AUCTION NUMBER 395 l AUCTION DATE 1ST FEBRUARY 2021
Lot 994 SG296 – This stamp was only on sale for 1 day.
Stamp Dealers since 1990
Lot 1014 This sale features important Great Britain with rarities & high values, New Zealand Health issues, Malaya and much more. Items can be viewed on our website.
POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL office@philangles.co.uk
Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire
Estd 1990
WWW.PHILANGLES.CO.UK
AUCTION NUMBER 395 l AUCTION DATE 1ST FEBRUARY 2021
Philangles 395 covers.qxp_Layout 1 17/12/2020 13:45 Page 1
Estd 1990
Philangles 395 covers.qxp_Layout 1 17/12/2020 13:45 Page 2
ST HIGHE S PRICE ED T AN E GUAR
WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.
9
129
372 296
We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. 371
Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151. 397
437
We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email office@philangles.co.uk
533
654
565
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 1
———————————————— 475 ————————————————
599
574 571 657
567
682
—————————— 635 ——————————
683
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 2
686
687 606
689
694 —————————— 650 ——————————
692
690
695
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 3
29
278
617
675
702
703
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 4
696
698
710
699
711
716
720
726
704
714
712
713
715
700
721
733
719
732
761
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 5
743
779
745
802
746
825
787
747
826
828
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 6
799
839
801
878
803
841
858
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 7
848
853
924
925
916
911
926
912
922
935
888
933
936
939
934
977
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 8
978
991
942
987
980
982
983
984
985
988
990
995
989
1003
1004
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 9
999
992
1009
994
1010
1012
1018
1014
1015
1027
1016
1030
1040
1017
1067
1028
1032
1038
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 10
705
723
736
756
1247
1293
1200
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 11
1019
1029
1170
1050
1171
1087
1123
1294
1539
1044
1572
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 12
1188
1181
1195
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 13
1052
1172
1233
1614
1507
1635
1633
1650
1662
1634
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 14
1213
1338
1339
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 15
1083
———————— 1237 ————————
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 16
1119 1116
1133
1134
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 17
1160 1580
1638
1636
1300
1637
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 18
1604
1656
1663
1690
1695
1702
1667
1673
1666
1681
1687
1692
1696
1778
1694
1703
1797
1804
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 19
1852
1853
1858
1859
1864
2215
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 20
1780
1824
1825
1806
1832
1826
—— 1831 ——
1820
1845
1821
1846
1847
1827
1833
1855
1834
1835
1840
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 21
1842
1848
1850
1968
———— 1856 ————
1887
1971
2078
1888 2044
2103
———————————— 2200 ————————————
2151
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 22
2213
2214
Philangles 395 plates 23pgs.qxp 17/12/2020 13:46 Page 23
2274
2283
2288
2295
2298
2296
2290
2319
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 1
Dear Clients Welcome to our February 2021 sale which is bursting with interesting & unusual material. This sale features the following: EGYPT – A substantial stamp collection NEW ISSUES OF THE WORLD that filled the office van featuring intact topical collections that were purchased at great expense on new issue. GREAT BRITAIN with rare postage stamps Inc the immensely scarce King Edward 7th 6d SG296 unmounted mint with certificate. This seldom seen stamp was on sale for just twenty four hours! Penny Blacks including used on cover, high values Inc a fabulous 1913 £1 seahorse superb used plus collections including substantial ranges of stamp booklets. MALAYA with KGV high values to $500 fiscal used, very good range of Strait settlements, errors & varieties & more. NEW ZEALAND further portions of this remarkable collection of Health issues including early first day covers and varieties. BOXES & CARTONS of the world with plenty of material to sort. Remember that we are here to help you if you require scans, photocopies or just information. You can call or email us. Let’s hope 2021 is a great year following the horrors of 2020. Wishing you and your families all the very best. Simon Carson & the Philangles team.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 2
{ &$1&(//$7,216 %ULWLVK W\SH GXSOH[
SRVWPDUNV RQ :RUOGZLGH FKLHIO\ 49 LVVXHV $ FROOHFWLRQ RI LWHPV RQ SDJHV ,QF 3HUX & GXSOH[HV *LEUDOWDU 6W 9LQFHQW $ RQ G +RQJ .RQJ &\SUXV ORFDO GXSOH[HV HWF 0L[HG $Q LQWHUHVWLQJ DVVHPEO\ Â… Â…
$)5,&$ 3RZHUIXO 63(&,0(1 RYHUSULQW VHOHFWLRQ DOO VDGO\ ZLWK IDXOWV ,QF 7UDQVYDDO Â… Â… 6* QRUPDOV Â… 7RQHG *ROG &RDVW 49 *DPELD &DPHR V Â… Â…
&$5721 )8// 2I RYHU GLIIHUHQW )'& RI (XURSH LQ H[FHOOHQW FRQGLWLRQ KRXVHG LQ TXDOLW\ $OEXPV IXOO RI FRPSOHWH VHWV PXFK V $OO GLIIHUHQW JUHDW IRU )8 3UHYLRXV HVWLPDWH Â… Â… Â…
$IULFD DHURJUDPPHV IURP .*9, LQF 6ZD]LODQG 4 RYSW %DVXWRODQG RYSWV %DVXWRODQG 4(,, QHZ FXUUHQF\ RYSWV
$ ILQH FROOHFWLRQ RI XQXVHG XVHG Â… Â… 4 $,50$,/ /$%(/6 2) 7+( :25/'
&2,16 %5,7,6+ &2,16 LQ SUHVHQWDWLRQ ER[HV .*,,, òG ,QGLD FDVK ERWK LQ D WUHDVXUH FKHVW HQFDSVXODWHG FRLQV HDFK \HDU IURP D IDUWKLQJ WR KDOI FURZQ LQ GLVSOD\ FDVH G WR KDOI FURZQ LQ D EDWWOH RI %ULWDLQ GLVSOD\ FDVH .*9 ::, UHSOLFD PHGDOV DQG JHQXLQH FRLQ IORULQ WR KDOI FURZQ FRURQDWLRQ \HDU IURP IDUWKLQJ WR XQXVHG … EDQNQRWH ZLWK VHYHQ RWKHU FRLQV LQ D GLVSOD\ FDVH LQ D ODUJH FDUWRQ … …
,QWHUHVWLQJ DFFXPXODWLRQ LQ D FDUWRQ LQFOXGLQJ 0$,5 &DWDORJXH RI $LUPDLO ODEHOV H[WHQVLYHO\ LOOXVWUDWHG D 6WRFNERRN YHU\ ZHOO ILOOHG ZLWK ZRUOGZLGH LVVXHV D WLQ WKDW V IXOO RI 86$ V PLQW LQ EXQGOHV ZLWK YHU\ ILQH GHVLJQV DQG IRUPDWV HWF *RRG ORW Â… Â… 4 $,50$,/ 9,*1(77(6 /$%(/6 2) 7+(
:25/' &ROOHFWLRQ RQ SDJHV DUUDQJHG E\ FRXQWULHV ZLWK D JRRG YDULHW\ ,QF $GHQ $UJHQWLQD V LQWDFW ERRNOHW *HUPDQ\ ZLWK HDUOLHV 0H[LFR VRPH FRPSOHWH VKHHWV RI HDUOLHU *UHDW %ULWDLQ HWF IHZ
Â… Â…
&2,16 4(,, JROGHQ MXELOHH FROOHFWLRQ RI FRLQV IURP WKH FRPPRQZHDOWK ZLWK JROG KLJKOLJKWV RI WKH 4XHHQV KHDG LQ D VSHFLDO SUHVHQWDWLRQ ER[ ZLWK FHUWLILFDWH HQFDSVXODWHG $ VXSHUE FROOHFWLRQ Â… Â…
{ $MPDQ V V FROOHFWLRQ RI PDQ\ V
VWDPSV ZLWK PDQ\ FRPSOHWH VHWV D VXSHUE UDQJH RI LVVXHV ILQH XVHG Â… Â… $1 (17,5( $&&808/$7,21 2) :25/':,'( 0$7(5,$/ +RXVHG LQ D FDUWRQ PDQ\ V :RUOGZLGH ,QF *% SULQWHG $OEXP ZLWK 3HQQ\ %ODFN DQG 7ZR 3HQFH %OXH FÂ… SDFNHW IXOO RI XQVRUWHG VWDPSV $OEXPV RI JHQHUDO PDWHULDO DQG PXFK PRUH $ VRUWHU Â… Â…
&2/266$/ 67$03 &2//(&7,21 2Q D PDVV RI $OEXP SDJHV LQ D ELJ FDUWRQ ZLWK V DOO GLIIHUHQW DUUDQJHG E\ FRXQWU\ DQG LVVXH ZH HVWLPDWH WKDW WKLV FROOHFWLRQ IHDWXUHV RI GLIIHUHQW VWDPSV ZLWK D PXOWLWXGH RI GLIIHUHQW LVVXHV *OREDO <HDUV RI FROOHFWLQJ KHUH Â&#x2026; Â&#x2026; '$9,' 67,5/,1* )RXQGHU RI WKH 6$6 6LJQHG
5$) HVFDSLQJ VRFLHW\ LOOXVWUDWHG FRYHU Â&#x2026; Â&#x2026;
Â&#x2019; (/9,6 35(6/(< 0$5,/<1 02152( (W $OO $1 25,*,1$/ :25/' 67$03 $&&808/$7,21 2I PDQ\ V KRXVHG LQ YROXPHV ORRVH Â&#x2019; VWDUV RI VWDJH DQG VFUHHQ KXJHO\ H[SHQVLYH DW WLPH RI LVVXH WRSLFDO FROOHFWLRQ RI V SULVWLQH LWHPV LQ IRXU VSHFLDO $OEXPV SDJHV HWF LQ D ODUJH FDUWRQ EHLQJ WKH EDODQFH RI DQ HVWDWH ORW ,QF (OYLV F DV FRPSOHWH VKHHW LQ 5HFRUG 6OHHYH W\SH ORWV WR UXPPDJH WKURXJK IRXQG D QLFH *% 3HQQ\ %ODFN ZUDSSHU ORWV RI LQWHUHVWLQJ 80 VWDPS LVVXHV DQG FRYHUV DV *% SULQWHG $OEXP IRU FRPPHPV IRUHLJQ ,QF 3RODQG LVVXHG Â&#x2026; Â&#x2026; RYSW 6HW 5XPDQLD H[KLELWLRQ VHW 7HUULILF YDULHW\ %LJ &DUWRQ Â&#x2026; Â&#x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Â&#x2026; Â&#x2026; ORW Â&#x2026; Â&#x2026;
(8523$ 2PQLEXV LVVXH VWDPSV RI (XURSH $ VXEVWDQWLDO FROOHFWLRQ RI PDQ\ V PRVWO\ DOO GLIIHUHQW KRXVHG LQ ILYH 6WRFNERRNV 3DFNHWV &DUGV 3DJHV HWF ZLWK PXFK 9)8 ZLWK H[WHQVLYH VHWV 6KHHWOHWV 3XUFKDVHV RQ &DUGV JRRG HDUO\ VHWV DQG PRUH *RRG ORW KXJH &9 Â&#x2026; Â&#x2026;
%$1.127(6 DQG &2,16 RI WKH ZRUOG ZLWK VHWV IURP $IJKDQLVWDQ $UJHQWLQD %KXWDQ &KLQD WR OLVW MXVW D IHZ $ ILQH FROOHFWLRQ RI EDQNQRWHV DQG FRLQ VHWV DOO 81& Â&#x2026; Â&#x2026; ^3KRWR`
%,5' 21 67$036 ZLWK EHWWHU SLFNLQJV LQF $EX 'KDEL )DOFRQ VHW RI FÂ&#x2026; P I GHILQ 80 Â&#x2019; (8523($1 LVVXHV RQ VWRFNSDJHV 80 LVVXHV $VFHQVLRQ I XP D ILQH FROOHFWLRQ RI LVVXHV IURP WKH Â&#x2019; IURP 1HWKHUODQGV LQF FKDULW\ VHWV 6ZLW]HUODQG FKDULW\ VHWV 0LGGOH (DVW ZLWK VWDPSV PV VKHHWOHWV D VXSHUE +XQJDU\ %HOJLXP 3RUWXJDO 6SDLQ DQG $QGRUUD $ JRRG UDQJH KLJKO\ FDWDORJXHG FKLHIO\ 80 RGG PLQW Â&#x2026; Â&#x2026; YDULHW\ RI LVVXHV RYHU VWDPSV Â&#x2026; Â&#x2026; { %,5'6 21 67$036 2) 7+( :25/' $Q Â&#x2019; DYLG FROOHFWRUV FROOHFWLRQ RI V 0 )8 KRXVHG $OEXPV (;&(//(17 /27 2I :RUOGZLGH QHZ LVVXHV Â&#x2019; LQ WZR FDUWRQV DOO HQFRPSDVVLQJ SDFNHG ZLWK FRPSOHWH VHWV 80 VHWV XSWR V ZLWK PDQ\ V RQ 6WRFNSDJHV ZLWK PDQ\ GHSLFWLQJ DQLPDOV HWF ZLWK ORWV RI KLJKO\ &DW FRPSOHWH VWUHQJWK LQ PRGHUQ QRWLQJ YDOXHV WR Â&#x2026; 6H 7HQDQW VWULSV KLJK VHWV LQFOXGLQJ XQFRPPRQ WHUULWRULHV ORWV RI VKHHWOHWV ,QF YDOXH GHILQ VHWV :RUOGZLGH RWKHU UHODWHG PDWHULDO 2IIHUHG YDOXHV WR Â&#x2026; 0DULQH /LIH ZLWK FRPSRVLWH VKHHWOHWV $QJROD LQWDFW Â&#x2026; Â&#x2026; :LOGOLIH VHW +DLWL )URJ VKHHWOHWV *XLQHD 0RQNH\ VKHHW Â&#x2019; %,5'6 21 67$036 RYHU VWDPSV DQG PXFK PRUH ([FHOOHQW YDOXH Â&#x2026; Â&#x2026; Â&#x2019; PV VKHHWOHWV ZLWK PDQ\ GLIIHUHQW VSHFLHV DQG PDQ\ FRPSOHWH Â&#x2019; )$&( 9$/8( RYHU Â&#x2026; UHWLUHG GHDOHUV IRXU Â&#x2019; FRXQWHU ERRNV ZLWK V RI 80 FRPSOHWH VHWV RI -HUVH\ ZLWK
VHWV 6HHQ LVVXHV IURP $QJROD 6H\FKHOOHV &XED $XVWUDOLD 9HQH]XHOD DQG 1HZ +HEULGHV $ YHU\ JRRG FROOHFWLRQ 80 Â&#x2026; Â&#x2026;
LVVXHV WR DQG SDFNHG ZLWK KLJK YDOXH VHWV DQG 06 7HUULILF YDULHW\ DQG ILQHVW TXDOLW\ %X\ Â&#x2026; Â&#x2026;
Â&#x2019; %,5'6 21 67$036 ZLWK PDQ\ ZRUOGZLGH Â&#x2019; PRGHUQ FRPSOHWH VHWV 80 PDQ\ V DOO GLIIHUHQW ,QF
VKHHWOHWV VSHFWDFXODU )LML 3DUURW 6KHHW *DPELD 6HDELUGV 6KHHWOHW 6DKDUD LVVXH %DKDPDV GHILQ VHW WR 6HOGRP VHHQ WHUULWRULHV ,QF ,UDT *RRG ORW Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; Â&#x2019; %8/*,1* 72 %8567,1* SDJH VWRFNERRN Â&#x2019; RI *% 80 FRPPHPV WR LQ YDULRXV TXDQWLWLHV DV FRPSOHWH VHWV PDQ\ EORFNV DQG KLJKO\ FRPSOHWH UHSUHVHQWDWLRQ IRU WKH SHULRG V RI 80 VWDPSV FRORVVDO IDFH YDOXH Â&#x2026; Â&#x2026;
)$/./$1' ,6/$1'6 PRVWO\ PLQW 49 WR .*9 VHOHFWLRQ VWF Â&#x2026; 49 WR G :KDOH DQG 3HQJXLQ WR PRVW DUH ILQH 5HTXHVW VFDQ Â&#x2026; Â&#x2026; )ODJV RI WKH ZRUOG FROOHFWLRQ LGHQWLILHG RQ SDJHV VWDPSV DQG PV VKHHWOHWV QHDWO\ DUUDQJHG DQG GLIIHUHQW PDLQO\ 80 RGG ILQH XVHG $ IDVFLQDWLQJ ORW Â&#x2026; Â&#x2026;
www.philangles.co.uk
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 3
)227%$// /,9(5322/ )227%$// &/8%
/LWHUDWXUH 6FRWODQG FDQFHOODWLRQ FROOHFWLRQ RI
FRPPHPRUDWLYH FRYHUV IURP V WR HDFK GLIIHUHQW LQF VLJQHG QRWH -RH )DJHQ $ODQ .HQQHG\ -RKQ :DUN 6WHYH 0F0DKRQ -DQ 0ROE\ -RKQ $OGULGJH *OHQ +\VHQ %UXFH *UREEHORDU 5RQ <HDWV 6WHYH 1LFKRO 6WHYH +HLJKZD\ D VXSHUE FROOHFWLRQ Â&#x2026; Â&#x2026; ^3KRWR` )RRWEDOO LOOXVWUDWHG FRYHUV E\ 'DZQ QRWH
VL[ KDQGERRNV LQF 6FRWV /RFDOV FDQFHOODWLRQ E\ 5& $OFRFN 6FRWV /RFDO FDQFHOODWLRQ E\ 5REVRQ /RZH 7KH 6FRWWLVK DGGLWLRQDO KDOISHQQ\ WD[ E\ +RGJVRQ DQG 6HOHZLFN 6FRWWLVK 3RVWPDUN DQG 6FRWWLVK QXPHUDOV ERWK E\ - 0DFND\ Â&#x2026; Â&#x2026; /LWHUDWXUH 7KH SRVWPDUNV RI *UHDW %ULWDLQ DQG
1RWWLQJKDP )RUHVW 9 &6.$ 6RSLD 6KUHZVEXU\ 7RZQ 'LYLVLRQ &KDPSLRQV ,SVZLFK 9 $ONPDDU :HVW %URP 9 $MD[ $ YHU\ JRRG UDQJH HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
,UHODQG E\ $OFRFN DQG +ROODQG 6SLQH KDV VPDOO VSOLW WKH ERRN LV LQ JRRG FRQGLWLRQ Â&#x2026; Â&#x2026; /LWHUDWXUH 7KH 7XUNLVK 3RVW LQ WKH +RO\ /DQG
E\ ) : 3ROODFN D YHU\ LQWHUHVWLQJ UHDG ,Q ILQH FRQGLWLRQ Â&#x2026; Â&#x2026;
{ )5$1&( 6RUWHUV 3DUDGLVH $ FDUWRQ IXOO RI
V RI VWDPSV RQ SDJHV DQG ORRVH YLQWDJH WR PRGHUQ (XUR LVVXHV PRVWO\ ILQH XVHG ZH VSRWWHG F &HUHV 9)8 IU 3RVWDJH 'XHV ,QF F )UHQFK &RORQLHV ,QF F )8 7HUULILF YDULHW\ RI PDWHULDO WR VRUW RULJLQDO ORW Â&#x2026; Â&#x2026;
0DQ\ V RI VWDPSV ZKHUH WKH FROOHFWRU KDG MXVW SXW WKHP LQ D ER[ DQG OHIW WKHP VHHQ PLQW 80 )8 ZRUOGZLGH LVVXHV $Q\WKLQJ FRXOG EH LQ KHUH Â&#x2026; Â&#x2026;
QRWLQJ DOO WKH NH\ 3+263+25 VHWV 80 /LIHERDW 5HG &URVV %RWDQLFDO DQG PDQ\ PRUH VRPH 'HILQV DQG 3RVWDJH 'XH VHWV WR Â&#x2026; GLIIHUHQW 7R FOHDU Â&#x2026; Â&#x2026;
,QF 9& :LQQHUV ,DQ )UDVHU 7KRPDV *RXOG .HLWK 3D\QHU :LOOLDP 6SHDNPDQ 3LWW )0 -RKQ &KDSSOH )0 5LFKDUG 9LQFHQW 5H[ /XQW 1HYLOOH GXNH 6LPRQ :HVWRQ 9HUD /\QQ $ YHU\ JRRG FROOHFWLRQ ZRXOG ORRN JUHDW ZULWWHQ XS Â&#x2026; Â&#x2026;
Â&#x2019; 0,/,7$5< 0('$/6 D VHW RI FLJDUHWWH Â&#x2019; FDUGV E\ 'H 5HV]NH LQ SHUIHFW FRQGLWLRQ Â&#x2026; Â&#x2026; Â&#x2019; *5($7 %5,7$,1 9DVW FROOHFWLRQ RI Â&#x2019; V DOO GLIIHUHQW 80 KRXVHG LQ WZR ER[HG SULQWHG $OEXPV 0,/,7$5< 6,*1(' ,//8675$7(' &29(56
*UHDW %ULWDLQ FROOHFWLRQ RI IGFV ZLWK FRYHUV
IURP ZLWK FGV FDQFHOV ODWHU FRPPHPRUDWLYHV GHFLPDO PDQ\ ZLWK :LQGVRU IGL FDQFHO DOO ZLWK QHDW W\SHG DGGUHVV D JRRG ORW Â&#x2026; Â&#x2026;
Â&#x2019; 0XVKURRPV IXQJL RQ VWDPSV FKLHIO\ 80 ORW RI Â&#x2019; GLIIHUHQW LVVXHV DV VHWV ZLWK PRGHUQ ZRUOGZLGH
LVVXHV Â&#x2026; Â&#x2026; *5($7 %5,7$,1 TXDOLW\ EDODQFH QRWLQJ V FRPPHPV ZLWK LQYHUWHG ZDWHUPDUNV DV XP EORFNV GLII 1(7+(5/$1'6 $ FROOHFWLRQ RI RYHU VHYHUDO ILQH G F\OLQGHU EORFNV GLII WUDLQLQJ VFKRRO GLIIHUHQW )'& V WR DERXW LQ $OEXPV 8WWHU EDUJDLQ ILQH VWDPSV 2O\PSLFV VHW RI SDQHV RQ IGF FROOHFWLRQ RI JXWWHU H[FHOOHQW VRXUFH IRU )8 VHWV DQG VKHHWOHWV KXJH &9 S SDLU VHWV WR YIX V GLII HWF Â&#x2026; Â&#x2026; HDFK" Â&#x2026; Â&#x2026; { *5($7 %5,7$,1 49 /,1( (1*5$9(' { 2OG )DVKLRQHG &ROOHFWLRQ RI :RUOGZLGH KRXVHG ,03(5) &/$66,&6 FDW Â&#x2026; D PRVW DWWUDFWLYH XVHG Â&#x2019; LQ ZHOO SRSXODWHG YROXPHV ZLWK V RI DOO GLIIHUHQW PDWHULDO JURXS DOO FROOHFWDEOH SHQQ\ EODFN WZR SHQFH EOXH 0 8 VRPH XVHIXO SRFNHWV RI FOHDQ PDWHULDO ZLWK EHWWHU SHQQ\ LPSHUIV G EOXHV H[FHOOHQW FODVVLFV YDOXHV VSRWWHG 3OHQW\ RI VWDPSV Â&#x2026; Â&#x2026; 5HTXHVW VFDQ Â&#x2026; Â&#x2026; Â&#x2019; 201,%86 +5+ 7KH 4XHHQ 0RWKHU *85.+$ 9& :,11(56 6LJQHG FRYHUV Â&#x2019; YDVW FROOHFWLRQ RI 80 KRXVHG LQ 7HQ VSHFLDO *KDOH 6LQJK /DPD 5DL 5DP RQ 9LFWRU\ RYHU -DSDQ DOEXPV 0DQ\ V FRPSOHWH VHWV DQG 06 IRU &RPPRQZHDOWK LOOXVWUDWHG FRYHUV Â&#x2026; Â&#x2026; 7HUULWRULHV %DUJDLQ Â&#x2026; Â&#x2026; +XJH ORW RI %ULWLVK )'& KRXVHG LQ PDQ\ 201,%86 4XHHQV *ROGHQ :HGGLQJ $OEXPV DQG ORRVH LQ 7ZR &DUWRQV $ YDVW ORW ZLWK EHWWHU DQG 0RVW H[WHQVLYH VWDPS DQG FRYHU FROOHFWLRQ KRXVHG LQ IRXU KLJK UHWDLO LWHPV LQ SDFNHWV $ JRRG VHOHFWLRQ RI 6WXDUW 3LFWRULDO YROXPHV IHDWXULQJ WR YHU\ ILQH VSHFLDO *% )'& 3ULVWLQH DOO &RYHUV DOO ZLWK FRPSOHWH VHWV 0DQ\ V /RZ ZLWK VSHFLDO 3PNV DQG XVDJHV GLIIHUHQW WKHQ HVWLPDWH Â&#x2026; Â&#x2026; FRPPHQZHDOWK ZLWK VWDPS LVVXHV 80 HWF &RVW D { +81*$5< ),1( 86(' D FROOHFWLRQ RI IRUWXQH Â&#x2026; Â&#x2026; GLII VWDPSV QHDWO\ DUUDQJHG LQ WZR DOEXPV WR DERXW 0DQ\ Â&#x2019; 201,%86 SULQFH :LOOLDP WK %LUWKGD\ VHWV &OHDQ ORW Â&#x2026; Â&#x2026; Â&#x2019; FROOHFWLRQ RI 80 VHWV 06 DQG )'& LQ WZR $OEXPV 9HU\ Â&#x2019; .*9, 2Q ROG SDJHG ZLWK D &DW YDOXH Â&#x2026; FRPSUHKHQVLYH V Â&#x2026; Â&#x2026; *LOEHUW DQG (OOLFH WR 6RXWK $IULFD Â&#x2019; 201,%86 4XHHQV WK $QQLYHUVDU\ RI 9RUWUHNNHU VHW FÂ&#x2026; *DPELD GHILQ WR FÂ&#x2026; Â&#x2019; &RURQDWLRQ H[WHQVLYH FROOHFWLRQ RI 80 VWDPSV DQG *LEUDOWDU WR Â&#x2026; ZLWK GLIIHUHQW SHUI W\SHV &DW Â&#x2026; )LML VHW 06 6KHHWOHWV LQ OX[XU\ /LQGQHU $OEXP Â&#x2026; Â&#x2026; WR &DW Â&#x2026; $ JRRG UDQJH RI VWDPSV IUHVK 25,*,1$/ YROXPH FROOHFWLRQ RI SRVWDJH PLQW Â&#x2026; Â&#x2026; VWDPSV RI WKH ZRUOG $ = ZLWK V DOO GLIIHUHQW QHDWO\ Â&#x2019; .*9, RQ ROG SDJHV $VFHQVLRQ ZLWK DUUDQJHG PXFK ROGHU FKLHIO\ XVHG ZLWK VRPH VROLG UDQJHV DQG YDOXHV WR LQF G XOWUD 0DULQH 0DXULWLXV WR U 6W D JRRG YDULHW\ IURP FRPPRQZHDOWK WR IRUHLJQ *RRG WUDGLWLRQDO +HOHQD WR G $ XVHIXO UDQJH RI VWDPSV PLQW ORW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; { 32/$1' )LQH XVHG PDVV RI VWDPSV LQ D FDUWRQ /,(&+7(167(,1 877(5 %$5*$,1 KRXVHG LQ 6WRFNERRNV DQG D ODUJH 4XDQWLW\ RI SDJHV DQG GLIIHUHQW XQDGGUHVVHG )'& LQ YHU\ ILQH $OEXPV WR V 6WRFNOHDYHV ([FHOOHQW YDULHW\ RI LVVXHV VHWV VRPH 06 SHUIHFW FRQGLWLRQ H[FHOOHQW IRU 9)8 VHWV Â&#x2026; Â&#x2026; HWF Â&#x2026; Â&#x2026; /LWHUDWXUH UHODWLQJ WR VWDPSV DQG SRVWDO 3267$/ +,6725< $,50$,/ &29(56 RI WKH KLVWRU\ RI *% LQF SUH 9LFWRULDQ SRVWDJH VWDPSV DQG IUDQNV 4 :RUOG ZLWK RYHU GLIIHUHQW ILQH FRYHUV ZULWWHQ XS RQ SDJHV -RVKXD %DFRQ E\ ' 5RZVH $UFKHU 3DOWHV E\ & *DUGLQHU +LOO LOOXVWUDWLQJ WKH XVDJH RI :RUOG $LUPDLO ODEHOV JRRG YDULHW\ ZLWK /LQH HQJUDYHG VWDPS E\ 0HOYLOOH .*9 VLOYHU MXELOHH 0LGGOH (DVW .*9, XVDJHV $IULFD ,QWHUHVWLQJ XVDJHV DQG KDQGERRN IRUJHG VWDPSV RI WZR ZRUOG ZDUV SRVWDO VWULNH RI *% PRUH Â&#x2026; Â&#x2026; E\ 6H\PRXU $Q LQWHUHVWLQJ UDQJH RI ERRNV DQG KDQGERRNV Â&#x2026; Â&#x2026;
Selling? â&#x20AC;&#x201C; Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 4
3RVWDO +LVWRU\ ZLWK D 0LOLWDU\ 0DULWLPH &RYHUV { 67$036 2) 7+( :25/' $Q H[WHQVLYH 2+06 HQY ZLWK ER[HG 6$ &RUSV 6LJQDOV 1R %ULJDGH Â&#x2019; FROOHFWLRQ RI V GLIIHUHQW KRXVHG LQ QLQH ROG $OEXPV $ =
ZLWK $UP\ 6LJQDOV &'6 )UHQFK 1DYDO &RYHU ZLWK 3RVWH PXFK ROGHU PDWHULDO QRWHG 6RXQG UDQJHV ,QF D JRRG ORW RI 1DYDO &'6 DQG RIILFLDO FDFKHW VHQW WR 3DULV 6RXWK $IULFD )LQODQG DQG 1HWKHUODQGV ZLWK VHWV $ VXEVWDQWLDO JHQHUDO ORW 2+06 HQY ZLWK $32 8 0$. &'6 (QY ZLWK ZLWK ORWV RI XVHIXO Â&#x2026; Â&#x2026; &RPPDQGLQJ 2IILFH + 0 6XEPDULQH 5RUTXDO IUDQNHG ZLWK Â&#x2019; 7+(0$7,& FROOHFWLRQ LQ DOEXPV LQF ZLOGOLIH %ULWLVK )OHHW 0DLO &'6 DQ LQWHUHVWLQJ ORW RI Â&#x2019; WUDLQV HWF ZLWK FRYHUV VWDPSV XP $ JRRG ORW IRU WKH WKHPDWLF &RYHUV &DUGV :LOO PDNH D JRRG GLVSOD\ ORW Â&#x2026; Â&#x2026; FROOHFWRU LQ D ODUJH FDUWRQ Â&#x2026; Â&#x2026; Â&#x2019; 3267$/ 67$7,21(5< 49 .*9 RYSW 72 &/($5 YROXPHV ZLWK WZR ILQH 63(&,0(1 ILQH PLQW 1\DVDODQG òG FDUG (DVW $IULFD òD FDUG VWRFNERRNV RI JHQHUDO UDQJHV VXSHUE TXDOLW\ FROOHFWLRQ RI *% )DONODQGV 49 G UHSO\ SRUWLRQ Â&#x2026; Â&#x2026; IGF WR V DOO GLII LQFOXGLQJ VHWV JDORUH PV GHILQV WR 3267&$5'6 2ULJLQDO IDPLO\ OLYHG LQ 6RXWK
Â&#x2026; HWF :RUOG DOEXP RI VWDPSV &KHDS Â&#x2026; Â&#x2026;
$IULFD ORW RI &LUFD FDUGV 0XFK HDUO\ ZLWK D JRRG D JURXS RI 6RXWK $IULFD &DUGV PDLOHG EDFN WR $IULFD LQF D 8. VHOHFWLRQ 5R\DOW\ V 'HQPDUN JURXS ZLWK VWDPSV RQ IURQW (DUO\ (GZDUGLDQ +XPRXU &DUGV 'LYHUVH PDQ\ ILQH Â&#x2026; Â&#x2026; 3RVWFDUGV UHDO SKRWR SUH PLOLWDU\
Â&#x2019; 81,7(' 1$7,216 75($685( 7529( ,Q D Â&#x2019; ODUJH FDUWRQ V RI VWDPSV LQFOXGHV D FRPSUHKHQVLYH
LQWHUHVW LQF VXSHUE VWHDP HQJLQH RI 5R\DO (QJLQHHUV FDUG +07 1HYDVD VWHDPVKLS FDUG PLOLWDU\ IXQHUDO ZLWK KRUVHV HWF )LQH Â&#x2026; Â&#x2026;
FROOHFWLRQ RI FKLHIO\ 80 WR ,QF 3ODWH %ORFNV )ODJ 6KHHWOHWV *HQHYD DQG 9LHQQD LVVXHV ZLWK PRGHUQ IXUWKHU PDWHULDO LQ ILOH ER[ DQG RWKHU $OEXPV ,QF \HDU IROGHUV *UHDW ORW Â&#x2026; Â&#x2026;
3UHYLRXV HVWLPDWH Â&#x2026; 8QLWHG 1DWLRQV
{ Â&#x2019;
{
Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019;
7ZR FDUWRQV ZLWK D YDVW EDODQFHG RI V QRWLQJ D JRRG ORW RI $XVWUDOLD QRWLQJ F %ODFN FRORXU RPLWWHG PDVVHV RI XVHG RQ SLHFHV $ ORRVH RII SDSHU ZRUOG PL[WXUH $OEXPV RI JHQHUDO HWF $ JRRG VRUWHU Â&#x2026; Â&#x2026;
IDEXORXV ORW RI GLIIHUHQW )'& LQ SULVWLQH XQDGGUHVVHG FRQGLWLRQ KRXVHG LQ WZR FDUWRQV QRWLQJ KLJK &DW 9LHQQD Â&#x2019; 838 %HUOLQ VHW RI FRPSOHWH 80 7KH 2IILFHV $QQLYHUVDU\ VKHHW LVVXHV WR ZLWK IODJV Â&#x2019; NH\ VHW 6*% &DW Â&#x2026; Â&#x2026; Â&#x2026; 6H 7HQDQWV &ROOHFWRU ZDQWV WKLV ORW VROG %DUJDLQ Â&#x2026; Â&#x2026; { 9LQWDJH $OEXP ZLWK VWDPSV IURP DURXQG WKH ZRUOG DGGDSDJH ZLWK PDQ\ GLIIHUHQW FRXQWULHV FLUFD V 48$/,7< &ROOHFWLRQV KRXVHG LQ VWRFNERRNV PDLQO\ ILQH XVHG Â&#x2026; Â&#x2026; DQG $OEXPV ZLWK V RI 80 DQG PRVWO\ FRPSOHWH VHWV QRWLQJ ILQH ORW RI *UHDW %ULWDLQ ZLWK Â&#x2026; :HGGLQJ PDQ\ 9,17$*( /,1&2/1 $/%80 ,Q YHU\ ILQH TXDOLW\ 4(,, VHWV VXSHU ORW RI PRGHUQ *XHUQVH\ ZLWK V RI VHWV DQG IRU LWV DJH WK (GLWLRQ ZLWK MXVW D IHZ VWDPSV TXDOLW\ HDUO\ KLJK )9 5R\DOW\ LVVXHV $OGHUQH\ HDUO\ LVVXHV RQ )'& D $OEXP Â&#x2026; Â&#x2026; FROOHFWLRQ RI :RUOGZLGH 06 DOO 80 LQ $OEXP DQG PXFK { :25/':,'( FROOHFWLRQ KRXVHG LQ VL[ DOEXPV PRUH YROXPHV LQ D FDUWRQ Â&#x2026; Â&#x2026; XVHG PDQ\ V RI VWDPSV IURP DURXQG WKH JOREH ZKHUH WKH\ 5(*,67(5(' /$%(/6 RI $IULFD ZLWK ODEHOV KDYH EHHQ PRXQWHG E\ FRXQWU\ )LOOLQJ D ODUJH FDUWRQ IURP *ROG &RDVW =DPELD %U 6RPDOLODQG .87 $ JRRG UDQJH Â&#x2026; Â&#x2026; RI ODEHOV Â&#x2026; Â&#x2026; { :RUOGZLGH FROOHFWLRQ LQ DOEXPV PDQ\ V 5(*,67(5(' /$%(/6 2I WKH %ULWLVK RI VWDPSV LQF *% 49 Â&#x2026; 6* XVHG D FKLHIO\ XVHG FROOHFWLRQ &RPPRQZHDOWK D ILQH FROOHFWLRQ RI ODEHOV ,QF ODEHOV IURP VHHQ WKH RGG PLQW WKLV LV RQH PDQV FROOHFWLRQ %U *XLDQD %HUPXGD %U +RQGXUDV )DONODQG ,V )LML Â&#x2026; Â&#x2026; 'RPLQLFD &RRN ,V MXVW D IHZ FRXQWULHV IURP WKLV :5(&. 0$,/ )UDQFH %XVLQHVV HQYHORSH FROOHFWLRQ Â&#x2026; Â&#x2026; 4 %XUQ PDUNV HWF ZLWK FRXUULHU GHWHULVUH VXLWH DFFLGHQW 5(9(18(6 $XWUR +XQJULDQ ZLWK LVVXH WR DHURSRVWDOH FDFKHW Â&#x2026; Â&#x2026; ZLWK PDQ\ GLIIHUHQW W\SHV DQG YDOXHV VHHP WR EH DOO :5(&. 0$,/6 RU GLVUXSWHG $LU 6HUYLFHV GLIIHUHQW RYHU UHYHQXHV RQ ROG SDJHV OLJKW DGKHVLRQ D YHU\ 4 FROOHFWLRQ RI 7HQ LWHPV LQF JRRG 86$ LWHPV QRWLQJ LQWHUHVWLQJ ORW Â&#x2026; Â&#x2026; %RHLQJ &UDVK &RYHU ZLWK 'HOD\ 'XH 7R :UHFNHG 0DLO 5(9(18(6 &HQWUDO DQG 6RXWKHUQ $PHULFDV 3ODQH &DFKHW 0LDPL &UDVK HQGRUVHG FRYHU IHZ RQ 2OG 3DJHV ZLWK PDQ\ GLIIHUHQW ZLWK GLIIHUHQW FRXQWULHV D NQRZQ 'DPDJHG ,Q 3ODQH &UDVK &DFKHW HWF *RRG YHU\ LQWHUHVWLQJ ORW RI OLJKW DGKHVLRQ WR 2OG 3DJHV /RW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; { ::, *(50$1 /RVW (PSLUH 0RXUQLQJ ODEHOV 5(9(18(6 2) 7+( %$/.$16 6HUELD GLIIHUHQW HDFK ODEHO LV FDQFHOOHG Â&#x2026; Â&#x2026; &URDWLD <XJRVODYLD LQFO QLFH UDQJH RI UHYHQXH VWDPSV SOXV VRPH UHJLRQDO LVVXHV ::, 2FFXSDWLRQV )LXPH LQFO 2FF RI { 7KH 3HOKDP 6WDPS $OEXP TXLWH ZHOO ILOOHG .XSD ZLWK D FRXSOH RI PLQW VHWV DOO KRXVHG LQ DQ DOEXP QHDWO\ Â&#x2019; MXYHQLOH DOEXP ZLWK %ULWLVK &RPPRQZHDOWK VWDPSV LQFO SUHVHQWHG EXW D OLWWOH RXW RI RUGHU LQ SODFHV JUHDW UDQJH RI *% G EODFN V PLQW VHWV &RURQDWLRQ RPQLEXV PDWHULDO RI WKLV VHOGRP RIIHUHG DUHD VWDPSV LVVXHV PLQW LQFO *% VHW PRVWO\ DOO GLIIHUHQW V Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; 5(9(18(6 RI 9LHWQDP VHOGRP VHHQ FROOHFWLRQ { $&&808/$7,21 LQ D ER[ LQ WKUHH DOEXPV Â&#x2019; WKUHH VWRFN ERRNV ZH VHH XVHIXO *% WKURXJKRXW IURP G RI FLUFD V 1RUWK DQG 6RXWK LVVXHV ZLWK YDOXH WR VXUFK LVVXHV RQ LQWHUHVWLQJ ORW Â&#x2026; Â&#x2026; EODFN XVHG .(9,, WR V XVHG 5R\DO 6LOYHU :HGGLQJ VHW )HVWLYDO +LJK YDOXHV VHW PLQW XVHG %ULWLVK 6+(//6 (7& 2Q VWDPSV FKLHIO\ 80 FROOHFWLRQ &RPPRQZHDOWK FROOHFWLRQ ZLWK VRPH XVHIXO VWDPSV VHHQ QRWH RI GLIIHUHQW LVVXHV DV FRPSOHWH VHWV PRGHUQ ZRUOGZLGH )HGHUDWHG 0DOD\ 6WDWHV 7LJHUV WR V *% LQ PXOWLSOHV ZLWK PXFK LQWHUHVWLQJ Â&#x2026; Â&#x2026; SDUW VKHHWV UDQJH RI *% G UHGV XVHG :HOO ZRUWK D UXPPDJH 6287+ ($67 $6,$ TXDOLW\ EDODQFH LQ D ER[ IHZ V Â&#x2026; Â&#x2026; 0DOD\VLD VHW RI VWDWHV VWDPS ERRNOHWV VWDPSV IURP PDWFKLQJ FRUQHUV RI WKH VKHHW RI V LVVXHV 6LQJDSRUH QHZ LVVXHV LQ { 52<$/7< %2*86 3+$1720 ,668(6 Â&#x2019; LQFO 'LDPRQG -XELOHH VHW RI VHW RI SURGXFHG E\ : 6 SDQHV \HDU ERRN SDFNHWV HWF 1LFH VHOHFWLRQ /LQFROQ WZR FDPHR ODEHOV SRVVLEO\ HQYHORSH VHDOV Â&#x2026; Â&#x2026; &RURQDWLRQ VHW SURGXFHG E\ 8QLRQ IRU 3KLODQWKURSLF 3KLODWHO\ Credit Cards ODUJH VHW RI ODEHOV DOVR VHH 0HUFXU\ $LUPDLO (VVD\ LQ ILYH The best way to pay, guaranteed. Best exchange rates GLIIHUHQW FRORXUV DQG 025( ODEHOV Â&#x2026; Â&#x2026; for overseas clients. Immediate despatch of purchases.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 5
Â&#x2019; ::, 3523$*$1'$ /$%(/6 LQFO VL[ :LQR[
ODEHOV ZLWK /XVLWDQLD (GLWK &DYHOO =HSSHOLQ 5HPHPEHU 1RWKLQJ *HUPDQ LQ VL[ GLIIHUHQW FRORXUV SURGXFHG E\ WKH )LQH $UW 7UDGH *XLOG ODUJH ODEHO ZLWK *HUPDQ $UPV DQG /XVLWDQLD 7KH %ORW 7KDW :RQ W &RPH 2II 1DWLRQDO 3KLODWHOLF :DU )XQG LQ VL[ GLII FRORXUV DOVR *HUPDQ *RWW 6WUDIH (QJODQG ODEHOV LQ GLII FRORXUV SOXV WZR RYDO VHDOV GHSLFWLQJ D 8 %RDW VXEPDULQH *HQHUDOO\ JRRG WR ILQH Â&#x2026; Â&#x2026; 4 ,QWHUUXSWHG IOLJKWV IRXU FRYHUV -DQXDU\
.HQ\D WR *HUPDQ\ 0DUFK $PVWHUGDP WR 2PDUXUX 6HSWHPEHU 6 $IULFD WR 8. DQG )HEUXDU\ %DVXWRODQG WR )UDQFH (DFK ZLWK W\SHG XS GHWDLOV Â&#x2026; Â&#x2026; Â&#x2019; .*9, &RURQDWLRQ RPQLEXV FROOHFWLRQ RI
Â&#x2019; .*9, *% )5$1&( '8$/ ,668( JURXS RI Â&#x2019; SUREDEO\ ERJXV HVVD\V EDVHG RQ SURSRVHG $QJOR )UHQFK
4 :UHFN 0DLO 3UHVWZLFK $LU &UDVK /DUJH
3267$/ +,6725< 32: (QYHORSH
HQYHORSH ZLWK .*9, G DQG 4(,, G VKRZLQJ VLJQ RI ILUH GDPDJH 2+%06 HQYHORSH ERWK ZLWK ER[HG 6DOYDJHG 0DLO $LUFUDIW &UDVK 3UHVWZLFN a KDQGVWDPSV Â&#x2026; Â&#x2026;
HQGRUVHG )0 ZLWK 7HOHJUDP &RQVWDQWLQH &'6 DQG ODUJH /H &RPPDQGDQW FDFKHW 33& ZLWK -XLQ &'6 DQG 6XEGLYLVLRQ 'DLQ 6HIUD FDFKHW (QY ZLWK )$ RYSW VHQW WR )UDQFH VWDPSOHVV (QY VHQW WR )UDQFH ZLWK DQ RIILFLDO FDFKHW DQG 2UDQ &'6 $ JRRG ORW RI &RYHUV &DUGV Â&#x2026; Â&#x2026;
Â&#x2019; 5KRGHVLD DQG 1\DVDODQG RQ ROG SDJHV
GHILQ VHW WR Â&#x2026; LQF FRLO VWDPSV GHILQ VHW WR Â&#x2026; LQF FRLO VWDPSV ,QGHSHQGHQFH RYSWV VHW WR Â&#x2026; 3267$/ +,6725< $ ILQH VHOHFWLRQ RI 5KRGHVLD GHILQ VHW WR Â&#x2026; D JRRG UDQJH RI VWDPSV PLQW &RYHUV &DUGV ,QF VFDUFH 3RVWH $HULHQQH ZLWK D ODUJH &DW Â&#x2026; Â&#x2026; Â&#x2026; FURVV DSSOLHG VHQW WR )UDQFH (QY ZLWK $OJHU *DUH 67$036 21 67$036 0,1,$785( 6+((76 VHFWLRQ $YLRQ +6 FDQFHOOLQJ VWDPSV (QY ZLWK $&&808/$7,21 DOO GLIIHUHQW PLQW RU XQ PRXQWHG PLQW ZLWK D $YLRQ FDQFHOOLQJ RI WKH VWDPSV ZLWK 33& V $Q LQWHUHVWLQJ IHZ XVHG QRWH RGG EHWWHU VKHHW VXFK DV (DVW *HUPDQ\ ORW RI &RYHUV &DUGV Â&#x2026; Â&#x2026; 6WDPS ([KLELWLRQ FOHDQ ILQH 06 Â&#x2026; Â&#x2026;
3267$/ +,6725< $ YHU\ LQWHUHVWLQJ JURXS RI
Â&#x2019; 5HG &URVV VHWV LQF )DONODQG ,V DQG +RQJ
.RQJ PLQW Â&#x2026; Â&#x2026; Â&#x2019; &KXUFKLOO H[WHQVLYH FROOHFWLRQ RI ZRUOG VHWV LQF Â&#x2019; %ULWLVK &RPPRQZHDOWK 0LGGOH (DVW $IULFD VHHQ SHUI DQG
LPSHUI VHWV D YHU\ LPSUHVVLYH FROOHFWLRQ RI LWHPV IUHVK 80 LQ VH WHQDQW VWULSV DQG 06 Â&#x2026; Â&#x2026; %ODGRQ )', +RQJ .RQJ $VFHQVLRQ %$7 3LWFDLUQ ,V WR QDPH MXVW VRPH LQ WKLV FROOHFWLRQ PDLQO\ XQDGGUHVVHG WZR ZLWK DGGUHVVHV Â&#x2026; Â&#x2026;
Â&#x2019; &DW Â&#x2026; 6SDQLVK 32 ZLWK FRQWUROV VHW RI
9)0 6* ( Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; )UHQFK 32 3RVWDJH GXHV 9)0
Â&#x2019; :25/' &83 FROOHFWLRQ RI 06 DQG Â&#x2019; LOOXVWUDWHG FRYHUV ZLWK WKH UHVXOW IURP WKH JDPHV SOD\HG +RXVHG LQ WZR DOEXPV ZLWK GHWDLOV D VXSHUE ORW IRU WKH ZRUOG
6*)' )' Â&#x2026; Â&#x2026; Â&#x2019; 8QLVVXHG DLU VHWV 6SDQLVK F WR S PLQW Â&#x2019; )UDQTXLFLD 'HO &RQVHOO RYSW VHW 80 VWDPSV Â&#x2019; Â&#x2026; Â&#x2026;
FXS LQ -DSDQ Â&#x2026; Â&#x2026;
Â&#x2019; Â&#x2019;
&RYHUV &DUGV ,QF $G UDLO ,QF 3RVWDO /HWWHU &DUGV ZLWK +XQJDULDQ VWDPSV ILQH $OJHU &'6 DQG VPDOO SDTXHERW +6 SDLG Â&#x2026; LQ IRU LW 33& RI DQ $LUFUDIW &DUULHU ZLWK 6RFLDOV 'H /D 0DULQH &'6 FDQFHO 3RVWDO &DUG 6HUYLFH 6XVSHQGHG VHQW IURP 2UDQ WR )UDQFH ::,, FHQVRUHG PDLO $Q LQWHUHVWLQJ JURXS Â&#x2026; Â&#x2026;
$1'255$
&KXUFKLOO LOOXVWUDWHG IGFV LQF *% ZLWK
Â&#x2019;
(35(89( '( /8;( &ROOHFWLRQ RI ZLWK LPSHUI VWDPSV RQ :KLWH &DUG ZLWK *ROG %RDUGHUV DQG LPSULQWV %LUGV 6HW &UDIW 6HW 3DUNV 6HW FRLQV *DPH $ JRRG UDQJH Â&#x2026; Â&#x2026;
2OG $OEXP 3DJHV ZLWK LVVXHV IURP )UHQFK &RORQLHV WR ,QGHSHQGHQFH V LVVXHV ZLWK PDQ\ VHWV RYHU VWDPSV ZLWK KLJK YDOXH $LUV HDFK VWDPSV EHLQJ GLIIHUHQW Â&#x2026; Â&#x2026;
SRVWDJH VWDPS LVVXH GHVLJQHG E\ 'XODF (QJOLVK )UHQFK YHUVLRQV LQ YDULRXV FRORXUV SHUI LPSHUI ZLWK JXP &OHDQ ILQH Â&#x2026; Â&#x2026;
Â&#x2019;
(35(89( '( /8;( &ROOHFWLRQ RI LPSHUI VWDPSV RQ VSHFLDO FDUG ZLWK *ROG %RDUGHUV DQG LPSULQW ,QF %LUGV VHW RI :RUOG )DLU ,QVHFWV $ YHU\ JRRG UDQJH VHOGRP VHHQ Â&#x2026; Â&#x2026;
(35(89( '( /8;( *ROG HPERVVHG FDUGV ZLWK ,03(5)25$7( LVVXHV DIIL[HG LVVXHV 9HU\ ILQH FROOHFWLRQ RI GLIIHUHQW LPSHUI LVVXHV IURP YHU\ OLPLWHG SULQWLQJV Â&#x2026; Â&#x2026;
VWDPSV FDW Â&#x2026; PLQW QHDWO\ DUUDQJHG RQ SDJHV ZLWK GHWDLOV Â&#x2026; Â&#x2026;
{ Â&#x2019; Â&#x2019; Â&#x2019;
$/*(5,$ (35(89(6 '( /$;( ,PSHUIRUDWHG VWDPSV RQ :KLWH &DUGV PDLQO\ ZLWK *ROG %RDUGHUV DQG ,PSULQW ZLWK PDQ\ VHWV VHHQ *D]HOOHV %XWWHUIOLHV )ORZHUV 0DULQH OLIH &RLQV $ YHU\ JRRG JURXS RI (SUHXYHV Â&#x2026; Â&#x2026;
2PQLEXV LVVXH 4(,, WK %LUWKGD\ /LIHWLPH RI 6HUYLFH &ROOHFWLRQ RI FKLHIO\ )'& LQ $OEXPV 3ULVWLQH VRPH Â&#x2019; 3RVWDJH GXHV FRPSOHWH VHWV LQF VHW WR 80 VKHHWOHWV LWHPV Â&#x2026; Â&#x2026; Â&#x2019; IU 80 6* )' )UHQFK LVVXHV PLQW FKLHIO\ 80 Â&#x2019; $'(1 VWDPSV FDW Â&#x2026; Â&#x2026; Â&#x2026; .*9, 'KRZ VHW WR U 6* IUHVK PLQW &DW Â&#x2019; 8102817(' 0,17 FROOHFWLRQ 6SDQLVK Â&#x2019; LVVXHV LQF GHILQ VHW D VXSHUE FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2026; PV VKHHWOHWV KRXVHG LQ /LJKWKRXVH SULQWHG SDJHV .*9, 4(,, RQ ROG SDJHV ZLWK PDQ\ VHWV LQF Â&#x2026; Â&#x2026; VHW RI V ZHGGLQJ VHWV GLIIHUHQW VWDWHV 3ULQWHG 'DYR SDJHV ZLWK 6SDQLVK SRVW RIILFH GHILQ VHW WR GHILQ VHW WR 6XOWDQ VWDWH VHWV D YHU\ LVVXHV LQF GHILQV WR S LQF S DQG S 6* D D PLQW JRRG UDQJH RI VWDPSV PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; ZLWKRXW FRQWURO QXPEHUV S S PLQW SLFWRULDO VHW .*9, GHILQ VHW DV 8102817(' 0,17 EORFNV WR S PLQW F IX DLU PLQW $ JRRG UDQJH RI FKLHIO\ RI 6* Â&#x2026; Â&#x2026; PLQW LQF 80 Â&#x2026; Â&#x2026;
%ULWLVK )32 LQ $GHQ ILQH ORW RI FRYHUV
IUDQNHG %ULWLVK VWDPSV WLHG )32 3PNV Â&#x2026; Â&#x2026;
WR S WR S RYSWV F F F D JRRG ORW RI VWDPSV XQFKHFNHG IRU WKHUH SULQWLQJV PLQW Â&#x2026; Â&#x2026;
Key to symbols in this catalogue â&#x153;±
â&#x153;&#x2030;
Used Mint Postal History
â&#x153;&#x2C6; â&#x153;±â&#x153;± &
$1'255$ 63 Â&#x2019; (DUO\ LVVXHV RQ D VWRFNSDJH ZLWK EHWWHU LQF
Airmail Unmounted mint Literature
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 6
Â&#x2019; 0,17 &2//(&7,21 RQ 1HZ ,PSHULDO SDJHV DOO
$17,*8$
GLIIHUHQW VWUHQJWK OLHV LQ D JRRG UDQJH RI .*9 +HDGV ZLWK YDOXHV WR òG IHZ 5RRV DQG PRUH &OHDQ DQG PRVWO\ ILQH PLQW FDW Â&#x2026; DSSUR[ VWDPSV Â&#x2026; Â&#x2026;
Â&#x2019; (GZDUG DQG $UPV VHW PLQW 6*
Â&#x2026; Â&#x2026;
Â&#x2019; .*9 +HDG òG LQYHUWHG ZDWHUPDUN DV IUHVK Â&#x2019; 0 80 EORFN 6* Z Â&#x2026; Â&#x2026; Â&#x2019;
Â&#x2019; %DGJH VHW )0 6* Â&#x2026; Â&#x2026;
$5*(17,1$
Â&#x2019; .*9 KHDGV PLQW FDW Â&#x2026; G JUHHQ òG
VFDUOHW G UHG EURZQ QRWH 80 G G ERWK VKDGHV G FRUQHU SDLU 80 6* IUHVK Â&#x2026; Â&#x2026;
6SHFLPHQ PXHVWUD $LU VHW RI 6* 6FRWW & H[SHUWLVHG RQ WKH UHYHUVH Â&#x2026; Â&#x2026;
8102817(' 0,17 &ROOHFWLRQ LQF V ,QGHSHQGHQFH 6KHHWOHW RI $LU 5RFNHW 'U 6RQ )DPRXV :RPHQ $ YHU\ JRRG UDQJH RI VWDPSV DQG VKHHWOHW Â&#x2026; Â&#x2026; { 5(9(18(6 D YHU\ JRRG FROOHFWLRQ RI HDUO\
Â&#x2019; .*9 KHDGV òG G LQF WKLQ SDSHU DQG
ZPN LQY òG LQF EON RI G W\SH $ DQG % G òG G ZLWK VKDGH D YDULHWLHV +LJKO\ FDWDORJXHG UDQJH RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; V G SDOH JUHHQLVK EOXH 3 ZPN PXOW
&URZQ RYHU D 6* ILQH PLQW Â&#x2026; Â&#x2026; LVVXHV WR LQF SURYLQFH LVVXHV RYHU UHYHQXHV LQF VH WHQDQW SDLU HDFK VHHP WR EH GLIIHUHQW ZLWK KLJK YDOXHV OLJKW Â&#x2019; PRVW FRPPHPRUDWLYHV RI WKH SHULRG LQFO DGKHVLRQ WR 2OG 3DJHV $ VXSHUE YDULHW\ VHOGRP VHHQ LQ VXFK /\UHELUG LQ ERWK VKDGHV &HQW 9LFWRULD ERWK SHUI VHWV TXDQWLWLHV Â&#x2026; Â&#x2026; 0DFDUWKXU VHW ZLWK ERWK G *DOOLSROL VHW QR %ULGJH RU 6LOYHU -XELOHH EHWZHHQ 6* PRVWO\ ILQH PLQW $6&(16,21 Â&#x2026; Â&#x2026; { .*9 RYSW 6HW )8 6* 6PDOO JXP VSRW RQ Â&#x2019; 5RR 6* YHU\ ILQH PLQW G $OO VXSHUE ZLWK FULVS &'6 3PNV Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 3DJHV ZLWK EHWWHU SLFNLQJV GHILQLWLYHV WR
Â&#x2019; .LQJVIRUG 6PLW\ G EURZQ 6* DV -RVK $VK G PLQW .*9, GHILQV WR GLIIHUHQW SULQWLQJV 4 LPSULQW EORFN ZLWK UH HQWU\ YDULHW\ YIP $6& 4(,, ELUG VHW WR Â&#x2026; $ ILQH UDQJH RI VWDPSV PLQW =( Â&#x2026; Â&#x2026; FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 26 RYSW G DLUPDLO 6* D DV IUHVK XP { 6LOYHU -XELOHH VHW 9)8 6* Â&#x2026; Â&#x2026; Â&#x2019; PDUJLQDO EORFN $6& Â&#x2026; Â&#x2026;
4
Â&#x2019; '$9,7 )/$: òG RULJLQDO SULQWLQJ 6* D ILQH
PLQW Â&#x2026; Â&#x2026; Â&#x2019; 9DULHW\ VFDUFH G ZLWK PRXQWDLQHHU IODZ
6* GD IUHVK PLQW Â&#x2026; Â&#x2026; ^3KRWR`
&(17(1$5< 2) 9,&725,$ G -RKQ DVK LPSULQW EORFN RI S ò EORFN RI S ò G EORFN RI S ò G VLQJOH G VLQJOHV VLQJOHV PDLQO\ PLQW Â&#x2026; Â&#x2026; 0DF 5REHUWVRQ $LU 5DFH )ORZQ &RYHU H[ 8.
