUDWHG GLIIHUHQW SOXV G G SKRV RPLWWHG $OO

Â’ :('*:22' VWDPS ERRNOHW ZLWK VFDUFH OLVWHG Â’ YDULHW\ DIIHFWLQJ òS òS SDQH 6* 8(3 $ Â… Â…

80 Â… Â… %RRNOHW SDQHV PDFKLQV DGYHUWLVHUV VHW RI IRXU

ILUVW LVVXH IRU FKULVWPDV HYH HDFK RQ VXSHUE LOOXVWUDWHG IGF ZLWK FDFKHW ODEHO DGGU 5DWKHU VFDUFH Â… Â…

VW )HEUXDU\ S DOO RYHU SKRV RQ LOOXVWUDWHG

)'& VXSHUE XQDGGU 6RXWKDPSWRQ FGV FKRLFH Â… Â…

%22./(7 3$1(6 2Q LOOXVWUDWHG )'&V ZLWK

:LQGVRU )', FDQFHO ZLWK VPDOO ODEHO DGGUHVVHV ZLWK ERRNOHW SDQH DWWDFKHG Â… Â…

%LUGV $Q XQLVVXHG GHVLJQ IRU S &DJHG %LUGV DV YHUWLFDO LPSHUI SDLU XQXVHG YHU\ XQXVXDO DQG ZH KDYHQ W VHHQ WKLV XQDGRSWHG GHVLJQ EHIRUH Â… Â…

Â’ /,7(5$5< $11,9(56$5< VWXG\ ZLWK YDULHWLHV &KULVWPDV LOOXVWUDWHG IGF V LQF VHW ZLWK Â’ S SKRV RPLWWHG HPERVVLQJ VKLIW WR WKH ULJKW EODFN VKLIW %XFNLQJKDP 3DODFH FGV ZLWK HDFK FRYHU EHLQJ GLIIHUHQW SULQWLQJ HUURU OHDYLQJ XQSULQWHG DUHDV DURXQG SDSHU MRLQW VSLOO

Â… Â… RI JROG S SKRV RPLWWHG RQH EDQG QLFN LQ KDLU YDULHW\ òS &ULFNHW S 3+4 FDUG VXSHUE XVHG FDW Â… SKRV RPLWWHG HPERVVLQJ RPLWWHG VKLIW RI HPERVVLQJ WR WKH ILQHVW TXDOLW\ Â… Â… ULJKW 6FKRRO 6SHFLPHQ KV RQ WKH VHW RI *HUPDQ SURPRWLRQDO FDUG ZLWK WKH VWDPSV DWWDFKHG $Q LQWHUHVWLQJ JURXS RI &5,&.(7 ,668( $ VSHFLDO VHW RI LWHPV VWDPSV 80 Â… Â… LOOXVWUDWHG )'& SURGXFHG E\ :RUWKLQJ 6WDPS &HQWUH LQ VSHFLDO Â’ 0DFKLQV 7KH S VSHFLDOLVHG JURXS RI PFF $OEXP DOO VXSHUE XQDGGUHVVHG ZLWK VSHFLDO FDQFHOV 9HU\ Â’ Â… LQF PLVVLQJ SKRV 8 D $OO GLIIHUHQW Â… Â… ILQH %UDGEXU\ UHWDLO Â… Â… Â… Â’ &5,&.(7 SKT FDUG VXSHUE XQXVHG Â’ Â… Â…

Â’ 0DFKLQV VSHFLDOLVHG 80 JURXS GLIIHUHQW Â’ 0&& UDWHV Â… òS S òS LQF PLVVLQJ SKRV

RQ òS $OO GLIIHUHQW Â… Â… { &ULFNHW 3+4 VXSHUE XVHG &DW Â… 0DFKLQV WKH òS YDOXH D VSHFLDOLVW JURXS RI Â… Â… PFF Â… DOO 80 LQF YHU\ VFDUFH &HQWUH %URDG %DQG 8 E { &ULFNHW 3+4 VXSHUE XVHG &DW Â… %URDG %DQG OHIW WKLFN PLVVLQJ SKRV *RRG JURXS Â… Â… Â… Â… Â’ ([WHQVLYH &ROOHFWLRQ RI &RPPHPRUDWLYH Â’ (5525 3DLQWLQJV S ZLWK *ROG DQG (PERVVLQJ Â’ 3UHVHQWDWLRQ SDFNV RQO\ .*9 DQG &ODVVLF $OEXP DUH Â’ RPLWWHG 6* (F XQPRXQWHG PLQW Â… Â… PLVVLQJ LQF VL[ JUHHWLQJ SDFNV ZLWK D IDFH YDOXH RYHU Â… $ YHU\ JRRG ORW RI KLJK YDOXH FRPPHPRUDWLYH VHWV Â… Â… Â’ %RRNOHW SDQHV FRLO VWULSV RI PDFKLQV $Q Â’ H[WHQVLYH FROOHFWLRQ RI XP LQ DQ DOEXP ZLWK FROOHFWRUV QRWHV

QXPEHUV GLII SDQHV LQF HDUO\ EODQN DGYHQW ODEHO SDQHV SDQHV WDNHQ IURP SUHVWLJH ERRNOHWV ZLWK KLJK FY VH WHQDQW SDQHV FRLO VWULSV DUH XQFKHFNHG JRRG RULJLQDO ORW Â… Â…

Â’ ,QGLJR -RQHV 3+4 ILQH XQXVHG &DW Â… Â’ Â… Â… Â’ 0DFKLQ HUURU òS 2&3 39$' 6*8 IUHVK Â’ 80 6FDUFH Â… Â… Â’ 0LVVLQJ FRORXU HUURU S H[SORUHUV *ROG RPLWWHG Â’ 4XHHQV +HDG IUHVK 80 ZLWK QRUPDO 6* D ZLWK RULJLQDO 6*

SXUFKDVH FDUG Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 44

{ 3DUOLDPHQW 3+4 9)8 FÂ… Â… Â…

6,*1(' SROLFH LOOXVWUDWHG IGF ZLWK WK

DQQLYHUVDU\ RI 6LU -RKQ *LHOJXG DW %ODFNSRRO VSHFLDO FDQFHO VLJQHG E\ 6LU -RKQ *LHOJXG D VFDUFH VLJQHG FRYHU Â… Â…

{ 3DUOLDPHQW 3+4 9)8 Â… Â…

Â’ :('*:22' Â… ERRNOHW ZLWK 0,;(' 9$/8( Â’ 3$1( +$9,1* 7+( 3+263+25 20,77(' VFDUFH YDULHW\

5R\DO :HGGLQJ òS 3+4 FDUG VXSHUE XVHG

'; YDU Â… Â…

ZLWK VSHFLDO VWDPS H[KLE FDQFHO DQG FDFKHW Â… Â… Â’ 63(&7$&8/$5 9DULHW\ S &KULVWPDV 6( Â’ 7HQDQW WRS PDUJLQDO ZLWK 3DUW WULSOH SHUIV HIIHFWLQJ WKH WRS URZ

RI VWDPSV PRVW XQXVXDO IUHVK 80 Â… Â…

%(1+$0 ,OOXVWUDWHG )'& V &DW Â… ZLWK

EHWWHU FDQFHOV LQF 5R\DO :HGGLQJ /XOOLQJ 6WRQH 6LON )DUP DOO XQDGGUHVVHG DQG LQ YHU\ ILQH FRQGLWLRQ 6LON FRYHUV Â… Â…

Â’ 75(( $1' ((& VWXG\ W\SHG XS RQ OHDYHV ZLWK 6,*1(' WK DQQLYHUVDU\ RI WKH ILUVW FDUULDJH Â’ PLQRU YDULHWLHV 7UHH LQF EURNHQ N LQ 2DN DV D F\O EORFN RI VL[ RI PDLO DQG SDVVHQJHU E\ EDOORRQ VLJQHG E\ /HR 'LFNVRQ D )'& V ZLWK :HVWRQELVW $UERUHWXP DQG +DWLILHOG %URDG 2DN

YHU\ ILQH FRYHU Â… Â…

VWDPS ZLWK SKRV RPLWWHG QG ZLWK EURDG EDQG ((& VHW ZLWK 6SHFLPHQ KV S S ZLWK PLQRU SULQWLQJ IODZV $ JRRG ORW RI LWHPV Â… Â…

Â’ 0$&+,1 HUURU S IURP Â… ERRNOHW ZLWK ODEHO Â’ DWWDFKHG DW WRS ZLWK EURDG EDQG DW ULJKW 80 4 %%

Â… Â…

Â’ 9$5,(7< &KULVWPDV S VH WHQDQW VWULS ZLWK Â’ ,03(5)25$7( SDLU S PDFKLQ GHILQV IUHVK Â’ SHUIRUDWLRQ HUURU GXH WR WKH PDUJLQ IROGLQJ RYHU $Q LQWHUHVWLQJ Â’ 80 6* = D Â… Â…

SLHFH Â… Â…

{ 5(*,21$/6 S W\SH ,, IRU 1, 6FRWODQG DQG

Â’ 9$5,(7< 6LOYHU :HGGLQJ S ZLWK 'RFWRUV Â’ %ODGH IODZ DFURVV VWDPSV ZLWKLQ D EORFN RI 6*

:DOHV )8 &DW Â… Â… Â…

9DU Â… Â…

Â’ 0$&+,1 (5525 2) &2/285 S TXHVWD Â’ EODFNLVK ROLYH XP PFF %4)3 $% Â… Â… FDUGV &ULFNHW ,QLJR -RQHV 3DUOLDPHQW 5R\DO :HGGLQJ 7UHH )LUH 6HUYLFH 7XUQHU 5RVHV D YHU\ JRRG FROOHFWLRQ RI HDUO\ 6LJQHG LOOXVWUDWHG )'& V 6DOXWH WR WKH %UDYH RI FDUGV Â… Â… 4 WKH %DWWOH RI %ULWDLQ VLJQHG E\ /HQDUG &KHVKLUH DQG -RQQLH (;3(5,0(17$/ VHOI DGKHVLYH VHW RI VHYHQ -RKQVRQ *DOODQWU\ VHW RQ FRYHUV ZLWK %LJJLQ +LOO DQG +DZNLQJH VSHFLDO FDQFHOOHG FDUULHG LQ D 6SLWILUH DQG D +XUULFDQH SDUW RI LQF WZR VH WHQDQW SDLUV RQ 'HUHN :RUER\V GHGLFDWHG )'& WKH PHPRULDO IOLJKW Â… Â… H[WUHPHO\ UDUH DQG YHU\ ILQH W\SHG DGGU 2QO\ D KDQGIXO ZHUH SUHSDUHG RQH RI WKH UDUHVW GHILQ )'& Â… Â… Â’ 63(&7$&8/$5 PLVSHUIRUDWHG HUURU S .HZ ($5/< 3+4 UHWDLO Â… PLQW ZLWK WKH EHWWHU

Â’ *DUGHQV 6* WKH XQLTXH WUDIILF OLJKW FRUQHU EORFN RI VL[

Â’ )LUH 3+4 VXSHUE PLQW Â… Â… Â’

JURVVO\ PLV SHUI YHUWLFDOO\ YDOXH QRZ DW ULJKW 80 ZULQNOHV GXH WR LQFRUUHFW IHHG $PD]LQJ LWHP Â… Â…

Â’ )LUH 3+4 VXSHUE PLQW Â… Â… Â’

5211,( %$5.(5 6LJQHG JUHHWLQJ LOOXVWUDWHG

)'& ZLWK ,URQEULGJH VSHFLDO &'6 Â… Â…

{ ),567 6(/) $'+(6,9( VHW òS S òS S 6,*1(' 6FLHQWLILF $FKLHYHPHQWV LOOXVWUDWHG

S òS S VHW ILQH XVHG VFDUFH Â… Â…

)'&V 7RUQDGR ) PN VLJQHG E\ 6LU .HLWK :LOOLDPVRQ 7KH $QQLYHUVDU\ RI :KLWWOHV -HW (QJLQH VLJQHG E\ :LQJ &RPPDQGHU 5RODQG %HDPRQW ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ 6&$5&( S PDFKLQ 2FS 38$' 6*8 Â’ IUHVK 80 Â… Â… Â’ 75(( 3+4 &$5' VXSHUE XQXVHG FDW Â’ Â… Â… Â…

Â’ +DUULVRQ Â… FDVWOHV VJ VXSHUE FRUQHU Â’ SODWH EORFNV ZLWK YDULRXV FRQWURO QXPEHUV F G H

&DW Â… DV EDVLF VWDPSV IDFH Â… Â… Â…

Â’ 7UHH 3+4 VXSHUE PLQW &DW Â… Â… Â… Â’ 3$5$/<03,&6 S VH WHQDQW IODJ LVVXH DV Â’ Â’ 80 EORFN RI SDLUV ZLWK 0$-25 '2:1:$5' 6+,)7 2)

%/8( &2/285 DIIHFWLQJ OHIW VLGH IRXU VWDPSV JLYLQJ D GLVWRUWHG LPSUHVVLRQ RI 4XHHQV KHDG YDOXH DQG LQVFULSWLRQ 6* 5HPDUNDEOH Â… Â…

Â’ 7UHH 3+4 VXSHUE PLQW Â… Â… Â’

{ 7UHH 3+4 VXSHUE XVHG FÂ… Â… Â…

Â’ 3RVWDO )RUJHULHV S WZR H[DPSOHV IURP Â’ GLIIHUHQW SULQWLQJV 80 Â… Â… ^3KRWR`

{ 7UHH 3+4 VXSHUE XVHG FÂ… Â… Â…

Â’ 0DFKLQV VSHFLDOLVHG FROOHFWLRQ HOOLSWLFDO SHUIV Â’ VHFXULW\ FRGHV XP VHWV LVVXHV LGHQWLILHG RQ SDJHV LQF

3+4 &ROOHFWLRQ ZLWK PDQ\ VHWV LQF EHWWHU HDUO\

0HGLHYDO .QLJKW $UFKLWHFWXUDO +HULWDJH 5DLOZD\ 5RVHV &XOWXUH RYHU 3+4 XQXVHG Â… Â… Â’ (;7(16,9( &2//(&7,21 2I Â’ 3UHVHQWDWLRQ 3DFNV SOXV PLQLDWXUH VKHHWV KRXVHG LQ

(QVFKHGH WR Â… GOG WR Â… VHOI DGKHVLYHV WR Â… PDQ\ PRUH WR Â… HWF 7KH ORW DOVR LQFOXGHV PRVW VWDPSV YIX ZKLFK ZH KDYHQ W ILJXUHG %DUJDLQ Â… Â… 6,*1(' ' 'D\ $QQLYHUVDU\ LOOXVWUDWHG )'&V

VLJQHG E\ 0DMRU - +RZDUG DQG /RUG /HZLQ FRYHU FDUULHG WR 1RUPDQG\ RQ D ODQGLQJ FUDIW ERWK ZLWK VSHFLDO FDQFHOV $OEXPV )ROGHUV HDFK SDFN DQG 06 DUH GLIIHUHQW KXJH FDW Â… Â… 9DOXH LQ PRGHUQ FRPPHPRUDWLYH VHWV +LJK IDFH YDOXH 6LJQHG *ROI LOOXVWUDWHG IGF V ERWK VLJQHG E\ Â… Â… *UHJ 1RUPDQ 7KH 5R\DO 6W *HRUJHV JROI FOXE ZLWK VSHFLDO Â’ 0DFKLQ HUURU S XQFRDWHG SDSHU IUHVK 80 6DQGZLFK .HQW FDQFHO DQG WKH %ULWLVK 2SHQ *UHJ 1RUPDQ Â’ 5DUH 8 Â… Â… GHIHQGLQJ FKDPSLRQ D YHU\ ILQH SDLU RI LOOXVWUDWHG IGF V Â… Â… 6,*1(' DQQLYHUVDU\ RI WKH ILUVW IOLJKW IURP (QJODQG WR $XVWUDOLD VLJQHG E\ -HDQ %DWWHQ LQ YHU\ ILQH VISIT FRQGLWLRQ Â… Â…

www.philangles.co.uk.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 45

6,*1(' 0HGLFDO 'LVFRYHULHV 3HDN 3UDFWLFH

6LJQHG (QGDQJHUHG 6SHFLHV LOOXVWUDWHG )'&V

LOOXVWUDWHG )'&V VLJQHG E\ .HYLQ :KDWOH\ $PDQGD %XUWRQ DQG 6LPRQ 6KHSKHUG ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' &KULVWPDV LOOXVWUDWHG )'& VLJQHG E\

VLJQHG E\ -XOLDQ 3HWWLIHU DQG 'DYLG %HOODP\ ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 6SHHG LOOXVWUDWHG )'&V VLJQHG E\

1RUPDQ :LVGRP ZLWK D VSHFLDO ,Y\EULGJH &DQFHO Â… Â…

*LQD &DPSEHOO 'RQDOG :DOHV DQG %RRNOHW 3DQH VLJQHG E\ .HQ 1RUULV DOO ZLWK VSHFLDO FDQFHOV Â… Â…

6,*1(' 1DWLRQDO 7UXVW &HQWHQDU\ LOOXVWUDWHG

6,*1(' %HUOLQ $LUOLIW %RRNOHW SDQHV LOOXVWUDWHG

)'& V VLJQHG E\ 6LU 'DYLG $WWHQERURXJK +XJK 6FXOO\ 6LU $QJXV 6WLUOLQJ DQG 5LFKDUG 5DQVRPH $OO ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 5 - 0LWFKHOO %RRNOHW 3DQHV LOOXVWUDWHG

)'&V VLJQHG E\ -RKQQLH -RKQVRQ DQG 'U *RUGRQ 0LWFKHOO ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

)'&V VLJQHG E\ 6J /GU 3HWHU ,]DUG DQG $LU DUVKDO 6LU -RKQ &XUWLVV ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' &RLQ LOOXVWUDWHG )'& &KULVWPDV VLJQHG

E\ 1RHO (GPRQGV ZLWK *LEUDOWDU S &KULVWPDV &RLQ 6FDUFH Â… Â…

6,*1(' &RLQ LOOXVWUDWHG )'& ZLWK 5XJE\ :RUOG &XS %RRNOHW SDQH VLJQHG E\ - 3 5 :LOOLDPV ZLWK Â… 5XJE\ &RLQ Â… Â… )'& V LQF 'DPH 0DJJLH 6PLWK 'DPH -XGL 'HQFK (PPD )LHOGLQJ $ YHU\ ILQH JURXS ZLWK VSHFLDO FDQFHOV 6LJQHG &RLQ LOOXVWUDWHG )LUVW 'D\ &RYHU (FOLSVH Â… Â… PLQLDWXUH VKHHW VLJQHG E\ 6LU %HUQDUG /RYHOO ZLWK Â… $OGHUQH\ 6,*1(' 6SULQJWLPH LOOXVWUDWHG )'&V VLJQHG 7RWDO (FOLSVH RI WKH 6XQ &RLQ Â… Â… E\ -RKQ +DUUROG 5XSHUW $UWLVW DQG -RKQQ\ 0RUULV ERWK ZLWK 6,*1(' &RLQ LOOXVWUDWHG )LUVW 'D\ &RYHU VSHFLDO FDQFHOV Â… Â… 6FLHQWLVWV VLJQHG E\ 'HVPRQG 0RUULV ZLWK 6LHUUD /HRQH 6,*1(' 52<$/ 6+$.(63($5( LOOXVWUDWHG

6LJQHG 9( 'D\ LOOXVWUDWHG )'&V VLJQHG E\ 'DPH 9HUD /\QQ DQG 6LU 'DYLG +DQQD\ ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 63,7),5( %22./(7 3DQ LOOXVWUDWHG )'&

VLJQHG E\ -RKQQLH -RKQVRQ ZLWK VLON 6SLWILUH SDQHO Â… Â…

&KDUOHV 'DUZLQ &RLQ Â… Â… 6LJQHG HQWHUWDLQHUV LOOXVWUDWHG IGF VLJQHG E\

%DUU\ 1RUPDQ ZLWK FLQHPD FODVVLFV VSHFLDO FDQFHO Â… Â… 6,*1(' 0,//(11,80 7,0(.((3(5 06

Â’ )227%$// ERRNOHW [ S %REE\ 0RRUH SDQH Â’ ZLWK XQXVXDO %/$&. 35,17,1* 2))6(7 (5525 RQ UHYHUVH

XQOLVWHG DQG VSHFWDFXODU Â… Â…

,OOXVWUDWHG )'&V VLJQHG E\ 5LFKDUG :KLWHOH\ DQG &ROLQ %DNHU ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' 7RWDO (FOLSVH 06 LOOXVWUDWHG )'&V

VLJQHG E\ +HDWKHU &RXSHU DQG 6LU $UQROG :ROIHQGDOH ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

2/<03,& *$0(6 6LJQHG LOOXVWUDWHG )'& V

VLJQHG E\ -RQDWKDQ (GZDUGV 5LFKDUG 0HDGH 6WHYHQ 5HGJUDYH DOO ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' &(17(1$5< 2) %5,7,6+ &,1(0$

VLJQHG E\ ,DQ &DUPLFKDHO DQG /HVOLH 3KLOLSV ERWK ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ 0$&+,1 F\OLQGHU EORFNV RI VL[ ZLWK YDOXHV IURP Â’ S WR Â… D YHU\ JRRG UDQJH ZLWK PXFK LGHQWLILHG E\

SULQWHUV KLJK FDWDORJXH YDOXH LQ PRGHUQ F\OLQGHU EORFNV XQPRXQWHG PLQW Â… Â… Â’ 0$&+,1 (5525 VW VHOI DGKHVLYH ERRNOHW SDLU Â’ ZLWK GLH FXW VKLIWHG VLGHZD\V PP 80 XQXVXDO Â… Â…

6,*1(' &ODVVLF &DUV LOOXVWUDWHG )'&V

VLJQHG E\ 1LJHO 0DQVHOO DQG /RUG 0RQWDJX RI %HDXOLHX ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6,*1(' )RRWEDOO /HJHQGV LOOXVWUDWHG Â… &RLQ

Â’ 0$&+,1 LPSHUI SDLU VW VHOI DGKHVLYH 80 H[ Â’ EXVLQHVV VKHHW Â… Â…

&RYHU VLJQHG E\ -DFN &KDUOWRQ WKH Â… &RLQ )RRWEDOO Â’ 3+263+25 20,77(' ERRNOHW RI [ VW ZDV LVVXHG WR FRPPHPRUDWH (QJODQG V :RUOG &XS :LQ Â’ FODVV IUHVK 80 6* +' YDU Â… Â… Â… Â… Â’ 6PLOHU VKHHWV ZLWK D IDFH YDOXH RYHU Â… 6LJQHG )RRWEDOO /HJHQGV LOOXVWUDWHG )'& Â’ ZLWK EHWWHU VKHHWV LQF &KULVWPDV /6 2FFDVLRQV VLJQHG E\ *HRII +XUVW ZLWK :RUOG &XS &XS ZLQQHU 6XQGD\ /6 NHHS VPLOLQJ /6 2O\PSLF /6 VSHFLDO FDQFHO Â… Â… 6PLOHUV 3HQQ\ %ODFN $ ILQH FROOHFWLRQ RI VKHHWV HDFK 6,*1(' LOOXVWUDWHG 2O\PSLF *DPH LOOXVWUDWHG GLIIHUHQW Â… Â… )'& $UPDWXUH $WKOHWLF $VVRFLDWLRQ VLJQHG E\ /LQIRUG &KULVWLH 6,*1(' &RLQ LOOXVWUDWHG )'& VLJQHG E\ /HVOH\ /WG WR FRYHUV Â… Â… -RVHSK ZLWK *LEUDOWDU &KULVWPDV S 6FDUFH 6LJQHG 2O\PSLF *DPHV LOOXVWUDWHG )'& E\ Â… Â… 9LFWRULDQ 3ULQWV VLJQHG E\ 6HEDVWLDQ &RH /WG WR Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW YHU\ Â’ ILQH 80 6* 30 Â… Â… Â…

FRYHUV Â… Â… 6LJQHG 5REHUW %XUQV LOOXVWUDWHG )'&V

VLJQHG E\ 5W +RQ 6LU 'DYLG 6WHHO DQG 5W +RQ 1RUPDQ ,URQV ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6LJQHG :LOGIDZO DQG :HWODQG 7UXVW LOOXVWUDWHG

)'&V VLJQHG E\ 3KLOLSSD 6FRWW /DG\ 6FRWW DQG -RDQQD 7UROORSH ERWK ZLWK VSHFLDO FDQFHOV Â… Â… 6LJQHG $UFKLWHFWV RI WKH $LU /DQFDVWHU EDOH RXW

VLJQHG E\ %LOO 5HLG 9& DQG )UDQN :RRWWRQ ERWK IORZQ LQ D /DQFDVWHU 7KH 6KXWWOHZRUWK FROOHFWLRQ VLJQHG E\ 5RODQG %HDPRQW DOO ZLWK VSHFLDO FDQFHOV Â… Â…

Â’ 68%0$5,1( VHOI DGKHVLYH VWDPS ERRNOHW ZLWK Â’ F\OLQGHU QXPEHUV YHU\ ILQH 80 6* 30 Â… Â… Â’ (1*/$1' 5HJLRQDO GHILQV 80 FROOHFWLRQ Â’ F\OLQGHU EORFNV ZLWK VHWV WR Â… Â… Â… &,5&86 LOOXVWUDWHG VHW RI FRYHUV DOO VLJQHG E\

1HLO *LIIRUG 0RRN\ WKH &ORZQ 5RQ 0RRG\ %REE\ 5REHUWV DQG -DFTXHOLQH :HOERXUQH /WG WR MXVW VHWV Â… Â…

6LJQHG &KULVWPDV LOOXVWUDWHG IGF VLJQHG E\ 5R\

+XGG ZLWK VSHFLDO 'UXU\ /DQH FDQFHO Â… Â…

2&&$6,216 6LJQHG LOOXVWUDWHG )'& V VHW RI

VLJQHG E\ $QG\ .DQH %ULJLW )RUV\WK 3HQHORSH /HDFK DQG $PDQGD :DNHOH\ OLPLWHG WR MXVW FRYHUV Â… Â…

Â’ (UURU ZLOGLQJ PV 6* JURVVO\ PLV FXW ZLWK *HRUJH &ROH 3KLOLS 0DGRF DQG 5RQQLH %DUNHU DOO ZLWK VSHFLDO Â’ LQVFULSWLRQ DW ERWWRP RPLWWHG YHU\ ZLGH PDUJLQ DW WRS )LQH XQXVXDO :LWK QRUPDO VKHHW WR FRPSDUH Â… Â… FDQFHOV Â… Â…

6,*1(' &20('< LOOXVWUDWHG )'&V LQF

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 46

-2+1 &5$9(1 6LJQHG LOOXVWUDWHG RFFDVLRQV

Â’ &2,/ 67$036 :LOGLQJV LQ ODUJH VWULS PDLQO\ Â’ UROO HQGV PDQ\ V RI VWDPSV WKDW QHHG FKHFNLQJ IRU DOO WKH

LOOXVWUDWHG 6KRZ .LOOHU :KDOHV ZLWK ,VOH 2I 0DQ 3UHVHUYH 3ODQHW (DUWK FURZQ FRLQ Â… Â…

YDULHWLHV NQRZQ RQ WKHVH VWDPSV VHHQ G òG G G G

6HOGRP VHHQ LQ VXFK TXDQWLWLHV Â… Â… Â’ 0$&+,1 HUURU Â… ZLWK Â… VLJQ RPLWWHG IUHVK 80 Â’ LQ SODWH QXPEHU PDUJLQDO SDLU 6* < D FDW Â… Â’ '(),1,7,9( &ROOHFWLRQ LQ D ([HWHU $OEXP Â’ QHDWO\ SUHVHQWHG VWUHQJWK LQ V V 0DFKLQV RYHU Â… Â… VWDPSV LQF òS VLGHEDQG KLJK YDOXHV LQF S XQFRDWHG SDSHU ORZ YDOXHV ZLWK PDQ\ GLIIHUHQW SULQWLQJV ZLWK YDOXHV WR S $ YHU\ JRRG ORW LQF UHJLRQDO V Â… Â…

Â’ 0LVVLQJ Â… LQ YDOXH Â… 6*< D 80 ZLWKLQ Â’ F\OLQGHU EORFN RI VL[ 9HU\ ILQH Â… Â…

Â’ 67$03(; 60,/(5 VKHHWV D ILQH FROOHFWLRQ { ),/(%2; ZLWK PDLQO\ 4(,, :LOGLQJ GHILQLWLYH Â’ HDFK GLIIHUHQW UHWDLO Â… YHU\ JRRG FRQGLWLRQ 80 PDQ\ V RII SDSHU FRXOG EH DQ\ QXPEHU RI YDULHWLHV LQ WKLV

Â… Â…

ORW Â… Â…

{ %HQKDP 6PLOHU KDOI VKHHWV DIIL[HG WR VSHFLDO

{ ),1( 86(' SUH GHFLPDO ZLWK EHWWHU SLFNLQJV FDUGV DOO ZLWK VSHFLDO SRVWPDUNV DQG DEVROXWHO\ VXSHUE 0DQ\ Â’ LQF 6KDNHVSHDUH DV EORFNV RI UHG FURVV DV EORFNV RI DUH OLPLWHG WR MXVW SUHSDUHG 2YHU GLIIHUHQW ZLWK PDQ\ Â’ &RURQDWLRQ DV EORFNV RI D YHU\ JRRG ORW YHU\ FRPSOHWH

VSHFLDO SRVWPDUNV VHOGRP VHHQ DQG KXJH SXUFKDVH FRVW Â… Â…

LQ FRPPHPRUDWLYH VHWV Â… Â… Â’ +,*+ 9$/8( FROOHFWLRQ &DVWOH VHW RI Â’ &DVWOH VHW RI Â… Â… F\OLQGHU EORFN RI

{ &\OLQGHU EORFNV RI VL[ VXSHUE XVHG PRVW

XQXVXDO D ILQH FROOHFWLRQ RI GLII ZLWK YDOXHV WR Â… F\OLQGHU ' LVVXH PDQ\ HOXVLYH KLJK IY Â… Â…

D VHW RI UH LVVXH VHW RI :LOGLQJV &DVWOHV 06 DOO IUHVK 80 +LJK FDW YDOXH Â… Â…

Â’ ,DQ )OHPLQJ -DPHV %RQG 06 ZLWK GRXEOH Â’ SHUIRUDWLRQ RQ WKLUG FROXPQ IUHVK 80 9HU\ XQXVXDO

,//8675$7(' ),567 '$< &29(56 ZLWK

6*06 9DU Â… Â… Â’ 60,/(5 6+((76 LQF 2O\PSLF *DPHV Â’ LVVXHV DQG VFDUFH 8. $ = VKHHW $OO GLIIHUHQW SULVWLQH 80

)DFH DERXW Â… Â… Â… Â’ 3UHVV VKHHWV IRU /RQGRQ IHVWLYDO RI VWDPSV Â’ ERWK VKHHWV ERWK LQ XQFXW SDQHV GLUHFW IURP WKH SULQWHUV DOVR

EHWWHU FRYHUV QRQ SRVW RIILFH FKLHIO\ 3KLO DUW QRWH &KULVWPDV -HUXVDOHP 6NHOOLQJWKRUSH FÂ… %ULWLVK &DWKHGUDOV 0HWURSROLWDQ &DWKHGUDO /LYHUSRRO FÂ… &KXUFK (DUO %DUWRQ FÂ… %%& 0DUFRQL .HPS FÂ… &ULFNHW /RUGV ([KLELWLRQ FÂ… 6DLOLQJ 5R\DO 7KDPHV FÂ… 3DLQWLQJV 6LU -RVKXD 5H\QROGV FÂ… 5RZODQG +LOO +RXVH RI &RPPRQV &'6 FÂ… $ YHU\ JRRG UDQJH Â… Â…

/RQJ WR 5HLJQ 2YHU 8V XQFXW SUHVV VKHHW 7KUHH VKHHWV Â’ 0$&+,16 3+263+25 2PLWWHG G G DOO 80 LQ DUFKLYH WXEHV UXVKVWDPSV UHWDLO Â… Â’ ERWK 39$ G G EORFNV RI 39$ òS S òS òS Â… Â… òS S òS S DQG FRLO VWULS S S òS DOO ZLWK Â’ 2O\PSLF DQG 3DUDO\PSLFV VKHHWOHWV PLVVLQJ SKRVSKRU 80 Â… Â… Â’ FRPSOHWH VHWV ZLWK D IDFH YDOXH RYHU Â… XQPRXQWHG 02725,1* 6,*1(' LOOXVWUDWHG )'& V PLQW Â… Â… &DUV VLJQHG E\ 1LJHO 0DQVHOO QG VLJQHG E\ -HUHP\ 2O\PSLF *DPHV DQG 3DUDO\PSLFV *DPHV &ODUNVRQ 6SHHG VLJQHG E\ 0DUWLQ %UXQGOH FRPSOHWH VHW RI VKHHWOHWV RQ SULVWLQH XQDGGUHVVHV )'& Â… Â… FRYHUV Â… Â… Â’ 3+4 HDUO\ VHWV LQ VXSHUE XQXVHG FRQGLWLRQ Â’ $1 25,*,1$/ FROOHFWLRQ ZLWK EHWWHU SLFNLQJV Â’ :HGGLQJ :DUULRUV &KXUFKLOO HWF GLII Â’ ZLWK D IDFH YDOXH RYHU Â… VHHQ SUHVWLJH ERRNOHW I Y Â… Â… Â… PDQ\ FRPP VHW LQ JXWWHU SDLUV DQG F\OLQGHU EORFNV Â’ 3UHVWLJH ERRNOHWV ZLWK D IDFH YDOXH RYHU VRXYHQLU ERRNV PDQ\ V RI VWDPSV XQPRXQWHG PLQW LQ Â’ Â… ZLWK ERRNOHWV IURP WR HDFK GLIIHUHQW VHYHUDO DOEXPV ILOOLQJ D ODUJH FDUWRQ Â… Â… Â… Â… %$77/( 2) %5,7$,1 6LJQHG FRYHUV Â’ 4(,, &</,1'(5 %/2&.6 SUH GHFLPDO LQF *DOODQWU\ VLJQHG E\ -RKQQLH -RKQVRQ QG E\ /HRQDUG Â’ :LOGLQJ EORFNV WR G PDQ\ FRPPHPRUDWLYH EORFNV ZLWK VHWV &KHVKLUH -HUVH\ IUDQNHG FRYHU VLJQHG E\ %LOO 5DQGHOO DOO D YHU\ ILQH FROOHFWLRQ RI EORFNV DOO XQPRXQWHG PLQW FDUULHG RQ WKH %DWWOH RI %ULWDLQ 0HPRULDO )OLJKW Â… Â… XQFKHFNHG Â… Â… Â’ %22./(76 D UDQGRP FROOHFWLRQ PDLQO\ Â’ 4(,, GHILQLWLYH FROOHFWLRQ RI VWDPSV Â’ PDFKLQV ZLWK ERRNOHWV WR Â… Â… Â’ XQPRXQWHG PLQW VWUHQJWK LQ PDFKLQ ZKHUH PXFK ZDV SXUFKDVHG IURP 0LNH +ROW ZLWK WKH FROOHFWLRQ QRWHV RQ WKH PRUH %5,7,6+ 1$9< 0$5,7,0( FRYHUV ZLWK PDQ\ PRGHUQ PDFKLQV ZLWK GLIIHUHQW JXP V VFUHHQ KHDG W\SH FRPPHPRUDWLYH FRYHUV IRU GLIIHUHQW DQQLYHUVDULHV +06 VKLSV ZKHWKHU WKH\ FDPH IURP %RRNOHWV 6KHHWV RU &RLOV $ YHU\ ZLWK ORW RI PHGDO ZLQQHUV IURP WKH 6HFRQG :RUOG :DU VLJQHG JRRG FROOHFWLRQ ZLWK YDOXHV WR Â… Â… Â… FRYHU DQG DGGLWLRQDO LWHPV $ YHU\ ILQH FROOHFWLRQ RI FRYHUV ZLWK EHLQJ VLJQHG $ YHU\ JRRG ORW IRU VWXG\ Â’ 4(,, 35( '(&,0$/ ERRNOHWV ZLWK YDOXHV Â’ IURP WR ZLWK PDQ\ GLIIHUHQW GDWHV VHHQ LQ ILQH Â… Â… FRQGLWLRQ Â… Â… &$1&(//$7,21 RI 6WRFNSRUW DQG 3RVW 2IILFHV QHDUE\ PDQ\ V RI FDQFHOODWLRQV RQ FRYHUV SLHFHV LQF 5$) VLJQHG LOOXVWUDWHG FRYHUV LQF WK 6ORJDQ 0DFKLQH &RPSDQ\ IUDQNLQJ PDFKLQHV %XVLQHVV $QQLYHUVDU\ RI WKH 5$) 6LJQHG ZDUWLPH DUWLVW )UDQN :RRWWHQ HQYHORSHV :LOO PDNH D JUHDW VWXG\ FROOHFWLRQ ILOOV D ODUJH V FRYHUV ZLWK EHWWHU VLJQHG FRYHUV LQF $LU FGUH FDUWRQ Â… Â… 'RQDOGVRQ /XLJL 4XHVWD 5+ 0F,QWRVK 3HWHU /H &KHPLQDW 'H 6PHW $OI *DWZDUG $ YHU\ ILQH FROOHFWLRQ Â… Â… Â’ &2,/ /($'(5 G ZLWK VWDPSV DWWDFKHG ¼ Â’ UROO ZLWK VWDPSV DWWDFKHG ORZHU HQG ILUVW UROO ZLWK VWDPSV DWWDFKHG Â… Â… Â’ &2,/ /($'(56 òG W\SH , ZDWHUPDUN FURZQV Â’ ) ORZHU HQG ILUVW UROO ZLWK ZD[ DQG ULEERQ VWLOO DWWDFKHG

FRGH 0 ZLWK D YDULHW\ RI UROO QXPEHUV DQG ZLWK D YDULHW\ RI VWDPSV DWWDFKHG 6* Â… Â…

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 47

6LJQHG LOOXVWUDWHG ILUVW GD\ FRYHUV ZLWK

$ ODUJH FDUWRQ ZLWK PDQ\ V RI VWDPSV LQF PDQ\ EHWWHU VLJQDWXUHV +HQU\ 9,,, VLJQHG E\ .HLWK SHQQ\ EODFN DQG WZR SHQQ\ EOXHV SHQQ\ SODWHV 0LFKHOO $JULFXOWXUH VLJQHG E\ 1DWKDQLHO 3DUNHU URVH VRXQG XVHG ILQH XVHG RIILFLDOV ZLWK 1+6 VLJQHG E\ *HUDOGLQH &KDSOLQ :RUNHU VLJQHG E\ YDOXHV WR LQF 4(,, QHHG VRUWLQJ YHU\ KLJK FDWDORJXH 7LPRWK\ :HVW 7HQQ\VRQ VLJQHG E\ 7HQQ\VRQ YDOXH Â… Â… 6HWWOHUV VLJQHG E\ 5RELQ .QR[ -RKQVRQ /LJKWKRXVH Â’ $ 0267 ,17(5(67,1* 25,*,1$/ /27 LQ ROG VLJQHG E\ &ODUH )UDQFHV QG VLJQHG E\ 7RQ\ %XOOLPRUH Â’ JODVVLQHV ZLWK YHU\ PDQ\ :LOGLQJV %RRNOHW SDQHV 80 LQF D &DUQLYDO VLJQHG E\ %HQMDPLQ =HSKDQLDK D YHU\ KLJKO\ TXDQWLW\ RI G %OXH $GYHUW SDQHV VSRWWLQJ &\OLQGHU ) &DW FDWDORJXHG FROOHFWLRQ IRU WKHUH 3RVWPDUN DORQH DQG /WG VLJQHG Â… DOVR .*9, G $GYHUW SDQHV &DW Â… ORWV RI RWKHU FROOHFWLRQ Â… Â… %RRNOHW SDQHV ZLWK GXSOLFDWHV ([FHSWLRQDO TXDOLW\ Â’ 60,/(5 VKHHWV ZLWK D IDFH YDOXH RYHU Â… Â… Â’ Â… ZLWK EHWWHU HDUO\ VKHHWV 6WDPS 6KRZ { $Q LQWHUHVWLQJ ROG VHOHFWLRQ LQ PDQLOD 2FFDVLRQV &DUWRRQV ZLWK VKHHWV WR 9HU\ KLJK HQYHORSHV LQF D TXDQWLW\ RI 49 LPSHUI SHQQ\ UHGV PL[HG FDWDORJXH YDOXH Â… Â… FRQGLWLRQ QXPEHUV LQ 0DOWHVH FURVV RQ { 678'< RI WKH :,/',1* &$67/(6 ZLWK YDOXHV

IURP G WR Â… ZLWK GLIIHUHQW SULQWLQJ ZLWK YHU\ ILQH FGV FDQFHOV VKDGH LGHQWLILHG E\ WKH FGV FDQFHOV SOXV D VPDOO JURXS RI PDFKLQV G WR Â… RYHU VWDPSV LQF 'H /D 5DH FDVWOH VXSHUE VWXG\ ORW Â… Â… 7(/(9,6,21 &20,& 6 VLJQHG LOOXVWUDWHG IGF V

JUHHWLQJV ERRNOHW SDQH VLJQHG E\ 5LFKDUG %ULHUV &KULVWPDV VLJQHG E\ *HRIIUH\ 3DOPHU DQG $UWLVW VLJQHG E\ 5REHUW /LQGVH\ DOO ZLWK VSHFLDO FDQFHOV Â… Â… 7(/(9,6,21 )(0$/( FRPLF V VLJQHG

LOOXVWUDWHG IGF V (QLG %O\WRQ VLJQHG E\ 5XWK 0DGRF 1+6 VLJQHG E\ 3DXOLQH 4XLUNH ERWK ZLWK VSHFLDO FDQFHOV Â… Â… Â’ 75$,1,1* 6&+22/ ò' :,7+ 6FKRRO Â’ 6SHFLPHQ KV Â… Â… Â… ZLWK YHUW EDUV &DVWOH Â…

Â… Â… KRUL] EDUV Â… YHUW EDU S WR S VHW RI 7UDLQLQJ 7HVWLQJ VWDPSV 80 Â… Â… Â’ 7ULDOV RI 'H /D 5XH 3KRVSKRU Â’ H[SHULPHQWV 80 LPSHUI SDLUV GHSLFWLQJ WK FHQWXU\

SHQQ\ LPSHUIV FDW Â… HWF $Q ROG ORW TW\ Â… Â… $1 ,17(5(67,1* 67$03 &2//(&7,21 2Q GLVSOD\ SDJHV DQG FDUGV PL[HG FRQGLWLRQ FKLHIO\ XVHG 3HQQ\ %ODFN 7ZR 3HQFH %ODFN HDUO\ SHUIRUDWHG OLQH HQJUDYHG FRPSOHWH VHW RI QXPEHUV LQ 0DOWHVH &URVV RQ 3HQQ\ 5HGV QXPEHUV PL[HG FRQGLWLRQ EXW &DW Â… G DV )8 VWULS RI ZLWK JRRG PDUJLQV G (PERVVHG $ VHOHFWLRQ RI VXUIDFH SULQWV VRXQG XVHG G 6* XQXVHG 9)8 -XELOHH VHW WR Â… 7KLV VRXQG XVHG 'HSDUWPHQWDO WR JRRG .*9, VHOHFWLRQ LQF :PN YDUV ([KLELWLRQ VHWV 6HDKRUVHV WR WR Â… )8 5DQGRP 4(,, LQF &DVWOH VHW XP FÂ… 0DQ\ V DOO GLIIHUHQW +XJH &9 Â… Â… { &$1&(//$7,21 FROOHFWLRQ LQ D KRPH PDGH

DOEXP VHHQ HQWLUH ZLWK G 3DLG KV VHQW WR :HGQHVEXU\ HQWLUH ZLWK G 3DLG FLUFOH KV ODUJH VL]H HQWLUH ZLWK VPDOO G 3DLG DQG :HGQHVEXU\ FGV QHDUE\ FRYHU ZLWK :DGGLQJWRQ 5$) 32 FGV HQY ZLWK G 7D[ KV FURVVHG RXW DQG G UDWH DSSOLHG $Q LQWHUHVWLQJ ORW RI FDQFHOODWLRQV Â… Â…

*HQWOHPHQ %XVWV WZR GLIIHUHQW GHVLJQV IRU HDFK SDLU LQ 2UDQJH { &$1&(//$7,216 RI *UHDW %ULWDLQ D 7XUTXRLVH *UH\ DQG &HULVH YHU\ XQXVXDO DQG UDUHO\ VXEVWDQWLDO WZR FDUWRQV RQH PDQV DFFXPXODWLRQ RI V $ VHHQ Â… Â… = RQ SLHFHV VRPH FRYHUV PXFK RI DQ HDUO\ QDWXUH LQF DQ 7:2 &DUWRQ IXOO RI )'& V LQ $OEXPV V RI H[WHQVLYH ORW RI QHZVSDSHU WULDQJOH SPNV LQFOXGLQJ RQ FRYHU FRYHUV VHHQ 6WXDUW 3KLODUW FRYHUV VSHFLDO )'& FDQFHOV DQG 9LFWRULDQ QHZVZUDSSHUV QRWLQJ XSUDWHG òG ZUDSSHU ZLWK XVHIXO ORW Â… Â… -XELOHH òG G WR 3UXVVLD òG \HOORZ VKLHOG HQY òG Â’ 9DULHWLHV 6KDNHVSHDUH G PLVVLQJ IORRUERDUGV WR 9LHQQD VPDOO WULDQJOHV 13% UXEEHU W\SHV WKLV LV D YHU\ Â’ +DVWLQJV G FOXE IODZ ODQGVFDSHV G ZLWK DQ IRU DQG JRRG JURXS VTXDUHG FLUFOHV LQF SSF ZLWK 3HHO ,20 ROG &KULVWPDV PLVVLQJ W WHFKQRORJ\ G ZLWK OW IRU OWG DQG H[HUFLVH ERRN IXOO RI .*9 YLOODJH FGV RQ VWDPSV RQ SLHFHV DOEXP IXOO RI /RQGRQ SPNV DOEXP ZLWK DQ H[WHQVLYH FROOHFWLRQ ()7$ EURNHQ XQGHUFDUULDJH D JRRG JURXS PLQ FDWDORJXH YDOXH RI :HOVK FDQFHOV LQGH[ FDUGV ZLWK D FRORVVDO DOO GLII SPNV Â… IUHVK 80 Â… Â… FROOHFWLRQ RI 8. HWF 9DVW ORW Â… Â… :,16721 &+85&+,// H[WHQVLYH VWXG\ RI WKH Â’ &200(025$7,9( FROOHFWLRQ WR VHW LQF YDULHWLHV IODZV VHHQ 'U %ODGH IODZV &\OLQGHU EORFNV 3KRV RQ WKH IURQW DQG EDFN G 'U\ SULQWLQJV Â’ H[WHQVLYH FROOHFWLRQ ZLWK WKH GHFLPDO LVVXHV DORQH KDYLQJ D IDFH YDOXH RYHU Â… WKHQ WKHUH V DOO WKH SUH GHFLPDOV LQF 3RVWDO 6WULNH LVVXHV IHDWXULQJ &KXUFKLOO LVVXHV VHHQ G EHWWHU SKRV VHWV /LIHERDW 5HG &URVV %RWDQLFDO FKLHIO\ 80 VLJQHG E\ 'DYLG *HQWOHPDQ LQ WKH PDUJLQ 3UHVHQWDWLRQ ([KLE 38& ORZ YDOXHV PLQW $ YHU\ JRRG FROOHFWLRQ SDFN $ JRRG RULJLQDO ORW ZLWK LWHPV QHHG ZULWLQJ RI VHWV Â… Â… XS Â… Â… ^3KRWR` { .*9 %(77(5 ,7(06 RQ FROOHFWRUV FDUGV *5($7 %5,7$,1 + 0,;(' &2//16 VWDPSV &DW Â… ZLWK PLQW VHWV LQF 0DFNHQQDOV WR { '(),1,7,9( &ROOHFWLRQ LQ $OEXPV DQG PLQW WR PLQW WR PLQW &DW Â… VWRFNERRNV ZLWK EHWWHU SLFNLQJV 3HQQ\ %ODFN SO ZLWK Â… Â… 5HG 0& ò PDUJLQV 3HQQ\ 5HG 3ODWHV WR H[ 35(0,80 ORW RI PRGHUQ %ULWLVK )'& *RYHUQPHQW 3DUFHOV RYSW G òG G (GZDUG WR KRXVHG LQ $OEXPV DQG VKHHWV RYHU SULVWLQH XVHG :PN 6 :HGGLQJ òG G òG G .*9, $UPV WR FRYHUV PDQ\ EHWWHU LQF (QJOLVK +HULWDJH ZLWK ODUJH VLONV Â… )HVWLYDO KLJK YDOXH VHW 4(,, ZLOGLQJV LQF DQG PHUFXU\ ZLWK VSHFLDO FDQFHOODWLRQV SUHVWLJH ERRNOHW SDQHV JUDSKLWH OLQH KLJK YDOXH FDVWOHV VHWV 0DQ\ V RI IHDWXUH DQG PXFK PRUH &RORVVDO QHZ LVVXH FRVW 4XDOLW\ ORW VWDPSV Â… Â… DQG KLJKO\ UHFRPPHQGHG Â… Â… Â’ &200(025$7,9( &2//(&7,21 8QPRXQWHG 4(,, %(77(5 ,WHPV RQ FROOHFWRUV FDUGV Â’ PLQW VWDPSV LQF DOO WKH SKRVSKRU VHWV 6H WHQDQW EORFNV LWHPV :LOGLQJV 80 LQF HDUO\ SULQWLQJ òG ERRNOHW SDQH FDW 9DOXH Â… FRPSOHWH IRU WKH EDVLF VWDPSV YHU\ LQYHUWHG :PNV 9)8 LQF òG 6* Z 5HG &URVV SKRV VHW IUHVK Â… Â… HWF Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 48

Â’ 49 0,17 5DQJH RQ FROOHFWRUV FDUGV VWDPSV 3267$*( 3$,' %\ VHQGHU HQWLUH

&DW Â… G *UHHQ H[FHOOHQW FRORXU -XELOHHV WR ERWK FRORXUV ZLWK H[WUDV PL[HG FRQGLWLRQ EXW D XVHIXO ORW RI PLQW Â… Â… Â’ 5$,/:$< /(77(5 67$036 $ PRVW Â’ H[WHQVLYH FROOHFWLRQ RI PRGHUQ VHWV VKHHWOHWV LQ ER[HG SULQ]