VLJQHG E\ 5RVFRH 7XUQHU WRJHWKHU ZLWK D SLFWRULDO FDUG Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 3LFWRULDOV ZLWK GLIIHUHQW SHUI W\SHV DQG
VKDGHV &RURQDWLRQ VHW 6 :HGGLQJ VHW 838 VHW DOO PLQW D ILQH FROOHFWLRQ RI VWDPSV DQG KLJKO\ FDWDORJXHG Â&#x2026; Â&#x2026;
0DF$UWKXU 6WXG\ RQ SDJHV 80 G 'DUN +LOOV EORFN RI G G EORFN RI G /LJKW +LOO -RKQ $VK LPSULQWHG JXWWHU EORFN RI PLQW SOXV WKH VHW )8 &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 'DYLW )ODZ G 6* FD 9)0
Â&#x2026; Â&#x2026;
6,/9(5 -8%,/(( G ZLWK SODWH QXPEHU LQ EORFNV RI IURP HDFK RI WKH FRUQHUV PLQW G -RKQ DVK LPSULQW EORFN RI PLQW VHW PLQW VHW )8 D JRRG ORW Â&#x2026; Â&#x2026;
Â&#x2019; 6&$5&( FRPSOHWH VKHHW ZLWK D YDULHW\ òG Â&#x2019; 6* ED 5 IUHVK 80 ZLWK VKHHW QXPEHU LPSULQWV DQG F\O
$ ILQH VKHHW Â&#x2026; Â&#x2026;
Â&#x2019; 1(: 6287+ :$/(6 -RKQ $VK LPSULQW
Â&#x2019; 0RXQWDLQHHU )ODZ G 6* FD 9)0
PXOWLSOHV G EORFNV G JXWWHU EORFN G EORFN SOXV D VLQJOH VHW IUHVK PLQW &Â&#x2026; 6* Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
6&2876 &(17(1$5< -$0%25(( %(/$,56
Â&#x2019; S 5XE\ :HGGLQJ '28%/( 29(535,17 Â&#x2019; 9$5,(7< 6* D 80 Â&#x2026; Â&#x2026;
6$ &'6 21 .*9 )UDQNHG 6SHFLDO 3LFWRULDO &RYHU 9HU\ ILQH DQG VFDUFH Â&#x2026; Â&#x2026;
Â&#x2019; '(),1,7,9( ,VVXHV ,QF RYSW V WR Â&#x2019; PLQW %DGJH ZLWK YDOXHV WR ,QF VKDGHV DQG Â&#x2019; PLQRU YDULHWLHV VHHQ òG FOHIW URFN $ JRRG UDQJH RI
'HILQLWLYHV VWXG\ ZLWK YDOXHV WR Â&#x2026; ZLWK YDULHWLHV DQG EHWWHU SLFNLQJV G PHGDO IODZ XP G NRDOD GRW EHORZ IUDPH %: FDW XP ERWK SULQWLQJ RI WKH DQG Â&#x2026; LPSULQWHG EORFNV ZLWK LWHPV QHHGV ZULWLQJ XS 0XFK PLQW LQF 80 Â&#x2026; Â&#x2026;
VWDPSV PLQW ,QF 80 Â&#x2026; Â&#x2026; { ),1( 86(' 6XSHULRU 4XDOLW\ VWDPSV
Â&#x2019; 3267$*( '8( 6HW RI SOXV DGGLWLRQ G
:HGGLQJ GHILQ VHW %LUG GHILQ VHW FRPPHPV Â&#x2026; Â&#x2026;
VKDGH G EORFN RI ZLWK D VFUDWFK YDULHW\ 6*' &DW Â&#x2026; IUHVK PLQW Â&#x2026; Â&#x2026;
::, 9HU\ ILQH VPDOO FRYHU WR 8. IUDQNHG
Â&#x2019; ,PSHULDO )RUFHV DV EORFNV LQF G DV Â&#x2019; 0F&UDFNHQ LPSULQWHG EORFN RI G G EORFNV RI DQG G
.*9 G WLHG $VFHQVLRQ &'6 ZLWK ORFDO W\SH &(1625(' +DQGVWDPS DORQJVLGH Â&#x2026; Â&#x2026;
EORFN RI DOO IUHVK 80 Â&#x2026; Â&#x2026;
$8675$/,$
Â&#x2019; .*9, G 6* FRLO VWULS RI ZLWK $
&RPPHPRUDWLYH FROOHFWLRQ RQ ROG SDJHV FDW Â&#x2026; LQF DLU VHW PLQW DQG )8 9LFWRU\ ERWK SHUI W\SHV $1=$= VHW PLQW SOXV VFDUFH DV D XVHG EORFN RI V MXELOHH VHW PLQW D JRRG UDQJH RI VWDPSV Â&#x2026; Â&#x2026;
/($'(5 LQWDFW D IDOVH FRLO VWULS RI ZLWK FRLO MRLQ VHYHUDO RWKHU LWHPV 0L[HG PLQW Â&#x2026; Â&#x2026; Â&#x2019; 0('$/ 9$5,(7< òG RQ G 6* E QKP Â&#x2019; ZLWKLQ PDUJLQDO EORFN Â&#x2026; Â&#x2026;
Â&#x2019; .RRNDEXUUD G HQJUDYHG 6* D JURXS RI IRXU
VXSHUE YIP VKRZLQJ D YDULHW\ RI VKDGHV SULQWLQJV FKRLFH Â&#x2026; Â&#x2026;
www.philangles.co.uk
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 7
Â&#x2019; $XWKRULW\ LPSULQWHG EORFNV RI 80 G òG Â&#x2019; òG DQG òG WKH òG ZLWK UHWRXFKHG &ORXGV DERYH
2IILFLDO 6RXYHQLU IOLJKW FRYHUV WK 4 $QQLYHUVDU\ (QJODQG WR $XVWUDOLD IURP D YDULHW\ RI GHVWLQDWLRQV
(PX Â&#x2026; Â&#x2026;
HDFK VLJQHG LQF PXOWLSOH VLJQHG FRYHUV Â&#x2026; Â&#x2026;
Â&#x2019; 9DULHW\ G .RDOD RIIVHW RQ UHYHUVH QKP 6OLJKWO\ &DSWDLQ &RRN F 6* RQ UDUH 60$// Â&#x2019; DJHG %: & Â&#x2026; Â&#x2026; )250$7 VLQJOH XVDJH )'& XQDGGUHVVHG ILQH PLQRU
SHULSKHUDO VWDLQLQJ Â&#x2026; Â&#x2026;
Â&#x2019; 5RR 5HGUDZQ 'LH DV D $XWKRULW\ LPSULQWHG Â&#x2019; EORFN RI 6* 80 Â&#x2026; Â&#x2026;
Â&#x2019; 0LVVLQJ FRORXU HUURU F 6WXUWV GHVHUW SHD ZLWK Â&#x2019; %8)) FRORXU RPLWWHG 80 ZLWK QRUPDO WR FRPSDUH 6* %%
FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ ZLWK PDQ\ EHWWHU SLFNLQJV LQ Â&#x2019; LPSULQWHG EORFNV RI G FRLO SHUI KDOI VKHHW 80 G Â&#x2019; FRLO MRLQW SDLU ERRNOHW VWULS RI ERRNOHW SDQHV G JUHHQ FRLO
Â&#x2019; 2))6(7 (5525 4XHHQ F GHILQ DV D
VSHFWDFXODU PLQW EORFN RI DOO ZLWK D VWURQJ RIIVHW %: F Â&#x2026; Â&#x2026;
SDLUV RYHU LWHPV PDQ\ PRUH VWDPSV FKLHIO\ PLQW LQF 80 Â&#x2026; Â&#x2026;
Â&#x2019; 2IIVHW HUURU 4XHHQ F GHILQ DV D VSHFWDFXODU Â&#x2019; XP EORFN XSSHU SDLU RIIVHW ORZHU SDLU WRS RIIVHW
Â&#x2019; 1R ZDWHUPDUN HUURU òG SHDFH QKP Â&#x2019; %: $ Â&#x2026; Â&#x2026;
%: F Â&#x2026; Â&#x2026; Â&#x2019; F FRLO SDLU %8)) 20,77(' VKDGRZV RQ Â&#x2019; IORZHUV 6* EE ILQH 80 ZLWK QRUPDO IRU FRPSDULVRQ
Â&#x2019; 3ULQFHVV (OL]DEHWK FRPSOHWH VKHHW RI Â&#x2019; VWDPSV ZLWK JXWWHU SDLUV LPSULQWHG EONV DQG IOXVK SHUIV
FDW Â&#x2026; Â&#x2026; Â&#x2026;
6* 80 VHOGRP VHHQ LQ FRPSOHWH VKHHWV Â&#x2026; Â&#x2026;
Â&#x2019; $ERULJLQDO DUW F XP PDUJLQDO SDLU RQH XQLW Â&#x2019; ZLWK %/$&. &2/285 20,77(' IDFH YDOXH $XVWUDOLD
Â&#x2019; ,PSULQW EORFNV G 3ULQFHVV (OL]DEHWK Â&#x2019; 6* D ZLWK GLIIHUHQW VKHHW ORFDWLRQ EORFNV HWF
6* D RQO\ EHOLHYHG WR H[LVW Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; $ERULJLQDO DUW F XP YHUWLFDO JXWWHU VWULS RI Â&#x2019; .*9, G ULJKW KDQGVLGH SDQH RI ZLWK LPSULQW Â&#x2019; ZLWK PLGGOH XQLW %/$&. &2/285 20,77(' IDFH YDOXH Â&#x2019; ERWWRP OHIW DQG SLS DW WKH WRS RI WKH VKHHW 6* 80
$XVWUDOLD 6* DE RQO\ H[DPSOHV EHOLHYHG WR H[LVW Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 5REHV LPSULQW EORFN VWDPSV 80 +LQJHG Â&#x2019; (UURU F FUDE ZLWK \HOORZ EURZQ RPLWWHG IUHVK Â&#x2019; LQ RXWHU PDUJLQ 6* %: D FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; QKP 6* E 2QO\ DERXW H[DPSOHV EHOLHYHG WR H[LVW
Â&#x2026; Â&#x2026;
Â&#x2019; 5RR òG ULJKW KDQGVLGH SDQH RI ZLWK OLVWHG Â&#x2019; YDULHWLHV LQF OLQH E\ HDU 5 QR ZPN LVVXH 6* PDQ\
Â&#x2019; 0LVVLQJ FRORXU HUURU F GHYHORSPHQW ZLWK Â&#x2019; XPEHU FRORXU SDUWLDOO\ RPLWWHG QKP LQ PDUJLQDO SDLU ZLWK QRUPDO
GLIIHUHQW YDULHWLHV OLVWHG LQ %: VSHFLDOLVW FDWDORJXH 80 Â&#x2026; Â&#x2026;
%: F FDW 2QO\ WHQ H[DPSOHV H[LVW 5DUH YDULHW\ Â&#x2026; Â&#x2026;
Â&#x2019; 6WDPS %RRNOHW .*9, G 6*% YHU\ Â&#x2019; ILQH Â&#x2026; Â&#x2026;
Â&#x2019; 0,66,1* &2/285 (5525 F ZLOG IORZHUV Â&#x2019; XP YHUWLFDO VWULS RI ZLWK XQLW 5 <(//2: *5((1
Â&#x2019; $UPV Â&#x2026; WKLQ SDSHU YDULHW\ QKP YHU\ UDUH Â&#x2019; VWDPS %: $ WRJHWKHU ZLWK WKLQ SDSHU WR FRPSDUH FDW
&2/285 20,77(' WZLJV ILQH QKP 6* E Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2019; (UURU DQQLY F ZLWK *ROG &RDVW FRORXU RPLWWHG Â&#x2019; QKP XP 6* E $ERXW PLQW H[DPSOHV H[LVW Â&#x2019; %RRNOHW SDQH .*9, G DV D EORFN RI VWDPSV Â&#x2019; HTXDOV WR ERRNOHW SDQHV ZLWK ZHDN HQWU\ WR ERWWRP RI WKH Â&#x2026; Â&#x2026;
WDEOHW OLVWHG YDULHW\ EZ IUHVK 80 PLQ FDW Â&#x2026; Â&#x2026;
Â&#x2019; 1DWLRQDO SDUNV F VH WHQDQW SDLU JURVVO\ Â&#x2019; PLVSHUIRUDWHG QKP %: EE Â&#x2026; Â&#x2026;
4DQWDV $XVWUDOLD DQG 6RXWK $IULFD LOOXVWUDWHG 4 IOLJKW FRYHUV LQF 0DXULWLXV WR &RRN ,V $XVWUDOLD WR 6RXWK
Â&#x2019; 1DWLRQDO SDUNV F YHUWLFDO VH WHQDQW SDLUV $IULFD ZLWK DUPV IUDQNLQJ DQG VSHFLDO FDFKHWV D JRRG ORW Â&#x2019; 6* DV XP FRUQHU EORFN RI WHQ ZLWK DQ DGGLWLRQDO URZ RI YHUWLFDO SHUIRUDWLRQV RQ URZ 9HU\ XQXVXDO Â&#x2026; Â&#x2026; IRU ZULWLQJ XS HDFK FRYHU LV GLIIHUHQW Â&#x2026; Â&#x2026; Â&#x2019; 1DWLRQDO SDUNV HUURU F VWULS RI ZLWK 5,*+7 <RXQJ IDUPHUV òG 0,63/$&(' 9,*1(77( Â&#x2019; +$1' 3$,5 ,0325)25$7(' YHUW SHUIV DW OHIW 6* DE FDW (5525 XQXVHG $ VSHFWDFXODU VKLIW %: F ZLWK QRUPDO WR Â&#x2026; VPDOO JXP IDXOWV QRW YLVLEOH IURP IURQW 6SHFWDFXODU FRPSDUH Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; )'& 2) $8675$/,$ $ PRVW H[FHSWLRQDO FROOHFWLRQ RI FLUFD GLIIHUHQW KRXVHG LQ VKRHER[HV SDFNHWV Â&#x2019; %RRNOHW FROOHFWLRQ HDFK GLIIHUHQW ZLWK D DQG DOEXP LQ WZR FDUWRQV )LQHVW TXDOLW\ PDQ\ GHILQLWLYH LVVXHV Â&#x2019; IDFH YDOXH RYHU 80 Â&#x2026; Â&#x2026; ,QF V WR FDWWOH FRPPHPV YHU\ FRPSOHWH GHILQV WR Â&#x2019; ,PSHUIRUDWH SDLU F %XWWHUIO\ ILQH QKP $$7 LVVXHV IUDPH VHWV WKH VHW RI 2O\PSLFV Â&#x2019; 6* D Â&#x2026; Â&#x2026; FDQFHOOHG DW GLIIHUHQW RIILFHV DQG PXFK PRUH 6XSHUE ORW Â&#x2026; Â&#x2026; { %22./(76 6XSHUE ILQH XVHG Â&#x2019; ,PSHUIRUDWH DW ULJKW HUURU òG 4XHHQ GHILQ DV DV FRPSOHWH ERRNOHWV &72 FDQFHOOHG VHOGRP VHHQ Â&#x2019; QKP FRUQHU SDLU VSHFWDFXODU UDUH 6PDOO JXP VSRW LQ RXWHU Â&#x2026; Â&#x2026; PDUJLQ PHQWLRQHG IRU DFFXUDF\ %: %$ FDW (;+,%,7,21 &$1&(//$7,216 RIWHQ RQ Â&#x2026; Â&#x2026; VSHFLDO PXOWL IUDQNHG 5HJ G FRYHUV V SHULRG OLPLWHG $ VHOHFWLRQ RI PLVSHUIRUDWHG VWDPS HUURUV P QXPEHUV VHUYLFHG GLIIHUHQW Â&#x2026; Â&#x2026; IX VHYHUDO DUH UDWKHU VSHFWDFXODU G 5R\DO YLVLW )OLJKW FRYHUV PDLQO\ HDUO\ ILUVW IOLJKWV RI WKH DUWV F EODFN VKLIW 1= MRLQW LVVXH F VKLIW DW WRS 4 V LQF 9LFWRULD WR 7DVPDQLD FDFKHW RQ D PXOWLSOH OLYLQJ PDMRU VKLIW HWF *RRG ORW Â&#x2026; Â&#x2026; IUDQNHG FRYHU IURP 7DVPDQLD WR 0HOERXUQH $XVWUDOLD WR Â&#x2019; (UURU G +DUJUDYH ZLWK SXUSOH IDFH YDOXH (QJODQG ILUVW IOLJKW FRYHUV &KULVWPDV VSHFLDO IOLJKW LOOXVWU ILUVW DOO Â&#x2019; RPLWWHG ILQH QKP 6* D Â&#x2026; Â&#x2026; WKH ZD\ LOOXVWU HQY V D YHU\ LQWHUHVWLQJ JURXS QHHGV ZULWLQJ XS HYHQ VHHQ D ZUHDN PDLO FRYHU Â&#x2026; Â&#x2026; Â&#x2019; 2IIVHW HUURU 4XHHQ F GHILQ 7ZR GLII H[DPSOHV Â&#x2019; RQH LV LQFUHGLEO\ VWURQJ %: F VRPH WRQH VSRWV +HDGV RQ ROG SDJHV PLQRU YDULHWLHV òG ZLWKRXW VXUFK G IUHVK PLQW D ILQH UDQJH Â&#x2026; Â&#x2026; RI VWDPSV PDLQO\ ILQH XVHG JRRG IRU VWXG\ Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 8
{ .*9 G 5(' +($'6 8VHG UDQJH RI V IRU
Â&#x2019; 4(,, VHW DV EORFNV RI &HQWHQDU\ VHW Â&#x2019; 1DVVDX %DKDPDV 7DONV 6HOI *RYHUQPHQW
ILQGLQJ DOO WKRVH YDULHWLHV WKDW FRPH RQ WKLV LVVXH SOXV /LWHUDWXUH 7KH 5HG +HDG E\ &ROLQ %HHFK WR KHOS VRUW WKHP RXW Â&#x2026; Â&#x2026;
RYSW VHW RI 2O\PSLF G 1HZ ZPN GHILQ VHW IRU G VXUFK 1HZ &XUUHQF\ VHW RI DOO 80 Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ ZLWK PDQ\ VHWV LQF GHILQV WR
5REH ZLWK VSHFLPHQ RYSW 1HZ 6RXWK :DOHV Â&#x2019; .*9, FROOHFWLRQ RQ VWRFNSDJHV GHILQV WR Â&#x2026; ODQGIDOO WR Â&#x2026; GHILQ VHW RI 6LOYHU )RUFH VHW DQG SLFWRULDO VHW D JRRG UDQJH RI VWDPSV :HGGLQJ VHW 838 VHW D KLJKO\ FDWDORJXHG FROOHFWLRQ FDW Â&#x2026; PLQW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; 6HOHFWLRQ RI EHWWHU .*9 LWHPV RQ SXUFKDVH
FDUGV &DW Â&#x2026; ,QF G G 5RR 6* .*9 %$+5$,1 KHDGV SRVWDJH GXHV WR $OO 0 80 VWDPSV Â&#x2019; U FDUPLQH RUDQJH U XOWUDPDULQH SXUSOH Â&#x2026; Â&#x2026; 6* YIP Â&#x2026; Â&#x2026; 6SHFLDOLVW VWXG\ RI WKH G LQF -RKQ $VK LPSULQWV EORFN RI ZLWK ZKLWH IDFH .LQJ ZLWKLQ DXWKRULW\ LPSULQWV Â&#x2019; 'HILQLWLYHV DV EORFNV RI XQPRXQWHG PLQW ZLWK WKLQ SDSHU SDUW GRXEOH SHUIV D JRRG ORW RI LWHPV FRYHU Â&#x2019; YDOXHV WR U H[ D D 6* Z KLJK &DW &KLHIO\ IUHVK PLQW Â&#x2026; Â&#x2026; 9DOXH 6HOGRP VHHQ LQ EORFNV 80 Â&#x2026; Â&#x2026; Â&#x2019; .*9, GHILQ VHW 9)0 U :PN LQYHUWHG
$8675$/,$1 $17$5&7,& 7(55,725<
6* &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; $ ILQH FROOHFWLRQ ZLWK PDQ\ VHWV RYHU Â&#x2019; VWDPSV PV VKHHWOHWV DQG ERRNOHWV &KLHIO\ 80 RGG PLQW D Â&#x2019; .*9, :+,7( %$&.*5281' 6(7 DV EORFNV RI Â&#x2019; JRRG UDQJH RI LVVXHV DV VHWV LQF GHILQLWLYH VHWV Â&#x2026; Â&#x2026; Â&#x2019; XQPRXQWHG PLQW 6* 6HOGRP VHHQ 80 LQ EORFNV { 9HU\ ILQH XVHG FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; PV VKHHWOHWV DV VHWV LQF GHILQ VHW VKLS VHW $QWDUFWLF VFHQHV $ YHU\ JRRG UDQJH Â&#x2026; Â&#x2026;
Â&#x2019; .*9, GHILQLWLYH VHW DV EORFNV RI XQPRXQWHG Â&#x2019; PLQW 6* D 6HOGRP VHHQ LQ XQPRXQWHG EORFNV
IUHVK Â&#x2026; Â&#x2026;
$8675,$
Â&#x2019; .*9, GHILQLWLYH VHW DV EORFNV RI XQPRXQWHG (17,5( ZLWK FRQWHQWV ,QQVEUXFN KDQGVWDPS Â&#x2019; PLQW 6* IUHVK VHOGRP VHHQ LQ EORFNV 80
ER[HG / , +6 DQG /$ +6 VHQW WR /RQGRQ Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
1HZVSDSHU PHUFXU\ N %OXH 6*1 VPDOO JURXS PLQW VLQJOH XVHG RQH RQ RULJLQDO IUDJPHQW DQG D JRRG IRUJHU\ &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 4(,, 2YHUSULQWV DV EORFNV RI 80 VHW RI Â&#x2019; &DVWOHV U U W\SH , W\SH ,, VHW RI
VHW RI SOXV ERWK QS VKDGHV 6FRXWV VHW QS W\SH ,, $ YHU\ JRRG ORW 80 Â&#x2026; Â&#x2026;
2OG SDJHV ZLWK %RVQLD DQG +HU]HJRYLD LVVXHV FDW Â&#x2026; $UPV SRVWDJH GXHV SRVWDJH GXHV )8 FÂ&#x2026; GHILQ VHW RI PLQW GHILQ VHW PLQW GHILQ VHW )8 D YHU\ JRRG ORW RI VWDPSV DQ RULJLQDO FROOHFWLRQ Â&#x2026; Â&#x2026;
$ 6HOHFWLRQ RI EHWWHU LWHPV VHWV RQ FDUGV LQF GHILQ VHW 6* GHILQ VHW DOO PLQW &DW Â&#x2026; Â&#x2026; Â&#x2026;
%$5%$'26
{ 9(5< 6&$5&( 5(11(5 6HW RI )RXU LPSHUI
Â&#x2019; .*9 V JUHHQ YLROHW ZPN 0&$ 6*
VKHHWOHWV YHU\ ILQH XVHG HDFK ZLWK 9LHQQD &'6 1HWWR D 6*06 VROG DW 5DSS WKHQ ODWHU DW /HVNL $ VXSHUE VHW RI VKHHWOHWV KXJH &DW YDOXH Â&#x2026; Â&#x2026;
9)0 Â&#x2026; Â&#x2026;
{ (DUO\ SHUILQV D YHU\ JRRG UDQJH RI GLIIHUHQW
{ V EODFN EURZQ 9LFWRU\ ZPN &URZQ WR OHIW RI
DUUDQJHG RQ VWRFNSDJHV ZLWK PDQ\ GLIIHUHQW OHWWHUV DQG RUQDWH W\SHV Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; 2OG SDFNHWV VWRFNFDUG DOEXP SDJHV ZLWK EHWWHU SLFNLQJV GHILQV V V FRVWXPHV J DQG V Â&#x2019; FODUHW SOHELVFLWH VHW ZHOVEDFK D IHZ PLQW Â&#x2019; VWDPSV ZLWK D YHU\ KLJK FDWDORJXH YDOXH Â&#x2026; Â&#x2026;
&$ 6* Z 9)8 Â&#x2026; Â&#x2026; V EODFN EURZQ 9LFWRU\ ZPN &URZQ WR OHIW RI &$ 6* Z 9)0 Â&#x2026; Â&#x2026; 9$5,(7< ZLWKLQ D FRLO VWULS RI òG \HOORZ ELVWUH RQH ZLWK UHFXW OLQH 6* F FE 80 Â&#x2026; Â&#x2026;
68%67$17,$/ 25,*,1$/ &2//(&7,21 RI Â&#x2019; G EURZQ 9(57,&$/ /,1( RYHU +RUVH V +HDG GLIIHUHQW LVVXHV KRXVHG LQ )RXU 'DYR SULQWHG $OEXPV 9$5,(7< 6* D ILQH PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; PDQ\ XVHIXO FRPSOHWH VHWV ZLWK NH\ VHWV EHLQJ PLQW ,QF 0XVLFLDQV $UWLVWV $UWV FÂ&#x2026; $QWL 7% Â&#x2019; 9,&725< 6(7 6* ZLWK 9LROHW 63(&,0(1 FÂ&#x2026; 5RWDU\ FÂ&#x2026; :ULWHUV FÂ&#x2026; 3DLQWHUV KDQGVWDPSV UDUH XQOLVWHG LQ WKLV IRUPDW ORFDO ,VODQG LVVXH FÂ&#x2026; 6NL FÂ&#x2026; 5HOLHI RI 9LHQQD FÂ&#x2026; $LU 0LQW WRQHG Â&#x2026; Â&#x2026; 6HW &Â&#x2026; :HOIDUH FÂ&#x2026; %LUGV FÂ&#x2026; DQ Â&#x2019; /RFDO 63(&,0(1 KDQGVWDPS RQ 2QH 3HQQ\ $OEXP RI %DFN RI WKH %RRN 3RVWDJH 'XHV DQG 0LOLWDU\ 3RVWV VXUFKDUJH PLQW 9HU\ VFDUFH DQG XQOLVWHG 6* WKHVH ODWHU 80 LVVXHV WR DERXW +XJH &9 *RRG LQWDFW VSHFLPHQV ZHUH SUHSDUHG IRU GLVWULEXWLRQ WR ORFDO +RWHOV WR FROOHFWLRQ Â&#x2026; Â&#x2026; SURPRWH WKH VDOH RI VWDPSV WR 7RXULVWV Â&#x2026; Â&#x2026;
$=25(6
Â&#x2019; 6SHFLPHQ KDQGVWDPS LQ 9LROHW RQ 2QH 3HQQ\
{ U WRS YDOXH 6* )8 Â&#x2026; Â&#x2026;
VXUFK PLQW 6* H 8QOLVWHG VFDUFH ORFDO LVVXH ILQH Â&#x2026; Â&#x2026; Â&#x2019; 8QLYHUVLW\ VHW 6* ZLWK 9LROHW 63(&,0(1
%$+$0$6
RYSWV 5DUH XQOLVWHG 6* DQG RI ORFDO LVVXH )LQH PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9 Â&#x2026; 6* IUHVK PLQW Â&#x2026; Â&#x2026;
{ ),1( 86(' .*9, DQG ILUVW 4(,, GHILQ VHW
QRWLQJ 9LFWRU\ òG WZR IODJV RQ WXJ OLVWHG YDULHW\ ZLWKLQ 9)8 FRUQHU EORFN VWF Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6HDO KLJK YDOXHV ZLWK VKDGHV LQF VODWH
SXUSOH DQG LQGLJR D JRRG UDQJH EHWZHHQ 6* E PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 8102817(' 0,17 LQ EORFNV RI Â&#x2019; GHILQLWLYH ZLWK YDOXHV WR 7HUFHQWHQDU\ VHW
Â&#x2019; 6+257 7 YDULHW\ G 6* ED 9)0
VWDPS FHQWHQDU\ VHW ZLWK UHTXLVLWLRQ QXPEHUV 9HU\ IUHVK Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 9
{ 60$// EXW 86()8/ *URXS LQF 9LFWRU\
%(&+8$1$/$1' 3527
òG ZLWK WZR )ODJV RQ 7XJ PLQW GHILQ WR )8 Â&#x2019; 6ZDGGOLQJ VHW PLQW 4(,, WR )8 &KLHIO\ ILQH Â&#x2019; 683(5% &ROOHFWLRQ DV 80 EORFNV RI GHILQ VHW RI 1HZ &XUUHQF\ VHW RI GHILQ VHW XVHG ZLWK VHWV Â&#x2026; Â&#x2026; RI 1HZ &RQVWLWXWLRQ VHW RI &RUSHV VHW RI %$6872/$1' VHOGRP VHHQ GHILQLWLYH VHWV LQ EORFNV RI YHU\ IUHVK Â&#x2026; Â&#x2026; Â&#x2019; 4(,, 'HILQLWLYH VHW DV EORFNV RI 6* VHW Â&#x2019; RI EORFNV YHU\ IUHVK 80 Â&#x2026; Â&#x2026; %(/*,$1 &21*2 Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ D ILQH VHOHFWLRQ RI GLIIHUHQW FRQWHPSRUDU\ LVVXHV
Â&#x2019; 683(5% &2//(7,21 DV 80 EORFNV RI LQF Â&#x2019; 1DWLRQDO &RXQFLO LPSULQWHG VHW RI 1HZ GHILQ VHW
DV VHWV IRU &RQJR DQG 5XDQGD LQF 3ODQWV GHILQ VHW 6* DQG ERWK ODQJXDJHV 6* $ 0R]DUW HWF Â&#x2026; Â&#x2026;
RI 6* QRWH òF òF F F LPSULQWHG EORFNV F òF DQG 5 DV F\OLQGHU EORFNV RI 1HZ ZPN VHW RI 1HZ &RQVWLWXWLRQ VHW RI DV F\OLQGHU EORFNV $ VXSHUE UDQJH RI EORFNV YHU\ IUHVK 80 Â&#x2026; Â&#x2026;
%(/*,80
Â&#x2019; 'HFLPDO RYSWV QKP VHOHFWLRQ YDULRXV GLII Â&#x2019; W\SHV RI RYSWV LQF F GLII U GLII EHWZHHQ 6*
{ 7LQ +DW IU WRS YDOXH 9)8 6*
Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
{ )UDQNHQ 6* )8 &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ FRURQDWLRQ GHILQ VHW RI
9LFWRU\ RYSW SDLUV 5R\DO YLVLW 838 VHWV D ILQH UDQJH FDW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 7LQ +DW GHILQ VHW RI 9)0 6*
0XOWLSOH IUDQNHG FRYHUV 2+06 HQY
ZLWK QHZ FXUUHQF\ RYSWV òF WR U QHZ FXUUHQF\ GHILQV òF WR U /HVRWKR RYSWV òF WR U RQ LOOXVWUDWHG IGF DOO VHQW WR WKH 8. Â&#x2026; Â&#x2026; { 86(' VHOHFWLRQ .*9, WR HWF $
YDULHW\ RI SRVWPDUNV QRWHG Â&#x2026; Â&#x2026;
FÂ&#x2026; Â&#x2026; Â&#x2026;
/,0,7(' 35,17,1* 5R\DO :HGGLQJ &2%/; 06 LPSHUI YHU\ VFDUFH 80 DQG VHW RI VWDPSV PLQW KLJK FDW YDOXH Â&#x2026; Â&#x2026; { 5DLOZD\ VWDPSV ILQH XVHG ZLWK PDQ\ FRPSOHWH
VHWV RQ /LQGQHU SULQWHG SDJHV PRVWO\ H[FHOOHQW FRQWLQHQWDO TXDOLW\ V RI VWDPSV DOO GLIIHUHQW )LUVW GHVLJQ VHW DOO ZLWK QHDW 3PNV 6HW 6HW WR IU VHW WR IU H[WHQVLYH VHW 7UDLQV VHW % RYSW VHW DQG PXFK PRUH YHU\ ILQH ORW Â&#x2026; Â&#x2026;
%(&+8$1$/$1' Â&#x2019; 3URYLVLRQDO RYSW VHW RI ILYH FRPSOHWH PLQW
6HOGRP RIIHUHG UDUH G LV YHU\ ILQH DOO RWKHUV ILQH JXP FUHDVH 6* FÂ&#x2026; Â&#x2026; Â&#x2026;
{ 5(9(18(6 2OG 3DJHV ZLWK D { -XELOHH òG RYHUSULQW LQYHUWHG SDLU 9)8 $ ILQH
UDQJH RI UHYHQXHV LQF ZLWK YDOXHV WR IU DOO XVHG DQG OLJKW DGKHVLRQ WR WKH ROG SDJHV Â&#x2026; Â&#x2026;
DQG VFDUFH PXOWLSOH 6* D 6HH :HEVLWH Â&#x2026; Â&#x2026; { -XELOHH òG RYSW LQYHUWHG 6* D )8
6WRFNFDUGV DQG SDFNHWV ZLWK EHWWHU SLFNLQJ VHHQ WLQ KDWV WR IU 0 WZR GLIIHUHQW UHG FURVV ERRNOHWV ODEHO GHILQ WR IU PLQW D ILQH VHOHFWLRQ PDLQO\ PLQW VWDPSV Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; 7KH &DPS 6HFRQG %RHU :DU 3HULRG
(QYHORSH ZLWK VLQJOH G 6* WLHG 0DIHNLQJ &'6 DGGUHVVHG WR &DSH WRJHWKHU ZLWK RULJLQDO OHWWHU WDONV RI PDUFKLQJ DQG D Â&#x2019; 838 3UHVHQWDWLRQ )ROGHU IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV ZLWK EHWWHU 6LON 'DQFH &DUG IRU D ORFDO SDUW\ VKRZLQJ QXPHURXV 'DQFH FKDULW\ VHWV &DW Â&#x2026; Â&#x2026; Â&#x2026; 3DUWQHUV )LQH Â&#x2026; Â&#x2026;
%(/*,80 &2/21,(6
Â&#x2019; 63(&,0(1 RYHUSULQW VHW RI G 6* V
V PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026;
9DOXDEOH &ROOHFWLRQ RQ ROG $OEXP SDJHV ZLWK EHWWHU LWHPV F WR F 6* PLQW GHILQ V F WR F LQF F &KRFRODWH DQG IU *UH\ PLQW ORFDOO\ KDQGVWDPSHG WR IU FÂ&#x2026; LQF I PLQW 7\SR WR IU PLQW IU )8 5HG &URVV )XQG VHW SLFWRULDOV ZLWK PDQ\ GLIIHUHQW SULQWLQJV F RQ F ZLWK & RPLWWHG ORFDO VXUFK VHW RI PLQW 1DWLYH &DUYLQJV VHW RI 80 $ YHU\ JRRG UDQJH RI VWDPSV PDLQO\ PLQW LQF 80 HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
Â&#x2019; 6HDKRUVH KLJK YDOXHV G 6* IUHVK
PLQW Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG SRVWDJH GXH VHW RI
6*' V PLQW Â&#x2026; Â&#x2026; Â&#x2019; 6LOYHU -XELOHH YDULHW\ G /LJKWQLQJ &RQGXFWRU
6* F ILQH PLQW Â&#x2026; Â&#x2026; Â&#x2019; .*9, GHILQLWLYH VHW DV OLVWHG VKDGHV LQ 6*
VWDPSV 6* IUHVK PLQW Â&#x2026; Â&#x2026;
PLQW YHU\ ILQH TXDOLW\ DQG YLEUDQW FRORXUV RIIHULQJ D ZLGH UDQJH RI VKDGHV OLVWHG LQF 1R G 6* D EXW LQFOXGHV 6* 5HTXHVW VFDQ IRU TXDOLW\ Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 SHUIRUDWHG UR\DO YLVLW VHW RI
6* V V PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9 6* IUHVK PLQW 9HU\ ILQH
0RVW XQXVXDO 1HZ &XUUHQF\ VHW RI QRWH U
Â&#x2019; Â&#x2019; Â&#x2019;
%(508'$ Â&#x2019; 49 LVVXH 6* E $ VXSHUE VHW RI IUHVK
Â&#x2026; Â&#x2026;
W\SH ,, ZLWK ILUVW GD\ RI LVVXH FDQFHO VHH QRWH LQ 6KHOOH\ &DWDORJXH WKDW W\SH ,, KDG EHHQ VHHQ ZLWK )', WK )HE 3RVWPDUN Â&#x2026; Â&#x2026;
Â&#x2019; .*9 6HW RI KLJK YDOXHV WR G IUHVK PLQW
6XUFKDUJH LVVXHV 6* 0 80 VHOHFWLRQ ZLWK DOO YDOXHV WR U ZLWK D YDULHW\ RI W\SHV RI RYSWV QRWHG RULJLQDO ORW Â&#x2026; Â&#x2026;
Â&#x2019; 6LOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO ORJ
9HU\ ILQH 6* Â&#x2026; Â&#x2026;
PLQW 6* . Â&#x2026; Â&#x2026;
{ ),1( 86(' :LWK FRPSOHWH GHILQ VHWV Â&#x2019; 63(&,0(1 3HUI .*9 3LFWRULDO VHW RI òG WR
DQG YHU\ ILQH TXDOLW\ 6WDPSV 72 72 2YHUSULQWV ZLWK D JRRG YDULHW\ RI W\SHV 'HILQ VHW Â&#x2026; Â&#x2026;
6* PLVVLQJ G 7KH FRPSOHWH VHW LV &DW Â&#x2026; 9HU\ ILQH Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 10
Â&#x2019; .*9, KLJK YDOXHV G
%5 &2/80%,$
G Â&#x2026; XQFKHFNHG IRU SULQWLQJV DQG PLQRU YDULHWLHV NQRZQ RQ WKLV LVVXH D ILQH VHOHFWLRQ IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 7ZR &HQWV 6* 9)0 Â&#x2026; Â&#x2026;
Â&#x2019; .*9, YDULHW\ 6+$',1* 20,77(' )520
%5 *8,$1$
723 5,*+7 6FUROO 6* GE IUHVK PLQW $ VWULNLQJ DQG VFDUFH YDULHW\ &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 RYHUSULQWV F 6* V F
6* V DQG SRVWDJH UHYHQXH 6* V PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; .*9, YDULHW\ G %52.(1 /2:(5 5,*+7
6&52// 6* EH IUHVK /00 Â&#x2026; Â&#x2026;
Â&#x2019; RYSW 6* IUHVK PLQW .H\ VWDPS
V G JUH\ SDOH RUDQJH FKDON\ SDSHU 86('
Â&#x2026; Â&#x2026; 21 5(*,67(5(' &29(5 WR ,UHODQG 6* E VLQJOH VWULNH RI 67 *(25*(6 F G V ,ULVK DUULYDO RQ UHYHUVH Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 RYSW VHW RI 6* V V PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 6(/'20 6((1 ,Q EORFNV RI Â&#x2019; GHILQLWLYH V WR GHILQLWLYH V ZLWK YDOXHV IURP Â&#x2019; G WR DV F\OLQGHU EORFNV RI QHZ ZPN VHW RI D
Â&#x2019; 63(&,0(1 RYHUSULQWHG VHW RI LQF DOO WKUHH
F 6* FV FDW Â&#x2026; Â&#x2026; Â&#x2026;
YHU\ JRRG UDQJH RI FRPPHPRUDWLYH VHWV &KLHIO\ PLQW RGG Â&#x2019; 63(&,0(1 RYHUSULQW VHW RI 6* V 80 +LJK &DW YDOXH Â&#x2026; Â&#x2026; IUHVK PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { 4(,, 6XSHUE XVHG ZLWK PDQ\ EHWWHU VHWV GHILQ VHW RI GHILQ VHW RI 1HZ &XUUHQF\ VHW 3RVWDO 6WDWLRQHU\ IURP WKH V WR V XQXVHG LQF VSHFLPHQ RYSWV VXUFK (QYV 5HJG (QYV 3RVWDO RI )ORZHUV VHW RI $ 6WDPSV ZLWK PDQ\ &DUGV ZLWK UHSO\ FDUGV VWLOO DWWDFKHG $ YHU\ JRRG YDULHW\ RI FRPPHPRUDWLYH VHWV 9HU\ ILQH XVHG D TXDOLW\ FROOHFWLRQ LWHPV PXVK LGHQWLILHG Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026;
%5 +21'85$6
Â&#x2019; F F F /OR\GV RI /RQGRQ ,19(57(' Â&#x2019; :$7(50$5.6 6* Z Z 80 Â&#x2026; Â&#x2026;
Â&#x2019; 49 G 6* ILQH PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FDWDORJXH YDOXH Â&#x2026; GHILQ VHW
LQF ERWK G òG G KLJK YDOXHV G Â&#x2019; $ VHOHFWLRQ RI 49 RYSWV &DW Â&#x2026; PLQW G Â&#x2026; &RURQDWLRQ VHW 9LFWRU\ 6LOYHU :HGGLQJ PRVW ILQH F 6* F 6* 7ZR RQ F RQ 6* &HQWHQDU\ DQG 838 VHWV $ JRRG ORW RI VWDPSV IUHVK $WWUDFWLYH Â&#x2026; Â&#x2026; PLQW Â&#x2026; Â&#x2026; Â&#x2019; 49 ZPN FURZQ &$ FRPSOHWH VHW 6* 2OG SDJHV ZLWK EHWWHU SLFNLQJV .*9 VHW YIP Â&#x2026; Â&#x2026; RI )8 .*9, GHILQLWLYHV WR Â&#x2026; LQF G DQG Â&#x2026; PLQW VLOYHU ZHGGLQJ )8 D XVHIXO UDQJH RI VWDPSV &KLHIO\ Â&#x2019; JUH\ JUHHQ EOXH ZPN 0&$ 6* .*9, LVVXHV )8 Â&#x2026; Â&#x2026; YIP Â&#x2026; Â&#x2026;
%2(5 :$5
Â&#x2019; 6LOYHU -XELOHH YDULHW\ F H[WUD IODJVWDII ILQH
7ZR YI ZDU FRYHUV IUDQNHG SHQQ\ OLODF V RQH
PLQW ZLWKLQ EORFN 6* D Â&#x2026; Â&#x2026;
ZLWK PDUWLDO ODZ ODEHO Â&#x2026; Â&#x2026;
3267$/ 67$7,21(5< ILQH ORW PRVW
Â&#x2019; $QWL %ULWLVK SURSDJDQGD ODEHOV GHSLFWV
XQXVHG LQF 49 3RVWDO &DUGV DQG .*9 5HJ G HQYHORSH RYSW 1DSROHRQ ZLWKLQ D IUDPH GHVLJQ VLPLODU WR WKH FRQWHPSRUDU\ G VSHFLPHQ PRVWO\ GLIIHUHQW *RRG ORW Â&#x2026; Â&#x2026; .(9,, VWDPS ODEHOV LQ YHUPLOLRQ EODFN GHHS JUHHQ HDFK %5 , 2 7 LPSHUIRUDWH DQG ZLWKRXW JXP &OHDQ ILQH Â&#x2019; 0,66,1* 6723 9$5,(7,(6 80 PRVWO\ LQ SDLUV Â&#x2026; Â&#x2026; Â&#x2019; ZLWK QRUPDO D YHU\ ILQH ORW RI DOO 6* OLVWHG 1R 6WRS $IWHU 2 %261,$ +(5= ZLWK YDOXHV WR U 1R 6WRS $IWHU ,QF U WRS YDOXH 6* D 3RVWDO +LVWRU\ DQ LQWHUHVWLQJ FROOHFWLRQ W\SHG XS HWF *RRG ORW Â&#x2026; Â&#x2026; RQ SDJHV VHHQ WZR XQXVHG =LHKHU &DUGV (QY ZLWK .XN %5 /(9$17 0LOLWDU\ 3RVW 0RVWRU &'6 ZLWK OHWWHU D ILQH UDQJH RI 33& V LQF 6DUDMHYR 33& IURP 6DUDMHYR 9LHQQD ZLWK K ZLWK .XN 0LOLWDU\ { &DQFHOODWLRQ VWXG\ RQ SDJHV ZLWK VKDGHV 3RVW &'6 $Q LQWHUHVWLQJ ORW WKDW QHHGV WR EH GLVSOD\HG $ (GZDUG SD SD SL ZLWK GHWDLOV VHHQ FDQFHOV YHU\ LPSRUWDQW FROOHFWLRQ RI PDLQO\ 0LOLWDU\ 3RVWV RI &RQVWDQWLQRSOH 6P\UQD %H\URXW 6DORQLFD %32 ZLWK D &RYHUV &DUGV LWHPV Â&#x2026; Â&#x2026; UDQJH RI GLIIHUHQW FDQFHO W\SHV )LQH XVHG Â&#x2026; Â&#x2026; { 5(9(18(6 3URSRUWLRQDO 5HYHQXH { )LQH XVHG (GZDUG /HYDQW RYSWV FÂ&#x2026; ,QF 6WDPSV VHW ZLWK YDOXHV WR )O WR )O OLJKWO\ òG VFDUFH òG / (WF %HWZHHQ / Â&#x2026; Â&#x2026; DGKHVLRQ WR 2OG 3DJHV D VFDUFH JURXS Â&#x2026; Â&#x2026; Â&#x2019; ),(/' 3267 2)),&( ,1 62/21,&$ .*9 VHW BR. ANTARCTIC TERR %5 $17$5&7,& 7(55 RI FRPSOHWH ILQH PLQW 6*6 )RXU VWDPSV FRPH ZLWK 536 Â&#x2019; 4(,, 'HILQLWLYH VHW RI DV EORFNV RI &HUWV YDULRXV H[SHUW KDQGVWDPSV UDUHO\ RIIHUHG FRPSOHWH VHW Â&#x2019; 6* D YHU\ IUHVK 80 Â&#x2026; Â&#x2026; ILQH Â&#x2026; Â&#x2026; { &$1&(//$7,216 (GZDUG SL RQ G 'XOO 5HGGLVK 3XUSOH 6* D VHHQ &RQVWDQWLQRSOH 6P\UQD YHU\ ILQH XVHG &DW 2YHU Â&#x2026; ,QF $QWDUFWLF 6KLSV %H\URXW 6DORQLFD &'6 FDQFHOV Â&#x2026; Â&#x2026; ELUGV +HURLF $JH D YHU\ ILQH FROOHFWLRQ ZLWK PDQ\ EHWWHU { &$1&(//$7,216 2Q (GZDUG SL RQ G VHWV RI WKH V V Â&#x2026; Â&#x2026; 'XOO *UH\LVK 3XUSOH 6* D VHHQ &RQVWDQWLQRSOH 6WDPERXO 0XOWLSOH IUDQNHG FRYHUV QHZ FXUUHQF\ 6P\DQD %H\URXW DQG 6DORQLFD VWDPSV ILQH XVHG RYSWV ò WR S ZLWK 6LJQ\ ,VODQGV FGV GHILQLWLYHV ,V Â&#x2026; Â&#x2026; FGV DQG 6WDQOH\ )DONODQG ,VODQGV UHJG ODEHO H[SORUHUV { &$1&(//$7,216 2Q (GZDUG SL RQ G òS WR Â&#x2026; ZLWK 6LJQ\ ,VODQGV FGV VHQW WR WKH 8. 'XOO 5HGGLVK 3XUSOH 6* ZLWK &RQVWDQWLQRSOH DQG 6P\UQD Â&#x2026; Â&#x2026; FDQFHOV ILQH XVHG Â&#x2026; Â&#x2026; { &ROOHFWLRQ RI VWDPSV 06 6KHHWOHWV
www.philangles.co.uk
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 11
=(33(/,1 IOLJKW FRYHU $LU )UDQFH HQYHORSH %5 2&& ,7$/ 32 4 HQGRUVHG *UDI =HSSHOLQ ZLWK VSHFLDO FDFKHW VHQW WR 0LGGOH (DVW )RUFHV 0() RYSWV DV EORFN RI (QJODQG Â&#x2026; Â&#x2026; W\SH RYSW VHW RI 80 VHW RI ORZHU YDOXHV %581(, PLQW G DQG 80 3RVWDJH GXH VHW RI 80 0 0 DQG 0' VHOGRP VHHQ LQ EORFNV Â&#x2019; 0,17 &2//(&7,21 RQ 1HZ ,PSHULDO SDJHV Â&#x2026; Â&#x2026; LQFOXGHV YDOXHV WR F RQ F PRVW WR F PRVW YDOXHV WR ([KLELWLRQ VHW VHW %5 32 ,1 ( $5$%,$ *HQHUDOO\ FOHDQ ILQH Â&#x2026; Â&#x2026; Â&#x2019; 4(,, RYHUSULQWV DV EORFNV RI 80 VHW RI Â&#x2019; &DVWOHV U W\SH ,,, U W\SH ,, VHW RI H[ D Â&#x2019; 6&$5&( DV EORFNV RI GHILQLWLYH VHW Â&#x2019; QRWH F WR F DV F\OLQGHU EORFNV RI PRXQWHG LQ WKH VHW RI 6FRXW VHW RI VHW RI $OO YHU\ PDUJLQV VWDPSV 80 6* 0RVTXH 80 IUHVK Â&#x2026; Â&#x2026; ))+ 80 6FDUFH DV 80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; Â&#x2019;
%5 62/2021 ,6
Â&#x2019; .*9, YLHZ RQ WKH ULYHU ZLWK YDOXHV WR F
Â&#x2019; 63(&,0(1 RYHUSULQWV FDQRH VHW RI 6*