ZLWK D ILQH %XU\ SDLG +6 DQG %XU\ 6W (GPXQGV &'6 VHQW WR 6D[PXQGKDP HQWLUH SRVWDJH SDLG PDQXVFULSW ZLWK /HLFHVWHU &'6 DQG 7RRODWH +6 VHQW WR %XUEDJH HQWLUH ZLWK SDLG +6 DQG G PDQXVFULSW VHQW IURP 0DWORFN WR &KHVWHU HQWLUH ZLWK /LYHUSRRO &'6 RQ WKH IURQW SDLG +6 HQGRUVHG SUHSDLG VHQW WR 1HZ %ULJKWRQ Â… Â…

DOEXP $OO XP V 1HQH 9DOOH\ ZLWK VHOI DGKHVLYH VKHHWOHWV 0LG +DQWV LVVXHV 1RUWK <RUNVKLUH VKHHWOHWV 5DYHQ JODVV LQF (17,5( ZLWK 675$,*+7 /,1( &KDQFH\ /DQH UHFHLYLQJ KRXVH +6 IURP /RQGRQ WR 0DLGVWRQH .HQW EODFN ILUVW LVVXH 7DO\OO\Q ZLWK HDUO\ LVVXHV RYSWV PXFK HQWLUH /RQGRQ WR 7RUTXD\ ZLWK KDQGVWUXFN DQG 0DUFKPRQW PRUH 7KLV ORW IHDWXUHV GLII VKHHWOHWV DORQH 6WUHHW +6 HQWLUH /RQGRQ WR 5RFKHVWHU ZLWK 3DLG +6 Â… Â… HQWLUH /RQGRQ WR /HHGV ZLWK D YDULHW\ I +6 LQF GLIIHUHQW Â’ 5DLOZD\ OHWWHU VWDPSV H[WHQVLYH FROOHFWLRQ LQ SDLG +6 DQG 7 3 -XGG 3ODFH +6 HQWLUH /RQGRQ WR Â’ 3ULQ] DOEXP V 7KH ORW LQFOXGHV GLII 06 6KHHWOHWV $VKERXUQH ZLWK 3LFFDGLOO\ :2 +6 DQG ,QVSHFWRU V 2XW RI LQF ,VOH RI 0DQ ZLWK VWULNH SRVW LVVXH .HLJKOH\ :RUWK &RXUVH +6 $OO ZLWK FRQWHQWV Â… Â… 9DOOH\ 'LGFRW UDLOZD\ FHQWUH *UHDW &HQWUDO %OXHEHOO VKHHWOHWV &KDQQHO 7XQQHO LQF JROG RYSW VKHHWV 6XSHUE ORW Â… Â…

&+(6+,5( 1$17:,&+ (QWLUH ZLWK 1DQWZLFK

VWUDLJKW OLQH KDQGVWDPS VSHOW 1DPSWZLFK RGG VSHOOLQJ RI

QDPH VHQW WR &RQJOHWRQ ZLWK FRQWHQWV Â… Â… Â’ 5$,/:$<6 WKH )HVWLQLRJ 5DLOZD\ DQG RWKHU Â’ /LJKW 5DLOZD\V ZLWK SULYDWH VWDPS XVDJHV DQG FROOHFWLRQ RI 80 )UHH &URZQ +6 RQ HQWLUHV D ORW RI JRRG WR VWDPSV H[WHQVLYH FROOHFWLRQ LQ DQ DOEXP LQF WKH NH\ 7DO\OO\Q ILQH D YDULHW\ RI VLJQDWXUHV DQG W\SHV FRPH DGGLWLRQDO SRVWDO 5DLOZD\ HDUO\ VKHHWOHWV LQF RYSWV 80 PDQ\ LWHPV XVHG RQ FRYHUV DQG FDUGV LQF 3RUW 0DGRF LVVXHV +LJKO\ UHFRPPHQGHG Â… Â…

PDUNLQJV $Q RULJLQDO ORW Â… Â… 'HDO 6KLS /HWWHU VWHS W\SH KDQGVWDPS D YHU\

ILQH VWULNH RQ DQ HQWLUH HQGRUVHG 3HU 3KRHQL[ VHQW WR /RQGRQ Â… Â… ER[HG ZLQGVRU DOEXPV MXVW IDEXORXV ZLWK VWHHO FGV SPNV LQF '(9,6( WR &KLSSHQKDP HQWLUH ZLWK FRQWHQWV H[WHQVLYH GHILQ PDFKLQV ZLWK DZNZDUG YDOXHV YDOXHV WR Â… FKDUJHG DW G UDWH ZLWK 'HYLVH 6HPL &LUFOH +6 FDVWOHV WR Â… %ULWDQQLD Â… FRPPHPV LQF VXEPDULQH SXQFK Â… Â… MXG\ VHOI DGKHVLYHV VWULSV PV PRUH 7KH UHWDLOV YDOXH 5()86(' (QWLUH ZLWK FRQWHQWV IURP /RQGRQ WR H[FHHGV Â… DQG IHDWXUHV RYHU GLII LVVXHV &KLSSHQKDP ZLWK UHIXVHG PDQXVFULSW LQ 5HG FKDUJHG DW G Â… Â… UDWH ZLWK VLQJOH ULQJ GDWH +6 Â… Â… 7KH 3+4 FDUGV RI *UHDW %ULWDLQ FRPSOHWH VXSHUE XQXVHG FDW Â… KRXVHG LQ VL[WHHQ DOEXPV 620(56(7 %ULGJHZDWHU 3HQQ\ 3RVW YHU\ ILQH +6 &URVVHG RXW ZLWK %ULGJHZDWHU &'6 DORQJVLGH LQF DOO WKH NH\ FDUGV &ULFNHW ,QGLJR -RZHV 7UHH )LUH DQG LQVSHFWRUV FURZQ +6 RQ UHYHUVHG FKDUJHG DW G PDQ\ PRUH 2IIHUHG LQWDFW YHU\ PDQ\ V DOO GLII XQXVXDO Â… Â… Â… Â… { 683(5,25 ),1( 86(' LQ IRXU

5$,/:$< SULQWHG ZUDSSHU IRU %LUPLQJKDP Â’ 75$,1,1* 6&+22/ %DU FDQFHOOHG VWDPSV 'XGOH\ :ROYHUKDPSWRQ 5DLOZD\ IRU DWWHQGLQJ D PHHWLQJ ZLWK Â’ .*9, G G G G DQG G PLQW 4(,, S S DQG Â…

VWDQGDUG SHUIV WR Â… HOOLSWLFDO SHUIV WR S SRVWDJH GXHV LQ SDLUV WR Â… SRVWDJH GXH WR Â… LQ SDLUV D ILQH FROOHFWLRQ XQPRXQWHG PLQW Â… Â…

*5($7 %5,7$,1 , 3267$/ +,6725< '2&7256 &200216 /DZ\HUV JURXS RI IRXU

HQWLUHV HDFK ZLWK ODUJH ELVKRSV KV WLPH FORFNV HWF RQH KDQGVWDPSHG 9 FRQWHQWV UH D ZLOO HWF DGGU WR $%(5*$9(11< 0RVW XQXVXDO JURXS Â… Â… 'RFNZUD 6 6RXWKZDUN WULDQJOH KV ZLWK R FORFN

WLPH FGV RQ ILQH HQWLUH $Q HDUO\ GLVWLQFWLYH SRVWDO PDUNLQJ Â… Â… )LQH JURXS RI ILYH LWHPV VWUDLJKW OLQH

&RYHQWU\ RQ HQWLUH ODUJH SDLG FGV RQ FKULVWPDV HYH HQWLUH -DQ SDLG FGV RQ QHDW VPDOO HQY WZR RWKHUV Â… Â… (17,5( )520 6287+$03721 WR /RQGRQ

ZLWK FRQYH[ WZR OLQH 6RXWKDPSWRQ +6 FKDUJHG DW G UDWH HQWLUH IURP /HLFHVWHU WR /RQGRQ ZLWK FRQFDYH /HLFHVWHU +6 FKDUJHG DW G UDWHG FURVVHG RXW DQG G FKDUJHG Â… Â… 2+06 (QWLUH V SULQWHG HQWLUH 3RIW

3DLG ZLWK SDLG +6 DQG PDQXVFULSW VHQW WR $\OHVEXU\ SULQWHG 3RVW 3DLG HQWLUH ZLWK SDLG +6 DQG PDQXVFULSW FRQWHQWV IURP WKH WD[ RIILFH VHQW WR 'DYHQWU\ Â… Â… ^3KRWR`

YHU\ ILQH 3DLG DW %LUPLQJKDP DQG %LUPLQJKDP FGV )LQH HDUO\ UDLOZD\ LWHP Â… Â…

5RPQH\ 6KLS /HWWHU +6 VWHSSHG DQG LWDOLF W\SH

RQ YHU\ ILQH HQWLUH IURP $UJHQWLQD WR /RQGRQ Â… Â… ^3KRWR` 08/5($'< )RUPH $ ZUDSSHU QLFHO\ XVHG

ZLWK 'RUFKHVWHU FGV RQ IODS 'RUVHW DQG PDWFKLQJ 0DOWHVH &URVV XVXDO IROGV $Q DWWU H[DPSOH FDW Â… Â… Â… 0XOUHDG\ SHQQ\ ZUDSSHU IX IURP %5,*+721

FGV WR /RQGRQ ZD[ VHDO RYHU VWHUHR UHG SPN IROGHG DW EDVH $WWUDFWLYH Â… Â… $ SUHPLXP JURXS RI VPDOO HQYHORSHV ZLWK PXFK

UHODWHG WR WKH 0LGODQGV )$55,1*'21 DUHD LQF SHQQ\ SLQN HQYHORSHV ZLWK VXSHUE 0DOWHVH FURVVHV %85%$*( XGF RQ VPDOO HQYHORSHV XSUDWHG SLQN HQY ZLWK PDUJLQ SHQQ\ UHG HQY ZLWK EHQVRQ XGF Â… Â… 3HQ]DQFH 6KLS /HWWHU VWHSSHG W\SH ER[HG +6

7\SH *$ RQ ZUDSSHU IURP $UJHQWLQD )LQH Â… Â… ^3KRWR` ,17(5(67,1* SHQQ\ UHG XVDJHV RQ VPDOO

FRYHUV IRXU 5HDGLQJ VLGHZD\V GXSOH[ %ULVWRO VLGHZD\V &+(67(5 63221 DQG XQXVXDO FRYHU IUDQNHG G WLHG 6RXWKDPSWRQ UHGLUHFWHG ZLWK IXUWKHU G WKLV WLHG 7RUTXD\ GXSOH[ ILQH GRXEOH XVDJH Â… Â… 52<$/7< $ ILQH PDWFKLQJ OHWWHU DQG

HQYHORSH ZLWK :LQGVRU &DVWOH &URZQ SULQWHG LPSULQWV DQG ERRN IURQWLVSLHFH IURP :LQGVRU OLEUDU\ Â… Â… WZR SHQQ\ SRVW XQSDLG /RPEDUG 6W +6 ZLWK PDQXVFULSW SDLG WZR SHQQ\ SRVW XQSDLG 6ORDQH 6W ZLWK PDQXVFULSW SDLG ,6/( 2) :,*+7 3DUFHO 3RVW /DEHO IRU 9HQWQRU 9( 9)8 ZLWK 49 G -XELOHH WLHG &'6 &KRLFH 7 3 %UL[WRQ +LOO ER[HG +6 DQG PDQXVFULSW 7 3 Â… Â… ^3KRWR` +ROERUQ +LOO ER[HG +6 ZLWK PDQXVFULSW XQIUDQNHG 2[IRUG 6W ZLWK FURVVHG RXW DQG DSSOLHG Â… Â…

/21'21 7:2 3(11< 3267 HQWLUH ZLWK

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 49

,6/( 2) :,*+7 3DUFHO 3RVW /DEHO IRU

/21'21 3(11< 3267 (QWLUH VHQW WR

6KDQNOLQ VI\ XQGHU 5\H )8 ZLWK (GZDUG G WLHG SDUFHO +6 DQG &'6 DORQJVLGH )LQH Â… Â…

5LFKPRQG ZLWK RYDO SHQQ\ SDLG R FORFN DQG R FORFN RYDO RQ WKH UHYHUVH &KDULQJ &URVV XQSDLG RYDO KDQGVWDPS VHQW WR 0D\IDLU D ILQH HQWLUH Â… Â…

7ZR UDUH &DUWRRQ 3RVWFDUGV IRU (OODQG

6WDLQODQG : <RUNV ZLWK 3ROLWLFDO PHVVDJHV 5H 7UDP 6HUYLFH 0,/,7$5< *5283 ::, PRVW LQWHUHVWLQJ ORW %LUWK 5DWHV *ROI &RXUVH (GXFDWLRQ HWF +LJKO\ LOOXVWUDWHG VDPH SHUVRQ RI D FKDS WKDW ZHQW PLVVLQJ GXULQJ ::, LQF 8QXVHG Â… Â… LWHPV UHODWLQJ WR WKH 5HG &URVV LQ 6ZLW]HUODQG FRYHU ZLWK VFDUFH 5(7851(' 72 6(1'(5 %< 7+( &(1625 SDOH EOXH .*9, 3267$/ +,6725< D YHU\ ILQH FROOHFWLRQ ODEHO YDULRXV FRYHUV ZLWK FDFKHWV RQH HQGRUVHG PLVVLQJ RI FRYHUV W\SHG XS DQG QHDWO\ SUHVHQWHG RQ SDJHV QRWH 9HU\ JRRG ORW Â… Â… .*9, 6LOYHU :HGGLQJ Â… RQ FRYHU 33& ZLWK +RXVH RI 48((1 9,&725,$ 3RVWDO +LVWRU\ YHU\

&RPPRQ V &'6 UH XVHG 2+06 HQY ZLWK &RQVWDEOHV 2IILFH 7RZHU RI /RQGRQ FDFKHW (QY HQGRUVHG 2+06 ZLWK WR SD\ G +6 33& ZLWK G IUDQNLQJ DQG G WR SD\ +6 $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… ^3KRWR`

VPDOO HQYHORSH IURP )UDQFH WR $EHUGHHQ ZLWK SDLG DQG ER[HG 3' RQ WKH IURQW VPDOO HQY 7R &RUQZDOO ZLWK 7UXUR &'6 RQ WKH UHYHUVH G IUDQNLQJ ZLWK SDUW LPSULQW (QY UHJG ZLWK G *UH\ SO DQG òG SO 5HJG (QY ZLWK G YHUPLOOLRQ SO DQG G SO -XELOHH G 5HJG :KLWILHOG .LQJ SULQWHG (QY 6HQW WR 6RXWK $IULFD $ XVHIXO ORW RI FRYHUV Â… Â…

$''5(66 '()(&7,9( 3/($6( $'9,&(

6(1'(5 %R[HG +6 RQ FRYHU IURP 3RUWXJDO $ VFDUFH +6 Â… Â… $/%80 ZLWK FRYHUV W\SHG XS ZLWK GHWDLOV

EXVLQHVV ZLWKRXW VWDPSV ZLWK G SRVWDJH GXH DQG +6 %($ OHWWHU VHUYLFH LQF :DWHUORR $LU 7HUPLQDO FDFKHW -HUVH\ WR /RQGRQ 0RELOH 3RVW 2IILFH & 5HJG HQY 0RELOH 3RVW 2IILFH $ VHQW WR %ODFNSRRO 6WDPSOHVV HQY ZLWK XQSDLG +6 G DQG SRVWDJH GXH G DSSOLHG 0RELOH 3RVW 2IILFH % DQG $ FDQFHOV DQ LQWHUHVWLQJ JURXS RI FRYHUV 4XDOLW\ Â… Â… ^3KRWR` Â’ 3267$/ 675,.( /HWWHU 6HUYLFH /DEHOV QHDWO\ Â’ SUHVHQWHG RQ SDJHV LQF 6KHHWOHWV 6H 7HQDQW VWULSV VHHQ

%RXUQHPRXWK DQG 'LVWULFW 'URPRGHUU\ ([HWHU *ROGHQ +LQG 6KHHWOHW 0RRQVKRW 6KHHWOHW ([HWHU &DWKHGUDO 6KHHWOHW ([SRUWHUV /HWWHU 6HUYLFH $ YHU\ JRRG FROOHFWLRQ RI ODEHOV DQG VKHHWOHWV IUHVK 80 Â… Â… 675,.( 32676 7+( 63(&,$/ &285,(5 4 6(59,&( 5HPDUNDEOH VWXG\ RI WKH )ODJ 3ULYDWH VWDPSV XVHG

RQ FRYHUV SOXV D FRPSOHWH VKHHW RI WKH LVVXH DOO PRXQWHG RQ SDJHV ZLWK GLIIHUHQW FRYHUV XVHG IURP DOO RYHU WKH ZRUOG ZLWK IRUHLJQ VWDPS IUDQNLQJV 'LIIHUHQW VWDPS LVVXHV DQG XVDJHV WHUULILF ORW Â… Â… %,6+23 0$5.6 /RQGRQ WR /LYHUSRRO

HQWLUH ZLWK FRQWHQWV FKDUJH DW G ZLWK VPDOO 2F %LVKRS 0DUN /RQGRQ WR 2UPE\ HQWLUH ZLWK FRQWHQWV FKDUJH G ZLWK ,9 %LVKRS 0DUN HQGRUVHG )UHH 0DWW %DQJRU IURP /RQGRQ WR 1RUWKDOOHUWRQ ZLWK ,$ %LVKRS 0DUN /RQGRQ WR 0DUJDWH ZLWK FRQWHQWV FKDUJH G ZLWK ,9 %LVKRS 0DUN $ ILQH JURXS RI HQWLUH V Â… Â… ^3KRWR` %5,'*(:$7(5 (QWLUH HQWLUH ZLWK

68%0$5,1(5 9& FROOHFWLRQ LQ WKUHH YROXPHV FROOHFWLRQ LOOXVWU FRYHU VLJQHG E\ 5HLQKDUW 5HFKH 7R RXU JDOODQW DGYHUVDU\ OHWWHU VLJQHG E\ 6LU 5RJHU .H\HV 3HWHU 5REHUWV 9& 7KRPDV *RXOG 9& ,DQ )UDVHU 9& $QWKRQ\ 0LHUV 9& 3DXO &KDSPDQ *RGIUH\ 3ODFH 9& 57/ -RQHV 7RP -HQQHU PXOWLSOH VLJQHG FRYHUV VLJQHG E\ *RGIUH\ 3ODFH 5REHUW $LWNHQ -RKQ /RULPHU 5LFKDUG .HQGDO $UQROG :LOVRQ (UQHVW 3DJH MXVW WR QDPH D IHZ IURP WKLV FROOHFWLRQ RI VLJQHG LWHPV ZLWK PXFK DGGLWLRQDO LQIRUPDWLRQ Â… Â… 7+( *5($7 :$5 ::, UHPDUNDEOH

ORW RI GLII SRVWFDUGV GHWDLOHG RQ OHDYHV VKRZLQJ PDQ\ GLII )32 SRVWPDUNV DQG GLII PLOLWDU\ FHQVRUV ([WHQVLYH GHWDLOV E\ WKH FROOHFWRU UH GLII ORFDWLRQV DQG FRQWHQWV DOO %ULWLVK $UP\ 7KH FRQGLWLRQ LV YHU\ JRRG WKURXJKRXW 2ULJLQDO ORW Â… Â… 7:2 /$5*( &DUWRQV ZLWK FRYHUV SLHFHV

FROOHFWHG IRU WKHLU SRVWPDUN IURP DURXQG WKH 8. D YDVW DPRXQW ZLWK VORJDQ FDQFHOV PDFKLQH FDQFHOV IUDQNLQJ PDFKLQH FDQFHOV FGV FDQFHOV 6XSHUE IRU VWXG\ PDLQO\ 4(,, SHULRG Â… Â… 9,&725,$ &5266 ::,, FROOHFWLRQ LQ HLJKW

YROXPHV FKLHIO\ VLJQHG LOOXVWUDWHG FRYHUV FDUGV VHHQ OHWWHUV DQG FDUGV DOVR VLJQHG E\ (UYLQH $QGUHZV (ULF :LOVRQ -RKQ +RQWRQ &KDUOHV 8SKDP 3DW 3RUWHRXV $UWKXU &XWOHU -DPHV *RUGRQ 3KLOLS *DUGHQHU 4XHQWLQ 6P\WKH +HQU\ )RRWH 9LFWRU %XOOHU &KDUOHV 0HUULWW MXVW D IHZ QDPHV IRUP WKLV YDVW FROOHFWLRQ RI VLJQHG LWHPV ZLWK PDQ\ DGGLWLRQDO LWHPV VXSHUE IRU VWXG\ ILOOLQJ WZR ODUJH FDUWRQV Â… Â…

%ULGJHZDWHU +RUVHVKRH +6 HQWLUH ZLWK %ULGJHZDWHU 3HQQ\ 3RVW +6 ZLWK FRQWHQWV QG ZLWK 1RUWK 3RWKHUWRQ &LUFXODU ::,, FRUUHVSRQGHQFH 6 7KRUQWRQ WR +6 DQG %ULGJHZDWHU 3HQQ\ 3RVW ZLWK FRQWHQWV Â… Â… KLV IDPLO\ EDFN LQ WKH 8. LQF SULYLOHJH PDLO ZLWK LQWHUHVWLQJ &5266 :5,77(1 OHWWHUV FRQWDLQLQJ UHDGLQJ DERXW HYHU\ GD\ OLIH GXULQJ WKH ZDU FRYHUV DQG PRVW H[WHQVLYH 6RFLDO +LVWRU\ DQG VRPH H[FHOOHQW SRVWDO OHWWHUV Â… Â… PDUNLQJV FROOHFWLRQ RI ILQH LWHPV LQ WZR ELQGHUV LQF 49 *5($7 %5,7$,1 ,6/$1'6 LPSHUI SHQQ\ UHG IUDQNLQJV DQG SUH VWDPS SRVWDO PDUNLQJV 9HU\ H[WHQVLYH FRQWHQWV DQG EHDXWLIXO FRSSHU SODWH Â’ $/'(51(< ,6/$1' /2&$/6 )LQH 80 ZULWLQJ Â… Â… Â’ FROOHFWLRQ RI GLIIHUHQW LVVXHV DOO 80 LQF (XURSD VHWV $LUPDLO RYSW VHWV 3DFNHW 3RVW RYSWV HWF Â… Â… (66(; $ FRUUHVSRQGHQFH DVVRFLDWHG ZLWK &ROFKHVWHU DQG WKH )UDQNLVK )DPLO\ LWHPV GDWLQJ IURP Â’ $/'(51(< 3XEOLF 5DLOZD\ LVVXH 80 LQF ZLWK PXFK UHODWHG WR 8QLYHUVLW\ 0DWWHUV DQG ZLWK OHQJWK\ Â’ LPSHUI EHWZHHQ VWULS DQG YDULHWLHV Â… Â… OHWWHUV VRPH HQWLUHV DQG SRVWDO PDUNLQJV 2ULJLQDO ORW Â… Â… Â’ &+$11(/ ,6/$1' /2&$/6 ILQH Â’ FROOHFWLRQ RI GLII LVVXHV SOXV 06 DOO DV FRPSOHWH VHWV +$1' '5$:1 (GZDUGLDQ SHULRG HQYHORSH ZLWK $OGHUQH\ 6DUN ,PSHUI SHUI RYSWV HWF Â… Â… XQXVHG GHSLFWLQJ KRUVH WUDS PRYLQJ DW JUHDW VSHHG ZLWK WZR ULGHUV D KDW WKDW V EORZQ RII 8QXVXDO Â… Â… Â’ *8(516(< $/'(51(< Â’ FRPPRGRUH LVVXHV LQ FRPSOHWH XQ PRXQWHG PLQW VHWV DQG //$1'8'12 &DQFHOODWLRQV HQYHORSH PLQLDWXUH VKHHWV QRWH FRXSOH RI SULQWHU V HUURUV LQFO V G ZLWK D SDLU RI G 5HGV ZLWK FDQFHO DQG /ODQGXGQR &'6 RQ SDLU ZLWK VKXWWHG YLJQHWWH DQG V - ) .HQQHG\ %ODFN WKH UHYHUVH 33& ZLWK %X\ 1DWLRQDO :DU %RQGV PDFKLQH SULQWHG WZLFH )LQH WKURXJKRXW VWDPSV 06 FDQFHO (WVWHGGIRG VORJDQ FDQFHO 0RELOH 3RVW Â… Â… 2IILFH % 5HJG /ODQGXGQR 33& ZLWK % FDQFHO 9LFWRU\ VHW RQ 5HJG FRYHU ZLWK )', FDQFHO $ IHZ FRYHUV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 50

Â’ *8(516(< 6$5. &RPPRGRUH Â’ LVVXHV LQ FRPSOHWH XQ PRXQWHG PLQW VHWV DQG PLQLDWXUH

*5($7 %5,7$,1 / -(56(<

VKHHWV LQFO D IHZ HUURUV DQG YDULHWLHV )LQH WKURXJKRXW RYHU VWDPSV 06 Â… Â… +(50 ,6/$1' ORFDOV PLQW FROOHFWLRQ ZLWK VHWV GLII LVVXHV LQF 3LJHRQ SRVW VWDPS 1HROLWKLF PDQ VHW (XURSD RYSW VHWV PXOWL IUDQNHG FRYHUV Â… Â…

:DUWLPH FRDW RI DUPV VSHFLDOLVHG VWXG\ RQ SDJHV LQF òG GLII DQG G FRUQHU EORFNV RI VL[ ZLWK HYHQLQJ SRVW LPSULQWV LQF G WKLFN SDSHU SULQWLQJ P X YDULHWLHV LQF ULQJ IODZV GRXEOH IUDPH VHYHUDO YDULHWLHV RQ FRYHU HWF EORFNV FRYHUV Â… Â…

9LHZV VHULHV 6* D ILQH FKLHIO\ XP VWXG\ RI /2&$/ 32676 $ PRVW H[WHQVLYH ORW LQ D VHWV RQ SDJHV LQF JXWWHU SDLUV FRUQHU EORFNV RI IRXU ZLWK ER[HG 3ULQ] DOEXP V ZLWK PDQ\ VKHHWOHWV PRGHUQ VHWV LPSULQW GDWHV GLII SULQWLQJV Â… Â… 6W .LOGD RYSW LVVXHV 6DQGD V RYSW VKHHW 6WDIID JROG IRLO 9LHZ VHW RQ HQYV :LWK *HUPDQ VWDPSV VHQW LVVXHV 6XPPHU ,VOHV PXFK PRUH $ IDVFLQDWLQJ ORW EDFN WR *HUPDQ\ ZLWK -HUVH\ &'6 DQG )HOG SRVW &'6 6L[ Â… Â… FRYHUV Â… Â… Â’ /2&$/ 32676 LQF RXWHU ,VODQGV 6FRWWLVK 6SHFLDOLVHG VWXG\ RI UHJLRQDO V ZLWK F\OLQGHU Â’ ,VODQGV HWF ([WHQVLYH FROOHFWLRQ LQ ER[HG 3ULQ] DOEXP LQF EORFNV EORFNV ZLWK SRVLWLRQDO PLQRU YDULHWLHV $ ILQH ORW )ODQQDQ ,VOH KDQGOLQJ VWDPSV )ODW +ROP (\QKDOORZ VKHHWOHWV Â… Â… 'DYDDU %UHFKRX LQF +RQJ .RQJ VLOYHU RYSWV PXFK HOVH )DVFLQDWLQJ ORW V Â… Â… Â’ 6$5. ,6/$1' /2&$/6 FROOHFWLRQ RI GLII Â’ LVVXHV SOXV VKHHWOHWV YDULRXV RYSWV DOO DV 80 VHWV LQF

VKLSSLQJ OLQH RYSW LVVXHV EHWWHU VKHHWOHWV *RRG ORW 80 Â… Â… 6PDOOHU %ULWLVK ,VODQGV VWDPS FROOHFWLRQ RQ SDJHV ZLWK PDQ\ V VHWV LQF &DOI RI 0DQ 'UDNHV ,VODQG 3DED\ 6W .LOGD 6WDIID 6FRWWLVK ,QWHUHVWLQJ ORW 0DQ\ ELUG LVVXHV V Â… Â…

6SHFLDOLVHG FROOHFWLRQ LQ VFKDXEHN DOEXP V ZLWK GHWDLOHG VWXG\ RI WKH GHILQ VHULHV ERWK XP YIX ZLWK NQRZQ PLQRU YDULHWLHV SODWH EORFNV PLQRU FRORXU VKLIWV ERRNOHW SDQHV GLII SDSHUV RIILFLDO UHSULQWV V ILQH ORW Â… Â… Â’ &267 Â… RQ QHZ LVVXH VHW RI )RXU Â’ 06 SULQWHG LQ *2/' DOO LQ RULJLQDO 3RVW 2IILFH 3UHVHQWDWLRQ

%R[HV IRU &KLQHVH 1HZ <HDU VKHHWV HWF 3ULVWLQH DQG YHU\ OLPLWHG UHOHDVH Â… Â…

*5($7 %5,7$,1 N ,6/( 2) 0$1 Â’ &$/) 2) 0$1 8Q PRXQWHG PLQW Â’ FROOHFWLRQ RI VHWV DQG PLQLDWXUH VKHHWV ZLWK SHUIV DQG LPSHUIV

Â’ (;7(16,9( &ROOHFWLRQ IURP :DU WLPH $UPV WR Â’ LQF PDQ\ SUHVHQWDWLRQ SDFNV KLJK YDOXHV WR Â… 3RVWDJH

GXH VHWV ,QF VHWV ZLWK GHFLPDO LVVXHV KDYLQJ D IDFH YDOXH RYHU Â… KRXVHG LQ HLJKW $OEXPV $ EDUJDLQ SULFH ZLWK WKH VWDPSV EHLQJ 80 Â… Â…

RYHUSULQWV HWF DSSHDU WR EH DOO GLIIHUHQW )LQH WKURXJKRXW RYHU VWDPSV RYHU 06 Â… Â… Â’ )DFH YDOXH Â… VXEVWDQWLDOO\ Â’ FRPSOHWH 80 RQ 3ULQ] VWRFNVKHHWV ZLWK RYHU GLIIHUHQW { .(9,, 5(9(18(6 G WR Â… VHW DOO )8 DQG VWDPSV DQG 06 %DUJDLQ Â… Â… UDWKHU VFDUFH KLJKO\ FDW LQ %DUHIRRW Â… Â…

Â’ )$&( 9$/8( Â… \HDU FROOHFWLRQ RI { .*9, 5HYHQXHV ZLWK YDOXHV IURP G WR Â’ GLIIHUHQW VKHHWOHWV IUHVK 80 FRPSOHWH IRU WKH \HDU DQG DOO

ILQH XVHG $ VFDUFH DQG KLJKO\ FDW JURXS Â… Â…

DV FRPSOHWH VHWV Â… Â…

Â’ )$&( 9$/8( Â… FRPSOHWH \HDU { 49 5(9(18(6 RYSW IRU XVH RQ WKH ,VOH RI 0DQ VHW RI G WR Â… ILQH XVHG YHU\ KLJK &9 LQ %DUHIRRW WKH G Â’ FROOHFWLRQ DV VKHHWOHWV IRU HYHU\ VHW LQF [ VKHHWOHWV RI Â…

4XHHQ +RORJUDP SOXV 06 HWF RYHU GLIIHUHQW LWHPV $V LVVXHG Â… Â…

G DUH PLQW H[FHOOHQW TXDOLW\ Â… Â… { 5(9(18(6 D .*9, VHOHFWLRQ LQF

SDLU Â… QLFHO\ XVHG RQ SLHFH RWKHU VLQJOHV WR $ ILQH DQG KLJKO\ FDW JURXS Â… Â…

Â’ )$&( 9$/8( Â… \HDU FROOHFWLRQ RI Â’ GLIIHUHQW VKHHWOHWV IUHVK 80 &RPSOHWH IRU WKH \HDU DQG DOO

DV FRPSOHWH VHWV Â… Â…

{ 5(9(18(6 .*9 RYSWV )8 D YHU\ JRRG ORW

G WR Â… LQF SDLU RQ SLHFH VKDYHG YDULHW\ YHU\ ILQH Â… YHU\ KLJK &9 Â… Â…

Â’ )$&( 9$/8( Â… WKH FRPSOHWH \HDU Â’ FROOHFWLRQ RI DV VKHHWOHWV SOXV 06 VXSHUE 80 RYHU

Â’ 8102817(' 0,17 &ROOHFWLRQ RI VHWV DV Â’ EORFNV RI LQF %LUG VHW WR Â… 6* GHILQLWLYHV

GLIIHUHQW VKHHWOHWV $ YHU\ JRRG ORW RI YHU\ PRGHUQ LVVXHV RIIHUHG DW )9 Â… Â…

Â’ )$&( 9$/8( Â… IDEXORXV FRPSOHWH WR Â… 6* GHILQLWLYHV WR Â… 6* SOXV D YHU\ JRRG UXQ RI FRPPHPRUDWLYH VHWV KRXVHG LQ WKUHH VWRFN ERRNV Â’ \HDU FROOHFWLRQ RI HYHU\ VHW DV 32 VKHHWOHWV RI 7HQ HWF SOXV 06 DQG VLQJOH VHWV RYHU GLIIHUHQW LWHPV ([FHOOHQW PRGHUQ IDFH YDOXH Â… Â… Â… LVVXHV Â… Â… Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV ZLWK D Â’ IDFH YDOXH RYHU Â… ZLWK YDOXHV WR Â… PDQ\ FRPSOHWH Â’ )$&( 9$/8( Â… YHU\ PRGHUQ Â’ FROOHFWLRQ RI RYHU GLIIHUHQW VKHHWOHWV FRPSOHWH IRU WKH \HDU VHWV Â… Â… LQ SHUIHFW 80 FRQGLWLRQ )DEXORXV Â… Â…

*5($7 %5,7$,1 . 86(' $%52$'

{ *% 86(' ,1 *,%5$/7$5 òG 6* =

G YHQHWLDQ 6* = DQG G 6* = JRRG UDQJH RI GLII FKHFN OHWWHUV PRVW DUH ILQH ZLWK JRRG VWULNHV FDW Â… Â… Â… 0$/7$ ILQH HQWLUH IUDQNHG HDUO\ G

Â’ )$&( 9$/8( Â… YHU\ Â’ FRPSUHKHQVLYH FROOHFWLRQ RI HYHU\ LVVXH DV FRPSOHWH VKHHWOHWV

RI 7HQ RU EORFNV RI )RXU SOXV 06 QRWLQJ LVVXHV WR Â… DQG PXFK PRUH RYHU LWHPV 6XSHUE ORW RI QHZ LVVXHV Â… Â…

Â’ )$&( 9$/8( Â… YHU\ PRGHUQ = ZLWK QHDW IXOO 0DOWD GXSOH[ LQWHUHVWLQJ ER[HG ,WDOLDQ SRVWDO Â’ \HDUV FROOHFWLRQ RI QHZ LVVXHV DOO DV FRPSOHWH VKHHWOHWV IUHVK PDUNLQJ IRU FDUU\LQJ RQ 3DTXHERW Â… Â… 80 ZLWK RYHU GLIIHUHQW LWHPV )DEXORXV VRPH YHU\ KLJK 0$/7$ PRVW DWWUDFWLYH HQWLUH ZLWK VLQJOH IDFH YDOXH VWDPSV KHUH Â… Â… G 3O WLHG 0DOWD &RGH % &'6 3G +6 DQG $JHQWV &DFKHW 9HU\ ILQH Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 51

{ :$57,0( -HUVH\ &RDW RI $UPV SSF ZLWK Â’ G $UPV DWWDFKHG ZLWK ILQH -HUVH\ FGV òG $UPV ZLWK VKDGHV DQG LPSULQWHG EORFN RI VL[ G $UPV LPSULQWHG EORFN RI VL[ G

ZLWK VKDGHV HQY ZLWK G LPSULQWHG EORFN RI VL[ DWWDFKHG ZLWK $3 FGV RIILFLDO 3DLG FDUG XSUDWHG ZLWK G 9LHZV GDWHG 0< VRXYHQLU *HUPDQ 2FFXSDWLRQ LOOXVWUDWHG HQY ZLWK òG IUDQNLQJ $ YHU\ JRRG FROOHFWLRQ RI LWHPV YHU\ LQWHUHVWLQJ Â… Â… ::,, JURXS WZR UHG FURVV PHVVDJH IRUPV

ZLWK QXPHUDOV FDQFHOV FHQVRUV 32: òG DLUOHWWHU DGGU WR &, LQWHUQHH FRYHU PDGH IURP WRPDWR ER[ SDSHU )LQH Â… Â…

*5($7 %5,7$,1 / 3267&$5'6

/81'< VXSHUE DQG H[WHQVLYH FROOHFWLRQ ZLWK PDQ\ VHWV 80 06 FRPSOHWH VKHHWV DQG ERRNOHWV QRWH ERRNOHW ,&& 0HHWLQJ RQO\ HDUO\ 06 $WODQWLF $LUOLQH LVVXHV PLQRU YDULHWLHV OLVWHG LQ WKH VSHFLDOLVW FDWDORJXH RYHU LWHPV VWDPSV PDLQO\ 80 ZLWK LVVXHV WR Â… Â… 6$5. &RPPRGRUH 6KLSSLQJ &RPSDQ\ $ ILQH FROOHFWLRQ LQF (XURSD 6HW RI 80 (XURSD 6HW RI 80 DQG D VHFRQG 6HW )8 (XURSD 6HW RI 80 3URYLVLRQDO G G 80 SOXV G EORFN RI 80 (XURSD 6HW RI SOXV 06 80 SURRI RI WKH ERDUGHU DURXQG WKH VWDPSV ZLWK LVVXHV WR D ILQH FROOHFWLRQ RI LWHPV PDLQO\ 80 Â… Â…

*5($7 %5,7$,1 0 *8(516(<

9$5,(7< RI ROG DQG PRUH PRGHUQ 33& XVHG

%LVHFW FRYHU ZLWK .*9 G W\SH ,, WLHG 9LOOH $X

DQG XQXVHG ZLWK D JRRG YDULHW\ RI YLHZ D XVHIXO ORW RI D IHZ FDUGV Â… Â…

5RL &'6 $GGUHVVHG WR $UWKXU 0DFKRQ DW 6W 3HWHUV 3RUW FDQFHOOHG RQ GD\ RI LVVXH Â… Â… :DUWLPH FRDW RI DUPV LVVXH P 8 VHOHFWLRQ LQF òG LPSULQW EORFN XP VW SULQWLQJ YDULRXV SULQWLQJV LQF

*5($7 %5,7$,1 /2&$/6

Â’ $ FROOHFWLRQ RI ORFDO VWDPSV RQ KDJQHUV DOO EDQNQRWH SDSHUV òG EORFN Â… Â… Â’ GLII PLQW LQF 06 VHWV FRXSOH RI PLVSHUIV JRRG VHOHFWLRQ RI Â’ 7KH *HUU\ .LQJ IDQWDV\ LVVXHV PRUH 2ULJLQDO ORW Â’ /LEHUDWLRQ LVVXH 6* & òG DV XP EORFNV RI Â’ IRXU ZLWK DOO NQRZQ YDULHWLHV &URZQ IODZ ZKHHO IODZ

Â… Â…

Â’ $/'(51(< /RFDOV QHDWO\ SUHVHQWHG FROOHFWLRQ Â’ LQF S$OGHUQH\ %DOORRQ 5DFH /RFDO 7UDQVSRUW 3DUFHO 6HUYLFH VHW RI &KULVWPDV 3DFNHW 6HUYLFH

EOXH OLQH DFURVV ZKHHO Â… Â… 6SHFLDOLVHG FROOHFWLRQ LQ DQ DOEXP UHJLRQDO LVVXHV ZLWK F\OLQGHU EORFNV DQG YDULHWLHV LQ PXOWLSOHV LVVXH ZLWK PXOWLIODZV EORFN VHW 6* ZLWK JXWWHU SDLUV YDULHWLHV Â… FRUQHU EORFN PDQ\ RWKHU EORFNV $ ILQH ORW )HZ V ERWK XP IX VWXGLHV Â… Â…

&KULVWPDV 3DFNHW 6HUYLFH ,QF )'& V YLHZ VHW RI SOXV S S DQG S SUH FDQFHOOHG 7D[L 'HOLYHU\ ([WUD )HH 7D[ VWDPS VKHHWOHW RI EODFN RQ *UHHQ 5DLOZD\ VHW RI SOXV )'& 7D[L UDWH LQFUHDVH %ODFN RQ *UHHQ $ YHU\ %,6(&7 RQ &RYHUV &DUGV .*9 .*9 G ILQH FROOHFWLRQ RI VWDPS SOXV FRYHUV DQG GHILQ RQ &DUGV &HQWHQDU\ G 3RVWDO &DUG VHQW VKHHWOHWV Â… Â… ORFDOO\ ZLWK PRGLILHG GDWH VOXJ & IRU HQY :LWK WKH VDPH PRGLILHG VOXJ SSF ZLWK YHU\ ILQH &RER &'6 HQYHORSH { &+$11(/ ,6/$1'6 ORFDOV /LEHUDWLRQ Â’ $OGHUQH\ VHW RI PLQW +HUP 0DS DQG %RDW VHW PLQW VHQW ORFDOO\ $ JRRG ORW Â… Â… 0DUJDUHW V :HGGLQJ RYSW VHW RI VL[ PLQW 6DUN Â’ (;7(16,9( &ROOHFWLRQ WR ZLWK :DUWLPH Â’ /LEHUDWLRQ RYSW VHW RI PLQW $OGHUQH\ GHILQ VHW RI PLQW $UPV ZLWK GLIIHUHQW VKDGHV DQG SDSHU W\SHV SRVWDJH GXH 6DUN GHILQ VHW RI ILYH PLQW $OGHUQH\ %RDW GHILQ VHW VHWV ([WHQVLYH FRPPHPRUDWLYH ZLWK GHFLPDO KDYLQJ D IDFH RI )8 6DUN GHILQ VHW RI )8 $ JRRG VHOHFWLRQ RI VWDPSV YDOXH RYHU Â… $ ILQH FROOHFWLRQ KRXVHG LQ $OEXPV LQF DQ PDLQO\ DV VHWV Â… Â… $OEXP RI $OGHUQH\ $W D EDUJDLQ SULFH Â… Â… '$9$$5 ,6/$1' VXSHUE FROOHFWLRQ ZLWK PDQ\ { ),1( 86(' 6XEVWDQWLDOO\ FRPSOHWH LQWHUHVWLQJ LWHPV 2O\PSLF *DPHV G WR G RQ KRXVHG LQ IRXU OX[XU\ KLQJHOHVV $OEXPV IDEXORXV &'6 TXDOLW\ LOOXVWUDWHG )'& (XURSD VKHHOWHW RQH ZKLWH QG SLQN 80 PDQ\ KLJK YDOXH VHWV WR Â… GHILQ VHWV FRPPHPV 06 DQG .HQQHG\ RYSWV VKHHWOHWV 80 DQG ILQH XVHG &KXUFKLOO VHW YHU\ H[WHQVLYH VKHHWOHWV ERRNOHW SDQHV JRRG HXURSD RI SOXV 06 ERWK GLIIHUHQW 80 (XURSD 06 RQH ZKLWH VKHHWOHWV 6LPSO\ IDEXORXV 0DVVLYH &9 Â… Â… QG \HOORZ G DQG G LPSHUI EORFNV RI 5RWDU\ &OXE 06 UHG 5(9(18(6 ILQH ORW $UPV LVVXHV DQG QG JUHHQ )RRWEDOO 06 DQG FRPSOHWH VKHHWV $ YHU\ LQF :DWHUORZ òG 6SHFLPHQ ,QVXUDQFH G SDLU HWF JRRG FROOHFWLRQ RI LWHPV PDLQO\ 80 Â… Â… Â… Â… '5$.(6 ,6/$1' ORFDOV WR QRWH { 5(9(18(6 VDOHV WD[ &RDW RI $UPV LVVXHV VHW RI VL[ RQ 'UDNH ,VODQG )'& SOXV VHW )8 QG VHW 80 ZLWK RYSWV )8 òG G G DQG VFDUFH DV D )8 5R\DO :HGGLQJ VHW LQF )'& DQG IUDPH DQG FHQWUH EORFN 8QXVXDO ZDUWLPH LVVXH Â… Â… LQVFULSWLRQ PLVVLQJ SXUSOH *ROGHQ +LQG )'& )DUHZHOO WR +06 $UN 5R\DO )'& 5RZODQG +LOO FRYHU ZLWK :DUWLPH VHOHFWLRQ LQF *HUPDQ LQWHUQPHQW FDPS FDUG DGGU WR )RUW 5RDG %LVHOWV Â… Â… WKH GDWH FURVVHG RXW DQG HQGRUVHG 6SHFLPHQ D YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 FRYHUV DQG SUHVHQWDWLRQ ::,, UHG FURVV OHWWHUVKHHWV $ FROOHFWLRQ RI SDFNV Â… Â… ZLWK PDQ\ GLIIHUHQW FDFKHWV FHQVRUV YDULRXV IRUPV HWF $ ILQH +HUP ,VODQG /RFDOV ZLWK LVVXHV WR ZLWK FROOHFWLRQ Â… Â…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Â… Â… Â… Â… Â’ /81'< ,6/$1' FROOHFWLRQ ZLWK EHWWHU SLFNLQJV &200(025$7,9( DQG 0$5,7,0( FRYHUV LQ Â’ &RURQDWLRQ DV LPSULQWHG JXWWHU VWULSV RI 80 EORFN RI VL[

ILQH XVHG $QQLYHUVDU\ 06 80 $ JRRG FROOHFWLRQ RI LWHPV V VWDPSV PDLQO\ 80 Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

ILYH YROXPHV PDQ\ 5R\DO 1DYDO FRPPHPRUDWLYHV ZLWK VLJQHG LQF 9& DQG *& $ YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ DGGLWLRQDO LWHPV QHHGV D JRRG VRUW YHU\ JRRG IRU VWXG\ DV PDQ\ ::,, UHODWHG FRYHUV PDQ\ PXOWLSOH VLJQHG $ YHU\ JRRG ORW RI FRYHUV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 52

&255(6321'(1&( RI &DSWDLQ &UDZIRUG

*5($7 %5,7$,1 5$,/:$<6

:KLOVW LQ ,QGLD PRUH WKDQ FRYHUV LQF $LU )RUFH OHWWHUV $LUJUDSKV ([WHQVLYH FRQWHQWV ZLOO PDNH D VXSHUE VWXG\ ORW Â… Â…

{ /21'21 $1' 1257+ :HVWHUQ 3DUFHO

0,/,7$5< &200(025$7,9( FRYHUV FDUGV

FROOHFWLRQ ZLWK PDQ\ VLJQHG FRYHUV IRU GLIIHUHQW DFKLHYHPHQWV DQG DQQLYHUVDULHV LQ IRXU YROXPHV RYHU FRYHUV FKLHIO\ VLJQHG $ YHU\ JRRG UDQJH RI FRYHUV WKDW QHHG VRUWLQJ LQ D ODUJH FDUWRQ Â… Â… 0,/,7$5< 6,*1(' LOOXVWUDWHG FRYHUV ZLWK

6WDPSV G VXUFK G RQ G G RQ G G RQ G G RQ G G RQ G DQG G RQ G XVHG *UHDW (DVWHUQ 5DLOZD\ 3DUFHO 6HUYLFH G 5HG %URZQ QG 3XUSOH G 0LGODQG 1HZVSDSHU 3DUFHO 2UDQJH G LQ *UHHQ 8VHIXO JURXS Â… Â… { 3$5&(/ 7$* ZLWK /RQGRQ DQG 1RUWK :HVWHUQ

3DUFHO 6WDPSV G WDJ HQGRUVHG )DUP 3URGXFH Â… Â…

Â’ D JRRG UDQJH RI PLOLWDU\ VLJQDWXUHV LQF ) 0DUVKDOO *LEEV *HQ Â’ 35(6721 $1' :<5( 5DLOZD\V SUHSDLG 1HZVSDSHU 3DUFHO 6WDPSV G G DQG G LQ %URZQ YHU\ IUHVK 7X]R %ULJ &XUWLV 0DM *HQ &R[ ) 0DUVKDOO ,QJH *HQ 0RUJ XQPRXQWHG PLQW Â… Â… %ULJG 3HDUVRQ %ULJG +LOO 0DM *HQ :DGH &RO 3RUWHRXV 9& /W &RO :LOVRQ 0DM /RFNZRRG *HQ *XWKULH 3LSHU %LOO 0LOOLQ 0DM 7ZR SDUFHO WDJV HDFK IUDQNHG GLIIHUHQW 5DLOZD\ &DUULDJH SDUFHO VWDPSV /RQGRQ DQG 1: G G XVHG IURP *HQ 0DUWLQ %ULJG &URRN /RXLV 9DYDOOL 7RG 6ZHHQH\ 5LFKDUG 0DQFKHVWHU DQG *:5 XVHG IURP 6ZLQGRQ -XQFWLRQ 9HU\ 7RGG 0DM -RKQ +RZDUG /W &RO 2WZD\ $ VXSHUE FROOHFWLRQ ILQH WDJV Â… Â… ZLWK PDQ\ EHWWHU VLJQDWXUHV LQ D ODUJH FDUWRQ ZLWK PDQ\ DGGLWLRQDO LWHPV Â… Â…

*5($7 %5,7$,1 5(9(18(6

3267$/ +,6725< ::,, LQF WZR VSOHQGLG

Â’ .*9 XQDSSURSULDWHG LPSHUI SDLU RI SURRIV KDQG LOOXVWUDWHG FRPLF FRYHUV ZLWK 0DULWLPH 0DLO FDQFHOODWLRQV

RQ FDUG 6FDUFH Â… Â… 32: FDPSV LQ *UHDW %ULWDLQ FDFKHW 32: FDUGV VHQW WR 8. $ JRRG ORW RI FRYHUV FDUGV Â… Â… ^3KRWR` { /LIH 3ROLF\ LPSHUI LVVXHV )8 DOO ZLWK 3HQQ\ ::, &(1625(' &29(56 DQ RULJLQDO 5HG 49 3RUWUDLW G G DQG 9HU\ ILQH FRUUHVSRQGHQFH RI FRYHUV PDQ\ ZLWK 6 $32 DQG D Â… Â… YDULHW\ RI FHQVRU FDFKHW Â… Â… Â’ &+$1&(5< &2857 Â… LPSHUI GLH SURRI LQ ::, 1$9$/ ,QWHUHVWLQJ JURXS 33& RI +06 YLROHW RQ KLJKO\ JOD]HG FDUG )LQH DQG VFDUFH -XQR 33& ZLWK )32 D PDFKLQH FDQFHO ZLWK SDVVHG E\ FHQVRU Â… Â… VKRZ %LVKRS RI /RQGRQ FRPLQJ RQ ERDUG %LVKRS GRLQJ WKH Â’ )25(,*1 %,// Â… GLH SURRI LQ GHHS FDUPLQH VHUYLFH RQ ERDUG DQG D 33& RI WKH %LVKRS /HWWHUKHDG 3DSHU RQ KLJKO\ JOD]HG FDUG VL]H [ PP LQ H[FHSWLRQDO +06 0DUOERURXJK 33& RI +06 ,URQ 'XNH DW VHD 'XPE FRQGLWLRQ 3UHSDUHG IRU WKH 3DULV ([KLELWLRQ H[ 0DUFXV &DQFHO RQ 33& ZLWK GLIIHUHQW FHQVRU KDQGVWDPS 6DPXHO H[ (PEDVV\ 3KLODWHOLF *HP Â… Â… LWHPV Â… Â… 0$75,021,$/ &$86( GLH SURRI RI Â… PDXYH *5($7 %5,7$,1 2 &+$11(/ ,6 RQ JOD]HG FDUG [ PP SURGXFHG IRU WKH 3DULV ([KLELWLRQ H[FHSWLRQDO H[ 0DUFXV 6DPXHO (PEDVV\ Â… Â… Â’ $1 25,*,1$/ &2//(&7,21 ZLWK -HUVH\ Â’ LVVXHV DV VHWV FKLHIO\ LQ EORFNV RI VL[ 80 DQG *XHUQVH\ FKLHIO\ Â’ (67$7( '87< 49 Â… DQG Â… RYSWV DV EORFNV RI 80 ZLWK SUHVHQWDWLRQ SDFNV DQG KLJK YDOXHV Â’ IUHVK 80 RYSW 63(&,0(1 YHU\ VFDUFH Â… Â… VHHQ *XHUQVH\ $UPV Â… SDLU 80 -HUVH\ 4(,, Â… EORFN RI PXFK VWLOO LQ WKHUH RULJLQDO SDFNHWV KLJK FDWDORJXH YDOXH SOXV D Â’ &+$1&(5< &2857 Â… GLH SURRI LQ VHOHFWLRQ RI XQDGGUHVVHG LOOXVWUDWHG )'& V ZLWK YDOXHV WR RUDQJH RQ KLJKO\ JOD]HG FDUG VXSHUE FRORXU DQG D UDUH Â… $ JRRG RULJLQDO ORW LQ D FDUWRQ Â… Â… SURRI Â… Â… { &+$1&(5< &2857 )(( G WHWH

*5($7 %5,7$,1 3 $/'(51(< /LEHUDWLRQ VHW RQ LOOXVWU IGF WLHG Y ILQH $OGHUQH\

FGV &KRLFH Â… Â…

EHFKH SDLU )8 % D VPDOO IDXOWV Â… Â… { &2168/$5 6(59,&( $UPV ZLWK 'ROODU

RYSWV F WR ILQH XVHG WKH LV KDQG VWDPSHG 6SHFLPHQ $ VFDUFH VHW FDQFHOV LQF &KLQD Â… Â…

{ /RFDO SRVW LVVXHV IX DQ H[WHQVLYH DOO GLII

FROOHFWLRQ DSSUR[ PDQ\ HDUO\ VHWV LQF (XURSD RYSWV SDUFHO SRVW VHWV ODWHU SDUFHO VKHHWOHWV 6HOGRP RIIHUHG XVHG Â… Â…

{ &2168/$5 6(59,&( $ ILQH JURXS LQF

VHW RI VL[ G WR Â… )8 % RYSW LVVXHV WR YHU\ JRRG UDQJH RI GLIIHUHQW FRQVXODWH SPNV Â… Â…

Â’ /2&$/ 3267 ,668(6 XP $Q H[WHQVLYH Â’ FROOHFWLRQ &RPSUHKHQVLYH GLII VWDPSV SOXV GLII

Â’ &2168/7$7,21 )(( *8,/'+$//

VKHHWOHWV PDQ\ HDUO\ VHWV ZLWK RYSWV WD[L SUH FDQFHO RYSW SDUFHO GHOLYHU\ RYSWV PRGHUQ VKHHWOHWV Â… Â… { ),1( 86(' 6(76 D FROOHFWLRQ RI GLII

VWDPSV SOXV 06 ZLWK WKH HDUO\ VHWV DIWHU PRGHUQ VHWV ZLWK VH WHQDQWV ELUGV HWF Â… Â… Â’ +LJKO\ FRPSOHWH XP GLII VWDPSV SOXV PV Â’ +LJK YDOXH Â… Â…

*5($7 %5,7$,1 3267$/ 67$7,21(5< 6SHFLDO WR RUGHU 3HQQ\ HQYHORSH ZLWK DGGLWLRQDO

G LPSUHVVLRQ VXSHUE XVHG ORFDOO\ ZLWK &DPEULGJH 'XSOH[ &KRLFH Â… Â… :+ 6PLWK SULYDWH WR RUGHU QHZVZUDSSHU ZLWK

(GZDUG òG <HOORZ 6KLHOG LPSUHVVLRQ XSUDWHG ZLWK VWDPS ERWK ZLWK )6 0 GXPE FDQFHOV DGGUHVVHG WR +06 6SDUWLDWH ; IOHHW 8QXVXDO DQG ILQH Â… Â…

G EODFN PLQW VFDUFH %DUHIRRW Â… Â… { &23<+2/' $1' &200,66,21 VFDUFH

JURXS RI ILYH GLII XVHG 5HYHQXHV LQF HPERVVHG $UPV 49 Â… HWF Â… Â… )25(,*1 %,// PDJQLILFHQW GLH SURRI LQ EOXH RQ KLJKO\ JOD]HG FDUG SUHSDUHG IRU WKH 3DULV ([KLELWLRQ 5DUH H[ 0DUFXV 6DPXHO (PEDVV\ HWF [ PP Â… Â… { )25(,*1 %,// 49 6(/(&7,21 RI GLII

YDOXHV ILQH XVHG LQF KLJK YDOXHV Â… Â… Â… Â… *(1(5$/ '87< GLH SURRI RI WKH Â… KHDG LQ YHUPLOOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG 2FW ([FHSWLRQDO Â… Â… *(1(5$/ '87< GLH SURRI RI WKH Â… KHDG LQ YHUPLOLRQ HPERVVHG DQG PRXQWHG RQ VXQNHQ FDUG HQGRUVHG 2FW H[FHSWLRQDO SURRI LWHP Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 53

Â’ Â’ Â’ Â’

{ Â’ Â’

Â’ Â’

*(1(5$/ '87< (0%266(' *5((&( UHPDUNDEOH VXQNHQ GLH SURRI RI Â… LQ UHG YHU\ VWURQJ DQG { 635,1*%$&. DOEXP ZLWK RYHU VWDPSV EROG HPERVVLQJ GDWHG 2FW LQ PDUJLQ 6XSHUE VWUHQJWK LQ ILQH XVHG QRWH %DONDQ (QWHQWH VHW FÂ… Â… Â… PLQW (QRVLV VHW RI VL[ FÂ… PLQW 3\WKDJRUHDQ .*9 G JXWWHU SDLU 6* IUHVK 80 RYSW &RQJUHVV VHW FÂ… )8 $ JRRG FROOHFWLRQ ZLWK HDFK VWDPS DGGLWLRQDO 0HGLFLQH 'XW\ VXSHUE DQG XQXVXDO H[ EHLQJ GLIIHUHQW Â… Â… (PEDVV\ Â… Â… { 5(' RYSWV RQ UHFHVV LVVXHV )8 GLII LQF O 0$7&+ 7$; WKH òG DV IUHVK 80 LPSHUI G 6* E FDW Â… (OXVLYH Â… Â… EORFN $ VFDUFH PXOWLSOH DOVR D VLQJOH PLQW Â… Â… Â’ 3UH 3ULQWLQJ SDSHU FUHDVH UXQQLQJ WKURXJK 0$<256 &2857 6,; 3(1&( 9$/8( 4 HQWLUH VWDPS O $LUPDLO 6* ILQH PLQW 9LVXDOO\ 35,17(' '28%/( (5525 RQ ILQH XQXVHG LPSHUI SDLU IUR WKH LPSDVVLYH Â… Â… 'LVFRYHU\ VKHHW RI MXVW SDLUV YHU\ UDUH Â… Â… &ROOHFWLRQ 2OG SDJHV 6WRFN SDJHV DQG D 0$<256 &2857 FKLHIO\ )8 ORW RI 6WRFNERRN ZLWK LVVXHV IURP VHHQ O KHUPHV KHDG 6* GLII YDOXHV WR G Â… Â… PDUJLQV O 6* 6DPRV 3URYLVLRQDO *RYHUQPHQW KHUPHV LQF 9DWK\ +RVSLWDO )XQG (YDFXDWLRQ G G G DQG G 0$<256 &2857 LPSHUI SDLU RI WKH EOXH PLQW V RI VWDPSV WR PRGHUQ HXUR V LVVXHV PDLQO\ ILQH &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU ILQH DQG VFDUFH XVHG Â… Â… WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV 2/' 672&.%22. DQG VSULQJEDFN DOEXP ZLWK Â… Â… PDQ\ V RI VWDPSV PDLQO\ ILQH XVHG VHHQ KHUPHV VPDOO DQG 0$<256 &2857 LPSHUI SDLU RI WKH EOXH ODUJH KHDGV XQFKHFNHG IRU SULQWLQJV LPSHUIV DQG SHUIV &RDW RI $UPV LVVXH 80 RQ ZPN VWDPS SDSHU )LQH DQG VFDUFH 2O\PSLF G XVHG FÂ… FÂ… PLQW $0 G DQG G WKLV JHQHULF GHVLJQ ZDV XVHG IRU DOO WKH YDOXHV FÂ… ILQH XVHG 2O\PSLF G PLQW FÂ… %DONDQ Â… Â… ZDUV RYSWV XQFKHFNHG 9LFWRU\ FÂ… PLQW =HSSHOLQ G FÂ… PLQW ZLWK EHWWHU SLFNLQJV WR EH KDG D 0$<256 &2857 LPSHUI SURRI VLQJOH RI XVHIXO ORW Â… Â… WKH EOXH &RDW RI $UPV LVVXH IUHVK 80 RQ ZPN VWDPS SDSHU Â… Â…

*5((1/$1'

1$7,21$/ ,1685$1&( VWDPSV GLII òG WR G LQF PLQW Â… Â… Â’ 3('/(56 &(57,),&$7( G RYSW

6SHFLPHQ IUHVK PLQW UHPDLQV RQ UHYHUVH D VWUDQJH UHYHQXH QR RWKHU YDOXHV LVVXHG Â… Â… 32/,&( &28576 .*9, XVHG VHW ZLWK YDOXHV G WR G % Â… Â… 352%$7( &2857 Â… GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO 3URGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ 8QXVXDOO\ YHU\ ILQH ZLWK QR UXEELQJ Â… Â… 352%$7( &2857 G GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO SURGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ ([KLELWLRQ LWHP Â… Â…

25,*,1$/ &2//(&7,21 RI V RI LWHPV KRXVHG LQ WKUHH $OEXPV SOXV SDJHV DQG WZR UHIHUHQFH ERRNV VWDPSV LQF WKXOH RYSWV 0 )8 QRWLQJ RUH DV )8 SDLU VHW PLQW F Â… RYSW VHW PLQW F Â… VHW PDQ\ RWKHU VWDPSV &KULVWPDV VHULHV DV FRPSOHWH VKHHWV WKHQ DQ H[WHQVLYH FROOHFWLRQ RI FRYHUV LQF H[SHGLWLRQV DQG GLIIHUHQW UHJLRQDO &'6 SPNV 2IIHUHG LQWDFW Â… Â… 6&+$8%(. 35,17(' $OEXP IRU LVVXHV IURP WR ZLWK D UDQJH RI VWDPSV &DW Â… LQF $QQLY NU +DQV /\QJH 80 /DUGV 0ROOHU NU 80 $ ILQH $OEXP IRU FRPSOHWLRQV Â… Â…

*5(1$'$ Â’ 3(1&) IRU 3(1&( RYHUSULQW HUURU òG 49 6*

G IUHVK XQXVHG FDW Â… D VFDUFH YDULHW\ Â… Â… Â’ 7HWH EHFKH SDLU G ILQH PLQW 6FDUFH

352%$7( &2857 G GLH SURRI LQ EODFN RQ KLJKO\ JOD]HG FDUG [ PP H[FHSWLRQDO SURGXFHG IRU WKH 3DULV ,QWHUQDWLRQDO ([KLELWLRQ Â… Â… { 38%/,& 5(&25' LPSHUI

HPERVVHG LVVXH ERWK )8 VFDUFH Â… Â… 38%/,& 5(&25'6 D VHOHFWLRQ LQF 49 WR Â… .*9 WR WZR 6SHFLPHQV PL[HG Â… Â…

6* D Â… Â… { 3RVWDJH GXH G RQ G GRXEOH VXUFKDUJH HUURU

XVHG Y VFDUFH 6*' % FDW Â… Â… Â… :$5 7$; LVVXHV RQ FRYHU D GHOLJKWIXO WULR LQF EORFNV RI XVDJHV RI WKH ZDU WD[ RYSWV XSUDWHG HWF FRYHUV Â… Â…

Â’ .*9 SLFWRULDO VHW 0 6* Â… Â… 4(,, LQDSSURSULDWH 5HYHQXHV $ ILQH JURXS RI SURRIV LWHPV SHUIRUDWHG VPDOO IRUPDW LQ EOXH LPSHUI VWULS RI Â’ 6LOYHU -XELOHH YDULHW\ òG .LWH DQG 9HUWLFDO /RJ IRXU SDOH EOXH KDQG VWDPSHG &$1&(//(' Â… UHG LPSHUI Â’ 80 6* . $OVR FRUQHU EORFN òG 3O ZLWK *UHHQ 'RW WR VLQJOH DQG Â… LPSHUI VWULS 80 Â… Â… * DQG EURNHQ IUDPHOLQH 9DU LWHPV Â… Â… 6+()),(/' ORFDO FRXQFLO 5HYHQXH VWDPSV Â’ &2,/ 67$036 .*9 òG ODUJH FRLO ZLWK FRLO MRLQW G &RXUW +RXVH )8 DQG G /LEUDU\ )RUIHLW VWDPS Â’ SDLU 6* D DQG G 6* D VWLOO DWWDFKHG WR LWV FRLO HQG UROO 0 Â… Â… ERWK VFDUFH PLQ &DW YDOXH Â… DV VLQJOH VWDPSV Â’ 6287+$03721 &2857 )(( )LQH RU )HH Â… Â… Â’ &URZQ 5RVHWWH VWDPS LQ RUDQJH DV SURRI VKHHWOHW RI QLQH HDFK .*9 WRS YDOXH 6* PDUYHOORXV VLQJOH ZLW :DWHUORZ DQG 6RQV /WG 6SHFLPHQ RYSW DQG VHFXULW\ IUDQNLQJ RQ UHJLVWHUHG FRYHU WR 8. &DW Â… Â… Â… SXQFWXUH )UHVK XQXVHG H[FHSWLRQDO Â… Â… { 75$9(/ ,'(17,7< &$5' .*9 DQG WUDYHO

SHUPLW .*9 ERWK )8 Â… Â… 81$335235,$7(' ,668(6 .*9 LPSHUI SURRIV RQ SRRU TXDOLW\ SDSHU IRU G G DQG Â… ILQH DQG VFDUFH JURXS Â… Â…

Â’ &2,/ 67$036 òG DV ODUJH UROOV ZLWK FRLO HQGV Â’ <HOORZ *UHHQ S ò [ ò 6* E %OXH *UHHQ S ò [ ò

GLIIHUHQW VKDGHV VHOGRP VHHQ LQ ODUJH FRLO UROOV YHU\ KLJK &DW 9DOXH DV VLQJOH VWDPSV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 54

Â’ &2,/ 67$036 òG ODUJH VWULSV LQ FRLO HQGV Â’ .*9 VHW RI LQ H[FHSWLRQDO IUHVK ILUVW KLQJH Â’ HQG RI UROOV LQF <HOORZ *UHHQ VFDUFH YHU\ KLJK &DW YDOXH PLQW FRQGLWLRQ ZLWK VHYHUDO H[WUD OLVWHG SULQWLQJV LQF UDUH F

W\SH % F F GLII 7KH 'ROODU KLJK YDOXHV DUH

DV VLQJOH VWDPSV Â… Â…

VXSHUE $ NH\ VHW 6* Â… Â… ^3KRWR` Â’ &2,/ /($'(5 .*9, G 6* E OHDGHU ZLWK Â’ VWDPSV DWWDFKHG DQG -XO\ +6 6FDUFH { .*9 GHILQLWLYH VHW RI FDW Â… Â… Â… ^3KRWR` 'HILQ VHW RI 6* RQ D YHU\ ILQH VHW RI

IRXU LOOXVWHU )'& 1RW FRPPRQ Â… Â…

VHW WR H[ F JUH\ DQG 6LOYHU -XELOHH VHW RI ILQH XVHG Â… Â… Â’ .*9 IUHVK PLQW 6* D WKH ZKLWH EDFN

LVVXH 6XSHUE Â… Â…

0XOWLSOH IUDQNHG 2+06 HQYHORSH ZLWK YDOXHV

Â’ .*9 IUHVK PLQW 6* E WKH UDUH ROLYH EDFN

IURP F WR ZLWK *32 *UHQDGD &'6 FDQFHO )', IRU WKHVH GHILQLWLYH LVVXHV Â… Â…

SULQWLQJ $ VXSHUE H[DPSOH RI WKLV VFDUFH VWDPS Â… Â…

Â’ 4(,, F 6* IUHVK 80 $ GLIILFXOW VWDPS WR Â’ ILQG Â… Â…

{ %52.(1 &+$5$&7(5 9$5,(7< F 6* E

)8 Â… Â… 49 &/$66,&6 86(' 3OXV VRPH H[WUDV DOO Â’ %URNHQ IORZHU YDULHW\ .*9 F PLQW W\SLFDO XVHG LQF ILUVW GHVLJQ G ZLWK D YDULHW\ RI SPNV ILVFDO Â’ JXP 6* D Â… Â… XVHG 8QFKHFNHG Â… Â… Â’ 6SHFLPHQ RYSWV 49 WR .*9, ZLWK KLJKHU YDOXHV

Â’ 6LOYHU -XELOHH VHW IUHVK PLQW 6* IUHVK PLQW GLIIHUHQW 49 GXW\ SODWHV WR EDGJH LQF Â… Â… 6* QRUPDO &DW Â… &RURQDWLRQ VHW Â… QLFH ORW Â… Â… { 6LOYHU -XELOHH YDULHW\ F )ODJVWDII RQ 5LJKW +DQG 7XUUHW )8 6* ' Â… Â… *8$7(0$/$

3267$/ 67$7,21(5< PDLQO\ XQXVHG ZLWK

Â’ 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII PDQ\ LGHQWLILHG ZLWK + DQG * QXPEHUV LQF LOOXVWUDWHG W\SH Â’ 80 ,Q SDLU ZLWK QRUPDO 6FDUFH 7ZR QLEEOHG SHUIV DW EDVH FDUGV SURYLVLRQDO F ([SUHVV RYSW HPERVVHG HQYV SUH 6* % Â… Â… FDQFHOV LQF IDQF\ FRUN W\SH $ ILQH ORW RI HDUO\ Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII PLQW FRYHUV FDUGV Â… Â… ZLWKLQ FRUQHU EORFN 6* $ Â… Â…

*8<$1$

Â’

6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU 4(,, UDQGRP FROOHFWLRQ ZLWK FRYHUV VWDPSV DQG ILQH PLQW 6* & Â… Â… 06 6KHHWOHWV QRWH 06 6KHHWOHWV LQ %XWWHUIOLHV RYSW 6KHHWV HDFK GLIIHUHQW VHWV RI VWDPSV ZLWK PXFK 80 $ ,1:$5' 0$,/ YHU\ ILQH FRYHU H[ *HUPDQ\ DW JRRG VHOHFWLRQ RI LWHPV Â… Â… SI UDWH HQGRUVHG E\ ,PSHULDO $LUZD\V GLUHFW VHUYLFH WR 32 %R[ +RQJ .RQJ 8QXVXDO Â… Â… +(/,*2/$1' Â’ $ .*9, VHW RI GLIIHUHQW YDOXHV F WR 49 &ODVVLFV $Q XQFKHFNHG ORW RI 6* &DW Â… 0LQW Â… Â… RQ FDUGV 6ROG RQ WKHLU PHULWV 0DQ\ PLQW $ JRRG UDQJH 0L[HG FRQG 5HTXHVW VFDQV Â… Â… Â’ (;75$ 6752.( YDULHW\ F 9LFWRU\ ILQH XP Â’ 6* D Â… Â… +21'85$6 3267$/ 67$7,21(5< D VFDUFH UDQJH RI Â’ 6LOYHU :HGGLQJ 6HW 80 6* LOOXVWUDWHG W\SH SRVWDO FDUGV ZLWK GLIIHUHQW YDOXHV VHHQ SRVWDO Â’ Â… Â… DQG UHSO\ FDUGV ,QWHULRU ZLWK PDQ\ LGHQWLILHG ZLWK + DQG *

QXPEHUV XQXVHG FRYHUV FDUGV Â… Â… Â’ :$7(5/2: LPSHUI SURRIV RI V DLUPDLOV

GLII LQF WZR SDLUV ZLWK SULQWHUV PDUJLQDO QRWDWLRQV XQXVXDO VWDPSV Â… Â…

{ 6385 72 1 9$5,(7< F ZHGGLQJ YIX 6*

D Â… Â… { &UDFN LQ 5RFN YDULHW\ F 838 9)8 6*

D Â… Â…

+21* .21*

0LOLWDU\ %ULWLVK )RUFHV PDWFKHG JURXS RI

{ 12 :$7(50$5. 49 VHW RI ILQH XVHG 6*

YDULRXVO\ IUDQNHG FRYHUV WR 8. HDFK ZLWK %ULW )LHOG 5HJLPHQW 5$ ODUJH RYDO FDFKHWV RQ UHYHUVH 9DULRXV FRORXUV IUDQNLQJV Â… Â…

FDW Â… $ JRRG VRXQG VHW Â… Â… { ,19(57(' :$7(50$5. F 6* Z ILQH

XVHG Â… Â…

{ 4(,, ILQH XVHG FROOHFWLRQ ZLWK PDQ\ FRPSOHWH

VHWV VHHQ GHILQLWLYHV WR PDQ\ FRPPHPRUDWLYH VHWV LQF -RFNH\ &OXE 06 +DOOH\ V &RPHW 06 1HZ <HDU 06 $ JRRG UDQJH RI VWDPSV 06 HDFK GLIIHUHQW Â… Â…

Â’ -XELOHH RYHUSULQW F PLQW 6* &DW

Â… Â… Â… Â’ -8%,/(( RYHUSULQW 6* VXSHUE IUHVK PLQW Â’ SRVV QHYHU KLQJHG RQH RI WKH ILQHVW ZH KDYH KDQGOHG Â’ Â… Â…

Â’ ,QYHUWHG ZDWHUPDUN F ,78 IUHVK XP 6* Â’ : Â… Â…

Â’ 3RVWDO )LVFDO RQ PLQW 9HU\ IUHVK

Â’ 6* GHILQ VHW 80 Â… Â… Â’

6*) Â… Â… { :DWHUPDUN UHYHUVHG HUURU F 6* [ IX

Â’ 9DULHW\ SDLU F PDFKLQ GHILQV 6* $ ZLWK Â’ ODUJH ZKLWH ZLSHU EODGH IODZ 8QXVXDO 80 Â… Â…

6FDUFH Â… Â… Â’ 3267$/ ),6&$/ RQ 6* ) PLQW FDW

PHILANGLES

Â… Â… Â…

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 55

67$03 &(17(1$5< 6SHFLDO FRYHUV DQG 4 FDUGV ZLWK VSHFLDO FDQFHO IRU WKH %XGDSHVW ([KLELWLRQ VHYHUDO

0DFKLQ GHILQLWLYH HUURUV DQG YDULHWLHV FKLHIO\ ZDWHUPDUN HUURUV LQF EORFN RI ZPN LQY 6* FZ DV D EORFN RI 6* GZ $Q LQWHUHVWLQJ JURXS RI VWDPSV PDLQO\ IUHVK 80 Â… Â…

ZLWK VSHFLDO $LU FDQFHOV $ YHU\ LQWHUHVWLQJ ORW RI FRYHUV FDUGV Â… Â…

&DWDORJXHG DW Â… DV ILQH XVHG VHW D

{ 6WDPS &HQWHQDU\ VHW RI 06 9)8 6* D

FROOHFWLRQ RI LOOXVWUDWHG FRPPHPRUDWLYH ILUVW GD\ FRYHUV QR ZULWWHQ DGGUHVVHV Â… Â… { 6* )8 Â… Â…

&DW Â… Â… Â… Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV

LWHPV LQ SDFNHWV JRRG FRQGLWLRQ LQF :DU &KDULW\ KLJK YDOXHV 6* DLU RYSWV 6SRUW VHW DLUPDLO KLJK YDOXHV 6* HWF )LQH ORW Â… Â…

{ $1 ,17(5(67,1* HDUO\ JURXS ZLWK VHFXULW\

RYSWV LQF F RQ F DQG F RQ F ILQH XVHG WKHVH FDW Â… Â… Â… &29(5 6(/(&7,21 IOLJKW FRYHUV

WR 0DQLOOD F UDWH DQG *XDP F 9LFWRU\ VHW RQ DWWU LOOXVWU )'& )UHQFK 0HGLFLQH FDUG )8 HWF Â… Â… { .*9 FROOHFWLRQ ILQH XVHG GHILQLWLYH VHW RI

&RURQDWLRQ &HQWHQDU\ 9LFWRU\ 6LOYHU :HGGLQJ DQG 838 VHWV VWDPSV Â… Â…

)(/'3267 &DUGV RI ::, LQF LOOXVWUDWHG

W\SHV $ JRRG JURXS RI ZLWK PDQ\ GLIIHUHQW SPNV DQG FHQVRU +6 Â… Â…

,&(/$1' $ ),1( 5$1*( RI LVVXHV ZLWK EHWWHU SLFNLQJV HDUO\ QXPHUDOV .LQJ &KULVWLDQ RYSWV 'RXEOH +HDGV N RQ N PLQW $LU VHW PLQW YLHZV D DQG D PLQW =HSSHOLQ RYSW VHW RI *XOOIRVV )DOO 6HW RI )8 *\UIDOFRQ PLQW $ IHZ VWDPSV DQ RULJLQDO ORW QHHG VRUWLQJ Â… Â…

.*9 YDULHWLHV LQWHUHVWLQJ JURXS LQF ZLWK 6HH 3RVW &XVWRP 'XW\ SRVWPDUN 6FDOS IORZ RQ F F DQG ::,, &HQVRUHG 0DLO ZLWK D YDULHW\ RI FHQVRU F PLQW &KLQD RYSW F ZLWK :KLWH (\H YDULHW\ )8 D SDJH KDQGVWDPSV UHXVHG HQY ZLWK VLJQDOV &'6 DQG VHFUHW ZLWK PLQRU YDULHWLHV KLJKOLJKWHG $ JRRG ORW RI VWDPSV KDQGVWDPS FURVVHG RXW 2+06 HQY ZLWK 2+06 FURVVHG Â… Â… RXW DQG HQGRUVHG RQ DFWLYH VHUYLFH 2+06 UHXVHG HQY $ ILQH UDQJH RI FRYHUV_ 33& Â… Â… { 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV ZLWK LVVXHV Â’ IURP 49 WR .*9, VHHQ 49 WR LQF FHQWV RQ F 6* ,1' 67 1$7 %81', PLQW 6 -XELOHH VHW PLQW DQG )8 .*9, WR PLQW 838 VHW PLQW GHILQ VHW RI PLQW $ XVHIXO ORW RI Â’ 2)),&,$/ $ ILQH PLQW ZLWK YDULHW\ WK FKDUDFWHU WXUQHG WR OHIW ([ 6* VXSHUE 6*R DD VWDPSV ZLWK D KLJK &DW YDOXH Â… Â… Â… Â… 3DWULRWLF ::,, %ULWLVK :DU 2UJDQLVDWLRQ )XQG +RQJ .RQJ ODEHO YHU\ ILQH Â… Â… ,1' 67 1$7 +<'(5 { ,PSHUI +RUL]RQWDO YHUWLFDO SDLU D SDLU )8 DQG 4(,, '(),1,7,9( 9$5,(7,(6 ZLWK VFDUFH 6* E 0LQRU VRLOLQJ Â… Â… VKRUW 5 RI GROODU XVHG F PLVVLQJ SHDUO FKDUDFWHU MRLQHG PLQW ZDWHUPDUN WR WKH ULJKW 6* Z EORFN RI ,1' 67 1$7 -$,385 80 $Q LQWHUHVWLQJ ORW RI VWDPSV PDLQO\ 80 Â’ )UDPH SULQWHG GRXEOH HUURU D 6* PLQW ZLWK Â… Â… 536 &HUW Â… Â… ^3KRWR` { 48((1 9,&725,$ VHOHFWLRQ RI VWDPSV FKLHIO\ ZLWK % FDQFHOV VHHQ QR ZPN WR F H[ F { $ &+,()/< 86(' VHOHFWLRQ RI GLII LQF &URZQ && WR F LQF VFDUFH F VXUFK 6* 6LOYHU -XELOHH LVVXHV WR U 6* RIILFLDO D 6* 2 HWF +LJK FRORXU FKDQJH WR F $ JRRG VHOHFWLRQ FDW Â… &9 UHTXHVW VFDQ Â… Â… Â… Â… { -$,385 D EODFN FKRFRODWH LQVFU { 49 XVHG VHOHFWLRQ LQF -XELOHH VKRUW 8

³3267$*(´ 6* 9)8 Â… Â… ^3KRWR`

YDULHW\ 6* E 6* HWF 6PDOO IDXOWV FDW Â… Â… Â… 7KH 3KLODWHOLF DQG 3RVWDO +LVWRU\ RI +RQJ .RQJ

DQG WKH 7UHDW\ 3RUWV E\ :HEE %HQGRQ UHSULQW $V QHZ LQ GHVSDWFK ER[ (VVHQWLDO ERRN Â… Â… { 7UHDW\ 3RUWV 49 F ZLWK QHDW ' GXSOH[

,1' 67 1$7 -$008 .$6+0,5 6+((7/(76 RI DQG JRRG IRU VWXG\ òD D D ZLWK VKDGHV DQG LPSULQWHG ERUGHUV 8QXVHG VHOGRP VHHQ LQ FRPSOHWH VKHHWV Â… Â…

,1' 67 1$7 .,6+$1

6*= Â… Â…

Â’ %ORFN RI )RXU U KLJK YDOXH IUHVK PLQW ZLWK 7ZR 6WRFNERRNV ZLWK 4(,, YDULHWLHV LQF PLQRU ODUJH PDUJLQV 6* Â… Â… HUURUV ZPN YDULHWLHV VHHQ 8QHVFR PLVSHUIHG 3RVWDO 8QLRQ QR ZPN ,&< PLVVLQJ K\SKHQ 9)8 EORFN RI Â’ 7RS YDOXH U 6* $V VXSHUE 80 FRUQHU EORFN VL[ ZPN ,QY 80 1HZ <HDU ZLWK VWRS DIWHU 80 Â’ RI )RXU &KRLFH Â… Â… &KXUFKLOO ZLWK GDPDJHG 8 YDULHW\ 80 $Q LQWHUHVWLQJ JURXS FKLHIO\ 80 Â… Â…

,1' 67 1$7 75$9$1

+81*$5<

{ 2' 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV

Â’ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV PLQW

FKLHIO\ ILQH XVHG LQF &RPPHPRUDWLYH 2IILFLDOV 6KDGHV GLIIHUHQW SHUIRUDWLRQ W\SHV *RRG IRU VWXG\ VHHQ F RQ FD RYSW LQY 6* D PLQW F RQ FK :PN % 6* D )8 $ YHU\ JRRG ORW IRU VWXG\ Â… Â…

:DU &KDULW\ VHW RI VHW RI VXUFK SRVWDJH GXH 6* ' D ILQH ORW RI VWDPSV Â… Â… 4 ,17(51$7,21$/ $,5 )$,5 WZR 3RVWFDUGV

ZLWK VSHFLDO $LU /DEHOV DQG VSHFLDO FDQFHOODWLRQ ZLWK SULQWHG $LU FDUG ZLWK WZR VSHFLDO $LU ODEHOV WLHG ZLWK WKH VSHFLDO FDQFHO Â… Â…

,1',$ &/$66,& D EL FRORXU $ YHU\ ILQH RIILFLDO UHSULQWHG SURRI ZLWK KXJH VTXDUH PDUJLQV XQXVHG Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 56

)25*(5,(6 RI WKH FODVVLF D EL FRORXUV VWULS RI XVHG ZLWK % FDQFHOV RI 6LQJDSRUH DQG PLQW FRUQHU EORFN ZLWK LQVFULSWLRQV Â… Â… { 49 LPSHUI FODVVLFV òD SDLU 6* D LQF

6* H[ 6* $OO XVHG Â… Â… ^3KRWR` ,1',$ 3267$*( 67$03 &HQWHQDU\ 6RXYHQLU

$OEXP 5HG ZLWK *ROG HPERVVLQJ LVVXHG E\ WKH ,QGLD 3RVW DQG 7HOHJUDSKV GHSDUWPHQW XQXVHG ZLWK FRORXU LPDJHV RI WKH VWDPSV DQG GHWDLO LQ YHU\ ILQH FRQGLWLRQ VFDUFH Â… Â… Â’ 2+06 49 VHW RI ILYH PLQW DQG JHQHUDOO\ JRRG

6* &DW Â… Â… Â…

29(5 FRYHUV KRXVHG LQ IRXU ER[HV

WHUULILF YDULHW\ RI PRGHUQ FRPPHUFLDO IUDQNLQJV XSWR DERXW DOO DGGU WR 8. ZLWK PRGHUQ VWDPSV KLJK YDOXHV FRPPHPV HWF 7KH ORW DOVR LQFOXGHV D UDQJH RI RWKHU LQWHUHVWLQJ FRYHUV IURP WKH 49 WR .*9, SHULRG (VW MXVW S D FRYHU Â… Â… 5(9(18(6 $ ILQH FROOHFWLRQ RQ SDJHV VWDPSV VHW RI 49 D WR U RYSW &$1&(//(' VXSHUE IUHVK PLQW JRRG ORW RI XVHG IURP WKLV LVVXH ZLWK YDOXHV WR U &RXUW )HH LVVXHV PLQW JURXS RI WR U RYSW FDQFHOOHG DQG ODWHU *RRG ORW Â… Â…

,1',$1 67$7(6

Â’ 2+06 DOO GLII 49 PLQW JURXS RI

FDW Â… ZLWK VHW WR U LQF DGGLWLRQDO OLVWHG VKDGHV D 6* HWF $WWUDFWLYH JURXS 5HTXHVW VFDQ Â… Â…

5(9(18(6 *:$/,25 6WDWH FROOHFWLRQ RI PDLQO\ VRUWHG E\ LVVXHV ZLWK FRXUW IHH V DQG JHQHUDO UHYHQXHV ZLWK YDOXHV WR U Â… Â… ^3KRWR`

{ (':$5' &$7$/2*8(' 3RVWDJH KLJK YDOXHV

,1'21(6,$

WR U 2IILFLDO U $ JRRG UDQJH RI VWDPSV PDLQO\ ILQH XVHG Â… Â… ^3KRWR`

Â’ 7+( 1(: &855(1&< VHW RI IUHVK PLQW 6*

Â’ .*9 U KLJK YDOXH VXSHUE PLQW 6*

Â… Â…

D FDW Â… NH\ VHW Â… Â…

,5$1

{ 2)),&,$/6 $KPHG 0LUD FK WR NU ZLWK Â’ .*9 U KLJK YDOXH VXSHUE PLQW 6*

YDULHWLHV LQF EURNHQ OHWWHUV 2IIMRMHL IRU 2IILFLDO RQ FK DQG FK $Q LQWHUHVWLQJ ORW RI VWDPSV 6* ILQH XVHG Â… Â…

Â… Â… { 0267 81868$/ ODUJH SLHFH ZLWK ,QGLD

H[SHGLWLRQDU\ IRUFHV ,() VHW RI ZLWK %DVH 2IILFH % ,() FGV { 5(/$,6 RYSWV $KPHG 0LUD WR NU LQF FDQFHO RQ HDFK YDOXH $ VFDUFH SLHFH 6*( VXSHUE FK DQG FK RYSW LQYHUWHG /LRQ DQG &URZQ WR NU LQF XVHG Â… Â… YDOXHV QRW OLVWHG LQ 6* FK FK DQG NU $ JRRG JURXS RI 6* D Â… Â… { (5525 .*9 3,(6 3,(6 RYHUSULQW HUURU 6* E )8 Â… Â… { 685&+$5*( FK WR FK ZLWK YDULHWLHV Â’ LQF FK RQ FK GRXEOH RYSW FK RQ FK RYSW LQY D XVHIXO { (5525 6 .*9 RYHUSULQW HUURUV 1,1( JURXS RI JRRG IRU VWXG\ 6* PDLQO\ PLQW 1,1( DQG 3,(6 3,(6 6* D E ILQH XVHG Â… Â… Â… Â… Â’ 5()8*(( UHOLHI VWXG\ RI WKH S JUHHQ Â’ ZLWK GLIIHUHQW RYSWV HUURUV DQG YDULHWLHV LQF SULQWHG 'RXEOH

,5$4

-XO\ $,50$,/ YHU\ VFDUFH ,ULVK DFFHSWDQFH RQH LQYHUWHG GRXEOH RIIVHW RQ WKH UHYHUVH PLVSODFHG D VPDOO 4 IOLJKW FDUG 'XEOLQ WR $EDGDQ ,UDQ WKHQ RQWR WKH H[WHQVLRQ URXWH EXW XVHIXO JURXS RI 80 Â… Â… %DJKGDG WR %DVUD G XSUDWHG òG HDUO\ DLU ODEHO DQG Â’ ([SORGHG %RRNOHW U 6*6% F &DW Â… ZLWK EDFNVWDPSV UDUH Â… Â… Â’ WZR FRPSOHWH SDQHV DQG DOO FRYHUV )LQH WR GLVSOD\ $,50$,/ UDUH ,ULVK DFFHSWDQFH IOLJKW FRYHU òG Â… Â… 6KLHOG HQYHORSH XSUDWHG ZLWK òG G FDQFHOOHG LQ 'XEOLQ Â’ (5525 6 -XELOHH òD ZLWK %LUG )ODZ ZLWKLQ D Â’ EORFN RI 6* D XQPRXQWHG PLQW Â… Â…

FRYHUHG WR UHVHPEOH DQ ,ULVK IODJ DGGU WR %DJKGDG ZLWK DUULYDO FGV RQ UHYHUVH YHU\ IHZ H[LVW Â… Â… ,1',$1 )32 WZR DWWUDFWLYH FRYHUV VWDPS

Â’ 6,/9(5 -8%,/(( òD ODUJH EORFN RI Â’ 6* &DW Â… DV VLQJOH VWDPSV Â… Â…

FRPELQDWLRQ H[ )32 DQG FHQVRUHG H[ 6KDLEDQ )32 Â… Â… Â’ 2EOLJDWRU\ 7D[ I I RYSWV ILQH PLQW

,19(57(' :0. òD ,QGHSHQGHQFH 0DS %27+ PLQW DQG )8 6* Z YDULHWLHV Â… Â…

6*7 D UH HQWU\ &DW Â… Â… Â…

Â’ 5(38%/,& 2YHUSULQWV YHU\ FRPSOHWH ZLWK )RUFHV LQ .RUHD RYSW VHW 6* . QLFHO\ XVHG Â’ VWDPSV 80 LQF G 6* FÂ… òG 6* FÂ… G 6* RQ FRYHU WLHG )32 &'6 Â… Â…

FÂ… D YHU\ JRRG UDQJH &DW Â… Â… Â…

{ +DJQHU SDJHV FUDPPHG ZLWK VWDPSV

Â’ 7UDQVSRVHG RYSW YDULHW\ I 6* D 80 ZLWKLQ XVHG LQF PDQ\ VWDWH LVVXHV 8VHG VHHQ 49 òD GXOO UHG 6* Â’ VWULS RI Â… Â… SDLU )8 D FXW WR VKDSH XVHG SDJHV ZLWK D YDULHW\ EDU DQG OHWWHU FDQFHOV VTXDUH FLUFOH FDQFHOV VWDWHV LQ )HXGDWRU\ Â’ $ 6(/(&7,21 2) 29(535,17 (55256 VWDWHV DQ RULJLQDO ROG WLPH ORW Â… Â… Â’ V I I GHILQV ZLWK ,19(57(' 29376 I I VHUYLFH Â’ +DJQHU VWRFNSDJHV ZLWK PDLQO\ )HXGDWRU\ LVVXHV ZLWK GRXEOH RYSWV LWHPV DOO XP Â… Â… 6WDWH LVVXHV VHHQ ,() RYSWV WR U 6RUXWK LQF -XQDJDGK ,17(5(67,1* 0,;785( &KLHIO\ V LVVXHV 6RUXWK D VKHHW RI $OZDU &RFKLQ -DPPX DQG LQF 80 VHWV VHHQ 3HWUROHXP VHW DV SDLUV XP .DVKPLU LQF óD \HOORZ VKHHWOHW RI )DULGNRW VHHQ WKH ,QVXUDQFH DQG +HDOWK 'D\ DV SDLUV 80 $LU VHW RI DV RGG YDULHW\ RYHU VWDPSV PLQW LQF RGG 80 SDLUV 80 )RXUWK $QQLYHUVDU\ 5HYROXWLRQ 06 RQ )'& Â… Â… $Q LQWHUHVWLQJ JURXS RI D IHZ VWDPSV Â… Â…

,17(5(67,1* VPDOO VHOHFWLRQ FRYHUV LQF ,5(/$1' +\GHUDEDG -XELOHH VHW RQ FRYHU 3DWLDOD 6WDWH Â’ )25(5811(5 G 5HGPRQG ,UHODQG LVVXHV RQ VWDWLRQHU\ HQY ,() IUDQNLQJ QS 0DS 'HPDQGV +RPH 5XOH VWDPS PLQW VPDOO IDXOWV EXW VFDUFH VWDPS ZLWK JROG ,QGLD FRORXU RPLWWHG Â… Â… / Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 57

Â’ 'ROODUG SURRI RI WKH RYHUSULQW DV D EORFN

Â’ 6HDKRUVH 5H HQJUDYHG PLQW 6* &DW

RI ZLWK SULQWHUV KDQGVWDPS RQ UHYHUVH $Q XQXVXDOO\ ODUJH VL]H EORFN ILQH Â… Â…

Â… Â… Â… ^3KRWR` Â’ 6HDKRUVH )/$7 7$,/(' 9$5,(7< 0LQW

Â’ $ VHOHFWLRQ RI .*9 RYSW FRQWURO VLQJOHV òG WR

GLIIHUHQW LQF G G G G Â… Â… ^3KRWR` Â’ $FFHQW LQVHUWHG E\ KDQG òG PLQW LQ EORFN RI

6PDOO FRUQHU FUHDVH 6* 0: 7 % Â… Â… ^3KRWR` { 6HDKRUVH 6* 9)8 Â… Â…

IRXU $ ILQH YDULHW\ 6* E Â… Â… ^3KRWR`

^3KRWR`

Â’ &RLO VWDPSV ZLWK ORQJ LQ YDULHW\ VHW RI

Â’ 6($+256( KLJK YDOXHV 5H HQJUDYHG

IRXU IUHVK PLQW 6* $ òG G LQ SDLUV ZLWK QRUPDO )LQH Â… Â…

ILQH PLQW 6* &DW Â… Â… Â… ^3KRWR`

{ .*9 RYSW VHW RI ILQH XVHG 6* WKH KLJK

YDOXHV DUH UDWKHU VXSHUE ZLWK QHDW FGV SRVWPDUNV Â… Â…

Â’ 6W 3DWULFN VHW RI KLJK YDOXHV PLQW 6*

&DW Â… Â… Â… ^3KRWR` Â’ 6W 3DWULFN KLJK YDOXH VHW ILQH PLQW 6*

Â’ /RQJ LQ YDULHW\ DV D FRPSOHWH VHW RI

&DW Â… Â… Â…

)RXU FRLO SDLUV ILQH PLQW 6* $ SDLUV Â… Â… ^3KRWR`

3267$/ +,6725< HQWLUH IURP 'XEOLQ WR

Â’ 3267$*( :DWHUPDUN RQ VWDPSV òG G

HDFK DV PLQW PDUJLQDO SDLUV 8QXVXDO 6* YDU Â… Â… Â’ 3URRI RI RYHUSULQW LQ %ODFN D ILQH LPSHUI SDLU RQ

:KLWH 3DSHU 1R +6 RQ UHYHUVH )LQH Â… Â…

/RUG 'XUURZ ZLWK RF ELVKRSV PDUN DQG ZDV FDUULHG IUHH RZLQJ DGGUHVVHG WR D ORUG HQWLUH IURP =HDODQG WR 9LROHW +LOO ZLWK IRUHLJQ EUDQFK ELVKRS PDUN DQG 'XEOLQ ELVKRS PDUN ZLWK WKH RULJLQDO UDWH FURVVHG DQG D QHZ UDWH RI EHLQJ DSSOLHG OHWWHU DERXW JHWWLQJ PRQH\ YLD D QHXWUDO FRXQWU\ Â… Â…

{ 35,17(' $/%80 IRU LVVXHV IURP WR { 6($+256( KLJK YDOXHV VHW RI ILQH XVHG 6*

ZLWK PDQ\ FRPSOHWH VHWV RYHU VWDPSV ORRNV YHU\ FRPSOHWH IRU WKH SHULRG H[ 06 6KHHWOHWV $ JRRG $OEXP IRU FRQWLQXDWLRQ Â… Â…

Â… Â… Â’ 6HDKRUVH RYSW VHW PLQW 6*

Â… Â… ^3KRWR`

,65$(/ Â’ 3ODWH EORFN RI )RXU RI WKH P WRS YDOXH FRLQ Â’ VXSHUE PLQW VWDPSV 1+ $ UDUH EORFN RI WKH ILUVW LVVXH 6* Â’ &DW Â… Â… Â… ^3KRWR`

Â’ 6HDKRUVH VHW ILQH PLQW 6*

Â… Â… ^3KRWR` Â’ 6HDKRUVH VHW RI ERWK G PLQW

{ ),1( 86(' HDUO\ LVVXHV WR ZLWKRXW WDEV

6* Â… Â… ^3KRWR` Â’ 6($+256( VHW RI IRXU LQF ERWK G IUHVK PLQW

6* Â… Â…

VWDPSV LQF &2,1 6(7 WR P DQG PDQ\ EHWWHU FRPPHPV 6FDUFH XVHG Â… Â… { ),1( 86(' ($5/< 7$%6 DOO GLII ZLWK

EHWWHU V FRPPHPV DQG DLUPDLO KLJK YDOXHV ILQH DQG XQFRPPRQ XVHG Â… Â…

Â’ 7ULDO RYSW LQ 5HG òG 'ROODUG ILQH 80 ER[HG Â’ 3522) +6 RQ UHYHUVH 6HH 6* IRRWQRWH Â… Â…

,7 &2/6 $(*($1 ,6/$1'6

^3KRWR`

Â’ 5+2'(6 F QR ZPN 6* - PLQW

Â’ &RLO 6WDPSV PLQW GLII 6* D E F DQG

F 6* PLQW 'DQWH VHW LQF DLUV WK $QQLY F WR O SRVWDJH GXH VHW DOO PLQW Â… Â…

D &DW Â… Â… Â… Â’ .*9 6HDKRUVH VHW RI 6* IUHVK OLJKWO\

,7 &2/6 &5(7(

PRXQWHG PLQW Â… Â…

Â’ &203/(7( 6* PDLQO\ PLQW F 6*

Â’ VHDKRUVHV ZLGH GDWHV 6* PLQW

)8 DQG F ([SUHVV )8 DOO RWKHU VWDPSV PLQW ZLWK D KLJK FDWDORJXH YDOXH IRU WKHVH LVVXHV RYSWHG /D &XQHD Â… Â…

VHW RI SOXV SDLU G ZLWK ZHDN DFFHQW YDULHW\ DQG D IXUWKHU G VLQJOH VWDPSV ILQH JURXS RI KLJK YDOXHV Â… Â… Â’ 6($+256( ZLGH GDWH VHW RI ILQH PLQW 6*

Â… Â… 0D\ $,50$,/ UDUH DFFHSWDQFH IOLJKW FRYHU 4 'XEOLQ WR &RUVLFD G òG G IUDQNLQJ HDUO\ EOXH DLU ODEHO

,7 &2/6 ($67 $)5,&$ 3,&725,$/ GHILQLWLYH VHW $LU VHW $LU H[SUHVV VHW 6* DQG ( PDLQO\ 80 &DW Â… Â… Â…

,7$/,$1 &2/6

WLHG KDQG SDLQWHG IODJ DUULYDO EV 9HU\ IHZ H[LVW )LQH Â… Â…

{ 75,32/,7$1,$ DLUPDLO PDVV IOLJKW VHW )8 4 DQG YHU\ UDUH 6* &DW Â… WRWDOO\ FRUUHFW &'6

SRVWPDUNV Â… Â… 0D\ $,50$,/ VFDUFH DFFHSWDQFH IOLJKW FRYHU 'XEOLQ WR 7XQLV 7XQLVLD ZLWK òG G G FRPELQDWLRQ HDUO\ { )RRWEDOO $LUPDLO 6HW RI )LYH WR / 9)8 ZLWK EOXH DLU ODEHO WLHG KDQG SDLQWHG ,ULVK )ODJ DQG DUULYDO EV 9HU\ QHDW (ULWUHD 3RVWDO FDQFHOV YHU\ VFDUFH JHQXLQH XVHG 6* ILQH IHZ H[LVW Â… Â… &DW Â… Â… Â… Â’ $ ILQH ORW RI PRVWO\ 80 EORFNV RI DQG RI