D YHU\ JRRG VHOHFWLRQ RI VWDPSV IUHVK PLQW RQ VWRFNSDJHV Â&#x2026; Â&#x2026;
V DIIL[HG WR DUFKLYH SLHFH VXSHUE FRORXU PLQW Â&#x2026; Â&#x2026;
%8/*$5,$
Â&#x2019; 63(&,0(1 RYHUSULQWV .*9 WR Â&#x2026; ERWK GHILQ
Â&#x2019; 683(5% &2//(&7,21 &KLHIO\ 80 RGG PLQW Â&#x2019; FDWDORJXH RYHU Â&#x2026; ,QF RYSWV 6* 3ULQFH Â&#x2019; VHW 6* 6XUFK VHW 6 -XELOHH VHW $
VHWV 6* V DQG V IUHVK FRORXU DIIL[HG WR RULJLQDO DUFKLYH SLHFH PLQW Â&#x2026; Â&#x2026; Â&#x2019; .*9 Â&#x2026; 6* IUHVK PLQW Â&#x2026; Â&#x2026;
YHU\ JRRG FROOHFWLRQ RI VWDPSV (DUO\ LVVXHV VHOGRP VHHQ 80 Â&#x2026; Â&#x2026; Â&#x2019; 8102817(' 0,17 6HW FDWDORJXHG Â&#x2026; ,QF Â&#x2019; %DONDQ 2O\PSLF 6* ZLWK WZR VKDGHV RI WKH WRS
Â&#x2019; 6LOYHU -XELOHH 6HW DV EORFNV RI IRXU IUHVK Â&#x2019; 0 80 G ZLWK YDULHW\ GRW E\ IODJVWDII 6* + 9HU\ ILQH Â&#x2019; 6* %ORFNV Â&#x2026; Â&#x2026;
YDOXH $LU VHW 6* 3DVV 6HW 6* $ VXSHUE ORW VWDPSV Â&#x2026; Â&#x2026;
2+06 ODUJH HQYHORSH ZLWK òG WR
Â&#x2019; 8102817(' 0,17 6HW FDWDORJXH Â&#x2026; ,QF Â&#x2019; )RRWEDOO 6* 0RQXPHQW 6* 'LPLWXU
GHILQLWLYHV DWWDFKHG ZLWK UHJG KDQGVWDPS VHQW WR WKH 8. 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; GHILQV VHW LQ %/2&.6 2) )285 6* Â&#x2019; ILQH 80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; VXUFKDUJHG GHILQV VHW ZPN XSULJKW %/2&.6 Â&#x2019; 2) )285 6* $ $ ILQH 80 EORFNV Â&#x2026; Â&#x2026; { ),1( 86(' .*9, 'HILQ VHW WR DQG
4(,, VHW WR Â&#x2026; 1LFH 4XDOLW\ Â&#x2026; Â&#x2026;
6* ZLWK GLIIHUHQW VWDPSV DQG 06 D VXSHUE FROOHFWLRQ Â&#x2026; Â&#x2026; Â&#x2019; 0,1,785( 6+((76 D VPDOO UDQJH RI ZLWK Â&#x2019; EHWWHU VKHHWV LQF FHQWHQDU\ VHW RI FDW Â&#x2026;
,%5$ LPSHUI 06 838 LPSHUI 06 ZRUOG FXS 06 IXQJL ZLWK ERWWRP LQVFULSWLRQ DOO IURP /7' SULQWLQJV DQG DOO 80 Â&#x2026; Â&#x2026;
5(9(18(6 V SHULRG ZLWK GLIIHUHQW YDOXHV WR / HDFK VHHP WR EH GLIIHUHQW $ JRRG JURXS RI UHYHQXHV Â&#x2026; Â&#x2026;
%5 9,5*,1 ,6 Â&#x2019; /21* 7$,/(' 6 9DULHW\ 6* D )LQH
%850$
PLQW FÂ&#x2026; Â&#x2026; Â&#x2026;
:5(&. 0$,/ +DQGL WR 3DULV FUDVKHG DW $N\DE 4 GXH WR EDG ZHDWKHU FRYHU MXVW RQH VWDPS UHPDLQV ZDWHU Â&#x2019; ) IRU ( YDULHW\ òG 6* D PLQW Â&#x2026; Â&#x2026;
GDPDJHG FRXUULHU DFFLGHQW FDFKHW 8QXVXDO Â&#x2026; Â&#x2026; Â&#x2019; .*9 RIILFLDO RYSW VHW RI ILQH DQG IUHVK PLQW
Â&#x2019; ,19(57(' / IRU ) 9$5,(7< òG 6* E
6*2 Â&#x2026; Â&#x2026;
PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9 RYHUSULQWV ZLWK YDOXHV WR U H[ U QRWH S { 35( 35,17,1* 3DSHU &UHDVH RQ FW &RXQFLO Â&#x2019; DQG òD ZLWK ZPN LQYHUWHG DOO DV EORFNV RI XQPRXQWHG PLQW
LVVXH 6* )8 $ PRVW XQXVXDO .*9, YDULHW\ OHDYLQJ XQSULQWHG EDQG Â&#x2026; Â&#x2026;
VFDUFH DV EORFNV 80 Â&#x2026; Â&#x2026; Â&#x2019; 2IILFLDO S WR U DV EORFNV RI 80 SOXV U DV D Â&#x2019; SDLU VFDUFH 6*2 2 9HU\ KLJK &DW YDOXH
Â&#x2019; $ VHOHFWLRQ RI 49 LVVXHV 0LQW 8QXVHG &DW
Â&#x2026; YHU\ FROOHFWDEOH ,QF G JRRG G RQ 3URYLVLRQDO RYSW (WF Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2019; 3LFWRULDO GHILQLWLYH VHW DV EORFNV RI 6* E Â&#x2019; XQPRXQWHG PLQW VFDUFH LQ EORFNV Â&#x2026; Â&#x2026;
{ 9LFWRULDQ PRVWO\ VRXQG XVHG VHOHFWLRQ &DW
Â&#x2026; VWDPSV G G òG SDLU 9)8 ZLWK FRPSOHWH $ GXSOH[ 6HH ZHEVLWH Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/6 LQ EORFNV RI S WR U H[ U Â&#x2019; 6*2 2 2 VFDUFH LQ EORFNV XQPRXQWHG PLQW
%5$=,/
Â&#x2026; Â&#x2026;
=(33(/,1 IOLJKW FDUG WR *HUPDQ\ ZLWK YLD 4 &RQGRU =HSSHOLQ +6 DQG VSHFLDO FDFKHW LQ YHU\ JRRG
Â&#x2019; 2)),&,$/6 &RORXU FKDQJH VHW RI DV EORFNV Â&#x2019; RI 6*2 XQPRXQWHG PLQW Â&#x2026; Â&#x2026;
FRQGLWLRQ Â&#x2026; Â&#x2026;
=(33(/,1 IOLJKW FRYHU WR *HUPDQ\ ZLWK VSHFLDO Â&#x2019; (5525 S LQWHULP *RYHUQPHQW RYSW LQYHUWHG 4 IOLJKW FDFKHW DQG DUULYDO PDUN RQ WKH UHYHUVH LQ YHU\ JRRG Â&#x2019; 6* D DV D EORFN RI 80 Â&#x2026; Â&#x2026;
FRQGLWLRQ Â&#x2026; Â&#x2026;
=(33(/,1 IOLJKW FRYHU IURP 5LR GH -DQHLUR WR 4 *HUPDQ\ WKH\ VHQW RQWR (QJODQG ZLWK VSHFLDO IOLJKW FDFKHW
Â&#x2019; ,QWHULP *RYHUQPHQW RYHU SULQW VHW RI DV Â&#x2019; EORFNV RI 6* VHOGRP VHHQ DV EORFNV XQPRXQWHG
PLQW Â&#x2026; Â&#x2026; Â&#x2019; 6*2 .*9, VHW YIP F Â&#x2026; 5(9(18(6 (DUO\ LVVXHV WR RQ 2OG Â&#x2026; Â&#x2026; 3DJHV LQF SURYLQFH LVVXHV ZLWK KLJK YDOXHV D YHU\ JRRG ORW RI HDFK VHHP WR EH GLIIHUHQW D YHU\ ILQH FROOHFWLRQ OLJKW www.philangles.co.uk DGKHVLRQ WR SDJHV VHOGRP VHHQ LQ WKLV TXDQWLW\ place your bids online. Immediate and secure. Â&#x2026; Â&#x2026; VSHFLDO =HSSHOLQ VORJDQ RQ WKH UHYHUVH Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 12
Â&#x2019; -DSDQHVH RFFXSDWLRQ ROG SDJHV ZLWK 3HDFRFN
RYSWV 6*- LQF VFDUFH U 6*- FÂ&#x2026; PLQW Â&#x2026; Â&#x2026; Â&#x2019; .*9, EORFNV RI 80 &HQWHQDU\ Â&#x2019; 0LO\DGPQ RYSW VHW RI ,QWHULP *RYHUQPHQW 7RS
9DOXHV U U VHOGRP VHHQ DV EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; &203/(7( 6+((7 RI WKH F UDP WDQN 6* Â&#x2019; YHU\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 'HILQLWLYH VHW ZLWK YDOXHV WR H[ F DV Â&#x2019; EORFNV RI LQF SODWH EORFNV F SO F SO F SO F Â&#x2019; SO F SO DQG VFDUFH F SO 80 SOXV ERRNOHW VHWV RI
VWDPSV ODEHOV RQ YHU\ JRRG ORW RI EORFN 6* IUHVK PLQW F WR 80 Â&#x2026; Â&#x2026;
838 SUHVHQWDWLRQ DOEXP IRU PHHWLQJ FRQWDLQLQJ GLII P LVVXHV DV VHWV RQ VSHFLDO SDJHV 6PDOO PDUNV RQ RWKHU FRYHU Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/ F )/<,1* * 2YHUSULQW DV FRUQHU Â&#x2019; EORFN RI OLJKWO\ KLQJHG 1+0 ZLWK QRUPDO SODWH EORFN RI Â&#x2019; WR FRPSDUH 8QLWUDGH 2 LL &DW Â&#x2026; Â&#x2026;
&$0%2',$ Â&#x2019; 8102817(' 0,17 &RPSOHWH VHWV RI V Â&#x2019; DV EORFNV RI JUHDW WKHPDWLF FRQWHQW $QLPDOV 6SRUW
7UDQVSRUW $ YHU\ JRRG ORW RI EORFNV 6HOGRP VHHQ Â&#x2026; Â&#x2026;
^3KRWR` Â&#x2019; 2IILFLDO F '28%/( * RYSW 9DULHW\ 9)0
6*2 D FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; $ 6(/(&7,21 RI RIWHQ VSHFWDFXODU VWDPS Â&#x2019; HUURUV 1+0 GHILQV PLVSHUIRUDWHG F GLIIHUHQW
&$1$'$ Â&#x2019; %ULWLVK &ROXPELD F RYSW 6* 9)0
F )ODJ )ODJ F DV LPSHUI SDLU HWF 9HU\ ILQH Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; F 6PDOO 4XHHQ LQ D EORFN RI ZLWK (/.+251
VT FLUFOH SRVWPDUN F 6PDOO 4XHHQ VWULS RI XVHG RQ FRYHU ZLWK %55((%211( VT &LUFOH SRVWPDUNV LWHPV Â&#x2026; Â&#x2026;
$HURJUDPPH $LU OHWWHUV D ILQH VHOHFWLRQ RI
ZLWK DHURJUDPPH JRLQJ EDFN WR .*9, IRUFH DLU OHWWHUV PDLQO\ XQXVHG RGG XVHG Â&#x2026; Â&#x2026; Â&#x2019; ($5/< 4(,, $V EORFNV RI QRWH SODWH Â&#x2019; EORFNV ZLWK VHWV DQG YDOXHV WR FKLHIO\ 80 VHHQ RGG PLQW Â&#x2019; EORFNV $ YHU\ ILQH UDQJH Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH 6* IUHVK PLQW 6XSHUE
FRORXU Â&#x2026; Â&#x2026;
Â&#x2019; .*9, &2//(&7,21 DV EORFNV RI QRWH Â&#x2019; GHILQV ZLWK YDOXHV WR 80 3LFWRULDO VHW LQF F
Â&#x2019; -XELOHH 6* IUHVK PLQW YHU\ ILQH
DQG SO EORFNV )LVKHUPDQ $ YHU\ JRRG FROOHFWLRQ ZLWK SODWH EORFNV VWDPSV 80 Â&#x2026; Â&#x2026;
VWDPS Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH 6* IUHVK PLQW YHU\ ILQH DQG ZHOO Â&#x2019; .*9, 2)),&,$/ LQ EORFNV RI 2+06 F F SO FHQWUHG .H\ VWDPS Â&#x2026; Â&#x2026; Â&#x2019; EORFN QXPEHU F F VSHFLDO GHOLYHU\ F SO 6*2 *
RYSW ZLWK YDOXHV WR LQF F FRPELQH SO EORFN F 2LO :HOO SO EORFN F 'U\ 6NLQV SO EORFN )LVKHU PDQ SO EORFN F $LU SO DQG SO EORFNV VSHFLDO GHOLYHU\ F VWDPSV 80 RGG EORFN KLQJHG LQ WKH PDUJLQ Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH 6* IUHVK PLQW 9HU\ ILQH ZHOO
FHQWUHG Â&#x2026; Â&#x2026; { -XELOHH F 6* ZLWK D VXSHUEO\ VWUXFN
Â&#x2019; 2)),&,$/6 F VHSLD SHDFH LVVXH Â&#x2019; 2+06 RYSW FRUQHU SODWH EORFN RI ZLWK PLVVLQJ 6723 DIWHU
0RQWUHDO 5ROOHU 30. F Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; -XELOHH VHW òF WR F 9)0 F LV )8
V YDULHW\ 6* D VXSHUE XQ PRXQWHG PLQW Â&#x2026; Â&#x2026;
6* FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 49 PLQW VHOHFWLRQ RI 7HQ 6* ZLWK òF
F F F F F F *RRG WR ILQH &DW Â&#x2026; Â&#x2026; Â&#x2026; +27(/ $'9(57,6,1* &29(56 ZRQGHUIXO
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Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/6 F VODWH SHDFH LVVXH Â&#x2019; 2+06 RYSWV SODWH 1R FRUQHU EORFN RI ZLWK PLVVLQJ 6723
DIWHU V YDULHW\ 6* D VXSHUE XQPRXQWHG PLQW Â&#x2026; Â&#x2026; Â&#x2019; 2)),&,$/6 F JUHHQ SHDFH LVVXH Â&#x2019; 2+06 RYSW SODWH 1R FRUQHU EORFN RI ZLWK PLVVLQJ 6723
DIWHU V YDULHW\ 6* D VXSHUE XQ PRXQWHG PLQW Â&#x2026; Â&#x2026; { 4(,, 6XEVWDQWLDO VHPL VSHFLDOLVHG Â&#x2019; FROOHFWLRQ RI V KRXVHG LQ ILYH VWRFNERRNV 80 ZLWK SODWH Â&#x2019; EORFNV VRPH YDULHWLHV JRRG GHILQ LVVXHV ,QF VKHHWOHWV
GLIIHUHQW SDSHUV F SULQWHG RQ JXPPHG VLGH * RYSWV ,QF YDULHWLHV KLJK YDOXH GHILQ F\OLQGHU EORFNV XVHG ,QF F\OLQGHU EORFNV VRPH ORRVH FRYHUV ZLWK KLJK YDOXH XVDJHV ,QF VLQJOH IUDQNLQJ UHJLVWHUHG FRYHU ZLWK IUDQNLQJ DQG PRUH JRRG FROOHFWRUV ORW Â&#x2026; Â&#x2026;
Â&#x2019; 5(9(18(6 &DQDGLDQ 7REDFFR 7D[ 6WDPSV { 48(%(& VHW XVHG ZLWK òF VKRZLQJ UH HQWU\ 6* D òG EORFN RI RQ HQY F LPSHUI DW WKH ERWWRP PDUJLQ VWULSV LQFUHGLEOH ORW KRXVHG LQ D FUDWH IRU SURWHFWLRQ RI
PLQW XQXVHG VWULSV ZLWK D WHUULILF YDULHW\ RI GHVLJQV YDOXHV W\SHV HQJUDYHG WR WKH KLJKHVW VWDQGDUG 'HVLJQHG IRU ZUDSSLQJ DURXQG ER[HV RI &LJDUV YHU\ JRRG FRQGLWLRQ DQG D UDUH ORW Â&#x2026; Â&#x2026;
6* YDU F RQ (QY ZLWK OHWWHU IURP 1HZ <RUN 0LOLWDU\ $FDGHP\ &RUQZDOO RQ +XGVRQ $ JRRG ORW Â&#x2026; Â&#x2026; Â&#x2019; :DU 7D[ RYSW VHW PLQW 6*
Â&#x2026; Â&#x2026; Â&#x2019; 5HYHQXHV .*9 (OHFWULFLW\ DQG *DV ,QVSHFWLRQ Â&#x2019; VHW ILQH 80 ):0 * Â&#x2026; Â&#x2026; Â&#x2019; 5HYHQXHV :HLJKWV 0HDVXUHV .*9 VHW RI Â&#x2019; WR FKLHIO\ ILQH 80 9DQ 'DP ):0 Â&#x2026; Â&#x2026;
5(9(18(6 2OG SDJHV ZLWK D VPDOO EXW LQWHUHVWLQJ UDQJH RI UHYHQXHV VHHQ 2QWDULR /DZ VWDPSV %LOO 6WDPS WR %LOO VWDPSV WR 4XHEHF /DZ 6WDPSV D XVHIXO ORW RI UHYHQXHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV DOVR 0XVJURYH V %XVLQHVV &ROODJH F DQG F XQXVHG 0RQWUHDO &ROODJH %6 DQG &R XQXVHG Â&#x2026; Â&#x2026;
Â&#x2019; 3RVWDJH GXH VHW DV EORFNV RI 6*'
IUHVK PLQW VWDPSV LQ HDFK EORFN 80 Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 13
Â&#x2019; 9(5< ),1( &2//(&7,21 DV EORFNV RI &$3( 2) *22' +23( Â&#x2019; GHILQV WR 'HILQ VHWV RI 3LFWRULDO 2OG 7LPH &ROOHFWLRQ ZLWK LGHQWLILFDWLRQ ZLWK VHW RI D JRRG UDQJH RI FRPPHPRUDWLYH VHWV 6HOGRP EHWWHU SLFNLQJV WR ILQH XVHG WR ZLWK WKH VHHQ LQ EORFNV 80 +LJKO\ &DWDORJXHG Â&#x2026; Â&#x2026; EHLQJ 9)8 0DIHNLQJ VLHJH G RQ òG 6* DQG G RQ G Â&#x2019; 4(,, &ROOHFWLRQ ZLWK PDQ\ EHWWHU VHWV LQF 6* 9)8 (GZDUG WR $ JRRG UDQJH &DW 9DOXH Â&#x2019; GHILQ VHW RI FÂ&#x2026; GHILQ VHW RI FÂ&#x2026; ([WHQVLYH Â&#x2026; Â&#x2026; Â&#x2026; &RPPHPRUDWLYH VHWV RYHU VWDPSV DV VHWV &DW Â&#x2026; 3HWLWH ORFDO (QYHORSH ZLWK VLQJOH G 6* PDLQO\ 80 6HHQ RGG PLQW FRPPHP Â&#x2026; Â&#x2026; QHDWO\ WLHG &DSH 7RZQ 'XSOH[ 6LPRQV 7RZQ EDFNVWDPS Â&#x2019; .*9, PLQW FROOHFWLRQ &DW YDOXH RYHU Â&#x2026; 9HU\ ILQH Â&#x2026; Â&#x2026; &RURQDWLRQ GHILQ VHW RI 9LFWRU\ 6 :HGGLQJ 838 )LQH ORFDO FRYHU ZLWK VLQJOH G 6* WLHG &DSH GHILQ VHW Â&#x2026; Â&#x2026; 7RZQ 'XSOH[ :25&(67(5 7RZQ RYDO %V 9HU\ ILQH &(</21 Â&#x2026; Â&#x2026; 3URYLVLRQDO RQ G 6* QLFHO\ XVHG RQ ORFDO
FRYHU WLHG GXSOH[ 3RUW 1ROORWK EDFNVWDPS Â&#x2026; Â&#x2026;
'HVWLQDWLRQ 0DLO DWWUDFWLYH VPDOO FRYHU IUDQNHG
*% SO ZLWK [ G SO WLHG /RQGRQ GXSOH[HV DGGU WR &RORPER 1LFH G UDWH 6PDOO IDXOW Â&#x2026; Â&#x2026;
0RVVRS DQG *DUODQG SULQWHG FRPSDQ\
Â&#x2019; .*9, 3LFWRULDO VHW WR U ZLWK GLIIHUHQW SHUI W\SHV HQYHORSH ZLWK YHU\ ILQH VLQJOH XVH RI WKH 2QH 3HQQ\ RYSW 6* Â&#x2019; VKDGHV DV EORFNV RI 6* D XQPRXQWHG D YHU\ JRRG ORW WLHG &DSH 7RZQ VTXDUHG &LUFOH 0RVW DSSHDOLQJ RI EORFNV Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; { 5(9(18( .*9, U IX % Â&#x2026; Â&#x2026; 2QH 3HQQ\ RYSW 6* RQ YHU\ ILQH VPDOO ORFDO FRYHU WLHG .LPEHUOH\ &'6 Â&#x2026; Â&#x2026;
&5,&.(7 $Q +LVWRULFDOO\ LPSRUWDQW VL[ SDJH OHWWHU SURSRVLQJ WKH FRVWV IRU FRQVWUXFWLQJ D &ULFNHW JURXQG DW 5RUGHERVFK IHDWXULQJ D VNHWFK RI WKH SURSRVDO DQG FRVW LQFOXGHV RULJLQDO HQYHORSH IUDQNHG G ZLWK 5RUGHERVFK &'6 $ PRVW LQWHUHVWLQJ LWHP Â&#x2026; Â&#x2026;
{ 5(9(18( .*9, U % IX PLQXWH SLQ
KROH Â&#x2026; Â&#x2026; Â&#x2019; (GZDUG UDQJH WR U PLQW DOVR DUUDQJH RI
ORZ YDOXHV )8 XQFKHFNHG IRU SULQWLQJV Â&#x2026; Â&#x2026;
0LOLWDU\ GUDZQ XS FRXQWHUVLJQHG FRYHU IURP
*ORXFHVWHUVKLUH UHJLPHQW WR 8. IUDQNHG G Â&#x2026; Â&#x2026;
/,7(5$785( WKH 3RVWDO &DQFHOODWLRQ RI WKH &DSH RI *RRG +RSH 9RO %DUUHG 2YDO 1XPHUDO FDQFHOOHU RI E\ ) )UHVFXUD DQG 0 1HWKHUVROI LQ YHU\ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026; /,7(5$785( 3RVWPDUNV RI WKH &DSH RI *RRG +RSH E\ 5REHUW *ROGEODWW LQ YHU\ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026;
&+,/( 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ FRQWDLQLQJ GLIIHUHQW PLQW LVVXHV SOXV VLJQHG OHWWHU 1LFH Â&#x2026; Â&#x2026;
&+,1$ Â&#x2019; &DUS PLGGOH YDOXHV IUHVK PLQW F F
F WZR GLII DQG F 6* HWF &DW Â&#x2026; Â&#x2026; Â&#x2026; *HUPDQ PLOLWDU\ EULJDGH LQ 3HNLQJ ,QWHUHVWLQJ
2OG SDJHV ZLWK VLWWLQJ KRSH 6* PLQW (GZDUG WR XQFKHFNHG IRU SULQWLQJV FKLHIO\ ILQH XVHG ZLWK WKH RGG PLQW D JRRG UDQJH RI VWDPSV Â&#x2026; Â&#x2026;
FRYHU IURP $XVWULD IUDQNHG VWDPS + UDWH 3HNLQJ 'HXWVFKHSRVW DUULYDO &'6 YHUW IROG Â&#x2026; Â&#x2026;
Â&#x2019; 5HYROXWLRQ WRS YDOXH 6* YIP YHU\ ILQH 1RZ FDW Â&#x2026; Â&#x2026; Â&#x2026; FRYHUV DQG VRPH FRQWHQWV GDWLQJ IURP ZKLOVW OLYLQJ LQ WKH SURYLQFH RI :RUFHVWHU ZLWK 6LWWLQJ +RSH VLQJOH IUDQNLQJV G Â&#x2019; )$0,1( 5(/,() F FRPSOHWH VKHHW RI G 2QH 3HQQ\ RYSW RQ ORFDO FRYHU JRRG G XVDJHV VWDPSV ZLWK &KLQHVH %XUHDX RI (QJUDYLQJ DQG 3ULQWLQJ &DSH SRVWDO FDUGV XVHG V XVDJHV 6RXWK $IULFD $X[LOLDU\ LQ WKH PDUJLQV 6RPH VSOLWWLQJ YHU\ VFDUFH DV D FRPSOHWH /HDJXH HQGRUVHG HQYHORSH VHYHUDO 7UDQVYDDO $UPV FRYHUV VKHHW Â&#x2026; Â&#x2026; HWF $Q RULJLQDO ORW PL[HG FRQGLWLRQ EXW PDQ\ XVHIXO VLQJOH Â&#x2019; :DU UHIXJHHV UHOLHI IXQG VKHHW QKP XP IUDQNLQJV DQG SRVWPDUNV Â&#x2026; Â&#x2026; Â&#x2019; 6*06 QRZ FDW Â&#x2026; Â&#x2026; Â&#x2026; { 5(9(18(6 &ROOHFWLRQ RI XVHG DUUDQJHG E\ YDOXH XQFKHFNHG ZLWK PXOWLSOH FRSLHV RI YDULRXV Â&#x2019; :DU UHIXJHHV UHOLHI IXQG VKHHW QKP XP YDOXHV 49 WR Â&#x2026; VWDQGLQJ +RSH WR Â&#x2026; LQF G LQF SDLU Â&#x2019; 6*06 Â&#x2026; Â&#x2026; (GZDUGV WR Â&#x2026; $Q RULJLQDO ORW IURP $IULFD Â&#x2026; Â&#x2026; 681 <$7 6(1 &RPSOHWH VKHHW RI 5HG 3267$/ +,6725< $ IDPLO\ FROOHFWLRQ RI
&$<0$1 ,6 Â&#x2019; (':$5' VHW RI 6* IUHVK PLQW
Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; (GZDUG IUHVK PLQW 6* Â&#x2026; Â&#x2026;
2UDQJH 6* ZLWKRXW JXP DV LVVXHG YHU\ VFDUFH DV D FRPSOHWH VKHHW Â&#x2026; Â&#x2026; Â&#x2019; <HDUERRNV ZLWK WKH VWDPSV FDWDORJXHG Â&#x2019; Â&#x2026; D ILQH FROOHFWLRQ RI PRGHUQ VHWV 80 Â&#x2026; Â&#x2026; 4 $,50$,/ /$%(/6 &LUFD V VFDUFH ORW RI
GLIIHUHQW LVVXHV RQ GLIIHUHQW FRORXUHG SDSHUV DV FRPSOHWH VKHHWOHWV RI XQXVHG Â&#x2026; Â&#x2026; Â&#x2019; .*9 VXSHUE 80 6* Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; &2//(&7,21 2) &+,()/< 1(9(5 +,1*(' Â&#x2019; &RPSOHWH VHWV DQG 06 RQ SDJHV GDWLQJ IURP PRVWO\ Â&#x2019; .*9, GHILQLWLYHV WR ZLWK VKDGHV DQG V D YHU\ JRRG YDULHW\ RI VHWV 0RVWO\ ILQH VWDPSV 06 Â&#x2026; Â&#x2026;
GLIIHUHQW SHUIV 6* VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 8QPRXQWHG PLQW FROOHFWLRQ FDWDORJXHG Â&#x2026; Â&#x2019; 7RS 9DOXH SLFWRULDO DV D EORFN RI 6* Â&#x2019; LQ SDFNHWV VWRFNSDJHV SUHVHQWDWLRQ IROGHUV ZLWK D IHZ Â&#x2019; 80 Â&#x2026; Â&#x2026;
VWDPSV 06 PDLQO\ V VHWV Â&#x2026; Â&#x2026;
Selling? â&#x20AC;&#x201C; Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 14
&+5,670$6 ,6/$1'6
&<5(1$,&$
,OOXVWUDWHG IGF V XQDGGUHVVHG LQ WKHLU
RULJLQDO SURWHFWLYH SDFNLQJ ZLWK GHILQV 06 FRPPHP VHWV FDW RYHU Â&#x2026; DV ILQH XVHG VHWV Â&#x2026; Â&#x2026;
Â&#x2019; 0RXQWHG :DUULRU DV 80 EORFNV RI IURP P WR Â&#x2019; P 6* YHU\ IUHVK 80 Â&#x2026; Â&#x2026;
&=(&+26/29$.,$
&+5,670$6 ,6/$1' /2&$/
3267$*( &DFKHW RQ DQ HQYHORSHB 1HYHU VHHQ EHIRUH Â&#x2026; Â&#x2026;
&2&26 .((/,1*
,OOXVWUDWHG IGFV XQDGGUHVVHG LQF GHILQ VHWV
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ
FRQWDLQLQJ GLIIHUHQW PLQW LVVXHV SOXV 06 PRXQWHG RQ VSHFLDO SDJHV DOO VHWV YHU\ ILQH LQF &DVWOHV VKHHW ERWK SHUI DQG LPSHUI Â&#x2026; Â&#x2026;
'(10$5.
DQG 06 FDW Â&#x2026; DV ILQH XVHG VHWV Â&#x2026; Â&#x2026; Â&#x2019; (;7(16,9( &2//(&7,21 RI VWDPSV Â&#x2019; DQG 06 6KHHWOHWV ,QF RIILFLDO PDLO 2IILFLDO 3DLG RQO\ H[LVWV
)8 KLJK &DW YDOXH Â&#x2026; Â&#x2026;
Â&#x2019; (QGRUVHG OHWWHUKHDG ZLWK FRQWHPSRUDU\
VWDPSV RI 'HQPDUN DIIL[HG DUPV QXPHUDOV .LQJV $ ORYHO\ LWHP WR HQKDQFH \RXU FROOHFWLRQ Â&#x2026; Â&#x2026; { 5(9(18(6 (DUO\ LVVXHV RQ ROG
&2/20%,$
SDJHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV ZLWK D JRRG YDULHW\ RI YDOXHV UHYHQXHV Â&#x2026; Â&#x2026;
Â&#x2019; 838 SUHVHQWDWLRQ DOEXP IRU PHHWLQJ
Y ILQH JROG HPERVVHG VSHFLDO SDJHV IHDWXULQJ GLII P LVVXHV Â&#x2019; 838 VSHFLDO SULQWHG DOEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLII XP LVVXHV RQ VSHFLDO SDJHV 1LFH RQH 06 QRWLQJ GHILQV WR S Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026;
&22. ,6
'20,1,&$
Â&#x2019; 3,&725,$/ 6HW RI DV 80 EORFNV RI Â&#x2019; 6* DQG (FOLSVH DV D F\OLQGHU EORFN RI DOO YHU\
{ 0$/)250$(' &( YDULHW\ G XVHG ZLWK
QRUPDO QLEEOHG SHUI VFDUFH &DW Â&#x2026; 6* D Â&#x2026; Â&#x2026;
IUHVK Â&#x2026; Â&#x2026; { ),1( 86(' &RPSOHWH VHWV VWDPSV
Â&#x2019; (GZDUG DQG YLHZ VHW ILQH PLQW 6*
,QF Â&#x2026; $HURSODQH RYSW 2PLWWHG LQ SDLU ZLWK QRUPDO 9)8 Â&#x2026; VPDOO $HURSODQH 9HU\ ILQH TXDOLW\ Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
'8%$,
,QWHUHVWLQJ VHOHFWLRQ LQF 1LXH SLFWRULDO G (5525 6SDFH U ZLWK PLVVLQJ <HOORZ EORFN RI ZLWK ZPN LQYHUWHG DQG UHYHUVHG 6* D 6* YRU ILQH XVHG RQ D )LUVW 'D\ &RYHU ZLWK VSHFLDO 3LFWRULDOV G WR 6* DV EORFNV RI 80 &RRN ,V FDQFHO Â&#x2026; Â&#x2026; GHILQ VHW RI )8 $LUPDLO RYSW VHW RI )8 8VHIXO UDQJH Â&#x2026; Â&#x2026;
($67(51 5280(/,$
Â&#x2019; .*9, FROOHFWLRQ ZLWK EHWWHU SLFNLQJV SRVWDO
ILVFDOV Â&#x2026; DQG Â&#x2026; ZPN LQY SLFWRULDOV VHW RI QRWH EON RI SLFWRULDO VHW RI ZLWK D FDW YDOXH RYHU Â&#x2026; D JRRG UDQJH RI VWDPSV 0LQW Â&#x2026; Â&#x2026; 3267$/ +,6725< RI V V ZLWK PDQ\
{ 5(9(18(6 QLFH JURXS RQ DOEXP SDJHV LQFO Â&#x2019; PLQW VHW 0F'RQDOG SOXV S [ SL [ VKDGHV
SL [ XVHG S S SL PLQW 0L[HG FRQGLWLRQ EXW VHOGRP VHHQ VWDPSV Â&#x2026; Â&#x2026;
(&8$'25
GLIIHUHQW IUDQNLQJV ,QF 2+06 ORFDO SRVW WR 8. )UDQFH 1HZ Â&#x2019; 3529,6,21$/ V RQ F EURZQ 6FRWW & IUHVK =HDODQG $Q LQWHUHVWLQJ ORW RI FRYHUV Â&#x2026; Â&#x2026; Â&#x2019; 80 EORFN RI VFDUFH Â&#x2026; Â&#x2026;
&5(7(
Â&#x2019; 3529,6,21$/ F RQ F JUHHQ 6FRWW & DV D { %5,7,6+ 32 LQ &UHWH SD SD 6*% Â&#x2019; VFDUFH 80 EORFN RI IUHVK Â&#x2026; Â&#x2026;
DQG SD SD 6*% ZLWK +SDNDHLRQ FDQFHO Â&#x2026; Â&#x2026;
2OG WLPH FROOHFWLRQ ZLWK EHWWHU SLFNLQJV VHW RI PLQW 5XVVLDQ FRQWURO ZLWK VWDUV DQG FRQWURO RYSW V 5HYROXWLRQDU\ $VVHPEO\ VHW D JRR UDQJH RI GLIIHUHQW VWDPSV Â&#x2026; Â&#x2026; { 5(9(18(6 +DQGVWDPS UHYHQXHV
XVHG *UHHFH DGPLQ D VPDOO EXW LQWHUHVWLQJ JURXS RI 6FDUFH Â&#x2026; Â&#x2026;
Â&#x2019; 3529,6,21$/ RYHUSULQW V RQ F JUH\ 6FRWW Â&#x2019; & IUHVK XQPRXQWHG PLQW EORFN RI &DW VFDUFH DV D
EORFN Â&#x2026; Â&#x2026; Â&#x2019; 3529,6,21$/6 òV RQ F EOXH 6FRWW & DV Â&#x2019; D 80 EORFN RI VFDUFH DV D EORFN 80 Â&#x2026; Â&#x2026;
:$7(5/2: ',( 3522)6 )RU WKH IUHHGRP RI VSHHFK LVVXH ,QF YLJQHWWH SURRIV ZLWK KHDG DQG EDFNJURXQG ZLWKRXW KHDG SURRI ILOH FRSLHV LQ EORFNV RI ZLWK SXQFK KROH $ YHU\ LQWHUHVWLQJ ORW RI LWHPV Â&#x2026; Â&#x2026;
&<3586 { 49 +DOI 3HQQ\ RYSW SODWH DV D PRVW
(*<37
DWWUDFWLYH )8 VWULS RI ZLWK QHDW 3PNV 9HU\ ILQH 6* Â&#x2026; Â&#x2026;
{ ,17(53267$/ 6($/6 DOO GLIIHUHQW UDQJH Â&#x2019; QRWH GLIIHUHQW W\SHV FRORXUV VRPH ZLWK FDQFHOODWLRQV PL[HG
Â&#x2019; .*9 Â&#x2026; 6* YHU\ ILQH QHYHU KLQJHG PLQW Â&#x2019; FRUQHU FRS\ ZLWK QR UHTXLVLWLRQ QXPEHU KLQJHG LQ RXWHU
FRQGLWLRQ Â&#x2026; Â&#x2026;
PDUJLQ RQO\ Â&#x2026; Â&#x2026;
Â&#x2019; 'HYHORSPHQW RI VWDPS GHVLJQ 5LHVWHU (VVD\ V
{ .*9 SLFWRULDO VHW RI %ULWLVK UXOH 6*
ILQH XVHG Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; :HGGLQJ 6HW 1+0 6* Â&#x2026; Â&#x2026; Â&#x2019; ,OOXVWUDWHG IGF V ZLWK YDOXHV WR Â&#x2026; ZLWK
GHSLFWLQJ %LUGV 6WDU ZLWK 5D\V DQG 6SKLQ[ $ YHU\ ILQH JURXS RI LQ GLIIHUHQW FRORXUV %URZQ *UHHQ DQG 5HG ZLWK YHU\ ODUJH PDUJLQV )UHVK XQXVHG DV LVVXHG Â&#x2026; Â&#x2026;
Viewing
PDQ\ VHWV HDFK GLIIHUHQW FDW HXURV XQDGGUHVVHG Â&#x2026; Â&#x2026; Â&#x2019; .*9, FDWDORJXHG Â&#x2026; VHW RI LQF
ERWK S &RURQDWLRQ 9LFWRU\ DQG 838 VHW $ ILQH UDQJH RI VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026;
Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 15
{ &2035(+(16,9( &2//(&7,21 PLQW RU Â&#x2019; XVHG KRXVHG LQ IRXU VWRFN ERRNV FRXSOH FXW GRZQ DOO XVHG Â&#x2019; XQOHVV VWDWHG ZH VHH WR SL VHW EDVLF Â&#x2019;
Â&#x2019; 'H /D 5XH SULQWHUV GLH SURRI RI WKH IUDPH DQG
Â&#x2019; 0,17 &2//(&7,21 RQ 1HZ ,PSHULDO SDJHV
{ 67$1/(< 3267 2)),&(6 2%/,7(5$7256
(7+,23,$
SRUWUDLW IRU WKH (WKLRSLDQ $LUZD\V LVVXH SULQWHG LQ %URZQLVK 5HG VHW EDVLF VHWV RQ JOD]HG SDSHU ([FHSWLRQDO LWHP Â&#x2026; Â&#x2026; FRQWLQXHV ODUJHO\ FRPSOHWH IURP GHILQV VHW QRWH GHILQV ZLWK ERWK P Â&#x2026; =HSSHOLQ VXUFKDUJHV Â&#x2019; '/5 3ULQWHUV SURRI RI RXWHU IUDPH ZLWK .LQJV 3RUWUDLW RI WKH $LUOLQHV LVVXH LQ 25$1*( SURJUHVVLYH ORVV RI P RQ Â&#x2026;( 838 &RQJUHVV VHW Â&#x2026;( .LQJ LPSUHVVLRQ VRPH ZULQNOHV 8QXVXDO Â&#x2026; Â&#x2026; )DURXN V WK %LUWKGD\ REOLWHUDWHG SRUWUDLWV GHILQV DLUPDLO VHWV LVVXHV PRVWO\ XQ PRXQWHG PLQW RGG Â&#x2019; 352 )281'$7,21 (FRQRPLD (WKLRSLD XVHG VWDPS DOVR VHH 3RVWDJH 'XHV DJDLQ ODUJHO\ FRPSOHWH Â&#x2019; VKHHWOHWV JXPPHG SDSHU XQPRXQWHG WR SL DQG ([SUHVV VWDPSV *UHDW ORRNLQJ FROOHFWLRQ Â&#x2026; Â&#x2026; PRVWO\ ILQH WKURXJKRXW HVWLPDWH FDW Â&#x2026; PDQ\ )$/./$1' ,6 V Â&#x2026; Â&#x2026;
VWURQJHU UDQJH IURP ZLWK YDOXHV WR SL VHW RYSWG VHW *HRJUDSKLFDO &RQJUHVV VHW SOXV UDQJH RI ODWHU FRPPHP VHWV 838 WR P $LUPDLOV ([SUHVV /HWWHU VWDPSV 3RVWDJH 'XHV LQFO VHW DQG VRPH ODWHU 2IILFLDOV UDQJH IURP QRWH VHWV 0L[HG FRQGLWLRQ WK FHQWXU\ LVVXHV JHQHUDOO\ JRRG WR ILQH FDW Â&#x2026; DSS Â&#x2026; Â&#x2026; { 2)),&,$/6 86(' &2//(&7,21 LQFOXGHV
2 VHWV VHW OHVV EHWWHU P VHW DQG FRQWLQXHV ODUJHO\ FRPSOHWH IRU EDVLF LVVXHV WR PRVWO\ JRRG WR ILQH DSS Â&#x2026; Â&#x2026; { 3267*( '8( P RQ S RUDQJH 29(535,17
,19(57(' 6* ' D JRRG XVHG Â&#x2026; Â&#x2026;
&2//(&7,21 VXSHU DVVHPEO\ RI WKHVH IDVFLQDWLQJ FRUN FDQFHOV ZULWWHQ XS RQ SDJHV ZLWK LOOXVWUDWLRQV DQG %DUQHV QXPEHUV LQFOXGHV PRVW RI WKRVH UHFRUGHG LQ +HLMW] ZLWK PDQ\ VFDUFH DQG YHU\ VFDUFH VWULNHV QRWH (DUO\ [ LQ WZR VWDJHV [ 7KLFN 7KLQ )LUVW &RUN ) , ZLWK VWULNH RQ òG VWDW SRVWFDUG [ [ VWULNHV *ROIEDOO [ /DUJH 6TXDUHV LQ WZR VWDJHV /DUJH %ORFN 3DG [ %URNHQ 6HJPHQW LQ WZR VWDJHV 7UDPOLQHV [ )LUVW :LQGPLOO [ [ *DS [ 'LDJRQDO &XW %DLQEULGJH [ 3LQFHUV [ 0HWDO 5LQJ [ /DVW 6PDOO ) , [ &ULFNHW %DOO [ $IULFD [ 6WRQHKHQJH [ ,QFRPSOHWH :LQGPLOO /LWWOH [ [ /DVW /DUJH ) , [ 6PDOO [ [ DQG %XFNXS 6WULNHV RI FDQFHOV IDLU WR ILQH VHOGRP RIIHUHG LQ WKLV TXDQWLW\ RYHU LWHPV SRVWFDUG Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; :DWHUPDUN VLGHZD\V WR ULJKW G 49 6* Z { 2)),&,$/ P JUHHQ ,19(57(' 29(535,17
PLQW Â&#x2026; Â&#x2026;
6* 2 E 9)8 Â&#x2026; Â&#x2026;
{ 49 G ZLWK OHWWHU & :DWHUPDUN )8 8QXVXDO { %5,7,6+ )25&(6 ,1 (*<37 FRPSOHWH EDVLF
UXQ LQFO S 6LOYHU -XELOHH 6* $ $ JRRG WR ILQH XVHG Â&#x2026; Â&#x2026; Â&#x2019; *$=$ (*<37,$1 2&&83$7,21 ,668(6 Â&#x2019; &203/(7( %$6,& 581 RI DOO LVVXHV LQFO ([SUHVV VWDPS Â&#x2019; 3RVWDJH 'XHV VHW GHILQV $LUPDLO VHWV XQ PRXQWHG
)HZ QLEEOHG SHUIV Â&#x2026; Â&#x2026;
{ 49 '(),1,7,9(6 WR &DW Â&#x2026; òG G
G òG G ILQH XVHG ZLWK GLIIHUHQW VKDGHV EHWZHHQ 6* DQG 6* Â&#x2026; Â&#x2026;
PLQW REOLWHUDWHG SRUWUDLWV GHILQV VHWV ERWK 80 0DMRULW\ PRVWO\ ILQH 80 VRPH ILQH PLQW 3RVWDJH 'XHV ZLWK IDXOWV FDW Â&#x2026; DSS Â&#x2026; Â&#x2026; Â&#x2019; (5525 P )HVWLYDO ZLWK PDMRU VKLIW RI WKH Â&#x2019; *UHHQ OHDYHV 80 8QXVXDO 6* Â&#x2026; Â&#x2026; Â&#x2019; 3ULQWLQJ H[SHULPHQW VWDPSV V GLIIHUHQW Â&#x2019; 80 ,QF GLIIHUHQW )ODJ LVVXHV LQVFULEHG SULQWLQJ H[SHULPHQW
&KLOG 6WXG\LQJ 0RVDLF HWF Â&#x2026; Â&#x2026;
{ 67$1/(< 3267 2)),&( 2& IRU
FDQFHOODWLRQV LQFO G ZLWK 2& 8QLIRUP VL]H +HLMW] Y ODUJH 2& RQ [ G DQG òG EORFN RI +HLMW] Y VPDOO RQ G +HLMW] Y 0L[HG FRQGLWLRQ LWHPV Â&#x2026; Â&#x2026; .*9 YDULHWLHV òG XP EORFN ZLWK GDPDJHG YDOXH WDEOHW + D 9 òG IDFH IODZ IX + G 9 G GDPDJHG YDOXH WDEOHW IP + 9 Â&#x2026; Â&#x2026; Â&#x2019; :DU VWDPSV ZLWK GLIIHUHQW VKDGHV WKLFN DQG
WKLQ RYSWV GDPDJHG OHWWHUV $ JRRG ORW IRU VWXG\ VWDPSV PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 LVVXHV QRWLQJ GHILQV WR Â&#x2026;
Â&#x2019; :DU VWDPSV RQ WKH òG VHHQ GLIIHUHQW GDPDJHG
%XVLQHVV FDUG HWF Â&#x2026; Â&#x2026;
OHWWHUV WKLQ DQG WKLFN RYSWV VKDGHV 2YHU YHU\ JRRG IRU VWXG\ PLQW Â&#x2026; Â&#x2026;
(/ 6$/9$'25 Â&#x2019; 9$5,(7< &RPSOHWH VKHHWOHW RI [ F Â&#x2019; 1DWLRQDO 3DODFH ZLWK FHQWUH YLJQHWWH PLVSODFHG ZLWKRXW RYSW
Â&#x2019; :DU VWDPSV RYHUSULQWV G JRRG IRU VWXG\ DV Â&#x2019; VHHQ GDPDJHG OHWWHUV WKLFN DQG WKLQ RYSWV VKDGHV DQG Â&#x2019; EORFNV 2YHU VWDPSV PLQW PXFK XP KRXUV RI IXQ ZLWK WKLV
6FRWW VXSHUE VKHHW 80 Â&#x2026; Â&#x2026;
(5,75($
ORW Â&#x2026; Â&#x2026;
Â&#x2019; %UHDN LQ FORXG YDULHW\ òG &HQWHQDU\ PLQW Â&#x2019; %ULWLVK 2FFXSDWLRQ %$ RYHUSULQW VHW RI DV Â&#x2019; EORFNV RI 80 WZR VWDPSV PLQW 6*( VHOGRP VHHQ 6* D RQH DJHG SHUI WLS PHQWLRQHG IRU DFFXUDF\ 6HOGRP
IRXQG &DW Â&#x2026; Â&#x2026; Â&#x2026;
LQ EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; $ YHU\ ILQH FROOHFWLRQ RI VWDPSV Â&#x2019; 06 6KHHWOHWV FKLHIO\ 80 V VRPH PLQW ZLWK PDQ\ EHWWHU Â&#x2019; VHWV &DW Â&#x2026; ,QF GHILQV 80 6KLS 80
Â&#x2019; %ULWLVK 2FFXSDWLRQ %$ 2YHUSULQW VHW RI DV Â&#x2019; WRS ULJKW FRUQHU EORFNV RI 6*( IUHVK 80 6FDUFH LQ
EORFNV 80 Â&#x2026; Â&#x2026;
%LUGV 80 PDQ\ FRPPHPRUDWLYH VHWV D VXSHUE UDQJH Â&#x2026; Â&#x2026;
(6721,$ { 5HG &URVV LPSHUI VHW 9)8 6* D FÂ&#x2026;
Â&#x2019; .*9, FROOHFWLRQ D KLJKO\ YDOXHG FROOHFWLRQ LQF
Â&#x2026; Â&#x2026;
GHILQLWLYHV WR Â&#x2026; ORZ YDOXHV ZLWK VKDGHV GHILQ VHW WR Â&#x2026; RYSW VHWV PDS VHWV WKLFN DQG WKLQ D YHU\ $Q RULJLQDO FROOHFWLRQ LQ SDFNHWV ROG SDJHV JRRG FROOHFWLRQ RI VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026; SODVWLF ZDOOHWV VHHQ DLU VXUFK P RQ P DQG P RQ P ERWK PLQW PRGHUQ VHWV RI HXUR LVVXHV ERRNOHWV D IHZ Â&#x2019; +LJK YDOXH 'HFHSWLRQ ,VODQG DV D EORFN RI Â&#x2019; 6* IUHVK 80 Â&#x2026; Â&#x2026; LWHPV QHHGV VRUWLQJ Â&#x2026; Â&#x2026; Â&#x2019; 7RS YDOXH Â&#x2026; $UPV DV D FRUQHU EORFN RI Â&#x2019; 6* 80 VFDUFH Â&#x2026; Â&#x2026;
www.philangles.co.uk
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 16
Â&#x2019; 0$3 6HW 1+0 ,QF G 2FKUH VKDGH YDULHW\ Â&#x2019; 6** * ( Â&#x2026; Â&#x2026;
{ 0DS LVVXHV )8 ,QF 9DULHWLHV PRVWO\ ZLWK
{ 4(,, 683(5% 86(' 6HWV 3LFWRULDO VHW