Â’ )RRWEDOO 3RVWDJH 6HW PLQW 6* &DW Â…

FRPPHP VHWV GLIIHUHQW EORFNV DQG PRVWO\ FRPSOHWH IRU SHULRG LQF &DWKROLF DQG )DWKHU 0DWWKHZ Â… Â…

Â… Â…

$,50$,/ VSHFLDO IOLJKW FRYHUV LQF ILUVW 4 GHVSDWFK 5LPRXVNL WR 7RURQWR DERXW FDUULHG 1RUWK

$PHULFDQ IOLJKWV ZLWK )O\LQJ %RDW FDFKHWV $WODQWLF IOLJKWV )LQH JURXS Â… Â…

Â’ $(*($1 ,6/$1'6 )RRWEDOO 3RVWDJH DQG 4 $LU 6HW ERWK ILQH PLQW 6* &DW Â… 1LFH

Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 58

Â’ &DW HXUR Â… $HJHDQ ,VODQGV

VHW RI F 2UDQJH YDOXHV QRW :PN LVVXHG IRU HDFK RI WKH ,VODQGV )LQH DQG VFDUFH WKLV LV DOZD\V PLVVLQJ IURP HDFK LVVXH 5HTXHVW VFDQ Â… Â… Â’ &DW Â… YDOXDEOH ORW RI EHWWHU VWDPSV

LQ SDFNHWV FKLHIO\ PLQW 6RPDOLD F SHUI *HQHUDO &ROV ZLWK KLJK YDOXHV 7ULSROL / DQG H[SUHVV DWWUDFWLRQ DOO GLIIHUHQW JURXS )LQH FRQGLWLRQ Â… Â… { ),1( 86(' $(*($1 ,6/$1' FLUFD

LVVXHV FDW Â… GLII YHU\ HOXVLYH LQ XVHG FRQGLWLRQ ZLWK VHWV WR F LQF /HURV /LSVR 1LVLURV 3DWPRV DQG PRUH +LJKO\ UHFRPPHQGHG Â… Â… Â’ *(1(5$/ ,668(6 *DULEDOGL VHW RI

6* ( 'DQWH VHW WR O O )RXQGDWLRQ ZLWK YDOXHV WR O O DOO IUHVK PLQW VWDPSV FDW Â… Â… Â…

8VHIXO SLFNLQJV LQ WKLV FROOHFWLRQ RI VWDPSV LQ DQ $OEXP QRWLQJ 3OHELVFLWH VHW )8 6* &DW Â… -XELOHH VHW PLQW FÂ… 5HG &URVV VHW )8 FÂ… 3URSDJDQGD VHW PLQW )DVFLVW VHW PLQW FÂ… 0DUFK VHW )X &Â… O 2937 VJ 86(' &DW Â… +RO\ <HDU VHW )8 F Â… 'HIHQFH VHWV PLQW FÂ… / 6* )8 &DW Â… *RRG V $LUPDLOV PLQW LQF =HSSHOLQ VHW FÂ… PLQW $LU RYSW VHW )RRWEDOO $LUV FÂ… DQG PXFK PRUH Â… Â…

,925< &2$67 { 2/' $/%80 SDJHV ZLWK LVVXHV IURP Â’ VHHQ GHILQV ZLWK YDOXHV WR IU RYSWV WR I

RQ F H[ F RYSW VHW ZLWK YDOXHV WR IU )UHQFK 5HYROXWLRQ VHW $ JRRG UDQJH RI VWDPSV Â… Â…

Â’ 52', $HJHDQ ,V *DULEDOGL RYSW VHW ILQH

0 6* Â… Â… { 75,32/,7$1,$ 7UDGH )DLU SOXV H[SUHVV

VHW 9)8 RQ SLHFHV DOO ZLWK FRPSOHWH 7ULSROL &'6 &KRLFH 6* ( &DW Â… Â… Â… { 75,32/,7$1,$ =(33(/,1 6HW )8 4 JHQXLQH FDQFHOV 9HU\ VFDUFH 6* &DW Â…

Â… Â…

-$0$,&$ { 'UDPDWLF HUURU FDXVHG E\ IRUHLJQ PDWWHU RQ WKH

SODWH 49 G 6* 9)8 ZLWK ODUJH :KLWH *DVK WKURXJK WKH 4XHHQV +HDG 0RVW 8QXVXDO Â… Â… { 49 6* DV DQ DWWUDFWLYH )8 SDLU FDW

Â… Â… Â… Â’ 6(5 (7 IRU 6(59,(7 YDULHW\ G $UPV YDULHW\

ILQH PLQW ,Q PDUJLQDO VWULS 6* D Â… Â…

,7$/<

Â’ :$5 67$03 G RQ <HOORZ 6* H DV IUHVK 80 Â’ EORFN Â… Â…

)285 35,17(' $OEXP ZLWK D JRRG UDQJH RI VWDPSV RQ RULJLQDO FROOHFWLRQ VHHQ HDUO\ VWDWHV 8PEHUWR F 6* PLQW FÂ… -XELOHH VHW RI )8 Â’ :DU 6WDPS G 6* E DV IUHVK 80 PDUJLQDO FÂ… 6W 0DUN V FÂ… )8 %ODFN 6KLUW )XQG Â’ EORFN Â… Â… FÂ… PLQW 1DWLRQDO 'HIHQFH VHW RI FÂ… )8 9LUJLO 3RVWDJH VHW PLQW 0DOLDQ )DLU VHW FÂ… :$5 67$03 G :KLWH EDFN 6* PLQW PLQW *\PQDVWLF )HVWLYDO FÂ… PLQW 0RQWHFDVVLQR FÂ… PDUJLQDO EORFN RI )RXU 80 VPDOO DJH VSRWV 6FDUFH PLQW +XJH FDWDORJXH YDOXH LQ HDUO\ DQG PLGGOH SHULRG Â… Â… VHWV Â… Â… Â’ :$5 67$036 ò' $UPV VWDPSV PLQW LQF Â’ 3267$*( '8( F 2UDQJH %URZQ 6*' Â’ :$5 , ,ZDU VSDFHU YDULHWLHV PLQRU YDULHWLHV DOVR 6* SDQH Â’ RI 80 Â… Â… 6DVVRQH PLQW $ VFDUFH SRVWDJH GXH Â… Â… $ PRVW XQXVXDO 3$5&(/ 7$* IUDQNHG [ F

DUPV H[ 7RULQR ZLWK RUQDWH DGGUHVV SDQHO DGGU WR 8. )LQH Â… Â… Â’ :RUOG &XS VHW RI 6* PLQW

Â… Â… Â’ &+,/' :(/)$5( VHW RI 6*

PLQW Â… Â… { 2&&83$7,21 RI =$17( RYSWV / /

/ / DQG / ILQH XVHG DOO H[SHUWLVHG RQ WKH UHYHUVH VDVVRQH Â… Â…

Â’ :$5 67$036 G ZLWK YDULHWLHV ILQH VHOHFWLRQ

RQ SDJHV VWDPSV ,QF PLQRU RYSW YDULHWLHV GURSSHG 7 %OLQG 3 FRUQHU EORFN ZLWK QR VWRS DQG GDPDJHG : HWF *RRG /RW Â… Â… Â’ :$5 67$03 7KH G .*9 +HDG LVVXHV ILQH Â’ JURXS RI 7HQ LWHPV LQF ,ZDU YDULHW\ 6* F EORFN $ YHU\

ILQH SODWH EORFN HWF 7HQ LWHPV Â… Â… :DU 6WDPS RYSWV FROOHFWLRQ VWDPSV PDQ\ DUH PLQW LQF VHYHUDO YDULHWLHV EORFNV DQG EHWWHU LQF òG ,ZDU òG V RPLWWHG 9)8 6* E òG PLVVLQJ VWRS LQ EORFN G ZLWK GLIIHUHQW SULQWLQJV Â… Â…

Â’ :$5 67$03 7KH òG $UPV LVVXHV ILQH ORW RI %ULWLVK )RUFHV 0LOLWDU\ XVH RI %ULWLVK G 5HJ G Â’ EHWWHU LWHPV RQ FDUGV 6* SODWH EORFN 6* SODWH EORFN

HQY ZLWK )32 SPNV DQG 5HJ G ODEHO Â… Â…

Â’ 7RS YDOXH OLUH FDUPLQH 6* XQPRXQWHG Â’ PLQW Â… Â… Â’ 5RPDQ 5HSXEOLF / IUHVK PLQW &DW Â…

6* Â… Â…

VSDFH EHWZHHQ : $ 6* G LQ SODWH EORFN 6* $ QR VWRS 9DU DQG RWKHUV PRVW 80 LWHPV Â… Â… :$5 67$036 RYSWV ZLWK YDULHWLHV FROOHFWLRQ RI VWDPSV PRVWO\ PLQW LQF òG EORFNV ZLWK QRW VWRS GDPDJHG V DQG PRRQ YDULHW\ òG LQYHUWHG RYSW òG LQF EORFNV òG G RYSW VSHFLPHQ KLJK &9 DQG D JRRG ORW Â… Â…

Â’ 6WDPS &HQWHQDU\ 7XVFDQ\ 6HW DV VXSHUE 80 Â’ :DU 6WDPS G 6* F DV SODWH FRUQHU EORFN Â’ FRUQHU EORFNV 6* &DW Â… Â… Â… Â’ 80 Â… Â… 6WDPS FHQWHQDU\ VHWV RQ VSHFLDO PD[LP FDUGV

DQG FRYHUV ZLWK VSHFLDO FDQFHOV GLIIHUHQW YHU\ ILQH Â… Â…

{ .*9 VHW VFULSW ILQH XVHG *6

Â… Â…

Â’ .*9, $V IUHVK PLQW EORFNV RI 9HU\ Â’ &$7 Â… YDOXDEOH ORW RI EHWWHU HDUO\ VWDPSV

LQ SDFNHWV FKLHIO\ ILQH FRQGLWLRQ LQF O 0 O )8 3OHELVFLWH LVVXH 6* 0 DLU RYSWV %ODFNVKLUW VHW 0 O 0DQ]RQL 0 HWF Â… Â…

ILQH 6* E DD EORFNV Â… Â…

JAMAICA

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 59

{ )LQH XVHG -DPDLFD ZLWK HOXVLYH PRGHUQ

Â’ 8102817(' 0,17 &22/(&7,21 0DLQO\ Â’ 06 6KHHWOHWV ZLWK LVVXHV WR ZLWK D IDFH YDOXH RYHU

FRPSOHWH VHWV DQG &DW Â… GLIIHUHQW VWDPSV .*9, VHWV WR Â… 4(,, VHWV WR Â… PDQ\ DWWUDFWLYH FRPPHP VHWV 1RW RIWHQ VHHQ XVHG Â… Â… { 4(,, ILQH WR YHU\ ILQH XVHG FROOHFWLRQ ZLWK PDQ\

FRPSOHWH VHWV QRWH SLFWRULDO VHW RI ,QGHSHQGHQFH RYSW HW WR Â… H[WHQVLYH UDQJH RI FRPPHPRUDWLYH HVWV $ YHU\ ILQH FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â…

<HQ ZLWK D YHU\ JRRG YDULHW\ RI 06 6KHHWOHWV DQG D VPDOO UDQJH RI VWDPSV ZLWK YDOXHV WR < 6XSHUE TXDOLW\ +XJH &DW YDOXH Â… Â… ^3KRWR`

-25'$1 Â’ 75$16 -25'$1 LVVXHV ZLWK EHWWHU SLFNLQJ D

&,1( ),/0 .RGDN OLG ZLWK .*9, G G G

VWDPS FRPELQDWLRQ QHDWO\ WLHG FGV DQG FXVWRPV KV 8QXVXDO Â… Â… Â’ 8QOLVWHG HUURU F RQ G %XWWHUIO\ ZLWK Â’ REOLWHUDWLRQ RYHU RULJLQDO YDOXH RPLWWHG ILQH 80 8QXV XDO 6*

YDU Â… Â…

YHU\ JRRG ORW RI VWDPSV &DW 9DOXH Â… LQF GHILQ VHW RI FÂ… IUHVK PLQW GHILQ VHW RI IUHVK PLQW 2EOLJDWRU\ 7D[ ZLWK YDOXHV WR Â… LQF KLJK YDOXH P WR Â… PLQW QHZ FXUUHQF\ RYSWV ZLWK YDOXHV WR G RQ Â… Â… Â… Â’ &$7$/2*8(' Â… WKH LQVWDOODWLRQ RI .LQJ Â’ $EGXOODK VHW RI 6* DV ODUJH EORFNV RI 80

Â… Â…

Â’ $ ILQH VHOHFWLRQ RI 6* OLVWHG :DWHUPDUN Â’ YDULHWLHV RI 4(,, IUHVK 80 GLIIHUHQW SOXV 06 PDQ\ EHWWHU

GHILQ W\SHV QRWLQJ 6* Z Z Z Z Z +LJK &9 Â… Â…

Â’ ),567 3$5/,$0(17 VHW DV FRPSOHWH VKHHWV Â’ ZLWK SODWH QXPEHU DQG 'H /D 5XH LPSULQWV 6* &DW

Â… DV VLQJOH VHWV 80 Â… Â… Â’ 7RS YDOXHV PLQW Â… GHILQV 80 6* Â’ &DW Â… Â… Â…

0XOWLSOH IUDQNHG FRYHUV 3RVW DQG

7HOHJUDSK 'HSW HQY V ZLWK G WR GHILQLWLYHV ZLWK .LQJVWRQ &'6 )', 2+06 HQY &DQFHO RXW DQG RQ 7KH Â’ 'HILQ VHW 80 6* &DW Â… Â’ Â… Â… -DPDLFD *RYHUQPHQW 6HUYLFH W\SHG LQ SODFH RI ZLWK ,QGHSHQGHQFH òG WR RYSWV ,QGHSHQGHQFH òG { ),1( 86(' ROG SDJHV ZLWK GLIIHUHQW WR ZLWK YHU\ ILQH .LQJVWRQ &'6 $ ILQH VHOHFWLRQ RI FRYHUV Â… Â… VWDPSV LQF PRUH PRGHUQ FRPPHPRUDWLYH QRW FRPPRQ Â… Â… 3267$/ +,6725< LQ FROOHFWRUV ZDOOHWV ZLWK PXFK LQWHUHVWLQJ FKLHIO\ .*9 .*9, SHULRG LQF IOLJKW FRYHUV FDQFHOODWLRQV LQF 75& ::,, FHQVRUV &XED &RQVXODWH FRYHU ZLWK ODUJH FDFKHW IOLJKW FRYHUV ZLWK ODUJH FDFKHWV .*9 UHJG PDLOV ZLWK GLII SPNV &RQVWLWXWLRQ VHW WR RQ )'& HWF $Q LQWHUHVWLQJ ORW LWHPV Â… Â…

.(1<$ &29(5 &2//(&7,21 YHU\ JRRG IRU ILQH XVHG

VHWV PDLQO\ V V SHULRG FRYHUV LQF UHJ G $LUPDLO HQYV VHQW WR WKH 8. Â… Â…

.,5,%$7,

{ 48((1 9,&725,$ RQ DOEXP SDJHV FDWDORJXHG &DWDORJXHV Â… DV ILQH XVHG D YHU\ ILQH

Â… 3LQHDSSOH ZPNV WR ZLWK VKDGHV WR ZLWK VKDGHV ZLWK YDOXHV WR ZLWK VKDGHV $UPV WR ZLWK VKDGHV 49 VLGHIDFH WR ZLWK VKDGHV $ ILQH UDQJH RI VWDPSV VRXQG WR ILQH XVHG Â… Â…

-$3$1

Â’

Â’ Â’ Â’

{

Â’

Â’ Â’

UDQJH RI LOOXVWUDWHG ILUVW GD\ FRYHUV ZLWK 06 DQG GHILQLWLYHV Â… Â… Â’ ([WHQVLYH ORW RI HDUO\ LVVXHV VXSSOLHG RQ QHZ Â’ LVVXH LQ D SDFNHG VPDOO ER[ V ZLWK SUHVHQWDWLRQ SDFNV

SODWH EORFNV XQFKHFNHG SDFNHWV RIILFLDOV DQG PRUH V IRU SHULRG Â… Â…

2/' 635,1%$&. $/%80 ZHUH WKH EHWWHU .25($ LWHPV &DW RYHU Â… VHHQ HDUO\ SRVWDJH VWDPSV ZLWK SRVWDJH .25($1 :$5 &HQVRUHG PDLO FRYHUV ZLWK D GXH +6 -DSDQHVH DQG .RUHDQ 3RVWDO 6HUYLFH V YDULHW\ RI FHQVRUHG PDUNLQJV DQG SRVWDO +6 Â… Â… 6* FÂ… P &RURQDWLRQ VHW FÂ… P 0W 1LLWDND VHW FÂ… P 0DQ\ 1DWLRQDO 3DUN VHWV LQF 06 .25($ 6287+ 06 0V ERWK 06 ERWK DOO PLQW 3KLODWHOLF ZHHN 6* FÂ… P ([KLELWLRQ 06 6*06 FÂ… P ZLWK 0267/< PLQW VHOHFWLRQ RI HDUO\ LVVXHV LQF VWDPSV PLQLDWXUH YDOXH LQ PLQW HDUO\ LVVXHV -DSDQ RYSW VHW 6* 838 6* Z Â… Â… ^3KRWR` VXUFKDUJH LVVXHV HWF *RRG ORW KLJK &9 Â… Â… $ 6(/(&7,21 RI GLII V 06 LQ XQXVHG .87 FRQGLWLRQ LQF 7UDLQ ([KLELWLRQ RYSWV HWF { .*9 KLJK YDOXH VHW RI GLIIHUHQW YDOXHV U U Â… Â… U U U U $OO PDWFKHG ILVFDO XVHG DW 1DLUREL $1 25,*,1$/ &2//(&7,21 0XFK VWLOO LQ Â… Â… RULJLQDO SXUFKDVH SDFNHWV VWRFNFDUGV KDYH VHHQ EHWWHU QRWH Â’ .*9 :$7(50$5. 6,'(:$<6 WR Â… V V V PLQW FÂ… :HGGLQJ VHW RI FÂ… 6* PLQW Â… Â… PLQW 1DWLRQ 3DUN VHW FÂ… PLQW 5DLOZD\ 06 FÂ… 80 $WKOHWLF EORFN RI FÂ… 80 0DQ\ V RI { .*9 SLFWRULDO VHW )8 6* VWDPSV ZLWK LVVXHV WR 1HHGV VRUWLQJ Â… Â… Â… Â… ),1( 86(' RQ SDJHV DQG VWRFNSDJHV IURP HDUO\ WR V LVVXHV PDQ\ V RI VWDPSV VRPH VRUWHG ORWV { .*9 3LFWRULDO VHW )8 6* QRW ZLWK D YDVW DUUD\ RI VWDPSV LQ D FDUWRQ Â… Â… Â… Â… 6289(1,5 RI -DSDQ &LUFD -DSDQHVH SRVWDJH VWDPSV QHDWO\ PRXQWHG LQVLGH LQF +LPHML &DVWOH Â’ .*9 3,&725,$/ VHW RI SOXV F 5RSH MRLQW WR 6DLO 6* PLQW Â… Â… 06 6*06 FÂ… SRVWDO ZHHN &DW Â… 6* ZLWK IRXUWHHQ VWDPSV LQ YHU\ JRRG FRQGLWLRQ Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ OLQH WKURXJK 2 63(&,0(1 29(535,176 0LKRQ ZLWK LVVXHV 6* / ILQH PLQW Â… Â… IURP WR ZLWK PDQ\ VHWV $ YHU\ JRRG UDQJH RI VSHFLPHQ VWDPSV XQPRXQWHG PLQW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 60

Â’ 6LOYHU -XELOHH YDULHW\ 'LDJRQDO /LQH E\ Â’ 7XUUHW 80 6* ) Â… Â…

Â’ .*9, 29(535,17 VHW RI 6* D

PLQW Â… Â…

Â’ 6LOYHU -XELOHH 9DULHW\ OLQH WKURXJK RI

PLQW 6* / Â… Â…

6&277 SDJHV ZLWK D UDQJH RI VWDPSV HDFK GLIIHUHQW VHHQ GHILQ VHW )DOFRQ VHW PDLQO\ 80 Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ OLQH WKURXJK RI { %81'/(:$5( 3+(120,1$/ KROGLQJV RI Â’ 80 LQ SDLU ZLWK QRUPDO *XP EHQG 6* / Â… Â…

4(,, FDVWOHV PDLQO\ U RQ LQ EXQGOHV RI D XQFKHFNHG IRU SULQWLQJ VWDPSV Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\

Â’ 29(535,176 RQ ,QGLD DQG *% QRWH ,QGLD

7XUUHW 6* ) 0LQW Â… Â… { ([WHQVLYH SUH LQGHSHQGHQFH LVVXHV ZLWK EHWWHU Â’ SLFNLQJV 6 :HGGLQJ PLQW DQG YHU\ ILQH XVHG Â’ GHILQ VHW 80 2IILFLDO VHW RI 80 GHILQ VHW WR

80 ZLWK PDQ\ FRPPHPRUDWLYH 80 DQG ILQH XVHG $ VXSHUE UDQJH RI VWDPSV 06 &DW Â… 3OXV DGGLWLRQDO LPDJHV Â… Â… Â’ .*9, LPSULQWHG DQG SODWH EORFN VWULSV IURP WKH

ERWWRP WZR URZV F SODWH % F UHG EURZQ DQG RUDQJH 6* DQG PLQW VFDUFH DV VXFK VWDPSV Â… Â… Â’ &2,/ 67$036 F F DQG F HQG RI UROOV Â’ ZLWK D TXDQWLW\ RI VWDPSV VWLOO DWWDFKHG SOXV F F DQG F

RYSWV .*9 ZLWK YDOXHV WR U FDW Â… QRWH D ZLWK XSULJKW ZPN U DQG U ZPN LQY D JRRG UDQJH RI VWDPSV Â… Â… { 4(,, &$67/( EXQGOHZDUH UHPDUNDEOH

FROOHFWLRQ LQF U RQ LQ EORFNV RI VFDUFH LQ FORFNV ILQH XVHG V RI VWDPSV Â… Â… 6+(,.+ $QQLYHUVDU\ ODEHO LQ EOXH IUHVK XQXVHG Â… Â…

/$%8$1 { ,19(57(' :0. F %URZQ )8 6FDUFH

6* Z Â… Â…

FRLO MRLQW VWULSV RI 6* DQG 6HOGRP VHHQ FRLO HQGV RI UROOV Â… Â… { &200(025$7,9( FROOHFWLRQ FKLHIO\ RQ LOOXVWUDWHG )'& V D YHU\ JRRG UDQJH RI VWDPSV YDOXHV DV

Â’ 7ZR &HQWV RQ F PLQW 6* Â… Â…

^3KRWR`

ILQH XVHG VHWV FDW Â… RYHU VWDPSV 06 Â… Â…

Â’ 7:2 &(176 RQ F 6* ILQH PLQW

$1 25,*,1$/ &ROOHFWLRQ LQ VWRFNERRNV RU SDJHV ZLWK EHWWHU SLFNLQJ 8JDQGD D VLQJOH DQG D SDLU 6* XQXVHG .*9 *($ RYSWV WR U (GZDUG WR U PLQW .*9 ZLWK YDOXHV WR Â… XVHG .*9, GHILQLWLYH WR Â… XVHG XQFKHFNHG IRU SULQWLQJV 0DQ\ V RI VWDPSV 06 ODWH PDWHULDO 80 Â… Â…

,1:$5' 0$,/ WR SUHIHFW DSRVWROLF LQ /DEXDQ

Â… Â…

Â’ &RURQDWLRQ GHILQLWLYH VHW RI 3HDFH

5R\DO 9LVLW .XW RYSW SDLUV 6 :HGGLQJ 838 &DW Â… PLQW VWDPSV Â… Â… ),9( 6WRFNERRN ZLWK PDQ\ V RI VWDPSV LQ HDFK ZLWK LVVXHV IURP 49 VHHQ .*9 WR Â…O 49 U U PLQW 4(,, WR Â… )8 WR PLQW 0RGHUQ VHWV ZLWK 06 ZLWK D YHU\ JRRG YDULHW\ RI LVVXHV ROG RULJLQDO ORW Â… Â… )32 3267$/ +,6725< HQY ZLWK )32

VHQW IURP 3UHVWRQ LQ WKH 8. ZLWK 49 òG IUDQNLQJ 6FDUFH Â… Â… +,*+ 9$/8( VHW 6* DV PLQW XVHG DQG 63(&,0(1 RYSW VHWV DOO ILQH Â… Â… 'HF ,1:$5' 0$,/ D UDUH FRYHU H[

/RQGRQ IUDQNHG G OLODF òG -XELOHH DGGU WR 5HY -DFNVRQ &DWKROLF 0LVVLRQ /DEXDQ %ULWLVK 1RUWK %RUQHR QR DUULYDO EV $Q XQXVXDO PLVVLRQDU\ HQYHORSH ILQH Â… Â…

/$79,$ Â’ /LEHUDWLRQ RI /DWJDOH U EORFN RI PDNLQJ Â’ FRPSOHWH %DQNQRWHV DQG WZR KDOI RI %DQNQRWHV 6* VHOGRP

VHHQ DV EORFNV PDNLQJ %DQNQRWHV 80 Â… Â… 1R D YHU\ ILQH VWULNH RQ WKH UHYHUVH HQY ZLWK ,() )32 1R 3RVWDJH )UHH +6 () % )32 1R 3RVWDJH { 2FFXSDWLRQ VHW )8 0L Â… Â… )UHH +6 DQ LQWHUHVWLQJ ORW RI FRYHUV ZULWWHQ XS ZLWK GHWDLOV Â… Â… Â’ (;7(16,9( &2//(&7,21 RI GLIIHUHQW ,16758&758&7,21 0$5.6 $LU HQY Â’ VWDPSV SOXV 06 VKHHWOHWV DQG ERRNOHW VWDPSV VHHQ ZLWK %DU FDQFHOOLQJ WKH $LU PDLO HWLTXHWWH DQG 3DU $YLRQ WHWH EHFKH SDLUV PDQ\ FRPSOHWH VHWV KLJK YDOXH LQ PRGHUQ -XVTX D /RQGRQ +6 DSSOLHG VHQW WR 86$ 5HJG $LUPDLO LVVXHV VHOGRP VHHQ IURP KHUH XQPRXQWHG PLQW HQY SUH SDLG +6 ZLWK SODFHG RYHU WKH SUH SDLG +6 ZLWK Â… Â… FHQVRU +6 DQG WDSH VHQW WR 86$ $LUPDLO HQY VHQW IURP Â’ &$7$/2*8(' Â… QLQHWHHQ GLIIHUHQW WKH 8. WR ( $ FRPPDQGDQG ZLWK ODVW NQRZQ ORFDWLRQ DW 4 Â’ VKHHWOHWV XQPRXQWHG PLQW QRWH 3HDFH DQG )UHHGRP ($ +6 ZLWK WKUHH GLIIHUHQW $32 &'6 RQ WKH UHYHUVH ERWK 0LOOHQQLXP :DJWDLO (XURSHDQ 8QLRQ Â… Â… ERWK 2OGHVW 2DN 7UHH $ YHU\ ILQH FROOHFWLRQ ,17(5(67,1* VWDPS ORW ZLWK PXFK .*9, ZLWK Â… Â… KLJK YDOXHV LQ SDFNHWV DQG FDUGV VWDPSV PXFK LV XVHG 'LYHUVH UDQJH IURP HDUO\ LVVXH WR PRGHUQ HXUR QRWLQJ Â… /LRQ SULQWLQJV QRW FKHFNHG DQG DOO )8 EORFN LVVXHV RQ 2OG 3DJHV RU 6WRFNSDJHV VHHQ RYSWV LQ SDLU 4(,, LVVXHV WR Â… HWF &DUHIXO FKHFNLQJ UHTXLUHG RQH ZLWKRXW RYSW VHW RI LQ EORFNV RI 80 VXUFK VHW RI Â… Â… 80 $ XVHIXO ORW FKLHIO\ 80 Â… Â… .,1*6 $)5,&$ 5,)/(6 3RVWDO +LVWRU\ HQY VHQW WR 8JDQGD YROXQWHHU UHVHUYH HQGRUVHG WK 87 %Q { 2OG SDJHV ZLWK LVVXHV IURP WR LQF .LQJ V $IULFDQ 5LIOHV HQY IURP 8. VHQW WR WK %DWWDOLRQ Â’ HDUO\ DUPV ZLWK YDOXHV WR N IX LQGHSHQGHQFH /LEHUDWLRQ UHG FURVV PLQW DQ ROG WLPH RULJLQDO ORW RI .DU (DVW $IULFD $LUPDLO HQY ZLWK WK .HQ\D %DWWDOLRQ VWDPSV Â… Â… FDFKHW HQY ZLWK .$5 +6 5$) 0RPEDVD FDFKHW RQ D FRYHU VHQW WR 6FRWODQG Â… Â…

/(9$17

.8:$,7

{ 5866,$1 32 SD SL VKLSSLQJ VWDPSV ERWK

Â’ (5525 LQYHUWHG RYHUSULQWV RQ D D GXOO

IX ZLWK JRRG PDUJLQV HDFK KDQGVWDPSHG 0LNDNVNL RQ UHYHUVH 6* Â… Â…

RUDQJH DQG D XOWUDPDULQH PLQW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 61

{ 5866,$1 32 SL LPSHUI IX PDUJLQV 6*

0$)(.,1*

Â… Â…

{ &$'(7 6HUJW 0DMRU *RRG\HDU G 'HHS

%OXH %OXH 6* ILQH XVHG Â… Â…

{ 5XVVLDQ 32 SL YIX RQ VPDOO SLHFH ZLWK

FRPSOHWH FGV DOVR SL YHUWLFDO QHWZRUN IX 6* VFDUFH VWDPSV Â… Â…

{ &$'(7 6HUJW 0DMRU *RRG\HDU G 'HHS

%OXH %OXH 6* ILQH XVHG Â… Â…

/,%(5,$ Â’ $LUPDLO 7HWH %HFKH SDLU F RQ F 7LQ *RRVH

{ &$'(7 6HUJW 0DMRU *RRG\HDU G 3DOH

%OXH %OXH YHU\ ILQH XVHG RQ SLHFH ZLWK D 536 &HUW 6* Â… Â…

ILQH PLQW 6* Â… Â…

{ *(1(5$/ %DGHQ 3RZHOO G 'HHS %OXH %OXH 3DJHV ZLWK PDLQO\ ILQH XVHG VHHQ F )8 GHILQV ZLWK YDOXHV WR )8 RIILFLDOV $ UDPEOLQJ PL[WXUH 6* YHU\ ILQH XVHG Â… Â… RI LWHPV Â… Â…

0$/$:,

/,%<$

Â’ 1<$6$/$1' 0$/$:, FROOHFWLRQ RQ VWRFN Â’ SDJHV JRRG UDQJH RI .*9, WR 4(,, WR Â… D JRRG Â’ UDQJH RI VWDPSV 06 ZLWK EHWWHU SLFNLQJV PLQW ZLWK

%ULWLVK )RUFHV 0LOLWDU\ XVH RI G 5HJ G

HQYHORSH ZLWK )32 SPNV DQG 5HJ G ODEHO 9HU\ ILQH Â… Â…

PXFK 80 ZLWK LVVXHV WR FLUFD Â… Â…

Â’ ,7$/,$1 32 )LQH ORW RI GLIIHUHQW

0$/$< 67 )06 KLJKO\ &DW PLQW VWDPSV ZLWK YHU\ JRRG H[SUHVV DQG RWKHU %DFN 2I 7KH %RRN )LQH Â… Â… { (OHSKDQWV 6* VXSHUE &'6 XVHG H[FHSWLRQDO 758( FRORXU Â… Â… /,7+8$1,$

$ YHU\ HDUO\ HQWLUH ZLWK :(1'(1 DQG 5,*$

0$/$< 67 -2+25(

ODUJH FGV 6HQW YLD WKH 5XVVLDQ ,PSHULDO SRVW RIILFH 8QXVXDO Â… Â…

Â’ 6HW RI )RXU DOO WZR FHQW RYSW W\SHV ILQH PLQW

*RRG FRORXUV 6HH :HEVLWH 6* Â… Â… ^3KRWR`

Â’ ::,, RFFXSDWLRQ LVVXHV D FKLHIO\ 80 JURXS Â’ ZLWK YDOXHV WR N 5DVHLQLDL N DQG U 0L

{ ),1( 86(' .*9, WR :HGGLQJ DQG

HWF Â… Â… ^3KRWR`

)520 2/' 3$*(6 WR PRGHUQ LVVXHV LQ 'HDOHU &DUGV D JRRG UDQJH RI LVVXHV ZLWK PXFK PLQW LQF PRGHUQ LVVXHV XP 6((1 1HZ &XUUHQF\ LVVXHV LQF F RQ D &DUPLQH DQG %URZQ 6* FÂ… PLQW F RQ D { &DUPLQH DQG %OXH *UHHQ FÂ… PLQW $QJOH DQG DS LPSHUI VWXG\ 9\WLV N N DQG N LPSHUI VWULSV DQG EORFNV ZLWK PRGHUQ LVVXHV WR $ YHU\ XVHIXO ORW RI D IHZ { VWDPSV Â… Â…

/8;(0%285* 2OG $OEXP SDJHV ZLWK LVVXHV IURP HDUO\ DUPV WR ZLWK VHWV UDQGRPO\ DUUDQJHG RQ WKH SDJHV $ JRRG VHOHFWLRQ RI VWDPSV HDFK VHHPV WR EH GLIIHUHQW Â… Â… Â’ 6WRFNERRN DQG 6WRFNSDJHV ZLWK VWDPSV Â’ XQPRXQWHG PLQW ZLWK LVVXHV WR ZLWK PDQ\ VHWV

Â… Â…

UDUH SRVWDJH GXH VHW 6*' F F ERWK ZLWK 536 &HUWV RI *HQXLQHVV Â… Â…

0$/$< 67 .('$+ 8VHG VHOHFWLRQ LQF Y ILQH F F 6* ZPN YDUV LQF F 6* EZ 6* Z Â… Â… 9$5,(7< F IHDWKHU LQ KDW 6* D YIX Â… Â…

Â’ (;+,%,7,21 29(535,176 PLQW LQF F

29$/ /$67 2 ,1 %251(2 6* E DOVR RWKHUV WR F 6* ILQH JURXS Â… Â… Â’ 68/7$1 VHW IUHVK PLQW 6* FDW Â…

Â… Â…

0$/$< 67 1(*5, Â’ 3*6 RIILFLDO RYSWV F F F PLQW VPDOO IDXOWV

0$&$8 Â’ :$7(5/2: 3522)6 3RVWDJH GXHV ERWWRP Â’ WKUHH URZV VHW RI ZLWK PXOWL RYSW DQG SXQFKHG KROHV

HQGRUVHG LQ WKH PDUJLQ JXPPHG SDSHU VHOGRP VHHQ LQ ODUJH EORFNV QHYHU KLQJHG Â… Â… Â’ <($5 3$&.6 SOXV DQ Â’ H[SUHVVLRQ LQ VWDPSV ERRNOHW WKH VWDPS DORQH FDWDORJXHG

6* Â… Â… Â’ 9$5,(7< F $UPV UHG 6723 81'(5

20,77(' $7 5,*+7 IUHVK 0 6* D YHU\ VFDUFH RQ WKLV WKH ILUVW LVVXH Â… Â…

0$/$< 67 3$+$1* Â’ 7LJHU 6HW IUHVK PLQW 6*

Â… IUHVK 80 Â… Â…

Â… Â…

0$&('21,$

Â’ 3DKDQJ RYSW F 6* IUHVK PLQW YHU\ ILQH

{ 2FFXSDWLRQ RYSW VHW 9)8 0L

VWDPS DQG H[FHOOHQW FRORXU Â… Â…

Â… Â… ^3KRWR`

0$/$< 67 3(5$.

0$'$*$6&$5

{ 3*6 RIILFLDO F 6* )8 Â… Â…

{ 2/' $/%80 3$*(6 ZLWK LVVXHV IURP Â’ )UHQFK &ROV WR 0DODJDV\ 5HSXEOLF PDLQO\ SUH LVVXHV D

JRRG UDQJH RI VWDPSV FDWDORJXHG Â… VHHQ DLUV SRVWDJH GXHV GHILQLWLYHV DQG FRPPHPRUDWLYH VHWV $ YHU\ XVHIXO ORW Â… Â…

{ ),1( 86(' 6XOWDQ ,VNDQGDU VLGHIDFH VHW RI

6* IXOO IDFH ZLWK YDOXHV WR Â… Â…

2/' 3$*(6 ZLWK LVVXHV IURP )UHQFK &RORQ\ WR 0$/$< 67 675$,76 PRUH PRGHUQ SHULRG ZLWK YDOXHV WR IU DQG PRUH PRGHUQ Â’ F RQ F 49 RYSW ILQH PLQW 6* LVVXHV 80 D JRRG UDQJH RI VWDPSV UDQGRPO\ Â… Â… DUUDQJHG Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 62

3267$*( 3$,' óG 1HJDWLYH 6HDO +6 RQ ORFDO

49 VHOHFWLRQ RQ D SDJH WR F ZLWK VKDGHV PLQW F VXUFK D PLQW VHOHFWLRQ RI VWDPSV Â… Â…

FRYHU DGGUHVVHG WR 6KLS +06 &DUGLII )DXOWV EXW D YHU\ VFDUFH ORFDO SURSHU XVDJH WR 1DYDO 6KLS Â… Â…

Â’ (':$5' GHILQV ZLWK YDOXHV WR

{ 6HOI *RYHUQPHQW 6* 9)8 $ VXSHUE

GHILQV WR F F F F PLQW Â… Â…

VWDPS Â… Â…

Â’ (':$5' VHW RI IRXU IUHVK 0 6*

{ 6* 6HW )8 Â… Â…

Â… Â… { 6* 6HW )8 Â… Â…

Â’ (':$5' VHW RI WR WRS YDOXH ILQH PLQW

6* Â… Â… { 6* 6HW )X Â… Â…

Â’ 12 6723 $)7(5 &(176 YDULHW\ F RQ F

PLQW 6* D VFDUFH Â… Â… { (GZDUG 6* D VXSHUE FGV XVHG 6FDUFH

FKDON SDSHU LVVXH Â… Â… { (':$5' 6* 9)8 FKRLFH

Â’ 6LOYHU -XELOHH VHW DV FRUQHU EORFNV RI IRXU ZLWK

3RVLWLRQDO /LJKWHQLQJ &RQGXFWRU YDULHW\ RQ HDFK YDOXH $ UDUH VHW RI EORFNV VRPH JXP VSRWWLQJ ORZ HVW 6* & Â… Â… Â’ 6LOYHU -XELOHH YDULHWLHV FRPSOHWH VHW DV FRUQHU

Â… Â…

EORFNV RI IRXU ZLWK WKH H[WUD IODJVWDII YDULHW\ RQ HDFK $ UDUH VHW RI EORFNV VRPH JXP VSRWWLQJ PLQW 6* $ EORFNV Â… Â…

Â’ 0LQW VHOHFWLRQ LQF F GLII GLII

6* Â… Â… { .*9 6* E )8 8QXVXDOO\ YHU\ ILQH IRU

WKLV GLIILFXOW VWDPS Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ 80 ZLWKLQ FRUQHU EORFN RGG JXP VSRW 6* %

Â… Â…

Â’ .*9, GHILQLWLYHV ZLWK VKDGHV DQG 'LH ,, LVVXHV

6* LQF F SUHSDUHG EXW QRW LVVXHG $ JRRG FROOHFWLRQ RI VWDPSV PLQW Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII

PLQW 6* % Â… Â…

0$/$< 67 75(1* { 6XOWDQ WRS YDOXH 6* VXSHUE ILVFDO XVHG

VHOGRP VHHQ H[FHSWLRQDO FRORXU Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG VKRUW H[WUD )ODJVWDII Â’ 80 ZLWKLQ FRUQHU EORFN JXP VSRWV RQ UHYHUVH RQO\

6* % Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G VKRUW H[WUD )ODJVWDII

PLQW 6* % Â… Â…

Â’ %RUQHR H[KLE RYSWV ZLWK YDULHWLHV FKLHIO\

PLQW F RYDO 2 F VPDOO D YDOXHV WR 6* Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, IUHVK PLQW

3LFWRULDO VHW RI 4(,, 3LFWRULDO VHW RI 3RVWDJH GXH VHW 3RVWDJH GXH VHW $ YHU\ ILQH FROOHFWLRQ RI VWDPSV YHU\ FRPSOHWH IRU WKH SHULRG Â… Â…

0$/$<$ Â’ &ROOHFWLRQ RI PLQW FRPSOHWH VHWV IRU GLIIHUHQW

3267$*( 3$,' *32 WULDQJOH KV RQ FRYHU WR VWDWHV LQ D 5HG $OEXP ZLWK GLIIHUHQW VWDPSV .*9 4(,, 86$ ZLWK 1DYDO WRPEVWRQH FHQVRU KV 8QXVXDO Â… Â… 0DQ\ ILQH VHWV )06 WR .HGDQ WR 5R\DO :HGGLQJ DQG %XWWHUIO\ 6HWV %0$ .*9, VHW WR ERWK *5((1 &5266 ODEHO VFKHPH FRYHU H[ 1HJUL $UPV 6HW WR 3HQDQJ .*9, 6HW 6LQJDSRUH *ORXFHVWHU DW G UDWH ZLWK JUHHQ LPSHUI ODEHO WLHG E\ PDFKLQH ZLWK ERWK .*9, VHWV WR :HGGLQJ %XUPD DGGU WR /DQFDVKLUH )XVLOLHUV 0DOWD )LQH DQG VFDUFH ZDUWLPH .*9, 6HW HWF 9DOXDEOH ORW RI VHWV Â… Â… FRYHU Â… Â…

0$/$<6,$

Â’ 5(7$,/ 9$/8( (XUR V 6RYHUHLJQ Â’ 0LOLWDU\ 2UGHU RI 0DOWD RXWVWDQGLQJ FROOHFWLRQ LQF 06 IURP 3RVWFDUGV VHW RI XQXVHG 0D[LPXP FDUGV VWDPSV ILQH XVHG ZLWK D &DW YDOXH RYHU Â… VHHQ XQXVHG DQG VWDPS PDQ\ V XQPRXQWHG PLQW RQ W\SH SDJHV PDQ\ FRPSOHWH VHWV WR VHHQ .*9, WR 4(,, WR E\ VHWV 2XWVWDQGLQJ FROOHFWLRQ VXSHUE TXDOLW\ ZLWK VWDWH VHWV ZLWK GHIQLWLYHV FRPPHPRUDWLYHV $ YHU\ XVHIXO Â… Â… ORW Â… Â… ^3KRWR`

{ 2/' $/%80 ZLWK DQ RULJLQDO FROOHFWLRQ RI

Â’ 2/' 3$*(6 ZLWK VWDPSV ZLWK LVVXHV WR

0$/',9( ,6/$1'6 Â’ $ ILQH FROOHFWLRQ RI VHWV LQF 1HZ

&XUUHQF\ VHW RI 3LFWRULDO VHW RI )LVK VHW RI ))+ VHW RI D YHU\ JRRG UDQJH RI VHWV IUHVK PLQW YHU\ FRPSOHWH IRU WKH SHULRG Â… Â…

0$/, { 2/' $/%80 SDJHV ZLWK D UDQJH RI VWDPSV Â’ ZLWK YDOXHV WR IU D VPDOO EXW XVHIXO UDQJH Â… Â…

0$/7$ 9(5< ($5/< LQZDUG HQWLUH ZULWWHQ LQ 0DGULG WR

0DOWKH PDQXVFULSW YHU\ ILQH Â… Â… 'HVWLQDWLRQ 3ULQFH (GZDUG ,VODQG &DQDGD

0DWFKHG SDLU RI FRYHUV RQH DW G H[ 9DOHWWD RWKHU DW [ G UHJLVWHUHG ZLWK YHU\ ILQH UROODU FDQFHO Â… Â…

VHHQ 49 WR SRVWDJH 2937V WR (GZDUGV WR ZPN FURZQ FF )LQH XVHG FDW Â… D JRRG PL[WXUH ZLWK EHWWHU SLFNLQJV Â… Â… 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV 6 -XELOHH VHW PLQW GHILQV WR PLQW VHOI JRYHUQPHQW RYSWV WR 9LFWRU\ 6 :HGGLQJ 838 VHWV PLQW 3RVWDJH DQG 5HYHQXH RYSWV WR PLQW $ JRRG VHOHFWLRQ RI VWDPSV PDLQO\ .*9, LVVXHV Â… Â… 3DJHV ZLWK LVVXHV IURP 49 WR 4(,, RYHU VWDPSV 06 GHILQV WR G PLQW SRVWDJH RYSW WR P .*9 VHOI JRYHUQPHQW RYSWV WR P V MXELOHH VHW RI PLQW .*9, GHILQV WR PLQW FÂ… VHOI JRYHUQPHQW RYSW WR PLQW FÂ… ZLWK LVVXHV WR QHHG VRUWLQJ Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 63

Â’ 0F5RELVK $FDSXOFR WR 6DQ )UDQFLVFR OLQH

0$56+$// ,6/$1'6 &2,16 'ZLJKW (LVHQKRZHU 7KH +HURHV RI WKH %DWWOH RI %ULWDLQ HQFDSVXODWHG LOOXVWUDWHG )'& V %UDVV &RUVDLU DQG %) ,Q SURWHFWLYH FDVH ERWK %UDVV Â… Â…

SULYDWH VWHDPVKLS VWDPSV UHJDUGHG DV IDQWDV\ RU ERJXV WK FHQWXU\ LVVXHV 6HOGRP IRXQG JURXS RI LQ JUHHQ UHG EURZQ IUHVK P Â… Â…

021$&2 7KH HDUO\ \HDUV $Q H[WHQVLYH FROOHFWLRQ KRXVHG LQ ER[HG /LQGQHU +LQJOHVV $OEXP RYHU GLIIHUHQW LVVXHV 9DOXH LV LQ 0LQW 80 ZLWK PDQ\ VHWV DQG KXJH &9 5HOLHI )XQG 6HW Â… 5HG &URVV VHW Â… LPSHUI 5HG &URVV VKHHW Â… RYSW VHW Â… 3RVWDJH GXHV Â… DQG PXFK PRUH /RDGHG ZLWK JRRG VHWV +XJH &9 Â… Â…

0$85,7,86 { %ULWDQQLD G 6* )8 ZLWK )RXU ODUJH HYHQ

PDUJLQV Â… Â… ^3KRWR` { &ODVVLF G 6* XQXVXDOO\ ILQH XVHG DQG

VRXQG ZLWK IXOO PDUJLQV 9HU\ GHOLFDWH LVVXHV Â… Â… ^3KRWR`

7:2 '$92 SULQWHG $OEXPV ZLWK VWDPSV DQG 06 6KHHWOHWV ZLWK EHWWHU SLFNLQJV F F PLQW F F )8 3ULQFH $OEHUW WR IU XQFKHFNHG )8 5HG &URVV )XQG RI FÂ… PLQW 5HOLHI )XQG FÂ… PLQW $ ILQH FROOHFWLRQ LQ D ILQH SDLU RI $OEXPV PDLQO\ PLQW LQF XQPRXQWHG PLQW Â… Â…

{ &ODVVLF G 6* D ILQH XVHG ZLWK )RXU ODUJH

PDUJLQV DQG SDLG +6 ([SHUWO\ UHEDFNHG &DW Â… Â… Â… ^3KRWR` { &ODVVLF G 6* )8 -XVW WRXFKLQJ DW WZR

SODFHV &DW Â… Â… Â… ^3KRWR` { &ODVVLF 2QH 3HQQ\ LPSHUI 6* DWWUDFWLYH )8

H[DPSOH ZLWK JRRG PDUJLQV UHSDLUHG HWF EXW VWLOO YHU\ FROOHFWDEOH &DW Â… Â… Â…

Â’ 3ULQFH $OEHUW &ODVVLF GHILQV WR IU PLQW &DW

Â… LQF EHWWHU F F IU YDOXHV $ JRRG JURXS Â… Â… Â’ +LJKO\ FRPSOHWH 80 FROOHFWLRQ LQ D KLQJHOHVV Â’ $OEXP ZLWK RYHU GLIIHUHQW VWDPSV DV VHWV &DW Â…

{ 49 VHW RI QLQH ILQH XVHG LQF UDUH F 6*

Â… Â…

'HOLJKWIXO Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ U 'RW E\ )ODJ ILQH PLQW

6FDUFH 6PDOO FRUQHU FUHDVH 6* + Â… Â…

3267$/ 67$7,21(5< HDUO\ .LQJV LVVXHV

XQXVHG F VPDOO HQY F VWDQGDUG HQY F DQG F ZUDSSHUV $ ILQH VHOHFWLRQ RI FRYHUV FDUGV Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F 'LDJRQDO /LQH E\ Â’ 7XUUHW 80 LQ FRUQHU EORFN IRXU 6* ) Â… Â…

0217(1(*52

Â’ 2FFXSDWLRQ $LUPDLO 6HW RI )RXU XP 0L { 6LOYHU -XELOHH YDULHW\ F 'RW E\ )ODJ ILQH XVHG Â’ &DW HXUR Â… Â… 4 6* + Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F 'RW E\ )ODJ Â’ 6* + 80 Â… Â…

02176(55$7 $Q H[FHSWLRQDO VHYHQ VWDPS GHYLFH UHJLVWHUHG

{ 9$5,(7< F 6LOYHU -XELOHH GRW OHIW RI &KDSHO

6* J )8 Â… Â… Â’ /LQH E\ VFHSWUH YDULHW\ F FRURQDWLRQ ILQH P

FRPELQDWLRQ FRYHU òG WR SD\LQJ G UDWH WR 8. 6* HDFK WLHG QHDW &'6 5DWHG RYHU Â… DV D FRPER FRYHU $UULYDO &'6 Â… Â… $Q H[FHSWLRQDO PDWFKHG WULR RI SHWLWH HQYHORSHV

6* E Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, VHWV YHU\

HDFK UHJLVWHUHG WR *HUPDQ\ ZLWK VLQJOH IUDQNLQJV RI GHYLFH DQG G 6* FRUUHFWO\ FDQFHOOHG 6XSHUE WKH WULR DUH UDWHG Â… RQ FRYHU Â… Â…

FRPSOHWH IRU WKH SHULRG GHILQV WR U QRWH F VOLFHG 6 ([FHSWLRQDO UHJLVWHUHG FRYHU WR *HUPDQ\ ZLWK 6* D F WZR VKDGHV F WZR VKDGHV U WZR VKDGHV U G G GHYLFH FRPELQDWLRQ 6* &KRLFH Â… Â… WZR VKDGHV 6 :HGGLQJ 3LFWRULDO VHW RI 4(,, GHILQ VHW WR U ZLWK VKDGHV %LUG VHW RI 6HWWOHPHQW VHW )8 6* VHOI JRYHUQPHQW VHW RI $ ILQH FROOHFWLRQ RI VHWV Â… Â… IUHVK PLQW Â… Â… 6,/9(5 -8%,/(( RPQLEXV VHWV 6* XVHG Â’ 23(1 & YDULHW\ .*9, F 6* D ILQH RQ FRYHUV QLFHO\ FDQFHOOHG DOO UHJLVWHUHG FRYHUV HDFK EHDULQJ PLQW Â… Â… D FRPSOHWH VHW 6* Â… Â… Â’ 6/,&(' 6 YDULHW\ F LQ SRVLWLRQDO EORFN ZLWK Â’ 2OG $OEXP 3DJHV ZLWK .*9, 4(,, YHU\ Â’ ERWK SRVLWLRQV ZLWK WKH YDULHW\ 6* $ FRPSOHWH IRU WKH SHULRG QRWH ZLWK GLIIHUHQW SHUIV WR Â… Â… Â… ^3KRWR` 6 :HGGLQJ 3LFWRULDO VHW 4(,, 3LFWRULDO Â’ 3UH 3ULQWLQJ 3DSHU &UHDVH RQ F GHILQ 6* Â’ DFURVV WKH HQWLUH VWDPS 80 ILQH DQG XQXVXDO

Â… Â… ^3KRWR`

VHW WR )UXLW VHW RI $ YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV ZLWK VHW IUHVK PLQW Â… Â… 3267$/ +,6725< .*9 'HYLFH IUDQNLQJV

0(0(/ { $1 ,17(5(67,1* VPDOO VHOHFWLRQ RI FKLHIO\

XVHG RQ WZR SDJHV VWDPSV QRWLQJ )UHQFK RYSW VHW WR PN 9)8 RQ SLHFH JRRG ORW ZLWK KLJK &9 Â… Â…

0(;,&2

YHU\ ILQH LWHPV LQF EORFN G RQ QHDW 5HJ G FRYHU VWDPSV FDW Â… PXOWL IUDQNHG DQG FRPER LWHPV òG G RQ IURQW RI SSF 2+06 ZLWK òG G FRPER DQG ILYH EDFNVWDPSV *RRG ORW Â… Â… 3267$/ +,6725< 6(/(&7,21 òG

ZDU VWDPS VLQJOH IUDQNLQJ 6LOYHU -XELOHH VHW RQ 2+06 HQY GHILQV WR RQ 6HOIULGJHV )'& V :HGGLQJ VHW )'& HWF 1LFH Â… Â…

Â’ 8QLYHUVLW\ SRVWDJH VHW RI 7HQ EULOOLDQW 80 Â’ 5DUH VFRWW &DW Â… $ NH\ VHW RI

0H[LFR Â… Â…

0252&&2 $*(1&,(6

(DJOH F GLH SURRI SURGXFHG LQ IRU SKLODWHOLF H[KLELWLRQ DW 1LDJDUD )DOOV 1R RI SUHSDUHG 6FDUFH Â… Â…

Â’ 3ODWH 1XPEHU PDUJLQDO (GZDUG 3WD IUHVK Â’ 80 6* Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 64

Â’ 2/' $/%80 3DJHV ZLWK PDQ\ VHWV IUHVK PLQW

%ULWLVK &XUUHQF\ )UHQFK &XUUHQF\ 6SDQLVK &XUUHQF\ DQG 7DQJLHV RYSWV VHHQ 6 :HGGLQJ VHWV %ULWLVK .*9, 6* VHW RI 7DQJLHU VHW RI FÂ… KLJK YDOXH VHW RI +LJKO\ FDWDORJXHG RI VWDPSV Â… Â… Â’ *5($7 %5,7$,1 RYHUSULQWV D PLQW FROOHFWLRQ

1(7+ &2/6 $17,//(6 { 2/' 35,17(' 3DJHV ZLWK LVVXHV IRU &DUDFDR Â’ DQG $QWLOOLHV ZLWK PDQ\ EHWWHU SLFNLQJV .LQJ :LOOLDP J Â’ )8 6* FÂ… F PLQW FÂ… -XELOHH VHW RI Â’

6* FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW 4XHHQ (QVFKHGH VHW RI FÂ… PLQW $LU VHW RI 6* )8 3RVWDJH GXH VHW RI FÂ… PLQW 2YHU VWDPSV PDLQO\ PLQW LQF XQPRXQWHG $ YDOXDEOH FROOHFWLRQ Â… Â…

ZLWK PDQ\ EHWWHU LQF +LJK YDOXHV QRWH (GZDUG VHW RI &Â… 3 3 .*9 6($+256( 6 ' LQF D EORFN RI 6SDQLVK &XUUHQF\ ZLWK ERWK '/5 DQG :DWHUORZ WR 1(7+ &2/6 &85$&$2 S RQ .*9, LVVXHV D YHU\ JRRG ORW RI VWDPSV Â… Â… Â’ 3267$*( '8( 6(7 2) VJ 0,17 $ 6&$5&( 6(7 Â… Â… Â’ 672&. 3$*(6 ZLWK 49 (GZDUG DQG .*9 LVVXHV VHHQ 49 F SL SL .*9 VHDKRUVHV ZLWK VKDGHV 1(7+ &2/6 ,1',(6 DQG GLIIHUHQW FXUUHQF\ (GZDUG LQF SL RQ G D ILQH UDQJH RI VWDPSV PLQW Â… Â… { 86(' $&&808/$7,21 RQ VWRFN SDJHV PRVWO\ DOO GLIIHUHQW ZH VHH F LPSHUI F J 02=$0%,48( RWKHU EHWWHU YDOXHV SRVWDJH GXHV RIILFLDOV 2/' 3$*(6 ZLWK 3RUWXJXHVH &RORQLHV LVVXHV VWDPSV Â… Â… IURP WR LQF +HDGV WR U $UP WR U 2/' 35,17(' $OEXP SDJHV ZLWK PDQ\ EHWWHU &RPPHPRUDWLYH VHWV $ XVHIXO VHOHFWLRQ RI VWDPSV HDFK SLFNLQJV .LQJ :LOOLDP F SHUI 6* )8 GHILQV WR GLIIHUHQW Â… Â… J )8 4XHHQ VHW WR J )8 -$9$ RYSW 086&$7 WR \òJ )8 RIILFLDO )8 6* 'LHQVW RYSW RIILFLDOV WR òJ )8 %DQGRHQJ RYSW VHW RI PLQW Â’ 723 9$/8( %LFHQWHQDU\ RI $O %XVDLG '\QDVW\ Â’ U DV D FRUQHU EORFN RI &DW Â… DV VLQJOH VWDPSV FÂ… -XELOHH òF WR J G )8 $ YHU\ ILQH FROOHFWLRQ RI VWDPSV +LJK FDWDORJXH YDOXH 80 Â… Â… Â… Â… 2/' $/%80 3DJHV ZLWK 0XVFDW DQG (DVW 1(7+ &2/6 1(: *8,1($ $UDELD LVVXHV 0XVFDW RYSW 3RVWDJH VHW DQG 2IILFLDO VHW .*9, VXUFK VHW RI &DVWOH U DOO WKUHH W\SHV U (;7(16,9( &ROOHFWLRQ PDLQO\ PLQW LQF W\SH , DQG ,, VHW RI D ILQH FROOHFWLRQ RI VHWV 9HU\ XQPRXQWHG PLQW VHW WR J G )ORRG 5HOLHI )8 FRPSOHWH IRU WKH SHULRG IUHVK PLQW Â… Â… 817($ RYSW VHW RI 6* D ILQH FROOHFWLRQ RI VHWV Â… Â…

1$7$/ { (GZDUG Â… 6* 9)8 ZLWK SRVWDO

1(7+ &2/6 685,1$0(

FDQFHO ([FHSWLRQDO H[DPSOH Â… Â… { (GZDUG 6* 9)8 ZLWK QHDW SRVWDO

&'6 )LQH VWDPS Â… Â…

1$858 { )5(,*+7(5 WRS YDOXH )8 6* E

Â… Â…

Â’ 7(7( %(&+( 3DLU F 5HG QXPHUDO 6* D

IUHVK QR JXP DV LVVXHG VFDUFH DV D WHWH EHFKH SDLU Â… Â…

1(3$/ { 2OG 7LPH &ROOHFWLRQ ZLWK HDUO\ .LQJ 3ULWKUL LQF Â’ D %OXH )8 FÂ… 6* YDULHW\ S *UHHQ LPSHUI

EHWZHHQ SDLU [ 6* D PLQW 0DS U PLQW DQ LQWHUHVWLQJ ORW RI VWDPSV YDOXH LQ HDUO\ .LQJV IURP ZLWK GLIIHUHQW 3ULQWLQJV 9DOXHV DQG 6KDGHV Â… Â…

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Â… Â…

Key to symbols in this catalogue

✉

Used Mint Postal History

✈ ✱✱ &

4 '2 ; FRYHU ZLWK WKH RYSWHG VHW RI

VWDPSV 6* IURP 6XULQDPH ZLWK VSHFLDO FDQFHO DQG FDFKHW VHQW WR &XUDFDR $ VFDUFH FRYHU HQGRUVHG YLD 7ULQLGDG DQG DUULYDO PDUN RQ WKH UHYHUVH Â… Â…

1(7+(5/$1'6

{ 7+( 0267 (;7(16,9( FROOHFWLRQ KRXVHG RQ SDJHV LQ ILOH ER[HV H[KLELWHG PDQ\ WLPHV DURXQG UHJLRQDO

✱

(;7(16,9( DQG YDOXDEOH FROOHFWLRQ RQ ROG SULQWHG SDJHV PXFK LQF XQPRXQWHG PLQW ZLWK PDQ\ EHWWHU .LQJ :LOOLDP WR J G PDLQO\ )8 F VXUFK LQF RQ F PLQW VXUFKDUJHV LQF F RQ òJ 6* XQXVHG GHILQV WR F 4XHHQ J G DQG òJ G )8 F WHWH EHFKH SDLU 6* D )8 ZLWK RYHU VWDPSV 06 $ YHU\ JRRG FROOHFWLRQ Â… Â…

Airmail Unmounted mint Literature

{ 2/' $/%80 SDJHV ZLWK VWDPSV DQG Â’ 06 PDLQO\ ILQH XVHG VHHQ F F F )8 F

F )8 &KLOG :HOIDUH )XQG LQF VHW )8 &XOWXUDO 6RFLDO 5HOLHI )XQG 5HG &URVV )XQG &XOWXUDO )XQG VHW RI )8 &KLOG :HOIDUH )XQG VHW RI PLQW &XOWXUDO )XQG VHW RI PLQW &XOWXUDO )XQG VHW RI )8 $ JRRG FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV Â… Â… 7:2 /,*+7+286( 3ULQWHG $OEXPV ZLWK D YDOXDEOH FROOHFWLRQ FDWDORJXHV RYHU Â… YHU\ H[WHQVLYH FROOHFWLRQ ZLWK EHWWHU HDUO\ LVVXHV DQG IURP XQPRXQWHG PLQW QRWH LPSHUI VHW RI .LQJ :LOOLDP WR J XQFKHFNHG IRU SULQWLQJV 4XHHQ :LKHOLPLQD LQF J 6* J 6* )8 &RURQDWLRQ J 6* PLQW ([KLELWLRQ VHW RI 6* FÂ… PLQW $FFHVVLRQ VHW RI FÂ… )8 7RXULVW VHW RI 6* PLQW $Q H[WHQVLYH FROOHFWLRQ ZLWK PDQ\ FRPSOHWH VHWV ODWHU LVVXHV LQF 06 DQG ERRNOHWV $ VXSHUE FROOHFWLRQ Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 65

{ .,1* :,//,$0 VWXG\ ZLWK D FDWDORJXH YDOXH

{ 2OGWLPH FROOHFWLRQ RQ DOEXP OHDYHV JRRG WR ILQH

RYHU Â… ZLWK GLIIHUHQW GLHV DQG SHUI W\SHV WR F EHWZHHQ 6* HDFK VHHP WR EH GLIIHUHQW D VROLG ORW RI VWDPSV ILQH XVHG Â… Â…

XVHG VHHQ 'LDGHQ LPSHUIV G G 6* ZLWK GLIIHUHQW SULQWLQJV RV RYSWV WR UDLOZD\ VWDPSV WR D KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV Â… Â…

{ <281* 48((1 J F SHUI 9)8 ZLWK QHDW { 5(9(18(6 &ROOHFWLRQ RI PRVWO\ GLIIHUHQW

5RWWHUGDP FGV 6* Â… Â…

)8 RQ SDJHV JRRG UDQJH RI 49 LVVXHV WR ZLWK GLIIHUHQW SHUIV LQF G VWDPS GXW\ DV EORFN 9)8 ZLWK 2UDQJH 3RVWDO &'6 &DWWOH GXW\ WR Â… (GZDUGV WR G ZLWK GLIIHUHQW SHUIV 49 VWDPS GXW\ G PLQW ZLWK 2* HWF Â… Â…

{ *8// KLJK YDOXH JOG )8 6*

Â… Â… ,//8675$7(' )LUVW GD\ FRYHUV ZLWK

1(: =($/$1'

VSHFLDO FDQFHO PDLQO\ ZLWK QHDW W\SHG DGGUHVVHV Â… Â… $ &$5721 ZLWK PDQ\ GLIIHUHQW VWDPSV LQF PRGHUQ \HDU VHWV SULQWHG $OEXP FRORQLHV LVVXHV RQ SDJHV DQG LQ VWRFNERRNV ORWV RI 80 LVVXHV DQ RULJLQDO ORW WKDW QHHG VRUWLQJ Â… Â…

'$92 35,17(' $/%80 ZLWK VWDPSV DQG 06 LQF HDUO\ +HDOWK 06 VHHQ +HDOWK PLQW 6PLOLQJ %R\ G )8 V +HDOWK 06 PLQW $ YHU\ ILQH $OEXP IRU FRPSOHWLRQ +XJH &DW YDOXH ZLWK PDQ\ FRPSOHWH VHWV Â… Â… { &KDORQ G 6* )8 ZLWK FRORVVDO PDUJLQV ZLWK

{ ),1( 86(' LQ D SULQWHG $OEXP YHU\

FRPSUHKHQVLYH ZLWK GLIIHUHQW VWDPSV 06 DQG ERRNOHW SDQHV DOO VHOHFW )8 RIIHULQJ PDQ\ ILQH FRPSOHWH VHWV FKDULW\ LVVXHV HWF 1LFH ORW Â… Â… 2/' 7,0( &ROOHFWLRQ RI FRYHUV ZLWK PDQ\

KDYLQJ FRPSOHWH VHWV VHHQ &XOWXUH )XQG %RPEHG &KXUFKHV )XQG 6HW KDYLQJ D KLJK &DW YDOXH DV ILQH XVHG VHWV VHHQ WKH RGG HQY ZLWK SRFNHWV RI VWDPSV PLQW ZLWKLQ Â… Â…

SRUWLRQV RI VWDPSV RQ HLWKHU YHUWLFDO VLGH 1HDW SPN ZLWK FOHDU SURILOH $ PRVW DVWRQLVKLQJ VWDPS Â… Â… ^3KRWR` { &KDORQ G 6* D ILQH XVHG FORVH WR JRRG

PDUJLQ H[DPSOH 6RXQG &DW Â… Â… Â… ^3KRWR` { &KDORQ G 5RXOHWWH )8 6* &DW

Â… Â… Â… ^3KRWR` { &KDORQ G 6* )8 &DW Â…

Â’ 67$03 %22./(76 V V SHULRG LQF Â’ &RORQLHV LVVXHV XQFKHFNHG IRU W\SH D YHU\ JRRG ORW RI

Â… Â… { 5HYHQXH Â… LPSHUI VWDPS GXW\ 9)8 QHDW

ERRNOHWV 80 Â… Â…

&DQWHUEXU\ &'6 0RZEUD\ 5 Â… Â…

1(9,6 Â’ 8102817(' 0,17 ZLWK PDQ\ VHWV VHHQ Â’ GHILQLWLYHV WR RIILFLDOV WR $ YHU\ JRRG FROOHFWLRQ RI

{ 5(9(18(6 VWDPS GXW\ Â… LPSHUI )8

% 0RZEUD\ 5 D UDUH Â… Â…

V LVVXHV VWDPSV LQF 06 Â… Â…

{ 5HYHQXHV 49 LPSHUI VWDPS GXW\ ILUVW LVVXHV )8

1(: %5816:,&.

VK ' VK G Â… VK DQG Â… VHYHUDO DUH 9)8 RQ SLHFH )LQH JURXS Â… Â…

{ &ODVVLF G 6* )8 ZLWK IXOO PDUJLQV

Â… Â… ^3KRWR`

{ 5HYHQXHV 6WDPS GXW\ 49 SHUIRUDWHG LVVXHV

$ YHU\ ILQH VWXG\ RI UHYHQXHV GHWDLOHG RQ SDJHV IRU YDOXHV IURP WR Â… &DQFHO LQWHUHVW LQF SURSHU SRVWDO XVDJH VXSHUE KLJK YDOXHV Â… GLII W\SHV_ Â… Â… Â… GLII W\SHV Â… DQG PRUH 2ULJLQDO $VVHPEO\ Â… Â…

1(: *8,1($ { +876 Â… WRS YDOXH 9)8 VFDUFH VWDPS 6*

Â… Â…

Â’ 6WDPS 'XW\ 49 G 9)8 &KRLFH %DUHIRRW

Â’ %LUG RI 3DUDGLVH VHW RI G WR Â… ILQH PLQW

Â… Â…

6* Â… Â…

(':$5' SURRI 5HG %URZQ RQ WKLFN SDSHU Â… Â… ^3KRWR`

Â’ 2/' $/%80 3DJH ZLWK .*9, &RURQDWLRQ VHW

PLQW $LU òG WR 6* PLQW 6PDOO EXW KLJKO\ &DWDORJXHG Â… Â…

{ 5(9(18( D VSHFWDFXODU FRPELQDWLRQ SLHFH

Â’ *2/'),(/'6 DLU VHW PLQW 6* FDW 4 Â… Â… Â…

{ +,*+ 9$/8( $,5 VJ YHU\ ILQH

IUDQNHG 49 WDOO W\SHV Â… Â… Â… Â… DQG G .*9 VWDPSV PDNLQJ Â… UDWH 5HPDUNDEOH SLHFH Â… Â… 683(5% SDLU RI PDWFKHG PXOWL FRORXUHG

XVHG Â… Â…

1(: +(%5,'(6 8QXVXDO FRYHU WR %U 6RORPRQ ,VODQGV H[ 6DQWR

SRVWFDUGV GHSLFWLQJ ORFDO VFHQHV DQG HDFK ZLWK GLII .*9 RYSW IUDQNLQJ QHDWO\ FDQFHOOHG RQ REYHUVH ZLWK òD D òD D DQG D S D D 6* QHDW .XZDLW FGV FKRLFH Â… Â… Â’ +HDYLO\ RYHU LQNHG òG RIILFLDO RYSW LQ SDLU ZLWK

IUDQNHG F SDLU RQ DUULYDO VFDUFH XVH RI %6, 3267$*( '8(6 G G G DOO WLHG $XNL &'6 )DXOWV EXW D YHU\ VFDUFH SRVWDJH GXH ,QWHU ,VODQG FRYHU Â… Â…

QRUPDO 5DWKHU VSHFWDFXODU 6*2 Â… Â… { 5(9(18( D VSHFWDFXODU FRPELQDWLRQ SLHFH

1(: 6287+ :$/(6

IUDQNHG 49 WDOO W\SHV Â… Â… Â… DQG .*9 GHILQV G G PDNLQJ Â… UDUH ([FHSWLRQDO FRORXU FRPELQDWLRQ Â… Â…

Â’ V PDXYH FODUHW SHUI 6* E PLQW

FDW Â… Â… Â… ^3KRWR`

(;7(16,9( &ROOHFWLRQ RI +HDOWK VHWV LQF QXUVH 80 6PLOLQJ %R\V VHW )8 SOXV D G RQH PLQW RQH XVHG .H\KROH RQ )'& G RQ )'&V ERWK GLIIHUHQW ZLWK RYHU VWDPSV 06 DQG LOOXVWUDWHG )'& V $ YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ EHWWHU SLFNLQJV Â… Â…

Â’ 0DS RULJLQDO SULQWLQJ 6* IUHVK PLQW

)LQH H[DPSOH RI WKLV HOOXVLYH VWDPS &DW Â… Â… Â… { 7RS YDOXH SRVWDJH GXH IX 6* '

Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 66

Â’ +($/7+ 6(7 6PLOLQJ %R\V 6* IUHVK

Â’ &/$66,& G RUDQJH YHUPLOOLRQ 6* IUHVK

PLQW Â… Â…

PLQW IRXU PDUJLQ JRRG RJ YHU\ HDUO\ 6HQI H[SHUW KV RQ UHYHUVH ILQH H[DPSOH FDW Â… Â… Â…

Â’ 6PLOLQJ %R\V +HDOWK VHW IUHVK PLQW 6*

{ &ODVVLF G 6* ILQH XVHG ZLWK IXOO

Â… Â…

PDUJLQV Â… Â… ^3KRWR`

.*9 SLFWRULDO VHW RI òG WR QLFHO\ XVHG RQ

IORZQ UHJG FRYHU WR &DQDGD 6* FDW Â… DV D XVHG VHW Â… Â…

Â’ &ODVVLF G 6* PLQW %LJ PDUJLQV

Â… Â… ^3KRWR`

Â’ 6(7 DV FRPSOHWH VKHHWV 2WDJR 6* &DW Â’ &/$66,& G WULDQJOH IUHVK PLQW ZLWK ODUJH HYHQ Â’ Â… DV VLQJOH VHWV Â… Â… PDUJLQV 6* FDW Â… Â… Â… 2)),&,$/ VHW 6* 2 RQ VXSHUE SDLU RI

Â’ &/$66,& G WULDQJOH 6* IUHVK PLQW ZLWK

LOOXVWU )'& WKH LV D VFDUFH VWDPS Â… Â…

ODUJH PDUJLQV JRRG RULJLQDO JXP HDUO\ 6HQI H[SHUW KV Â… Â…

Â’ 2YHUSULQW GRXEOH RQH DOELQR YDULHW\ F RQ Â’ F IUHVKO\ XP &3 3$ $ Z &DW Â… Â…

Â’ &/$66,& LPSHUIV IUHVK PLQW DV LVVXHG DOO YHU\

ILQH ZLWK IXOO PDUJLQV G G òG G 6* FDW

Â… Â… Â… Â’ (;7(16,9( &2//(&7,21 80 LQ D 'DYR Â’ $OEXP ZLWK D IDFH YDOXH RYHU ZLWK PDQ\ VHWV LQF %RRNOHW Â’ &/$66,& SHQQ\ LPSHUI IUHVK XQXVHG ODUJH SDQHV 06 6KHHWOHWV ZLWK VWDPSV SDQHV 06 6KHHWOHWV KLJK &DW YDOXH LQ D TXDOLW\ $OEXP Â… Â…

PDUJLQV ILQH H[DPSOH RI WKLV GLVWLQFWLYH SULQWLQJ 6* FDW Â… Â… Â… Â’ &ODVVLFV QHZ FRORXUV IUHVK PLQW JRRG

Â’ 6FHQLF GHILQLWLYH FROOHFWLRQ ZLWK ERRNOHWV Â’ F\OLQGHU SODWH EORFNV 6 $ ZLWK YDOXHV WR D YHU\ JRRG

PDUJLQV G 6* G ERWK VKDGHV 6* D DQG òG 6* 9HU\ ILQH Â… Â… ^3KRWR`

FROOHFWLRQ RI LWHPV IDFH YDOXH RYHU 1=Â… XQPRXQWHG PLQW Â… Â…

{ 6* òG )8 ZLWK ELJ PDUJLQV &DW

Â’ '$92 35,17(' $/%80 ZLWK PDQ\ VHWV DQG Â’ 06 ZLWK D IDFH YDOXH RYHU RYHU VWDPSV

Â… Â… Â… ^3KRWR` Â’ 3ULQFH F 6* DV DQ PRVW DSSHDOLQJ

06 6KHHWOHWV ZLWK PDQ\ KLJK YDOXHV KXJH &DW YDOXH LQ PRGHUQ VHWV Â… Â… ^3KRWR`

PLQW EORFN RI QLQH YHU\ IUHVK FRORXUV FDW Â… Â… Â…

Â’ %RRNOHWV QHZ LVVXH PXFK VWLOO LQ RULJLQDO Â’ SDFNHWV V SHULRG VXSHUE TXDOLW\ DV SXUFKDVHG IURP WKH

32 Â… Â…

Â’ 35,1&( F 6* DV DQ DWWUDFWLYH PLQW

PDUJLQDO EORFN RI VL[ FDW Â… XQFRPPRQ PXOWLSOH Â… Â…

{ (DUO\ 3KLODWHOLF 6RFLHW\ RI 1HZ =HDODQG FRQWURO Â’ F VHDO 6* DV D PDUYHOORXV IUHVK PLQW KRUL]

VWDPSV FKLHIO\ RQ ODUJH SLHFHV ZLWK 36 1= KDQGVWDPSV Â… Â…

SDLU ZHOO FHQWUHG &DW Â… Â… Â… Â’ &$7 Â… &RURQDWLRQ VHW ILQH PLQW 6*

([WHQVLYH UDQJH LQ SDFNHWV ZLWK ERRNOHWV PRGHUQ 6 $ LPSULQWHG SODWH EORFNV VHHQ %LUG LPSULQWHG SODWH EORFN RI SHDFH òG DV D FRPSOHWH VKHHW D YHU\ JRRG RULJLQDO VRUWHU ORW 0DQ\ V RI LWHPV PDLQO\ XQPRXQWHG PLQW Â… Â…

Â… Â… { &2521$7,21 SLFWRULDO VHW )8 6*

Â… Â…

Â’ 1HZ LVVXHV VWLOO LQ WKHUH RULJLQDO SDFNHWV Â’ &2521$7,21 VHW RI LQF ERWK DGGLWLRQDO F Â’ SXUFKDVHG IURP &DPSEHOO 3DWHUVRQ ZLWK PDQ\ LPSULQWHG SODWH

F SULQWLQJV FDW Â… 6* Â… Â…

EORFNV IDFH YDOXH RYHU 1= ZLWK YDOXHV WR D YHU\ KLJKO\ FROOHFWLRQ V RI VWDPSV 80 Â… Â…

Â’ 3,&725,$/ VHW 6* IUHVK PLQW FDW

Â’ 6PDOO ER[ ZLWK PDLQO\ KHDOWK 06 LPSULQWHG Â’ SODWH EORFNV &KLHIO\ V LVVXHV D IHZ LWHPV 80 RGG

Â… Â… Â… Â’ &DULERX LVVXH DWWUDFWLYH P XP PXOWLSOHV

ILQH XVHG EORFN Â… Â…

LWHPV &DW Â… F FRUQHU EORFN F EORFN F EORFN DQG F WRS YDOXH PDUJLQDO EORFN 6FDUFH PXOWLSOHV Â… Â…

{ 6WDPSV ZLWK DGYHUWV RQ WKH UHYHUVH V

LVVXHV G 6XQOLJKW VRDS SDWHQW RGRXUOHVV ZDWHUSURRIV %RQQLQJWRQ ,ULVK 0RVV ò 6XQOLJKW VRDS G %HHFKDP V SLOOV %RQQLQJWRQ ,ULVK 0RVV G : 6WUDQJH G &UHDVH V $ FRIIHH ILQH XVHG Â… Â…

Â’ 3(5.,16 %$&21 UH HQJUDYHG VHW IUHVK 0 6*

FDW Â… Â… Â…

{ 6WRFNERRN ZLWK XVHIXO SLFNLQJ LQF 49 WDOO VWDPS Â’ $,50$,/ KLJK YDOXH VHOHFWLRQ PLQW 80 GXWLHV WR Â… SRVWDO ILVFDO VRUWHG E\ LVVXHV D IHZ 4 LWHPV F SDLU ZLWK ZLWKRXW ZPN YDULHW\ F EORFN 6*

VWDPSV ZLWK PDQ\ XVHIXO VWDPSV Â… Â…

0DS 6* HWF +LJK FDW JURXS Â… Â…

{ 7:2 '$92 3ULQWHG $OEXPV IRU LVVXHV IURP

Â’ $,50$,/ SLFWRULDO VHW IUHVK /00 6*

WR VSDUHO\ ILOOHG QRWH FKDORQV WR 49 Â… Â… VLGHIDFH WR V 3LFWRULD WR 0RXQW &RRN ZLWK RYHU VWDPSV $ JUHDW SDLU RI $OEXPV IRU FRPSOHWLRQ Â’ *,/%(57 SLFWRULDO VHW IUHVK 0 6* Â… Â… FDW Â… Â… Â… Â’ 8QPRXQWHG PLQW ZLWK D IDFH YDOXH RYHU 1= 6,/9(5 -8%,/(( VHW RQ UHJG FRYHU DQG Â’ PDQ\ LPSULQWHG SODWH EORFNV ZLWK WKH RGG YDULHW\ ORQJ &RURQDWLRQ VHWV RQ FRYHUV DWWU WULR 9DOXHG DV LGHQWLILHG LQ RULJLQDO SDFNHWV 0DQ\ V RI VWDPSV )8 Â… Â… Â… Â… Â’ 723 9$/8( )LVKLQJ )OHHW F 6* F DV D Â’ ODUJH EORFN RI &DW Â… 80 Â… Â…

1(:)281'/$1' 6* RQH SHQQ\ IUHVK XQXVHG IRXU PDUJLQV HDUO\ 6HQI H[SHUW KV RQ UHYHUVH FDW Â… PLQW Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 67

Â’ &RPSOHWH 6KHHWV 3ULQFHVV (OL]DEHWK DQG Â’ &DERW V 'LVFRYHU\ 6* 80 VHOGRP VHHQ LQ FRPSOHWH

1257+(51 5+2'(6,$ { 7,&. %,5' 9$5,(7< òG 5HG )8 7KH

VKHHWV Â… Â…

YDULHW\ LV FOHDUO\ YLVLEOH 6* E Â… Â… ^3KRWR`

Â’ &/$66,& LPSHUI ILUVW LVVXHV LQF G 6*

JHQXLQH XVHG FDW Â… VPDOO IDXOWV G WULDQJOH PLQW { 7,&. %,5' 9$5,(7< òG 5HG 6* E )8 ZLWK G G VWF Â… $ XVHIXO JURXS Â… Â… 536 &HUW 9HU\ ILQH YDULHW\ LV FOHDUO\ YLVLEOH Â… Â… Â’ 3267$/ +,6725< PRUQLQJ HQYHORSH Â’ ZLWK F IUDQNLQJ :KLWERXUQH &'6 ZLWK 732 WUDQVLW PDUN RQ WKH Â’ .*9, VHW IUHVK PLQW 6* FDW UHYHUVH HQY 6HQW WR WKH 8. ZLWK 9LP\ $LUFUDIW Â… Â… Â… 6* )LUVW )OLJKW FRYHU ZLWK D YDULHW\ RI WUDQVLW PDUN RQ { 7LFN %LUG 9DULHW\ òG <HOORZ %URZQ 6* E )8 WKH UHYHUVH DQG FDFKHW RQ WKH IURQW F $LU VWDPS RQ ZLWK 536 &HUW YHU\ ILQH Â… Â… ILUVW )OLJKW FRYHU ZLWK VSHFLDO 6W -RKQ 6W $QWKRQ\ &DFKHW HQY :LWK D SDLU RI F 6* ZLWK %XULQ 1RUWK &DFKHW RI D $,5*5$3+6 XVHG IURP WKH 1RUWKHUQ ILQH JURXS RI FRYHUV Â… Â… 5KRGHVLD 5HJLPHQW FDQFHOOHG DW %URNHQ +LOO Â… Â…

1,*(5,$

Â’ 6LOYHU :HGGLQJ 6HW 80 6* Â… Â… Â’

{ 49 VHW LQF VXSHUE KLJK YDOXHV ILQH

XVHG 6* VWDPSV Â… Â… Â’ 1,*(5 &2$67 KLJK YDOXH VHW RI WKUHH WR

RYSW VSHFLPHQ PLQW 6FDUFH 6* 6 6FDUFH Â… Â…

{ :HGGLQJ 6HW 9)8 ZLWK 536 &HUW

6* Â… Â… { 6* )8 Â… Â…

{ .*9 WDEOHW VHW )8 6*

Â… Â…

{ 6* GHILQ VHW 9)8 Â… Â…

{ .*9 'LH ,, 9)8 6* Â… Â… { .*9, ILQH XVHG LQF GHILQ VHW QLFH Â’ 6LOYHU -XELOHH YDULHW\ G .LWH DQG 9HUWLFDO /RJ

ILQH 0LQW 6* . Â… Â… Â’ 63(&,0(1 SHUI 6LOYHU -XELOHH VHW ILQH PLQW

&'6 4XDOLW\ Â… Â… { 2/' 3$*(6 ZLWK PDLQO\ .*9, LVVXHV QRWH Â’ 6LOYHU -XELOHH VHW RI .*9, &RURQDWLRQ GHILQLWLYHV

ZLWK YDOXHV WR 6LOYHU :HGGLQJ VHW 838 VHW D JRRG VHOHFWLRQ RI VWDPSV Â… Â…

6* 6 Â… Â… { .*9 SLFWRULDO VHW )8 JRRG UDQJH RI FDQFHOV 6*

SOXV SHUI YDULHWLHV Â… Â…

125:$< Â’ 8102817(' PLQW ZLWK D FDWDORJXHG YDOXH Â’ RYHU Â… LQF GHILQLWLYHV RIILFLDOV WR NU ZLWK GLIIHUHQW

Â’ .*9 3LFWRULDO VHW RI IUHVK PLQW

6* Â… Â…

SULQWLQJV .LQJ VHW RI FÂ… 7RXULVW VHW FDW Â… GHILQLWLYHV ZLWK D YDULHW\ RI SULQWLQJV H[WHQVLYH FRPPHPRUDWLYH VHWV 2XWVWDQGLQJ TXDOLW\ RYHU VWDPSV Â… Â…

Â’ .*9 3LFWRULDO 6HW IUHVK PLQW 6*

Â… Â…

Â’ ),567 2)),&,$/ \HDU ERRN LQ YHU\ ILQH

$ PRVW VSHFWDFXODU RXWVL]HG UHJLVWHUHG FRYHU WR Â’ /HYHU %URWKHUV /RQGRQ :DVKLQJ 3RZGHU 0DQXIDFWXUHUV HWF ZLWK VWDPS .*9 FRPELQDWLRQ PDNLQJ G UDWH LQF G Â’ DQG 6* UHJ G DW $SDSD IROGV DQG FUHDVHV DV RQH Â’ ZRXOG H[SHFW GRHVQ W GHWUDFW IURP WKLV UHPDUNDEOH HQYHORSH VL]H [ PP PDQ\ EDFNVWDPSV 6FDQV DGYLVHG Â… Â…

1,8( Â’ &2//(&7,21 RQ DOEXP SDJHV ZHUH WKH

PRGHUQ LVVXHV KDYH D IDFH YDOXH RYHU ZLWK PDQ\ FRPSOHWH VHWV PLQW QRWH HDUO\ RYSWV PLQW H[WHQVLYH FRPPHPRUDWLYH FROOHFWLRQ IURP HDUO\ LVVXHV DQG PRGHUQ ZLWK 06 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 Â… Â…

1257+ %251(2

FRQGLWLRQ LQF VOLSFDVH FDW NU Â… Â… %22./(76 ZLWK D FDWDORJXH YDOXH RYHU Â… VHHQ %LUGV &KULVWPDV :LOG %HUULHV ,QVHFWV ZLWK LVVXHV WR $ JRRG UDQJH RI ERRNOHWV Â… Â… 29(5 VWDPSV IURP HDUO\ $UPV WR PRUH PRGHUQ VHHQ 2VFDU VN VN DQG VN )8 $UPV VN )8 VN )8 VN )8 HDUO\ QXPHUDOV ZLWK PXFK RQ ROG SULQWHG SDJHV PDLQO\ ILQH XVHG Â… Â…

129$ 6&27,$ Â’ &ODVVLF G 'LDPRQG 6* ILQH PLQW ZLWK IXOO

PDUJLQV $ PRVW DWWUDFWLYH VWDPS Â… Â… ^3KRWR`

1<$6$/$1' &+(48( 67$03 G 6* ILQH XVHG DQG WLHG

Â’ ,03(5)25$7( 3$,56 F F F ILQH PLQW

WR ORFDO FRYHU WLHG %ODQWUH &'6 9HU\ UDUH RQ FRYHU Â… Â… ^3KRWR`

6* E F DQG E Â… Â…

{ .*9 9$5,(7< Â… 'DPDJHG /HDI 6* I 6XSHUE ILVFDO XVHG RQ SLHFH QRUPDO &DW Â… Â… Â… IURP /LYHUSRRO DW G WR WKH &DWKROLF 0LVVLRQ DW 6DQGDNDQ ZHDN DUULYDO FGV DORQJVLGH WDSH PDUN WR OHIW 6FDUFH 0LVVLRQDU\ { .*9 9DULHW\ Â… VHULI RQ * 6* L ZLWKLQ VWULS RI LQZDUG PDLO Â… Â… ZLWK VLQJOH VXSHUE ILVFDO XVHG RQ SLHFH $ VSHFWDFXODU { :$5 7$; F F HDFK DV D )8 EORFN RQ KLJK YDOXH LWHP QRUPDOV &DW Â… Â… Â… RULJLQDO SLHFHV 6* Â… Â… { 21/< (;$03/( .12:1 7+( ',6&29(5< 7:2 PXOWL IUDQNHG FRYHUV %0$ RYSW (;$03/( .*9 Â… :$7(50$5. ,19(57(' ILQH ILVFDO XVHG 6* Z XQSULFHG E\ 6* H[FHSWLRQDO DQG DQ LQFUHGLEOH UDULW\ GLII YDOXHV WR 6* UHJG H[ 6DQGDNDQ DQG :DWHUPDUN HUURUV RQ WKH KLJK YDOXHV DUH VR UDUH &URZQ &RORQ\ RYSW VWDPS IUDQNLQJ ZLWK YDOXHV WR F 6* Â… Â… UHJG H[ -HVVHOWRQ 9HU\ ILQH Â… Â… 81,9(56$/ 3HQQ\ 3RVWDJH SRVWFDUG VHQW

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 68

Â’ 63(&,0(1 +DQGVWDPSV RQ .*9 %/2&.6 2) Â’ 7KH SURYLVLRQDO E RQ E 6* IUHVK )285 òG WR IURP DQ $IULFDQ $UFKLYH WKH XQLTXH JURXS RI Â’ 80 6FDUFH Â… Â…

EORFNV 6* WRQLQJ DQG UHPDLQV DVVRFLDWHG ZLWK WKLV ILQG G EORFNV ZLWK SODWH QXPEHUV DQG %URNHQ 6FUROO ZLWK %URNHQ &URZQ DQG 6FUROO SRVLWLRQDO YDULHWLHV U U +LJK YDOXH VSHFLPHQV LQ EORFNV DQG ZLWK YDULHWLHV DUH LQFUHGLEO\ UDUH 5HTXHVW VFDQV Â… Â…

{ 7KH SURYLVLRQDO E RQ E 6* 9)8

6FDUFH Â… Â… { ),1( 86(' RQ SDJHV ZLWK HDUO\ LVVXHV

UDQGRPO\ SODFHG VHHQ VXUFK E RQ E 6* FÂ… $ JRRG UDQJH RI GLIIHUHQW VWDPSV Â… Â…

{ ,PSUHVVLYH JURXS RI .*9 KLJK YDOXHV ILVFDO

XVHG RQ SLHFHV ILYH LWHPV Â… HWF LQF YHU\ ILQH LWHP IUDQNHG [ QRUPDO VWDPSV DUH &DW Â… Â… Â…

{ 672&. 3$*( ZLWK EHWWHU SLFNLQJV

{ .*9 9$5,(7< 6SHFWDFXODU SLHFH IUDQNHG [

G 6* ZLWK WZR OLVWHG YDULHWLHV QLFN LQ VFUROO 6* F DQG EURNHQ FURZQ DQG VFUROO 6* E QHDW ILVFDO FDQFHOV 1RUPDO &9 Â… Â… Â…

VXUFKDUJH VHW RI 6* )8 VXUFKDUJH E RQ E 6* FDW Â… 1DWLRQ 'D\ 9R\DJH RI 6LQEDG D VHOGRP VHHQ FROOHFWLRQ RI ILQH XVHG 2YHU VWDPSV Â… Â…

25$1*( )5(( 67$7(

{ .*9 9$5,(7< )LVFDO SLHFH IUDQNHG SDLU G Â’ (GZDUG VHW ILQH PLQW 6*

ERWK ZLWK OLVWHG YDULHWLHV 1,&. ,1 6&52// DQG %52.(1 &52:1 6* D E ,PSUHVVLYH DQG VFDUFH FRPELQDWLRQ Â… Â…

Â… Â… Â’ 5(9(18(6 %5,7,6+ 2&&83$7,21

{ .*9 9DULHW\ Â… EUHDN LQ VFUROO 6* D 6XSHUE

ILVFDO XVHG RQ SLHFH 1RUPDO &DW Â… Â… Â… { .*9 9$5,(7< ; RQ VXSHUE SLHFH WLHG

7+( 5(6,'(17 0/$1-( 9LROHW RYDO +6 RQH ZLWK %52.(1 &52:1 6&52// 6* E Â… Â… { .*9 9$5,(7< G YHUWLFDO SDLU RQ YHU\ ILQH

³9 5 , ´ 29376 UDQJH RI VXUFKDUJHV LQFO G RQ G V RQ V V G RQ G V RQ V V RQ V Â… RQ Â… Â… RQ Â… DQG Â… RQ Â… EHWZHHQ %DUHIRRW G ZLWK VPDOO WKLQ RWKHUZLVH DOO JRRG WR ILQH PLQW DQG VFDUFH WKXV VWDPSV Â… Â… ^3KRWR`

3$.,67$1 Â’ 672&.%22. ZLWK 8102817(' 0,17 Â’ &ROOHFWLRQ LQF .*9, RYSW VHW RI FÂ… 'HILQ

ILVFDO SLHFH ZLWK QLFN LQ VFUROO DQG EURNHQ FURZQ YDULHWLHV 6H WHQDQW 6* D E 1RUPDO &DW Â… Â… Â…

VHW RI FÂ… 5HGUDZQ VHW RI FÂ… $ JRRG UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV SOXV WKH RGG VKHHWOHW Â… Â…

{ .*9 9$5,(7< Â… QLFN LQ WRS ULJKW IUDPH

ZLWK UHJXODU VXSHUE ILVFDO XVHG RQ RULJLQDO SLHFH $Q LPSUHVVLYH KLJK YDOXH PXOWLSOH 6* YDU Â… Â…

Â’ 68%67$17,$/ PLQW FROOHFWLRQ PDLQO\ Â’ XQPRXQWHG PLQW UDQJH RI VWDPSV DQG 06 ZLWK PDQ\ Â’ KLJK YDOXHV ZLWK PDQ\ VHWV DQG VKHHWOHWV KLJK FDWDORJXH

Â’ VLOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO ORW

YDOXH 2ULJLQDO ORW Â… Â…

ILQH PLQW 6* . Â… Â…

Â’ (;7(16,9( FROOHFWLRQ XQPRXQWHG PLQW Â’ FDWDORJXHG Â… ZLWK PDQ\ VHWV LQF VKHHWOHWV DQG 06 LQF

Â’ 6LOYHU -XELOHH YDULHW\ G %LUG E\ 7XUUHW

6* 0 PLQW Â… Â…

)DPRXV 3HRSOH VKHHWV DLUV VH WHQDQW EORFNV DQG VWULSV QHDWO\ SUHVHQWHG LQ D VSULQJEDFN DOEXP V RI VWDPSV ZLWK EHWWHU SLFNLQJV Â… Â…

Â’ 6SHFLPHQ +DQGVWDPSV ORFDO W\SH RQ 6LOYHU

-XELOHH G 6* DV FRUQHU EORFN )RXU IUHVK PLQW ZLWK VKHHW Â’ &2//(&7,21 +2$5' LQ D ODUJH VWRFNERRN QXPEHU RQH UHTXLVLWLRQ QXPEHU $ XQLTXH VKRZSLHFH Â’ DQG YROXPH LQF RYHUSULQW VHW PLQW WKHQ DIWHU WKLV LVVXH Â… Â… Â’ HYHU\WKLQJ LV 80 ZLWK PDQ\ FRPSOHWH VHWV PDQ\ V RI Â’ 63(&,0(1 +DQGVWDPSV ORFDO W\SH RQ 6LOYHU VWDPSV FKLHIO\ VRUWHG E\ \HDU WR Â… Â… -XELOHH G 6* DV FRUQHU EORFN )RXU IUHVK PLQW ZLWK VKHHW 7+5(( 672&.%22.6 ZLWK EHWWHU SLFNLQJV QXPEHU RQH UHTXLVLWLRQ QXPEHU $ XQLTXH VKRZSLHFH RYSWV WR U PLQW 2IILFLDO 6*2 VHW RI PLQW Â… Â… 2IILFLDO VHW RI SOXV U S DQG S PLQW Â’ 6SHFLPHQ +DQGVWDPSV RQ 6LOYHU -XELOHH 2IILFLDO D 80 FÂ… 2IILFLDO U U DQG U FÂ… 80 6* DV FRUQHU EORFN RI )RXU PLQW ZLWK VKHHW QXPEHU 21( 2IILFLDO VHW RI )8 FÂ… $ JRRG UDQJH RI D IHZ UHTXLVLWLRQ QXPEHU $ XQLTXH VKRZSLHFH Â… Â… VWDPSV PDLQO\ 80 Â… Â… 7:2 &29(56 HDFK DGGUHVVHG WR WKH /HSHU 3$/(67,1( 6HWWOHPHQW +R %07 *ROG &RDVW RQH ZLWK .*9, G VLQJOH IUDQNLQJ DQG RWKHU 4(,, VWDPS FRPELQDWLRQ ILQH Â’ (55256 /LVWHG LQ 6* &DW Â… P P Â’ P P P GRXEOH RYSWV P QRW OLVWHG RYHUSULQW Â… Â… LQYHUWHG P P P P DOO IUHVK 80 Â… Â… 6WDPS %RRNOHWV G 6*6%ò %RWK ILQH ^3KRWR` DQG FRPSOHWH Â… Â… Â’ ,QYHUWHG RYHUSULQW HUURUV P P _838 ERWK Â’ 80 Â… Â… 20$1 Â’ )LUVW GHILQ VHW IUHVK 80 6* Â’ 838 P GRXEOH RYSW HUURU IUHVK 80 Â’ Â… Â… Â’ Â… Â… ^3KRWR` Â’ /RFDO VXUFKDUJH E RQ E IUHVK 80 6* Â’ Â… Â…

Â’ 838 HUURU RI RYHUSULQW LQ RQH OLQH P Â’ 6*3 ( IUHVK 80 Â… Â… ^3KRWR`

{ 3URYLVLRQDO E RQ U 9)8 6* &DW

3$1$0$

Â… Â… Â…

Â’ 9(5< 81868$/ +RWHO :DVKLQJWRQ +HDG

Â’ 7KH SURYLVLRQDO ORFDO E RYSW VHW IUHVK 80 Â’ 6* 6HOGRP VHHQ Â… Â…

SDSHU HQGRUVHG ERXJKW LQ &RORQ WK $SULO ZLWK FRQWHPSRUDU\ VWDPSV DWWDFKHG Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 69

838 %22./(7 %OXH FRYHU FRQWDLQV GHILQV LVVXHG LQ DQG 9LFWRU\ VHW &OHDQ DQG ILQH Â… Â…

3$38$ { ),567 /$.$72, )8 G 6* òG

G 6* FDW Â… Â… Â…

&2//(&7,21 $1' $&&808/$7,21 )XOO DQG LQWHUHVWLQJ PDWHULDO ZLWK VRPH ZULWWHQ XS ZH VHH 1= DQG 1LQH XVHG RQ FRYHU ZLWK SRVWDO DJHQF\ SPNV .*9, LVVXHV RQ ILUVW GD\ FRYHU 56: ILQH PLQW DQG YHU\ ILQH XVHG VHWV GHFLPDO FXUUHQF\ VXUFKDUJHV LQ YDULRXV PXOWLSOHV ZLWK LGHQWLILHG IO\ VSHFN YDULHWLHV FRPPHP FRYHUV SDTXHERW FDQFHOV HWF 3OXV TXDQWLW\ RI ORRVH VWDPSV DQG FRYHUV XQFKHFNHG 0 GHWDLO SOXV VHYHUDO SXEOLFDWLRQV UHODWHG WR 3LWFDLUQ 3KLODWHO\ 0RVWO\ ILQH WKURXJKRXW V Â… Â…

Â’ :$7(50$5. LQYHUWHG ODUJH 3DSXD 3 ò VHW

WR G ERWK 6* IUHVK PLQW PDQ\ ZLWK PDUJLQV Â… Â… Â’ 26 RYSW RIILFLDOV VHW H[ G IUHVK PLQW 6*

, SOXV DGGLWLRQDO G ZLWK LQWHUHVWLQJ 9$5,(7< DIIHFWLQJ WKH YDOXH WDEOHW FÂ… Â… Â… { %27+ 6(76 )8 6* FDW Â…

Â… Â…

(1*5$9,1*6 *URXS RI VHYHQ GLIIHUHQW WK FHQWXU\ HQJUDYLQJV RI 7KXUVGD\ 2FWREHU &KULVWLDQ )OHWFKHU &KULVWLDQV 6RQ *HRUJH 1REEV DQG 3LWFDLUQ VFHQHV )LQH Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ G $FFHQW )ODZ ILQH PLQW

LQ LPSULQW SDLU ZLWK QRUPDO 6* $ Â… Â… { 6LOYHU -XELOHH YDULHW\ G $FFHQW )ODZ 9)8

1= 86(' ,1 UHDO SKRWR RI 866 6DUDWRJD

ZLWKLQ LPSULQW EORFN RI )RXU 9HU\ ILQH 6* $ Â… Â…

LQ 3DQDPD &DQDO /RFNV 1= .*9 G IUDQNLQJ ZLWK 1= 3RVWDO $JHQF\ SPN 6*= )LQH DQG XQXVXDO Â… Â… ^3KRWR`

$8675$/,$ 86(' ,1 7ZR VXSHUE UHJ G

FRYHUV ZLWK YDULRXV IUDQNLQJV LQF 5RR G +HUPHV LPSULQW SDLU 8QXVXDO Â… Â…

Â’ 63(&,0(16 .*9, GHILQV VHW SHUILQ

63(&,0(1 6* V V 9HU\ ILQH XQLW Â… Â… ^3KRWR`

$1 ,17(5(67,1* /27 ,1 :$//(76 LQF

FRYHUV ZLWK LQWHUHVWLQJ VWDPS XVDJHV LQF 6LOYHU -XELOHH VHW RQ FRYHU DLUPDLO VHW RQ DWWU FRYHU 6* DLU VHW RQ FRYHU 6* $XVWUDOLD XVHG RQ FRYHUV WZR DLUPDLO IOLJKWV ZLWK EHWWHU IUDQNLQJV G SLFWRULDO 6* RQ UHJG FRYHU WR 86$ IHZ VWDPSV $ GLYHUVH ORW Â… Â…