RI %LUG VHW RI )ORZHUV VHW RI 1HZ &XUUHQF\ 6KLSV ZLWK PDQ\ FRPPHPRUDWLYH VHWV VWDPSV DQG 06 RXWVWDQGLQJ 4XDOLW\ &DW Â&#x2026; Â&#x2026; Â&#x2026;
6RXWK *HRUJLD 3PNV YDULHWLHV ZLWK VKRUW GLIIHUHQW 'RW DERYH $ /RQJ 0HULGLDQ DOO OLVWHG *RRG *URXS 6** Â&#x2026; Â&#x2026; Â&#x2019; 0DS YDULHWLHV PLQW GLII G FXDWV G EURNHQ
3 G EURNHQ : G G &MDWV DOO OLVWHG Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUI .*9, 9LFWRU\ VHW 80 )LQH Â&#x2019; DQG VFDUFH 6** V * V Â&#x2026; Â&#x2026;
Â&#x2019; 6KLS LVVXHV DV EORFNV RI VHW RI Â&#x2019; RYSW VHW RI DOO YHU\ IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; 7KLFN 0DSV .*9, VHW DV 80 SDLUV ZLWK YDULHWLHV Â&#x2019; 6H 7HQQDQW EURNHQ 3DUDOOHO /RQJ G 0HULGLDQ 9HU\ )LQH Â&#x2019; 9(5< +,*+ &$7$/2*8( 9DOXH FROOHFWLRQ Â&#x2019; VHWV FKLHIO\ DV EORFNV RI 80 3LFWRULDO VHW %LUGV /LVWHG LQ +HLMW] 6** Â&#x2026; Â&#x2026;
DV F\OLQGHU SDLUV 80 %DWWOH RI )DONODQGV DV F\OLQGHU EORFNV RI )ORZHUV VHW RI $LU 6HUYLFH DV F\OLQGHU EORFNV RI %LVKRS DV LPSULQWHG EORFNV RI 66 *UHDW %ULWDLQ DV F\OLQGHU EORFNV RI $ VXSHUE ORW YHU\ IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ LQF RYSW VHW RI DOO VHWV Â&#x2019; LQF ERWK G 80 PDS VHW LQF G RFKUH PDQ\ VWDPSV ZLWK Â&#x2019; H[WHQGHG OLQH WKLQ PDS VHWV YLFWRU\ V ZHGGLQJ 838
PDLQO\ XP FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; .*9, RQ ROG SDJHV ERWK PDS VHWV ,QF WKLFN
{ 9HU\ ILQH XVHG FROOHFWLRQ RI VWDPSV DQG
PDS òG EURNHQ SDUDOOHO WKH PDSV G G GRW RQ 7 9LFWRU\ 6 :HGGLQJ DQG 838 VHWV IUHVK PLQW &DW Â&#x2026; Â&#x2026; Â&#x2026;
06 6KHHWOHWV &DW Â&#x2026; D VXSHUE UDQJH RI VHWV ,QF GHILQ VHW ERWK 6KLSV GHILQ VHW 6KLS GHILQ VHW 0DULQH OLIH VHW %LUG 6HW $ VXSHUE UDQJH RI FRPPHPRUDWLYHV DOO YHU\ ILQH XVHG Â&#x2026; Â&#x2026;
)$52( ,6/$1'6
Â&#x2019; 3ULQWHG $OEXP ZLWK PDQ\ VHWV PDLQO\ 80 Â&#x2019; 6287+ *(25*,$ DV EORFNV RI 80 Â&#x2019; VHW WR Â&#x2026; %OXH :KDOH (; Â&#x2026; 3HQJXLQ QHZ ZPN òG DOO Â&#x2019; GHILQ VHW PLQW RYHU VWDPSV %RRNOHWV ,QF &KHVV Â&#x2019; SLHFHV )DLU\ 7DOHV $LUFUDIW $ JRRG ORW Â&#x2026; Â&#x2026; YHU\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 1(: &855(1&< 6HW RI DV 80 EORFNV RI Â&#x2019; 6* YHU\ IUHVK Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( DV EORFNV RI 80 GHILQ VHW RI Â&#x2019; 6* QRWH S RQ RUGLQDU\ SDSHU
Â&#x2019; Â&#x2019;
{
{
Â&#x2019;
Â&#x2019; Â&#x2019;
{
Â&#x2019;
Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019;
),-, Â&#x2019; 6SHFLPHQ RYHUSULQW (GZDUG VHW RI DIIL[HG WR
RULJLQDO SLHFH IUHVK FRORXU WKH Â&#x2026; LV GDPDJHG VR YDOXHG DFFRUGLQJO\ Â&#x2026; Â&#x2026;
6KDFNOHWRQ &KXUFKLOO 1HZ ZDWHUPDUN GHILQ VHW RI Â&#x2019; Â&#x2026; SXUSOH EODFN RQ UHG 6* FRXSOH RI DOO YHU\ IUHVK Â&#x2026; Â&#x2026; VKRUW SHUIV DW EDVH RWKHUZLVH ILQH PLQW Â&#x2026; Â&#x2026; (UURU S &RLQ DQG 7URXW :DWHUPDUN WR WKH ULJKW Â&#x2019; 63(&,0(1 RYHUSULQWV .*9 VHW RI ILQH PLQW 6* Z 80 Â&#x2026; Â&#x2026; DIIL[HG WR DUFKLYH SLHFH 6* V SOXV DGGLWLRQDO G IURP VHSDUDWH LVVXHV ORYHO\ FRORXUV VFDUFH Â&#x2026; Â&#x2026; 9HU\ ILQH XVHG FROOHFWLRQ RI VWDPSV 06 ZLWK PDQ\ FRPSOHWH VHWV ,QF 06 DQG 6KHHWOHWV 'HILQ <DFKW òG RQ SI 6* VXSHUE XVH RI VL[ VHWV &DW Â&#x2026; Â&#x2026; Â&#x2026; H[DPSOHV LQF VWULS RQ VPDOO ILQH FRYHU WR 8. HDFK WLHG QHDW 689$ FGV XVHG GXULQJ ::, SHULRG 0RVW XQXVXDO ),6&$/ &$1&(//$7,21 RQ 49 G 6* D[ Â&#x2026; Â&#x2026; VKRZLQJ JRRG SDUW VHWWOHPHQW KDQGVWDPS DOVR .*9 G ZLWK %ULWLVK W\SH FGV RI 6LWWLQJERXUQH LWHPV Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 RYHUSULQW :DU VWDPSV 6* V DIIL[HG WR DUFKLYH SLHFH Â&#x2026; Â&#x2026; .*9, VHOHFWLRQ PLQW FDW Â&#x2026; LQF GHILQLWLYH V WR &RURQDWLRQ 838 6PDOO EXW XVHIXO Â&#x2019; 63(&,0(1 RYHUSULQWV SRVWDJH GXH VHW RI Â&#x2026; Â&#x2026; 6*' ' V DIIL[HG WR DUFKLYH SLHFH PLQW Â&#x2026; Â&#x2026; 3ULQWHG 3DJHV ZLWK PDLQO\ LVVXHV IURP WR 80 VHHQ Â&#x2026; :KDOH FÂ&#x2026; %LUG GHILQ V Â&#x2019; .*9, FROOHFWLRQ PDLQO\ GHILQLWLYHV ZLWK :KDOH DQG 'ROSKLQV VHW FÂ&#x2026; 0DS RI -DVRQ +DUERXU VKDGHV DQG GLIIHUHQW SHUI W\SHV WR Â&#x2026; 9LFWRU\ 5 :HGGLQJ :PN 7R WKH ULJKW 6* Z DV ZHOO DV WKH VHW %LUGV D DQG KHDOWK VHWV $ ILQH FROOHFWLRQ IUHVK PLQW Â&#x2026; Â&#x2026; VXSHUE FROOHFWLRQ VWDPSV DQG 06 6KHHWOHWV &DW 3267$/ +,6725< :LWK PDQ\ 2+06 FRYHUV Â&#x2026; Â&#x2026; Â&#x2026; *RYHUQPHQW RI WKH )LML ,VODQG 2IILFLDO (QYHORSHV FRPPHUFLDO 4(,, 9(5< ),1( 86(' )ORZHUV ZLWK 0DLO $Q LQWHUHVWLQJ ORW RI FRYHUV Â&#x2026; Â&#x2026; VXSHUE )R[ %D\ &'6 %LUGV WR %DWWOH RI 3267$/ 0$5.6 0DUNLQJV DQG FDFKHW RI WKH )DONODQGV 66 *UHDW %ULWDLQ DOO ZLWK &'6 FDQFHOV SRVWDO VHUYLFH RQ VKHHW RI SDSHU ZLWK PDQ\ GLIIHUHQW PDUNLQJV Â&#x2026; Â&#x2026; ZRXOG PDNH D VXSHUE GLVSOD\ LWHP Â&#x2026; Â&#x2026; 672&. 3$*(6 ZLWK .*9 .*9, LVVXHV LQF { 5(9(18( .*9 Â&#x2026; RYSW 5 )8 RQ SLHFH FHQWHQDU\ WR .*9 GHILQ WR :DU 7D[ LPSUHVVLYH Â&#x2026; Â&#x2026; ZKDOH SHQJXLQV WR G QRWH G EORFN RI V MXELOHH VHW .*9, GHILQ WR G LQF G DV ),1/$1' LPSULQWHG EORFN RI DQG SODWH EORFN RI $ XVHIXO UDQJH RI VWDPSV FDW Â&#x2026; PLQW Â&#x2026; Â&#x2026; 5(9(18(6 6WDPS 'XW\ WR PN S PN WR PN D JRRG JURXS RI UHYHQXHV )$/./$1' ,6 '(36 OLJKW DGKHVLRQ WR WKH ROG SDJHV Â&#x2026; Â&#x2026; *5$+$0 /$1' .*9, RYSW 6HW RI DV )5 &2/ $/(; PDWFKLQJ FRUQHU EORFNV RI 1+0 6*$ Â&#x2026; Â&#x2026; Â&#x2019; 7RS YDOXH IU 3HDFH DQG &RPPHUFH 6* 6287+ *(25*,$ .*9, RYSW 6HW RI DV PLQW Â&#x2026; Â&#x2026; PDWFKLQJ FRUQHU EORFNV RI 1+0 6*% Â&#x2026; Â&#x2026; Â&#x2019; +,*+ 9$/8( P RQ I 6* IUHVK PLQW 6287+ 6+(7/$1'6 .*9, RYSW 6HW RI DV Â&#x2026; Â&#x2026; PDWFKLQJ FRUQHU EORFNV RI 1+0 6*' Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 17
)5 &2/ $/*(5,$
)5 &2/ 781,6,$
3267$/ +,6725< *5283 EHJLQV ZLWK FOHDQ (35(89(6 '( /8;( 3LFWRULDO VHW RI &HUHV YHU\ ILQH FRQGLWLRQ $ VFDUFH FRPSOHWH VHW QHYHU ILQH GLVLQIHFWHG HQWLUH IURP 7XQLV WR 0DUVHLOOHV )UDQFH 3D\V G 2XWUHPHU 3XULILH D 7RXORQ FDFKHWV WZR IXUWKHU KLQJHG ZLWK WKHUH RULJLQDO WKLQ SDSHU SURWHFWRU Â&#x2026; Â&#x2026; HQWLUHV ERWK WR 0DUVHLOOHV LOOXVWUDWHG VDLOLQJ VKLS SULQWHG IRUP ZULWWHQ DQG ILOOHG RXW LQ ,WDOLDQ QRW D (35(89(6 '( /8;( &RQVWDQWLQH VHW RI PDLOHG LWHP DSSHDUV WR EH VRPH IRUP RI SDVV RU RIILFLDO &HUHV YHU\ ILQH ZLWK WKHUH RULJLQDO WKLQ SDSHU SURWHFWRU GRFXPHQW IRU XVH LQ WKH 3RUW RI 7XQLV HQWLUH IUDQNHG ZLWK QHYHU KLQJHG 6FDUFH DV VXFK Â&#x2026; Â&#x2026; )UHQFK &RO F FRPPHUFLDO FRYHU IUDQNHG F F (35(89(6 '( /8;( 1HZ <RUN ([SRVLWLRQ VHW FDQFHOOHG DW 6RXVVH DOVR VHH XVHG XQXVHG SRVWFDUGV RI &HUHV ZLWK WKHUH RULJLQDO WKLQ SDSHU SURWHFWRU SRVWDO VWDWLRQHU\ LWHPV LQFO F SRVWFDUG ZLWK 0LQLVWU\ RI 6FDUFH QHYHU KLQJHG 9HU\ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026; :DU FDFKHW FRYHU FHQVRUHG WZLFH $1' 025( ,QWHUHVWLQJ ORW LWHPV Â&#x2026; Â&#x2026; (35(89(6 '( /8;( 6DKDUD 3LRQHHUV VHW RI &HUHV ZLWK WKHUH RULJLQDO WKLQ SDSHU SURWHFWRU LQ YHU\ { 0,17 86(' &2//(&7,21 LQ DQ DOEXP ZH ILQH FRQGLWLRQ QHYHU KLQJHG 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; VHH PRVW YDOXHV WR F PLQW VKDGHG EDFNJURXQG YDOXHV WR F I PLQW SOXV PRVW YDOXHV WR I (35(89(6 '( /8;( 9LHZV DQG 3HWDLQ VHW RI XVHG FRQWDLQV ZLWK JRRG UDQJHV RI PLQW XVHG VRPH ODWHU &HUHV DQG ZLWK WKHUH RULJLQDO WKLQ SDSHU LVVXHV LQ ODUJH EORFNV SDQHV HVSHFLDOO\ WKH GHILQV ZLWK SURWHFWRU QHYHU KLQJHG 9HU\ ILQH Â&#x2026; Â&#x2026; DOO YDOXHV RI VHW $LUPDLO LVVXHV QRWH I XVHG (35(89(6 '( /8;( $UPV VHW RI &HUHV 3DUFHO 3RVW VWDPSV JRRG 3RVWDJH 'XHV LQFO YHU\ ILQH FRQGLWLRQ ZLWK WKHUH RULJLQDO WKLQ SDSHU YDOXHV WR I PLQW SOXV D IHZ XVHG DQG VWURQJ UDQJH RI ODWHU SURWHFWRU VFDUFH QHYHU KLQJHG Â&#x2026; Â&#x2026; LVVXHV DOVR I RQ F VH WHQDQW SDLU LQ 80 VKHHW RI 2/' 3$*(6 ZLWK )UHQFK &RORQLHV LVVXHV ZLWK ZLWK JXWWHU GRZQ FHQWUH ,QWHUHVWLQJ XVHIXO FROOHFWLRQ DSSUR[ EHWWHU SLFNLQJV RYSW WR I GHILQ ZLWK YDOXHV WR I <YHUW FDW (XURV DSSUR[ VWDPSV PLQW 80 LQF I PLQW ZRXQGHG VROGLHUV VHW RI FÂ&#x2026; PLQW EORFNV Â&#x2026; Â&#x2026; 1RUWK $IULFD H[KLE ERWK SHUI W\SHV PLQW $ JRRG UDQJH RI )5$1&( VWDPSV ZLWK LVVXHV WR WKH V Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 1DSROHRQ F LPSHUI DV FRORXU WULDOV LPSHUI EORFNV ILQH XQXVHG GLIIHUHQW EORFNV Â&#x2026; Â&#x2026;
)5 &2/ ,925< &2
Â&#x2019; 5HQH &DLOOLH F ZLWK &27( ' ,925( Â&#x2019; 20,77(' LQVFULSWLRQ SDQHO DV FRUQHU EORFN RI QKP D
{ $ ILQH FROOHFWLRQ LQ D SULQWHG $OEXP ZLWK RYHU Â&#x2019; GLIIHUHQW VWDPSV ,QF IU 6* XVHG FÂ&#x2026;
VSHFWDFXODU HUURU EORFN VPDOO JXP EHQG 6* D FDW Â&#x2026; Â&#x2026; Â&#x2026;
3HDFH DQG &RPPHUFH GLIIHUHQW SULQWLQJ WR IU PHVVRQ WR IU PDQ\ GLIIHUHQW VRZHUV 6LQNLQJ )XQG 6* )8 &Â&#x2026; 5HOLHI )XQG VHW VWULS DQG VWDPSV FÂ&#x2026; PLQW 6WDPS &HQWHQDU\ 6* D )8 5HOLHI )XQG VHW )8 FÂ&#x2026; 5HOLHI )XQG VHW PLQW 5HOLHI )XQG )8 &DW Â&#x2026; 5HOLHI )XQG )8 FÂ&#x2026; FDWDORJXHG RYHU Â&#x2026; Â&#x2026; Â&#x2026;
)5 &2/ 0252&&2 3267$/ +,6725< &2//(&7,21 RQ DOEXP
{ Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019; Â&#x2019; Â&#x2019;
SDJHV LQWHUHVWLQJ UDQJHV LQFO <0&$ $UP\ &RUUHVSRQGHQFH SRVWFDUG 3DUFHO 3RVW IRUP ZLWK VWDPSV DIIL[HG UHJ G FRYHU WR &DVDEODQFD HQY IUDQNHG S &2/285 75,$/ 1DSROHRQ F FORFN RI LQ RQ I <YHUW ZLWK )UHQFK &RUUHVSRQGDQFH 3DU $YLRQ ODEHO JUHHQ JUH\ IUHVK XQJXPPHG SDSHU Â&#x2026; Â&#x2026; DIIL[HG $FKHPLQHPHQW ,PSRVVLEOH FDFKHW 6HUYLFH 6XVSHQGHG JUHDW UDQJH RI FRYHUV ZLWK D ZLGH UDQJH RI Â&#x2019; /H +DYUH IU RYSW IUHVK PLQW <YHUW D IUDQNLQJV YDULRXV DLUPDLOHG FRYHUV UHJ G FRYHUV FRPPHUFLDO Â&#x2026; Â&#x2026; HQYHORSHV HLJKW FHQVRUHG FRYHUV 1HDWO\ SUHVHQWHG LWHPV Â&#x2026; Â&#x2026; Â&#x2019; 685&+$5*(' SUH FDQFHO F RQ F 6* )UHVK PLQW H[SHUWLVHG RQ WKH UHYHUVH Â&#x2026; Â&#x2026; ),1( 0,17 80 86(' &2//(&7,21 QHDWO\ DUUDQJHG RQ DOEXP SDJHV 3RVWDJH LVVXHV DOPRVW FRPSOHWH PLQW 80 ZLWK D VWURQJ UDQJH RI XVHG $LUPDLOV ODUJHO\ Â&#x2019; 6WUDVERXUJ ([KLELWLRQ 6KHHW EULOOLDQW 1+0 Â&#x2019; 80 H[FHSWLRQDO TXDOLW\ \YHUW &DW (XUR Â&#x2026; FRPSOHWH PLQW IURP WR QRW LQFO QRQ LVVXHG *HP Â&#x2026; Â&#x2026; VHW SOXV VRPH XVHG $OVR LQFOXGHV $LUV LPSHUI SDLUV PRVW YDOXHV WR I $LUV VHW LQ LPSHUIRUDWH VLQJOHV $,50$,/ VWDPSV HDFK GLIIHUHQW ZLWK D I ERRNOHW D QXPEHU RI ODUJH 80 EORFNV VHYHQ GLIIHUHQW FDWDORJXH YDOXH RI HXUR V ZLWK PDQ\ EHWWHU VWDPSV PLQLDWXUH VKHHWV (SUHXYHV GHOHX[H VHYHUDO 6ROLGDULW\ )XQG RYSW VHW RI 6* FDW PLQW I RYSW JRRG LVVXHV *RRG FROOHFWLRQ ILQH WKURXJKRXW FDW (XURV IRUJHULHV 6* XVHG I JUHHQ 6* XVHG V Â&#x2026; Â&#x2026; I EDQNQRWH XVHG I 838 80 DLU VHW RI 80 KHOLFRSWHU 80 D YHU\ JRRG ORW FKLHIO\ PLQW LQF 80 )5 &2/ 67 3,(55( Â&#x2026; Â&#x2026; &ROOHFWLRQ RQ SDJHV ZLWK EHWWHU SLFNLQJV { 6LQNLQJ IXQG VHW DV EORFNV RI IRXU ILQH XVHG )UHH )UHQFK $LU 80 3LHUUH /RWL $LU 80 FHOHEULWLHV )LQH XQXVXDO 6* FÂ&#x2026; Â&#x2026; Â&#x2026; $LU VHW 80 & $LU 80 $ JRRG UDQJH RI VWDPSV FDW Â&#x2026; PLQW LQF 80 Â&#x2026; Â&#x2026; Â&#x2019; $QWL 7% ODEHOV LQ ERRNOHWV ZLWK DUWLVWV FRYHUV )UHH )UHQFK IQIO RYSWV LQF 1HZ <RUN ZRUOG VLPLODU WR VWDPS ERRNOHWV WKH ORW RI GLII ZLWK SDUWLDO SDQHV LQF IDLU VHW 80 VRFLDO IXQG VHW 80 1RHO RQ F PLQW $ DGYHUW PDUJLQV Â&#x2026; Â&#x2026; ILQH UDQJH RI VWDPSV FKLHIO\ PLQW Â&#x2026; Â&#x2026; Â&#x2019; '29( RI 3($&( IUHVK 80 6* <YW FDW Â&#x2019; (XURV Â&#x2026; Â&#x2026; Â&#x2019; $LUPDLO IU *UHHQ 6* VXSHUE PLQW GHHS 4 VKDGH .H\ VWDPS Â&#x2026; Â&#x2026;
Selling?
Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Â&#x2019; %DQNQRWH IU IUHVK PLQW 6* &DW 4 Â&#x2026; Â&#x2026; Â&#x2026;
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 18
{ )OLJKW IU \YHUW FKRLFH 9)8 ZLWK FHQWUDO
Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYH LVVXHV HDFK Â&#x2019; GLIIHUHQW SOXV FRORXU WULDO VWULS RI IUHVK 80 Â&#x2026; Â&#x2026;
&'6 &DW HXUR Â&#x2026; Â&#x2026; Â&#x2019; 3(;,3 ,QWHUQDWLRQDO 3KLODWHOLF ([KLELWLRQ Â&#x2019; PLQLDWXUH VKHHW 6*06 IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYH LVVXHV LQF Â&#x2019; FRORXU WULDO VWULS RI VLQJOHV DQG SDLUV $ KLJKO\ FDWDORJXHG
ORW IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; 3(;,3 PLQLDWXUH VKHHW 6* 06 PLQW Â&#x2019; 9$5,(7< 3KLOH[ )UDQFH VH WHQDQW VWULS Â&#x2026; Â&#x2026; Â&#x2019; LPSHUIRUDWHG \YHUW D IUHVK 80 FDW HXUR V
Â&#x2026; Â&#x2026;
Â&#x2019; 3(;,3 PLQLDWXUH VKHHW 6*06 PLQW FDW
Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYH LVVXHV LQF VFDUFH Â&#x2019; 3KLOH[)UDQFH VH WHQDQW SDLU FDW HXUR V DQ H[FHOOHQW UDQJH
Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 3H[LS VHW RI IRXU LQ JXWWHU VWULSV 6WDPSV 80 Â&#x2019; \YHUW &DW Â&#x2026; Â&#x2026; Â&#x2026;
RI KLJK FDW YDOXH LQ \YHUW IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 0LVVLQJ &RORXU (UURU IU $UFK ZLWK 5HG Â&#x2019; &RORXU RPLWWHG <YHUW E &DW Â&#x2026; 80 Â&#x2026; Â&#x2026;
:5(&. 0$,/ $ ILQH $LUPDLO $PEXODQFH 4 HQYHORSH WR 8. ZLWK )RXU OLQH 3DU $FFLGHQW ' $YLRQ
FDFKHW Â&#x2026; Â&#x2026; Â&#x2019; I I 6WDPS 'D\ WKUHH GLIIHUHQW &2/285 Â&#x2019; 75,$/6 LQ ,03(5)25$7( %/2&.6 2) )285 DV <YHUW
80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; 67$03 &(17(1$5< FRPSOHWH VKHHWOHW RI Â&#x2019; YHUWLFDO URZV 6* D VHOGRP VHHQ DV D FRPSOHWH VKHHWOHW
IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; (LIIHO 7RZHU RPLWWHG 6LOYHU &RORXU IU Â&#x2019; 5RFNHW VWDPS 80 ZLWK QRUPDO WR FRPSDUH <YHUW D &DW
<YHUW Â&#x2026; Â&#x2026; $,50$,/6 $,5 )5$1&( D PRVW H[WHQVLYH 4 DQG ILQH FROOHFWLRQ RI GLII FRYHUV FDUGV GLVSOD\HG RQ
SDJHV ZLWK PDQ\ ILUVW IOLJKWV URXWH FRYHUV RI WKH V V WR 6RXWK $PHULFD XVH RI SULQWHG $LU )UDQFH HQYHORSHV VSHFLDO VWDJH IOLJKWV RI V LQF FRORQLHV D JRRG FROOHFWLRQ Â&#x2026; Â&#x2026;
Â&#x2019; &DW Â&#x2026; 5HOLHI )XQG VHW ILQH 1+0 6* Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; %RRNOHWV FROOHFWLRQ ZLWK D FDWDORJXH YDOXH Â&#x2019; RYHU Â&#x2026; PDQ\ UHG FURVV ERRNOHWV FKLHIO\ V V Â&#x2019; 3ULQWHG $OEXP ZLWK RYHU VWDPSV 06 LVVXHV Â&#x2026; Â&#x2026;
PLQW DQ H[WHQVLYH FROOHFWLRQ IRU WKH SHULRG ,QF 3UH FDQFHOV 3RVWDJH GXHV $ YHU\ ILQH FROOHFWLRQ Â&#x2026; Â&#x2026;
{ ($5/< )5$1&( &ROOHFWLRQ RI FKLHIO\
:UHFN 0DLO %XUQHG (QYHORSH ZLWK ILQH &RXUULHU 4 $FFLGHQW (Q &RXUV 'H 7UDQVSRUW FDFKHW Â&#x2026; Â&#x2026; Â&#x2019; ,PSHUIRUDWHG IU $UW 0DUJLQDO 80 <YHUW Â&#x2019; D Â&#x2026; Â&#x2026; Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYH LVVXHV $ YHU\ Â&#x2019; ILQH FROOHFWLRQ RI VWDPSV YHU\ KLJK FDWDORJXHG YDOXH OLVWHG LQ
<YHUW IUHVK 80 Â&#x2026; Â&#x2026; ^3KRWR`
FDQFHOODWLRQV RQ FODVVLF LVVXHV IURP LPSHUI 1DSROHRQV VWDPSV D PLQW FROOHFWLRQ RI 6RZHUV ZLWK YDOXHV WR IU ZLWK KLJK &DW (DUO\ LVVXHV GLIIHUHQW DQG D IHZ HDUO\ FRYHUV PL[HG EXW PXFK ILQH Â&#x2026; Â&#x2026; 5(9(18(6 2OG WLPH FROOHFWLRQ ZLWK LVVXHV WR ZLWK PDQ\ GLIIHUHQW GLPHQVLRQ LVVXHV LQF VXUFKDUJH RYSWV 7KHDWUH 5HYHQXHV WR ) $ YHU\ JRRG UDQJH RI FRPPHUFH LVVXHV RYHU UHYHQXH OLJKW DGKHVLRQ WR WKH SDJHV Â&#x2026; Â&#x2026; Â&#x2019; 8102817(' PLQW FROOHFWLRQ ZLWK RYHU Â&#x2019; VWDPSV ZLWK PDQ\ VHWV GHILQV 06 RGG ERRNOHW SDQH LQ ROG
Â&#x2019; ,03(5)25$7(' FRPPHPRUDWLYH LVVXHV D Â&#x2019; YHU\ ILQH FROOHFWLRQ RI VWDPSV OLVWHG LQ <YHUW YHU\ KLJK
VWRFNSDJHV QHHGV VRUWLQJ Â&#x2026; Â&#x2026;
FDWDORJXH YDOXH IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; ,03(5)25$7(' FRPPHPRUDWLYH LVVXHV D Â&#x2019; ILQH FROOHFWLRQ RI VWDPSV LQF DUW VLQJOH FRORXU LVVXHV OLVWHG
LQ \YHUW KLJKO\ FDWDORJXHG )UHVK 80 Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYHV VWDPSV DQG Â&#x2019; VKHHWOHWV LQF (XURSD $ JRRG ORW 80 KLJKO\ FDWDORJXHG
Â&#x2026; Â&#x2026; Â&#x2019; LPSHUIRUDWHG DUW LVVXHV DQG FRORXU WULDOV D ILQH Â&#x2019; UDQJH RI HDFK GLIIHUHQW YHU\ KLJK FDWDORJXH YDOXH IUHVK
80 Â&#x2026; Â&#x2026;
Â&#x2019; 838 *ROG HPERVVHG %R[HG 3UHVHQWDWLRQ Â&#x2019; $OEXP FRQWDLQLQJ D ILQH UDQJH RI 80 LVVXHV LPSHUI SURRI
VKHHWV $LUV WR IU HWF SURRIV Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU 2WWDZD Â&#x2019; PHHWLQJ FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV
IUHVK 80 QRWLQJ QXPHURXV 1DWLRQDO 5HOLHI )XQG VHWV FÂ&#x2026; FÂ&#x2026; &DW Â&#x2026; FÂ&#x2026; 6SRUW VHW &DW Â&#x2026; $QGRUUD LVVXHV FÂ&#x2026; DQG PXFK PRUH 0DQ\ 0RUH VWDPSV KHUH Â&#x2026; Â&#x2026; ::,, WK $QQLYHUVDU\ 6LJQHG FRYHUV ,QF
&DSW &KULVWLDQ 5RRVHERRP QG VLJQHG + $ .LQJ $QGUH :HQHV ' & 2XZHKDQG %DWWOH RI )DODLVH VLJQHG -RKQQLH -RKQVRQ Â&#x2026; Â&#x2026;
Â&#x2019; ,PSHUIRUDWHG VWDPSV DQG FRORXU WULDOV LQF Â&#x2019; VLQJOH SDLUV DQG VWULSV )UHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; ,03(5)25$7(' FRPPHPRUDWLYH LVVXHV D Â&#x2019; ILQH FROOHFWLRQ RI ZLWK DUW W\SHV LQF VLQJOHV DQG FRORXU VWULSV
OLVWHG LQ \YHUW IUHVK 80 Â&#x2026; Â&#x2026; ^3KRWR`
)5(1&+ &2/21,(6 (DUO\ SRVWFDUGV XVHG IURP ,QGR &KLQD DQG
$OJHULD SHULRG PRVWO\ ZLWK VWDPSV XVHG RQ IDFH RI FDUGV 8QXVXDO FDUGV Â&#x2026; Â&#x2026;
Â&#x2019; ,PSHUIRUDWHG LVVXHV DV VLQJOHV RU VWULSV Â&#x2019; FRPPHPRUDWLYH LVVXHV VWDPSV ZLWK LVVXHV FDW XSWR
Â&#x2019; 838 3UHVHQWDWLRQ IROGHU IRU WKH PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV LQYDULDEO\
(XURV D YHU\ JRRG ORW KLJKO\ FDWDORJXHG IUHVK 80 Â&#x2026; Â&#x2026;
$LUPDLO KLJK YDOXHV QRWLQJ 6RPDOL &RDVW WR IU 7RJR WR IU 6W 3LHUUH WR IU $ ILQH ORW RI KLJK YDOXHV LQ WKLV VSHFLDO $OEXP Â&#x2026; Â&#x2026;
Â&#x2019; ,03(5)25$7(' FRPPHPRUDWLYH LVVXHV D Â&#x2019; ILQH FROOHFWLRQ RI VWDPSV KLJKO\ FDWDORJXHG OLVWHG LQ <YHUW
ZLWK FDW YDOXHV XSWR HXUR V )UHVK 80 Â&#x2026; Â&#x2026;
*$0%,$
Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYHV LVVXHV LQF Â&#x2019; FRORXU WULDO VWULSV LQF I EHH I F VSDFH URFNHW ZLWK D YHU\
Â&#x2019; 63(&,0(1 RYHUSULQWV RQ .(9,, ZLWK YDOXHV WR
WR WR DIIL[HG WR DUFKLYH SDUW SDJH LPSUHVVLYH SLHFH VWDPS ZLWK VXSHUE FRORXU DQG HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
KLJK FDW YDOXH LQ \YHUW $ JRRG ORW RI VWDPSV IUHVK XQPRXQWHG PLQW Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; ,PSHUIRUDWHG FRPPHPRUDWLYH FROOHFWLRQ Â&#x2019; GLIIHUHQW LQF DUW UHG FURVV VLQJOH FRORXU VWULSV +LJKO\
Â&#x2019; 6SOLW $ YDULHW\ òG 6* F ILQH P ZLWK %3$
FHUW Â&#x2026; Â&#x2026;
FDWDORJXHG IUHVK 80 Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 19
.*9 ZPN 0DOW &URZQ &$ VHW SOXV òG G
{ =HSSHOLQ 6RXWK $PHULFD )OLJKW PN 6* 4 VXSHUE XVHG RQ SLHFH ZLWK )ULHGULFKVKDIHQ &'6 &KRLFH
òG G G G VKDGHV 6* 9)0
F
.*9 GHILQV ZPN PXOW VFULSW FD VHW 6* { =HSSHOLQ &KLFDJR RYSW VHW )8 6* 6HW 4 YIP
.*9 GHILQV ZPN PXOW VFULSW FD VHW SOXV òG
{ =HSSHOLQ &KLFDJR )OLJKW 6HW 9)8 6* 4 F
VKDGH 6* YIP .*9 GHILQV ZPN PFD VHW 6* YIP
7+,5' 5(,&+ 2OG 3DJHV ZLWK EHWWHU SLFNLQJV
òG 6LOYHU -XELOHH ZLWK H[WUD IODJVWDII 6* D
PLQW
+LQGHQEXUJ QHZ FRORXU VHW :HOIDUH VHW 1 UEXUJULQJ RYSW VHW $ YHU\ JRRG FROOHFWLRQ RI VWDPSV KLJKO\ FDWDORJXHG =(33(/,1 IOLJKW FDUG WR 5LR GH -DQHLUR ZLWK YLD 4 &RQGRU =HSSHOLQ 5HFLIH 5,2 '( -$0(,52 DQG VSHFLDO IOLJKW
63(&,0(1 SHUIRUDWHG .*9, SLFWRULDO VHW
FDFKHW ZLWK WUDQVLW PDUN RI 5HFLIH DQG 5LR GH -DQHLUR RQ WKH UHYHUVH D YHU\ VFDUFH FDUG LQ YHU\ ILQH FRQGLWLRQ ^3KRWR`
6* V V IUHVK PLQW D VFDUFH VHW ^3KRWR` 63(&,0(1 SHUIRUDWHG 9LFWRU\ VHW RI
{ 7KLUG 5HLFK 1XUHPEXUJ FRQJUHVV SDSHU
6* V V IUHVK PLQW
YDULHWLHV )8 SI PL \ [,, SI PL \ [, ([SHUW +6 $ VFDUFH DQG KLJK &9 JURXS
4(,, '(),1,7,9( 6HW RI DV EORFNV RI 6* SOXV 5R\DO 9LVLW 6HW RI YHU\ IUHVK 80
=(33(/,1 2O\PSLF IOLJKW FRYHU ZLWK 4 +LQGHQEXUJ VSHFLDO IOLJKW FDFKHW PXOWLSOH IUDQNHG FRYHU
6(/) *29(510(17 6HWV DV EORFNV RI %LUG VHW RI DQG RYSW VHW RI DOO YHU\ IUHVK 80
{ 0RWRU 6KRZ VHW RQ D SULQWHG VKHHW ZLWK VSHFLDO FDQFHOV PRWRUVKRZ RYSW VHW RQ HQY ZLWK HDFK VWDPS EHLQJ
FDQFHOOHG ZLWK D VSHFLDO FDQFHO 6* DQG DOO VXSHUE XVHG YHU\ ILQH TXDOLW\ GLIIHUHQW LVVXH .*9 (OHSKDQWV WR G .*9, VHW WR %LUGV WR GLIIHUHQW VHWV { 2FFXSDWLRQ LVVXHV YHU\ ILQH XVHG ZLWK PDQ\ HWF *RRG ORW VHWV LQF $OVDFH /RUUDLQH .XUODQG RQ SI EOXH EON RI ZLWK GLIIHUHQW VHWWLQJV 6* /X[HPEXUJ 2VWODQG DQG 8NUDLQH D .*9, FROOHFWLRQ &RURQDWLRQ YHU\ ILQH FROOHFWLRQ RI VWDPSV D KLJKO\ FDWDORJXHG GHILQLWLYH VHW RI 6 :HGGLQJ 9LFWRU\ DQG 838 VHWV IUHVK FROOHFWLRQ PLQW { ),1( 86(' ZLWK FRPSOHWH VHWV DQG
+,7/(5 SI SI SI DQG IS ::,, %ULWLVK 3267$/ +,6725< $LUPDLO (QY ZLWK G
,QWHOOLJHQFH 3URSDJDQGD )RUJHULHV IUHVK PDUJLQDO PLQW DQG VHOGRP VHHQ
òG G G G 6* D )8 6 -XELOHH VHWV FRYHUV .*9, (OHSKDQW LVVXHV ZLWK YDOXHV WR G $ XVHIXO ORW RI FRYHUV
{ 2)),&,$/6 (DJOHV VHW RI )8 6FDUFH
6*2
*(25*,$
.85/$1' +LWOHU KHDG RYSWV ZLWK VSHFLDOLVHG 0RGHUQ VHWV FKLHIO\ LQ GHDOHUV VWRFNFDUG 80 $ ILQH UDQJH RI VWDPSV 06 ZLWK D FDWDORJXH YDOXH RYHU VHWWLQJV DV SHU 0LFKHO FKLHIO\ 80 YDULRXV H[SRUW KDQGVWDPSV
VHHQ (XURSD DV LPSHUI EORFN RI IRU WKH W W W YDOXHV $ VHOGRP VHHQ FROOHFWLRQ ^3KRWR`
*(5 =21(6 %5 $0
{ {
$ ILQH FROOHFWLRQ GHWDLOHG RQ SDJHV 67$036 21 3) LQF UDUH EORFN ZLWK W\SH , ,, 6H 7HQQDQW RQ SI LQF W\SH , ,, 6H 7HQDQW DQG W\SH 9, 9HU\ KLJK &9 DQG VHOGRP RIIHUHG
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{ 6WRFNFDUGV ZLWK PDQ\ EHWWHU VHWV
*(50$1< &,1'(5(//$6 DOO GLIIHUHQW DFFXPXODWLRQ RI FRORXUIXO *HUPDQ ODEHOV PRVW ZHUH SURGXFHG IRU H[KLELWLRQV DGYHUWLVHG SURGXFWV LQFOXGH IRRGVWXIIV FDPHUDV FOHDQLQJ PDWHULDOV HWF *HQHUDOO\ FOHDQ ILQH DSSUR[
:HVW *HUPDQ\ FHQWHQDU\ VHW +LWOHU ELUWKGD\ 06 +DQRYHU IDLU 06 :HVW *HUPDQ\ UHOLHI IXQG D YHU\ JRRG FROOHFWLRQ RI VWDPSV 06 0DLQO\ ILQH XVHG
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 20
Â&#x2019; 838 6SHFLDO $OEXP IRU WKH 2WWDZD { ),1( 86(' .*9, 4(,, ZLWK FRPSOHWH VHWV DQG Â&#x2019; PHHWLQJ FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV LQF OLVWHG SULQWLQJV GLIIHUHQW LVVXHV .*9, ZLWK D YHU\ JRRG
+HXVV GHILQ VHW 6DDU +HXVV VHW YDULRXV FRPPHP VHWV %HUXQ GHILQ VHW 9HU\ ILQH Â&#x2026; Â&#x2026; :25/' :$5 21( 0LOLWDU\ ILHOG SRVWFDUGV
XQXVHG LQ YHU\ ILQH FRQGLWLRQ 7KH FROOHFWLRQ RI PRVWO\ GLIIHUHQW ,QF GLIIHUHQW WH[W UHWXUQ FDUG W\SHV DQG GLIIHUHQW GHVLJQV 6XSHULRU FRQGLWLRQ )LQH ORW Â&#x2026; Â&#x2026;
UDQJH RI LVVXHV ZLWK GLIIHUHQW SHUIV DQG YDOXHV WR Â&#x2026; WR Â&#x2026; WR Â&#x2026; 6KLSV WR Â&#x2026; HWF Â&#x2026; Â&#x2026;
*,/%(57 (//,&( ,6 Â&#x2019; 63(&,0(1 RYHUSULQW SLQH VHW RI 6* V
DIIL[HG WR DUFKLYH SLHFH GDWHG PLQW Â&#x2026; Â&#x2026;
*+$1$
Â&#x2019; 63(&,0(1 RYHUSULQWV (GZDUG VHW RI 6* V
{ )LQH XVHG FROOHFWLRQ RI VWDPSV 06
DIIL[HG WR DUFKLYH SLHFH PLQW ORYHO\ FRORXUV Â&#x2026; Â&#x2026; ZLWK PDQ\ FRPSOHWH VHWV DQ H[FHSWLRQDO FROOHFWLRQ WKDW QHHGV UH KRXVLQJ $ VXSHUE UDQJH RI LVVXHV Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 RYHUSULQWV WR Â&#x2026; GHILQV òG WR Â&#x2019; ,1'(3(1'(1&( 2YHUSULQW 6HW RI DIIL[HG WR DUFKLYH SLHFH Â&#x2026; PLQW SOXV G ZDU WD[ 6* V DQG Â&#x2019; 6* DV 80 EORFNV RI YHU\ IUHVK Â&#x2026; Â&#x2026; V /RYHO\ FRORXUV Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; $ VXSHUE VWXG\ PDLQO\ RI V RYHUSULQW Â&#x2019; LVVXHV LQF GDPDJHG OHWWHUV PLVSODFHG RYSWV 'RFWRU %ODGH IODZ
FRPSOHWH VKHHWV S RQ 6* ZLWK RYSW LQN VSLOODJH S RQ FRPSOHWH VKHHW ZLWK RYSW PLVSODFHG 6* YDU $ YHU\ JRRG ORW RI VWDPSV FRPSOHWH VKHHWV 80 Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; .*9 Â&#x2026; 6* ILQH PLQW .H\ VWDPS
Â&#x2026; Â&#x2026; .*9, 2ULJLQDO òG 6* RQ D YHU\ ILQH
LOOXVWUDWHG )'& Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG .*9, GHILQLWLYH VHW RI
D VFDUFH VHW 6* V PLQW Â&#x2026; Â&#x2026; ^3KRWR`
*,%5$/7$5 6 5248( $1'$/8&,$ %$;$ +6 LQ 5HG RQ
Â&#x2019; 63(&,0(1 SHUIRUDWHG 9LFWRU\ VHW RI
HQWLUH FDUULHG IURP *LEUDOWDU WR &DWDORQLD Â&#x2026; Â&#x2026;
6* V PLQW Â&#x2026; Â&#x2026;
2YHUODQG FDUULHG HQWLUH IURP *LEUDOWDU WR -HUH] Â&#x2019; 683(5% &2//(&7,21 $V EORFNV RI Â&#x2019; GHILQ VHW RI GHILQ VHW RI 1HZ &XUUHQF\ VHW QRW FKDUJHG RQ DUULYDO LQWHUHVWLQJ SHQFLO QRWHV RQ WKLV ILQH
HQWLUH Â&#x2026; Â&#x2026;
RI SOXV FRPPHP VHWV DOO YHU\ IUHVK 80 Â&#x2026; Â&#x2026;
{ %OXH %ODFN RYSW YDULHW\ òG 6* D )8 %UDQGRQ 4(,, GHILQ VHW WR RQ SDLU RI )'& 0RXQW
&HUW 6PDOO FRUQHU FUHDVH Â&#x2026; Â&#x2026;
PDUNV RQ UHYHUVH 6* $WWUDFWLYH Â&#x2026; Â&#x2026;
Â&#x2019; 6* )LUVW LVVXH RYSW YHU\ ILQH PLQW .H\
Â&#x2019; &+85&+,// ,668( 0LQRU YDULHWLHV LQ Â&#x2019; SDLUV ZLWK QRUPDOV LWHPV DOO 80 LQF :KLWH GRW RQ 4XHHQV
VWDPS Â&#x2026; Â&#x2026;
(DU /LQH %\ (DU 'RW %\ 6W 3DXOV Â&#x2026; Â&#x2026;
{ 6* )8 &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 2OG $OEXP 3DJHV ZLWK XVHIXO SLFNLQJV
.*9, SLFWRULDO WR ZLWK VKDGHV 6 :HGGLQJ VHW 838 4(,, SLFWRULDO VHW RI $ PLQW FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026;
Â&#x2019; (GZDUG Â&#x2026; 6* IUHVK PLQW 3RVV QHYHU
KLQJHG GHHS LPSUHVVLRQ 9HU\ ILQH Â&#x2026; Â&#x2026;
*2/' &2$67
Â&#x2019; (GZDUG FKDON ILQH PLQW 6*
Â&#x2019; 63(&,0(1 RYSWV .(9,, GHILQV ZLWK YDOXHV WR
Â&#x2026; Â&#x2026; Â&#x2019; (GZDUG G 6* IUHVK PLQW 536 &HUW 9HU\
HOXVLYH Â&#x2026; Â&#x2026;
LQF VLQJOH LVVXH 6* V VHW RI WKH XQLVVXHG 6* V DIIL[HG WR DUFKLYH SDJH SLHFH 0LQW Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 .*9 RYSW VHW RI SOXV G
Â&#x2019; /DUJH LQ ò YDULHW\ òG 6* D PLQW &DW
DQG DGGLWLRQDO OLVWHG 6* DV DIIL[HG WR DUFKLYH SLHFH $ JRRG JURXS FDW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026;
{ 6LOYHU -XELOHH VHW DV FRUQHU EORFNV RI IRXU ILQH Â&#x2019; .*9 Â&#x2026; 6* VXSHUE IUHVK PLQW 3RVV QHYHU
KLQJHG YLYLG FRORXU DQG RXWVWDQGLQJ TXDOLW\ Â&#x2026; Â&#x2026; 6LOYHU -XELOHH VHW RQ FRYHU ZLWK UHJLVWHUHG
RYHUODQG RYHUSULQWHG HQY IURP WKH 'LVWULFW %DQN Â&#x2026; Â&#x2026; Â&#x2019; .*9, VHWV DV EORFNV RI VHW RI 6* D SOXV òG G òG S ò 9LFWRU\ ERWK SHUI VHWV 3LFWRULDO VHW RI IUHVK PLQW PDQ\ VWDPSV &RURQDWLRQ VHW 9LFWRU\ 6 :HGGLQJ 838 DQG 1HZ 80 Â&#x2026; Â&#x2026; &RQVWLWXWLRQ VHWV FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &2,/ 67$036 òG ZLWK FRLO HQG DQG VWULS RI 'HILQLWLYH V WR DV EORFN RI 80 ZLWK D Â&#x2019; ZLWK FRLO MRLQW SDLU G ZLWK FRLO VWDUWHU DQG FRLO HQGV DQG VWULS YDULHW\ RI SHUIRUDWLRQV &DW Â&#x2026; DV VLQJOH VWDPSV QRWH G DQG ZLWK FRLO MRLQW SDLU Â&#x2026; Â&#x2026; G LPSULQWHG EORFNV SOXV 1HZ &RQVWLWXWLRQ RYSW VHW RI 3267$/ +,6725< 6(/(&7,21 DV VWDPSV 80 Â&#x2026; Â&#x2026; LWHPV XVH RI :DU 7D[ RQ 5HJ G &95 YHU\ ILQH 9(5< ),1( &2//(&7,21 0DLQO\ DV EORFNV RI )OLJKW FRYHU WR 6HQHJDO DQG V 5HJ G (QYV Â&#x2026; Â&#x2026; ZLWK YDULHWLHV GHILQ VHW RI LQF G &UDFN LQ :DOO 3RVWDO +LVWRU\ ZLWK EHWWHU LWHPV 5HJG 6KLS WR Â&#x2026; H[ G DV EORFNV RI QRWH G 3DWFK LQ 6DLO (QY ZLWK D SDLU RI G 6* ZLWK D ILQH FDQFHO SOXV VHW DV VLQJOHV SOXV FRPPHPRUDWLYH VHWV DV EORFNV RI 6 -XELOHH VHW RQ 5HJG (QY (QY ZLWK EORFN RI IUHVK 80 Â&#x2026; Â&#x2026; 6* VFDUFH .*9, 3LFWRULDO VHW RQ FRYHU ZLWK )', $Q RULJLQDO FROOHFWLRQ ZLWK PXFK VWLOO LQ SDFNHWV FDQFHO GHILQ VHW RI 6* $ XVHIXO ORW RI PDQ\ PRGHUQ VHWV ZLWK PDQ\ KLJK YDOXHV VWDPSV )DFH LQ WKH FRYHUV Â&#x2026; Â&#x2026; PRGHUQ LVVXHV LV RYHU Â&#x2026; 80 D YHU\ JRRG JHQHUDO FROOHFWLRQ ZLWK WKH YDOXH EHLQJ LQ WKH PRGHUQ XP VHWV Â&#x2026; Â&#x2026; Credit Cards ^3KRWR` The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.