3$38$ 1(: *8,1($

68%67$17,$/ &2//(&7,21 HYHU\ VHW 80 LQF GHILQV :HGGLQJ $ TXDQWLW\ RI FRYHUV LQF GHILQV PXOWLSOH XVDJHV V Â… Â…

32/$1' { ::,, :ROGHQEHUJ &DPS &RSHUQLFXV VKHHWOHW

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

9)8 )LVFKHU EORFN Â… Â…

FRPSOHWH IRU WKH SHULRG 3DSXD $LU VHW RI 3DSXD DQG 1HZ *XLQHD GHILQ VHW RI 3LFWRULDO VHW RI WR Â… %XWWHUIOLHV VHW RI 3RVWDJH 6WDPS VXUFKDUJH 6*' $ ILQH FROOHFWLRQ ZLWK VHWV IUHVK PLQW Â… Â… Â’ Â’ &$1&(//$7,21 FRYHUV FROOHFWHG IRU WKH YLOODJH DQG UHOLHI RIILFH FDQFHOV VHHQ 5DEDXO $LUSRUW 5LJR VXSHUE FGV 5HOLHI 1R 5RXQD 6$,'25 HQY 7DSLQL ZLWK OHWWHU IRXQG RSHQ ODEHO DWWDFKHG 5HOLHI 1R :DNXQDL $ YHU\ LQWHUHVWLQJ FROOHFWLRQ RI FRYHUV ZLWK PDQ\ GLIIHUHQW WRZQ DQG YLOODJH SRVWPDUNV Â… Â… { 3$*(6 ZLWK VWDPSV UDQGRPO\ DUUDQJHG E\ Â’ LVVXHV ZLWK PXFK PLQW LQF 80 RYHU VWDPSV 06 VHHQ Â’ LVVXHV WR WKH ODWH V $ ILQH RULJLQDO FROOHFWLRQ Â’

Â… Â…

3(58 Â’ 3URYLVLRQDO RYHUSULQW UDULW\ F RQ F 6* G

ILQH PLQW ZLWK 536 &HUW 9HU\ IHZ H[LVW Â… Â…

32/,6+ &8/785( (5525 ] 6* D DV 80 EORFN RI LPSHUIRUDWH KRUL]RQWDOO\ HYHU\ XQLW VSHFWDFXODU 6PDOO EODFN PDUN RQ RQH XQLW Â… Â… *HQHUDO JRYW ::,, DQ LQWHUHVWLQJ VHOHFWLRQ LQF +LWOHU LVVXHV LPSHUI 80 IURP WKH FRUQHU RI WKH VKHHW RYSWV ZLWK VHYHUDO PLQRU YDULHWLHV =W LPSHUI SDLU RQ FRORXUHG SDSHU Â… Â… 672&.%22.6 DQG 3$*(6 ZLWK PDQ\ V RI VWDPSV IURP HDUO\ DUPV WR PRUH PRGHUQ LQF PLQLDWXUH VKHHWV ILOOLQJ D ODUJH FDUWRQ /RWV RI VHWV LQ 'HDOHUV &DUGV Â… Â…

3257 &2/6 &$3( 9(5 :$7(5/2: 3522)6 LQ ODUJH PDUJLQDO EORFNV F DQG F 0RQXPHQW DQG F 3ODQQLQJ ZLWK GDWH HQGRUVHPHQW RQ WKH PDUJLQ ZLWK SXQFK KROH DQG 0XOWD 6SHFLPHQ RYSW DV EORFNV RI VFDUFH DV VXFK Â… Â…

3257 &2/6 ,1',$

3+,/,33,1( ,6 0,17 86(' $&&808/$7,21 PRVWO\ DOO V GLIIHUHQW JRRG VSUHDG RI LVVXHV DFURVV WKH SHULRG DSSUR[ VWDPSV 06 Â… Â… 3$66(' %< &(1625 -DSDQHVH 0LOLWDU\

Â’ 81 02817(' 0,17 UDQJH RI LVVXHV QRWH Â’ 6W )UDQFLV ;DYLHU ERWK PLQLDWXUH VKHHWV 3KLODWHOLF

([KLELWLRQ VWULS RI FOHDQ ILQH VWDPSV 06 Â… Â…

32578*$/ ,1:$5' 0$,/ IURP 5XVVLD ZLWK N IUDQNLQJ

3ROLFH ER[HG KDQGVWDPSV RQ )RXU FRYHUV LQF 5HG &URVV )XQG VHW RI 6*- )8 $QQLYHUVDU\ VHW RI 6*- S GHILQLWLYH DQG XSUDWHG SRVWHG HQYHORSH Â… Â…

VHQW IURP 6W 3HWHUVEXUJ WR /LVERQ RQH OHWWHU VKHHW ZLWK FRQWHQWV HQYHORSHV Â… Â… Â’ 5(' &5266 3ULYDWH VWDPSV IURP WR

FKLHIO\ IUHVK PLQW $QWL 7% VHW RI 5HG &URVV VRFLHW\ VWDPSV VHW RI IUHVK PLQW $ JRRG ORW HDUO\ LVVXHV &DW (XURV Â… Â…

3,7&$,51 ,6 Â’ -(11,)(5 7220%6 6PDOO FROOHFWLRQ RI Â’ 3LWFDLUQ ,V 6WDPSV VLJQHG RQ VHOYHGJH E\ 0V 7RRPEV WKH

VWDPSV GHVLJQHU LQFO 81(6&2 VHW &KXUFKLOO VHW 52/$1' +,// 6WDPS FHQW VHW RQ YHU\ ILQH )'& Â… Â… SOXV VDPH RQ VLJQHG )'& +DQGLFUDIWV VHW LQ SDLUV GHILQV PRVW YDOXHV WR F F DQG F DFFRPSDQLHG E\ Viewing RULJLQDO SKRWRV WDNHQ E\ 06 7RRPEV WKDW VKH ZRUNHG IURP Clients can view at our offices )LQH WKURXJKRXW LWHPV Â… Â… ^3KRWR` Monday - Friday 10am - 5pm

Please telephone to arrange an appointment. We are located in Warrington Town Centre

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 70

Â’ '(/(*$7(6 )2/'(5 LVVXHG E\ WKH SRVWDO

{ 1HZ &XUUHQF\ U RQ U $ VFDUFH )8 SDLU ZLWK VHUYLFH ZLWK 3RUWUDLW 06 6DJ 06 D PLQW +RO\ FRPSOHWH &'6 6* &DW Â… Â… Â… <HDU 6HW PLQW DQG ILQH XVHG &RDFK 0XVHXP VHW PLQW 1RUWK $WODQWLF 7UHDW\ VHW PLQW &DW 9DOXH Â… D ILQH UDQJH RI { 1HZ &XUUHQF\ U KLJK YDOXH 6* DV D ILQH DQG UDUH )8 KRUL] SDLU ZLWK FRPSOHWH SRVWPDUN FHQWUDOO\ VWDPSV 06 Â… Â… VWUXFN &DW Â… Â… Â… Â’ )5$0$ /DEHOV &DW 9DOXH (XUR V LQF Â’ ([SR (XUR V 8()$ (XUR <HDU RI 7KH { 1HZ &XUUHQF\ RYSWV U U 6* ERWK 9)8 &DW Â… Â… Â… )DPLO\ +HDUW )RXQGDWLRQ 3HWV $ YHU\ JRRG FROOHFWLRQ RI ODEHOV DV VHWV 8QPRXQWHG PLQW 0267 81868$/ ,OOXVWUDWHG )'& ZLWK WKH Â… Â… ^3KRWR` EORFN EHLQJ SULQW GRXEOH RQ WKH FRYHU ZLWK :+2 VHW QHDWO\ { &$1&(//$7,216 LQF HDUO\ QXPHUDOV RQ .LQJ DWWDFKHG ZLWK D ILQH 'XNKDQ &'6 XQDGGUHVVHG 5HTXHVW D LVVXHV SDTXHERW D IHZ *% XVHG LQ 3RUWXJDO VFDQ WR VHH WKLV YDULHW\ Â… Â… $PEXODQFLD FDQFHOV D ILQH VHOHFWLRQ RI 48((16/$1' Â… Â… Â’ (QGRUVHG $YHQLGD 3DODFH +RWHO /LVERQ ZLWK Â’ &2/285 75,$/ RI WKH 3HQQ\ %RHU :DU

FRQWHPSRUDU\ 5HSXEOLFD RYSW DWWDFKHG ZLWK YDOXHV WR U LQF 6* VWDPS &DW 2YHU Â… IUHVK PLQW Â… Â…

3DWULRWLF 6WDPS 6* LQ *UHHQ LPSHUI RQ VWDPS ZPN SDSHU )UHVK PLQW ILQH DQG VFDUFH Â… Â…

,1:$5' 0$,/ DOO JRLQJ WR

5+2'(6,$

/LVERQ ZLWK PLOHDJH PDUN DOVR ZLWK PLOHDJH Â’ $UPV Â… 6* IUHVK PLQW IHZ QLEEOHG SHUIV DW PDUN IUDQNHG G UDWH ZLWK VHHQ GLIIHUHQW G W\SHV ZLWK WRS EXW FDW Â… 1LFH KLJK YDOXH Â… Â… PLOHDJH PDUN DQG G IUDQNLQJ /HWWHU VKHHWV ZLWK FRQWHQWV (QY :LWK PLOHDJH PDUN DQG G Â’ $UPV Â… 6* $ VXSHUE JHQXLQH PLQW IUDQNLQJ DQ LQWHUHVWLQJ JURXS VHQW IURP WKH 8. ZULWWHQ LQ H[DPSOH RI WKLV UDUH KLJK YDOXH ZLWK 2* DQG EULJKW FRORXU (QJOLVK PDLQO\ 49 SHULRG JRRG DV D SRVWDO KLVWRU\ 6HOGRP RIIHUHG LQ VXFK ILQH FRQGLWLRQ &DW Â… VWXG\ Â… Â… Â… Â… Â’ 0LQLDWXUH 6KHHW &ROOHFWLRQ ZLWK D FDWDORJXH Â’ YDOXH RYHU Â… ZLWK (XURSD /XEUDSH[ 7LOHV D { $UPV 6* 9)8 Â… Â… ILQH VHOHFWLRQ RI IUHVK 80 Â… Â… { $UPV VHW RI G WR )8 6* &DW 2/' 7,0( &ROOHFWLRQ LQF FRORQLHV ZLWK EHWWHU SLFNLQJV D VWRFNSDJH ZLWK HDUO\ HPERVVHG 67& Â… Â… Â… Â… .LQJ 0DQXHO U PLQW FHUHV WR F PLQW LQF F Â’ $UPV VHW RI G WR PLQW 6* LQF ERWK 5RVH DQG %URZQ FÂ… ,QGHSHQGHQFH VXUFK VHW RI G G QLFH Â… Â… 0 ,QGHSHQGHQFH VHW RI PLQW FÂ… 0DQ\ V RI VWDPSV PDLQO\ ILQH XVHG Â… Â… { +LJK YDOXH $UPV Â… Â… Â… ILQH ILVFDO XVHG { 3(5),16 2) 3258*$/ &ROOHFWLRQ RI 6* Â… Â… VRUWHG E\ FRPSDQ\ SOXV KDQGERRN RQ 3RUWXJDO SHUILQV Â… Â… { 6* Â… $UPV )8 ZLWK QHDW %XODZD\R

3267$/ +,6725< HQWLUH ZLWK .LQJ

&'6 Â… Â… ^3KRWR` 3HUGR U %OXH QXPHUDO FDQFHO DQG *XLPDUDHV KDQGVWDPS $ JRRG UDQJH RI SUH SRVWDO FDUGV ZLWK PDQ\ LOOXVWUDWHG LQF { 6* Â… $UPV )8 ZLWK QHDW %XODZD\R &'6 Â… Â… ^3KRWR` 3RUWXJXHVH &RORQLHV LQF XQXVHG FHQVRUHG HQY 6HQW WR WKH 86$ $ ILQH FROOHFWLRQ WKDW QHHG ZULWLQJ XS Â’ &DSH RYSW VHW PLQW 6* &DW Â… Â… ^3KRWR` Â… Â… Â…

32578*8(6( &2/21,(6

{ &DSH RYSW VHW XVHG 6* &DW 0,17 86(' $&&808/$7,21 PRVWO\ 3RUW Â… Â… Â… ,QGLD IURP V WR V FKLHIO\ XVHG DOVR VPDOOHU UDQJH RI 7LPRU LQFO IHZ HDUOLHU PRVWO\ V V PLQW Â’ 2YHUSULQW VHW RI PLQW 6* &DW VWDPSV Â… Â… Â… Â… Â…

35,1&( (' ,6

Â’ 9$5,(7< F 6723 %(7:((1 35,1&(

$1' (':$5' 6* D ILQH PLQW WRJHWKHU ZLWK QRUPDO WR FRPSDUH Â… Â…

Â’ $UPV ODUJH IRUPDW LVVXHV PLQW ZLWK YDOXHV WR

G 6* FKLHIO\ ILQH FDW Â… Â… Â…

{ 5(9(18( KLJK YDOXH Â… %DUHIRRW D ILQH XVHG Â… Â… FLQGHUHOODV LQ GLII FRORXUV LPSHUI HDFK GHSLFWLQJ D VDLOVKLS SRVV EH WKH SODQW OLQH Â… Â… Â’ V G EODFN 9LFWRULD )DOOV 6* PLQW Â… Â… ^3KRWR` 4$7$5

Â’ 3ULYDWH VWHDPVKLS VWDPSV LQWHUHVWLQJ HDUO\

Â’ 4(,, 2Q 2OG $OEXP SDJHV VHW RI

Â’ V YLROHW 9LFWRULD )DOOV 6* PLQW

&DVWOH VXUFK ERWK VHWV 6* DQG D D 6FRXW GHILQV 6KHLNK VHW RI DOO IUHVK PLQW Â… Â…

Â… Â… ^3KRWR`

Â’ )DOOV VHW PLQW 6* Â… Â… Â’ %RWK RYSW GHILQ VHWV 80 6* &DW Â’ Â… Â… Â… Â’ 6* G 'RXEOH KHDG IUHVK PLQW

Â’ 8102817(' 0,17 &2//(&7,21 RI Â’ &RPPHPRUDWLYH VHWV ,QF PXOWLSOHV VHHQ VFRXWV 2O\PSLF

Â… Â…

+XPDQ 5LJKWV ,QGHSHQGHQFH )DXQD DQG )ORUD 06 +XJH &DW YDOXH $ IHZ VWDPSV ZLWK PDQ\ VHWV Â… Â…

{ Â… 'RXEOHKHDG 6* )8 Â… Â…

^3KRWR`

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 71

5+2'(6,$ %RUGHU 0LQLQJ &RUSRUDWLRQ /WG VKDUH FHUWLILFDWH ZLWK .*9 SRVWDJH DQG 5HYHQXH VWULS RI DQG 5HYHQXH VWULS RI RQ WKH UHYHUVH 4 4 0LQHV /WG FHUWLILFDWH ZLWK SRVWDJH DQG 5HYHQXH SOXV 5HYHQXH RQ WKH IURQW $ VFDUFH SDLU RI FHUWLILFDWHV Â… Â… { 4(,, ILQH XVHG ZLWK PDQ\ EHWWHU VHWV

3238/2$5 3(5,2' D YHU\ JRRG FROOHFWLRQ &DW Â… ZLWK PDQ\ VHWV QHDWO\ DUUDQJHG RQ SDJHV LQF /HQLQ KLJK YDOXHV ZLWK GLIIHUHQW SHUI W\SHV )8 5HEHOOLRQ VHWV SHUI DQG LPSHUI PLQW =HSSHOLQ VHW PLQW $LUVKLS &RQVWUXFWLRQ VHW PLQW $ YHU\ JRRG ORW RI GLIIHUHQW VWDPSV Â… Â… Â’ ('8&$7,21 N ZLWK EURNHQ , 2 YDULHW\ IUHVK Â’ 80 =DJRUVN\ NF FDW 86 Â… Â… Â…

,QGHSHQGHQFH RYSW VHW RI 'HILQ VHW RI 0DUGRQ VHW RI H[WHQVLYH FRPPHPRUDWLYH VHWV SRVWDJH GXHV 1HZ &XUUHQF\ GHILQ VHW RI $ ILQH FROOHFWLRQ RI VWDPSV Â… Â…

Â’ ,03(5) DLUVKLS LVVXHV PLQW N N N U 6* FDW Â… Â… Â… ,1'(3(1'(1&( 29(535,17(' LVVXHV RQ FRYHUV ZLWK ER[HG 6WDPSV 1RW 9DOLG DQG WKH FRYHU Â’ ,03(5) YDULHW\ N VHSLD &KDGUD 6* D VXUFKDUJH 5HJG LOOXVWU HQY VHQW WR WKH 8. ZLWK WR SD\ IV Â’ 80 VFDUFH Â… Â… +6 $LUPDLO HQY ZLWK SRVWDJH GXH ER[HG ,QYDOLG 6WDPSV 8VHG 7R 3D\ G 0% $LUPDLO DLU OHWWHU ZLWK WZR G SRVWDJH GXH Â’ ,03(5) N 7ROVWR\ 6* IUHVK 0 YHU\ DQG LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… ^3KRWR` VFDUFH Â… Â… 3267$/ +,6725< 2+06 HQY ZLWK { 9$5,(7< WZR PDUJLQDO VLQJOHV RI N 3LRQHHUV PLQLVWU\ RI SRVW FDFKHW ,QGHSHQGHQFH G RQ FRYHU HDFK ZLWK DGGLWLRQDO LPSUHVVLRQ NLVV SULQW LQ WKH PDUJLQ ZLWK VWDPSV QRW YDOLG DQG FKDUJHG DW G HQY VHQW E\ XQXVXDO 6* E Â… Â… $LUPDLO ZLWK 6RXWKHUQ 5KRGHVLDQ VWDPSV KDYH QRW OHJDO EDVLV PRUH WR SD\ G ER[HG FDFKHW DQG SRVWDJH GXHV D VPDOO { 9(5< ),1( 86(' ZLWK EHWWHU VHWV QRWH LQYLWDWLRQ FDUG ZLWK òF IUDQNLQJ ZLWK PRUH WR SD\ G ER[HG 'HDWK RI 6XULNRY FÂ… /HUPRQWRY FÂ… /HQLQ 0XVHXP FDFKHW DQG SRVWDJH SDFNHW KDYH QR OHJDO EDVLV ODEHO $ ILQH FÂ… 8]EHF 3RHW FÂ… 9LHZV FÂ… $ VPDOO FROOHFWLRQ RI FKLHIO\ VXUFKDUJH FRYHUV ZLWK WKH VWDPSV KDYLQJ EXW YHU\ XVHIXO FROOHFWLRQ RI VWDPSV Â… Â… QR OHJDO EDVLV $ JRRG ORW RI FRYHUV FDUGV Â’ 1$7,21$/ 6&,(17,67 ILUVW SULQWLQJ VHW ODUJH Â… Â… ^3KRWR` D VFDUFH VHW FRPSDUHG WR WKH VHFRQG SULQWLQJ FDW 86 8QXVXDO PXOWL FRORXUHG IRUJHULHV RI DGPLUDOV Â… PLQW Â… Â… GRXEOH KHDGV Â… LPSHUI EHWZHHQ YHUWLFDO SDLUV WR Â… { )LQH XVHG FROOHFWLRQ ZLWK PDQ\ VHWV DV PLQL GLIIHUHQW LWHPV Â… Â… FROOHFWLRQV WUDQVSRUW VSDFH /HQLQ 2FWREHU 5HYROXWLRQ PDLQO\ V LVVXHV RYHU VWDPSV 06 $ YHU\ 5+2'(6,$ 1<$6$ XVHIXO ORW RI ILQH XVHG Â… Â… { )LQH XVHG 'HILQLWLYHV VHW WR Â… LQF &RLO VWDPSV 'HILQLWLYHV VHW WR Â… LQF &RLO VWDPSV Â’ 2/' $/%80 SDJHV ZLWK EHWWHU SLFNLQJV $YLDWLRQ 'D\ VHW PLQW 5HG $UP\ VHW ZLWK GLIIHUHQW SHUI &RPPHPRUDWLYH VHWV DQG 3RVWDJH GXH VHW $ JRRG ORW &DW W\SHV $LUFUDIW VHW RI 2UGHUV DQG 0HGDOV LVVXHV $ ILQH Â… Â… Â… FROOHFWLRQ RI VWDPSV FDW Â… PLQW LQF XQPRXQWHG PLQW { 4(,, FROOHFWLRQ RQ ROG DOEXP SDJHV GHILQV IRU LVVXHV EHWZHHQ DQG Â… Â… VHW RI SOXV FRLO VWDPSV DQG ERWK VKDGHV RI WKH G

GHILQ VHW RI SOXV òG DQG G FRLO VWULSV RI D YHU\ JRRG UXQ Â’ 2/' 3$*(6 ZLWK FRPPHPRUDWLYHV ZLWK VHWV IURP WR QRWH 3LRQHHUV ZLWK GLIIHUHQW SHUIV RI FRPPHPV LQF .DULED 'DP G *RUJH IODZ 5HSO\ 3XVKNLQ ZLWK GLIIHUHQW SHUI W\SHV 9LHZV RI &RXSRQ XVHG \HDUV DIWHU WKH EUHDN XS RI WKH )HGHUDWLRQ $ &ULPHD DQG &DXFDVXV VHW RI FÂ… 1HZ 0RVFRZ ILQH FROOHFWLRQ RI VWDPSV ZULWWHQ XS RQ SDJHV VHW RI FDW Â… <RXQJ /HQLQ &RPPXQLVWV VHW RI Â… Â… 6RYLHW 6SRUW VHW RI ZLWK D FDW YDOXH RYHU Â… D YHU\ JRRG { 60$// 672&.%22. ZLWK EHWWHU VHWV LQF FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW PLQW Â… Â… GHILQLWLYH VHW RI GHILQ VHW RI SOXV DGGLWLRQDO Â’ 2/' 3$*(6 ZLWK LVVXHV EHWZHHQ DQG

6WULSV 3DLUV $OO ILQH XVHG Â… Â…

580$1,$ (DUO\ )RUJHULHV RI 3ULQFH &DURO 1HZ &XUUHQF\ DQG 3ULQFH $OH[DQGHU LQF )IRXULHU )RUJHULHV XVHG DQG RGG XQXVHG ZLWK D YDULHW\ RI YDOXHV VWDPSV Â… Â…

5866,$

LQF $UPV ZLWK SRVWKRUQV WR N H[ N 7KXQGHUEROWV :DU 2USKDQV VHW SOXV N ZLWK $ DQG N ZLWK 3 RYSWV 6SHFLPHQ $ JRRG ORW RI VWDPSV PLQW Â… Â…

5<8.<8 ,6 Â’ 'RYH RI 3HDFH $LU 6HW 80 6* Â’ Â… Â… 4

{ (DJOH VHW RI )8 6* FDW Â… N ZLWK

VXSHUE ER[HG FDQFHO Â… Â…

Â’ $1 25,*,1$/ /RW ZKHUH VRPH VWDPSV DUH LQ Â’ ($*/( NU 6* PLQW SDUW 2* JRRG H[DPSOH Â’ WKHLU RULJLQDO JODVVLQHV PDLQO\ V LVVXHV LQF RI WKLV FODVVLF FDW Â… Â… Â… Â’ 5\XN\X 8QLYHUVLW\ $IIRUHVWDWLRQ ZHHN ERWK PLQW 1HZ Â’ :$5 &+$5,7< ZLWK GLIIHUHQW SHUI W\SHV SOXV

6SHFLPHQ RYSWV ZKLWH SDSHU VHWV SOXV 5HG &URVV HQY ZLWK N WHWH EHFKH SDLU ZKLFK ZDV LVVXHG DW WKH WLPH XQXVHG VWDPSV PLQW Â… Â… Â’ 2%/,*$725< 7$; W JUHHQ W WULDQJOH

VKDGHV DOO IUHVK XQXVHG LV LVVXHG VFDUFH 6* FDW Â… Â… Â… Â’ :25.(56 U LQVFULEHG DV LPSHUI SODWH Â’ QR FRUQHU EORFN IUHVK 80 6* D Â… Â…

RUSSIA

&XUUHQF\ F DQG F ZLWK JXP 80 VXUFK $LU VHW 80 $LU VXUFK VHW 80 $ YHU\ JRRG UDQJH RI VWDPSV ZLWK PXFK 80 Â… Â… 9(5< &2035(+(16,9( VWDPS FROOHFWLRQ KRXVHG LQ WZR DOEXPV ZLWK DGGLWLRQDO PDWHULDO PLQW DQG 80 V ILUVW SULQWLQJ GHILQV RQ JUH\ SDSHU GHILQ VHW 'RYH RI 3HDFH 8QLYHUVLW\ DQG $IIRUHVWDWLRQ LVVXHV &XOWXUDO 7UHDVXUHV $PHULFDQ %DVH FRYHU 3HUU\ VHW 80 )'& D VSHFWDFXODU PXOWL IUDQNHG FRYHU ZLWK VL[ GLII HDUO\ LVVXHV DLUPDLO *RGGHVV VHWV 1HZ &XUUHQF\ VHW 80 DQG DQ LQWHUHVWLQJ FRPELQDWLRQ FRYHU DQG PXFK HOVH ZLWK DGGLWLRQDO FRYHUV *RRG ORW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 72

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

6$,17 +(/(1$

FRPSOHWH IRU WKH SHULRG GHILQV WR Â… ZLWK GLIIHUHQW SULQWLQJV SHUIV 6 :HGGLQJ GHILQ VHW RI 4(,, GHILQ VHW ZLWK VKDGHV $ ILQH UDQJH RI FRPPHPRUDWLYH VHWV $ ILQH FROOHFWLRQ RI VHW PLQW Â… Â…

Â’ 6* (GZDUG VHW PLQW Â… Â… Â’ 8QLVVXHG G RYSW VSHFLPHQ PLQW 6HOGRP

RIIHUHG 6* 6 Â… Â… ^3KRWR`

Â’ %UHDN LQ YDOXH 7DEOHW )UDPH YDULHW\ 6* D Â’ ILQH PLQW Â… Â… Â’

Â’ 6* .*9 VHW PLQW Â… Â…

{ $ILQH VHOHFWLRQ RI XVHG 49 LVVXHV FDW

{ 6* 9)8 òG WR EDGJH &KRLFH

Â… YDOXHV WR G GLII ZPNV òRYSW DQG G RYSW 1LFH Â… Â…

Â… Â…

Â’ 6W &KULVWRSKHU G :PN VLGHZD\V IUHVK

Â’ 9$5,(7< G &OHIW 5RFN 6* F PLQW

PLQW 6* D &DW Â… Â… Â… ^3KRWR`

Â… Â…

Â’ 6W &KULVWRSKHU G :DWHUPDUN LQYHUWHG

Â’ &HQWHQDU\ VHW PLQW 6*

6* Z PLQW &DW Â… Â… Â… ^3KRWR`

Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ òG 'LDJRQDO /LQH E\

6$,17 /8&,$

7XUUHW 6* ) 0LQW Â… Â…

Â’ 6* G IUHVK XQXVHG DV LVVXHG

Â… Â… FRPSOHWH IRU WKH SHULRG GHILQ ZLWK ERWK VKDGHV RI WKH G Â’ 6* G IUHVK XQXVHG DV LVVXHG FDW 6 :HGGLQJ 4(,, GHILQ VHW RI GHILQ VHW Â… Â… Â… RI D YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV $ ILQH FROOHFWLRQ RI VHWV PDLQO\ IUHVK PLQW Â… Â… { 2/' 7,0( FROOHFWLRQ FDWDORJXHG RYHU Â… Â’ 6* .*9, VHW 80 &DW Â… ZLWK EHWWHU SLFNLQJ 49 LQF 9)8 6* (GZDUG WR Â’ Â… Â… LQF VHW RI XVHG .*9 VHW RI XVHG VHW RI )8 6LOYHU -XELOHH VHW )8 SLFWRULDO 3267&$5' DGGU WR %RWVDEHK /HSHU $V\OXP VHW RI )8 .*9, &RURQDWLRQ VHW RI 9LFWRU\ 6LOYHU %DVXWRODQG IUDQNHG òG $ KLJKO\ XQXVXDO GHVWLQDWLRQ LWHP :HGGLQJ 838 GHILQ HW RI D YHU\ JRRG FROOHFWLRQ RI YHU\ ILQH Â… Â… VWDPSV FKLHIO\ ILQH XVHG Â… Â… Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

Â’ 6LOYHU -XELOHH YDULHW\ òG GLDJRQDO OLQH E\ WXUUHW

6$,17 .,776 1(9,6

6* I IUHVK PLQW Â… Â…

Â’ 6* PLQW DQG 6* PLQW Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ òG 'RW WR OHIW RI &KDSHO

ILQH PLQW 6* * Â… Â…

Â’ 6W &KULVWRSKHU G 6* ILQH PLQW &DW

Â… Â… Â… ^3KRWR`

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

Â’ 1(9,6 G 6* IUHVK PLQW 6FDUFH VWDPS &DW

Â… Â… Â… ^3KRWR` Â’ 5HYHQXH PLQW %DUHIRRW Â… Â… { 6W &KULVWRSKHU G RQ G 9)8 SDLU 6*

Â… Â… ^3KRWR` Â’ 6W &KULVWRSKHU 6* IUHVK P

FRPSOHWH IRU WKH SHULRG GHILQ WR Â… ZLWK GLIIHUHQW SHUI W\SHV 6 :HGGLQJ 1HZ &XUUHQF\ VHW WR 4(,, GHILQV WR ZLWK VKDGHV 6WDWH +RRG VHW LQF F DQG 3RVWDJH GXH VHW RI 3RVWDJH GXH VHW RI $ YHU\ JRRG UDQJH RI VHW IUHVK PLQW Â… Â… $ 49 VHOHFWLRQ KLJK &9 DQG FROOHFWDEOH ZLWK )8 G RYSW SHUI )8 DQG RWKHUV Â… Â…

6$,17 9,1&(17

Â… Â… { 6&277 DOEXP SDJHV ZLWK D ILQH XVHG VHOHFWLRQ

&ROXPEXV WR G SLFWRULDOV WR :DU VWDPS .*9 GHILQV ZLWK YDOXHV WR VHW WR 7HUFHQWHQDU\ WR G $ ILQH UDQJH RI VWDPSV PDLQO\ ILQH XVHG FDW Â… Â… Â…

{ :$7(50$5. UHYHUVHG G 6* [ DV DQ DWWU

)8 SDLU ZLWK FRPSOHWH GXSOH[ FHQWUDOO\ VWUXFN Â… Â… Â’ 63(&,0(1 RYSW 49 VHW RI PLQW 6* 6

FDW Â… Â… Â…

Â’ :$5 7$; (5525 G YHUWLFDO VWULS RI WKUHH Â’ 63(&,0(16 RYSW VHW RI 6*

LV IDXOW\ DQG G VLQJOH X LVVXH 6* 6 6 FDW Â… Â… Â…

ZLWK WKH PLGGOH VWDPS VKRZLQJ GRXEOH RYSW HUURU 6* D PLQW Â… Â…

{ 6LOYHU -XELOHH YDULHW\ .LWH DQG +RUL] /RJ

Â’ .*9 08/7,3/( &52:1 &$ 6LGHZD\ VHW WR

ILQH XVHG 6* / 2QH RI WKH PRVW HOXVLYH YDULHWLHV WR REWDLQ Â… Â…

6* PLQW Â… Â… Â’ '(),1,7,9( ZLWK DGGLWLRQDO VKDGHV

Â’ 2/' $/%80 3DJHV ZLWK .*9, 4(,, YHU\

LGHQWLILHG RQ D SDJH PLQW LQF $ IHZ 80 Â… Â… { 6,/9(5 -8%,/(( YDULHW\ òG .LWH DQG 9HUWLFDO

/RJ 6* N ILQH XVHG Â… Â… Â’ (;7(16,9( &ROOHFWLRQ RI DQG 06 IUHVK Â’ PLQW ZLWK PXFK EHLQJ 80 6XSHUE TXDOLW\ LGHQWLILHG MXVW QHHGV Â’ JRLQJ LQ D RQH FRXQWU\ $OEXP 0DQ\ FRPSOHWH VHWV

Â… Â…

FRPSOHWH IRU WKH SHULRG ,QF GHILQ VHW RI 6 :HGGLQJ 1HZ &XUUHQF\ VHW RI 838 4(,, GHILQ VHW RI GHILQ VHW RI DQG GHILQ VHW RI $ VXSHUE UDQJH RI FRPPHPRUDWLYH $ YHU\ ILQH FROOHFWLRQ RI VHWV IUHVK PLQW Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 73

),1( 86(' FDWDORJXHG Â…

Â’ 0RVTXH GHILQV WR S IUHVK 80 GLIIHUHQW Â’ YDOXHV (OXVLYH 6* VHULHV Â… Â…

LOOXVWUDWHG )'& V LQF PDS ERRNOHW SDQHV IURP WKH GLIIHUHQW LVODQGV LQGHSHQGHQFH 2937 VHW D YHU\ JRRG UDQJH ZLWK ODEHO RU QR DGGUHVV Â… Â…

{ 2)),&,$/ S :PN YDULHW\ 9I8 6*2 D Â… Â… $Q LQWHUHVWLQJ VHOHFWLRQ LQ D SDFNHW FRYHUV ZLWK 2+06 WR 86$ ZLWK WZR *RYW &DFKHWV DQG G 6(5%,$ UDWH ILQH FRYHU YDULRXV )'& LQF .*9, GHILQV %LUGV WR Â’ &/$66,&6 3ULQFH VHW RI WKUHH RQ 3HOXUH SDSHU RQ YHU\ ILQH )'& )HZ VWDPSV LQF .*9, Â… Â… Â… PLQW XQXVHG 6* FDW Â… (OXVLYH LVVXHV ,17(5(67,1* JURXS RI FRYHUV HQY ZLWK Â… Â… 4(,, GHILQV WR F UHJG VHQW WR 86$ DLUPDLO HQY ZLWK

4(,, F [ [ UHJG VHQW WR 8. 2+06 HQY ZLWK UR\DO YLVLW VHW RQ WKH IURQW RQ WKH UHYHUVH EORFN RI WKH F DQG &KXUFKLOO F ZLWK 6W 9LQFHQW SRVW RIILFH GHSW FDFKHW HQY V ZLWK .160 06 3\JPDOLRQ FDQFHOV VHQW WR 8. RQH ZLWK )UHQFK SRVWDJH GXH 2+06 HQY ZLWK *RYHUQPHQW +RXVH FDFKHW D JRRG ORW RI FRYHUV Â… Â… Â’ :$7(50$5. HUURUV 80 GLII F Â’ 0DS 6* Z %LUGV LQF F Z )LVK GHILQV WR F )LQH

JURXS KLJK &9 Â… Â…

6$02$ <$&+7 òG *5, RYSW 6* UHPDUNDEOH XVH

RI VL[ VWDPSV XVHG RQ VPDOO FRYHU WR /RQGRQ PXOWL FDQFHOOHG *32 6XYD FGV UDUH PXOWLSOH IUDQNLQJ SD\LQJ G UDWH )LQH Â… Â… 6* 1= RYSWV VHW RI VL[ WR QLFHO\ XVHG

RQ ORFDO FRYHU HDFK WLHG $SLD FGV 9HU\ SUHWW\ Â… Â… Â’ 6LOYHU :HGGLQJ 3HQQ\ 3HUIRUDWLRQ YDULHW\

Â’ 2FFXSDWLRQ $LUPDLO VHW RI 7HQ PLQW 0L 4 &DW HXUR Â… Â…

{ 2FFXSDWLRQ $LUPDLO VHW 9)8 ZLWK &72 FDQFHOV 4 0L &DW HXUR LI SRVWDO XVHG Â… Â… ^3KRWR` Â’ 2FFXSDWLRQ FRPSOHWH VHW RI ZLWK ZLWKRXW Â’ RYSWV IUHVK 80 0L , ,9 &DW HXUR $ VFDUFH

FRPSOHWH VHW Â… Â… ^3KRWR` ::,, RFFXSDWLRQ SHULRG FROOHFWLRQ RI VHWV VWDPSV LQF 0L DQG SRVWDJH GXH VHW 0L ZLWK KLJKO\ GXELRXV SRVWPDUNV EXW &DW HXUR PLOLWDU\ VKHHW 80 &DW HXUR $UPHQ 6H 7HQDQW SDLUV VHW 80 &DW HXUR HWF $Q LQWHUHVWLQJ ORW Â… Â…

6(<&+(//(6 { 67$036 2) 0$85,786 XVHG LQ WKH

6H\FKHOOHV G 6*= %OXH 6*= ZLWK ILQH % FDQFHOV Â… Â… { 67$036 2) 0$85,786 XVHG LQ WKH

6* $ 0LQW RQO\ SULQWHG Â… Â… Â’ 2/' 3$*(6 ZLWK EHWWHU SLFNLQJV ([SUHVV

3RVWDJH WR PLQW 3RVWDJH )LVFDO G DQG 6* PLQW 3LFWRULDO VHW RI PLQW $ XVHIXO UDQJH RI VWDPSV WR Â… Â… ::, &29(5 WR 8. IUDQNHG òG 6DPRD RYSW

ZLWK 3DVVHG E\ &HQVRU FDFKHW 8QXVXDO Â… Â…

6H\FKHOOHV F RQ G 6*= F RQ G 6*= F RQ *UHHQ 6*= ZLWK WKH F KDYLQJ D YHU\ ILQH % VWULNH Â… Â… { 67$036 2) 0$85,7,86 XVHG LQ WKH

6H\FKHOOHV F %OXH 6*= F &DUPDLQH RQH ZLWK % FDQFHO VHFRQG ZLWK (OOHV FGV FDQFHO RI 6H\FKHOOHV F 6*= ZLWK D ILQH % FDQFHO Â… Â… ^3KRWR` Â’ 3/$7( EORFN 49 F 'LH , DV D SODWH EORFN RI Â’ SO 6* )UHVK 80 Â… Â…

6$5$:$. 0,66,21$5< 0$,/ ZULWWHQ IURP 6DUDZDN WR

Â’ 49 ',( VHW RI 6* IUHVK PLQW WKH YHU\ 5HY G ) +HQU\ 0LOO +LOO 0LVVLRQ /RQGRQ DQG Â… Â… VXEVHTXHQWO\ UHGLUHFWHG WR 6W 3HWHUV $SRVWOH 6FKRRO )UHVKILHOG 1 /LYHUSRRO EHDULQJ ORFDO LVVXH F 6* WLHG { LQGLVWLQFW FGV 6WUDLWV 6HWWOHPHQWV F 6* DSSOLHG IRU WUDQVLW Â’ 49 &2//(&7,21 ZLWK PXFK PLQW LQF XQPRXQWHG ZLWK LQWHUHVWLQJ LWHPV F RQ F SURYLVLRQDO WLHG 6LQJDSRUH FGV $ UDUH SUH 838 FRPELQDWLRQ FRYHU RYSW EORFN RI ZLWK SODWH QXPEHU 6* F RQ F RYSW HQGRUVHG SULYDWH ILQH QR EDFN IODS IXUWKHU 6LQJDSRUH WUDQVLW LQYHUWHG VWDWH WR EH D IRUJHU\ F RQ F ZLWK PLQRU YDULHW\ FGV RQ UHYHUVH IURP D 0LVVLRQ LQ 6DUDZDN Â… Â… F RQ F ZLWK PLVSODFHG RYSWV 1HZ 9DOXH VHW PLQW &(17(1$5< VHW RQ ILQH ORFDO )'& 6* DQG D VHFRQG VHW )8 F RQ F ZLWK GRXEOH RYSW ZLWK &HUW Â… Â… IRUJHG RYSW $Q LQWHUHVWLQJ ORW RI VWDPSV &DW YDOXH RYHU Â… *RRG IRU VWXG\ DQ RULJLQDO FROOHFWLRQ Â’ 6LOYHU :HGGLQJ 6HW 80 Â… Â… Â… Â… ^3KRWR` Â’

{ TXHHQ 9LFWRULD )LQH XVHG VHW RI 6*

'LH ,, VHW RI VXUFK VHW RI DQG FRORXU FKDQJH VHW RI $ ILQH JURXS RI VWDPSV DV VHWV Â… Â…

,17(5(67,1* VPDOO VHOHFWLRQ LQ SDFNHWV HWF FRYHUV LQF &HQWHQDU\ VHWV RQ FRYHU &URZQ &RORQ\ VHW WR RQ )'& 6* JRRG VHOHFWLRQ RI XVHG VWDPSV RQ FDUGV LQF WR WR TW\ Â… Â…

Â’ 49 ',( ,, VHW RI 6* PLQW Â… Â…

6$8', $5$%,$

Â’ &2//(&7,21 LQ WZR VWRFNERRNV DQG SDJHV Â’ *DV 3ODQW DQG 'DP GHILQV IUHVK 80 YDOXHV Â’ PLQW ZLWK PXFK EHLQJ 80 ZLWK PXFK VRUWHG E\ LVVXHV VHHQ WKH Â’ WR S 6* DQG Â… Â… Â’ RGG ZDWHUPDUN YDULHW\ (GZDUG VSHFLPHQ RYSWV .*9 Â’ 'HILQ LVVXHV IUHVK 80 YDOXHV +RUVHPDQ Â’ 0RVTXH 0HFFD LVVXHV ZLWK YDOXHV WR S 6*

(OXVLYH Â… Â… Â’ 'HILQLWLYH LVVXHV IUHVK 80 EHWZHHQ Â’ $OO GLIIHUHQW ZLWK YDOXHV WR S +LJK &9

Â… Â…

VSHFLPHQ RYSWV 4(,, VSHFLPHQ RYSWV 49 ZLWK YDOXHV WR F RQ F (GZDUG WR F .*9 WR U .*9, 6 :HGGLQJ VHW RI 4(,, F RQ F ZLWK LWDOLF OHWWHUV H[WHQVLYH FRPPHPRUDWLYH VHW RYHU VWDPSV 06 6KHHWOHWV DQG ERRNOHWV ZLWK PRGHUQ VHWV WR U LQF GHILQLWLYH VHWV VXSHUE DUUD\ RI VHWV Â… Â… Â’ (5525 F RQ F RYHUSULQW LQYHUWHG RIILFLDO

Â’ 0RVTXH GHILQV VHW RI WR S IUHVK 80 Â’ 6* Â… Â…

GHIDFH ZLWK UHG YHUWLFDO OLQH VHH IRRWQRWH EHORZ 6* IUHVK PLQW Â… Â… ^3KRWR`

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 74

Â’ (5525 F RQ F RYHUSULQW LQYHUWHG RIILFLDO

{ 9$5,(7< F &DUPLQH :DWHUPDUN ,QYHUWHG

GHIDFH ZLWK UHG YHUWLFDO OLQH VHH IRRWQRWH EHORZ 6* IUHVK PLQW Â… Â… ^3KRWR`

6* Z ILQH XVHG Â… Â… ^3KRWR`

Â’ (5525 ORFDOO\ VXUFKDUJHG F RQ F ZLWK RYSW

LQYHUWHG ZLWK %3$ &HUW JHQXLQH 6* D IUHVK PLQW Â… Â… ^3KRWR`

Â’ .*9 ',( ,, ZLWK VKDGHV LQF F 'LH , U 'LH ,

U ZLWK FRQWURO QXPEHU D JRRG ORW 6* RI VWDPSV PLQW Â… Â… ^3KRWR` { .*9 ',( ,, ZLWK VKDGHV 6* VWDPSV

Â’ 685&+$5*( 6HW RI 6* PLQW

ILQH XVHG 6FDUFH Â… Â… ^3KRWR`

Â… Â… 683(5% (QYHORSH ZLWK LVVXHV

F DQG F 'LH , DQG F F F F DQG F 'LH ,, 5HJG 6HQW WR WKH 8. ZLWK ILQH 6H\FKHOOHV &'6 Â… Â… ^3KRWR` Â’ 49 &2/285 &+$1*( 6HW RI 6* IUHVK

PLQW Â… Â…

Â’ 63(&,0(1 F VSHFLDO UHLVVXH ZLWK ODUJHU RYSW

IUHVK PLQW 6HH 6* )RRWQRWH Â… Â… 63(&,0(1 RYHUSULQW F *UH\ ZLWK VPDOO RYHUSULQW VHH IRRWQRWH EHORZ 6* IUHVK PLQW Â… Â… ^3KRWR` ,1&5(',%/< ODWH XVH RI 49 U F KLJK YDOXH

6* VXSHUEO\ XVHG RQ VPDOO UHJG FRYHU WR 8. WLHG 9LFWRULD FGV DUULYDO EV ([FHSWLRQDO TXDOLW\ WKHVH KLJK YDOXHV DUH UDUHO\ IRXQG RQ FRYHU XQSULFHG RQ FRYHU Â… Â…

{ (':$5' VHW RI 6* ILQH XVHG

Â… Â… Â’ (':$5' 6HW RI 6* PLQW

{ 6LOYHU -XELOHH YDULHW\ F GRXEOH IODJVWDII IX

Â… Â…

6+ H Â… Â…

{ 9$5,(7< (GZDUG F &DUPLQH ZLWK GHQWHG

{ 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII

IUDPH 6* D YHU\ ILQH XVHG Â… Â…

9)8 6* % Â… Â…

{ 9$5,(7< F 'HQWHG )UDPH 6* D )LQH

Â’ 6LOYHU -XELOHH YDULHW\ U H[WUD )ODJVWDII IUHVK

XVHG Â… Â… ^3KRWR`

PLQW LQ SDLU ZLWK QRUPDO 6* $ Â… Â…

Â’ 9$5,(7< F GHQWHG IUDPH 6* D OLJKWO\

Â’ 6LOYHU -XELOHH YDULHW\ U /LJKWHQLQJ &RQGXFWRU

PRXQWHG PLQW Â… Â…

6* & )UHVK PLQW Â… Â…

{ 9$5,(7< & 'HQWHG )UDPH 6* D ILQH

Â’ 6LOYHU -XELOHH YDULHW\ F VKRUW H[WUD )ODJVWDII Â’ 80 LQ FRUQHU EORFN KLQJH LQ PDUJLQ %OXH IUDPH FRORXU ,QN

XVHG Â… Â…

6SODVK XQXVXDO 6* % Â… Â…

{ (':$5' VHW RI 6* ILQH XVHG

Â’ 6LOYHU -XELOHH YDULHW\ F H[WUD )ODJVWDII IUHVK

Â… Â…

PLQW ZLWKLQ EORFN 6* $ Â… Â…

Â’ (':$5' 6HW RI 6* IUHVK PLQW

Â… Â… Â’ 9$5,(7< F 'HQWHG )UDPH 6* D )UHVK

6,/9(5 -8%,/(( 9DULHW\ F ZLWK H[WUD IODJVWDII U ZLWKLQ D FRUQHU PDUJLQDO EORFN RI Â… Â… ^3KRWR` Â’ .*9, (;7(16,9( &ROOHFWLRQ ZLWK

OLJKWO\ PRXQWHG PLQW Â… Â… ^3KRWR`

GHILQV GLIIHUHQW VWDPSV PLQ &DW Â… GHILQ VHW RI &RPPHPRUDWLYH VHWV DQG SRVWDJH GXH VHW DOO IUHVK PLQW Â… Â…

{ 9$5,(7< D 'HQWHG )UDPH 6* D )LQH

XVHG Â… Â…

{ .*9, (;7(16,9( UDQJH ILQH XVHG LQF

Â’ 9$5,(7< F 'HQWHG )UDPH 6* D /LJKWO\

GHILQV GLIIHUHQW GHILQ VHW RI FRPPHPRUDWLYH VHWV LQF 6 :HGGLQJ $ YHU\ ILQH UDQJH RI VWDPSV Â… Â… ^3KRWR`

PRXQWHG PLQW Â… Â… { 9$5,(7< F 'HQWHG )UDPH 6* D )LQH

Â’ .*9, GHILQLWLYHV FDWDORJXHG RYHU Â…

XVHG Â… Â… { .*9, VHW RI F $QLOLQH &DUPLQH 6*

ILQH XVHG Â… Â… Â’ .*9, VHW RI SOXV F VKDGH $QLOLQH &DUPLQH

U EULJKW 3XUSOH DQG *UHHQ 6* PLQW VWDPSV Â… Â…

F JUHHQ F RUDQJH JUHHQ F VFDUOHW JUH\ EOXH F UHGGLVK YLROHW F EURZQ FDUPLQH F EOXH F EURZQ RFKUH F FDUPLQH DQG F VODWH EOXH Â… Â… Â’ .*9, 3/$7( %/2&.6 F SO F 2UDQJH LQF Â’ LPSULQWHG EORFN RI F *UH\LVK *UHHQ QG EORFN *UHHQ ERWK

SO F EORFN RI SO ,PSULQWHG EORFN RI SO F &DUPLQH /DNH SO F %OXH SODWH DOO XQPRXQWHG PLQW $ VFDUFH UDQJH ZLWK D KLJK &DW 9DOXH DV VLQJOH VWDPSV DORQH Â… Â…

Â’ 63/,7 $ YDULHW\ .*9 F IUHVK PLQW 6*

D Â… Â… { 9$5,(7< 6SOLW $ .*9 U 6* D ILQH

Â’ 3ODWH %ORFN ZLWK LPSULQW F ODUJH PDUJLQDO Â’ EORFN RI SODWH ZLWK +DUULVRQ DQG 6RQV LPSULQW 6* DE

XVHG Â… Â… ^3KRWR` Â’ 9$5,(7< ZLWKLQ D SODWH EORFN RI .*9 F Â’ SODWH ZLWK VSOLW $ 6* D 7KH VWDPSV DUH 80

RUGLQDU\ SDSHU XQPRXQWHG PLQW Â… Â… Â’ 63(&,0(1 .*9, 3HUIRUDWHG WKH RULJLQDO VHW RI

Â… Â… ^3KRWR`

&KDON 6XUIDFH 3DSHU F WR U IUHVK PLQW Â… Â… ^3KRWR`

{ .*9 ',( , VHW RI ZLWK VKDGHV F ERWK

VKDGHV F WZR VKDGHV D VFDUFH VHW ILQH XVHG 6* D WRWDO Â’ 9$5,(7< F %URZQ 2FKUH &KDON SDSHU RI VWDPSV Â… Â… ^3KRWR` +DQGNHUFKLHI IODZ 6* DE PLQW Â… Â… ^3KRWR` Â’ .*9 ',( , HW RI ZLWK VKDGHV VWDPSV Â’ 9$5,(7< ZLWKLQ D FRUQHU EORFN 80 F %URZQ 6* PLQW Â… Â… ^3KRWR` Â’ 2FKUH RUGLQDU\ SDSHU +DQGNHUFKLHI IODZ 6* EG VFDUFH XQPRXQWHG PLQW Â… Â… ^3KRWR`

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 75

Â’ 63(&,0(1 3HUIRUDWHG 9LFWRU\ VHW RI

Â’ 4(,, :DWHUPDUN YDULHWLHV 80 6* Z Â’ =(6 Z Z Z $OO OLVWHG Â… Â…

6* V V IUHVK PLQW Â… Â…

Â’ 9$5,(7< F 9LFWRU\ ZLWK /DPS RQ 0DVW )ODZ 48((1 9,&725,$ 3RVWDO 6WDWLRQDU\ ZLWK Â’ 80 ZLWKLQ D SRVLWLRQDO PDUJLQDO EORFN RI VL[ 6* D EHWWHU SLFNLQJV F 3RVWDO &DUG XVHG ZLWK /LJQH 7

SDTXHERW QXPEHU LQ 5HG QG FDUG F ZLWK /LJQH 7 SDTXHERW QXPEHU ERWK VFDUFH VHQW WR *HUPDQ\ (QYHORSH IURP $GHQ WR 0DKH ZLWK ,QGLD /DQQD FDQFHOOHG RQ WKH ,UDZDGG\ ZLWK /LJQH 9 SDTXHERW 1R FDQFHO F RQ F SRVWDO FDUG ZLWK VSHFLPHQ RYSW F RQ F ZLWK ORFDO KV $ JRRG ORW RI LWHPV PDLQO\ XQXVHG Â… Â… ^3KRWR`

Â… Â… Â’ &52:1 ,1 :$7(50$5. (5525 F Â’ 6* ERWWRP PDUJLQDO EORFN RI SODWH ZLWK 6W (GZDUGV

&URZQ LQ WKH PDUJLQ PRVW XQXVXDO IUHVK 80 Â… Â… { .*9, VHW 9)8 6* FKRLFH

Â… Â…

Â’ 63(&,0(1 29376 RQ 49 LVVXHV $ PRVW

DWWUDFWLYH PLQW ORW RI ZLWK YDOXHV WR F Â… Â…

{ :$7(50$5. (5525 F GHHS <HOORZ *UHHQ

ZLWK 6W (GZDUG V &URZQ 6* E XVHG Â… Â…

{ 672&.%22. DQG $/%80 3DJHV ILQH XVHG

ZLWK EHWWHU SLFNLQJV LQF (GZDUG GHQWHG IUDPH ZLWK 536 &HUW ILQH XVHG FDQFHO IRUJHG 6* D 6 -XELOHH VHW RI 8)8 YDOXHV WR U ZLWK RYHU VWDPSV DQG ZLWK LVVXHV IURP 49 WR QHHG VRUWLQJ Â… Â…

{ 4(,, ),1( 86(' GHILQ VHW RI

GHILQ VHW RI SLFWRULDO VHW RI DQG ZKLWH SDSHU VHW RI FRPPHPRUDWLYH VHWV $ YHU\ JRRG UDQJH RI VWDPSV Â… Â… Â’ 4(,, &2035(+(16,9( &ROOHFWLRQ RI VHWV

{ 86(' ,1 0$85,7,86 F ZLWK D YHU\ ILQH

% FDQFHO 6*= SOXV F ZLWK IRUJHG % ZLWK %3$ &HUW 6*= Â… Â…

VHW RI VHW RI VHW RI DQG :KLWH 3DSHU VHW RI H[WHQVLYH UDQJH RI FRPPHPRUDWLYH VHWV RYHU VWDPSV 06 PLQW LQF 80 Â… Â…

6,(55$ /(21(

3267$*( '8(6 RQ LQWHUHVWLQJ ORFDO FRYHU { 6LOYHU -XELOHH VHW 9)8 6*

WLHG /D 'LJXH &'6 Â… Â…

Â… Â…

5HJLVWHUHG (QYHORSH .*9, XSUDWHG ZLWK F WR Â’ 6LOYHU -XELOHH YDULHW\ H[WUD )ODJVWDII

U GHILQLWLYHV UHJG ZLWK 9LFWRULD &'6 FDQFHO VHQW WR WKH 8. Â… Â…

6* $ ILQH PLQW LQ FRUQHU SDLU ZLWK QRUPDO Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ VKRUW H[WUD )ODJVWDII 3267$*( '8(6 RQ LQWHUHVWLQJ ORFDO FRYHU

PLQW 6* % Â… Â…

FDQFHOOHG DW $QVH 5R\DO 5HTXHVW VFDQ Â… Â… 7(0325$5< +$1'67$03 &ROOHFWLRQ RI

Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII IUHVK

Â’ (5525 5R\DO 5XE\ :HGGLQJ F ZLWK Â’ RYHUSULQW LQYHUWHG 6* D XQPRXQWHG PLQW Â… Â…

Â’ (5525 F GLDPRQG VKDSH ZLWK EULJKW JUHHQ Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D DV IUHVK

PLQW ZLWKLQ PDUJLQDO EORFN 6* $ Â… Â… FRYHUV LQF F WR U WZR FRPPHUFLDO XVHG ILUVW ZLWK F DQG U KDQGVWDPS VHQW WR *HUPDQ\ QG VHQW WR :HVW Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU *HUPDQ\ ZLWK F U $ ILQH VHOHFWLRQ XVHG GXH D Â’ 80 ZLWKLQ FRUQHU EORFN 6* & Â… Â… VKRUWDJH RI VWDPSV GXH WR WKH LQWHUQDO XSULVLQJ Â… Â… ^3KRWR` Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII PLQW LQ Â’ 6(<&+(//(6 287(5 ,6/$1'6 LVVXHV ZLWK FRUQHU SDLU ZLWK QRUPDO 6* $ Â… Â… Â’ PDQ\ FRPSOHWH VHWV LQF GHILQ VHW RI SOXV U EORFN RI ZPN LQY U U U DQG U SHUI %LUG VHW RI Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU Â’ 6* & 80 DOVR DQRWKHU G 0LQW ZLWK VLPLODU YDULHW\ WR /HIW RI *LDQW 7RUWRLVH VHW RI %LUG VHW RI ,QVHFW VHW RI 3RLVRQRXV 3ODQWV &UHROH &RRNLQJ VWDPS H[KLELWLRQ Â’ &KDSHO Â… Â… VHW RI 6KLSZUHFNV :RUOG +HULWDJH DQG Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII ERRNOHWV RYHU VWDPSV 06 6KHHWOHW XQPRXQWHG 6* $ 0LQW Â… Â… PLQW Â… Â…

80 SDLU $ UDUH PXOWLSOH Â… Â…

3267$*( '8(6 RQ ORFDO FRYHUV $ ILQH

Â’ (5525 F 'LDPRQG VKDSH ZLWK EULJKW JUHHQ Â’ DQG JROG RPLWWHG LQVFULSWLRQ DQG IDFH YDOXH 6* D ILQH

FROOHFWLRQ RI GLIIHUHQW ZLWK FRPELQDWLRQV DQG VLQJOH XVDJHV ZLWK D YDULHW\ RI RIILFH 3PNV *RRG JURXS Â… Â… 3267$/ +,6725< $LUPDLO VHUYLFH IURP

80 Â… Â… {

.*9, ILQH XVHG RQ DOEXP SDJHV 6H\FKHOOHV ZLWK )LUVW )OLJKW /DEHOV VW ZLWK .*9, F ; &RURQDWLRQ GHILQ VHW RI FÂ… 9LFWRU\ 6LOYHU & 1' :,7+ & & )UDQNLQJ ZLWK YHU\ ILQH 9LFWRULD &'6 :HGGLQJ FÂ… 838 D ILQH UDQJH Â… Â… 0DKH WR 0RPEDVD LOOXVWU LQ D LQDXJXUDO )OLJKW FRYHU ZLWK 3DJHV ZLWK D UDPEOLQJ PL[WXUH QRWH VSHFLDO VORJDQ FDQFHO QG VHQW WR 1DLUREL -XELOHH 6 -XELOHH VHW RI PLQW GHILQ VHW RI SOXV %ODFN VORJDQ FDQFHOV RQ WKUHH FRYHUV (QY ZLWK .*9, F EORFN DQG 3XUSOH PLQW GHILQ VHW RI .*9, 6 :HGGLQJ VHW RI ZLWK WKH RULJLQDO UHTXLVLWLRQ QXPEHU FURVVHG RXW DQG D QHZ PLQW 6FRXWV 6 $ PLQW D XVHIXO UDQJH RI LWHPV ZLWK DGGHG (QY )URP &RHWLY\ ,V VHQW WR 0DKH QG VHQW WR PXFK EHLQJ PLQW Â… Â… &RHWLY\ ,V $Q LQWHUHVWLQJ ORW RI FRYHUV FDUGV Â… Â… ^3KRWR` 48((1 (/,=$%(7+ 3RVWDO 6WDWLRQHU\ 3RVWFDUGV D VHOHFWLRQ RI GLIIHUHQW YHU\ HDUO\ XQXVHG G SRVWDO FDUG ZLWK 1HZ &RDW RI $UPV G (PERVVHG (QYHORSH G UHJG HQY (DUO\ $HURJUDPPHV G UHDO SKRWR 3F V XQXVHG Â… Â… VL]H * UHJG HQY ,QGHSHQGHQFH LVVXHV ZLWK FDUGV UHJG { 32670$5. &ROOHFWLRQ PDLQO\ RQ 49 LVVXHV HQY $HURJUDPPHV $ YHU\ JRRG FROOHFWLRQ RI LWHPV ZLWK LQF 49 LVVXHV LQF 49 XVHG LQ 0DXULWLXV (GZDUG F EORFN RI PXFK LGHQWLILHG Â… Â… XVHG LQ 0DXULWLXV 49 XVHG LQ =DQ]LEDU D YDULHW\ RI % FDQFHOV &'6 FDQFHOV LQF $QVH 5R\DOH *UDQG $QVH 3UDVOLQ /D 'LJXH &DVFDGH 7DNDPDND 6H\FKHOOHV ZLWK GLIIHUHQW www.philangles.co.uk FRGHV 9LFWRULD ZLWK GLIIHUHQW FRGHV $ ILQH FROOHFWLRQ RI place your bids online. Immediate and secure. LWHPV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 76

Â’ 'DUPVWDGW WULDO RI G YLJQHWWH RQO\ RQ JXPPHG

6,1*$325(

XQZPN SDSHU D ILQH SDLU GL[ Â… Â… ^3KRWR`

$ ILQH FROOHFWLRQ RI XQDGGUHVVHG LOOXVWUDWHG

)'& V VWUHQJWK LQ V LVVXHV 6HHQ ,QVHFW VHW RI Â’ 'DUPVWDGW WULDO RI FRPSOHWHG G GHVLJQ YHU\ 0DSV 1DWLRQDO 0RQXPHQWV 6WDPS ([KLELWLRQ GHHS VKDGH $ ILQH PLQW SDLU RQ QR ZPN SDSHU %LUGV $ JRRG ORW Â… Â… Â… Â… ^3KRWR` :UHFN 0DLO (QYHORSH IURP $XVWUDOLD WR 8. ZLWK Â’ 'DUPVWDGW WULDO RI FRPSOHWHG G GHVLJQ D WULDO ER[HG VDOYDJHG 0DLO $LUFUDIW &UDVK 6LQJDSRUH SULQWLQJ RQ XQZPNHG *XPPHG SDSHU SHUIRUDWHG VKLIWHG 6PRNH 'DPDJHG Â… Â… YLJQHWWH $ ILQH PLQW SDLU Â… Â…

6/29$.,$

3267$/ +,6725< FRYHUV LQF

2OG $OEXP SDJHV FKLHIO\ ZLWK V LVVXHV PLQW XQFKHFNHG GLIIHUHQW SHUIRUDWLRQV SOXV D IHZ PRGHUQ LVVXHV $ JRRG UDQJH RI VWDPSV Â… Â…

6/29(1,$ Â’ 5(9(18(6 UDUH &2 &, RYSW LVVXHV 80 Â’ ZLWK YDOXHV WR G UDWHG Â… LQ EDUHIRRW

Â… Â… ^3KRWR`

620$/,$

HQYHORSH ZLWK 1DWDO +DOI RQ G SDLU G RIILFLDO SDLU DQG QG RIILFLDO SDLU VHQW WR WKH 86$ HQY ZLWK D SDLU RI G 95, RYSWV VHQW WR &H\ORQ .*9 XSUDWHG HQY ZLWK òG SDLU G VLQJOH VHQW WR 6ZHGHQ %RDUG RI ([HFXWRUV HQY ZLWK G SDLU VHQW WR 6FRWODQG 5HJG HQY VHQW WR 86$ ZLWK D YDULHW\ RI WUDQVLW PDUNV RQ WKH UHYHUVH DQG D WLHG $QWL 7% /DEHO 5HJG (QY VHQW E\ $LU WR 86$ ZLWK D VLQJOH G IUDQNLQJ $Q LQWHUHVWLQJ ORW ZLWK GHWDLOV Â… Â… ^3KRWR` { ,035,17 PDUJLQDO SDLU G 6* E 9)8 OX[XV

Â’ ,WDOLDQ 3R F / / DOO IUHVK PLQW 6*

TXDOLW\ Â… Â…

&DW Â… Â… Â…

Â’ 'HILQ 6H 7HQDQW SDLUV PLQW ZLWK DGGLWLRQDO

SULQWLQJV LQYHUWHG :PNV HWF 6* E *RRG ORW LWHPV LQF JRRG VHOHFWLRQ RI G SDLUV G SDLUV GLIIHUHQW SULQWLQJV YHU\ KLJK &9 Â… Â…

620$/,/$1' 3527 Â’ 6LOYHU -XELOHH YDULHW\ U .LWH DQG +RUL] /RJ

6* / )LQH PLQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F .LWH DQG 9HUWLFDO /RJ

6* . 0LQW Â… Â…

{ $LUVKLS IODZ G 9)8 ZLWKLQ EORFN 536 &HUW

6* G Â… Â… 4 $,50$,/ &RYHUV VHQW WR WKH 8. ZLWK D JRRG

YDULHW\ RI IUDQNLQJ DQG QHDWO\ SUHVHQWHG RQ SDJHV ZLWK DGGLWLRQDO GHWDLOV $LUPDLO VWDPS RQ FRYHU ZLWK 3UHWRULD PDFKLQH FDQFHO HQY ZLWK G [ DQG ER[HG HQY QR FDFKHW VHQW WR 6FRWODQG HQY ZLWK 2)6 YUL G RQ G RQ G DQG G [ IURP -RKDQQHVEXUJ WR /RQGRQ HQY ZLWK [ G VHQW WR /RQGRQ $ YHU\ JRRG ORW RI FRYHUV Â… Â…

6287+ $)5,&$ Â’ 3RVWDJH GXHV LQ PLQW FRQGLWLRQ DQG VL[

SODWH EORFNV $ JRRG VHOHFWLRQ LQF :PN LQYHUWHG LVVXHV .*9, VHW ZLWK H[WUD G VKDGHV 6*' HWF +LJK &9 Â… Â… 4 *29(510(17 (;3(5,0(17$/ )OLJKW

FRYHUV 3RVWDO FDUG G XSUDWHG ZLWK G $LUVWDPS ZLWK VXSHUE 6 Â’ 0RQNH\ LQ 7UHH YDULHW\ G 80 ZLWKLQ SRVLWLRQDO $ $LUPDLO PDUFK &'6 VHQW IURP &DPEULGJH WR 'XUEDQ Â’ EORFN 6* FD Â… Â… HQY ZLWK G $LU VWDPS DQG G [ SRVWDJH GXHV VHQW E\ DLU IURP 3RUW (OL]DEHWK WR &DSHWRZQ (QY ZLWK G .*9 DQG G $LU { +\SKHQ RPLWWHG &RURQDWLRQ SDLU 9)8 536 VWDPS VHQW WR 7UDQVYDDO $ ILQH ORW RI FRYHUV FDUG &HUW 6* D Â… Â… Â… Â… Â’ +<3+(1 20,77(' 9$5,(7< &RURQDWLRQ 4 $,50$,/ FRYHUV ILUVW IOLJKW EHWZHHQ SDLU IUHVK PLQW 6* D Â… Â… &DSHWRZQ DQG 'XUEDQ ZLWK VSHFLDO IOLJKW FDQFHO SOXV )RXQG 2SHQHG ODEHO DWWDFKHG 3RUW (OL]DEHWK WR 'XUEDQ H[SHULPHQWDO { 2)),&,$/ SDLUV 9)8 .*9, SULQWLQJV LQF IOLJKW FDUG ZLWK 6$ DLUPDLO FDFKHW VFDUFH GRXEOH ILUVW IOLJKW G GLIIHUHQW G 2 2 *RRG JURXS 6FDUFH WR FRYHU 6RPHUVHW :HVW VHQW WR (DVW /RQGRQ WKHQ G DLU VWDPS REWDLQ XVHG Â… Â… DWWDFKHG DQG UH IORZQ WR 3RUW (OL]DEHWK ILUVW IOLJKW SRVWFDUG { .*9, RIILFLDO SDLUV 9)8 IRU .*9, SULQWHG

0RVVHO %D\ ZLWK ILUVW IOLJKW &DSHWRZQ WR 'XUEDQ URXWH ZLWK VSHFLDO FDFKHW $ YHU\ JRRG ORW W\SHG XS ZLWK GHWDLOV RQ OHDYHV Â… Â…

$OEXP LQF G G 2 2 6FDUFH XVHG Â… Â…

Â’ &200(025$7,9(6 PDLQO\ DV FRPSRVLWH { 2)),&,$/ RYSW +RUL] SDLUV )8 D VHOHFWLRQ RI

67& Â… YDULRXV SULQWLQJV ZLWK JRRG VHOHFWLRQ RI G LQY :PN 6*2 YHU\ ILQH SDLU RI G 6*2 5HTXHVW VFDQ Â… Â…

EORFNV RI 9RRUWUHNNHU QRWH G EORFNV RI VHW DV EORFNV RI +XJXHQRW òG DV EORFNV RI IURP HDFK FRUQHU òG EORFNV RI IURP HDFK FRUQHU $ JRRG ORW FDW Â… VHOGRP VHHQ DV FRPSRVLWH EORFNV PLQW Â… Â…

Â’ 2)),&,$/ RYSW SDLUV IUHVK PLQW D ILQH Â’ FROOHFWLRQ SDLUV EORFNV LQF G 6*2 DV D YHU\ Â’ ILQH EORFN LQF LQYHUWHG :PN 6*2 G { .*9, 3HULRG 3RVWDJH GXHV )8 LQF

LVVXHV WR G G 6*' D VWULS VHW HWF $OO IRU WKH .*9, SULQWHG $OEXP Â… Â…

%OXH YHU\ ILQH SDLU 6*2 DQG RWKHUV WR G +LJK &9 5HTXHVW VFDQ Â… Â…

{ .*9, ),1( 86(' DQG YHU\ FRPSUHKHQVLYH RQ Â’ 'DUPVWDGW WULDO RI G IUDPH RQO\ D ILQH PLQW SDLU

ROG SULQWHG SDJHV GHILQV WR 9RRUWUHNNHU VHWV DOO :DU (IIRUWV LQF VRPH PLQRU YDULHWLHV YHU\ JRRG SDLUV 6* E ([FHOOHQW RULJLQDO ORW DOO DV 3$,56 Â… Â…

ZLWK 2* 'L[ Â… Â… ^3KRWR` Â’ 'DUPVWDGW WULDO RI G IUDPH RQO\ LQ SDOH

&DUPLQH (QJOLVK LQN $ ILQH SDLU 'L[ Â… Â… Â’ 'DUPVWDGW WULDO RI G IUDPH RQO\ RQ XQJXPPHG

XQZPN 3DSHU $ ILQH SDLU 'L[ Â… Â… ^3KRWR`

{ 2)),&,$/ YHUWLFDO SDLU )8 ZLWK 536 &HUW

QRUPDO +RUL] SDLU &DW Â… 6*2 Â… Â… { 2)),&,$/ SDLU 9)8 ZLWK 536 &HUW

&KRLFH 6*2 Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 77

{ 2)),&,$/ 6*2 9)8 SDLU Â… Â… { 0$)(.,1* %(6,(*(' G RQ G 6*

ILQH XVHG 6FDUFH VWDPS Â… Â… { &,*$5(77( )ODZ G :DU (IIRUW SDLU )8

6* D 536 &HUW 6FDUFH Â… Â…

Â’ Â’

Â’ Â’

{ 0$)(.,1* %(6,(*(' G RQ G YIX 6*

Â… Â…

Â’ 0$)(.,1* 6,(*( G %DGHQ 3RZHOO :$5 ())257 /DUJH IRUPDW LVVXH $ VWXG\ RQ SDJHV PRVWO\ XVHG ZLWK EORFNV VKDGHV VRPH PLQW EORFNV LQF 6* IUHVK PLQW ZLWK 536 &HUW PRVW LQWHUHVWLQJ RULJLQDO G EORFN ZLWK SRVLWLRQDO YDULHWLHV SPNV 8VHIXO ORW SXUFKDVH LQYRLFH GDWHG LQFOXGHG Â… Â… 4W\ Â… Â… 3267$/ +,6725< QHDWO\ &2,/ 67$036 ZLWK VKDGHV LQ ODUJH FRLOV òG SUHVHQWHG HQY VHQW IURP 7UDQVYDDO WR 1DWDO HQY DQG G DQG G ZLWK ILQH DQG FOHDU LPSUHVVLRQ YHU\ ZLWK ò [ ZLWK VXSHUE 5RUNH V 'ULIW &'6 VHQW WR 0RXQW (OLDV KLJKO\ &DW $V FRLO SDLUV 6* VHOGRP VHHQ LQ ODUJH ZLWK VHYHUDO WUDQVLW PDUNV RQ WKH UHYHUVH 33& G FRLOV Â… Â… IUDQNLQJ ZLWK YHU\ ILQH ZHHQHQ &'6 (VWRRXUW &'6 VHQW WR 7DVPDQLD 33& VHQW IURP 0RRL 5LYHU WR 8. ZLWK D YHU\ &2,/ 67$036 òG DV ODUJH FRLOV VWULSV WZR ILQH 0RRL 5LYHU &'6 $ YHU\ JRRG FROOHFWLRQ RI GLIIHUHQW VKDGHV 6FDUFH DV ODUJH FRLOV VWULSV YHU\ KLJK &DW FRYHUV FDUGV Â… Â… ^3KRWR` 9DOXH DV FRLO SDLUV 80 Â… Â…

3267$/ +,6725< (QYHORSH GRXEOH Â’ &2,/ 67$036 G DV ODUJH FRLOV ZLWK GLIIHUHQW FHQVRUHG ZLWK 6$ DQG (J\SWLDQ FHQVRU WDSH VHQW WR 7XUNH\ Â’ VKDGHV 6* VFDUFH DV ODUJH FRLO VWULSV YHU\ KLJK &DW 9DOXH

DV FRLO SDLUV 80 Â… Â… { 3RVWDJH GXH VHW RI XQLWV 9)8 G WRS YDOXH

ZLWK 536 &HUW 6FDUFH XVHG 6*' Â… Â… { .*9, :DJRQ )8 EORFN 536 &HUW 0RVW

DWWUDFWLYH 6* E Â… Â… Â’ &2,/ 67$036 òG D ODUJH VWULS 6* VHOGRP Â’ VHHQ LQ ODUJH VWULSV Â… Â…

9DULHWLHV ZLWKLQ EORFNV 5R\DO YLVLW G %ODFN (\HG 3ULQFHVV 6* D 9)8 òG H[WHQGHG 5LJJLQJ 80 6* D DQG G 838 /DNH LQ $IULFD 6* E 9)8 Â… Â… { 'HILQ LVVXH ZLWK VRPH PDUYHOORXV 08/7,3/(6

32: OHWWHU VKHHW ,WDOLDQ 32: FDPS 2$6 (QY :LWK $LU 6FKRRO /XJVNRRO ER[HG +6 33& RI =XOXV DW KRPH VHQW WR 6 $ ZLWK 3DJXHERW +6 DQG *% IUDQNLQJ ZLWK &DSHWRZQ &'6 ::,, (QY :LWK $LU 6FKRRO RIILFLDO IUHH FDFKHW VHQW WR WKH 8. $Q LQWHUHVWLQJ JURXS RI FRYHUV FDUGV Â… Â…

3267$/ +,6725< PDQ\ LQWHUHVWLQJ FRYHUV

ZLWK PXFK QHDWO\ W\SHG XS ZLWK GHWDLOV ZLWK FRYHUV IURP V WR V QRWH LOOXVWUDWHG IOLJKW FRYHW ZLWK VXUIDFH PDLO +6 DQG *HUPDQ FHQVRU W\SH HQY IURP /DG\VPDLWK WR 6HD 3RLQW &DSH 7RZQ (QY ZLWK 2Q 6HUYLFH HQGRUVHPHQW DQG $ ) 6WDWLRQ 2XGWVKRRUQ FDFKHW 2+06 ,'960 (QY VHQW WR WKH 8. ZLWK ER[HG RQ SRVWDO VHUYLFH FDFKHW $ YHU\ JRRG FROOHFWLRQ RI &RYHUV :LOO PDNH D YHU\ JRRG GLVSOD\ FROOHFWLRQ Â… Â… ^3KRWR`

DOO ILQH XVHG LQF G PDUYHOORXV )8 EORFNV 6* { 5(9(18( )5$*0(176 ZLWK VWUHQJWK LQ V .*9, LVVXHV VXEVWDQWLDO ORW RI DSSUR[ SLHFHV VFDUFH )8 EORFN HWF +LJK &9 DQG D QLFH JURXS RI PXOWLSOHV ZLGH UDQJH RI LVVXHV YDOXHV WR LQF XVH RI SRVWDJH 5HTXHVW VFDQ Â… Â… VWDPSV QRWH ::,, :DU (IIRUWV PDQ\ .*9, FRPELQDWLRQV { 2)),&,$/ òG SDLU 9)8 6*2 2ULJLQDO ORW Â… Â… 6FDUFH Â… Â… Â’ 6(5,) 21 & 9DULHW\ G 838 YDULHW\ 80 LQ Â’ FRUQHU EORFN 6* D Â… Â… { )/<,1* 6$8&(5 9DULHW\ G )8 ZLWKLQ YHUWLFDO

VWULS RI 536 &HUW 6* DE Â… Â… { 2)),&,$/ SDLU 9)8 RQ SLHFH 536 &HUW

6*2 D Â… Â… Â’ &2,/ 67$036 .LQJ )LVKHU òF W\SH ,, D ODUJH Â’ UROO IURP FRLOV VFDUFH DV D FRLO UROO 6HOGRP VHHQ DV D ODUJH

FRLO UROO 6* E Â… Â… $,50$,/ &29(56 $HULDO 3RVW 0DNH 4 <RXU 6L[SHQFH )O\ LOOXVWUDWHG FDUG VHQW IURP <RXQJ V )LHOG

6287+ $5$% )(' Â’ 8102817(' 0,17 FROOHFWLRQ RI VHWV LQF Â’ $UPV 6WDWH RI 6HL\XQG GHILQ VHWV ERWK RYSWV

VHWV $ YHU\ JRRG FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â… Â… Â’ (;7(16,9( &ROOHFWLRQ RI VHWV ZLWK EHWWHU

RYHUSULQWHG VHWV 1HZ &XUUHQF\ VHW RI $SU VXUFK VHW RI $XJ +DGKUDPDXW 1HZ &XUUHQF\ VHW &KXUFKLOO DQG -). :RUOG &XS &R 2SHUDWLRQ 6WDWH RI 4LVKQ DQG 6RFRWUD VHW RI DOO IUHVK PLQW Â… Â… Â’ 29(535,176 RQ $GHQ 6WDWH LVVXHV DQG Â’ )HG RI 6RXWK $UDELD VHW ZLWK 3HRSOHV 5HSXEOLF RI <HPHQ

RYSWV 6WDWH RI +DGKUDPDXW RYSWV WR )LOV 6DWH RI 6HL\XP RYSW VHW RI 6* &KXUFKLOO DQG .HQQHG\ :\QEHUJ WR 1RUWK :DOHV 8. LQWHUQDO IOLJKW RYHU IURP RYSW VHWV 80 $ ILQH UDQJH RI VWDPSV Â… Â… 3RUW (OL]DEHWK WR %ORHPIRQWHLQ &DSHWRZQ WR 3UHWRULD 6287+ $8675$/,$ ILQH HQY ZLWK .*9 G SDLU QG ZLWK DQG G IUDQNLQJ 0LOOHU V 6HUYLFH SHU ILUVW IOLJKW +6 QHDW FRYHU $ YHU\ JRRG { 6* 9)8 PDUJLQ G %OXH Â… Â… FROOHFWLRQ RI FRYHUV ZLWK GHWDLOV Â… Â… ^3KRWR` ^3KRWR` { 0$)(.,1* %(6,(*(' G RQ òG YIX RQ ,OOXVWUDWHG 'LUHFWRU IRU WHFKQLFDO DUW HQYHORSH SLHFH ZLWK FRPSOHWH FGV SPN 6* Â… Â… IUDQNHG SDLU G ZLWK $GHODLGH FGV DGGU WR *RYHUQPHQW +RXVH { 0$)(.,1* %(6,(*(' RQ 6* 8QXVXDO Â… Â… ILQH XVHG FDW Â… VOLJKW ORVV RI FRORXU KHQFH ORZ 6287+ :(67 $)5,&$ HVWLPDWH Â… Â… { 2)),&,$/ SHQQ\ 6* 2 DV D VXSHUE XVHG { 0$)(.,1* %(6,(*(' G RQ G YIX RQ EORFN RI QLQH DQ LPSUHVVLYH PXOWLSOH 6* 2 Â… Â… SLHFH ZLWK FRPSOHWH FGV 6* Â… Â… { 0$)(.,1* %(6,(*(' G RQ SHQQ\ OLODF

6* YIX Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

If we can be of any assistance please do not hesitate to contact us. Thank you

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 78

6287+(51 1,*(5,$

63$1,6+ &2/21,(6

Â’ 672&. 3$*( ZLWK 49 WR (GZDUG WR

0252&&2 838 LVVXH VHW RI ZLWK $ 63(&,0(1 FRQWUROV RQ UHYHUVH WR SWD WRS YDOXH VPDOO IDXOWV ([ F F 6HH IRRWQRWH LQ 6FRWW &DW Â… 9HU\ IUHVK DQG VHOGRP RIIHUHG Â… Â…

LQF 6* D DQG .*9 WR PLQW D KLJKO\ &DW /RW ZLWK GLIIHUHQW SULQWLQJV DQG VKDGHV QHHGV LGHQWLI\LQJ Â… Â…

{ 672&. 3$*(6 ZLWK VWUHQJWK LQ 6SDQLVK Â’ 6DKDUD VHWV PDLQO\ PLQW LQF 80 ZLWK LVVXHV WR $ ILQH Â’ UDQJH RI VWDPSV HDFK GLIIHUHQW Â… Â… Â’

6287+(51 5+2'(6,$ 3522)6 &KLHIO\ .*9 LQF Â… $GPLUDO 9LFWRULD )DOOV òG DQG G $GPLUDOV DQ LQWHUHVWLQJ JURXS RI H[ ZDWHUORZ DUFKLYHV GHIDFHG ZLWK SXQFK KROHV Â… Â…

68'$1

Â’ :$7(5/2: $5&+,9( 3522)6 5HYHQXHV WR Â… %DUHIRRW PLQW ZLWK VHFXULW\ SXQFK KROHV LQGHQWHG FDUGV 3ULQWHG :DWHUORZ DQG 6RQV /WG 3ULQWHU V )LOH ([DPSOH 6FDUFH Â… Â… { .*9 GHILQLWLYH VHWV VHW RI DQG

VHW RI )LQH XVHG Â… Â…

2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJ 3RVWPDQ VHW RI PLQW $LUV S ò [ ò VHW RI 7XWL ,VODQG 3LFWRULDO VHW RI PLQW 2IILFLDO VHW RI RIILFLDOV VHW RI $LU 2IILFLDOV PLQW 2IILFLDO VHW RI PLQW DQG 3RVWDJH GXH VHWV PLQW D YHU\ JRRG FROOHFWLRQ RI VWDPSV PDLQO\ IUHVK PLQW &DWDORJXH YDOXH RYHU Â… Â… Â…

{ ),1( 86(' FROOHFWLRQ .*9 GHILQV WR G { *HQHUDO *RUGRQ 6HW 9)8 6*

VHW RI 6LOYHU -XELOHH VHW D JRRG UDQJH RI VWDPSV FDW Â… Â… Â…

Â… Â…

Â’ .*9, '(),1,7,9( VHW RI DV XQPRXQWHG PLQW Â’ EORFN RI 6* YHU\ IUHVK Â… Â…

Â’ 0$/0,1( 9$5,(7< P RQ P 6* D IUHVK

P Â… Â… Â’ &$0(/ VHW SOXV S KLJK YDOXH SHUI SULQWLQJ

{ 5HYHQXH Â… WRS YDOXH )8 ZLWK VHFXULW\

6* D FDW Â… PLQW Â… Â…

SXQFWXUH EDUHIRRW Â… Â… ^3KRWR`

Â’ 6* 3RVWPDQ VHW ILQH 80 Â’ 5HYHQXH 3URRIV RQH SHUI RWKHU LPSHUI Â’ Â… Â… Â’ HDFK ZLWK VHFXULW\ SXQFWXUHV ERWK 80 9HU\ ILQH

Â… Â… { $,5 VHW RQ DQ RIILFLDO ILUVW GD\ FRYHU ZLWK YHU\ ILQH .KDUWRDP &'6 SOXV VHW ILQH XVHG 6* { 5(9(18( $ VSHFWDFXODU SLHFH ZLWK VL[ VWDPS FRPELQDWLRQ PDNLQJ Â… UDWH ZLWK 5(9(18(6 Â…

Â… Â… Â… XVHG LQ FRPELQDWLRQ Â… Â… Â’ (5525 9,&725< G ZLWK GDPDJHG IUDPH 6*

E PLQW Â… Â…

Â… Â… Â’ $,50$,/ VHW RI DV 80 EORFNV RI IRXU 6* Â’ H[ 6* Â… Â…

2/' 3$*(6 ZLWK HDUO\ LVVXHV LQF RYSWV $UDE 3RVWPDQ ZLWK GLIIHUHQW SULQWLQJ $LUV 2IILFLDOV $UP\ RYSWV $ JRRG ORW RI VWDPSV +LJKO\ &DWDORJXHG Â… Â…

{ 4(,, GHILQLWLYH VHW RI 6* )LQH

XVHG Â… Â… { 6* GHILQ VHW 9)8 FKRLFH FDW Â…

3RVWDO +LVWRU\ D YHU\ JRRG FROOHFWLRQ RI FRYHUV

Â… Â… { 'HILQLWLYH VHW RI DQG 3RVWDJH GXH VHW

RI ILQH XVHG Â… Â…

FROOHFWHG IRU WKHLU ILQH 3RVWPDUN LQF 5HJ G OHWWHU PDLQO\ òSL ZLWK D YHU\ JRRG UDQJH RI FDQFHOV VRPH XSUDWHG WKHLUV D YDULHW\ RI FRYHUV ZLWK PDQ\ GLIIHUHQW FDQFHODWLRQV VXSHUE ORW IRU D GLVSOD\ RYHU &RYHUV &DUGV WRRN \HDUV WR FROOHFW Â… Â…

Â’ 5(9(18( 7KH UDUH .*9, G DV D FRORXU WULDO Â’ 8102817(' 0,17 ZLWK PRGHUQ VHWV WR Â’ LQ 3XUSOH ILQH 80 ZLWK ZDWHUORZ VSHFLPHQ RYSW DQG VHFXULW\ Â’ ZLWK D &DW YDOXH RYHU Â… VHHQ &RXQFLO 0LQLVWHUV VHW

SXQFWXUH Â… Â… ^3KRWR`

RI $UP )RUFHV VHW RI 0HURZH 'DP 0HURZH 'DP SURMHFW 6RFLHW\ 6XPPLW ,QGHSHQGHQFH &$) VHW RI $ XVHIXO UDQJH RI VHWV Â… Â…

63$,1 Â’ &/$66,& 48((1 U 6* IUHVK PLQW ZLWK

2* JRRG PDUJLQV VLJQHG Â… Â…

6:$=,/$1'

{ .*9 GHILQ VHW 9)8 6* Â’ &2521$7,21 RYSWV RQ RYHUVHDV 32 LVVXHV

Â’

Â’ 4 Â’ Â’

{

Â… Â… VFDUFH VHWV RI WZR 7DQJLHU 6* 0RURFFR 6* &DSH -XE\ 6* .H\ VWDPSV FDW Â… 6L[ VWDPS FRYHU ZLWK LVVXHV IURP DOO WKH Â… Â… GLIIHUHQW SURYLQFHV RI 6RXWK $IULFD FDQFHOOHG DW 0EDEDQH 5DLOZD\ &RQJUHVV SRVWDJH DQG $LUPDLO VHW ILQH .*9, G SRVWDO FDUG )8 $LUOHWWHU )8 VL[ VWDPS UHJG PLQW $ NH\ VHW 6* &DW Â… $ IHZ VPDOO FRYHU H[ 6WHJL Â… Â… IDXOWV RQ ORZ YDOXHV NH\ KLJK YDOXHV DOO ILQH Â… Â… Â’ /LJKWQLQJ FRQGXFWRU YDULHW\ G 6LOYHU -XELOHH ^3KRWR` IUHVK PLQW 6* F Â… Â… $LUPDLO SWD 6* IUHVK PLQW $ ILQH VWDPS Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU ILQH PLQW 6* & Â… Â… (;7(16,9( 8102817(' 0LQW FROOHFWLRQ RI VWDPSV 06 ZLWK PDQ\ FRPSOHWH VHWV LQF 7RXULVW Â’ 6LOYHU -XELOHH YDULHW\ G H[WUD )ODJVWDII ILQH VHWV &DVWOH VHWV +RO\ \HDUV 0RQDVWHULHV 3URYLQFLDO PLQW ZLWKLQ D EORFN RI IRXU 6* $ Â… Â… FRVWXPHV 6XSHUE TXDOLW\ &DW YDOXH Â… Â… Â… Â’ .*9, GHILQLWLYH VHW WR ZLWK VKDGHV 2/' 6(1$725 $/%80 ZLWK VWDPSV 6* D FDW Â… PLQW Â… Â… IURP 4XHHQ ,VDEHOOD WR ZLWK PDQ\ GLIIHUHQW VWDPSV Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 79

{ 6LOYHU :HGGLQJ VHW 9)8 6*

Â… Â… 'HILQLWLYH VHWV RQ LOOXVWUDWHG )'& 6*

DQG $QLPDO 3LFWRULDOV 6* ILQH Â… Â… 3RVWDJH VWDPS VHOHFWLRQ RQ FDUGV VWDPSV VWUHQJWK LQ PLQW ZLWK KLJK YDOXHV G DQG 6* YHU\ JRRG JURXS RI .*9, LQF EHWWHU SHUIRUDWLRQV WR VHYHUDO ILUVW RYSW LVVXHV IHZ XVHG LQF .*9, DV 9)8 EORFN HWF *RRG ORW Â… Â…

Â’ &2,/ 67$036 6ZHGLVK $WKOHWLF RUH RUH Â’ . ZLWK FRLO OHDGHUV DQG RUH FRLO HQG ZLOO PDNH VHWV

6* VFDUFH ZLWK FRLO OHDGHUV Â… Â… { ),1( 86(' ROG SDJHV ZLWK VWDPSV VHHQ

Â’ Â’

Â’ 4 {

{

Â’ Â’

FRYHUV FDUGV 33& ZLWK D SDLU RI F ZLWK UHTXLVLWLRQ QXPEHU DQG SODWH QXPEHU VXSHUE VWULNH ZLWK FDPS SRVW RIILFH RQ WKH UHYHUVH VLPLODU FDUG ZLWK D SDLU RI F )ROG 6KHOO 2LO DGYHUWLVLQJ FDUG XQXVXDO XVHG ZLWK VKRZ FDQFHO WZR HQY V ZLWK VKRZ FDQFHO DQG D &HUW RI SRVWLQJ ZLWK H[KLELWLRQ FDQFHO Â… Â… ^3KRWR` { (;7(16,9( &ROOHFWLRQ ZLWK EHWWHU SLFNLQJ Â’ *LUDIIHV WR LQF FRORXU FKDQJH VHW RI )8 SOXV Â’ F F ZLWK VSHFLPHQ RYSW .*9 )8 6*

YDOXHV WR NU XQFKHFNHG IRU SULQWLQJ DQG VKDGHV $Q RULJLQDO ROG WLPH ORW Â… Â…

Â’ Â’

7$1*$1<,.$ (;+,%,7,21 6SHFLDO FDQFHO RQ

7$1=$1,$

6:('(1 { 2)),&,$/6 IRU VWXG\ SHUI RYHU ZLWK

{ Â’

Â’ .*9 +,*+ 9$/8(6 PLQW DQG Â’ XQPRXQWHG PLQW VFDUFH DV VXFK 6* IUHVK Â’ FRORXU Â… Â…

H[WHQVLYH 7DQ]DQLD VHWV LQF SRVWDJH GXHV GHILQLWLYH V FRPPHPRUDWLYHV LQF 06 ODWH LVVXHV IURP 80 DQG ILQH XVHG VHWV $ VXSHUE FROOHFWLRQ RI VWDPSV 06 &DW Â… SOXV DGGLWLRQDO LPDJHV Â… Â…

7$60$1,$

KLJK YDOXHV VH WHQDQW SDLUV D UDQGRPO\ SODFHG FROOHFWLRQ ZLWK { 2&7$*21$/ G 6* ILQH XVHG IRXU IXOO PRUH PRGHUQ LVVXHV Â… Â… PDUJLQV QXPEHU SRVWPDUN YHU\ ILQH 3HQ QRWDWLRQ RQ 2/' 3$*(6 DQG VWRFN FDUGV ZLWK VWDPSV UHYHUVH FDW Â… Â… Â… PDLQO\ ILQH XVHG VHHQ PDQ\ HDUO\ W\SH LQF D IHZ ORFDOV 6HHQ { 3267$/ ),6&$/ 9)8 6* ) *XVWDY S 3UXVVLDQ EOXH R ROLYH Â… Â… JUHHQ DOO PLQW RIILFLDOV WR N PLQW ZLWK VWUHQJWK LQ WKH DPRXQW RI XVHG VWDPSV Â… Â… Â’ 'LVSODFHG ZDWHUPDUN YDULHW\ OHWWHUV DV 6:,7=(5/$1' ZDWHUPDUN LQVWHDG RI FURZQ G 6* DV VXSHUE FRUQHU PLQW VWULS RI DOVR òG RYSW 6* E DV D IUHVK PLQW EORFN 1$7,21$/ 3+,/$7(/,& ([KLELWLRQ /XFHUQH Â… Â… /XQDED PLQLDWXUH VKHHW 6*06 D IUHVK XQPRXQWHG PLQW Â… Â… Â’ 49 KLJK YDOXH IUHVK PLQW 6* FDW Â… Â… Â… 352 -89(1787( ERRNOHWV VWLOO LQ WKHLU RULJLQDO SDFNHWV FDW Â… 80 Â… Â… { 3267$/ ),6&$/ Â… 5HYHQXH RYSW )8 6* ) Â… Â… $,50$,/ 67$036 IUHVK PLQW GLIIHUHQW &DW Â… ,QF SURSHOOHU RYSW VHW 6* { 32670$5.6 RQ HDUO\ YLHZV LVVXHV 1LFH Â… Â… GLIIHUHQW DQG PRVWO\ JRRG IXOO VWULNHV QRWLQJ %ULJKWRQ 6WDWLRQ ),1( 86(' LQ WZR SULQWHG 'DYR $OEXPV 3HQJXLQ .LQJV ,VODQG 6XOSKXU &UHHN HWF Â… Â… FDWDORJXH YDOXH RYHU Â… ZLWK PDQ\ EHWWHU VHWV QRWH { 7$60$,1,$ SRVWPDUN FROOHFWLRQ RYHU DQG SUR SRVWPDUNV IURP DURXQG WKH LVODQGV RQ 7DVPDQLDQ VWDPSV -XYHQWXWH VHWV SD\ F ZLWK PDQ\ FRPSOHWH VHWV IRU FKLHIO\ 9LHZV RI +REDUW RU 0RXQW :HOOLQJWRQ ZLWK DOO EHLQJ LVVXHV EHWZHHQ DQG RYHU VWDPSV LGHQWLILHG E\ WKH WRZQ RU YLOODJH QHHGV UH ZULWLQJ XS Â… Â… Â… Â… 2OG $OEXP SDJHV PDLQO\ ILQH XVHG UDQGRPO\ 7+$,/$1' SODFHG VHHQ HDUO\ +HOYHWD :LOOLDP 7HOO 3UR -DYHQWXWH VHWV $LUV RYHU HDUO\ LVVXHV XQFKHFNHG IRU SULQWLQJV :21'(5)8/ 0,17 86(' Â… Â… $&&808/$7,21 VWRFN SDJHV IXOO RI EHWWHU VWDPSV QRWH XVHG VHW SOXV PLQW ZLWK VKDGHV XVHG VHW YDULRXV 672&.3$*(6 DQG 2/' 3$*(6 ZLWK D UDQJH PLQW V V ORWV RI PLQW XVHG VXUFKDUJHV XQFKHFNHG LQ RI LVVXHV IURP HDUO\ FODVVLF WR PRUH PRGHUQ ZLWK EHWWHU GHWDLO PRVW YDOXHV WR D PLQW XVHG XVHG SLFNLQJV 0DQ\ FKDULW\ VHWV LQF 3UR -XYHQWXWH VHW VHW &RURQDWLRQ 6WRQH WR W XVHG FRQWLQXHV ZLWK VWURQJ FÂ… PLQW $LUV LQF NH\ YDOXH F 6* D FÂ… PRVWO\ XVHG UDQJHV WR PRGHUQ LVVXHV LQFO 7KDL 2UFKLGV 80 %DVVHO ,0$%$ 6*06 D FÂ… PLQW $LU PLQLDWXUH VKHHW ³%DQJNRN ´ VKHHWOHW SOXV VPDOO UDQJH RI VSHFLDO 6* FÂ… PLQW ZLWK VWRFNERRN FUDPPHG ZLWK PLQW UHYHQXHV 0XFK LV JRRG WR ILQH VHYHUDO V VWDPSV DQG ORWV RI ROG SDJHV IXOO RI VWDPSV Â… Â… Â… Â…

6<5,$

{ 3RVWDO ILVFDO W 6* )8 Â… Â… 68%67$17,$/ 25,*,1$/ 67$03 &2//(&7,21 +2$5' RI V LQ D ODUJH FDUWRQ YDULRXV YROXPHV SDJHV ORRVH ZLWK D WHUULILF RULJLQDO ORW IURP V { 9LHQQD SULQWLQJ NLQJ GHILQ VHW XVHG 6PDOO )UHQFK RYSWV QRWLQJ JRRG $LUPDLO LVVXHV XSWR V VHWV DQG IDXOWV EXW PRVW SUHVHQWDEOH 6* &DW Â… SDJHV YDVW PDMRULW\ LV 0 80 LQFOXGLQJ D JRRG QXPEHU RI Â… Â… PXOWLSOHV DQG EORFNV ,QWHUHVW LQ RYSWV DQG $LUPDLOV DQG HDUO\ Â’ 6FRXW IXQG ILUVW RYSW VHW IUHVK PLQW VWJ V IX LVVXHV VHOGRP RIIHUHG LQ VXFK QXPEHUV FDUWRQ RULJLQDO ILQH UDUH 6* FDW Â… Â… Â… ORW Â… Â… Â’ 6FRXW IXQG RYSW VHW IUHVK PLQW UDUH 6*

7$1*$1<,.$

H[ VW 5HG ILYH YDOXHV UDUH VWDPSV FDW Â… Â… Â…

Â’ *,5$))( +LJK YDOXH Â… 6* D :DWHUPDUN

XSULJKW VFDUFH Â… Â…

Â’ 6FRXWV )XQG RYSW VHW IUHVK PLQW 6*

Â’ *,5$))( +LJK YDOXHV :DWHUPDUN VLGHZD\V

.H\ VHW Â… Â…

DQG IUHVK FRORXUV 6* PLQW Â… Â…

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 80

Â’ 5HG &URVV RYSW KLJK YDOXH VHW RI IUHVK PLQW

6* Â… Â… { 5(9(18(6 RQ GRFXPHQW FKLHIO\ -XGLFDO

5HYHQXHV RI .LQJ &KXODORQJNRUQ SURYLVLRQDO LVVXHV RI V RQ GRFXPHQWV SOXV V LVVXHV RQ RQH GRFXPHQW PL[HG FRQGLWLRQ EXW LQWHUHVWLQJ Â… Â…

7,%(7 { ,QGHSHQGHQW 6WDWH W WR W ILQH XVHG ZLWK

VKDGHV W W òW W W 6* $ WR 6* $ Â… Â… Â’ ,QGHSHQGHQW 6WDWH PLQW LQF 80 FROOHFWLRQ ZLWK Â’ VKDGHV LGHQWLILHG RQ SDJHV ,QF SDLUV W W òW Â’ W W VHHQ W ZLWK 3RWVDJH IRU 3RVWDJH YDULHW\

$ YHU\ LQWHUHVWLQJ ORW Â… Â… { 6&$5&( 6KDGH W %URZQ 5HG 6* $D ILQH

XVHG Â… Â…

,QGHSHQGHQW 6WDWH LVVXHV ZLWK D YDULHW\ RI 6KDGHV )RUJHULHV 2IILFLDOV XQXVHG DQG ILQH XVHG VRPH ZULWLQJ XS KDG EHHQ GRQH QHHG ZULWLQJ XS DV D VWXG\ D JRRG ORW RI LWHPV 9HU\ LQWHUHVWLQJ FROOHFWLRQ ZLWK JHQXLQH VWDPSV PL[HG LQ Â… Â… 3LQ 3HUI ò7 2UDQJH 6* D XVHG RQ FRYHU ZLWK

,QGLD $ 3 RQ UHYHUVH FDQFHOOHG DW 1HSDO $ ILQH VFDUFH FRPPHUFLDO XVDJH ([ 6* Â… Â… Â’ 838 &HQWHQDU\ SUHSDUHG EXW QRW LVVXHG DV Â’ SODWH EORFN RI XQPRXQWHG PLQW VHW RI Â… Â… )25*(' &29(56 VKRZLQJ D PXOWLWXGH