Â&#x2019; .*9, FROOHFWLRQ GHILQV WR
Â&#x2019; Â&#x2019;
Â&#x2019; Â&#x2019;
XVHG UHTXLVLWLRQ QXPEHU ZLWK YDULHW\ /,*+71,1* &21'8&725 $OO ZLWK PDWFKHG QHDW UHJLVWHUHG FDQFHOV $ UHPDUNDEOH VHW RI EORFNV 6* F Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 21
{ 3HQQ\ %ODFN 3ODWH 5* 5- )8 VWULS RI ZLWK
*5($7 %5,7$,1 /LWHUDWXUH 7KH %ULWLVK SRVWDJH VWDPS RI WKH
QLQHWHHQWK FHQWXU\ E\ 5REVRQ /RZH QG HGLWLRQ ZLWK LWV ' - LQ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 $,50$,/6
IDEXORXV YLYLG 5HG 0DOWHVH &URVVHV 5* LV LQWR D EDVH 5- LV IDXOW\ 5+ 5, DUH YHU\ ILQH DQG IROGHG WKURXJK WKH YHUWLFDO D[LV $ UDWKHU VSHFWDFXODU PXOWLSOH Â&#x2026; Â&#x2026; ^3KRWR` { 3HQQ\ %ODFN 3ODWH 5* )8 ZLWK PDUJLQV
DQG 5HG 3PN 6RXQG VWDPS Â&#x2026; Â&#x2026;
$HULDO 3RVW &DUG 9)8 7KH SDQHO DQ 4 LQWHUHVWLQJ *UH\ *UHHQ FRORXU Â&#x2026; Â&#x2026;
{ 3HQQ\ %ODFN 3ODWH 9)8 ZLWK JRRG PDUJLQV
$URXQG 7KH +RXVHV òG LQWDFW UHSO\ FDUG WR 4 *HUPDQ\ ZLWK :HPEOH\ H[KLELWLRQ VHW 5HSO\ SRUWLRQ
{ 3HQQ\ %ODFN 3ODWH 9)8 JRRG WR ODUJH
DQG FOHDU SURILOH 5HG 3PN Â&#x2026; Â&#x2026; ^3KRWR`
PDUJLQV DQG QHDW 5HG 0DOWHVH &URVV 9HU\ DWWUDFWLYH Â&#x2026; Â&#x2026; ^3KRWR`
ZLWK *HUPDQ\ SI VW\OLVHG %LUG $LUPDLO HWF WDSH UHSDLUV EXW XQXVXDO Â&#x2026; Â&#x2026;
{ 3HQQ\ %ODFN 3ODWH ILQH XVHG ZLWK FOHDU SURILOH
*5($7 %5,7$,1 % 48((1 9,&725,$ GREAT BRITAIN - B) QUEEN VICTORIA
DQG IRXU JRRG HYHQ PDUJLQV )LQH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 0XOUHDG\ G (QYHORSH VWHUHR $ XQXVHG ILQH QR FUHDVHV VRPH DJHLQJ DQG VPDOO GDPDJH RQ LQVLGH IODS { 3HQQ\ %ODFN 3ODWH )8 ZLWK PDUJLQV DQG
5HG 0DOWHVH &URVV Â&#x2026; Â&#x2026;
6*0( Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 0XOUHDG\ G HQYHORSH VWHUHR $ XQXVHG ILQH { 3HQQ\ %ODFN 3ODWH )8 ZLWK IXOO EDODQFHG OLJKW YHUWLFDO IROG 6*0( Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 0XOUHDG\ G OHWWHU VKHHW VWHUHR $ YHU\ IUHVK
PDUJLQV DQG 5HG 3PN $ ILQH VWDPS Â&#x2026; Â&#x2026; ^3KRWR`
XQXVHG IURQW SDQHO QRW FUHDVHG ORRNV YI VPDOO VWDLQ RQ RXWHU { 3HQQ\ %ODFN 3ODWH )8 ZLWK PDUJLQV DQG 5HG 0DOWHVH &URVV 6RXQG Â&#x2026; Â&#x2026; ^3KRWR` IODS 0( FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 0XOUHDG\ 3HQQ\ HQYHORSH VWHUHR $ YHU\ IUHVK XQXVHG PLQXWH DJH VSRW DQG OLJKW YHUWLFDO IROG 9HU\
{ 3HQQ\ %ODFN 3ODWH ILQH PDUJLQ ZLWK %ODFN
3RVWPDUN OHDYLQJ FOHDU SURILOH %HWWHU SODWH Â&#x2026; Â&#x2026; ^3KRWR`
ILQH Â&#x2026; Â&#x2026; Â&#x2019; 0XOUHDG\ 3HQQ\ HQYHORSH VWHUHR $ IUHVK
3HQQ\ %ODFN 4' SODWH ODUJH PDUJLQV RQ
XQXVHG 9HU\ ILQH DSSHDUDQFH VPDOO IDXOWV RQ XSSHU IODS 6*0( FDW Â&#x2026; Â&#x2026; Â&#x2026; { 3(11< %/$&. PDUJLQV OHWWHUV *- ZLWK 5HG
0DOWHVH &URVV SODWH E Â&#x2026; Â&#x2026;
SHWLWH HQYHORSH IURP '80)5,(6 ER[HG +6 RQ UHYHUVH WR %DVLQJVWRNH 5HG 0& VPDOO WKLVWOH ZDIHU VHDO RQ IODS VPDOO LPSHUIHFWLRQV Â&#x2026; Â&#x2026; 3HQQ\ %ODFN SODWH XVHG RQ D VPDOO ZUDSSHU
{ 3HQQ\ %ODFN %$ SODWH $ 9)8 PDUJLQ WLHG WR
RULJLQDO IUDJPHQW E\ 5HG 0DOWHVH &URVV Â&#x2026; Â&#x2026; { 3HQQ\ %ODFN &( 3ODWH % 9)8 PDUJLQ RQ
IURP :LJDQ WR 3UHVFRW 1LFH /DQFDVKLUH /RFDO 8VDJH WR LPSRUWDQW IDPLO\ WKDW ZHUH LQYROYHG LQ WKH HDUO\ 5DLO 6\VWHP WLHG 5HG 0DOWHVH &URVV 7KH VWDPS LV FORVH WR JRRG PDUJLQV Â&#x2026; Â&#x2026; ^3KRWR` 3HQQ\ %ODFN SODWH YHU\ ILQH PDUJLQ VWDPS
RULJLQDO SLHFH WLHG FRPSOHWH %ODFN 0& ([FHSWLRQDO Â&#x2026; Â&#x2026;
WLHG WR VPDOO ZUDSSHU ZLWK 5HG 0DOWHVH &URVV DQG QHDW 125:,&+ EDFNVWDPS DGGUHVVHG WR (O\ 1LFH 1RUIRON XVDJH Â&#x2026; Â&#x2026; ^3KRWR`
3HQQ\ %ODFN *+ SODWH XQXVXDOO\ DSSOLHG
/2:(5 /()7 &251(5 RQ HQWLUH IURP 'HYLVHV &'6 RQ 5HY 3HQQ\ %ODFN SODWH 9)8 RQ SLHFH GLVSOD\LQJ D WR D KRWHO LQ /RQGRQ PDUJLQ FUHDVH WKURXJK VWDPS 5HG 0DOWHVH &URVV $Q XQXVXDO XVDJH Â&#x2026; Â&#x2026; FULVS FRPSOHWH %ODFN 0DOWHVH &URVV 7KH VWDPS LV ILQH ZLWK IXOO PDUJLQV Â&#x2026; Â&#x2026; ^3KRWR` { 3(11< %/$&. OHWWHUV &% SODWH E 9)8 ZLWK 3HQQ\ %ODFN SODWH D YHU\ ILQH PDUJLQ EODFN 0DOWHVH &URVV PDUJLQV Â&#x2026; Â&#x2026; ^3KRWR` VWDPS WLHG ZLWK 5HG 0DOWHVH &URVV RQ HQWLUH WR 'RQFDVWHU { 3HQQ\ %ODFN 3ODWH D 9)8 ZLWK JRRG ODUJH 7KH VWDPS GLVSOD\V D ZRUQ LPSUHVVLRQ DQG LV D ILQH LWHP PDUJLQV DQG FULVS FHQWUDO 5HG 0DOWHVH &URVV 9HU\ ILQH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2026; Â&#x2026; ^3KRWR` 3HQQ\ %ODFN SODWH ILQH PDUJLQ WLHG 5HG { 3HQQ\ %ODFN 3ODWH )8 ZLWK ò PDUJLQV 0DOWHVH &URVV RQ HQWLUH IURP ,VOHZRUWK WR 2[IRUG $UULYDO %ODFN 0DOWHVH &URVV VRXQG &DW Â&#x2026; Â&#x2026; Â&#x2026; &'6 $WWUDFWLYH Â&#x2026; Â&#x2026; 3HQQ\ %ODFN SODWH D ILQH IRXU PDUJLQ VWDPS { 3HQQ\ %ODFN 3ODWH D ZRUQ LPSUHVVLRQ )8 ZLWK
XVHG RQ D ZUDSSHU IURP *ODVJRZ WR (GLQEXUJK WLHG 5HG 0DOWHVH &URVV $UULYDO %6 Â&#x2026; Â&#x2026;
IXOO PDUJLQV DQG QHDW 5HG 0DOWHVH &URVV Â&#x2026; Â&#x2026; { 3HQQ\ %ODFN 3ODWH D 9)8 ZLWK JRRG
3HQQ\ %ODFN SODWH D ILQH PDUJLQ VWDPS
PDUJLQV DQG YHU\ ILQH Â&#x2026; Â&#x2026; ^3KRWR`
WLHG E\ 5HG 0DOWHVH &URVV RQ QHDW HQWLUH IURP 'LVV WR *LVVLQJ )LQH 'LVV EDFNVWDPS Â&#x2026; Â&#x2026;
{ 3HQQ\ %ODFN 3ODWH E )8 ZLWK IXOO PDUJLQV
DQG QHDW 5HG 0DOWHVH &URVV $ ILQH VWDPS Â&#x2026; Â&#x2026; ^3KRWR` { 3HQQ\ %ODFN 3ODWH E VRXQG )8
3HQQ\ %ODFN SODWH D ILQH PDUJLQ VWDPS
WLHG WR ODUJH SDUW HQWLUH ZLWK QHDW %ODFN 0DOWHVH &URVV $ ILQH VWDPS Â&#x2026; Â&#x2026; { 49 G EOXH OHWWHUV 5- ILQH XVHG 6* IRXU
PDUJLQ Â&#x2026; Â&#x2026; { 3HQQ\ %ODFN 3ODWH 9)8 ZLWK ODUJH PDUJLQV
DQG QHDW 5HG 0DOWHVH &URVV 1LFH VWDPS Â&#x2026; Â&#x2026; ^3KRWR` { 3HQQ\ %ODFN 3ODWH 9)8 ODUJH PDUJLQV 5HG
3PN $ JRRG H[DPSOH Â&#x2026; Â&#x2026; ^3KRWR` { 3(11< %/$&. SODWH OHWWHUV (+ PDUJLQV
ILQH XVHG RQ SLHFH ZLWK %ODFN PF D ILQH VWULNH Â&#x2026; Â&#x2026;
PDUJLQV 9HU\ ILQH UHG 0DOWHVH &URVV &DW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { 7ZR 3HQFH %OXH 3ODWH 9)8 ZLWK ODUJH
PDUJLQV VKDOORZ FUHDVH GRHVQ¶W GHWUDFW 6* FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { %ODFN SODWH SHQQ\ UHG 5$ FKRLFH YIX
PDUJLQ FHQWUDO EODFN 0& ZLWK YDULHW\ 3 KDQG FRQYHUWHG WR 5 )LQH VWDPS Â&#x2026; Â&#x2026; ^3KRWR`
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 22
Â&#x2019; %ODFN SODWH 3HQQ\ 5HG IDEXORXV XQXVHG 1. ,03(5)25$7( 3(11< 5('6 XVHG RQ
1/ RQ 75,$/ ',&.,1621 6,/. 7+5($' 3$3(5 6* FHUWLILFDWH 6* '3 $6 0LQXWH FUHDVH DW EDVH PHQWLRQHG IRU DEVROXWH DFFXUDF\ *(0 Â&#x2026; Â&#x2026; ^3KRWR` { %ODFN SODWH SHQQ\ UHG /% /& SDLU YIX ZLWK
ODUJH PDUJLQV &KRLFH 6* $6 Â&#x2026; Â&#x2026; ^3KRWR` { %ODFN SODWH SHQQ\ UHG 4) 4* YIX SDLU ZLWK
HQWLUH V DQG $// SODWHG ZLWK PDQ\ KDYLQJ 3(11< 3267 KDQGVWDPSV 7KH FROOHFWLRQ RI LWHPV RQ OLJKWKRXVH SDJHV PDQ\ KHUH IRU D UHDVRQ ZLWK PLVVHQWV WRR ODWH ,ULVK DQG 6FRWWLVK KDQGVWDPSV 7ZR ZLWK FHUWLILFDWHV /RQGRQ KDQGVWDPSV HWF $Q RULJLQDO FROOHFWLRQ WKDW WRRN PDQ\ \HDUV WR DVVHPEOH PL[HG FRQGLWLRQ PXFK ILQH Â&#x2026; Â&#x2026; 3$,5 RI ILUVW LVVXH WZR SHQFH %OXHV 6* XVHG
RQ ZUDSSHU IURP 6W -DPHV /RQGRQ WR *W <DUPRXWK 1RUIRON DUULYDO &'6 ERWK WLHG FULVS 0DOWHVH &URVV PL[HG PDUJLQV EXW D YDOXDEOH G UDWHG HQWLUH UDWHG Â&#x2026; Â&#x2026; Â&#x2026;
ODUJH PDUJLQV FULVS 0DOWHVH &URVVHV &Â&#x2026; 6* $6 Â&#x2026; Â&#x2026; ^3KRWR` { %ODFN SODWH /$ SHQQ\ UHG VXSHUE XVHG
3HQQ\ %ODFN SODWH E YHU\ ODWH XVH ZLWK EODFN
ODUJH PDUJLQV JHP 6* $6 Â&#x2026; Â&#x2026; ^3KRWR` { ',67,1&7,9( 125:,&+ 0$/7(6( &5266
30. RQ IRXU PDUJLQ LPSHUI 3HQQ\ 5HG -& Â&#x2026; Â&#x2026;
0DOWHVH &URVV RQ SHWLWH HQYHORSH IURP <HRYLO WR /RQGRQ EV WKH VWULS LV YI PDUJLQV GHOLJKWIXO LWHP Â&#x2026; Â&#x2026; ^3KRWR` { 3HQQ\ 5HG '& SODWH 9)8 ZLWK FRORVVDO
{ ',67,1&7,9( 125:,&+ 0$/7(6( &5266
3PN RQ 3HQQ\ 5HG /. IRXU FORVH WR JRRG PDUJLQV Â&#x2026; Â&#x2026;
PDUJLQV DQG SRUWLRQV RI RWKHU VWDPSV IROGHG WKURXJK PDUJLQV %ODFN 0DOWHVH &URVV $ VKRZVWRSSHU Â&#x2026; Â&#x2026; 7ZR 3HQFH %OXHV LPSHUI XVHG RQ HQWLUH V
{ 'LVWLQFWLYH 6FRWWLVK W\SH ,, 0DOWHVH &URVV
FDQFHOODWLRQ RQ D IDEXORXV G SODWH 6) ZLWK YHU\ ODUJH PDUJLQV $Q H[FHSWLRQDO JHP Â&#x2026; Â&#x2026; ^3KRWR` { 125:,&+ ',67,1&7,9( 0$/7(6( &5266
LWHPV VHYHUDO ILQH VLQJOH IUDQNLQJV IURP %ODFN 0DOWHVH &URVVHV LPSUHVVLYH VWULS RI RQ D ZUDSSHU ZLWK 6FRWWLVK 3PNV SDLU RQ ZUDSSHU ZLWK 'RYHU GXSOH[ 3PNV &) ZLWK VXSHUE GXSOH[ HWF 0L[HG EXW &DW Â&#x2026; Â&#x2026; Â&#x2026;
RQ G EOXH YI PDUJLQV 536 FHUW VLPSO\ IDEXORXV H[DPSOH 3HQQ\ 3ODWH D )8 PDUJLQ SDLU RQ QHDW RI WKLV GLVWLQFWLYH SPN 6* (6 XK FÂ&#x2026; JHP ZUDSSHU WLHG GXSOH[ 1HDWK %6 DQG 9) +$</( DUULYDO Â&#x2026; Â&#x2026; ^3KRWR` 8'& RQ REYHUVH Â&#x2026; Â&#x2026; { 125:,&+ ',67,1&7,9( 0$/7(6( &5266 3HQQ\ 3ODWH D )8 SDLU ZLWK IXOO PDUJLQV RQ RQ YI PDUJLQ SHQQ\ UHG SO 3, 6* %6 WV FÂ&#x2026; HQWLUH IURP 0DQFKHVWHU WR %XUQOH\ ZLWK $SULO 3PNV HDUOLHVW 9) Â&#x2026; Â&#x2026; ^3KRWR` NQRZQ GDWH IRU WKLV SODWH $WWUDFWLYH Â&#x2026; Â&#x2026; 3HQQ\ %ODFN 2/ SODWH ò PDUJLQ WLHG %ODFN 0DOWHVH &URVV RQ SHWLWH HQYHORSH ZLWK 9) %5$&.1(// EDFN { (PERVVHG 6* )8 &XW 6TXDUH MXVW WRXFKLQJ DW WRS QLFH SPN Â&#x2026; Â&#x2026; VWDPS $WWUDFWLYH Â&#x2026; Â&#x2026; 3HQQ\ %ODFN SODWH ZLWK %ODFN 0DOWHVH &URVV { (PERVVHG 6* YIX FXW VTXDUH MXVW
{
{ {
{
{
{ {
{ {
{
RQ ILQH HQWLUH IURP /RQGRQ WR :\PRQGKDP 7KH VWDPS LV ILQH WRXFKLQJ DW EDVH $WWU &Â&#x2026; Â&#x2026; Â&#x2026; PDUJLQ DQG WKH %ODFN 0DOWHVH &URVV LV YHU\ ILQH 5DWHG { (0%266(' G ILQH XVHG FXW VTXDUH FORVH RQ Â&#x2026; RQ FRYHU Â&#x2026; Â&#x2026; ^3KRWR` WKH OHIW VLGH SO 6* ORYHO\ FRORXU ([SHUWLVHG RQ WKH 3HQQ\ 5HG ,PSHUIV $ VHOHFWLRQ RI XVHG UHYHUVH Â&#x2026; Â&#x2026; ^3KRWR` PXOWLSOHV SODWHG LWHPV EORFNV EORFNV VWULSV RI { (PERVVHG G 6* )8 FXW VTXDUH MXVW VWULS RI YDULHW\ RI 3PNV PL[HG FRQGLWLRQ EXW YHU\ LPSUHVVLYH DQG KXJH &9 Â&#x2026; Â&#x2026; WRXFKLQJ 9HU\ FROOHFWDEOH &DW Â&#x2026; Â&#x2026; Â&#x2026; 3HQQ\ UHG SODWH $- FKRLFH YIX ZLWK ODUJH { (0%266(' VHW RI JRRG XVHG FXW VTXDUH PDUJLQV 6* %6 Â&#x2026; Â&#x2026; ZLWK PL[HG PDUJLQV 7KH NH\ G LV D SDUWLFXODUO\ JRRG H[DPSOH FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` 675,3 2) 7+5(( G EOXHV SODWH YIX ZLWK ODUJH WR KXJH PDUJLQV RQ DOO VLGHV QHDWO\ FDQF QXPHUDOV { (PERVVHG G 6* IX FXW VTXDUH IXOO RI <RUN *HP Â&#x2026; Â&#x2026; ^3KRWR` PDUJLQV SHUIHFWO\ VRXQG &Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` 7ZR 3HQFH %OXH &- &/ DV D VWULS RI ZLWK { (PERVVHG G 6* YIX QHDW 1R GXSOH[ YHU\ ILQH QXPEHU LQ 0DOWHVH &URVV 3RVWPDUNV &- LV D ELJ H[FHOOHQW IXOO VTXDUH PDUJLQV )LQH VWDPS FÂ&#x2026; VWDPS PDUJLQ &. &/ ILQH DQG MXVW WRXFKLQJ DW WZR SRLQWV Â&#x2026; Â&#x2026; ^3KRWR` $ GHOLJKWIXO VWULS &DW Â&#x2026; Â&#x2026; Â&#x2026; (PERVVHG G 6* FXW VTXDUH LQWR DW 7ZR 3HQFH %OXH .+ ZLWK 1R LQ 0DOWHVH SRLQWV ZLWK LPSHUI 3HQQ\ 5HG ERWK RQ ZUDSSHU WR 3$5,6 WLHG &URVV 3PN 9)8 PDUJLQV DQG FHQWUDOO\ VWUXFN 3PN /RQGRQ GXSOH[HV G DOVR WLHG 3' LQ 5HG &85=21 6W &DW Â&#x2026; Â&#x2026; Â&#x2026; /RQGRQ +6 RQ UHYHUVH 9HU\ DWWUDFWLYH &DW Â&#x2026; 7ZR 3HQFH %OXH 2( SODWH FKRLFH )8 ZLWK Â&#x2026; Â&#x2026; ODUJH WR MXPER PDUJLQV *HP Â&#x2026; Â&#x2026; { 2UDQJH %URZQ VKDGH YDULHW\ G LPSHUI )8 PDUJLQ 6* SODWH OHWWHU (, &DW Â&#x2026; Â&#x2026; Â&#x2026; 7ZR 3HQFH %OXH 3O 9)8 ZLWK ODUJH PDUJLQV 6* Â&#x2026; Â&#x2026; 3DLU (PERVVHG 6* &XW DV 2SHUD *ODVVHV RQ ZUDSSHU WR 1(:)281'/$1' WLHG /LYHUSRRO 7ZR 3HQFH %OXH SODWH 4N DQG SODWH 6$ GXSOH[ 5HYHUVH ZLWK /LYHUSRRO )5+ IORDWLQJ UHFHLYLQJ ERWK VHOHFW 9)8 ZLWK ODUJH PDUJLQV Â&#x2026; Â&#x2026; KRXVH &'6 DQG 1HZIRXQGODQG DUULYDO &'6 &UHDVLQJ DQG RWKHU VPDOO IDXOWV EXW DQ LQWHUHVWLQJ UDWH HQWLUH &DW 7ZR 3HQFH %OXH 5+ %OXHG 3DSHU )8 ZLWK Â&#x2026; Â&#x2026; Â&#x2026; ODUJH MXPER PDUJLQV VKRZLQJ SRUWLRQV RI DGMRLQLQJ VWDPSV RQ DGMDFHQW VLGHV $ PDVVLYH VWDPS 6* Â&#x2026; Â&#x2026; { 3HQQ\ 5HGV 3ODWHV ERWK VHOHFWHG ^3KRWR` 9)8 6* Â&#x2026; Â&#x2026; 7ZR 3HQFH %OXH 9)8 SDLU ZLWK IXOO PDUJLQV DQG { (PERVVHG G VRXQG XVHG ZLWK IXOO FXW VTXDUH FULVS GXSOH[ RI 5HWIRUG FÂ&#x2026; 6* Â&#x2026; Â&#x2026; PDUJLQV &Â&#x2026; 6* Â&#x2026; Â&#x2026; ^3KRWR`
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 23
(PERVVHG G 6* FXW VTXDUH WRXFKLQJ DW
WZR SRLQWV WRJHWKHU ZLWK 3HQQ\ 6WDU SHUIRUDWHG ERWK WLHG GXSOH[ WR 2SRUWR 3RUWXJDO ZLWK 32572 7UDQVLW &'6 DQG R FXUUHQF\ KDQGVWDPS ([WHQVLYH FRQWHQWV UDWHG Â&#x2026; RQ FRYHU $WWUDFWLYH Â&#x2026; Â&#x2026; 5HPDUNDEOH EXON\ ZUDSSHU IUDQNHG FRUQHU
Â&#x2019; 7ZR 3HQFH &) SODWH ODUJH FURZQ 3 6*
PLQW SDUW 2* GHHS ULFK FRORXU 6RXQG &DW Â&#x2026; Â&#x2026; Â&#x2026; { :DWHUPDUN LQYHUWHG G 6* DZL VRXQG XVHG
FÂ&#x2026; Â&#x2026; Â&#x2026;
PDUJLQDO SDLU PDUJLQV DW EDVH G 6* D WLHG /RQGRQ 3PNV { 685)$&( 35,17(' VRXQG XVHG ZLWK EHWWHU SLFNLQJV G VXSHUE XVHG 6* GHHS FRORXU G ZLWK '(5%< DUULYDO &'6 HQGRUVHG /DZ 3DSHUV *RRG XVH RI D K\SKHQV ZLWKRXW G 6* ZLWK D FDW YDOXH RI Â&#x2026; D 3$,5 RI WKHVH VWDPSV Â&#x2026; Â&#x2026; ILQH VHOHFWLRQ RI VWDPSV HDFK GLIIHUHQW Â&#x2026; Â&#x2026; 6* G VWDU SO QLFHO\ XVHG RQ HQWLUH WLHG { 3HQQ\ UHG SODWH FROOHFWLRQ WR H[ QXPHUDO RI 6WRXUEULGJH FÂ&#x2026; Â&#x2026; Â&#x2026; VRXQG XVHG &DW Â&#x2026; Â&#x2026; Â&#x2026; 6* G VWDU SO FKRLFH VLQJXODU XVDJH RI { 3HQQ\ 5HG SODWHV WR H[ VRXQG WR ILQH VPDOO XQFUHDVHG HQYHORSH Â&#x2026; Â&#x2026; ^3KRWR` XVHG LQF D JRRG ORRNLQJ SO +RXVHG LQ D VWRFNERRN 6LQJOH XVH RI G SO F RQ ILQH HQWLUH WLHG Â&#x2026; Â&#x2026; ^3KRWR` 1R GXSOH[ WKH VWDPS LV DQ XQXVXDO SDOH UHG RUDQJH { 7ZR SHQFH EOXH SODWH 6* D ILQH XVHG VKDGH Â&#x2026; Â&#x2026; SDUWLDO UHFRQVWUXFWLRQ RI GLIIHUHQW SRVLWLRQV GHWDLOHG RQ { 3HQQ\ 5HG YDULHWLHV RQ ROG SDJHV LQF /HWWHU
SDJHV ZLWK FRQVWDQW YDULHWLHV KLJKOLJKWHG VRPH XVHG 3$,56 PRVWO\ VRXQG WR YHU\ ILQH 0LQ FY LV Â&#x2026; Â&#x2026; Â&#x2026; YDULHWLHV QRWH G ZLWK GRXEOH - YDULHW\ G 5HG ZLWK 286 RYSW G ZLWK 1RYHOOLV &R 0DQFKHVWHU Â&#x2019; 7ZR 3HQFH 1- SODWH IUHVK PLQW ODUJH SDUW 2* HPERVVHG RQ WKH EDFN SO DQG ZLWK ZPN LQYHUWHG 6* &DW Â&#x2026; Â&#x2026; Â&#x2026; $Q LQWHUHVWLQJ ORW RI VWDPSV PL[HG FRQGLWLRQ Â&#x2026; Â&#x2026; Â&#x2019; 7ZR 3HQFH 3ODWH ILQH PLQW 2* DOVR D SODWH { G GHHS OLODF IX LQFUHGLEOH FRORXU 6* XQXVHG 6* FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; { 6SHFWDFXODU PXOWLSOH IUDQNHG SLHFH G 6* SO Â&#x2019; ' 6* IUHVK PLQW RULJLQDO JXP VXSHUE [ G SO 6* [ G 6* SO [ G 6* SO PDNLQJ XS G UDWH RULJLQDOO\ SXUFKDVHG IRU Â&#x2026; LQ DQ VWDPS VPDOO ZULQNOH DW OHIW &DW Â&#x2026; Â&#x2026; Â&#x2026; H[KLELWLRQ SLHFH Â&#x2026; Â&#x2026; { $]XUH SDSHU 6* D IX &Â&#x2026; Â&#x2019; 7ZR 3HQFH 1& SODWH IUHVK PLQW 2* 6* Â&#x2026; Â&#x2026; ^3KRWR` FÂ&#x2026; Â&#x2026; Â&#x2026; { ,QYHUWHG ZDWHUPDUN 6* ZL VRXQG IX
{ :DWHUPDUN LQYHUWHG G 4+ SODWH YIX
FÂ&#x2026; Â&#x2026; Â&#x2026;
6* Z Â&#x2026; Â&#x2026;
{ ,QYHUWHG ZDWHUPDUN G PHGLXP JDUWHU VRXQG IX 6PDOO (QYHORSH WR 0HOERXUQH $XVWUDOLD ZLWK D
ILQH VLQJOH XVH RI WKH G 6* WLHG /RQGRQ GXSOH[ PRVW DWWUDFWLYH Â&#x2026; Â&#x2026;
6* :, FÂ&#x2026; Â&#x2026; Â&#x2026;
{ ,QYHUWHG ZDWHUPDUN G 6* ZL VRXQG IX
Â&#x2019; 3HQQ\ 5HG 'LH 3ODWH 6* D PRVW
FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 3HQQ\ 5HGV PLQW SODWH EORFN *XP
)DXOWV SODWH VLQJOH DQG SODWH 5 VLQJOH 6* & & VWDPSV Â&#x2026; Â&#x2026; { 6SHFLDO LQN G GHHS URVH 6* VRXQG IX $
UHPDUNDEOH DQG IUHVK PLQW EORFN RI 3* 7/ VHYHUDO ZLWK FRQVWDQW YDULHWLHV 6RPH PLOG FUHDVLQJ EXW JHQHUDOO\ YHU\ ILQH IRU VXFK D EORFN &DW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { 6* 3DOH *UHHQ VXSHUE XVHG ZLWK VROH
*ODVJRZ &'6 9HU\ ILQH YHUWLFDO FUHDVH 6* &DW Â&#x2026; Â&#x2026; Â&#x2026;
VFDUFH GLVWLQFWLYH VWDPS FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* G ILQH XQXVHG VKRUW FRUQHU SHUI 9HU\ SUHVHQWDEOH &DW Â&#x2026; PLQW Â&#x2026; Â&#x2026; GHHS FRORXU ODUJH SDUW 2* IHZ QLEEOHG SHUIV 9HU\ ILQH Â&#x2026; Â&#x2026; Â&#x2019; 6* G IUHVK PLQW ZLWK RULJLQDO JXP VXSHUE { :$7(50$5. ,19(57(' G 6* ZL )8 FRORXU $ YHU\ ILQH H[DPSOH &DW Â&#x2026; Â&#x2026; Â&#x2026; 1HDWO\ FDQFHOOHG Â&#x2026; Â&#x2026; Â&#x2019; 6* G IUHVK PLQW SDUW 2* &DW Â&#x2019; G 6* D IUHVK PLQW ZLWK 2* &RXSOH RI Â&#x2026; Â&#x2026; Â&#x2026; QLEEOHG SHUIV DW EDVH 9HU\ HDUO\ PLQW VXUIDFH SULQW &DW Â&#x2019; 6* G PLQW WUDFHV RI 2* VRPH VKRUW SHUIV Â&#x2026; Â&#x2026; Â&#x2026; 3UHVHQWDEOH &DW Â&#x2026; Â&#x2026; Â&#x2026; { G 6* D 9)8 1LFH H[DPSOH FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* 49 PLQW $EVROXWHO\ FRUUHFW RULJLQDO Â&#x2019; 63(&,0(1 RYSW G 6* 6 IUHVK LQFUHGLEOH
JXP DQG JRRG FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ ,QYHUWHG ZDWHUPDUN G QLFH IX 6* DZL
FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 RYHUSULQW G 6* 6 YHU\ IUHVK
PLQW YLEUDQW FRORXU VHYHUDO HYHU VR VOLJKWO\ WULPPHG SHUIV DW ULJKW 9HU\ ILQH Â&#x2026; Â&#x2026;
{ ,19(57(' :$7(50$5. G 6* Z )8
FOHDU SURILOH RQH QLEEOHG SHUI YHU\ ILQH Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 RYSW G 6* 6 RULJLQDO ILUVW LVVXH
Â&#x2019; 3HQQ\ 5HG 'LH 3ODWH DV D PRVW Â&#x2019; RXWVWDQGLQJ DQG IUHVK PLQW EORFN RI 2* WR 7/ DQG Â&#x2019; H[FHSWLRQDO EORFN IHDWXULQJ VHYHUDO SODWH FKDUDFWHULVWLFV H[
PLQW H[FHOOHQW FRORXU PLQRU LPSHUIHFWLRQV Â&#x2026; Â&#x2026; { :$7(50$5. ,19(57(' G 6* Z )8 RQH
QLEEOHG SHUI DW EDVH 6RXQG H[DPSOH Â&#x2026; Â&#x2026;
)RXODUG FROOHFWLRQ Â&#x2026; Â&#x2026; Â&#x2019; 3HQQ\ 5HG 'LH 3ODWH DV D UHPDUNDEOH
Â&#x2019; 6* G +DLUOLQHV ILQH PLQW ODUJH SDUW 2*
PLQW EORFN RI 6* $ ILQH PXOWLSOH 0DQ\ 80 4* 7/ 4- 7* IDXOWV DOO RWKHUV ILQH &DW Â&#x2026; Â&#x2026; Â&#x2026;
JUHDW FRORXU VPDOO WRQH VSRWV &DW Â&#x2026; Â&#x2026; Â&#x2026;
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 24
Â&#x2019; 6* G ILQH PLQW VPDOO SDUW 2* JHQXLQH DQG { ,QYHUWHG :DWHUPDUN G 6* Z VRXQG XVHG
JRRG FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
ILQH VRLOHG &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 3HQQ\ 5HG 3ODWH DV D VFDUFH IUHVK PLQW
{ ,QYHUWHG ZPN G SODWH SDLU IX 2QH VKRUW SHUI
EORFN SHUIV DUH VSOLW WKRXJK YHU\ ILQH DQG D JRRG PXOWLSOH &Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
6* ZL Â&#x2026; Â&#x2026; Â&#x2019; /LYHUSRRO &LUFXODU 'HOLYHU\ óG LPSHUI 6*&' Â&#x2019; DV DQ 80 EORFN RI [ Â&#x2026; Â&#x2026;
Â&#x2019; 3HQQ\ 5HG 3ODWH DV DQ LPSUHVVLYH IUHVK
PLQW EORFN RI 6L[ RGG JXP FUHDVH EXW DQ DWWUDFWLYH PXOWLSOH Â&#x2026; Â&#x2026;
{ 6* G ILQH XVHG QHDW GXSOH[ &DW Â&#x2019; 3HQQ\ 5HG 3ODWH DV DQ LPSUHVVLYH IUHVK Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; PLQW PDUJLQDO EORFN RI ZLWK LQVFULSWLRQ H[FHOOHQW FRORXU DQG Â&#x2019; D VFDUFH ODUJH IRUPDW EORFN PDQ\ DUH 80 Â&#x2026; Â&#x2026; Â&#x2019; 6* SODWH IUHVK PLQW VPDOO FRUQHU
FUHDVH DQG VSRW RQ IDFH )LQH FRORXU &DW Â&#x2026;
^3KRWR`
Â&#x2026; Â&#x2026; Â&#x2019; 3HQQ\ 5HG 3ODWH IUHVK PLQW DQG DSSDUHQWO\ Â&#x2019; 1(9(5 +,1*(' H[FHOOHQW TXDOLW\ RI WKLV NH\ VWDPS &DW Â&#x2019; 6* SODWH XQXVHG YHU\ GHHS DQG ILQH FRORXU IHZ VKRUW SHUIV DW ULJKW &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
^3KRWR` Â&#x2019; 3HQQ\ 5HG 3ODWH DV D YHU\ ILQH PDUJLQDO Â&#x2019; EORFN RI ZLWK SDUW LQVFULSWLRQ 0DMRULW\ RI WKH VWDPSV DUH 80 Â&#x2019; 6* G SODWH IUHVK PLQW SDUW 2* VPDOO FUHDVH FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
9HU\ ILQH Â&#x2026; Â&#x2026; ^3KRWR`
{ 3HQQ\ 5HG 3ODWH XVHG UHFRQVWUXFWLRQ RI Â&#x2019; 6* G SODWH IUHVK PLQW *RRG FRORXU &DW
RXW RI GLIIHUHQW SRVLWLRQV DOO JRRG WR )8 &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ 3HQQ\ 5HG 3ODWHV WR H[ FRPSOHWH
ILQH XVHG WKH LV YHU\ ILQH ZLWK (GLQEXUJK SRVWPDUN $ ILQH VHW Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH 9)0 PLQXWH DJH VSRW DW
WLJKW OLJKWO\ KLQJHG H[FHOOHQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 6* G SODWH PLQW RULJLQDO JXP
Â&#x2019; 3HQQ\ 5HG 3ODWHV WKH PLQW FROOHFWLRQ RI
$EVROXWHO\ FRUUHFW &DW Â&#x2026; Â&#x2026; Â&#x2026;
PRVWO\ GLIIHUHQW SODWH QXPEHUV &DW Â&#x2026; DQG XQXVXDO $// ZLWK PDWFKLQJ 5* FKHFN OHWWHUV PRVW DUH YHU\ ILQH DQG DQ H[FHSWLRQDO DVVHPEO\ IURP SODWHV WR 5HTXHVW VFDQV Â&#x2026; Â&#x2026;
{ 7ZR SHQFH EOXH SODWH 6* DV D YIX VWULS RI
IRXU 1% WR 1( &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ 3(11< 5(' XVHG LQWHUHVWLQJ LWHPV
Â&#x2019; 7ZR 3HQFH 5$ SODWH ILQH PLQW 6* &DW
XQGHUSULQWV ,QF 286 DQG *(5 LQWHUHVWLQJ SRVWPDUNV XVHG SDLUV ,QF JRRG ,QF ILQH Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026; { :DWHUPDUN LQYHUWHG G 3$ SODWH YIX
{ %ORFN RI IRXU 6* SODWH IX HDFK ZLWK
6* Z Â&#x2026; Â&#x2026;
QHDW GXSOX[ VKDOORZ FUHDVH QRW GHWUDFWLQJ ,PSUHVVLYH PXOWLSOH FDW Â&#x2026; Â&#x2026; Â&#x2026;
{ )$%8/286 IX SDLU G SO RQ SLHFH ZLWK
Â&#x2019; &LUFXODU 'HOLYHU\ (GLQEXUJK DQG /HLJK G
LQWHQVH FRORXU QHDW /HLWK GXSOH[ FDQFHOV FKRLFH FÂ&#x2026; 6* Â&#x2026; Â&#x2026;
6*&' DV DQ LPSUHVVLYH 80 EORFN &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* G SODWH IUHVK PLQW IXOO 2* DQG YHU\
{ ,19(57(' :0. G RUDQJH JDUWHUV IX
ILQH YLEUDQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
SODWHV $OO JRRG FRQGLWLRQ Â&#x2026; Â&#x2026; { 3$,5 G SO 6* IX ZLWK QHDW GXSOH[ PRVW DWWU
6* Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &LUFXODU GHOLYHU\ VWDPSV D VSHFLDOLVW FROOHFWLRQ
Â&#x2019; 6* G SODWH IUHVK PLQW VPDOO FUHDVH &DW
Â&#x2026; Â&#x2026; Â&#x2026; { 7ZR SHQFH EOXH SODWH 6* $ SDUWLDO
UHFRQVWUXFWLRQ RI GLIIHUHQW SRVLWLRQV PRVWO\ VRXQG IX RQ ZLWK GHWDLOV LQF XQLVVXHG FRORXUV ERJXV IRUJHU\ LPSHUI DQG SDJHV PLQ FY LV Â&#x2026; $ JRRG ORW Â&#x2026; Â&#x2026; SHUIV ZLWK PDQ\ GLIIHUHQW RQ GLVSOD\ SDJHV VWDPSV FKLHIO\ Â&#x2019; 7ZR SHQFH 7) SODWH IUHVK PLQW FDW Â&#x2026; PLQW RGG XVHG Â&#x2026; Â&#x2026; 6* Â&#x2026; Â&#x2026; { $OO SODWHV RI WKH VRXQG XVHG SODWH 6* YHU\ FROOHFWDEOH PLQRU EOHPLVKHV FDW Â&#x2026; { :DWHUPDUN LQYHUWHG G )$ SODWH YIX Â&#x2026; Â&#x2026; 6* Z Â&#x2026; Â&#x2026; { &DW Â&#x2026; SODWH ERWK VRXQG XVHG
6* Â&#x2026; Â&#x2026; Â&#x2019; &LUFXODU 'HOLYHU\ /LYHUSRRO óG 6*&' DV DQ
DWWUDFWLYH PLQW PDUJLQDO EORFN Â&#x2026; Â&#x2026; Â&#x2019; &LUFXODU 'HOLYHU\ /LYHUSRRO òG 6*&' DV DQ Â&#x2019; LPSUHVVLYH FRUQHU EORFN [ &KLHIO\ 80 DQG &DW Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &LUFXODU 'HOLYHU\ 6HUYLFH /LYHUSRRO óG
Â&#x2019; òG %DQWDP 3ODWH DV D 9)0 EORFN RI &DW Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; %DQWDP òG 6* $ PLQW JURXS RI &DW
$ERXW Â&#x2026; PRVWO\ ILQH DQG IUHVK DOO ZLWK PDWFKLQJ FKHFN OHWWHUV IURP SODWHV D SDLU $ JRRG ORW Â&#x2026; Â&#x2026; { %/2&. 2) )285 G SODWH IX HDFK ZLWK QHDW
FGV 6* Â&#x2026; Â&#x2026; ^3KRWR`
6*&' DV EORFN RI 7HQ IUHVK PLQW RQH XQLW ZLWK YRLG FRUQHU YDULHW\ Â&#x2026; Â&#x2026; Â&#x2019; &LUFXODU GHOLYHU\ VWDPSV OLVWHG LQ 6* /RQGRQ
DQG 'LVWULFW òG 6*&' DV D ILQH PLQW FRUQHU EORFN [ Â&#x2026; Â&#x2026;
Â&#x2019; 6* G SODWH IUHVK PLQW JRRG FRORXU &DW
Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH IUHVK PLQW ZLWK 2* DQG
YLEUDQW FRORXU )LQH VWDPS &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ +LJK YDOXH SODWH )8 ZLWK QHDW SRVWDO
{ 6* G SODWH 9)8 ZLWK FULVS &'6 FRXSOH
FDQFHO VRXQG DQG PRVW FROOHFWDEOH 6* &DW Â&#x2026; Â&#x2026; Â&#x2026;
RI QLEEOHG SHUIV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 25
Â&#x2019; 6* G SODWH IUHVK PLQW SDUW RULJLQDO JXP Â&#x2019; 7ZR 3HQFH -$ SODWH IUHVK 1+0 80 RII Â&#x2019; FHQWUH WR OHIW ,QFUHGLEO\ IUHVK 6* &DW Â&#x2026; FHQWUHG ORZ &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 6KLHOG òG SODWH ERWK IUHVK PLQW SODWH { :DWHUPDUN LQYHUWHG G 7% SODWH IX
RYHUSULQWHG 63(&,0(1 6* &DW Â&#x2026; VPDOO IDXOWV Â&#x2026; Â&#x2026;
6* Z Â&#x2026; Â&#x2026;
{ 6WULS RI G 3O 6* IX RQ ILQH SLHFH ZLWK
{ ,19(57(' :$7(50$5. òG SODWH )8
LQVXIILFLHQWO\ VWDPSHG KV QHDW /RQGRQ GXSOH[HV 9) FÂ&#x2026; Â&#x2026; Â&#x2026;
6* :, Â&#x2026; Â&#x2026; Â&#x2019; 6* òG SODWH PLQW RULJLQDO JXP 7ULIOH
Â&#x2019; 9(5< 6&$5&( òG EDQWDP SODWH VXSHUE Â&#x2019; EORFN RI VL[ ZLWK RQO\ RQH VWDPS EHLQJ OLJKWO\ PRXQWHG XP Â&#x2019; 6* FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
VRLOHG &DW Â&#x2026; Â&#x2026; Â&#x2026;
$ PRVW UHPDUNDEOH HQYHORSH [ PP
IROGHG WKURXJK YHUWLFDO IURP /ODQHOO\ :DOHV WR 0RVFRZ 5XVVLD ZLWK G UDWH FRQVLVWLQJ [ %OXHV 7ZR SDLUV 3O SDLU DQG G 3O SDLU 6* 3DLU 3DLU DQG 3DLUV )XOO\ FDQFHOOHG ([FHSWLRQDO DQG UDUH PXOWLSOH XVDJH %UDQGRQ &HUW Â&#x2026; Â&#x2026; Â&#x2019; 7ZR 3HQFH %% SODWH ILQH PLQW 6* &DW
Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH IUHVK PLQW 2II FHQWUH DQG
EHQGV WKRXJK LQFUHGLEO\ IUHVK FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH IUHVK PLQW $ YHU\ ILQH
VWDPS &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH PLQW 2* 5DWKHU ILQH
LQWHUQDO EHQGV JRRG FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* 3ODWH ILQH PLQW ODUJH SDUW 2*
([FHOOHQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ 7ZR SHQFH EOXH SODWH 6* $ SDUWLDO
UHFRQVWUXFWLRQ RI GLIIHUHQW SRVLWLRQV PRVWO\ VRXQG IX PRXQWHG RQ SDJHV 7KH PLQ FY LV Â&#x2026; Â&#x2026; Â&#x2026;
{ 6* SODWH 9)8 ZLWK %ODLUJRZULH
WKLPEOH &'6 $EVROXWHO\ RXWVWDQGLQJ JHP Â&#x2026; Â&#x2026;
Â&#x2019; 7ZR SHQFH 2% SODWH IUHVK QHYHU KLQJHG Â&#x2019; PLQW XP $ YHU\ ILQH JURXS 6* FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* G 9HUPLOLRQ 3O PLQW 3DUW 2* $
{ 3DLU G SO YIX HDFK ZLWK FULVS )RONHVWRQH FGV
6* Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 49 G SODWH 9)0 RULJLQDO JXP 6* D &DW
Â&#x2026; Â&#x2026; Â&#x2026;
VFDUFH LVVXH FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { 6* G :PN JDUWHU VRXQG )8 ZLWK QXPEHU
3PN 8QXVXDO &DW Â&#x2026; 'LIILFXOW VWDPS Â&#x2026; Â&#x2026; Â&#x2019; 6* G 2UDQJH PLQW ZLWK 2* IHZ QLEEOHG
SHUIV DW WLS &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ 6* G SODWH VXSHUE &'6 XVHG
Â&#x2019; 63(&,0(1 RYSW G 2UDQJH 6* V PLQW
&KRLFH Â&#x2026; Â&#x2026; { 6* G 3ODWH 9)8 ZLWK FULVS &'6 'HHS
FRORXU Â&#x2026; Â&#x2026;
)UHVK FRORXU SHUI IDXOWV EXW D JRRG ORRNHU FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 7(/(*5$3+ VWDPS G EORFN RI SO 6*7
{ 6* SODWH VXSHUE XVHG ZLWK 3RUWUHDWK
7KLPEOH &'6 Â&#x2026; Â&#x2026;
/ PLQW Â&#x2026; Â&#x2026; { ,19(57(' :$7(50$5. ò' 3ODWH )8
6* Z Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH PLQW &DW Â&#x2026;
Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 6* G 6DJH SODWH XQXVHG &DW
Â&#x2019; 6* G SODWH IUHVK PLQW 2* JUHDW FRORXU
QDWXUDO JXP EHQG FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026; { 7HOHJUDSK SODWH )8 6*7
Â&#x2026; Â&#x2026;
Â&#x2019; 6* SODWH ODUJH SDUW 2* H[FHOOHQW
FRORXU VPDOO DJH VSRW RQ WRS SHUI &Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 7HOHJUDSK G SODWH LPSHUI RYSW VSHFLPHQ
IUHVK PLQW 6*7 V Â&#x2026; Â&#x2026;
Â&#x2019; 6* G SODWH IUHVK PLQW &DW Â&#x2026;
Â&#x2026; Â&#x2026;
{ &DW Â&#x2026; 6* $ VRXQG XVHG DYHUDJH
H[DPSOH Â&#x2026; Â&#x2026;
{ 6* G SODWH 9)8 ZLWK FULVS &'6
Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH ILQH PLQW $ TXDOLW\
Â&#x2019; 6* G SODWH IUHVK PLQW 2* VPDOO JXP
VSRW DW WRS ([FHOOHQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH PLQW 2* 6PDOO IDXOWV &DW
Â&#x2026; 1LFH ORRNHU Â&#x2026; Â&#x2026;
H[DPSOH Â&#x2026; Â&#x2026; ^3KRWR` 6* òG SODWH IUHVK XQXVHG FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* òG SODWH PLQW 2* WULIOH VRLOHG &DW
Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* G SODWH IUHVK PLQW PLQRU IDXOWV
YLEUDQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH PLQW SDUW 2* VRLOHG &DW
Â&#x2019; 6* G SODWH PLQW 2* IHZ QLEEOHG SHUIV
DW OHIW $WWUDFWLYH VWDPS &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* òG SODWH PLQW ODUJH SDUW 2*
{ 6* G SODWH 9)8 ZLWK QHDW 6WRQHKDYHQ
&'6 Â&#x2026; Â&#x2026;
*RRG FRORXU FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G SODWH PLQW 2* H[FHOOHQW FRORXU
PLQRU LPSHUIHFWLRQV &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 7ZR SHQFH $. SODWH PLQW 6* FDW
Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH YHU\ IUHVK PLQW 2* 9HU\
QLFH VWDPS &Â&#x2026; Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 26
Â&#x2019; 6* òG SODWH YHU\ IUHVK PLQW 2* $
Â&#x2019; +LJK 9DOXHV G 6* PLQW
YHU\ ILQH VWDPS &DW Â&#x2026; Â&#x2026; Â&#x2026;
)UHVK DQG JRRG ORRNHUV ZLWK VPDOO FUHDVHV &DW Â&#x2026; 6HH :HEVLWH Â&#x2026; Â&#x2026;
{ 3HQQ\ 9HQHWLDQ 6* DQ DOPRVW FRPSOHWH
XVHG UHFRQVWUXFWLRQ RI GLIIHUHQW SRVLWLRQV PRXQWHG RQ SDJHV PRVWO\ VRXQG IX &DW Â&#x2026; Â&#x2026; Â&#x2026; { 6* òG SODWH )8 &DW Â&#x2026;
Â&#x2019; /LODF *UHHQ VHOHFWLRQ PLQW òG YHU\ ILQH EORFN
RI RQH FUHDVHG òG G RYSW 63(&,0(1 G 9)0 6* 6 DQG FÂ&#x2026; Â&#x2026; Â&#x2026; { /LODF òG OHWWHU UHFRQVWUXFWLRQ 6* ZLWK