RQ SULPLWLYH LVVXHV ZLWK FRPELQDWLRQV DQG PDQ\ GLIIHUHQW FDQFHOV RQH LV PXOWL IUDQNHG ZLWK 2IILFLDOV LVVXHV DQG KDV D %3$ &HUW $ PRVW LQWHUHVWLQJ ROG ORW Â… Â…

72*2 { *HUPDQ 32 PN <DFKW 6** H[DPSOHV DOO

9)8 ZLWK GLIIHUHQW RIILFH 3PNV $JRPH 3DOLPH /RPH DQG 9$5,(7< 3RWVDJH IRU 3RVWDJH W .OHLQ 3RSR 6** &DW Â… Â… Â… ^3KRWR` FDUPLQH LQ D SDLU ZLWK D QRUPDO VWDPS 6* $ $D WKH YDULHW\ LV { <$&+7 RYSW SI 6* + )8 Â… Â… XQPRXQWHG PLQW Â… Â… ,QGHSHQGHQW 6WDWH FROOHFWLRQ RI IRUJHULHV DQG LQWHUHVWLQJ LQF ILQH XVHG XQXVHG LQ D YDULHW\ RI FRORXU :DUWLPH FHQVRUHG UHJLVWHUHG FRYHU WR 8. ZLWK LQF LVVXH FRORXUV VRPH LGHQWLILFDWLRQ DQG RQH ZLWK D %3$ LPSUHVVLYH .*9 RYSW IRXU VWDPS IUDQNLQJ òG G ' &HUW W *UH\ %OXH Â… Â… òG DOO QHDWO\ FDQFHOOHG DW /RPH YLROHW FHQVRU KV $UULYDO EV Â… Â… { )LQH XVHG òW /HPRQ 6* % DV D EORFN RI { .*9 *ROG &RDVW RYSW VHW WR WRS YDOXH Â… Â… )8 SULQWLQJV QRW FKHFNHG Â… Â… { )LQH XVHG òW <HOORZ 6* %D EORFN RI 2/' $/%80 SDJHV ZLWK D JRRG UDQJH RI H[SHUWLVHG VFDUFH DV D EORFN Â… Â… LVVXHV IURP HDUO\ )UHQFK &ROV DQG PRUH PRGHUQ V LVVXHV { )LQH XVHG W 'HHS %OXH 6* % DV D EORFN RI VHHQ KLJK YDOXH DLUV 2937 V I SDOP WUHH WR I VFDUFH Â… Â… WR I WR I D ILQH UDQJH RI VWDPSV Â… Â… { )LQH XVHG W ,QGLJR EORFN RI VFDUFH 721*$ H[SHUWLVHG 6* %E )LQH FRORXU Â… Â… { 9$5,(7< 12 +<3+(1 %()25( 7$+$ 6* Â’ 1HYHU KLQJHG òW <HOORZ 2UDQJH 6* % VFDUFH D )8 ZLWK QRUPDO WR FRPSDUH Â… Â… Â’ EORFN RI Â… Â… Â’ 2/' $/%80 3DJHV ZLWK EHWWHU SLFNLQJV Â’ 1HYHU KLQJHG W *UH\ %OXH EORFN RI ZLWK YDOXHV WR VHW WR PLQW 1RWH G ZLWK VPDOO Â’ 6* %DD ILQH FRORXU Â… Â… QG 2 VHW WR 0LQW GHILQ VHW WR Â… PLQW D ILQH UDQJH RI VWDPSV PDLQO\ IUHVK PLQW ZLWK D KLJK &DW { 6FDUFH VKHHWOHW W FDUPLQH ILQH XVHG YDOXH Â… Â… Â… Â… Â’ (PDQFLSDWLRQ 2IILFLDO $LU VHW PLQW $ VFDUFH VHW Â’ 6FDUFH VKHHWOHW W ZLWK RQO\ VWDPSV LQVWHDG HDFK ZLWK DQ H[SHUW +6 YHU\ PLQRU JXP DJHLQJ RQ KLJK YDOXHV Â’ RI (PHUDOG *UHHQ 6* % )UHVK FRORXU QHYHU W\SLFDO ZLWK WKLV LVVXH 6* 2 Â… Â… KLQJHG Â… Â…

75$16-25'$1

Â’ 6FDUFH VKHHWOHW RI W %URZQ 6* %DF QHYHU Â’ 2YHUSULQW 'RXEOH RQH *ROG RQH %ODFN ODWWHU Â’ KLQJHG Â… Â…

Â’ 6FDUFH VKHHWOHW RI W 2UDQJH 6* %F IUHVK Â’ FRORXU QHYHU KLQJHG Â… Â…

LQYHUWHG (5525 S WRS YDOXH ILQH PDUJLQDO PLQW $ VSHFWDFXODU HUURU 6* H Â… Â…

75$169$$/

{ 685&+$5*( LQ UHG YDULHW\ G RQ G 6* D Â’ 6FDUFH VKHHWOHW RI W LQF 1HZ 6WRQH W\SH D )8 FDW Â… Â… Â… Â’ 6* G H )XOO *UHHQ IUHVK FRORXU H[SHUWLVHG QHYHU

KLQJHG Â… Â… Â’ 6FDUFH VKHHWOHW RI H[SHUWLVHG W ,QGLJR Â’ 6* %E QHYHU KLQJHG )UHVK FRORXU Â… Â… { 6FDUFH VKHHWOHW RI ILQH XVHG òW /HPRQ

6* %I QHDWO\ FDQFHOOHG )UHVK FRORXU Â… Â…

{ ,QYHUWHG :DWHUPDUN G 6* Z )8

Â… Â… ^3KRWR` $Q LQWHUHVWLQJ VHOHFWLRQ RI HDUO\ LVVXHV FKLHIO\ XVHG RQ FDUGV VWDPSV HDJOHV ZLWK RYSWV WR G FRORXUHG SDSHUV SPNV G PLQW )8 6* KLJK &DW VRPH PL[HG FRQGLWLRQ Â… Â… ^3KRWR`

Â’ 6FDUFH VKHHWOHW RI VWDPSV òW /HPRQ 6* %I 6+,33,1* 32670$67(5 &$3(72:1 ODUJH Â’ LPSHUI QHYHU KLQJHG VXSHUE FRORXU Â… Â…

3RVWDO +LVWRU\ *HQXLQH XVDJHV RI WKHVH SULPLWLYH LVVXHV RQ )RXU FRYHUV 7 YDOXHV FDQFHO RQ UHYHUVH YDULRXV FOLFNHV DOVR FRYHU ZLWK ,QGLDQ $ WLHG *\DQWVH &'6 )LQH Â… Â…

YLROHW SRVWDO FDQFHOV RQ SLHFHV ZLWK YDULRXV IUDQNLQJV RI 7UDQVYDDO (GZDUG LVVXHV XSWR VL[ VWDPSV FDUULHG RQ &DOHGRQLDQ &DVWOH /LQH 9HU\ XQXVXDO Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 81

/LWHUDWXUH 7KH 7XUNLVK 3RVW LQ WKH +RO\ /DQG 75,1,'$' E\ ): 3ROODFN D VFDUFH KDQGERRN LQ ILQH FRQGLWLRQ IRU LWV DJH /LWKR %ULWDQQLD LVVXH G %OXH D XVHG JURXS RI SULQWHG LQ 9ROXPH Â… Â… LQF YHU\ ILQH 6* 6* GDWHG 6* RQ SLHFH PDUJ Â’ 2OG 6WRFN 3DJHV ZLWK EHWWHU SLFNLQJV LQF HDUO\ 5DUHO\ RIIHUHG WULR 6* Â… Â… Â… ^3KRWR` LVVXHV RYSWV SRVWDJH GXHV YDOXHV WR Â’ %ULWDQQLD G 5HG 6* D PRVW UHPDUNDEOH PLQW SL D IHZ FLOLFLD RYSWV $ XVHIXO UDQJH RI VWDPSV EORFN RI [ H[FHOOHQW IRU SODWLQJ DQG SODWH ZHDU ODUJH PDLQO\ PLQW RGG )8 Â… Â… SDUW 2* WR 80 VHOGRP RIIHUHG LQ VXFK ODUJH EORFNV 785.6 &$,&26 ,6 Â… Â… ^3KRWR`

75,1,'$' 72%$*2 Â’ 6LOYHU -XELOHH YDULHWLHV LWHPV PLQW LQF EORFNV

F F DQG F DV FRUQHU EORFNV RI IRXU ZLWK H[WUD )ODJVWDII F /LJKWQLQJ &RQGXFWRU F F LQ EORFNV ZLWK VKRUW OLQH RQ EDWWOHPHQWV *RRG JURXS Â… Â…

Â’ .*9, PLQW RQ 2OG $OEXP SDJHV FDW 9DOXH

Â… GHILQLWLYHV WR H[ G VHSLD 9LFWRU\ 6 :HGGLQJ &HQWHQDU\ 838 DV EORFNV RI 3LFWRULDO VHW RI Â… Â… Â’ 6* G IUHVK PLQW Â… Â…

Â’ 6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU

6* & )LQH PLQW Â… Â… Â’ 6LOYHU -XELOHH YDULHW\ F /LJKWQLQJ &RQGXFWRU

ILQH PLQW 6* & Â… Â…

{ .*9, ILQH XVHG GHILQ VHW RI

GHILQ VHW RI &RPPHPRUDWLYH VHWV &RURQDWLRQ 9LFWRU\ 6 :HGGLQJ &HQWHQDU\ XSX $ ILQH FROOHFWLRQ RI VWDPSV Â… Â…

Â’ 2/' $/%80 3DJHV ZLWK D IUHVK PLQW FROOHFWLRQ Â’ 2/' $/%80 SDJHV ZLWK D IUHVK PLQW FROOHFWLRQ

RI VHWV IURP &RURQDWLRQ WR 0DUWLQ /XWKHU .LQJ QRWH IURP &RURQDWLRQ WR +XPDQ 5LJKW <HDU VHW RI VHW RI 6 :HGGLQJ VHW VHW RI 4(,, 6 :HGGLQJ VHW RI VHW RI H[WHQVLYH VHW RI VHW RI H[WHQVLYH UDQJH RI FRPPHPRUDWLYH &RPPHPRUDWLYH VHWV 3RVWDJH GXHV G WR G VHWV RYHU VWDPSV Â… Â… 3RVWDJH GXH VHW FKDON\ SDSHU D YHU\ ILQH FROOHFWLRQ RI VWDPSV Â… Â… Â’ (5525 G ,&< ZLWK GRXEOH SXUSOH OLVWHG LQ WKH Â’ 6* (OL]DEHWKDQ FDW DV 6* (D 80 6* YDU Â’ 63(&7$&8/$5 VKLIW RI FRORXU F GHILQ 6* Â’ ZLWK VLOYHU 4XHHQV KHDG VKLIWHG PP WR OHIW DQG GRZQ Â… Â… PP 80 1RUPDO WR FRPSDUH VHH ZHEVLWH Â… Â… Â’ ,PSHULDO 3DJHV ZLWK D UDQJH RI VWDPSV 7XUNV ,V WR 6KLS WR (GZDUG WR .*9 GHILQV 75,67$1 '$ &81+$ WR GLIIHUHQW SULQWLQJV :DUWD[ RYSWV 6LOYHU :HGGLQJ { .*9, RYSW VHW 9)8 6* Â… Â… VHW RI $ JRRG ORW RI VWDPSV PDLQO\ IUHVK PLQW Â… Â… Â’ 9(5< &203/(7( &2//(&7,21 LQ TXDOLW\ Â’ $OEXPV SUHVHQWHG WR D KLJK VWDQGDUG PDQ\ V &DW Â… Â’ LQF .*9, VHW HYHU\ 4(,, VHW LQYHUWHG ZPN 6* Z

GHILQ ZLWK ZPN YDULHWLHV QRWH òS 6* Z 5RODQG +LOO S JXWWHU SDLU ZPN YDULHW\ SODWH EORFN ZPN LQYHUWHG 6* Z S 4XHHQ 6LOYHU RPLWWHG 6* D $ VXSHUE FROOHFWLRQ PLQW FKLHIO\ 80 Â… Â… Â’ 8102817(' 0,17 D YHU\ FRPSUHKHQVLYH Â’ FROOHFWLRQ ZLWK GHILQ VHWV 06 DQG H[WHQVLYH FRPPHPRUDWLYHV

ZLWK D &DW 9DO RI Â… ZLWK VWDPSV 06 LQF 6KLS DQG 6KLSZUHFN VHWV :LOGOLIH VHWV %LUG VHWV $ YHU\ JRRG FROOHFWLRQ Â… Â…

6WRFNFDUG ZLWK D JURXS RI FKLHIO\ 49 LVVXHV VHH ZHEVLWH LQF ò RQ G DQG .*9 )8 Â… Â…

789$ $662570(17 2) 0,17 86(' LQFO U GHHS EOXH PLQW LPSHUIV VHW XVHG DQG PXFK PRUH VWDPSV Â… Â…

789$/8 Â’ ),567 '(),1 VHW RI 80 RYHUSULQWHG Â’ 63(&,0(1 ZLWK WKH F EHLQJ WKH YHU\ UDUH ILUVW LVVXH 6*

WKLV ZLWKRXW 6SHFLPHQ LV FDW Â… DQG LV RQH RI WKH UDUHVW 4(,, LVVXHV 6HOGRP VHHQ Â… Â…

Â’ $ FRPSUHKHQVLYH SRVWDJH VWDPS FROOHFWLRQ LQ D Â’ 3ULYDWH $OEXP DQG 6WRFNERRN PDQ\ V FKLHIO\ 80 Â’ 63(&,0(1 RYSWV RQ GLIIHUHQW VHWV DQG Â’ 06 ZLOO HQKDQFH \RXU FROOHFWLRQ DV PDQ\ FROOHFWRUV GR QRW

3HQJXLQ 3RWDWR 6WDPS IDFVLPLOH VKHHWOHWV VLJQHG E\ &UDZIRUG .*9, VHW 80 9)8 6* ILUVW 4(,, VHW PLQW 9)8 0DULQH VHW 80 0DULQH VHW 80 )RXU GLIIHUHQW VWDPS ERRNOHWV %LUG GHILQV DV JXWWHU SDLUV HYHU\ GHILQ DQG FRPPHPV VHW WR DERXW +LJK &9 Â… Â…

Â’ &2//(&7,21 RQ SDJHV VRUWHG E\ LVVXH ZLWK

VHWV RYHU VWDPSV PXFK PLQW LQF 80 ZLWK YDOXHV WR Â… SOXV 06 Â… Â…

781,6,$

KDYH WKH 6SHFLPHQ VHWV Â… Â… Â’ 6SHFLDOLVHG FROOHFWLRQ RI V RI Â’ LVVXHV GHWDLOHG RQ SDJHV ZLWK H[WHQVLYH VWXGLHV RI WKH

)LVK GHILQ LVVXHV WR LQF VFDUFH VKHHWOHW RI )RXU *XWWHU SDLUV DQG *XWWHU EORFNV LWHPV VLJQHG E\ WKH GHVLJQHU DQG PXFK PRUH *RRG ORW Â… Â…

8*$1'$ Â’ 60$// 2 ,1 3267$*( 9DULHW\ U 6* D

)LQH XQXVHG &DW Â… Â… Â… ^3KRWR` ROG DOEXP 3$*(6 :,7+ 67$036 )520 { 95 U 6* ILQH XQXVHG ZLWK JRRG PDUJLQV )UHQFK FROV WR V H[WHQVLYH UDQGRPO\ DUUDQJHG VHHQ KLJK &DW Â… Â… Â… ^3KRWR` YDOXH DLUV $OO VHHP WR EH GLIIHUHQW LQ QHHG RI VRUWLQJ Â… Â… Â’ 49 VHW RI SOXV D %OXLVK *UH\ DQG D *UH\ 785.(< *UHHQ 6* PLQW DQG RYSW VHW RI PLQW Â… Â… 3$5&(/ &$5'6 IURP *HUPDQ\ WR 7XUNH\ ZLWK D YDULHW\ RI IUDQNLQJV FDUGV IURP %HOEHUW 9RKZLQNHO :RUPV 0LWWVZHLGD 'UHVGHQ D IHZ ZLWK GHFODUDWLRQ IRUPV JRRG IRU VWXG\ Â… Â…

Â’ 8JDQGD 5HYHQXH RYSW (GZDUG F DV FRUQHU Â’ SODWH EORFN RI IUHVK 80 %DUHIRRW Â… Â…

Selling? – Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 82

{ :DVKLQJWRQ F ZLWK JULOO )8 6FRWW DW 8.5$,1( 1LFH Â… Â… '($/(5 &$5'6 DQG 2OG 3DJHV ZLWK FKLHIO\ XQPRXQWHG PLQW ZLWK PDQ\ VHWV PDLQO\ V WR VHHQ { %$1.127( F 6* VRXQG )8 VFDUFH EL WUDGLWLRQDO REMHFW 3 YDOXH DV D EORFN RI 9)8 FÂ… FRORXU Â… Â… &DWV DQG 'RJV 06 80 FÂ… (TXHVWULDQ 6SRUW EORFN RI 80 *RRVH EORFN RI 80 ZLWK RYHU VWDPSV { %$1.127( F (DJOH ILQH XVHG $ YHU\ ILQH 06 $ XVHIXO ORW ZLWK &DW 9DOXH RYHU Â… Â… Â… H[DPSOH ZLWK FOHDU SURILOH 6* Â… Â…

81,7(' 1$7,216

%$1.127( F /LQFROQ ILQH XVHG $ UDUH VWDPS LQ ILQH FRQGLWLRQ 6* FDW Â… Â… Â…

{ )/$* 6(5,(6 0LQLDWXUH 6KHHWV ILQH XVHG

ZLWK ILUVW GD\ RI LVVXH FDQFHOV 6HOGRP VHHQ XVHG Â… Â…

%$1.127( LVVXHV RQ FRYHUV F F F

RQ 3KLODGHOSKLD %XVLQHVV HQY F SDLU RQ FRYHU ZLWK VWDU FDQFHO DQG %URRNO\Q GDWH VWDPS QHDUE\ &KRFRODWHV &RFRD %UHZVWHU %XVLQHVV HQY :LWK F IUDQNHG ZLWK D IDQF\ FDQFHO PL[HG FRQGLWLRQ EXW LQWHUHVWLQJ 6* 6FRWW Â… Â…

81,7(' 67$7(6 (DUO\ OHWWHU VKHHW ZLWK IXOO FRQWHQWV ZLWK

(DVWRQ 0G 0D\ &'6 HQGRUVHG H[DPLQHG DQG SDLG VHQW WR 'HQWRQ FKDUJH DW GRXEOH UDWH IRU OHVV WKDQ PLOHV Â… Â… { %$1.127( VHW RI F WR F ERWK JRRG WR $PHULFDQ /HWWHU 0DLO F (DJOH ORFDO SRVW 6FRWW ILQH XVHG 6* $ PRVW FROOHFWDEOH JURXS FDW Â… Â… Â… / XVHG RQ ZUDSSHU ZLWK %ODFN 3PN 7R 3KLODGHOSKLD ([WHQVLYH FRQWHQWV VHOGRP IRXQG RQ FRYHU Â… Â… /2&$/ 32676 )U\H &R ([SUHVV ORFDO VWDPS { ),567 ,668( F )UDQNOLQ 6* )8 ZLWK IRXU

0RVKHU )U\[ / FRUUHFWO\ XVHG RQ D OHWWHUKHDG 6FDUFH Â… Â…

PDUJLQV DQG QHDW UHG JULG SRVWPDUN YHU\ ILQH FODVVLF FDW Â… Â… Â…

Â’ &2/80%,$ F IUHVK 0 FDW Â… 6*

/RFDO 3RVWV 86 0DLO F %ODFN FDUULHU VWDPS

Â… Â…

/% XVHG RQ HQWLUH 1< &76 &'6 WR :LOOLDPVEXUJ ([ VNLQQHU ILOLQJ FUHDVH $WWUDFWLYH DQG VFDUFH Â… Â…

Â’ &ROXPEXV F F DQG F IUHVK PLQW 6FRWW

Â… Â…

/2&$/ 32676 86 PDLO F FDUULHU VWDPS 6FRWW

/% RQ HQYHORSH WLHG PDQXVFULSW 1HZ <RUN 5HG &'6 { 3HUU\ W\SH ,, QR ZPN 6* VRXQG )8 3$,' +6 6FDUFH WR WKH PDLOV XVDJH )LQH H[ SHDUVRQ VFDUFH VWDPS FDW Â… Â… Â… Â… Â… { 3HUU\ W\SH , ZPN 6* VRXQG )8 %R\GV &LW\ ORFDO SRVW F (DJOH %LJ PDUJLQV Â… Â… QLFHO\ XVHG RQ D IURQW ZLWK 1HZ <RUN &'6 6FRWW / Â… Â… Â’ 3$1 $0 VHW ILQH PLQW 6FRWW FDW %R\GV &LW\ 3RVW F (DJOH ORFDO VWDPS VFRWW Â… ILQH TXDOLW\ Â… Â… / XVHG RQ VPDOO HQWLUH GHVSDWFK &'6 DQG SDLG -7% FDFKHW DORQJVLGH RULJLQDO LWHP RI SRVWDO KLVWRU\ Â… Â… { &2,/ F :DVKLQJWRQ 6* )8 FDW %ORRGV &LW\ GHVSDWFK F / XVHG RQ Â… Â… Â… ZUDSSHU DFLG WLHG ILQH KDQGVWUXFN Â… Â… Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP Y VFDUFH Â’ PLQXWH SDWFK RI JXP PLVVLQJ WRS OHIW EDFN PHQWLRQHG IRU (DUO\ LQWHUHVWLQJ JURXS RI FRYHUV LQFOXGLQJ DFFXUDF\ Â… Â… %ODFN -DFNV F ZLWK :LQGKDP &HQWUH IDQF\ FDQFHO F RQ RIILFLDO EXVLQHVV HQY HQY 7R /RQGRQ F IUDQNLQJ ZLWK D Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP ILQH $OHVNL GDWH +6 F ZLWK WZR EDUUHO FDQFHOV VHQW WR WKH Â’ Â… Â… 8. DQ LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… ^3KRWR` Â’ 'XFN VWDPS 6FRWW 5: PLQW Â… Â… { -())(5621 F ERWK VKDGHV 6* VRXQG )8 FDW Â… Â… Â… Â’ 'XFN VWDPS 6FRWW 5: XP VWUDLJKW HGJH DW Â’ EDVH Â… Â… { :$6+,1*721 F 6* PRVW DWWUDFWLYH XVHG JURXS RI IRXU JRRG VKDGHV DQG YDULHW\ RI SRVWPDUNV FDW Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP FLUFD Â… Â… Â… Â’ Â… Â… &LYLO :DU HQY (QGRUVHG WK )HE SULYDWH VHQW IURP &URIWV +LOO ZLWK F FRQIHGHUDWH VWDPS VHQW Â’ 'XFN VWDPS 6FRWW 5: IUHVK XP WR *UHHQYLOOH &RXUW +RXVH 6RXWK &DUROLQD Â… Â… Â’ Â… Â… &LYLO :DU +\PDQ V %DWWHU\ JRLQJ LQWR 'L[LH 3DWULRWLF (QYHORSHV ZLWK ,GOH *RVVLS LOOXVWUDWHG (QY :LWK F IUDQNLQJ XQXVHG 8QLRQ :DU 6RQJV 6LQNV 6KLSV 862 SULQWHG (QY ZLWK FRQWHQWV 0DF $UWKXU SULQWHG (QY :DU VRQJ RQ WKH UHYHUVH RI WKH HQYHORSH GHGLFDWLRQ FRYHU .LFNHG 2XW 7RMR VR VRUU\ SULQWHG Â… Â… (QY 7KH %HHV DUH 6ZDUPLQJ 0U 7RMR SULQWHG (QY { *5,//(' F 6* ILQH OLJKWO\ XVHG ZLWK FOHDU 6XUH , 5XQ $ZD\ %XW +H &DWFK 0H SULQWHG (QY SURILOH FDW Â… Â… Â… Â… Â… { *5,//(' F 6* VRXQG XVHG FDW Â… SOXV

JULOOHG F 6* ZLWK VXSHUE FRUN SRVWPDUN Â… Â… { *5,//(' F :DVKLQJWRQ 6* VRXQG ILQH

XVHG D UDUH VWDPS FDW Â… Â… Â…

Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â… Â’ Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â… Â’

Â’ 'XFN VWDPS 6FRWW 5: XP Â… Â…

{ *5,//(' F )UDQNOLQ 6* VRXQG XVHG

ZLWK QHDW FRUN FDQFHO FDW Â… GLIILFXOW VWDPS Â… Â… Â’

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 83

7:2 '$92 SULQWHG DOEXPV ZLWK LQF DLUV GHILQLWLYHV ERRNOHW VWDPSV ZLWK VWUHQJWK LQ XQPRXQWHG PLQW LVVXHV ZLWK D IDFH YDOXH DORQH RI $ JRRG VROLG FROOHFWLRQ LQ TXDOLW\ DOEXPV Â… Â… Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK P VXSHUE ELUG

LVVXHV 6FRWW 5: FDW Â… Â…

6,; '$92 SULQWHG $OEXPV IRU LVVXHV WR VHHQ EHWWHU HDUO\ IUDQNOLQ F )8 F )8 &ROXPEXV WR F 3DQ $PHULFDQ H[SRVLWLRQ VHW RI VL[ )8 GHILQV WR GHILQV WR 3DUFHO 3RVW VHW RI )8 FRQIHGHUDWH VWDWHV YDOXHV WR F PRGHUQ H[SUHVV WR ZLWK PDQ\ ODWHU VHWV 80 KXJH &DWDORJXH YDOXH LQ TXDOLW\ $OEXPV PDQ\ V RI VWDPSV Â… Â…

Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK XP H[FHSWLRQDO :$6+,1*721 F LPSHUIRUDWHG LVVXHV RQ Â’ ELUG GHVLJQV 6FRWW 5: 9HU\ KLJKO\ FDWDORJXHG FRYHUV HQYHORSH ZLWK %ORRG V 3HQQ\ 3RVW /DEHO DQG +6

Â… Â…

(QY :LWK VSHFLDO FLUFOH &'6 DQG WKH VWDPS EHLQJ FDQFHOOHG ZLWK SDLG +6 (QY :LWK FRQWHQWV IRU D :HGGLQJ 'UHVV FLUFD /DGLHV (PERVVHG (QY )LQH DQG LQWHUHVWLQJ ZLWK VRPH FRQWHQWV FRYHUV Â… Â… ^3KRWR`

Â’ 'XFN VWDPSV DOO VL[ \HDUV IUHVK XP 6FRWW Â’ 5: Â… Â… Â’ 'XFN VWDPSV WKH FRPSOHWH FROOHFWLRQ XP Â’ GLII 6FRWW 5: DOVR RQ IGF VHOGRP RIIHUHG

:$6+,1*721 F SHUIRUDWHG LVVXHV RQ FRYHUV

LQF IDQF\ W\SH FDQFHOV 1HZ <RUN 3HWHUVYLOOH &DQWRQ 1LOHV 6HHQ SRVWDJH GXH PDUNV FRYHUV ZLWK FRQWHQWV $Q LQWHUHVWLQJ JURXS RI FRYHUV Â… Â… ^3KRWR`

VWDPSV LQ WKH 8. *ORULRXV ELUG HQJUDYHG GHVLJQV Y KLJK IDFH YDOXH FDW YDOXH Â… Â… Â’ (5525 /LJKWKRXVH VHW RI PLVVLQJ :KLWH Â’ 9DOXH DQG 86$ 6* DE 80 Â… Â…

9$7,&$1 &,7<

Â’ /,*+7+286( 35,17(' $OEXP IRU LVVXHV IURP Â’ /,*+7+286( 6 VHW RI ZLWK :+,7( 0,66,1* Â’ WR SDJHV ZLWK \HDUV VHWV WR XQPRXQWHG PLQW Â’ 9DOXH DQG 86$ DE 80 Â… Â… ^3KRWR` Â’ LQF VHW &DW Â… PLQW VXUFK VHWV LQF 2FW Â’ )$&( 9$/8( FROOHFWLRQ RI Â’ VKHHWOHWV PLQLDWXUH VKHHWV D YHU\ JRRG FROOHFWLRQ RI IUHVK

80 LQF 6SRUW :LOGOLIH 6WDUZDUV 0RYLH 6WDUV 6XSHUE TXDOLW\ Â… Â… ^3KRWR` { &$1&(//$7,216 ROG DOEXP SDJHV ZLWK D YHU\

JRRG FROOHFWLRQ FDQFHOV IURP GLIIHUHQW VWDWHV FLUFD V V Â… Â…

SRVWDJH GXHV 6*' FÂ… +RO\ <HDU VHW FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW -XULGLFDO VHW RI FÂ… PLQW H[KLE FÂ… PLQW $LU VHW RI FÂ… PLQW $LU VHW FÂ… PLQW *UDWLDQ FÂ… 80 VWDPS FHQWHQDU\ 06 FÂ… 80 9HU\ FRPSOHWH IRU WKH SHULRG ZLWK VWDPSV 06 6KHHWOHWV KXJH FDWDORJXH YDOXH LQ WKH HDUO\ \HDUV Â… Â…

Â’ 2/' '$92 $OEXP ZLWK LVVXHV IURP WR (DUO\ 3DWULRWLF HQY XQXVHG LQF 86 6HQDWH

)UDQNOLQ 2IILFHU KROGLQJ WKH 8QLRQ )ODJ ZKLOH LQ D EDWWOH 6ROGLHU /RDGLQJ D *XQ OHDYH WKH XQLRQ LOOXVWUDWHG HQY 8VHG HQY :LWK WKH $UP RI 6RXWK &DUROLQD XQXVHG $ YHU\ ILQH JURXS RI VL[ HQYHORSHV Â… Â… Â’ (55256 /LJKWKRXVHV VHW RI ZLWK Â’ PLVVLQJ :KLWH 9DOXH DQG 86$ 6* DE )ORZHU VWULS

RI ZLWK %ODFN PLVVLQJ 9DOXH DQG 86$ 6* YDU 8QPRXQWHG PLQW Â… Â… ^3KRWR`

ZLWK EHWWHU SLFNLQJ HDUO\ VWDWH LPSHUIV XQFKHFNHG VHW RI PLQW +RO\ <HDU PLQW VHW RI FÂ… -XULGLFDO VHW RI VL[ FÂ… PLQW ([KLELWLRQ VHW FÂ… PLQW 3LFWRULDO VHW RI FÂ… PLQW &KDOFHGRQ VHW RI FÂ… PLQW /LEUL 6HQWHQWLDUXP FÂ… RYHU VWDPSV Â… Â…

Â’ 35,17(' $/%80 IRU LVVXHV IURP WR Â’ VSDUHO\ ILOOHG ZLWK DQ XQPRXQWHG PLQW FROOHFWLRQ RI VWDPSV

ZLWK VHWV LQF 6WDPS a&HQWHQDU\ 06 6* D FÂ… 80 D ILQH $OEXP IRU ILQLVKLQJ Â… Â…

Â’ )$&( 9$/8( D YHU\ ILQH FROOHFWLRQ Â’ ZLWK PDQ\ IRUHYHU VWDPSV ZLWK LVVXHV WR VHHQ PDQ\

PRGHUQ KLJK YDOXH ZLWK IDFH YDOXH XSWR $ VXSHUE DUUD\ RI VWDPSV PDLQO\ 80 D IHZ HDUO\ LVVXHV PLQW KXJH &DW YDOXH LQ PRGHUQ VHWV Â… Â… ^3KRWR` { ),1( 86(' 0DQ\ V RI VWDPSV ZLWK KLJK

YDOXHV 6KHHWOHWV 6H 7HQDQW VWULSV IURP HDUO\ LVVXHV WR FLUFD $ YHU\ JRRG PL[WXUH Â… Â… /,7(5$785( &DOLIRUQLD *ROG 3HUVRQDO

6XEVWDQWLDO 6WDPS FROOHFWLRQ KRXVHG LQ WZR YROXPHV IHDWXULQJ RYHU PRVWO\ GLIIHUHQW ZLWK PDQ\ 80 VHWV DQG KXJH &9 +LJKOLJKWV LQF ILUVW VHW FÂ… &RXQFLO VHW FÂ… $LUV KLJK YDOXHV FÂ… WK $QQLY FÂ… DQG PXFK PRUH ([FHOOHQW YDOXH Â… Â…

9(1(=8(/$ &ODVVLF $UPV LQFOXGLQJ 6* SDLU ZLWK 3RVWPDUN òU 2UDQJH ZLWK 3RVWPDUN òU 2UDQJH RQ SLHFH ZLWK 9DOHQFLD 3RVWPDUN $Q LQWHUHVWLQJ JURXS RI LQF VHYHQ HDUO\ IRUJHULHV Â… Â…

([SHULHQFHV RI 'LJJHUV RQ WKH &DOLIRUQLDQ *ROGILHOGV E\ . - .XW] OLPLWHG WR FRSLHV VLJQHG 1RPH *ROG 7ZR \HDUV RI WKH ODVW JUHDW *ROG 5XVK LQ $PHULFDQ +LVWRU\ ERWK D IDVFLQDWLQJ UHDG ZLWK PDQ\ LOOXVWUDWLRQV UHODWLQJ WR 3RVWDO { $UPV òF 9)8 6* 6FRWW ([SHUW PDUNLQJ RI WKH DUHD ERWK LQ YHU\ ILQH FRQGLWLRQ Â… Â… 9LFWRULDQ 7\SH +DQGVWDPSV RQ UHYHUVH 6FDUFH *HQXLQH /,7(5$785( 8QLWHG 6WDWHV 0DWFK DQG XVHG Â… Â… 0HGLFLQH 6WDPS E\ &KULVWRSKHU :HVW ZLWK LWV GXVW MDFNHW LQ { %2/,9$5 IRU IRUHLJQ PDLO F WR E ZLWK GLIIHUHQW YHU\ ILQH FRQGLWLRQ Â… Â… Â’ VKDGHV DQG SULQWLQJV F F F F E /2&$/ 32676 %52$':$< &,7< (;35(66 ILQH XVHG RU PLQW D KLJKO\ FDWDORJXHG JURXS Â… Â… FW 3RVW 2IILFH 1HZ <RUN +6 RQ ORFDO FRYHU $UFKHG SDLG +6 &,9,/ &$5 &$583$12 SURYLVLRQDO LVVXHV E )DXOWV EXW VFDUFH Â… Â… E YIX 6* SOXV E 6* IUHVK PLQW VFDUFH { 2Q SDSHU PL[WXUH .LORZDUH PDQ\ V RI VWDPSV Â… Â… VWDPSV ILOOLQJ D ILOHER[ XQFKHFNHG Â… Â… { &,9,/ :$5 &$583$12 3529,6,21$/ ,668(6 E E E XVHG RQ FRPELQDWLRQ SLHFH WRJHWKHU 3DJHV /HDYHV VRUWHG E\ \HDUV IURP V WR ZLWK 7ULQLGDG 7UDQVLW FGV VXSHUE XQXVXDO 6* V PXFK ILQH XVHG V RI VWDPSV Â… Â… Â… Â… { &,9,/ :$5 FDUXSDQR LVVXHV VHFRQG VHW RI

Â’ 3OD]D +RWHO KHDGHG OHWWHU VKHHW HQGRUVHG

VXSHUE XVHG Y VFDUFH 6* H[SHUW KV RQ UHYHUVH D VSHFLDO ORFDO LVVXH WKDW V UDUHO\ RIIHUHG Â… Â…

0DUFK ZLWK GLIIHUHQW VWDPSV )UDQNOLQ F :DVKLQJWRQ F F F F F F F DQG F H[SUHVV SOXV ODWHU DGGHG 6DQ )UDQFLVFR F F F $ YHU\ KLJK FDWDORJXH LWHP YHU\ IUHVK Â… Â…

PHILANGLES

Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 84

Â’ 838 SUHVHQWDWLRQ ERRNOHW ZLWK D UDQJH RI Â’ 6ZDQ 6* F IUHVK PLQW 2* FXW VTXDUH

VWDPSV PLQW IRU WKH %HOJLXP FRQJUHVV %HOJLFD LQ YHU\ ILQH FRQGLWLRQ 6LJQHG E\ WKH 9HQH]XHOD SRVWDO VHUYLFH FRPPLWWHH PHPEHUV :LOO HQKDQFH \RXU FROOHFWLRQ Â… Â…

8QXVXDO SUH SULQWLQJ SDSHU FUHDVH 6FDUFH &DW Â… Â… Â…

Â… Â…

WR U 4(,, &DVWOHV WR U ZLWK PDQ\ VWDPSV LGHQWLILHG D XVHIXO ORW Â… Â…

<(0(1

{ ),1( 86(' LQ DQ ROG VWRFNERRN ZLWK { /2&$/ 67$03 IRU *X\DQD 6WDWH WDOO VKLSV DQG VWDPSV PDLQO\ IURP 4(,, RYSW WR PRUH PRGHUQ 6* .*9, RYSWV Â’ DUPV LQF VKLS VHW 6FRWW VHW ILQH XVHG DQG PLQW FDW

/RFDO 6WDPSV IRU WKH VWDWH RI *XD\DQD $UPV ZLWK GLIIHUHQW SULQWLQJV 5HYROXWLRQDU\ 6WHDPVKLS %DQULJK LQF 2YSW W\SHV 5HSULQWV )RUJHULHV 7ZR VWDPSV IRU %HMXPD DQG WKUHH IRU 7DFKLUD $Q LQWHUHVWLQJ JURXS RI VWDPSV YHU\ JRRG IRU VWXG\LQJ Â… Â…

2OG VWRFN ERRN DQG SDJHV ZLWK PDLQO\ ILQH XVHG ZLWK LVVXHV IURP WKH V WR PRUH PRGHUQ 2YHU VWDPSV LQF LVVXHV IURP <HPHQ SHRSOH GHPRFUDWLF UHSXEOLF Â… Â…

<8*26/$9,$ YUGOSLAVIA

{ 35,17(' $/%80 SDJHV IRU LVVXHV IURP

WR ZLWK D ILQH UDQJH RI VWDPSV LQF HDUO\ $UPV Â’ 6+6 SRVWDJH GXHV VHW RI IUHVK PLQW SOXV I %ROLYDU 0DSV $UPV 6* XVHG DLUV ZLWK ,19(57(' 29(535,17 DQG 81,668(' I YDOXH 6* ' VHWV PDLQO\ ILQH XVHG KLJK FDWDORJXH YDOXH Â… Â… FDW Â… Â… Â… Â’ ,VVXHV IRU %RVQLD DQG +HU]HJRYLQD LQF )LUVW

9,&725,$

86(' $&&808/$7,21 JUHDW ORRNLQJ PL[WXUH RI GLIIHUHQW VWDPSV RQ DOEXP SDJHV SRVWDJH YDOXHV WR V ILVFDOV WR V VRPH QLFH FOHDU SRVWPDUNV DQG 3RVWDJH 'XHV PL[HG FRQGLWLRQ DSSUR[ VWDPSV EORFNV RI Â’ Â… Â… Â’ òG GLH VWDWH ,, 6* E DV VXSHUE FRPSOHWH WRS Â’ URZ RI XQLWV IUHVK 80 $ UDUH VXUYLYRU FDW Â…

Â… Â… Â’ 2)),&,$/6 49 G G òG G DQG SHUI

26 IUHVK PLQW %: &DW Â… Â…

GHILQ VHW DQG 3RVWDJH GXH VHW .LQJGRP RYSW VHW RI LQF K 3UXVVLDQ %OXH 1HZ SDSHU VWDPSV ZLWK URXQG VWRSV $ JRRG ORW RI VWDPSV ZLWK VHW IUHVK PLQW Â… Â… $ VSHFWDFXODU PLVSHUIRUDWHG FRUQHU EORFN RI )RXU S PL )LQH PLQW Â… Â… ^3KRWR` $PHULFDQ %DQNQRWH &R LPSHUI SURRIV LQ LVVXHG FRORXUV RI GHILQ VHW 6* YHU\ ODUJH PDUJLQV XQXVHG 0RVW XQXVXDO Â… Â…

{ 6RNRO *DPHV 6SHFLDO SURSDJDQGD ODEHOV VHW

9,(71$0 { 672&.3$*(6 ZLWK D VHOGRP VHHQ FROOHFWLRQ

RI UHYHQXHV FLUFD V 1RUWK DQG 6RXWK LVVXHV ZLWK YDOXHV WR PDLQO\ ILQH XVHG UHYHQXHV Â… Â…

RI VL[ ZLWK PDWFKLQJ VWDPS DIIL[HG ZLWK VSHFLDO SLFWRULDO FDQFHOV HDFK RQ LQGLYLGXDO SLHFH 9HU\ ILQH Â… Â… Â’ 'DOPDWLD $LU F 'HXWVFKH %HVHW]XQJ ]DUD

RYSW 6* 6FDUFH IUHVK PLQW Â… Â… Â’ 3LRQHHU $LUPDLO SULYDWH VWDPSV RI V ILQH Â’ 80 WULR LQF ODUJH IRUPDW ZLWK VSDFH WR DIIL[ D SRVWDJH 4 VWDPS Â… Â…

7+( 9,(71$0 :$5 $Q H[WHQVLYH 3RVWDO

+LVWRU\ &ROOHFWLRQ RI LWHPV ZLWK H[WHQVLYH QRWHV GHWDLOHG RQ SDJHV FROODWHUDO PDWHULDO LQF 3KRWR V DQG PLOLWDU\ %DGJHV H[WHQVLYH $PHULFDQ )RUFHV &RYHUV ZLWK GLIIHUHQW $32 FDQFHOV =$1=,%$5 IRU %DVHV 3URSDJDQGD $LU 'URS /HDIOHWV DOVR YHU\ VFDUFH 1= $UP\ FDFKHWV RQ FRYHUV $XVWUDOLDQ XQLWV 6DIH &RQGXFW 3DVV Â’ 3529,6,21$/ ò RQ D 6* IUHVK PLQW VFDUFH Â… Â… 3KLOLSSLQH UHODWHG LWHPV DQG PRUH $Q LPSRUWDQW PLOLWDU\ FROOHFWLRQ Â… Â… Â’ 3529,6,21$/ ò RQ D 6* YHU\ ILQH 9,(71$0 1257+ PLQW Â… Â… Â’ 672&.%22. ZLWK D FROOHFWLRQ RI VHWV FDW Â’ Â… LQF :RUOGV )LUVW 0DQQHG 6SDFH )OLJKW 6* 1 Â’ 49 ,QGLD RYSWV òD WR U QRWH òD D D D U VODWH ZLWK VPDOO VHFRQG = D *RWKLF VHFRQG = DQG D 6HFRQG )OLJKW 6* 1 :LOG $QLPDOV 6* 1 VPDOO VHFRQG = DQG LQYHUWHG T IRU E 6* PLQW %LUWK $QQLY VHW LQF ERWK 06 $ YHU\ JRRG FROOHFWLRQ RI Â… Â… VWDPSV 06 IUHVK 80 VHOGRP VHHQ 80 Â… Â… { 9$5,(7,(6 ILQH XVHG LQYHUWHG T IRU S DQG

9,(71$0 6287+ Â’ 0,/,7$5< )5$1. 6FDUFH EORFN RI VL[ /LWKR 6* Â’ 60) 80 Â… Â…

VPDOO = D òD D òD DQG D VPDOO IRU U LQWHUHVWLQJ JURXS Â… Â… Â’ 9$5,(7,(6 PLQW òD D òD D D D

ZLWK VPDOO VHFRQG = D ZLWK DQWLTXH = D VPDOO EXW XVHIXO JURXS RI VWDPSV Â… Â…

:$//,&( )8781$

2/' 3$*(6 ZLWK D JRRG UDQJH RI VWDPSV { ),1( 86(' &ROOHFWLRQ RQ SDJHV GLIIHUHQW VHHQ )UHQFK &ROV ,VVXHV KLJK YDOXH $LUV UDQGRPO\ DUUDQJHG LVVXHV DQG GLIILFXOW WR REWDLQ XVHG 49 RYSWV WR D 6XOWDQ RQ SDJHV Â… Â… VHW WR U 6* VHW U U 9)8 6* U 9)8 WR U ZLWK D VWXQQLQJ XVHG U 6* :(67(51 6$02$ VHW WR VK WLS YDOXH 6* :HGGLQJ HWF *RRG ,17(5(67,1* 60$// 6(/(&7,21 21 ORW Â… Â… 3$*(6 LQF V LVVXHV WR DV 80 EORFNV RI IRXU $ Â’ 6ROLG &ROOHFWLRQ RI PLQW RQ SULQWHG SDJHV ZLWK VHOHFWLRQ RI FRYHUV LQF VHW RQ LOOXVWU )'& TW\ GLIIHUHQW VWDPSV DQG YHU\ KLJKO\ FDWDORJXHG ZLWK JRRG Â… Â… PLGGOH YDOXHV DQG VHWV 49 RYSWV LQF YHU\ ILQH U WRS :(67(51 $8675$/,$ YDOXH 6XOWDQ VHW WR U 6* VHW 6* YDOXHV WR U )ODJ LVVXH WR U RYSW VHW 6* Â’ 6ZDQ 6* E IUHVK XQXVHG FXW VTXDUH ZLWK WR U VHW WR VK F :HGGLQJ JRRG PDUJLQV $ ILQH VWDPS &DW Â… Â… Â… GHILQ VHWV HWF *RRG ORW Â… Â…

www.philangles.co.uk – Place your bids online. Immediate and secure.

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 85

{ 68/7$1 VHW RI 6* ILQH XVHG

Â… Â… Â’ $UPV U U DQG U IUHVK PLQW 6*

6HH :HEVLWH Â… Â… Â’ 0212*5$0 $UPV VHW RI 6*

Key to symbols in this catalogue

OLJKWO\ PRXQWHG PLQW Â… Â…

✱

Â’ '(),1,7,9( VHW F WR U 6* IUHVK

✉

PLQW Â… Â…

Used Mint Postal History

✈ ✱✱ &

Airmail Unmounted mint Literature

Â’ '+2: U KLJK YDOXH IUHVK PDUJLQDO 80 Â’ FKRLFH 6* G Â… Â… Â’ '(),1,7,9( VHW RI 6* D VFDUFH VHW

PLQW Â… Â… Â’ :$7(50$5. VFULSW VHW RI 6* IUHVK

PLQW Â… Â…

Viewing

Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre

Â’ 1(: &855(1&< VHWV VHW RI 6*

DQG VHW RI 6* ERWK VHWV IUHVK PLQW Â… Â… Â’ 2/' $/%80 3$*(6 ZLWK D IUHVK PLQW

FROOHFWLRQ 1HZ &XUUHQF\ VHW FÂ… 6LOYHU :HGGLQJ VHW 'HILQ VHW RI 'HILQ VHW RI 'HILQ VHW RI ORFDOO\ KDQG VWDPSHG VHW RI RYSW VHW RI 3RVWDJH GXH VHW RI DQG 3RVWDJH GXH VHW RI SOXV FRPPHPRUDWLYH VHW D YHU\ JRRG UDQJH RI VWDPSV Â… Â… 0XOWLSOH IUDQNHG FRYHUV RULJLQDOO\ 2++*6

FRYHU ZLWK +LV +LJKQHVV FURVVHG RXW DQG =DQ]LEDU HQGRUVHG ZLWK -DPKXUL ORFDOO\ KDQGVWDPSHG F WR ZLWK ILQH 5HJ 0D\ &'6 QG (QY DOVR DV DERYH ZLWK %UDGEXUJ RYSW LVVXHV SOXV SLFWRULDO RYSW +6 VHW RI ZLWK =DQ]LEDU 5HJG /DEHO $ ZLWK ILQH 5HJ $3 &'6 FDQFHO $ VFDUFH SDLU RI FRYHUV Â… Â…

Credit Cards

The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.

Selling?

Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.

Â’ 2OG 3DJHV ZLWK EHWWHU SLFNLQJV

6 :HGGLQJ PLQW F Â… GHILQ VHW RI F Â… PLQW GHILQ VHW RI F Â… PLQW $ XVHIXO UDQJH RI VWDPSV PDLQO\ PLQW WR Â… Â…

If we can be of any assistance please do not hesitate to contact us. Thank you

=8/8/$1' Â’ 49 RYSW VHW RI FRPSOHWH ILQH PLQW WRS

YDOXH ZLWK 536 &HUW .H\ VHW 6* Â… Â… { *% 29(535,17 VHW ILQH XVHG UDUHO\

RIIHUHG XVHG D IHZ LUUHJXODU SHUIV WKRXJK NH\ LV YHU\ ILQH 6* Â… Â…

www.philangles.co.uk

{ 49 òG ERWK DQG G DOO )8 6*

place your bids online. Immediate and secure.

Â… Â… Â’ 49 òG G G IUHVK PLQW 6* I

Â… Â… Â’ 49 VHW RI òG WR Â… PLQW 9HU\ IUHVK

6* Â… Â…

THE END OF THIS SALE

Philangles 376 (84 pages).qxp 19/07/2019 11:38 Page 86

Tell us about you......

Customer Ref

What do you collect?

Would you be interested in our box sale (4 times a year)?

Can we contact you by email?

Email address -

Recommend a friend,

Name: Address:

For every person you recommend we will give you free UK postage from the next auction, once they have made a purchase.

Email:

How can we improve what we are doing? (Unfortunately cancellation of postage stamps on your packages is out of our control, responsibility is with the Post Office.)

Please let us have these back with your bid forms, we would love to hear from you. Or if not bidding this month we would still love to hear from you. PHILANGLES LTD, 44 LEGH STREET, WARRINGTON, CHESHIRE, WA1 1UJ WWW.PHILANGLES.CO.UK Philangles@btinternet.com 01925 231151

Philangles 376 cover.qxp_Layout 1 19/07/2019 09:49 Page 2

ST HIGHE S PRICE ED E T N A GUAR

WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.

52

We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151.

We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email philangles@btinternet.com ———————— 208 ————————

Lot 2585 Seychelles - See section

AUCTION NUMBER 376 l AUCTION DATE 19TH AUGUST 2019

Lot 1045 Propaganda

International Postage Stamp & Postal History Auctioneers

Lot 2261 Classics of the Empire This sale features Seychelles (an extensive specialised collection) KGVI Empire fine used collections (see lots 2 to 60), a worldwide estate with extensive country collections offered intact, Commonwealth classics, Batum and many other interesting lots. Items can be viewed on our website.

POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND

Lot 1279 KGV booklet panes Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire

TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL philangles@btinternet.com Estd 1990

WWW.PHILANGLES.CO.UK

AUCTION NUMBER 376 l AUCTION DATE 19TH AUGUST 2019

Philangles 376 cover.qxp_Layout 1 19/07/2019 09:49 Page 1

Estd 1990

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.