Â&#x2026; Â&#x2026;
GLIIHUHQW )8 &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6* òG SODWH PLQW SDUW 2* ILQH $
Â&#x2019; 49 &ULPVRQ 6* PLQW ,QFUHGLEOH GHHS
YHU\ GLIILFXOW SODWH PLQW FÂ&#x2026; Â&#x2026; Â&#x2026; 6* òG %OXH PLQW XQXVHG SODWHV JRRG WR ILQH DQG PRVW SUHVHQWDEOH &DW Â&#x2026; Â&#x2026; Â&#x2026;
FRORXU SHULSKHUDO IR[LQJ *RRG ORRNHU &DW Â&#x2026; Â&#x2026; Â&#x2026; { 49 KLJK YDOXH VHW RI J WR IX 6* FDW
Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 6* G *UH\ %URZQ 3ODWH IUHVK XQXVHG Â&#x2019; 6* WKH G RQ G DQG G RQ G RYSW
&DW Â&#x2026; PLQW Â&#x2026; Â&#x2026;
LVVXHV PLQW 2* *RRG ORRNHUV IDXOWV &DW Â&#x2026; &ROOHFWDEOH H[DPSOHV Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 RYHUSULQW 49 VHW RI DWWUDFWLYH
Â&#x2019; 6* G RQ G ILQH PLQW ([FHOOHQW IUHVKQHVV
PLQW XQXVHG WR 2* 6* V &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019;
Â&#x2019;
&DW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
49 PLQW EDODQFH òG 6* EORFN Â&#x2019; 6* G RQ G ILQH PLQW $ YHU\ ILQH H[DPSOH 3HQQ\ /LODF VHOHFWLRQ ,QF VSHFLPHQ RYSW V -XELOHHV ZLWK ZLWK 2* DQG *RRG FRORXU &Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` òG YHU\ ILQH 80 SDLU G ERWK VKDGHV *UHHQ JXP FUHDVH IUHVK JURXS &9 Â&#x2026; PRVW DUH YHU\ ILQH { 683(5% 86(' URVH 6* ZLWK 6RXWK Â&#x2026; Â&#x2026; .HQVLQJWRQ FGV Â&#x2026; Â&#x2026; ^3KRWR` ,QYHUWHG ZDWHUPDUN SHQQ\ OLODF QKP XP /LODF DQG *UHHQ VHW RI 7HQ PLQW &DW Â&#x2026; 6* D Â&#x2026; Â&#x2026; 6* PL[HG FRQGLWLRQ EXW YHU\ SUHVHQWDEOH G XQXVHG G 3HQQ\ /LODF GRW 6* IUHVK /00 PLQW 2* G XQXVHG G LV H[FHOOHQW IUHVK PLQW ZLWK JRRG FÂ&#x2026; Â&#x2026; Â&#x2026; FRORXU LV XQXVHG $ NH\ VHW 5HTXHVW VFDQ Â&#x2026; Â&#x2026; 3(11< /,/$& %OXLVK /LODF VKDGH YDULHW\ /LODF *UHHQ LVVXHV XVHG RQ VHOHFWHG FRYHUV 6* D IUHVK 1+0 80 SKLODWHOLF H[SHUWLVLQJ &HUW 9HU\ òG VLQJOH XVH òG VODWH G RQ YI VPDOO FRYHU WR )UDQFH ILQH Â&#x2026; Â&#x2026; òG WR ,QGLD VXSHU FRYHU WR &DSH 7RZQ ZLWK SDLU G 6* òG %OXH PLQW GLIIHUHQW SODWHV GHOLJKWIXO VLQJOH XVH RI G WR %RPED\ 7KHVH IUDQNLQJV FDW &DW Â&#x2026; )DLU Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; { +LJK YDOXH Â&#x2026; &URZQV 6* VRXQG )8 DQG
Â&#x2019; 6* òG 3O PLQW 3DUW 2* )LQH
H[FHOOHQW FRORXU 3UHVVHG FUHDVH &DW Â&#x2026; 1LFH Â&#x2026; Â&#x2026;
FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6* G 3ODWH PLQW ZLWK VPDOO IDXOWV &DW
Â&#x2026; Â&#x2026; Â&#x2026;
{ 3DUFHO SLHFH ZLWK D UHPDUNDEOH IUDQNLQJ òG G
IDEXORXV FRORXUV 6* FDQFHOOHG DW 8OYHUVWRQ DV XVHG FDW Â&#x2026; 0LQRU EOHPLVKHV Â&#x2026; Â&#x2026;
Â&#x2019; 6* G 3ODWH IUHVK PLQW VPDOO WKLQ
([FHOOHQW FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH G ERWK VKDGHV 80 $ FRXSOH RI Â&#x2019; QLEEOHG SHUIV 6* &DW Â&#x2026; Â&#x2026; Â&#x2026;
{ 95 /RQGRQ +RRGHG 3RVWPDUN IRU PDLO IURP
5R\DO 5HVLGHQFHV RQ 6* SODWH 9) DQG D ILQH VWULNH 8QXVXDO Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH G 6* RULJLQDO SULQWLQJ ILQH 1+0 Â&#x2019; 80 %UDQGRQ &HUW Â&#x2026; Â&#x2026;
{ Â&#x2026; RUDQJH IX QHDW /RQGRQ FGV SRVVLEO\
Â&#x2019; -XELOHH G UDUH RQ 2UDQJH FRORXU YDULHW\ Â&#x2019; 6* 80 WRJHWKHU ZLWK WKH RWKHU WZR OLVWHG VKDGHV 80
HQKDQFHG LURQHG RXW FUHDVH PLQRU IDXOWV ([FHSWLRQDO DSSHDUDQFH ILUVW \HDU RI LVVXH GDWH VWDPS 6* FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
6* VWDPSV Â&#x2026; Â&#x2026; ^3KRWR`
{ Â&#x2026; RUDQJH 6* IX VROH *ODVJRZ FGV VRPH
PLQRU VXUIDFH UXEELQJ YLEUDQW FRORXU *RRG H[DPSOH FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; -XELOHH òG 6* D FRORXU YDULHW\ YHU\ ILQH Â&#x2019; 1+0 JXP EHQG ZLWK FRS\ RI %3$ &HUW VKRZLQJ WKH SRVLWLRQ
IURP WKH EORFN WKLV VWDPS FRPHV IURP DOVR UHJXODU òG 6* 80 ZLWK &HUW WR FRPSDUH Â&#x2026; Â&#x2026; ^3KRWR`
{ &DW Â&#x2026; SODWH DWWUDFWLYH XVHG 6PDOO
IDXOWV EXW D YHU\ HOXVLYH VWDPS 6* Â&#x2026; Â&#x2026; 3267$/ ),6&$/ G GLH 6* ) QLFHO\ XVHG
RQ VPDOO FRYHU WLHG 'HZVEXU\ GXSOH[ Â&#x2026; Â&#x2026; Â&#x2019; 6* G 3ODWH YHU\ ILQH PLQW ZLWK H[FHOOHQW
FRORXU Â&#x2026; Â&#x2026; { +LJK YDOXH 6* IX ZLWK QHDW <RUN 6W
Â&#x2019; -XELOHH G LQYHUWHG ZDWHUPDUN 80 VPDOO Â&#x2019; EHQG 6XSHUE IUHVKQHVV 6* ZL Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; -XELOHH G 'LH 1+0 80 ([FHSWLRQDO Â&#x2019; VWDPS 6* Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; -XELOHH G 80 IURP WKH FRUQHU RI WKH VKHHW Â&#x2019; VKRZLQJ FRORXUHG EDUV +LQJHG LQ PDUJLQV RQO\ 6* YHU\
ILQH Â&#x2026; Â&#x2026;
0DQFKHVWHU FGV $ ILQH VWDPS FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; -XELOHH $ PLQW VHW RI GLIIHUHQW òG WR
{ +LJK YDOXH VHW RI G WR JRRG XVHG
VPDOO IDXOWV &DW Â&#x2026; DOVR %OXH XVHG &DW Â&#x2026; Â&#x2026; Â&#x2026;
&DW Â&#x2026; ,QF òG G IUHVK 1+0 UDUH G 'LH , DJH VSRW G VKDGHV $ VXSHUE *UHHQ 6* HWF 0L[HG PRVWO\ ILQH VHH ZHEVLWH 6* Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 27
Â&#x2019; -XELOHH G DOO OLVWHG VKDGHV 80 6RPH JXP { 60$// $/%80 ZLWK EHWWHU SLFNLQJV Â&#x2019; EHQGV $ GLVWLQFWLYH JURXS 6* D E 3HQQ\ %ODFN DQG G %OXH ERWK PDUJLQV G UHG
FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
PDUJLQV G EOXH PDUJLQV G UHG 6* SO ILQH XVHG G VWUDZ VRXQG XVHG 6* VRXQG XVHG G SDOH VWUDZ XVHG G VRXQG XVHG FGV XVHG G 6* SO ILQH XVHG D XVHIXO VHOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026;
Â&#x2019; -XELOHH G VKDGH 6* D ILQH PLQW ZLWK 536
&HUW Â&#x2026; Â&#x2026; { -XELOHH Â&#x2026; 6* )8 FOHDU SURILOH SUHVVHG
RXW FUHDVH QRW DIIHFWLQJ ILQH DSSHDUDQFH &DW Â&#x2026; Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 %22./(76 Â&#x2019; &+5,670$6 67$03 %22./(76 WKH DOO GLII Â&#x2019; FROOHFWLRQ RI SULVWLQH ERRNOHWV LQF GLII F\OLQGHU ERRNOHWV YI
Â&#x2019; -XELOHH 6* YHU\ ILQH FRUQHU PDUJLQDO Â&#x2019; SDLU 80 *XP %HQG DIIHFWV RQH XQLW 6XSHUE FRORXU
)DFH YDOXH Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; *UHHWLQJ VWDPS ERRNOHWV WKH FROOHFWLRQ RI { &DWDORJXHG Â&#x2026; WKH LQFUHGLEOH EDODQFH RI Â&#x2019; GLII SHUIHFW XP DOO LGHQWLILHG LQF F\OLQGHU SDQHV LQF ODWHU VHOI
WKLV UHPDUNDEOH 49 ORW KRXVHG RQ SDJHV ZLWK V RI GLIIHUHQW VWDPSV YHU\ PL[HG TXDOLW\ EXW QRWH PDQ\ VRXQG DQG FROOHFWDEOH LWHPV LQF HPERVVHG G DOO FXW VTXDUH HDUO\ VXUIDFH SULQWV ZLWK GLII G G QRWH YHU\ QLFH 6* G 6* WZR PLQW IDXOWV G 6* QLFHO\ XVHG PRVW G SODWHV XVHG G 6* G LQF 6* PLQW G 6* LQF YIX EOXH G ZLWK DOO GLII SODWHV XVHG XVHG ZLWK DOO SODWHV ò SO PLQW SDLU HPHUJHQF\ VHW 6* XQXVHG KLJK YDOXHV G WZR RI HDFK OLODF JUHHQ VHW -XELOHHV WR ERWK 6XEVWDQWLDO ORW RI PDQ\ GLIIHUHQW FODVVLF LVVXHV 3RRU WR JRRG Â&#x2026; Â&#x2026;
{ FLUFD )267(5 6 (;35(66 /,0,7('
)RUH 6WUHHW /RQGRQ EODFN RQ JUHHQ SHUIRUDWHG ODEHO XVHG ZLWK YDULRXV LQGLVWLQFW PDUNV PLQRU IDXOWV EXW VRXQG DQG FRPSOHWH Â&#x2026; Â&#x2026;
DGKHVLYH W\SHV 9) )DFH Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; %DUFRGH 19, ERRNOHWV VW FODVV SDQHV RI WHQ Â&#x2019; 0RVW H[WHQVLYH VSHFLDOLVHG FROOHFWLRQ ZLWK QRWHV 66& KG
KED HWF 7KH ORW FRQVLVWV RI ERRNOHWV ZLWK DWWHQWLRQ WR F\OLQGHU SDQHV SHUI W\SHV HWF 7KH ORW IHDWXUHV ILUVW FODVV VWDPSV IY Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; %DUFRGH 19, ERRNOHWV QG FODVV SDQHV RI WHQ Â&#x2019; 6SHFLDOLVHG FROOHFWLRQ RI GLII ERRNOHWV 66& KF PDQ\
ZLWK F\OLQGHU SDQHV GLII SHUI W\SHV HWF 9) 7KH ORW IHDWXUHV VHFRQG VWDPSV XP Â&#x2026; Â&#x2026; Â&#x2019; 6HFRQG FODVV QDY\ ERRNOHWV SDQHV RI Â&#x2019; VSHFLDOLVHG FROOHFWLRQ RI GLII ERRNOHWV 66& +$ DOVR
RWKHU FRPELQDWLRQ ERRNOHWV 9)! Â&#x2026; Â&#x2026;
Â&#x2019; FLUFH 7KH *UHDW 6HFUHW RI DOO 1HZVDJHQWV
Â&#x2019; %DUFRGH 19, ERRNOHWV ILUVW FODVV SDQHV RI Â&#x2019; VSHFLDOLVHG FROOHFWLRQ RI GLII ERRNOHWV 66& +% 9,
&RPSHWLWLRQ ODEHO GHSLFWV WKH *HQHUDO 3RVW 2IILFH EXLOGLQJ DW 6W 0DUWLQ V OH *UDQG ILQH PLQW VFDUFH ODEHO Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; Â&#x2019; &,5&8/$5 '(/,9(5< &203$1< 0267/< 0,17 86(' &2//(&7,21 ORWV RI GLIIHUHQW W\SHV LQFOXGHV PLQW XVHG JHQXLQH LVVXHV LPSHUI SHUI URXOHWWHV YDULRXV GLIIHUHQW GHOLYHU\ FRPSDQLHV VHHQ DOVR LQFOXGH ZLGH UDQJH Â&#x2019; UHSULQWV VRPH VWDWHG DV FRORXU WULDOV RWKHUV DV IRUJHULHV ZLWK Â&#x2019; VRPH LQ VH WHQDQW VWULSV *UHDW ORW WR ZRUN WKURXJK ODUJHO\ DOO GLIIHUHQW PL[HG FRQGLWLRQ WKRXJK PXFK LV ILQH Â&#x2026; Â&#x2026; /LWHUDWXUH SRVWDJH VWDPSV RI WKH 8QLWHG
ILUVW FODVV VWDPSV VSHFLDOLVW F\OLQGHU SDQHV QRWHG 9) Â&#x2026; Â&#x2026; %22./(76 VHOI DGKHVLYH QG FODVV EOXH FRYHUV D VSHFLDOLVHG FROOHFWLRQ RI PRVWO\ FRQWDLQLQJ VWDPSV SHU ERRNOHW PDQ\ ZLWK F\OLQGHU QXPEHUV DOVR QG ODUJH IRUPDW GLII ERRNOHWV Â&#x2026; Â&#x2026; )LUVW FODVV ERRNOHWV RI PRVWO\ VHOI DGKHVLYH DOO SULVWLQH $ VHPL VSHFLDOLVHG FROOHFWLRQ PDQ\ IHDWXUH F\OLQGHU QXPEHUV WKH FROOHFWLRQ RI GLII LQF FRPPHP W\SHV 0% QXPEHUV WKH ORW IHDWXUHV ILUVW FODVV VWDPSV DOO GLII Â&#x2026; Â&#x2026;
Â&#x2019; 6WDPS ERRNOHWV ILUVW FODVV HDFK FRQWDLQLQJ .LQJGRP E\ :HVWRE\ LQ YHU\ JRRG FRQGLWLRQ Â&#x2019; VWDPSV PRVW VHOI DGKHVLYH 7KH FROOHFWLRQ RI GLII PDQ\ ZLWK Â&#x2026; Â&#x2026; F\OLQGHU QXPEHUV 3ULVWLQH WKLV ORW IHDWXUHV ILUVW FODVV /LWHUDWXUH 3RVWDO FDQFHOODWLRQV RI /RQGRQ VWDPSV Â&#x2026; Â&#x2026; E\ +& :HVWOH\ DQ LQWHUHVWLQJ YROXPH Â&#x2019; 67$03 %22./(76 IHDWXULQJ VHOI DGKHVLYH Â&#x2026; Â&#x2026; Â&#x2019; FRPPHP LVVXHV LQ SULVWLQH XP FRQGLWLRQ WKH FRPSUHKHQVLYH /LWHUDWXUH 7KH DOSKDEHWV RI WKH %ULWLVK /LQH FROOHFWLRQ RI ERRNOHWV IHDWXULQJ ILUVW FODVV VWDPSV IURP (QJUDYHG VWDPSV E\ $OFRFN WKH SLORWLQJ RI WKH SHQQ\ 9RO ,, ,,, FDWV GRJV WR (OWRQ -RKQ LQF VXEPDULQH 3XQFK -XG\ ,9 LQ XVHG FRQGLWLRQ Â&#x2026; Â&#x2026; PDQ\ PRUH 0DQ\ F\OLQGHU SDQHV 2IIHUHG EHORZ IDFH YDOXH Â&#x2026; Â&#x2026; /LWHUDWXUH 7KH FDQFHOODWLRQV RI WKH Â&#x2019; (XURSH RYHUVHDV VHOI DGKHVLYH ERRNOHWV WKH 3HQQ\ 5HG $ YHU\ LQWHUHVWLQJ UHDG Â&#x2026; Â&#x2026; Â&#x2019; YI FROOHFWLRQ RI GLII PDQ\ ZLWK F\OLQGHU QXPEHUV PRVW /LWHUDWXUH 7KH /LQH HQJUDYHG SRVWDJH VWDPSV FRQWDLQLQJ [ ( ZRUOGZLGH SRVWFDUG LVVXHV HWF )HDWXUHV RI *UHDW %ULWDLQ E\ 3HUNLQ %DFRQ DQG &R WKHVH VWDPSV Â&#x2026; Â&#x2026; WZR KDQGERRNV KDYH EHHQ KDUG EDFN ERXQG DQG ORRN YHU\ ILQH Â&#x2019; $ FRPSUHKHQVLYH Y ILQH FROOHFWLRQ RI 4(,, VW DQG VWLOO KDYH WKHUH SODWHV D VFDUFH SDLU RI ERRNV LQ ILQH Â&#x2019; QG IROGHG ERRNOHWV 6* VHULHV +$ +' SOXV -& -' DOO FRQGLWLRQ Â&#x2026; Â&#x2026; LGHQWLILHG GLIIHUHQW )DFH YDOXH LV Â&#x2026; Â&#x2026; Â&#x2026; /,7(5$785( 7KH SODWLQJ RI WKH 3HQQ\ 49 Â&#x2019; $ VXEVWDQWLDO DOO GLIIHUHQW FROOHFWLRQ RI S WR VHW RI )LYH SODWLQJ ERRNV E\ %URZQ LQ YHU\ ILQH Â&#x2019; Â&#x2026; IROGHG ERRNOHWV DOO LGHQWLILHG E\ FDWDORJXH QXPEHUV LQ FRQGLWLRQ ER[HG DOVR %ULWLVK 32 1XPEHUV %UXPHOO ZDOOHWV GLIIHUHQW ZLWK D YHU\ JRRG YDULHW\ RI LVVXHV 3RVWPDUNV RI (QJODQG DQG :DOHV DQG 3RVWDO FDQFHOV RI OHIW ULJKW VHWWLQJV HVSHFLDOO\ Â&#x2026; WR Â&#x2026; E\ LVVXH 2ULJLQDO /RQGRQ (LJKW %RRNV Â&#x2026; Â&#x2026; ORW Â&#x2026; Â&#x2026; /LWHUDWXUH 7KH SRVWDJH VWDPSV RI *UHDW Â&#x2019; %$5&2'( %22./(76 (DFK GLIIHUHQW %ULWDLQ SDUW WKUHH 7KH (PERVVHG ,VVXH 7KH 6XUIDFH SULQWHG Â&#x2019; LQF :LQGRZ %RRNOHWV *UHHWLQJV 19, V $ YHU\ JRRG UDQJH LVVXHV RI 49 DQG .LQJ (GZDUG E\ %HDXPRQW DQG $GDPV ZLWK ZLWK HDFK EHLQJ GLIIHUHQW LQF PDQ\ F\OLQGHU %RRNOHWV ZLWK LWV ' - Â&#x2026; Â&#x2026; %RRNOHWV WR Â&#x2026; Â&#x2026; /LWHUDWXUH 3ODWLQJ RI WKH 3HQQ\ Â&#x2019; %22./(7 3$1(6 PDFKLQV ZLWK &\OLQGHU 9ROXPH GLH SODWHV D WR UHYLVHG HGLWLRQ E\ +DUROG : Â&#x2019; QXPEHUV ZLWK EHWWHU LQF G G SDQH &\O ) 1 G &\O . )LVKHU ,Q JRRG FRQGLWLRQ Â&#x2026; Â&#x2026; GRW DW ERWWRP G SDQHV G SDQHV $ JRRG ORW IRU VWXG\ RYHU SDQHV 80 Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 28
%RRNOHW SDQHV RQ )'& V LQF SUHVWLJH
Â&#x2019; 6RPHUVHW +RXVH G 6* VXSHUE QHYHU Â&#x2019; KLQJHG 80 PDUJLQDO +LQJHG LQ RXWHU PDUJLQ ILQHVW
ERRNOHW SDQHV ZLWK QHDW W\SHG DGGUHVVHV ZLWK FRYHUV WR Â&#x2026; Â&#x2026;
VWDPS Â&#x2026; Â&#x2026;
Â&#x2019; %22./(76 HDFK GLIIHUHQW ZLWK PDQ\ F\OLQGHU Â&#x2019; ERRNOHWV SUHVWLJH ERRNOHW ER[HG S S DOO
GLIIHUHQW YHU\ KLJK &DW 9DOXH ZLWK LVVXHV XSWR RQH IRU WKH VSHFLDOLVW Â&#x2026; Â&#x2026;
Â&#x2019; 6RPHUVHW +RXVH G %ULJKW 0DJHQWD 6* Â&#x2019; ILQH PDUJLQDO 80 KLQJHG LQ RXWHU PDUJLQ RQO\ %UDQGRQ &HUW
7KLV VWDPS ZDV SODFHG RQ VDOH IRU MXVW KRXUV ([FHSWLRQDO DQG RQH RI WKH 8. V 5DUHVW 3RVWDJH 6WDPSV Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; *5((7,1*6 &+5,670$6 %22./(76 Â&#x2019; YHU\ ILQH FROOHFWLRQ RI GLII ERRNOHWV DOO LGHQWLILHG
{ (GZDUG 6* YIX ZLWK QHDW FGV -XVW RQH
VKRUW SHUI 4XDOLW\ VWDPS FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
E\ 6* QXPEHUV DOO LQ SULVWLQH QHZ LVVXH FRQGLWLRQ LQFOXGLQJ YHU\ PRGHUQ QG VW VSHFLDO LVVXHV FRQVLGHUDEOH IDFH YDOXH Â&#x2026; Â&#x2026;
{ (GZDUG 6* IX ZLWK QHDW FGV
Â&#x2019; 0,6&87 %22./(76 Â&#x2026; ,URQ %ULGJH S Â&#x2019; +RUVH 6KRHLQJ S Â&#x2026; %HHWOH 0LOO ZLWK &\O QXPEHU
S %RRNOHW )DUP %XLOGLQJV ZLWK WKH %RRNOHW PLVFXW D VPDOO XVHIXO ORW Â&#x2026; Â&#x2026;
&Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6RPHUVHW +RXVH 6* )DEXORXV 80 Â&#x2019; PDUJLQDO PLQW *HP 0RXQWHG LQ RXWHU PDUJLQ RQO\ QR JXP
FUHDVHV 6XSHUE Â&#x2026; Â&#x2026;
Â&#x2019; 68%67$17,$/ &2//(&7,21 678'< RI WKH Â&#x2019; 6RPHUVHW +RXVH 6* VXSHUE 80 Â&#x2019; S WR Â&#x2026; DOO GLII LGHQWLILHG E\ FDWDORJXH QXPEHUV GLII ZLWK Â&#x2019; 0DUJLQDO +LQJHG LQ RXWHU PDUJLQ RQO\ *HP Â&#x2026; Â&#x2026;
VWUHQJWK LQ VHWV RI S LVVXHV Â&#x2026; Â&#x2026; VPDOO IRUPDWV 3ULVWLQH FRQGLWLRQ Â&#x2026; Â&#x2026;
Â&#x2019; :,1'2: %22./(76 DOO GLII DOO LGHQWLILHG E\ Â&#x2019; 6* QXPEHUV 7KH FROOHFWLRQ RI GLII LQF ILUVW LVVXHV
Â&#x2026; Â&#x2026;
&2/285 75,$/ G LQ GHHS EOXH RQ WKLFN SDSHU SULQWHG LQ *HUPDQ QR ZPN SDSHU VXSHUE FRORXU QHYHU KLQJHG Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &21752/ 6,1*/(6 òG G HDFK LV
GLIIHUHQW òG ' ' + ( + , - G ( * + + , DQG + )UHVK PLQW Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 & (':$5' 9,, { (GZDUG Â&#x2026; ILQH XVHG 1HDW *XHUQVH\ FGV
{ 2)),&( 2) :25.6 2IILFLDO òG 6*2 ILQH
H[FHOOHQW FRORXU VRXQG 6* Â&#x2026; Â&#x2026; ^3KRWR`
XVHG Â&#x2026; Â&#x2026;
Â&#x2019; (GZDUG Â&#x2026; PLQW ILQH IURQWDO DSSHDUDQFH VRPH
JXP DJHLQJ VPDOO JXP FUHDVH ([FHOOHQW FRORXU 6* FÂ&#x2026; QLFH VWDPS Â&#x2026; Â&#x2026; ^3KRWR`
*5($7 %5,7$,1 ' *(25*( 9
Â&#x2019; (GZDUG G PLQW 6* Â&#x2026; Â&#x2026;
Â&#x2019; òG 0DFNHQQDO òG %/8,6+ *5((1 6* Â&#x2019; %ULOOLDQW 80 IURP WKH FRUQHU RI WKH VKHHW 7RJHWKHU ZLWK D
{ (GZDUG G YIX FULVS 672&.3257 33 FGV
Â&#x2019; 0DFNHQQDO òG %OXLVK *UHHQ 6* FKRLFH Â&#x2019; 1+0 80 0DUJLQDO FRS\ RI 536 &HUW VKRZLQJ ZKHUH WKLV
XVXDO òG WR FRPSDUH FRORXU Â&#x2026; Â&#x2026; 6* Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; (GZDUG 6* PLQW 1LFH Â&#x2026; Â&#x2026;
VWDPS LV ORFDWHG LQ WKH RULJLQDO EORFN Â&#x2026; Â&#x2026; ^3KRWR` { 3HUI 0DFNHQQDO òG 6* D IX $XJXVW
FGV ILUVW UHORDGHG PRQWK RI XVH Â&#x2026; Â&#x2026; ^3KRWR`
{ (GZDUG 6* VXSHUE XVHG ZLWK
3DUOLDPHQW 6WUHHW FGV &KRLFH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; &RQWURO VLQJOH 'RZQH\ KHDGV òG G
Â&#x2019; (GZDUG 6* XQPRXQWHG PLQW &RXSOH RI Â&#x2019; OLJKW JXP EHQGV QRW YLVLEOH IURP WKH IDFH ,QFUHGLEO\ IUHVK
FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
LQF ZLGH FORVH VHWWLQJV G UHYHUVH ZPN GLIIHUHQW SULQWLQJV SHUI DQG LPSHUI PDUJLQV D YHU\ KLJKO\ FDWDORJXHV JURXS DUUDQJHG E\ LVVXHV IUHVK PLQW Â&#x2026; Â&#x2026; Â&#x2019; 0DFNHQQDO òG %/8,6+ *5((1 'LH D 1+0 Â&#x2019; 6*1 RU 6* H[FHSWLRQDO TXDOLW\ ZLWK QRUPDO WR
Â&#x2019; (GZDUG 6* XQPRXQWHG PLQW JXP Â&#x2019; DJHLQJ DW EDVH DQG D OLJKW JXP EHQG ERWK RQO\ QRWLFHDEOH LQ
FRPSDUH Â&#x2026; Â&#x2026;
WKH EDFN &DW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; ,QWHUSDQQHDX JXWWHU EORFNV RI IRXU òG G
{ (GZDUG 6* YIX ZLWK FULVS -HUVH\
'RZQH\ +HDGV PLQW 8QXVXDO ZLWK 3LOOHUV LQ PDUJLQV LWHPV 6* Â&#x2026; Â&#x2026;
FGV Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; ,QYHUWHG ZDWHUPDUN ILQH XP JURXS òG G Â&#x2019; G ERWK G G 6* :, :, HWF 9) Â&#x2026; Â&#x2026;
{ 2)),&,$/ 2IILFH RI ZRUNV òG 6*2 ILQH
XVHG Â&#x2026; Â&#x2026; { 723 9$/8( (GZDUG Â&#x2026; 6* ILQH XVHG ZLWK
/RPEDUG 6W FGV Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; .*9 G VFDUOHW YHUPLOLRQ VKDGH YI XP Â&#x2019; PDUJLQDO ZLWK FRS\ RI 536 FHUW IRU WKH EORFN WKLV FDPH IURP
6* Â&#x2026; Â&#x2026; ^3KRWR`
{ (GZDUG G FKDON SDSHU 6* YIX FULVS
Â&#x2019; :DWHUPDUN LQYHUWHG 6* :, XP 6PDOO Â&#x2019; JXP EHQG )UHVK Â&#x2026; Â&#x2026; ^3KRWR`
/ODQHOO\ FGV Â&#x2026; Â&#x2026; ^3KRWR` { (GZDUG Â&#x2026; 6* YIX FULVS FHQWUDO *XHUQVH\
FGV H[FHOOHQW FRORXU 2QH RI WKH QLFHVW ZH KDYH VHHQ Â&#x2026; Â&#x2026; ^3KRWR`
{ 0XOWLSOH UR\DO F\SKHU òG G IX 6*
Â&#x2026; Â&#x2026;
Â&#x2019; 0XOWLSOH UR\DO F\SKHU òG G XP 6* { (GZDUG G YIX ZLWK FULVS -HUVH\ FGV &KRLFH Â&#x2019; Â&#x2026; Â&#x2026; ^3KRWR` 'HHS VKDGH 6* Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; +DUULVRQ G *UH\ RQ /HPRQ 6* D ILQH PLQW
{ 6HDKRUVH :DWHUORZ G HDFK ZLWK
QHDW FGV YHU\ FROOHFWDEOH RGG QLEEOHG SHUI 6* FÂ&#x2026; Â&#x2026; Â&#x2026;
ZLWK 536 &HUW $ 5DUH 6WDPS LQ D 'LVWLQFWLYH 6KDGH Â&#x2026; Â&#x2026; ^3KRWR`
{ 6HDKRUVH Â&#x2026; 6* YIX FULVS *XHUQVH\ FGV
Â&#x2019; +DUULVRQ G *UH\ RQ /HPRQ 6* D VXSHUE Â&#x2019; 80 PDUJLQDO H[DPSOH %UDQGRQ &HUW $V ILQH DV RQH FRXOG
LQWHQVH FRORXU 2QH RI WKH QLFHVW ZH KDYH VHHQ *HP Â&#x2026; Â&#x2026; ^3KRWR`
UHTXLUH Â&#x2026; Â&#x2026; ^3KRWR`
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 29
{ 6HDKRUVH 6* IX ZLWK QHDW FGV
{ 38& ORZ YDOXHV VHW DV FRQWURO VLQJOHV VHW RI
SHUIHFWO\ VRXQG FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
ZDWHUPDUN VLGHZD\V DQG òG WR òG :PN ,QYHUWHG DOO )8 JRRG SHUIV 6* $ % Â&#x2026; Â&#x2026;
{ 6HDKRUVH 6* IX WR YIX ZLWK QHDW FGV
Â&#x2019; 38& VHW 80 6* Â&#x2026; LV IURP WKH FRUQHU RI Â&#x2019; WKH VKHHW Â&#x2026; Â&#x2026; ^3KRWR`
1LFH VWDPS FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 6HDKRUVHV ZRUQ LPSUHVVLRQ 6* IUHVK Â&#x2019; XP $ FUHDVH QRW YLVLEOH IURP WKH IURQW &DW Â&#x2026;
Â&#x2019; 38& ZDWHUPDUN VLGHZD\V VHW RI DQG ZPN Â&#x2019; LQYHUWHG òG WR òG VHW RI DOO XP 6* D HWF *RRG
Â&#x2026; Â&#x2026; ^3KRWR`
SHUIRUDWLRQV Â&#x2026; Â&#x2026;
Â&#x2019; .*9 òG GXOO SUXVVLDQ EOXH VKDGH 6* D Â&#x2019; 3KRWR VHW 80 6* Â&#x2026; Â&#x2026; Â&#x2019; ILQH XP FRS\ RI 536 &HUW IRU D EORFN RI WKLV VWDPS EHLQJ WKH Â&#x2019;
ORZHU ULJKW H[DPSOH 0HPR QRW WKH WRQHG SDSHU YDULDQW $ VFDUFH VWDPS Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; .*9 òG LQGLJR EOXH VKDGH 6* ILQH XP Â&#x2019; ZLWK 536 &HUW $ UDUH GLVWLQFWLYH VKDGV RULJLQDOO\ VXEPLWWHG
E\ 8UFK +DUULV Â&#x2026; Â&#x2026; ^3KRWR`
{ 9DULHWLHV .*9 òG GHILQLWLYH V ZDWHUPDUN
VLGHZD\V DQG ZDWHUPDUN VLGHZD\V DQG LQYHUWHG 6* DZL DQG D ERWK ILQH XVHG Â&#x2026; Â&#x2026; Â&#x2019; :DWHUPDUN VLGHZD\V VHW RI XP Â&#x2019; 6* % Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 3HUI G 6* D XP Â&#x2026; Â&#x2026; Â&#x2019;
Â&#x2019; 3KRWR .*9 VHW RI DV 80 EORFNV RI IRXU Â&#x2019; 6* Â&#x2026; Â&#x2026;
Â&#x2019; %ORFN &\SKHU DQG GHILQ VHWV FKLHIO\ ILQH Â&#x2019; 80 6* DQG Â&#x2026; Â&#x2026;
6SHFWDFXODU HQYHORSH VHQW WR %UD]LO ZLWK .*9 4 UH HQJUDYHG VHDKRUVH VHW RI 6* ZLWK /RQGRQ DLUPDLO
Â&#x2019; %ORFN F\SKHU VHW XP 6* Â&#x2019; Â&#x2026; Â&#x2026;
FGV DQG *HUPDQ\ SLFWRULDO 6RXWK $PHULFD FDFKHW $ FRYHU IHDWXULQJ D UDUHO\ VHHQ VHW RI KLJK YDOXHV Â&#x2026; Â&#x2026;
Â&#x2019; ([SHULPHQWDO SDSHU G òG 80 $ VKRUW SHUI Â&#x2019; '2:1(< +HDGV FRQWURO VLQJOHV ZLWK GLIIHUHQW Â&#x2019; RQ WKH òG 6* E * FÂ&#x2026; Â&#x2026; Â&#x2026;
GLHV DQG SULQWLQJ SHUI DQG LPSHUI PDUJLQV òG G IUHVK PLQW Â&#x2026; Â&#x2026;
{ ([SHULPHQWDO SDSHU G òG YIX 6* %
/LWHUDWXUH 7KH SRVWDJH VWDPSV RI *UHDW
* Â&#x2026; Â&#x2026; Â&#x2019; ,QYHUWHG ZDWHUPDUN òG G òG G òG DOO Â&#x2019; 80 9) 6* :, Â&#x2026; Â&#x2026;
Â&#x2019; ,QYHUWHG ZDWHUPDUN G 6* :, 80 Â&#x2019; Â&#x2026; Â&#x2026;
%ULWDLQ SDUW WKH LVVXH RI .*9 E\ %HDXPRQW DQG 6WDQWRQ ZLWK LWV ' - Â&#x2026; Â&#x2026; Â&#x2019; 6WRFNSDJHV ZLWK F\OLQGHU VWULSV RI WKUHH Â&#x2019; òG G òG G G òG G òG G Â&#x2019; G D YHU\ ILQH UDQJH IUHVK PLQW PXFK 80
Â&#x2026; Â&#x2026;
Â&#x2019; ,QYHUWHG ZDWHUPDUN G 6* :, 80 Â&#x2019; Â&#x2026; Â&#x2026; ^3KRWR`
*5($7 %5,7$,1 ( (':$5' 9,,, 0$81'< VHW RI FRLQV QRW LVVXHG EXW FDPH ZLWK D FHUWLILFDWH RI DXWKHQWLFLW\ E\ WKH /RQGRQ PLQW RIILFH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; ,QYHUWHG ZDWHUPDUN G 6* :, 80 Â&#x2019; Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 6WDPS %RRNOHW HGLWLRQ ILQH DQG Â&#x2019; FRPSOHWH Â&#x2026; Â&#x2026;
Â&#x2019; ,19(57(' :$7(50$5. G 6* ZL ILQH Â&#x2019; PDUJLQDO XP Â&#x2026; Â&#x2026; ^3KRWR`
*5($7 %5,7$,1 ) *(25*( 9,
{ ,QYHUWHG ZDWHUPDUN G 6* :, YIX
Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; ,QYHUWHG ZDWHUPDUN ERWK G ILQH PDUJLQDO XP Â&#x2019; 6* :, D :, Â&#x2026; Â&#x2026; Â&#x2019; :DWHUPDUN VLGHZD\V VHW RI 80 9HU\ JRRG Â&#x2019; SHUIRUDWLRQV 6* % Â&#x2026; Â&#x2026; ^3KRWR`
&2,16 63(&,0(1 VHWV LQ D VSHFLDO SUHVHQWDWLRQ ER[ ZLWK FRLQV WR D FURZQ LQF 0DXQG\ VHW RI FRLQV LQ YHU\ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &</,1'(5 %/2&.6 òG $ GRW & Â&#x2019; GRW G ' QR GRW òG ) QR GRW % QR
GRW PLQW òG + QR GRW DQG G QRW GRW 0DLQO\ XP RQH PLQW Â&#x2026; Â&#x2026;
{ :HPEOH\ H[KLELWLRQ VHW DV 9)8 EORFNV RI IRXU
ZLWK VSHFLDO H[KLELWLRQ SLFWRULDO FDQFHOV $OVR ERWK VHWV )8 VLQJOHV EORFNV 6* Â&#x2026; Â&#x2026; :HPEOH\ H[KLELWLRQ VHW 6* RQ DWWUDFWLYH
FRYHU WR )5$1&( WLHG /RQGRQ PDFKLQH FDQFHO Â&#x2026; Â&#x2026; Â&#x2019; &RQWURO VLQJOHV G ZLWK VKDGHV FKLHIO\
.*9, &ROOHFWLRQ ZLWK D &DW 9DOXH RYHU Â&#x2026; LQF $UPV VHW RI PLQW D VHFRQG VHW )8 GHILQ ZLWK ZPN YDULHWLHV ZDWHUPDUN V ZD\ VHW RI )8 ZPN LQY 6HW RI )8 6 :HGGLQJ VHW PLQW DQG )8 )HVWLYDO +LJK 9DOXH VHW ERWK PLQW DQG )8 $ YHU\ JRRG FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; $UPV VHW XP 9) 6* F Â&#x2019; Â&#x2026; Â&#x2026;
LPSHUI LVVXHV ZLWK RUGLQDU\ SDSHUV DQG FKDON SDSHUV $ ILQH UDQJH HDFK GLIIHUHQW PLQW XQFKHFNHG IRU VKDGHV Â&#x2026; Â&#x2026;
Â&#x2019; &RLO HQG VWULSV òG G ZLWK VWULSV DWWDFKHG
Â&#x2019; &RQWURO VLQJOHV RI WKH òG LQF VKDGHV DQG
EHWWHU FRQWUROV LQF $ & + 9 D JRRG ORW VKDGHV QRW FKHFNHG (DFK GLIIHUHQW IUHVK PLQW Â&#x2026; Â&#x2026;
6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; .*9, G 6* 80 VWULS RI WKUHH ZLWK XQXVXDO Â&#x2019; :LSHU %ODGH )ODZ OHDYLQJ ODUJH FHQWUDO EDQG SDUWLDOO\
Â&#x2019; &RQWURO VLQJOHV YHUWLFDO VWULSV DQG EORFNV LQF
XQSULQWHG 8QXVXDO Â&#x2026; Â&#x2026;
38& ORZ YDOXHV GHILQV ZLWK GLIIHUHQW IRUPDWV $ JRRG UDQJH RI LWHPV ZLWK YDOXHV WR IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; )HVWLYDO KLJK YDOXH VHW DV 80 EORFNV RI IRXU Â&#x2019; 6* Â&#x2026; Â&#x2026;
Â&#x2019; 38& òG ,19(57(' :$7(50$5. ILQH 80 Â&#x2019; 1+0 6* ZL Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; .*9, ORZ YDOXH GHILQLWLYHV LQF ZDWHUPDUN Â&#x2019; VLGHZD\V DQG LQYHUWHG LGHQWLILHG RQ ROG SDJH VXSHUE ORW RI
VWDPSV HDFK GLIIHUHQW 80 Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 30
Â&#x2019; ::,, *HUPDQ 3URSDJDQGD )RUJHU\ RI òG
Â&#x2019; %27$1,&$/ &21*5(66 SKRVSKRU VHW DV Â&#x2019; FRPSOHWH ERWWRP URZV ZLWK PLQRU YDULHWLHV DV D VHW RI [
.*9, 6WDOLQ &RURQDWLRQ LVVXH XQXVHG DV LVVXHG Â&#x2026; Â&#x2026;
&DW Â&#x2026; ZLWK IODZ LGHQWLILHG Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 * (/,=$%(7+ ,, )LUVW 'D\ FRYHU FROOHFWLRQ ZLWK HDUO\ VHWV
KDYLQJ YHU\ ILQH FGV FDQFHOV PRUH PRGHUQ FRYHUV ZLWK :LQGVRU IGL FDQFHOV RQH PDQV FROOHFWLRQ IURP 4(,, FRURQDWLRQ PDLQ YDOXH LQ WKHVH HDUO\ FRYHUV 0DLQO\ QHDW W\SH DGGUHVVHV KXJH FDWDORJXH YDOXH ILOOLQJ D ODUJH FDUWRQ Â&#x2026; Â&#x2026; 5HJLRQDO IGF V VHW RI VL[ RQ LOOXVWUDWHG
IGF V G G VHW RI SODLQ FRYHUV DOO ZLWK QHDW W\SHG DGGUHVVHV Â&#x2026; Â&#x2026; { &RPPHPRUDWLYH FROOHFWLRQ ILQH XVHG LQF
&RURQDWLRQ OLIHERDW UHG FURVV 6KDNHVSHDUH DV EORFNV RI D YHU\ JRRG UDQJH RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; &RPPHPRUDWLYH FROOHFWLRQ PDQ\ VHWV DV Â&#x2019; EORFNV RI RU ODUJHU LQF &RURQDWLRQ OLIHERDW UHG FURVV FDEOH Â&#x2019; RQ RULJLQDO GRFXPHQW ZLWK FDQFHOOHG RYSW D YHU\ JRRG
Â&#x2019; 3UHVHQWDWLRQ 3DFNV ZLWK DOO WKH HDUO\ SDFNV Â&#x2019; 6KDNHVSHDUH *HRJUDSKLF %RWDQLFDO )RUWK 5RDG %ULGJH
&KXUFKLOO 3DUOLDPHQW %2% %XUQV $EEH\ ORRNV YHU\ FRPSOHWH IRU FRPPHPRUDWLYH SDFNV HDFK GLIIHUHQW 9HU\ KLJK &DW YDOXH LQ HDUO\ SDFNV Â&#x2026; Â&#x2026;
8QDGRSWHG (VVD\ VWDPS IRU G :DOHV +DUOHFK &DVWOH SHUI [ PRXQWHG RQ +DUULVRQV DQG 6RQV SUHVHQWDWLRQ &DUG H[ 5HVWDOOV )HOORZVKLS YHU\ ILQH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &203/(7( 6+((76 òG F\OLQGHU GRW G Â&#x2019; VHSLD EDQGV F\O QR GRW WZR EDQGV QR GRW G YHUPLOOLRQ
F\OLQGHU GRW Â&#x2026; Â&#x2026; Â&#x2019; 0DFKLQ G 3KRV RPLWWHG *$ JXP DV D IUHVK Â&#x2019; 80 PDUJLQDO EORFN RI [ $ ILQH EORFN &DW Â&#x2026;
6* RH\ Â&#x2026; Â&#x2026; Â&#x2019; 6SHFWDFXODU PDUJLQDO SDLU RI G PDFKLQ Â&#x2019; 6* XSSHU XQLW ZLWK 4XHHQV SRUWUDLW YLUWXDOO\ RPLWWHG ORZHU
FROOHFWLRQ PLQW LQF PXFK 80 D IHZ VWDPSV Â&#x2026; Â&#x2026;
XQLW ZLSHU EODGH DW EDVH )LQH 80 Â&#x2026; Â&#x2026;
Â&#x2019; &DVWOH VHW :DWHUORZ XP YI 6* Â&#x2019; Â&#x2026; Â&#x2026;
Â&#x2019; :DOHV 5HJLRQDO V SKRVSKRU RPLWWHG YDULHWLHV Â&#x2019; 80 GLIIHUHQW ,QF G 6*: (< DQG òS : <
Â&#x2019; :LOGLQJ VHW ZLWK ZDWHUPDUN YDULHWLHV D ILQH
$OVR S PLVSHUIRUDWHG 80 *RRG ORW Â&#x2026; Â&#x2026; ^3KRWR`
FROOHFWLRQ RI VWDPSV HDFK GLIIHUHQW IUHVK PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; %22./(7 3$1(6 +RDUG RQ +DJQHU SDJHV Â&#x2019; 6WRFNERRN PDQ\ V XQFKHFNHG JUHDW IRU ILQGLQJ YDULHWLHV
Â&#x2019; &DVWOH VHW '/5 XP 6* D D .H\ VHW Â&#x2019; Â&#x2026; Â&#x2026; ^3KRWR`
GLIIHUHQW SHUI W\SHV VXSHUE DUUD\ QHHG FDUHIXO FKHFNLQJ &RXOG EH DQ\WKLQJ LQ KHUH DOO 80 Â&#x2026; Â&#x2026;
Â&#x2019; &203/(7( 6+((76 ZLOGLQJ òG F\O GRW Â&#x2019; %ULGJHV DV FRPSOHWH VKHHWV ZLWK YDULHWLHV G Â&#x2019; òG F\O QR GRW òG W\SH ,, F\O GRW òG F\O QR GRW ZLWK Â&#x2019; 2 UHWRXFKHG G +DUULVRQ DQG 5HVWDOO UHWRXFKHV 5
SKDQWRP IUDPH G F\O :KLWH SDSHU LVVXHV 6HOGRP VHHQ LQ FRPSOHWH VKHHWV IUHVK XP Â&#x2026; Â&#x2026;
{ 6WXG\ RI :LOGLQJV FDVWOHV VRUWHG E\ GDWH RI
G EURNHQ FRUQHU VWRQHV 5 6* IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; &203/(7( 6+((76 DV ZLWK YDULHWLHV LVVXH IRU WKHLU VKDGHV DQG SULQWLQJV $ VXSHUE FROOHFWLRQ VRUWHG Â&#x2019; DQQLYHUVDULHV G ZLWK UHWRXFKHG F 5 G GLVFRYHU\ ZLWK RQ ROG SDJHV E\ YDOXH DQG SULQWLQJV G EURNHQ EXOZDUNV 5 6* YHU\ IUHVK 80 DQG Â&#x2026; QHHGV UH ZULWLQJ XS Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &DVWOHV ERWK VHWV XP 6* D D Â&#x2019; &203/(7( 6+((76 &KULVWPDV DV FRPSOHWH Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; VKHHW RI VWDPSV a6* YHU\ IUHVK 80
Â&#x2026; Â&#x2026; KRUL]RQWDO PLGGOH URZ ZLWK GRXEOH SHUIV DQG YHUW RQ WKH ERWWRP Â&#x2019; &203/(7( 6+((76 SDLQWLQJV VHW RI DV Â&#x2019; FRPSOHWH VKHHW RI LQF G EOLVWHU RQ KDQG 5 IUHVK URZ VFDUFH PLQW Â&#x2026; Â&#x2026; 80 Â&#x2026; Â&#x2026; :LOGLQJV LQF ZDWHUPDUN YDULHWLHV GLIIHUHQW VWDPSV LGHQWLILHG HDFK GLIIHUHQW 80 FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; (5525 &KULVWPDV G FRUQHU EORFN RI ZLWK Â&#x2019; SKRVSKRU RPLWWHG 6* (< &DW Â&#x2026; DV VLQJOH VWDPSV 80 VHOGRP VHH LQ D EORFN Â&#x2026; Â&#x2026; &$67/( G FRPSOHWH VKHHW SODWH ZLWK GRWV RYHU %DWWOHPHQWV YDULHW\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( %22./(7 3DQH G SDQH RI VL[ ZLWK Â&#x2019; &\OLQGHU . GRW DW WRS YHU\ JRRG SHUIV 6*8% IUHVK 80 &$67/( G FRPSOHWH VKHHW SODWH ZLWK UH Â&#x2026; Â&#x2026; HQWU\ U GRWV RYHU EDWWOHPHQW 80 IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( %22./(7 3DQHV G SDQHV RI VL[ Â&#x2019; ZLWK . GRW DW WKH WRS QG DW WKH ERWWRP JRRG SHUIV 6*8% &$67/( G FRPSOHWH VKHHWV ZLWK YDULHWLHV IUHVK 80 Â&#x2026; Â&#x2026; SO $ ZLWK %URZQ GRWV RYHU %DWWOHPHQWV VHOGRP VHHQ LQ FRPSOHWH VKHHWV Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( &</,1'(5 %RRNOHW SDQHV RI VL[ G Â&#x2019; &\OLQGHU ) &\OLQGHU DW WRS DQG QG DW ERWWRP PDWFKLQJ SDLU &$67/( FRPSOHWH VKHHW SODWH IUHVK ZLWK H[WHQVLRQ DW WKH WRS RI WKH VHOYHGJH 6*8% JRRG SHUIV 80 Â&#x2026; Â&#x2026; 80 Â&#x2026; Â&#x2026; &$67/( FRPSOHWH VKHHW SODWH IUHVK Â&#x2019; 6&$5&( &</,1'(5 %RRNOHW SDQHV RI VL[ G 80 Â&#x2026; Â&#x2026; Â&#x2019; ) GRW ZLWK &\OLQGHU DW WKH WRS DQG QG &\OLQGHU DW WKH ERWWRP
Â&#x2019; (5525 G %RRNOHW 3DQH RI VL[ 6* ZLWK WKH
Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019; &$67/( FRPSOHWH VKHHW SODWH XQPRXQWHG Â&#x2019; PLQW VHOGRP VHHQ DV D FRPSOHWH VKHHW Â&#x2026; Â&#x2026; Â&#x2019; &$67/( 6 LQ FRPSOHWH VKHHWV G SODWH Â&#x2019; QXPEHUV $ ZLWK OLVWHG YDULHWLHV SODWH DQG $ IUHVK
6*8% IUHVK 80 JRRG SHUIV ZLWK H[WHQVLRQ KROH LQ WKH ERWWRP RI WKH VHOYHGJH PDWFKLQJ SDLU Â&#x2026; Â&#x2026; Â&#x2019; %,5' %22./(76 6WLOO LQ WKHLU RULJLQDO VOHHYHV Â&#x2019; [ %RRNOHWV QRWH .LQJILVKHU 6*43 &DW Â&#x2026;
HDFK )DOFRQ %DUQ 2ZO -D\ :RRGSHFNHU DQG *UHDW &UHVWHG *UHEH VHOGRP VHHQ ZLWK WKHLU RULJLQDO ZUDSSHUV Â&#x2026; Â&#x2026;
80 6HOGRP VHHQ LQ FRPSOHWH VKHHWV Â&#x2026; Â&#x2026;
Â&#x2019; 5HG FURVV VWXG\ LQF F\OLQGHU EORFNV YDULHWLHV Â&#x2019; LQF G UHSDLUHG UHG FURVV G VWULSV ZLWK UHG GRFWRUV EODGH IODZV Â&#x2019; (1*/,6+ +20(6 %RRNOHWV VWLOO ZLWK WKHLU Â&#x2019; RULJLQDO VOHHYH ,JKWKDP 0RWH /LWWOH 0RUHWRQ +DOO DQG /RQJ PLQRU YDULHWLHV KLJKOLJKWHG QHHGV UH ZULWLQJ XS D YHU\
0HOIRUG +DOO VHOGRP VHHQ LQ WKHLU RULJLQDO ZUDSSHU RI ERRNOHWV Â&#x2026; Â&#x2026;
LQWHUHVWLQJ JURXS RI LWHPV 80 Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 31
Â&#x2019; (;3/25(56 %22./(76 6WLOO LQ WKHLU RULJLQDO Â&#x2019; 6&$5&( F\OLQGHU EORFNV :DOHV S F\O SKRV Â&#x2019; VOHHYHV [ /LYLQJVWRQH 0D\ 6FRWW DQG 0DU\ .LQJVOH\ Â&#x2019; GRW DQG QR GRW DQG VFDUFH F\O SKRV GRW DQG QR GRW FDW
)HE VHOGRP VHHQ ZLWK WKHLU RULJLQDO ZUDSSHUV Â&#x2026; Â&#x2026; Â&#x2019; &203/(7( &2,/ IURP YHQGLQJ PDFKLQH Â&#x2019; QXPEHU VWULSV ZLWK ZD[ DQG ULEERQ VWLOO DWWDFKHG &DW
Â&#x2026; 6*: IUHVK XP DV EORFNV RI Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 0DFKLQ ERRNOHW SDQHV D ILQH VHPL VSHFLDOLVHG Â&#x2019; FROOHFWLRQ RQ KDJQHUV RYHU GLII LWHPV LQF ERRNOHW SDQHV XP
9DOXH DV VLQJOH VWULSV Â&#x2026; VHOGRP VHHQ DV FRPSOHWH FRLOV Â&#x2026; Â&#x2026;
LQF DLUPDLO SDQHV WR S &KULVWPDV VSHFLDO SDQHV FRPELQDWLRQ SDQHV PDQ\ DGGLWLRQDO SDQHV YIX VFDUFHU JRRG ORW Â&#x2026; Â&#x2026;
&203/(7( &2,/ IURP YHQGLQJ PDFKLQH QXPEHU VWULSV ZLWK ZD[ DQG ULEERQ VWLOO DWWDFKHG FDW Â&#x2026; DV VLQJOH VWULSV 6HOGRP VHHQ DV FRPSOHWH FRLOV Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,$/ ,668(6 9HU\ FRPSUHKHQVLYH Â&#x2019; FROOHFWLRQ RI FRPPHPV IRU WKLV SHULRG IHDWXULQJ HYHU\WKLQJ
Â&#x2019; &203/(7( &2,/ IURP YHQGLQJ PDFKLQHV Â&#x2019; QXPEHU VWULSV VWLOO ZLWK ZD[ DQG ULEERQ &DW 9DOXH
DV VLQJOH VWULSV Â&#x2026; 80 VHOGRP VHHQ DV FRPSOHWH FRLOV Â&#x2026; Â&#x2026; Â&#x2019; &203/(7( 6(7 DV FRPSOHWH VKHHWV Â&#x2019; &RQFRUGH 6* XQPRXQWHG PLQW QRWH G ZLWK RLO VWLFN
ZKHUH SRVVLEOH WUDIILF OLJKW EORFNV WUDIILF OLJKW JXWWHU EORFNV LQF ZHGGLQJ SDLUV SUHVWLJH SDQHV PV VHOI DGKHVLYH ERRNOHWV QRWH VXEPDULQH HWF V PDVVLYH IDFH 2QH PDQV FDUHIXOO\ DVVHPEOHG FROOHFWLRQ WKDW V WRR JRRG WR WHDU XS IRU SRVWDJH Â&#x2026; Â&#x2026; Â&#x2019; 0DFKLQV ZLWK VSHFLDOLVDWLRQ H[FHOOHQW FROOHFWLRQ Â&#x2019; RI V XP RQ KDJQHUV ZLWK GLII SULQWLQJV GLII
YDULHW\ Â&#x2026; Â&#x2026; Â&#x2019; &203/(7( 6(7 DV FRPSOHWH VKHHWV Â&#x2019; LQYHVWLWXUH 6* DQG *DQGKL ZLWK WRRWK IODZ 6* IUHVK
80 Â&#x2026; Â&#x2026;
VHWV WR Â&#x2026; DV XP SDLUV D JRRG VHOHFWLRQ RI &2,/ /($'(56 ZLWK VWULSV RI VWDPSV DWWDFKHG IHDWXULQJ YDOXHV WR S 5HDGHUV GLJHVW DGYHUW FDUGV ZLWK FRLO VWULSV GLII DOVR DGGLWLRQDO YIX PDWHULDO LQFOXGHG JUDWLV 2ULJLQDO ORW Â&#x2026; Â&#x2026;
Â&#x2019; &203/(7( 6(7 DV FRPSOHWH VKHHWV VKLSV 6* Â&#x2019; :DOHV 5HJLRQDO òS LPSHUIRUDWH SDLU ILQH 80 Â&#x2019; YHU\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 6*: *$ Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &203/(7( 6(7 LQ FRPSOHWH VKHHWV Â&#x2019; FDWKHGUDOV 6* IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; 35(67,*( %22./(76 FRPSOHWH IURP Â&#x2019; :HGJHZRRG WR 0DUYHO FRPLFV SULVWLQH XP FRQGLWLRQ KRXVHG LQ
WZR H[SHQVLYH DOEXPV 7KH FROOHFWLRQ RI GLIIHUHQW ERRNOHWV GHDOHUV OLVW SULFH Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; (UURU VKLS G 4(,, ZLWK GRXEOH SHUIRUDWLRQV Â&#x2019; 6WULS RI IURP WKH WRS RI WKH VKHHW ZLWK SHUI LQ WKH WRS PDUJLQ
Â&#x2019; &KULVWPDV YDULHW\ VH WHQDQW VWULS ZLWK Â&#x2019; SHUIRUDWLRQ HUURU GXH WR WKH PDUJLQ IROGLQJ RYHU $Q LQWHUHVWLQJ
DQG SDUWLDOO\ WKURXJK HDFK RI WKH VWDPSV )UHVK 80 VFDUFH Â&#x2026; Â&#x2026;
SLHFH 80 Â&#x2026; Â&#x2026;
Â&#x2019; 0267 81868$/ &DWKHGUDOV G ERWWRP VWULS RI Â&#x2019; (5525 òS VFDUFH PLVFXW ERRNOHW SDQH RI Â&#x2019; ZLWK SDUWLFXODUO\ GRXEOH SHUI DIIHFWLQJ DOO WKH VWDPSV RQ WKH Â&#x2019; ODEHOV F\O % SHUI ,/ ZLWK ODEHO DW WLS SOXV D QG SDQH ZLWK &\O
ERWWRP URZ ZLWK F\O QXPEHUV DQG WUDIILF OLJKWV D EORFN RI VWDPSV 80 Â&#x2026; Â&#x2026;
DV QRUPDO &\OLQGHU SDQH IUHVK 80 Â&#x2026; Â&#x2026;
6KLSV LOOXVWUDWHG IGF V ZLWK EHWWHU FRYHUV LQF
)'& S $23 GHILQ LQ VXSHUE XQDGGUHVVHG
Â&#x2019; &DVWOHV VHW RI DV JXWWHU SDLUV FÂ&#x2026; Â&#x2026; %ULWDQQLD
6,/9(5 -8%,/(( ,//8675$7(' )'&V
FRQGLWLRQ Â&#x2026; Â&#x2026; /OR\GV FRIIHH KRXVH FÂ&#x2026; &XWW\ 6DUN FÂ&#x2026; +RXVH RI /RUGV &RPPRQ V %XFNLQJKDP 3DODFH 6RXWKDPSWRQ $ YHU\ JRRG )'& IRU (XURSHDQ &RPPXQLWLHV VHW RQ RIILFLDO FROOHFWLRQ RI FRYHUV HDFK GLIIHUHQW &DW Â&#x2026; QR ZULWWHQ SULYDWH +DUZLFK LOOXVWU &RXQFLO )'& VLJQHG E\ WKH 0DMRU DGGUHVVHV Â&#x2026; Â&#x2026; VSHFLDO FDFKHW HWF /LVWHG VFDUFH Â&#x2026; Â&#x2026; Â&#x2019; 6KLSV VWXG\ ZLWK VWDPSV DQG FRYHUV DOVR Â&#x2019; YDULHWLHV LQF G EORFNV RI PLVVLQJ SKRVSKRU VHW ZLWK VFKRRO Â&#x2019; (5525 &DQDGD OLIH S ERRNOHW ZLWK ERWK VSHFLPHQ KDQGVWDPSV PLQRU YDULHWLHV KLJKOLJKWHG RQ SDJHV D Â&#x2019; SDQHV 0LVFXW 6*'3 F VHOGRP VHHQ DV D FRPSOHWH ERRNOHW Â&#x2026; Â&#x2026; YHU\ JRRG UDQJH RI LWHPV 6WLOO QHHG VRPH ZRUN WR IXOO\ ZULWH )LUVW VHOI DGKHVLYH VHW RI )LUVW 'D\ &RYHUV LW XS Â&#x2026; Â&#x2026; YHU\ VFDUFH ZLWK /RQGRQ :& &'6 RQ DQ LOOXVWUDWHG )'& V ZLWK Â&#x2019; (5525 Â&#x2026; PDFKLQ LPSHUI SDLU 6* E IUHVK QHDW W\SHG DGGUHVVHV ERWK LQ YHU\ ILQH FRQGLWLRQ Â&#x2019; 80 Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 9$5,(7< $11,9(56$5< G ODUJH EORFN RI Â&#x2019; 0,63(5)25$7(' òS 838 ZLWK WKH ERWWRP Â&#x2019; ,QF WUDIILF OLJKW ZLWK HPERVVLQJ PLVVLQJ 6* F &DW Â&#x2026; Â&#x2019; OLQH RI WH[W DW WKH WRS RI WKH VWDPS PP VKLIW XSZDUGV 6* DV VLQJOH VWDPSV 6FDUFH DV D EORFN Â&#x2026; Â&#x2026; YDU 80 Â&#x2026; Â&#x2026; Â&#x2019; +,*+ 9$/8( 9$/8$%/( &2//(&7,21 RI XP Â&#x2019; 0267 81868$/ S %RRNOHW (OL]DEHWK &URZQ Â&#x2019; ZLWK LPSRUWDQW EORFNV HWF 9HU\ JRRG ORW LQF ODWHU LVVXHV Â&#x2019; ZLWK ERWK SDQHV KDYLQJ % &\OLQGHU QXPEHUV 6*'6 WR Â&#x2026; DV JXWWHU SDLUV WUDIILF OLJKWV H[WHQVLYH FDVWOHV ZLWK GLII Â&#x2026; Â&#x2026; VHWV WR Â&#x2026; DV FHQWUH JXWWHU EORFNV RI Â&#x2026; LQF SODWH D Â&#x2019; 9(5< 6&$5&( F\OLQGHU EORFN :DOHV òS W\SH FRUQHU SDLU HQJUDYHG Â&#x2026; HQVFKHGH DV SODWH EORFN Â&#x2019; ,, F\OLQGHU SKRV QHYHU VHHQ LW DV D 80 F\OLQGHU EORFN VXSSOHPHQWDU\ XVHG LQFOXGHG JUDWLV TW\ Â&#x2026; Â&#x2026; 6*: E IUHVK 80 FDW Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` 5$) LOOXVWUDWHG FRYHUV DOO VLJQHG DOO GLIIHUHQW Â&#x2019; 6&$5&( F\OLQGHU EORFN :DOHV S 6*: D ILQH UDQJH RI FRYHUV Â&#x2026; Â&#x2026; Â&#x2019; F\O SKRV GRW DQG QR GRW DQG VFDUFH F\O SKRV IUHVK 80 DV EORFNV RI Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; +LJK YDOXH VHOHFWLRQ ILQH 80 RQ FDUGV ZLWK EHWWHU VWDPSV RI 7KH 5R\DO ([KLELWLRQ 6W 0DUWLQ LQ WKH ILHOGV 6LOYHU -XELOHH ([KLELWLRQ 7UDIDOJDU 6TXDUH XVHIXO ORW Â&#x2026; Â&#x2026;
(QVFKHGH 0DFKLQV WR Â&#x2026; DV &\OLQGHU EORFNV RI 'H /D 5XH PDFKLQV WR Â&#x2026; $V &\OLQGHU %ORFNV RI *RRG ORW 4W\ Â&#x2026; Â&#x2026; ^3KRWR`
&2521$7,21 ,//8675$7(' )'&V ZLWK
%RRNOHW SDQHV RQ IRXU LOOXVWUDWHG IGF V ZLWK
EHWWHU FDQFHOV +\WKH 5DLOZD\ 2IILFLDO 5$) :DWWLVKDP &DHUQDUIRQ 7HPSOH RI -HUXVDOHP /HZLV *DWZLFN 3DUN 8QLRQ RI 32 :RUNHUV %ODFNSRRO %)36 $ YHU\ ILQH FROOHFWLRQ &DW Â&#x2026; HDFK GLIIHUHQW QRW ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026;
:LQGVRU IGL FDQFHO D VXSHUE JURXS RI FRYHUV VPDOO ODEHO DGGUHVV S ERRNOHW S ERRNOHW DQG S ERRNOHW Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( %RRNOHW SDQH S /$%(/ 3(5) Â&#x2019; 7<3( $SS 6*8% 0&& '3 3$3 80
Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 32
+,6725,& %8,/',1*6 ,OOXVWUDWHG )'&V
&+5,670$6 ,OOXVWUDWHG )'& V ZLWK &'6 ,QF %XFNLQJKDP 3DODFH &'6 +RXVH RI &RPPRQV DQG +RXVH FDQFHOV +ROO\EXVK 6W 6WHSKHQ %HWKOHKHP 1D]DUHWK DQG 6W 1LFKRODV $ ILQH FROOHFWLRQ 1R ZULWWHQ DGGUHVVHV RI /RUGV &'6 +DPSWRQ &RXUW 5R\DO +HULWDJH +DPSWRQ Â&#x2026; Â&#x2026; &RXUW $ ILQH FROOHFWLRQ HDFK GLIIHUHQW QRW ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; 0DULWLPH KHULWDJH LOOXVWUDWHG IGF V LQF %51& &+5,670$6 ,//8675$7(' )'&V ZLWK RIILFLDO VLJQHG FÂ&#x2026; ZRUVKLSIXO FRPSDQ\ RI VKLSZULJKWV EHWWHU FDQFHOV (QJODQG Y %XOJDULD %LSH[ +HDWKURZ $LUSRUW RIILFLDO VLJQHG E\ /RUG +LOO 1RUWRQ òS RQ 'XNH RI 1RUIRON 5RWDU\ &OXE 6ZDQVHD QDPLQJ RI WKH /LIHERDW 0DUJDWH $ YHU\ FRYHU VLJQHG E\ WKH 'XNH 1R ZULWWHQ DGGUHVVHV JRRG UDQJH HDFK GLIIHUHQW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; (8523($1 (/(&7,21 ,OOXVWUDWHG )'&V
%5,7,6+ *$5'(16 ,OOXVWUDWHG )'& V ZLWK
ZLWK EHWWHU FDQFHOV ,QF +RXVH RI /RUGV DQG &RPPRQV %ULWLVK (XURSHDQ (OHFWLRQ FRQVHUYDWLYH 3DUW\ 2IILFLDO &RYHU 1RUWKHUQ /LJKW 2IILFLDO 'HUE\ 2IILFLDO $ JRRG UDQJH HDFK GLIIHUHQW QR DGGUHVVHV Â&#x2026; Â&#x2026;
VSHFLDO FDQFHOV &DSDELOLW\ %URZQ .HZ *DUGHQ WKUHH GLIIHUHQW FRYHUV .LUNKDUOH /DQGVFDSLQJ 2IILFLDO (QJOLVK *DUGHQ '*7 2IILFLDO OHDJXH RI )ULHQGV %LGGXOSK 2IILFLDO /DQFHORW %URZQ )HQVWDQWRQ 2IILFLDO 1RW ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026;
+256( 5$&,1* ,//8675$7(' )'&V ZLWK
&+5,670$6 ,OOXVWUDWHG )'& V ZLWK &'6
VSHFLDO FDQFHOV FDWDORJXH YDOXH RYHU Â&#x2026; ,QF %)3V (XUR FUHVW +RWHOV *ODVJRZ (GLQEXUJK 1DXUX ([KLELWLRQ 1RUZLFK 8QLRQ ' 'D\ 6RXWKDPSWRQ $ YHU\ JRRG UDQJH QR DGGUHVVHV Â&#x2026; Â&#x2026;
FDQFHOV 1D]DUHWK %HWKOHKHP +RO\ ,VODQG DQG :LQFKHVWHU $ YHU\ ILQH JURXS 1R ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; *$5'(16 ,OOXVWUDWHG )'& V ZLWK &'6
FDQFHOV 6LVVLQJKXUVW :RRGVWRFN .HZ *DUGHQV %LGGXOSK +RXVH RI /RUGV %XFNLQJKDP 3DODFH $ YHU\ ILQH FROOHFWLRQ 1R ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026;
32/,&( ,//8675$7(' )'&V ,QF
:DNHILHOG :HVW <RUNVKLUH 2IILFH &RYHU 'HYRQ DQG &RUQZDOO &RQVWDEXODU\ =HSSHOLQ 0DLO 6LU -RKQ *LHOJXG $ YHU\ ILQH FROOHFWLRQ QR DGGUHVVHV HDFK GLIIHUHQW &DW Â&#x2026; Â&#x2026; Â&#x2026;
*$5'(16 ,OOXVWUDWHG )'& V ZLWK 6ORJDQ
FDQFHOV %DFN %HDXWLIXO %ULWDLQ DQG <RXU *DUGHQ LV %HDXWLIXO ,VOH RI :LJKW 1R ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026;
52:/$1' +,// ,OOXVWUDWHG )'&V ZLWK
EHWWHU FDQFHOV 0DLO &RDFK 5XQ .LGGHUPLQVWHU 2IILFLDO 6DQTXKDU )', %RXUQHPRXWK 3LHU &HQWHQDU\ 7RWH <RUN 6NLUULG (QHUJ\ +DGGR +RXVH )LQH HDFK GLIIHUHQW QR DGGUHVVHV Â&#x2026; Â&#x2026;
%5,7,6+ &281&,/ ,OOXVWUDWHG )'& V ZLWK
/LFKILHOG 5HJHQW 6W %XFNLQJKDP 3DODFH &'6 /LFKILHOG 6ORJDQ FDQFHO DQG 5%3' 2IILFLDO FRYHU 1R ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; 0267 81868$/ FROOHFWLRQ RI PDFKLQ
%,5'6 LOOXVWUDWHG )'&V ZLWK EHWWHU FDQFHOV ,QF 0DQFKHVWHU &ROOHFW %ULWLVK 6WDPS 6ORJDQ %)3V 5R\DO ([KLELWLRQ :DUZLFN ZLQWHU WLPH %ULWLVK /LEUDU\ 6DOYDWLRQ $UP\ +DUZLFK MXVW D IHZ IURP WKLV FROOHFWLRQ QRW DGGUHVVHV Â&#x2019; FDWDORJXH YDOXH Â&#x2026; RXWVWDQGLQJ FROOHFWLRQ HDFK Â&#x2019; GLIIHUHQW Â&#x2026; Â&#x2026; %5,7,6+ &21'8&7256 ,OOXVWUDWHG )'& V
,QF )DLU )LHOG &UR\GRQ ZLWK 0DOFROP 6DUJHQW 6LJQDWXUH DWWDFKHG RIILFLDO FRYHU 7KRPDV %HHFKDP 6W +HOHQV 2IILFLDO 6SRQQH 6FKRRO 2IILFLDO %HGIRUG 0XVLF &OXE 2IILFLDO $OGHUV RI &UR\GRQ 2IILFLDO $ YDOXDEOH ORW Â&#x2026; Â&#x2026; Â&#x2019; &2,/ FRPSOHWH ZLWK VHWV S S 6* Â&#x2019; ; P GHOLYHU\ OHIW VLGH QXPEHU VWLOO VHDOHG ZLWK ULEERQ DQG
ZD[ VHDO YHU\ VFDUFH Â&#x2026; Â&#x2026;
ERRNOHWV ILUVW GD\ FRYHUV DOO ZLWK F\OLQGHU QXPEHUV QHYHU VHHQ VR PDQ\ EHIRUH HDFK GLIIHUHQW ZLWK QHDW W\SHG DGGUHVV D VXSHUE ORW ZLWK :LQGVRU IGL FDQFHOV Â&#x2026; Â&#x2026; :DOHV S UHJLRQDO F\OLQGHU EORFN RI E\ 4XHVWD HDFK GLIIHUHQW LQF VFDUFH 4 4 F\OLQGHU FDW Â&#x2026; $ VXSHUE JURXS IUHVK 80 Â&#x2026; Â&#x2026; ^3KRWR`
$57+85,$1 OHJHQG LOOXVWUDWHG )& V ZLWK
&'6 FDQFHOV $PHVEXU\ %RGPLQ *ODVWRQEXU\ ERWK GLIIHUHQW 0HUOLQ V %ULGJH DQG 6RXWK &DGEXU\ $ YHU\ ILQH JURXS QR ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; $57+85,$1 /(*(1' ,OOXVWUDWHG )'& V
ZLWK VSHFLDO FDQFHOV $UWKXU ([KLELWLRQ *UHDW +DOO &DPHORW Â&#x2026; Â&#x2026;
52<$/ 0$,/ ,OOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV QDWLRQDO 3RVWDO 0XVHXP ,QWHO SRVW 8&: 5R\DO 0DLO LOOXVWUDWHG )'& V ,QF (OL]DEHWK *DVNHOO *HUDOG .LQJ /HLFHVWHU /RQGRQ 3RVW 'RZQLQJ 6WUHHW 1R ZULWWHQ DGGUHVVHV ZULWHU V &OXE 2IILFLDO 7KH (OHPV %URQWH 0XVHXP DOO ZLWK Â&#x2026; Â&#x2026; PDWFKLQJ VSHFLDO FDQFHOV VHWV ZLWK &'6 FRYHUV +RXVH RI /RUGV DQG &RPPRQV DQG %XFNLQJKDP 3DODFH QR ZULWWHQ 52<$/ 0$,/ ,OOXVWUDWHG )'& V ZLWK &'6 DGGUHVV Â&#x2026; Â&#x2026; FDQFHOV /HWWHU (QQLVNLOOHQ %DJVKRW /ODQJXULJ %XFNLQJKDP 3DODFH SOXV UR\DO 0DLO ,Q %XVLQHVV WR 6HUYH <RX 6ORJDQ 1R 48((1 027+(5 ,OOXVWUDWHG )'& V ,QF ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; 0H\ &'6 *UDQG 7KHDWUH %ODFNSRRO 6DQGULQJKDP %ULWLVK /LEUDU\ +XOO .LQJVWRQ 5RYHUV SRVWHG DW &UDYHQ 3DUN 6W 0DU\ Â&#x2019; /2&$/ 3267 :LUUDO SRVW LQ EORFNV RI RU Â&#x2019; PRUH 80 LQF &KULVWPDV SRVW FKDULW\ SRVW IURP S WR S D ZDUH RIILFLDO $ YHU\ JRRG UDQJH Â&#x2026; Â&#x2026; YHU\ JRRG UDQJH RI EORFNV 80 Â&#x2026; Â&#x2026; 63257 ,OOXVWUDWHG )'& V ZLWK &'6 FDQFHOV Â&#x2019; +LJK YDOXH 80 VHOHFWLRQ ,QF VFDUFH JXWWHU -XPS %XFNLQJKDP 3DODFH +RXVH RI /RUGV 1R ZULWWHQ Â&#x2019; SDLUV VWDPSV RULJLQDO VHW 80 SOXV VHW RI DV JXWWHU DGGUHVVHV Â&#x2026; Â&#x2026; SDLUV VHW RI WR Â&#x2026; DV FHQWUH RI VKHHW JXWWHU EORFNV 63257 ,OOXVWUDWHG )'& V ZLWK VSHFLDO 6* SULQWLQJ Â&#x2026; FHQWUH JXWWHU EORFN Â&#x2026; FDQFHOV 7KH 6DLQWV 1RUWKDPSWRQ )RRWEDOO &OXE 2IILFLDO :58 %ULWDQQLD DV 80 SDLU HWF 9HU\ ILQH ORW Â&#x2026; Â&#x2026; &HQWHQDU\ RIILFLDO .LQJ +HQU\ 9,,, ') 2IILFLDO /HLFHVWHU )& 0$*186 0$*186621 DQG -2$11$ 2IILFLDO D ILQH JURXS 1R ZULWWHQ DGGUHVVHV Â&#x2026; Â&#x2026; /80/(< 6LJQHG %LUG 563% 2IILFLDO FRYHUV D ILQH SDLU RI Â&#x2019; 9(5< 6&$5&( &203/(7( UROO RI S S FRYHUV ZLWK 6DQG\ %HGV VSHFLDO FDQFHO Â&#x2026; Â&#x2026; Â&#x2019; [ VWDPSV GHOLYHU\ OHIW VLGH ILUVW SKRV 39$ '(; VWLOO VHDOHG ZLWK ULEERQ DQG ZD[ VHDO 6* ; P VHWV 1XPEHU *$//$175< ,//8675$7(' &29(56 ,QF YHU\ VFDUFH VWLOO VHDOHG Â&#x2026; Â&#x2026; 6HEDVWRSRO &'6 9& IRU 9DORXU 6SHFLDO FDQFHO DQG WKH 6SLULW RI %ULWDLQ VLJQHG E\ :LQVWRQ &KXUFKLOO 03 OLPLWHG WR MXVW )2/./25( ,OOXVWUDWHG )'& V ,QF %ULWLVK FRYHUV Â&#x2026; Â&#x2026; /LEUDU\ FÂ&#x2026; 6W 9DOHQWLQHV 'D\ ([KLELWLRQ 2IILFLDO 5RELQ +RRG 2IILFLDO $YLDWLRQ DW +HQGRQ 2IILFLDO %DPSWRQ &'6 /21'21 /,)( 3UHVWLJH %RRNOHW ZLWK 7KD[WHG &'6 %XFNLQJKDP 3DODFH &'6 Â&#x2026; Â&#x2026; $XWXPQ 6WDPSH[ %3( +DQGVWDPSV RQ WKH UHYHUVH VFDUFH SOXV QRUPDO %RRNOHW WR FRPSDUH 6*2; Â&#x2026; Â&#x2026; )$0286 :20(1 6XSHUE UDQJH RI
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 33
Â&#x2019; &DVWOH Â&#x2026; +DUULVRQ JURVVO\ PLVSHUIRUDWHG Â&#x2019; ,QVFULSWLRQ 2PLWWHG PP XSZDUGV VKLIW 80 Â&#x2026; Â&#x2026;
^3KRWR` Â&#x2019; 683(5% 9$5,(7< Â&#x2026; &DVWOH PLV SHUI WR Â&#x2019; WKH ULJKW PDUJLQ ZLWK SHUI UXQQLQJ GRZQ WKH &DVWOH LQ EHWZHHQ
OHWWHU WO LQ &DVWOH OHDYLQJ SDUW RI WKH &DVWOH LQ WKH PDUJLQ 6* YDU IUHVK 80 Â&#x2026; Â&#x2026; ^3KRWR`
.(: *$5'(16 S FRLQ FRYHU ZLWK 06 DQG
VSHFLDO FDQFHO VFDUFH Â&#x2026; Â&#x2026; ^3KRWR` 2/<03,& $1' 3$5$/<03,& ,OOXVWUDWHG )'&V
$ VXSHUE JURXS DOO ZLWK VSHFLDO FDQFHOV PDQ\ /WG LVVXHV ZLWK QR DGGUHVVHV RU QHDW W\SHG DGGUHVVHV HDFK GLIIHUHQW ,QF 6H 7HQDQW VWULSV 6 $ %HQKDP VHULHV $ YHU\ JRRG ORW RI FRYHUV Â&#x2026; Â&#x2026;
Â&#x2019; 9$5,(7< &DVWOH Â&#x2026; SDLU PLV SHUI ZLWK SHUIV Â&#x2019; PRYLQJ OHIW PP OHDYLQJ RQH VWDPS ZLWK SDUW &DVWOHV RQ WKH 2/<03,& *$0(6 *2/' 0('$/ :,11(56
OHIW DQG ULJKW KDQGVLGH PDUJLQ VWDPS ZLWK ODUJH PDUJLQ DW WKH OHIW KDQGVLGH D VXSHUE SDLU 6* YDU 80 Â&#x2026; Â&#x2026; ^3KRWR` $ ILQH FROOHFWLRQ RI LOOXVWUDWHG IGF V ZLWK
QHDW W\SHG DGGUHVV PDLQO\ FRPPHPRUDWLYH LVVXHV LQF 06 DQG SRVW DQG JR V RGG GHILQ +RXVHG LQ DOEXPV Â&#x2026; Â&#x2026; Â&#x2019; 35(67,*( %22./(76 ZLWK D IDFH YDOXH Â&#x2019; RYHU Â&#x2026; FRPSOHWH IURP WR ZLWK WKH EHWWHU ERRNOHWV
'DUZLQ $HULDO SRVW NHHSLQJ WKH IODPH DOLYH D YHU\ JRRG ORW Â&#x2026; Â&#x2026;
6LJQHG VHW RQ WZR FRYHUV VLJQHG E\ 5HEHFFD $GOLQJWRQ 1LFROH &RRNH VHW RQ WZR FRYHUV VLJQHG *HUDLQW 7KRPDV DQG $P\ :LOOLDPV 9HU\ /WG QXPEHU SURGXFHG Â&#x2026; Â&#x2026;
67$03 %22./(76 2Q LOOXVWUDWHG )'&V
/WG WR MXVW FRYHUV 6SRUWLQJ 'LVFLSOLQHV 7HQQLV &RXUW /RQGRQ 5RDG %LUPLQJKDP DQG :H\PRQW RU 6XWWRQ &ROGILHOG $ VXSHUE WULR Â&#x2026; Â&#x2026; 3,(')257 &$67/( Â&#x2026; VHW RI UHJLRQDO SURRI FRLQ VHW LQ D SUHVHQWDWLRQ ER[ ZLWK FHUWV Â&#x2026; Â&#x2026; Â&#x2019; 3UHVWLJH ERRNOHW SDQHV XP IHDWXULQJ PDFKLQV Â&#x2019; RQO\ IRXQG LQ WKHVH SDQHV 7KH VHW LI SDQHV LQ SHUIHFW
23(1 *2/) VLJQHG LOOXVWUDWHG FRYHUV
FRQGLWLRQ QRWLQJ PDFKLQV WR Â&#x2026; $OO IHDWXUHG LQ :LQGVRU $OEXPV Â&#x2026; Â&#x2026;
VLJQHG E\ 7RP /HKPDQ 3DXO /DZULH DQG (UQLH (OV HDFK FRYHU GLIIHUHQW Â&#x2026; Â&#x2026; $872*5$3+(' HGLWLRQ VLJQHG IGF V LQF
/21'21 +267 &,7< 06 ,QF &RLQ
FRYHUV VLJQHG E\ -RQDWKDQ (GZDUGV $OODQ :HOOV FRYHU VLJQHG 'DOH\ 7KRPSVRQ 6LU *HRII +XUVW (VWHU 5DQW]HQ 6LU 6WLUOLQJ E\ %HDN\ $GOLQJWRQ DQG $QLWD /RQVEURXJK 3DXOD 5DGFOLIIH 0RVV 6LU +DUU\ 6HFRPEH 7RQ\ %HQQ 6SLNH 0LOOLJDQ 6LU 7HUU\ 'DYLG +HPHU\ SOXV %HQKDP &OXE FRYHU 1R $ YHU\ JRRG :RJDQ -XVW D IHZ QDPHV IURP WKLV IDQWDVWLF FROOHFWLRQ ORW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; 2/<03,& *$0(6 S FRLQ FRYHUV 6HW RI 5$) VLJQHG LOOXVWUDWHG FRYHUV 3ODQH DQG ZLWK VSHFLDO FDQFHOV D VFDUFH FRPSOHWH VHW LQ D SURWHFWLYH 3ODFHV 3 DQG 3 VHULHV D YHU\ ILQH FROOHFWLRQ LQF D FRYHU ER[ Â&#x2026; Â&#x2026; ^3KRWR` VLJQHG E\ %LOO 5HLG 9& DQG -DPHV 7DLW '62 5RODQG %HDPRQW 2/<03,& *$0(6 6LJQHG LOOXVWUDWHG )'6V $LU 0DUVKDOO 6LU 3DWULFN 'XQH $ YHU\ JRRG FROOHFWLRQ RI DV 6LU %UDGOH\ :LJJLQV DQG -HVVLFD (QQLV ZRXOG QRW VLJQ WKH FRYHUV DOO VLJQHG Â&#x2026; Â&#x2026; FRYHUV VFDUFH ZLWK DQ RULJLQDO FRVW RI Â&#x2026; $ VXSHUE 52<$/ 1$9< ,OOXVWUDWHG )'& V VLJQHG DOO ZLWK
FROOHFWLRQ DQG YHU\ /WG SURGXFHG E\ %XFNLQJKDP V VSHFLDO FDQFHOV +HQU\ 9,,, VLJQHG E\ (DUO RI (IILQJKDP Â&#x2026; Â&#x2026; )DLWK VLJQHG E\ WKH &KDSODLQ RI WKH )OHHW VW DQG QG 6 $ 3$5$/<03,& *2/' 0('$/ :,11(5 VLJQHG E\ 0/& &UDZIRUG '6& S DQG VW VLJQHG E\ 6LU ,DQ ,OOXVWUDWHG FRYHUV ,QF PLQLDWXUH VKHHW FRYHUV ZLWK 06 0F*HRFK &RPPDQGLQJ 2IILFHU RI +06 6SOHQGLG $UFKLWHFWV RI GLIIHUHQW *ROG 0HGDO ZLQQHU ZLWK &HUW RQO\ KDYH EHHQ WKH $LU VLJQHG E\ $LU 9LFH 0DUVKDOO : ( 2XOWRQ D YHU\ ILQH SURGXFHG FRYHUV ZLWK WKH VHW RI ZLQQHUV VLQJOH VWDPSV FROOHFWLRQ RI FRYHUV ZLWK VSHFLDO FDQFHOV Â&#x2026; Â&#x2026; RU VWDPSV RQ HDFK :HOFRPH WR WKH *DPHV $ VXSHUE Â&#x2019; 6WDPS 6KRZ PLQLDWXUH VKHHW LQ D IRUPDW SDFN FROOHFWLRQ SURGXFHG E\ %XFNLQJKDP &RYHUV Â&#x2026; Â&#x2026; Â&#x2019; LVVXHG E\ 5R\DO 0DLO Â&#x2026; Â&#x2026; Â&#x2019; 81,9(56$/ 0$,/ SRVWFDUG VWDPS ERRNOHWV Â&#x2019; )LQH ORW RI GLII PDQ\ ZLWK UHFHLSWV IURP RIILFHV RI SXUFKDVH 0RVW XQXVXDO VHOI DGKHVLYH ERRNOHWV ZLWK F\O QRW RIWHQ VHHQ Â&#x2026; Â&#x2026; QXPEHUV RQ IGF V 49 VXEPDULQHV YHU\ VFDUFH 3XQFK $ WR = S FRLQ VHW SOXV D VSHFLDO &URZQ DOO DQG -XG\ &RQFRUGH :RUOG FXS SOXV IODJV ZLWKRXW 81& FRLQV HQFDSVXODWHG Â&#x2026; Â&#x2026; F\O QXPEHUV QHDW W\SHG DGGUHVVHV Â&#x2026; Â&#x2026; &20021:($/7+ *$0(6 FRLQ FRYHU ZLWK Â&#x2026;
[ DQG VSHFLDO FDQFHO 6FDUFH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &+5,670$6 6WXG\ RI WKH VW 19, ,QF GDWHG Â&#x2019; EORFNV QRWH RQH ZLWK PDWUL[ VWLOO LQWDFW VFDUFH *XWWHU SDLU
ZLWK PDWUL[ LQWDFW VFDUFH 5LJKW KDQG VLGH GDWH EORFNV ZLWK VKHHW QXPEHU ZLWK PDWUL[ DWWDFKHG RQH ZLWKRXW $ VXSHUE ORW RI 6* 80 Â&#x2026; Â&#x2026; 5287( 72 9,&725< FRLQ FRYHUV HDFK
GLIIHUHQW ZLWK VPLOHU VWDPSV VSHFLDO FDQFHOV GLIIHUHQW FURZQV ZLWK UHG SRSSLHV $ ILQH FROOHFWLRQ ZLWK GHWDLOV Â&#x2026; Â&#x2026; 6,*1(' FRLQ FRYHU HQG RI ::,, LOOXVWUDWHG IGF
VLJQHG E\ 'DPH 9HUD /\QQ ZLWK Â&#x2026; FRLQ DQG 06 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; 0LQLDWXUH VKHHWV 5R\DO PDLO SDFNV ZLWK D Â&#x2019; IDFH YDOXH RYHU Â&#x2026; VHOGRP VHHQ LQ WKHVH SDFNV LVVXHG E\
WKH 5R\DO 0DLO Â&#x2026; Â&#x2026; Â&#x2019; 67$03 %22./(7 VHOI DGKHVLYH ILUVW FODVV Â&#x2019; ODUJH WKH VSHFLDOLVHG FROOHFWLRQ RI GLII LQF F\OLQGHU QXPEHUV
HDFK FRQWDLQLQJ VWDPSV VWDPSV DOVR RWKHU ILUVW FODVV ERRNOHWV 9) Â&#x2026; Â&#x2026;
$ = S FRLQ FRYHU VHW ZLWK\ HDFK FRYHU KDYLQJ
D S DQG VPLOHU VWDPS IRU HDFK OHWWHU /WG WR MXVW VHWV ZLWK VSHFLDO FDQFHOV Â&#x2026; Â&#x2026; ^3KRWR` 4 $,5 /(77(56 $ JRRG UDQJH ZLWK PDQ\ ZLWK
)', FDQFHOV VHHQ .*9, 2O\PSLF G ZLWK $HUR )LHOG &KULVWPDV *UHHWLQJV FDFKHW VHQW WR 0DOWD XVHG LQ &RFRV .HHOLQJ ,VODQGV ZLWK GLIIHUHQW 5HWXUQ WR 6HQGHU +DQGVWDPSV VLJQHG IOLJKW FRYHU YHU\ /WG QXPEHUV $Q LQWHUHVWLQJ ORW RI FRYHUV Â&#x2026; Â&#x2026; &2,16 S LQ D VSHFLDO SUHVHQWDWLRQ ER[ LQF .HZ *DUGHQV 6FRXWLQJ *LUO *XLGHV 6XE IRXU PLQXWH PLOH ' 'D\ 9& %DWWOH RI %ULWDLQ +DVWLQJV $ ILQH FROOHFWLRQ RI FRLQV 81& Â&#x2026; Â&#x2026; &20,&6 6,*1(' ,//8675$7(' &29(56
3XQFK DQG -XG\ VLJQHG 5RQQLH %DUNHU &LUFXV VLJQHG 5RQQLH &RUEHWW &KULVWPDV VLJQHG *HRUJH &ROH %XV VLJQHG 5HJ 9DUQH\ &KULVWPDV *HRIIUH\ 3DOPHU *UHHWLQJ VLJQHG 5LFKDUG %ULHUV 6HDVLGH VLJQHG 'DYLG 0RUULVH\ DOO LOOXVWUDWHG )'& V ZLWK VSHFLDO FDQFHOV Â&#x2026; Â&#x2026;
Credit Cards
Â&#x2019; )DFH YDOXH RYHU Â&#x2026; \HDU ERRNV LQ YHU\ Â&#x2019; ILQH FRQGLWLRQ VWDPSV 06 DOO IUHVK 80 Â&#x2026; Â&#x2026;
The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 34
Â&#x2019; 'HILQLWLYH SUHVHQWDWLRQ SDFNV IURP WR Â&#x2019; ZLWK KLJK YDOXH SDFNV LQF GHILQV ODUJH IRUPDW SDFN
VHOGRP VHHQ SRVWDJH GXH SDFNV 5HJLRQDO SDFNV HDUO\ KLJK YDOXH SDFNV D YHU\ JRRG UDQJH RI SDFNV HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
Â&#x2019; 5HJLRQDO SLFWRULDOV HDFK GLIIHUHQW ZLWK Â&#x2019; YDOXHV WR Â&#x2026; ZLWK D IDFH YDOXH RI Â&#x2026; 80 KLJKO\
FDWDORJXHG Â&#x2026; Â&#x2026;
Â&#x2019; (QJODQG UHJLRQDO GHILQLWLYH V VWDPSV S Â&#x2019; S QG VW ( S DV F\OLQGHU EORFNV RI DQG (QJODQG 06
Â&#x2019; 5(*,21$/6 VRPHZKDW VHPL VSHFLDOLVHG Â&#x2019; FROOHFWLRQ RI V GLII XP ZLWK QRWHV LQ WZR VWRFNERRNV ZLWK D
FRPSUHKHQVLYH UDQJH RI LVVXHV WR PDQ\ GLII W\SHV SKRV ERRNOHW SDQHV DOO UHJLRQDO LQF &, LVVXHV $ JRRG ORW VRPH PDWFKLQJ ILQH XVHG QRW LQFOXGHG LQ WKH HVWLPDWH Â&#x2026; Â&#x2026;
)DFH YDOXH Â&#x2026; IUHVK 80 Â&#x2026; Â&#x2026; )'& 5HJLRQDO GHILQLWLYH LVVXHV WKH FROOHFWLRQ
RI GLII KRXVHG LQ DOEXPV ZLWK LVVXHV WR DQG DOO LQ Â&#x2019; 5(*,21$/6 8102817(' 0,17 )URP SUH H[FHOOHQW FRQGLWLRQ 0RGHUQ LVVXHV ZLWK VRPH KLJK YDOXHV DQG Â&#x2019; GHFLPDO WR GHFLPDO ZLWK YDOXHV WR S $ JRRG UDQJH RI ILQH V FRYHUV Â&#x2026; Â&#x2026; VWDPSV ZLWK PDQ\ GLIIHUHQW PXFK LGHQWLILHG Â&#x2026; Â&#x2026;
)'& 2ULJLQDO FROOHFWLRQ RI GLII Â&#x2019; 5HJLRQDOV 8102817(' 0,17 WKH GHFLPDO )'& KRXVHG LQ ELJ ILOHV YDVW PDMRULW\ DUH LQ Y ILQH FRQGLWLRQ Â&#x2019; LVVXHV )DFH YDOXH RYHU Â&#x2026; PDQ\ V RI VWDPSV LQF
HLWKHU XQDGGU W\SHG RU ODEHO 0XFK YDOXH LQ GHFLPDO PDFKLQ &KDQQHO ,V DUPV 1RUWKHUQ ,UHODQG :DOHV 6FRWODQG ,VOH RI VSHFLDOV ZLWK ERRNOHW SDQHV FRLOV LQWHUHVWLQJ SULYDWH LVVXHV 0DQ RQ VWRFNSDJHV VRUWHG E\ LVVXH +LJK FDWDORJXH YDOXH LQ LWHPV VHUYLFHG E\ .& FRYHUV ZLWK VSHFLDO FDQFHOV PDFKLQ GHILQ PRGHUQ PDFKLQV QHHG VRUWLQJ Â&#x2026; Â&#x2026; VHWV WR Â&#x2026; Â&#x2026; %ULWDQQLD H[WHQVLYH FRPPHPV XSWR 5R\DO (QJLQHHUV DQG 1DWLRQDO $UP\ 0XVHXP 2ULJLQDO YDOXDEOH ORW Â&#x2026; Â&#x2026; LOOXVWUDWHG FRYHUV LQ D VSHFLDO DOEXP ZLWK FRYHUV IURP WR
)'& D SUHPLXP ORW RI GLIIHUHQW
D ILQH FROOHFWLRQ RI FRYHUV HDFK GLIIHUHQW LQFOXGHV -XELOHH FÂ&#x2026; DQG 5DLOZD\ FÂ&#x2026; D JRRG ORW )'& LQ SULVWLQH FRQGLWLRQ LQ D FDUWRQ ZLWK PDQ\ LWHPV SULFHG DW Â&#x2026; Â&#x2026; Â&#x2026; WR Â&#x2026; HDFK 6XSHUE TXDOLW\ DOO FRPPHP LVVXHV VHOHFWHG IRU VSHFLDO SRVWPDUNV GLIIHUHQW HQYHORSHV HWF VRPH YHU\ QLFH 6PDOO EXW XVHIXO FROOHFWLRQ RI IGFV FDW Â&#x2026; SUH GHFLPDO $ KLJK TXDOLW\ ORW $OO GLIIHUHQW Â&#x2026; Â&#x2026; LQF ELUGV 563% RIILFLDO FRYHU ZLWK 6DQG\ %HGV FDQFHO HQJLQHHULQJ 5R\DO (QJLQHHUV RIILFLDO FRYHU ZLWK %)3V )'& 4(,, $ 3UHPLXP &ROOHFWLRQ RI EHWWHU FDQFHO FÂ&#x2026; LQVHFW VWDPS EXJ RIILFLDO )'& PDQ\ ZLWK VSHFLDO FDQFHOODWLRQV DQG DOO FÂ&#x2026; Â&#x2026; Â&#x2026; GLIIHUHQW DQG DOO LQ VXSHUE XQDGGUHVVHG FRQGLWLRQ 7RR PDQ\ WR OLVW YDULRXV FRPSDQLHV $ YHU\ JRRG ORW Â&#x2026; Â&#x2026; Â&#x2019; 60,/(56 6+((76 5,*+7 83 72
Â&#x2019; 0$59(/ &20,&6 7KH DSSDUHQWO\ FRPSOHWH FROOHFWLRQ RI Â&#x2019; )2/'(' %22./(76 HDFK GLIIHUHQW Â&#x2019; GLIIHUHQW F\OLQGHU QXPEHU WKHUH DUH PDQ\ FRUUHODWHG UDWHV SHUI GLII VKHHWV SHUIHFW XP LQ VKHHW ILOHV LQFOXGLQJ WKH
W\SHV YHU\ KLJK FDWDORJXH YDOXH QHHG ZULWLQJ XS ZLWK ERRNOHWV WR Â&#x2026; $ YHU\ JRRG UDQJH IURP WKHH LVVXHV Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; -(7 3523(//(' $,5&5$)7 6,*1(' &29(56 &RPHW LOOXVWUDWHG )'& VLJQHG -RKQ &XQQLQJKDP DQG -RKQ :LOVRQ WK $QQLYHUVDU\ RI 1HYLOOH 'XNH VSHHG UHFRUG VLJQHG E\ 1HYLOOH 'XNH ,QYHQWLRQ LOOXVWUDWHG 3'&V VLJQHG E\ 3HWHU 7ZLVV DQG -RKQ :LOVRQ DOO ZLWK VSHFLDO FDQFHOV Â&#x2026; Â&#x2026; Â&#x2019;
&216,*1,$ VKHHWV (VWLPDWHG DW WUDGH SULFH Â&#x2026; Â&#x2026; 6WRFNERRNV ZLWK PDLQO\ 4(,, SUH GHFLPDOV &\OLQGHU EORFNV ZLOGLQJ G G G FDVWOHV G PDFKLQV DOVR G SDLU ZLWK PLVVLQJ SKRVSKRU 6* (\ FÂ&#x2026; HDFK G PLVVLQJ SHDUOV ] ZLOGLQJ G ZKLWH GRW IODZ LQ TXHHQV KDLU D JRRG ORW RI LWHPV XQPRXQWHG PLQW Â&#x2026; Â&#x2026;
7UDLQLQJ 6FKRRO EDU FDQFHO ZLWK PDFKLQV ZLWK
Â&#x2019; YDOXHV WR Â&#x2026; SRVWDJH GXH WR Â&#x2026; 80 ZLWK D YDULHW\ RI 0DFKLQ GHILQLWLYHV IGFV IURP WR
PDLQO\ W\SHG DGGUHVVHV PDQ\ :LQGVRU FDQFHOV UHJLRQDO ZLWK UHJLRQDO FDQFHOV D JRRG UDQJH Â&#x2026; Â&#x2026;
EDUV Â&#x2026; Â&#x2026;
1RQ SRVW RIILFH LOOXVWUDWHG IGF V ZLWK PDQ\
Â&#x2019; 9DULHWLHV RQ D SDJH 80 6KDNHVSHDUH G Â&#x2019; PLVVLQJ IORRU ERDUGV ODQGVFDSHV G ZLWK DQ IRU DQG
EHWWHU FRYHUV LQF &KULVWPDV -HUXVDOHP 6NHOOLQJ 7KRUSH SKRV +DVWLQJV G FOXE IODZ &KULVWPDV PLVVLQJ W VSHFLDO FDQFHO &DWKHGUDOV PHWURSROLWDQ /LYHUSRRO VSHFLDO WHFKQRORJ\ G SDUWO\ PLVVLQJ ' LQ /7' ()7$ G FDQFHO FKXUFKHV (DUO %DUWRQ VSHFLDO FDQFHO D YHU\ JRRG EURNHQ XQGHU FDUULDJH Â&#x2026; Â&#x2026; UDQJH RI FRYHUV &KLHIO\ VPDOO ODEHO DGGUHVVHV Â&#x2019; :DOHV UHJLRQDO V SUH GHFLPDO VWDPSV F\O Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; EORFNV RI GHFLPDO VWDPSV ZLWK D IDFH YDOXH Â&#x2026; IUHVK Â&#x2019; 1RUWKHUQ ,UHODQG SUH GHFLPDO VWDPSV 80 LQF S GLH ,, FDW Â&#x2026; DQG WZR 06 ( YDOXHV D XVHIXO Â&#x2019; F\OLQGHU EORFNV RI GHFLPDO ZLWK D IDFH YDOXH Â&#x2026; RYHU FROOHFWLRQ Â&#x2026; Â&#x2026; VWDPSV IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; :LOGLQJ VHOHFWLRQ G 3KDQWRP 5 LQ FRUQHU Â&#x2019; 3267 $1' *2 WKH FRPSUHKHQVLYH Â&#x2019; FROOHFWLRQ RI GLII SUHVHQWDWLRQ SDFNV IRU FRPSOHWH VHWV ZLWK
Â&#x2019; EORFN G F\OLQGHU EORFN RQH GRW ZLWK WZR YDULHWLHV DQG D
EHWWHU HDUO\ ELUGV VHFXULW\ W\SHV HWF 9HU\ KLJK UHWDLO YDOXH *RRG ORW Â&#x2026; Â&#x2026;
:LOGLQJV ILUVW GD\ FRYHUV PDLQO\ RQ SODLQ
VHOHFWLRQ RI FRLO OHDGHUV 80 Â&#x2026; Â&#x2026;
FRYHUV ZLWK VXSHUE FGV FDQFHOV QRWH òG G G RQ 3267 $1' *2 &ROOHFWLRQ ZLWK 80 VHWV WR LOOXVWUDWHG IGF Â&#x2026; Â&#x2026; ,QF %LUGV RI %ULWDLQ VHW RI SDFNV PDQ\ VHWV ERWK 80 LQ *5($7 %5,7$,1 + 0,;(' &2//16 SDFNV DQG RQ )'& /DEHOV ZLWK QR LQVFULSWLRQV VWULSV ZLWK RULJLQDO UHFHLSWV VSHFLDO H[KLELWLRQ LVVXHV LQ VWULSV )'& LVVXHG { 35( '(&,0$/ FROOHFWLRQ KRXVHG LQ DOEXPV LQF 3HQQ\ %ODFN XVHG 49 6* LV ILQH RQO\ DW WKH 3RVWDO 0XVHXP /LPLWHG WR HWF 9DOXDEOH XVHG (GZDUG G .*9 6HDKRUVHV WR ORW Â&#x2026; Â&#x2026; XVHG .*9, GHILQV 80 $UP Â&#x2026; 80 6 :HGGLQJ VHW 80 Â&#x2019; 35(6(17$7,21 3$&.6 DQ H[WHQVLYH 4(,, VHW 80 LQF SKRVSKRU VHWV $ JRRG UDQJH KLJKO\ Â&#x2019; H[WHQVLYH RULJLQDO FROOHFWLRQ RI GLIIHUHQW KRXVHG LQ FDWDORJXHG &KLHIO\ 80 IURP .*9, LQ D ODUJH FDUWRQ YROXPHV 6WUHQJWK LQ JRRG GHILQ LVVXHV ZLWK PDQ\ KLJK YDOXHV Â&#x2026; Â&#x2026; FDVWOHV WR Â&#x2026; Â&#x2026; FDVWOH 'LDQD ZHOVK SDFN PDFKLQV WR Â&#x2026; WR Â&#x2026; WR Â&#x2026; YHU\ KLJK YDOXH Â&#x2026; Â&#x2026; Â&#x2019; 35(67,*( 67$03 %22./(76 DSSDUHQWO\ Â&#x2019; FRPSOHWH FROOHFWLRQ WR RI GLII ERRNOHWV LQ SULVWLQH
FRQGLWLRQ %% UHWDLO FLUFD Â&#x2026; +XJH IDFH YDOXH Â&#x2026; Â&#x2026;
:,1'625 629(5,*1 DOEXPV FKLHIO\ XVHG LQF 3HQQ\ %ODFN .(9,, Â&#x2026; VRXQG XVHG V ZHGGLQJ 80 DQ XQPRXQWHG PLQW FROOHFWLRQ IURP WR QR VWDPSV DIWHU WKLV GDWH ZLWK D IDFH YDOXH RYHU Â&#x2026; $ VROLG FROOHFWLRQ RI PDQ\ V RI VWDPSV Â&#x2026; Â&#x2026; ^3KRWR`
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 35
Â&#x2019; 8QPRXQWHG PLQW FRPPHPRUDWLYHV FROOHFWLRQ RI ,PSUHVVLYH ILYH VWDPS IUDQNLQJ RQ HQWLUH IURP Â&#x2019; VWDPSV LQF VLOYHU ZHGGLQJ 4(,, HDUO\ SKRV VHWV *ODVJRZ WR &DODLV IUDQNHG G DQG G PDNLQJ G UDWH QHDW
FRPSOHWH IRU WKH EDVLF FROOHFWLRQ )UHVK 80 Â&#x2026; Â&#x2026;
GXSOH[ FDQFHOV DWWU Â&#x2026; Â&#x2026;
Â&#x2019; $ PRVW LQWHUHVWLQJ ORW .*9, 4(,, DV 80 EORFNV 'HVWLQDWLRQ )UDQFH ZLWK D YDULHW\ RI GLIIHUHQW Â&#x2019; RI IRXU RQ RULJLQDO SXUFKDVH FDUGV LQ YHU\ ILQH FRQGLWLRQ LQF XVDJHV DQG SRVWPDUNV FROOHFWLRQ RI YHU\ ILQH HQWLUH V ,QF G
.*9, GHILQV :HGGLQJ Â&#x2026; EORFN 80 FRPPHP VHWV $ VLQJOH &DVWOH VHW WR Â&#x2026; PLQW ZLOGLQJ VLQJOHV VHW 4W\ Â&#x2026; Â&#x2026; $ 0267 68%67$17,$/ &2//(&7,21 RI
6* ZLWK 6XQGHUODQG VLGHZD\V GXSOH[ G +DLUOLQHV WR /\RQ G :$55,1*721 GXSOH[ G ZLWK PDUJLQ SULFHV FXUUHQW ZLWK òG )LQH ORW Â&#x2026; Â&#x2026; 'HVWLQDWLRQ %HOJLXP ZLWK D YDULHW\ RI VXUIDFH
%ULWLVK )'& WR KRXVHG LQ YROXPHV IHDWXULQJ GLIIHUHQW )'& LQ YHU\ ILQH FRQGLWLRQ YHU\ H[WHQVLYH LQFOXGLQJ 'HILQLWLYHV %RRNOHW 3DQHV IURP 3UHVWLJH %RRNV DQG KLJK IDFH YDOXH XOWUD PRGHUQ LVVXHV +XJH FRVW $Q RULJLQDO ORW Â&#x2026; Â&#x2026; Â&#x2019; ,QWHUHVWLQJ RULJLQDO ORW XQFKHFNHG IRU YDULHWLHV Â&#x2019; :LOGLQJ ERRNOHW SDQHV ZLWK D IHZ .*9, SDQHV D IHZ 80 LQ
ROG JODVVLQHV Â&#x2026; Â&#x2026; ^3KRWR`
SULQWHG VWDPS XVDJHV $ FROOHFWLRQ RI FRYHUV ZLWK GLII LVVXHV G G SODWHV òG SODWHV PDQ\ GLII %ULWLVK SPNV YHU\ ILQH ZUDSSHU ZLWK G G VWDUV PRVW RI WKH VWDPSV FRPH IURP GLIIHUHQW SODWHV 9DOXDEOH ORW Â&#x2026; Â&#x2026; 'HVWLQDWLRQ 6SDLQ WZR YI HQWLUH V [ G
6* [ G 6* SOXV G VWDUV $OO QHDWO\ FDQFHOOHG LQ /RQGRQ Â&#x2026; Â&#x2026; '(67,1$7,21 ,7$/< ZLWK D ZLGH YDULHW\ RI
6,/. )'& %HQKDP VSHFLDOV IURP
VXEVWDQWLDO DOO GLIIHUHQW FROOHFWLRQ RI V KRXVHG LQ $OEXPV ZLWK EHWWHU VSRWWHG ,QF VLJQHG LWHPV VSHFLDO FDQFHOV HWF %DUJDLQ Â&#x2026; Â&#x2026;
GLIIHUHQW VLQJOH IUDQNLQJV DQG RULJLQV ILQH ORW RI HQWLUH V HWF ,QF G 6* G 6* [ G 6* G 6* YHU\ ILQH VLQJOH XVH FÂ&#x2026; òG 6* 9HU\ JRRG TXDOLW\ KLJK &9 DQG YDULHW\ RI 3PNV Â&#x2026; Â&#x2026;
1(:&$67/( 8321 7<1( YHU\ ILQH HQWLUH V 67$03 LQF ',63/$< &$6(6 49 MXELOHH WR ERWK )8 .*9 GHILQV WR WR ,WDO\ )UDQFH DQG 'HQPDUN HDFK ZLWK GLIIHUHQW UDWHV G G G DQG G DQG YDULRXV GXSOH[ FDQFHOV 1LFH TXDOLW\ 6HDKRUVHV G WR VRXQG XVHG D UDQJH RI /*9, Â&#x2026; Â&#x2026; LVVXHV 80 LQ GHILQV WR ZHGGLQJ 838 2O\PSLF IHVWLYDO $ ZHOO GLVSOD\HG UDQJH 80 Â&#x2026; Â&#x2026; (',1%85*+ *5283 %UXQVZLFN 6WDUV 672&.&$5'6 ZLWK D YDULHW\ RI LVVXHV IURP SRVWHG VLQFH ODVW QLJKW SDLU òG RQ ORFDO 3HQQ\ %ODFN DQG G EOXH WR 4(,, LVVXHV VHHQ HDUO\ (QY Â&#x2026; Â&#x2026; RIILFLDO RYSWV (GZDUG G YHU\ ILQH XVHG 49 G '(67,1$7,21 &52$7,$ $ UDUH %DONDQV VRXQG XVHG G HPERVVHG FXW VTXDUH ZLWK VWRFNFDUGV GHVWLQDWLRQ ZUDSSHU IUDQNHG 49 G G G PDNLQJ G UDWH PDQ\ V RI VWDPSV FKLHIO\ ILQH XVHG ZLWK PLQW PL[HG H[ /RQGRQ QXPHURXV EDFNVWDPSV LQF 9LHQQD WUDQVLW LQ Â&#x2026; Â&#x2026; 6RPHZKDW VRLOHG EXW XQXVXDO Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 , 3267$/ +,6725<
'(67,1$7,21 86$ ILQH HQWLUH V ZLWK GLII
IUDQNLQJV G DOVR D PXOWL IUDQNHG SLHFH DW G WR 1HZ <RUN Â&#x2026; Â&#x2026; +ROODQG -RQV /XGHPDQQ +DQRYHU XVHG IRUJHULHV SOXV IRXU XQXVHG W\SHV (DUHH W\SH ,, ,,, DQG ZKDW DSSHDUV WR EH 'HVWLQDWLRQ $UJHQWLQD ILQH VPDOO ZUDSSHU ZLWK D ZHOO ZRUQ EXW JHQXLQH H[DPSOH G HQWLUH ZLWK DGYHUWV SULQWHG VLQJOH SO 6* WLHG /LYHUSRRO GXSOH[ FDUULHG SHU 66 LQVLGH 0L[HG FRQGLWLRQ LWHPV Â&#x2026; Â&#x2026; +LSSDUFKXV 3UHWW\ Â&#x2026; Â&#x2026; 08/5($'< &$5,&$785(6 JURXS LQFO )RUHV 'HVWLQDWLRQ &RQVWDQWLQRSOH 7ZR ILQH HQWLUH V 1R E\ -RKQ /HHFK IRXU RWKHU 6RXWKJDWH GHVLJQV SULQWHG G 6* G 6* ERWK ZLWK YI 0DQFKHVWHU E\ 'HUDHGHPDHNHU DQRWKHU E\ 0HQ]LHV SULQW RI D GHIDFHG GXSOH[HV %ULWLVK RIILFH DUULYDO %6 HWF Â&#x2026; Â&#x2026; LPLWDWLRQ E\ 7KDFNHUD\ SOXV WZR IDFVLPLOHV &OHDQ DQG '(67,1$7,21 &85$&$2 ILQH ZUDSSHU ZLWK JHQHUDOO\ JRRG WR ILQH LWHPV Â&#x2026; Â&#x2026; VLQJOH IUDQNLQJ 6* WLHG 0DQFKHVWHU GXSOH[ $PHULFDQ .HQW 5DPVJDWH HQWLUHV ZLWK +DQGVWUXFN òF WUDQVLW KV DJHQW FDFKHW HWF Â&#x2026; Â&#x2026; ILQH Â&#x2026; Â&#x2026; &$0%5,'*( 9HU\ ILQH XSUDWHG G HQYHORSH ZLWK G WR RUGHU LPSUHVVLRQ 9)8 ZLWK &DPEULGJH GXSOH[HV '85+$0 6.(/(721 +$1'67$03 2Q /RFDOO\ UDWHG DW G " Â&#x2026; Â&#x2026; UHYHUVH RI ILQH HQWLUH IUDQNHG YHU\ ILQH G LPSHUI 3O 5 08/5($'< )25*(5,(6 LQFO WZR /RUG
'(5$('(0$(.(5 LOOXVWUDWHG HQYHORSHV LQFO
UHORW PDUJLQV QHDW %ODFN 0& Â&#x2026; Â&#x2026; *ORXFHVWHU VSRRQ FDQFHOODWLRQ RQ VWULS RI G
VWDU 6* SO RQ QRWLFH RI REMHFWLRQ SULQWHG ZUDSSHU WR %ULVWRO HQGRUVHG QRW WR EH IRXQG 8QXVXDO ILQH Â&#x2026; Â&#x2026;
WZR GLIIHUHQW 2FHDQ 3HQQ\ 3RVWDJH WZR GHVLJQHG E\ - 9DOHQWLQH 'XQGHH W\SHV SOXV RQH LQ IROGHG OHWWHU VKHHW VW\OH 8QXVHG JRRG WR ILQH Â&#x2026; Â&#x2026; 6(&5(7$5< RI :DU $UQROG )RVWHU VLJQHG
0DLO WR 9LFWRULD $XVWUDOLD $Q HQYHORSH IUDQNHG
[ G VUDWV SO GLH WLHG 6FRWWLVK QXPHUDOV H[ PRQDYLH YDULRXV EV LQF VKLS OHWWHU IDXOWV EXW DQ XQXVXDO XVDJH Â&#x2026; Â&#x2026;
HQYHORSH DQG PDWFKLQJ OHWWHU ZLWK LQWHUHVWLQJ FRQWHQWV HQY KDV $GPLUDOW\ :KLWHKDOO FDFKHW RQ WKH IURQW Â&#x2026; Â&#x2026; %,50,1*+$0 6+,3 &'6 RQ (GZDUG G RQ
SRVWFDUG H[ 1HZ =HDODQG $ ILQH H[DPSOH RI WKLV VFDUFH DQG XQXVXDO PDULWLPH SRVWPDUN Â&#x2026; Â&#x2026;
6FRWV ORFDO &ULPHDQ ZDU UHGLUHFWHG IURP
0DOWD UHPDUNDEOH FRPELQDWLRQ FRYHU IUDQNHG VWULS G SO WLHG ER[HG &DVWOH 6WUHHW ORFDO SPNV DGGU WR +06 0LUDQGD DW 0DOWD UHGLUHFWHG WR &RUIX YDULRXV EDFNVWDPSV PLQRU IDXOWV 8QXVXDO Â&#x2026; Â&#x2026; ^3KRWR` 0RVW LPSUHVVLYH HQYHORSH WR /\QQ 1RUIRON
(19(/23( ZLWK .*9 PRQRJUDP ZLWK OHWWHU
VHQW IURP <RUN &RWWDJH 6DQGULQJKDP DERXW WKH ERRN )LUVW /HVVRQV LQ :DU LQ ZKLFK KLV PDMHVW\ H[SUHVV V KLV WKDQNV VLJQHG E\ &OLYH :LJUDP OHWWHU SULQWHG &K 2I ([FKHTXHU ERWK VHQW WR 6SHQFHU :LONLQVRQ DXWKRU Â&#x2026; Â&#x2026; 08/5($'< VRXYHQLU FRYHUV SURGXFHG IRU WKH
IUDQNHG VWULS G VWDUV SO ZLWK G PDNLQJ G UDWH DOO QHDWO\ WLHG /RQGRQ GXSOH[HV WZR EDFNVWDPSV $WWU Â&#x2026; Â&#x2026;
WK WK 3KLODWHOLF &RQJUHVVHV HDUOLHU XQXVHG HQYHORSH ODWHU SDLU XVHG ZLWK 3$,' FDQFHOV Â&#x2026; Â&#x2026;
$,5*5$3+6 2) ::,, LQF LOOXVWUDWHG 3HWLWH ZUDSSHU [ PP IUDQNHG G VWDU F
SO DW 'XPIULHV ZLWK RWKHU FDQFHOV PRVWO\ 6FRWWLVK 8'& LQF $\U )DVFLQDWLQJ Â&#x2026; Â&#x2026;
W\SHV Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 36
%ULGJHZDWHU HQWLUH ZLWK %ULGJHZDWHU
:$/(6 ,QWHUHVW ZLWK //$11(//< DQG
KRUVHVKRH KDQGVWDPS HQWLUH V ZLWK %ULGJHZDWHU SHQQ\ SRVW +6 ERWK ZLWK FRQWHQWV VHQW WR WKH VDPH DGGUHVV Â&#x2026; Â&#x2026; &HQVRUHG PDLO ZLWK LQWHUHVWLQJ
&DFKHWV 3RVWPDUNV Â&#x2026; Â&#x2026; &RUUHVSRQGHQFH IURP RQH IDPLO\ LQ &ROFKHVWHU
3(0%5(< &$0$57+(1 $ FROOHFWLRQ EXLOG XS RYHU D QXPEHU RI \HDUV RI LWHPV 1XPEHU 5HFHLYLQJ +RXVH KDQGVWDPS HQWLUH 3HQQ\ %ODFN RQ HQWLUH ZLWK JRRG %ODFN 0DOWHVH &URVV 9HU\ ILQH 3HQQ\ 5HG HQWLUH ZLWK 0DOWHVH &URVV 3HPEUH\ 8'& ODWH IHH FRYHUV &ROOHFWRU RI 7D[HV HQWLUHV 5HJLVWHUHG OHWWHU UHFHLSWV ZLWK 8'& 3RVWFDUGV ,QF JRRG 53 $Q LQWHUHVWLQJ ORW Â&#x2026; Â&#x2026;
IUDQNLVK ZLWK VRPH GHWDLOV LQF FRS\ RI *HRUJH )UDQNLVK ELUWK FHUWLILFDWH D SRHP IURP 7KRPDV )UDQNLVK RQ WKH GHDWK RI :UHFN 0DLO FRYHU WR 3HUX ZLWK 6DOYDJHG 4 0DLO $LUFUDIW &UDVK 3UHVWZLFK GDWH FDFKHW Â&#x2026; Â&#x2026; KLV \HDU ROG GDXJKWHU DQ LQWHUHVWLQJ ORW ZLWK VRPH QRWHV DERXW WKH FRQWHQWV RI WKH OHWWHUV RU HQWLUHV EHWZHHQ DQG LWHPV Â&#x2026; Â&#x2026; *5($7 %5,7$,1 ,6/$1'6 (17,5(6 ZLWK FRQWHQWV WR /RQGRQ IURP
/LVERQ ZLWK 'RYHU 6KLSOHWWHU KV /RQGRQ WR &DSW -RKQ 0RXOWRQ LQ %ULVWRO FKDUJHG DW G UDWH HQWLUH ZLWK GRWWHG )32 FGV HQWLUH IURP *ODVJRZ WR )UDQFH ZLWK D YDULHW\ RI PDUNLQJV D JRRG ORW RI HQWLUHV Â&#x2026; Â&#x2026; ,17(51$7,21$/ 5(3/< &283216 LQF
$/'(51(< &RPPRGRUH 6KLSSLQJ DQG
SDFNHW VWDPSV XVHG RQ )'& ILQH FROOHFWLRQ RI GLIIHUHQW LWHPV ,QF EHWWHU HDUO\ VHWV XVHG RQ FRYHU SDFNHW VHWV PRGHUQ VKHHWOHWV RQ FRYHU *RRG ORW Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 N ,6/( 2) 0$1 &RXULHU 6HUYLFH S 77 5DFH SULYDWH VWDPS
*% G VXSHUE XVHG DW /RQGRQ VWDPS H[KLE ZLWK VSHFLDO FDQFHO $OO GLII Â&#x2026; Â&#x2026;
XVHG RQ FRYHU ZLWK VSHFLDO FDFKHW DQG 3PN Â&#x2026; Â&#x2026;
/LWHUDWXUH 6KLS OHWWHUV E\ -RKQ * +HQG\ D ILQH 0$7&+%2; /$%(/6 ORFDO LVVXH %OXH $UPV RI
DQG LQWHUHVWLQJ YROXPH Â&#x2026; Â&#x2026;
0DQ[ DQG 5HG 0DS GHVLJQ HDFK XVHG RQ FRYHU ZLWK ODUJH GLVWULEXWLRQ &'6 3PNV 6FDUFH Â&#x2026; Â&#x2026;
/LWHUDWXUH YROXPHV FROOHFWLRQ ZLWK PDQ\
LQWHUHVWLQJ YROXPHV LQF 7KH +LVWRU\ RI WKH (DUO\ 3RVWPDUNV RI WKH %ULWLVK ,VOH 3RVWDO +LVWRU\ RI *% DQG ,UHODQG (QJODQG 3RVWDO +LVWRU\ ZLWK QRWHV RQ 6FRWODQG :DOHV DQG ,UHODQG (QJOLVK SURYLQFLDO ORFDO SRVW 3RVW 5RDGV 7RZQ 3RVWDO UDWHV +HUHZLWK P\ )UDQN D YHU\ XVHIXO UDQJH Â&#x2026; Â&#x2026; 0$5,7,0( ,QWHUHVW ZLWK LQWHUHVWLQJ 3RVWDO
+$55< 3277(5 GHOX[H ER[ VHW /WG WR ZLWK FHUW VHOGRP VHHQ RULJLQDOO\ FDW Â&#x2026; Â&#x2026; Â&#x2026; { ),1( 86(' WR FRPSOHWH FRVW Â&#x2026;
DSSUR[ DW WLPH RI LVVXH V RI EHDXWLIXO VHWV WKH PRGHUQ LV GLIILFXOW WR REWDLQ XVHG %RXJKW RQ QHZ LVVXH EDUJDLQ Â&#x2026; Â&#x2026;
5$,/:$< 3ULYDWH VWDPSV XVHG RQ FRYHUV 0DUNLQJV DQG HDUOLHU RYHUVHD V FDUGV ZLWK 3$48(%27 ,QF YHU\ ILQH 3DUFHO 7DJ ZLWK S LPSHUI XVHG RQ )LUVW 'D\ &DFKHWV 2YHU LWHPV LQ ZDOOHWV ,QF /RQGRQ 3RVWDO &DUG 9LD 0DLO 7UDLQ S LPSHUI 6WHDP 5DLOZD\ RQ 6RXWKDPSWRQ 0% 3PNV (GZDUG FDUGV ZLWK ER[HG &RYHU HWF ,QWHUHVWLQJ Â&#x2026; Â&#x2026; 3$48(%27 3DTXHERW $GHQ &'6 FDUG +HN SDFNHW FRGH &'6 RQ ILQH VPDOO FRYHU DQG PXFK HOVH *RRG 61$()(// 6800,7 'LDPRQG FDFKHWV RQ YDULHW\ PL[HG PXFK ILQH Â&#x2026; Â&#x2026; 3RVWFDUGV JURXS RI VL[ FDUGV PRVWO\ FDQFHOOHG DW 'RXJODV RQH LV IR[HG Â&#x2026; Â&#x2026; 0,/,7$5< &2002'$7,21 &29(56 V ZLWK PDQ\ VLJQHG LWHPV ,QF 9DOXDEOH DQG VFDUFH *5($7 %5,7$,1 . 86(' $%52$' WHUULILF ORW RI FLUFD LWHPV RQ OHDYHV DQG ORRVH LQ D FDUWRQ DOO GLIIHUHQW H[FHOOHQW TXDOLW\ PXFK VSHFLDO UHODWHG WR ::,, ,QF $ PDLOERDW FDQFHOODWLRQ D VPDOO QDUURZ FRYHU VPDOO IDXOWV WR 6W &OHPHQWV 9LFDUDJH 7UXUR IUDQNHG [ %DWWOH RI $ODPHLQ VLJQHG E\ 0RQWJRPHU\ 9( 9- FRYHUV ,QF G VWDUV SDLUV 6* ZLWK JRRG VWULNHV RI WKH $ GXSOH[ :HVW VLJQHG &ROGLW] FRYHU VLJQHG E\ -HDQ &ODXGH 7LQH DQG HQGRUVHG DUULYHG ;PDV GD\ 7UXUR %6 ,PSUHVVLYH &KDUOHV +DUJUHDYHV 5DQJRRQ DQG %XUPD ZLWK 0DMRU *HQ XVDJH Â&#x2026; Â&#x2026; ^3KRWR` %ULDQ 'DXQW DQG PXFK PRUH 9DOXDEOH ORW RI LQWHUHVWLQJ FRXQWV Â&#x2026; Â&#x2026; { 49 G OLODF XVHG RQ SLHFH ZLWK D FULVS 1DSROHV 0ROD ,WDO\ FGV 6* DWWUDFWLYH DQG VFDUFH Â&#x2026; Â&#x2026; 08/5($'< (19(/23(6 WZR FUXGH ^3KRWR` SKRWRJUDSKLF IRUJHULHV RQH ZLWK /RQGRQ 1RUWK :HVWHUQ 5DLOZD\ RQ UHYHUVH ZLWK FUXPEOLQJ ZD[ VHDOV 8QXVXDO { $6&(16,21 .*9 G 6*= VXSHUE Â&#x2026; Â&#x2026; XVHG RQ SLHFH ZLWK FRPSOHWH &'6 ([FHSWLRQDO DQG UDUH Â&#x2026; Â&#x2026; 3$5&(/ 3267 /$%(/6 /ODQHOO\ :DOHV WKH XVHG ORW RI ZLWK VWDPSV ,QF VLQJOH XVH RI (GZDUG *5($7 %5,7$,1 / -(56(< G 0RVW DUH GLIIHUHQW RIILFHV PRVWO\ ILQH Â&#x2026; Â&#x2026; Â&#x2019; ([WHQVLYH FROOHFWLRQ RI RYHU VWDPSV DQG 3$5&(/ 3267 <25. 6W 3DXOV WHUUDFH ODEHO Â&#x2019; PV VKHHWOHWV IUHVK 80 IDFH YDOXH Â&#x2026; DUUDQJHG E\ VHW VXSHUE XQXVHG VFDUFH $OVR WZR RWKHU LQWHUHVWLQJ <RUN RQ VWRFNSDJHV Â&#x2026; Â&#x2026; LWHPV Â&#x2026; Â&#x2026; Â&#x2019; 8QPRXQWHG PLQW FROOHFWLRQ IDFH YDOXH Â&#x2026; 35(3$,' 3$5&(/ VWDPS ODEHOV 6 DQG 0 Â&#x2019; ZLWK PDQ\ FRPSOHWH VHWV DUUDQJHG RQ SDJHV DV VHWV LQF 06 D UDLOZD\ G WR XQXVHG Â&#x2026; Â&#x2026; ILQH FROOHFWLRQ Â&#x2026; Â&#x2026; 75$16)250$ %RWK QXPEHUV OHWWHUV ZLWK
VWURQJ %ULJKWRQ LQWHUHVW $ VXEVWDQWLDO FROOHFWLRQ RI V &RYHUV &DUGV KRXVHG LQ QLQH YROXPHV DQG 7KUHH ER[HV DUUDQJHG LQ RUGHU ZLWK VWDWHG YHU\ VFDUFH HDUO\ LWHPV IURP .*9 DSSOLHG WR RYHUVHDV LWHPV DUULYLQJ DW 8. TXLWH UHPDUNDEOH ORW RI VHOGRP VHHQ PDWHULDO 7KLV FROOHFWRU VSHQW PDQ\ \HDUV DVVHPEOLQJ WKLV FRPSUHKHQVLYH ORW Â&#x2026; Â&#x2026;
Â&#x2019; 6KHHWOHW FROOHFWLRQ GLIIHUHQW VKHHWV ZLWK D Â&#x2019; IDFH YDOXH RYHU Â&#x2026; KLJK FDW YDOXH DV PRGHUQ VKHHWOHWV IUHVK
XPP Â&#x2026; Â&#x2026; Â&#x2019; 6KHHWOHWV FROOHFWLRQ GLIIHUHQW VKHHWV ZLWK D Â&#x2019; IDFH YDOXH Â&#x2026; KLJK FDW YDOXH DV PRGHUQ VKHHWOHWV )UHVK
XPP Â&#x2026; Â&#x2026; Â&#x2019; 6KHHWOHW FROOHFWLRQ HDFK GLIIHUHQW ZLWK D IDFH Â&#x2019; YDOXH RI Â&#x2026; IUHVK XQPRXQWHG PLQW KLJK FDW YDOXH DV
{ 86()8/ /27 ZLWK VWDPSOHVV FRYHUV 3HQQ\ %ODFN RQ FRYHU ZLWK PDUJLQV FRYHUV ZLWK
PRGHUQ LVVXHV Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 6KHHWOHW FROOHFWLRQ GLIIHUHQW ZLWK PDQ\ VHWV Â&#x2019; DQG D IDFH YDOXH RI Â&#x2026; XQPRXQWHG PLQW KLJK FDW YDOXH DV
6FRWWLVK ,VOH FDQFHOV VHHQ ,VOH RI *LJKD &DVWOHED\ 6WURPD :LFN 3RUW 1DKDHQ &UDLJQXUH .LQJ &URVV 5XDLJ $ JRRG ORW Â&#x2026; Â&#x2026;
PRGHUQ LVVXHV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 37
Â&#x2019; 6KHHWOHW FROOHFWLRQ HDFK GLIIHUHQW ZLWK PDQ\ Â&#x2019; $OGHUQH\ XQPRXQWHG PLQW FROOHFWLRQ Â&#x2019; VHWV IDFH YDOXH RI Â&#x2026; XQPRXQWHG PLQW KLJK FDW YDOXH DV Â&#x2019; RI VWDPSV 06 ZLWK PDQ\ FRPPHPRUDWLYH VHWV
PRGHUQ LVVXHV Â&#x2026; Â&#x2026;
4XDOLW\ FROOHFWLRQ IDFH YDOXH Â&#x2026; Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 / 3267&$5'6
*5($7 %5,7$,1 0 2)),&,$/6
3LFWXUH 3RVWFDUGV RI (GLQEXUJK ZLWK PDQ\
Â&#x2019; ,5 òG òG òG JRRG PLQW PLQRU
GLIIHUHQW YLHZV FLUFD V D JRRG UDQJH RI FDUGV LQF LPSHUIHFWLRQV 6*2 &DW Â&#x2026; Â&#x2026; Â&#x2026; UHDO SKRWR W\SH DQG FRORXUHG SKRWR W\SH XQXVHG { ,5 òG 6*2 DV D OLJKWO\ XVHG SDLU Â&#x2026; Â&#x2026; H[FHSWLRQDO FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026; 3LFWXUH SRVWFDUGV RI 7RUTXD\ ZLWK PDQ\ GLIIHUHQW YHLQV IURP HDUO\ WR SHULRG FKLHIO\ Â&#x2019; *RYW 3DUFHOV G 6*2 IUHVK XP 9HU\ ILQH XQXVHG Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 /2&$/6 Â&#x2019; (1*/,6+ /2&$/6 JURXS ZULWWHQ XS RQ SDJH LQFOXGHV ,QGHSHQGHQW 6WDWH RI &XFNILHOG ODEHOV LQ D
Â&#x2019; ,5 *UHHQ 6*2 PLQW H[FHOOHQW FRORXU
KLQJH UHPDLQV &DW Â&#x2026; Â&#x2026; Â&#x2026;
EORFN RI YDULRXV &KULVWPDV *UHHWLQJ ODEHOV LQFO { 3$5&(/6 GRW WR OHIW RI W YDULHW\ 6*2 F IX LQVFULEHG &DUOLVOH VHYHUDO &DWODQG VWDPSV WZR VKHHWOHWV RI PRVW LQWHUHVWLQJ SDUFHO FGV SPN Â&#x2026; Â&#x2026; 6HDODQG &ODFWRQ RQ 6HD &\FOH 0DLO GLIIHUHQW VWDPSV Â&#x2019; 3$5&(/6 JUHHQ 6* 2 PLQW ([FHOOHQW SOXV VRPH SURRIV &ROFKHVWHU 6FRXW &\FOH 0DLO WZR SURRIV 3RVWDO 6WULNH 0DLO LQFO VHYHUDO SRVWHG FRYHUV ZLWK FRORXU FDW Â&#x2026; Â&#x2026; Â&#x2026; ORFDO ODEHOV WLHG E\ FDQFHOV IHZ SDUFHO ODEHOV IURP SULYDWH GHOLYHU\ FRPSDQLHV UDQJH RI .HUQRZ &RUQLVK SRVWDJH VWDPSV Â&#x2019; 3$5&(/6 òG 6*2 9)0 $ YHU\ ILQH VWDPS Â&#x2026; Â&#x2026; $1' 025( 0RVWO\ ILQH VWDPSV VKHHWOHWV FRYHUV Â&#x2026; Â&#x2026; Â&#x2019; $50< 49 6HW RI PLQW 9HU\ IUHVK Â&#x2019; /81'< ,6/$1' &RURQDWLRQ $LU DV FRPSOHWH 6*2 Â&#x2026; Â&#x2026; Â&#x2019; VKHHWV RI VWDPS S DQG S VHOGRP VHHQ DV FRPSOHWH VKHHWV IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 2: òG 6*2 ILQH PLQW Â&#x2026; Â&#x2026; Â&#x2019; /81'< ,6/$1' &RURQDWLRQ DV FRPSOHWH Â&#x2019; VKHHWV RI 3RVWDJH 6WDPSV S S DQG S VHOGRP VHHQ
D FRPSOHWH VKHHW QRUPDO VHHQ D VKHHWOHWV Â&#x2026; Â&#x2026; Â&#x2019; 6&27/$1' /2&$/6 &,1'(5(//$6 LQFOXGHV 5REHUW %XUQV +HULWDJH /DEHOV [ GLIIHUHQW %XUQV
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Â&#x2026; Â&#x2026; { $OGHUQH\ ORFDO SRVW D VXSHUE FROOHFWLRQ LQF
Â&#x2019; 2: G /LODF 6*2 9)0 Â&#x2026; Â&#x2026; { 2: ILQH XVHG 7ULR òG 2UDQJH òG *UHHQ G
/LODF 6*2 9HU\ ILQH Â&#x2026; Â&#x2026; Â&#x2019; 3$5&(/6 6*2 ILQH PLQW
Â&#x2026; Â&#x2026; Â&#x2019; $UP\ G 6*2 IUHVK 80 9HU\ ILQH Â&#x2019; Â&#x2026; Â&#x2026; { ,5 6*2 VRXQG XVHG &DW Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2019; ,5 G 6*2 IUHVK PLQW %UDQGRQ &HUW 9HU\
ILQH Â&#x2026; Â&#x2026;
VKHHWOHWV RYSWV SDUFHO SRVW WD[L SRVW $ YHU\ ILQH XVHG FROOHFWLRQ RI LWHPV QHHGV ZULWLQJ XS ZLWK PDQ\ FRPSOHWH VHWV YHU\ FRPSOHWH IRU WKH SHULRG Â&#x2026; Â&#x2026;
Â&#x2019; $50< G 6*2 IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; :$/(6 /2&$/6 LQWHUHVWLQJ UDQJH ZH VHH 1DWLRQDOLVW ODEHO XVHG RQ FRYHU WR 6FRWODQG SDVVLQJ
{ $UP\ 2IILFLDO G 6* DV D )8 EORFN
WKURXJK WKH PDLO XQWD[HG IRXU 0HQDL 3RVW ODEHOV ZLWK DFFRPSDQ\LQJ LQIRUPDWLRQ RQ UDWHV HWF YDULRXV RWKHU Â&#x2019; 1DWLRQDOLVW ODEHOV '\ODQ 7KRPDV GLII ODEHOV SURGXFHG E\ :HOVK $UWV &RXQFLO &DUELV %D\ =HQQRU 5RFNHW 0DLO ODEHOV GHSLFW &KDUOHV 'LDQD &DOGH\ ,VODQG *ROGHQ -XELOHH ODEHO RQ ILUVW GD\ RI LVVXH FRYHU *HQHUDOO\ ILQH DSS Â&#x2019; LWHPV Â&#x2026; Â&#x2026; Â&#x2019; /RFDO LVVXH RI 6DUN +HUP DQG $OGHUQH\ ZLWK Â&#x2019; PV VWDPSV LQF PDQ\ RYSWV $OGHUQH\ SDFNHW SRVW $OGHUQH\ ([SUHVV FRPPRGRUH VKLSSLQJ LVVXHV $ YHU\ JRRG UDQJH RI
&DW Â&#x2026; Â&#x2026; Â&#x2026; 2: òG 6*2 PLQW ILQH DQG VFDUFH Â&#x2026; Â&#x2026;
5R\DO +RXVHKROG òG G VHW ILQH PLQW 6*2 Â&#x2026; Â&#x2026;
Â&#x2019; $GPLUDOW\ òG 6*2 PLQW Â&#x2026; Â&#x2026;
VWDPSV 06 80 SOXV FRYHUV Â&#x2026; Â&#x2026; Â&#x2019; $GPLUDOW\ G 6*2 IUHVK 80 EORFN WZR Â&#x2019; ILQH RQH 80 'LDJRQDO &UHDVH DIIHFWLQJ WZR DOVR G 6*2 Â&#x2019; /RFDO VWDPSV LQF *HUU\ .LQJ IDQWDV\ VWDPSV RQ Â&#x2019; VWRFNSDJHV LVVXHV RI /XQG\ ZLWK VWDPSV 06 D YHU\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; LQWHUHVWLQJ ORW 0LQW LQF 80 Â&#x2026; Â&#x2026; Â&#x2019; $GPLUDOW\ G 6*2 IUHVK PLQW ([FHOOHQW
FRORXU Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 0 *8(516(< { )LQH XVHG DQG KLJKO\ FRPSOHWH KRXVHG LQ
*5($7 %5,7$,1 0,/,7$5<
OX[XU\ KLQJHOHVV DOEXPV ILQHVW TXDOLW\ PDQ\ KLJK YDOXH VHWV WR 5HWXUQ WR /DXIHQ UHG FURVV FRPPHPRUDWLYH Â&#x2026; &RPPHPV 06 6KHHWOHWV %RRNOHW 3DQHV (XURSD FRYHUV VLJQHG SOXV UHWXUQ WR 5R\DO /LHX DOVR VLJQHG 6KHHWOHWV DQG PRUH 9HU\ KLJK &9 DQG H[FHSWLRQDO YHU\ PDQ\ Â&#x2026; Â&#x2026; V DOO GLIIHUHQW Â&#x2026; Â&#x2026;
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 38
9& VLJQHG DQG %DWWOH RI %ULWDLQ SDUWLFLSDQWV
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ
VLJQHG LOOXVWUDWHG 9LFWRU\ FHOHEUDWLRQ SDUW\ HQY VLJQDWXUH LQF (ULF :LOVRQ 9& -RKQ .HQQHDOO\ 9& 5RG /HDUR\G 9& 3DW 3RUWHRXV 9& ,DQ )UDVHU 9& D VXSHUE HQYHORSH Â&#x2026; Â&#x2026; ^3KRWR`
FRQWDLQLQJ GLIIHUHQW FRQWHPSRUDU\ LVVXHV ZLWK VHWV PLQW QHDWO\ PRXQWHG RQ SDJHV FÂ&#x2026; LQF 5HFRQVWUXFWLRQ VHW 6* 1DWLRQDO 3URGXFWV VHW $QFLHQW *UHHN $UW VHW 6XSHUE LWHP Â&#x2026; Â&#x2026;
9& VLJQHG 9LFWRU\ FHOHEUDWLRQ SDUW\ LOOXVWUDWHG
*5(1$'$ GRENADA
HQY VLJQDWXUHV LQF -RKQ .HQQHDOO\ 9& (ULF :LOVRQ 9& ,DQ $ 6XJDU 3ODQWDWLRQ HQWLUH ZULWWHQ DW )UDVHU 9& 3DW 3RUWHRXV 9& DV ZHOO DV WKHLU PHGDO ZLQQHUV RI 02175(8,/ ZLWK H[WHQVLYH FRQWHQWV 5H 6ODYHV 0XOHV ::,, Â&#x2026; Â&#x2026; ^3KRWR` &DUU\LQJ 6XJDU &DQH DQG 1HJUR VODYHV LQ KLJK VSLULWV &DUULHG %$77/( 2) %5,7$,1 ,QWHUHVWLQJ FROOHFWLRQ RI E\ KDQG E\ 0U (ZLQJ WR *ODVJRZ SULRU WR WKH HVWDEOLVKPHQW RI FRYHUV ,QF 6SLWILUH WK $QQLYHUVDU\ FRYHU VLJQHG /HWWLFH D 3RVWDO 6HUYLFH )LQH FRQGLWLRQ Â&#x2026; Â&#x2026; &XUWLV QG FRYHU VLJQHG /RUG %DOIRXU 0XOWLSOH VLJQHG FRYHUV (17,5( ZLWK FRQWHQWV DERXW D 6WRUP ZKLFK KDV E\ %2% 3LORWV 1HHG UHVHDUFKLQJ DQG ZULWLQJ XS QRW GDPDJHG WKH &DQH VXJDU EXW EORZQ GRZQ DOPRVW DOO WKH Â&#x2026; Â&#x2026; SODQWDLQ FDUULHG DQG HQGRUVHG 3HU WKH 8QLRQ VHQW WR +(52(6 2) :25/' :$5 21( 9& FROOHFWLRQ *ODVJRZ LQWHUHVWLQJ UHDGLQJ IURP 7KRPDV 7RZQVHQG D 0DMRU RI FRYHUV ZLWK VSHFLDO FDQFHOV DQG FDUGV GHWDLOLQJ WKH HYHQWV 6ODYH 2ZQHU RQ *UHQDGD Â&#x2026; Â&#x2026; IRU ZKLFK WKH\ ZRQ WKH 9& IRU $ VXSHUE FROOHFWLRQ RI 3ULYDWHO\ FDUULHG HQWLUH IURP 0RQWUHXLO WR FRPPHPRUDWLYH FRYHU KRXVHG LQ DOEXPV *ODVJRZ HQGRUVHG %\ 7KH +DQG &DSWDLQ .HWW IDVFLQDWLQJ Â&#x2026; Â&#x2026; FRQWHQWV 5H &RQVWDQW 5DLQ DQG 6KLSPHQWV ZHDU EXW LQFUHGLEO\ 5,&+$5' $11$5' 9& 6LJQHG /LJKW HDUO\ LWHP Â&#x2026; Â&#x2026; ,QIDQWU\ LOOXVWUDWHG FRYHU Â&#x2026; Â&#x2026; 9HU\ LQWHUHVWLQJ HQWLUH ZLWK FRQWHQWV GDWHG WK 0D\ DERXW :LOEHUIRUFH EHLQJ GHIHDWHG $QWL 6ODYHU\ %LOO DQG 6,1.,1* 2) 7+( 7,53,7= 6LJQHG FRYHU WK KRZ LW ZRXOG UXLQ XV SRRU SODQWDWLRQ IURP 7KRPDV 7RZQVHQG D $QQLYHUVDU\ FRYHU VLJQHG E\ /XGRYLF .HQQHG\ DQG 'DYLG 0DMRU 6ODYH 2ZQHU RQ *UHQDGD DOVR PHQWLRQV &DSWDLQ .HUU %URZQ ERWK ZURWH ERRNV DERXW WKH 6KLS Â&#x2026; Â&#x2026; DQG 6XJDU 0DUNHW VHQW WR *ODVJRZ Â&#x2026; Â&#x2026; 9,&725,$ &5266 :,11(56 6LJQHG FRYHUV 3ODQWDWLRQ HQWLUH VHQW WR *ODVJRZ SULRU WR WKH ,QF (ULF :LOVRQ (GZDUG .HQQD 7 : *RXOG 1RUPDQ HVWDEOLVKPHQW RI D 3RVWDO 6HUYLFH ZLWK LQWHUHVWLQJ FRQWHQWV 5H -DFNVRQ 5LFKDUG $QQDUG + 0 (UYLQH $QGUHZV DQG %LOO 3LSHU D 6LFNQHVV RQ WKH ,VODQG DIIHFWLQJ :KLWH 3HRSOH &RVWV RI 0LOOLQ 3DW 3RUWHRXV *HUDUG 1RUWRQ -XVW VRPH RI WKH QDPHV %ULQJLQJ 6SDQLVK 0XOHV DW Â&#x2026; HDFK DQG &RZV )DXOWV EXW IURP WKLV VXSHUE FROOHFWRU RI 9& :LQQHUV Â&#x2026; Â&#x2026; LPSRUWDQW 6RFLDO +LVWRU\ Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 3 $/'(51(<
{ )LQH XVHG VHWV RQ VWRFN SDJHV LQF GHILQV ELUGV
ZLOGOLIH VKLSV ZLWK VKHHWOHWV DQG PV 2YHU VWDPSV PV VKHHWOHWV HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
Â&#x2019; 3HQFI IRU SHQFH RYHUSULQW HUURU òG 6* G
IUHVK XQXVHG D VFDUFH YDULHW\ Â&#x2026; Â&#x2026; Â&#x2019; (GZDUG VHW 6* IUHVK PLQW
Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 3+,/$7(/,& (;+,%,7,216
{ 5HYHQXH Â&#x2026; VKLS IX % Â&#x2026; Â&#x2026;
-$3$1 %5,7,6+ ([KLELWLRQ FROOHFWLRQ RI
3LFWXUH 3RVWFDUGV ZLWK GLIIHUHQW YLHZV IURP DURXQG WKH VKRZ DOO XVHG DQG VRPH ZLWK -DSDQ %ULWLVK ([KLELWLRQ &'6 49 G 3RVWDO &DUG +* XSUDWHG ZLWK òG Â&#x2026; Â&#x2026; UHJLVWHUHG WR *HUPDQ\ 6XSHUE XVDJH Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 3267$/ 67$7,21(5<
72 25'(5 4(,, 5HJLVWUDWLRQ HQYHORSHV
PRVWO\ VXSHUE XQXVHG ,QF PL[HG LPSUHVVLRQV YDOXHV WR G .*9, G 4(,, G 9)8 1HYHU VHHQ EHIRUH DOO GLIIHUHQW Â&#x2026; Â&#x2026;
*5($7 %5,7$,1 5(9(18(6 Â&#x2019; 63(&,0(1 *HQHUDO 'XW\ ZDWHUPDUN RUE VHW RI
WR Â&#x2026; QRWH Â&#x2026; :PN ,QY PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 6LOYHU -XELOHH YDULHWLHV òG ZLWK NLWH DQG Â&#x2019; YHUWLFDO ORJ IODZ 6* . 80 DQG D ULJKW KDQG VLGH EORFN RI VL[
RQH ZLWK GRW RI JUHHQ EHORZ *UHQDGD DQG RQH ZLWK GRW DORQJVLGH WKH * RI *UHQDGD 80 Â&#x2026; Â&#x2026; Â&#x2019; .*9, 'HILQLWLYH DV EORFNV RI LQF ERWK DQG Â&#x2019; 6* I 3RVWDJH GXHV D YHU\ JRRG ORW RI
EORFNV ZLWK LVVXHV WR 80 Â&#x2026; Â&#x2026; Â&#x2019; .*9, FROOHFWLRQ GHILQLWLYHV WR
ZLWK VKDGHV DQG GLIIHUHQW SULQWLQJV 9LFWRU\ 6 ZHGGLQJ 838 8QLYHUVLW\ VHWV GHILQ VHW RI 1HZ &RQVWLWXWLRQ VHW D ILQH FROOHFWLRQ RI VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026;
{ -8',&$785( )((6 49 LPSHUI SURRI LQ
%ODFN RQ &DUG ,Q YHU\ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026; { 021,(6 32/,&,(6 9DULHW\ RI FDQFHOV RQ
Â&#x2019; 9(5< ),1( &2//(&7,21 $V 80 EORFNV RI UHYHQXHV ZLWK YDOXHV XSWR Â&#x2026; LQWHUHVWLQJ UDQJH Â&#x2026; Â&#x2026; Â&#x2019; GHILQ VHW RI GHILQ VHW RI DV SODWH EORFNV RI 6WDPS &HQWHQDU\ 1HZ ZPN H[ F F 5(9(18(6 2OG SDJHV ZLWK 49 DQG (GZDUG VXUFK 5HG &URVV D YHU\ JRRG UDQJH RI EORFNV LVVXHV RQO\ VHHQ 49 FRQVXODU Â&#x2026; RQ Â&#x2026; RQ Â&#x2026; 3ROLFH Â&#x2026; Â&#x2026; &RXUWV HDUO\ HPERVVHG GHHGV 49 %DQNUXSWF\ WR Â&#x2026; )RUHLJQ Â&#x2019; 4(,, F 6* 1+0 .H\ VWDPS %LOO GLIIHUHQW SULQWLQJV RGG ,UHODQG UHYHQXH 1RUWKDPSWRQ Â&#x2019; Â&#x2026; Â&#x2026; 0D\RU V &RXUW D YHU\ JRRG UDQJH RI UHYHQXHV OLJKW DGKHVLRQ WR WKH ROG SDJHV HDFK ORRN EH GLIIHUHQW Â&#x2019; 49 )5(6+ 0,17 2Q DQ 2OG 3DJH QRWH G Â&#x2026; Â&#x2026; 6* òG :PN &URZQ &$ WR G WR
&ROXPEXV òG VPDOO EXW YHU\ XVHIXO UDQJH &DW Â&#x2026; Â&#x2026; Â&#x2026;
*5((&( { 2OG SDJHV VWRFNERRN ZLWK RYHU VWDPSV
{ 5(9(18(6 ZLWK YDOXHV WR
IURP HDUO\ LVVXHV WR PRUH PRGHUQ LQF RFFXSDWLRQ LVVXHV 0DLQO\ ILQH XVHG QHHGV D JRRG VRUWLQJ Â&#x2026; Â&#x2026;
DQG WR DOO XVHG Â&#x2026; Â&#x2026;
5(9(18(6 V &XVWRP 7D[ LVVXHV { 5HYHQXHV 49 ILUVW LVVXH WR ZLWK GLIIHUHQW YDOXHV DQG W\SHV $ JRRG UDQJH RI UHYHQXHV VHFRQG SULQWLQJ WR LQF VWULS RI WKUHH VFDUFH .*9, KLJK OLJKWO\ DGKHVLRQ WR ROG SDJHV Â&#x2026; Â&#x2026; YDOXHV F DQG $ ILQH VHOHFWLRQ XVHG Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 39
Â&#x2019; .*9, 4(,, VPDOO EXW XVHIXO UDQJH RI VWDPSV
*8$7(0$/$ $57,67 '5$:,1* )RU WKH F VSHFXODWLYH DQG XQDFFHSWHG HQGRUVHG LQ SHQFLO H[ :HLOO $ VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â&#x2026; Â&#x2026; 3RVWDO 6WDWLRQHU\ RI DQ HDUO\ QDWXUH &LUFD
V ZLWK XQXVXHG &72 XQXVHG DQG XVHG ZLWK PXFK LGHQWLILHG 0DQ\ SLFWRULDO W\SHV &DUGV (QY ,QF 2YSWHG $Q LQWHUHVWLQJ ORW IRU ZULWLQJ XS Â&#x2026; Â&#x2026;
PLQW LQF V ZHGGLQJ 838 4(,, GHILQ VHW ZLWK YDOXHV WR ZLWK D FDW YDOXH RYHU Â&#x2026; Â&#x2026; Â&#x2026; '(),1,7,9( HUURUV YDULHWLHV LQF F\O EON RI ZPN LQY 6* FZ EON RI 6* GZ $Q LQWHUHVWLQJ ORW RI VWDPSV PDLQO\ 80 Â&#x2026; Â&#x2026; ,OOXVWUDWHG IGFV ILQH FROOHFWLRQ RI FRYHUV
XQDGGUHVVHG VHHQ LQVHFW PDSV PRQXPHQWV H[KLELWLRQ ELUGV $ ILQH UDQJH Â&#x2026; Â&#x2026;
*8,1($ Â&#x2019; &2035(+(16,9( &ROOHFWLRQ RI 80 DV VHWV Â&#x2019; LQF VSHFLDO 2O\PSLF RYSW VHW PDQ\ WKHPDWLF VHWV D YHU\
,OOXVWUDWHG )'&V HDFK GLIIHUHQW QR ZULWWHQ
DGGUHVVHV FDW RYHU Â&#x2026; DV ILQH XVHG VHWV Â&#x2026; Â&#x2026;
ILQH FROOHFWLRQ RI VWDPSV DQG 06 LQF LPSHUI D VHOGRP Â&#x2019; %,5' '(),1,7,9( VHW DV F\OLQGHU EORFNV RI VL[ Â&#x2019; 6* IUHVK 80 Â&#x2026; Â&#x2026; VHHQ FROOHFWLRQ Â&#x2026; Â&#x2026;
*8<$1$
Â&#x2019; *HRSDUN F WR DV F\OLQGHU EORFN RI Â&#x2019; WRS WZR URZV 6* IUHVK 80 FDW Â&#x2026;
Â&#x2019; 7+( 0267 68%67$17,$/ /RW RI QHZ LVVXH Â&#x2019; PDWHULDO RI V GLIIHUHQW KRXVHG LQ ILYH YROXPHV DOO 80
Â&#x2026; Â&#x2026; ZLWK ORQJ VHWV 06 /LPLWHG 6KHHWOHWV 6H 7HQDQWV { $1 ,17(5(67,1* 2/' 6(/(&7,21 RQ VFDUFH RYHUSULQWV DQG PRUH 7HQ \HDUV RI FROOHFWLQJ KHUH ZLWK KDJQHUV VHYHUDO VWDPSV PRVWO\ XVHG F <HOORZ YDVW &9 6HULRXV ORW Â&#x2026; Â&#x2026; 3RVWDO ILVFDO RYSW &DQFHOODWLRQV 49 F ZLWK +06 $XURUD $JHQW KDQGVWDPS &KLQD RYSW ZLWK &KHIRR +$:$,, &'6 \ \ -DSDQHVH 2FF 0LQW 3HUILQV IURP 49 Â&#x2019; 6* 3RUWUDLWV VHW RI ILYH PLQW H[FHOOHQW ODWHU LVVXHV HWF Â&#x2026; Â&#x2026; FRORXUV &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; 49 3RVWDO ILVFDO PLQW VHOHFWLRQ F RQ F IDXOWV EXW DOO Â&#x2019; 6* .LQJ VHW RI WZR PLQW Â&#x2026; Â&#x2026; YHU\ SUHVHQWDEOH DQG ZHOO ZRUWK &9 Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; $ JURXS RI ILYH GLIIHUHQW LVVXHV F
WR F ILQH PLQW 6* Â&#x2026; Â&#x2026;
+21'85$6
4(,, GHILQLWLYH YDULHWLHV LQF VKRUW /(* WR U XVHG F SHDUO YDULHW\ FKDUDFWHU MRLQHG ZPN WR WKH ULJKW EORFN RI 6* Z 80 D XVHIXO ORW RI VWDPSV &KLHIO\ 80 Â&#x2026; Â&#x2026; { 683(5,25 ),1( 86(' 4(,, RYHU
3RVWDO 6WDWLRQHU\ V SHULRG ZLWK PDQ\
GLIIHUHQW VWDPSV DQG 06 ,QF GHILQV WR DQG $QQLJRQL SULQWLQJ GHILQV WR PDQ\ FRPPHP VHWV 'HOLJKWIXO ORW Â&#x2026; Â&#x2026;
SLFWRULDO W\SHV XQXVHG LQF &DUGV ZLWK UHSO\ FDUGV VWLOO DWWDFKHG Â&#x2026; Â&#x2026;
+21* .21* { &2//(&7,21 RQ DOEXP SDJHV ZH VHH D IHZ
49 LVVXHV .(9,, WR WZR YDOXHV .*9 WR F LQFO F W\SH % SOXV JRRG UDQJH RI YDOXHV WR 6LOYHU -XELOHH VHW XVHIXO .*9, LVVXHV GHILQV WR VWURQJ UDQJH RI 4(,, LVVXHV ZLWK D QXPEHU RI VHWV WR JHQHUDOO\ JRRG WR ILQH FDW Â&#x2026; VWDPSV Â&#x2026; Â&#x2026;
7ZR VWRFNERRNV ZLWK YDULHWLHV LQF ZPN LQY 8QHVFR PLVSHUIHG SRVWDO XQLRQ QR ZPN ,&< PLVVLQJ K\SKHQ EON RI ZPN LQY 80 QHZ \HDU ZLWK VWRS DIWHU DQ LQWHUHVWLQJ JURXS WR HQKDQFH \RXU FROOHFWLRQ FKLHIO\ 80 Â&#x2026; Â&#x2026;
,&(/$1'
{ -XELOHH F RYSW VKRUW 8 YDULHW\ )8 6* E DOVR
RWKHU VWDPSV )8 LQF 6* Â&#x2026; Â&#x2026; { 5(9(18( 9(5< 6&$5&( 49 WRS YDOXH
*UH\ *UHHQ %DUHIRRW D Â&#x2026; ILQH FRORXU ZLWK GDWHG SHQ FDQFHO Â&#x2026; Â&#x2026; Â&#x2019; .(9,, SXUSOH VDJH JUHHQ ZPN &URZQ &$
3DUOLDPHQW 6HW 9)8 .H\ 6HW 6* ? Â&#x2026; Â&#x2026; { $Q RULJLQDO FROOHFWLRQ RQ ROG SDJHV ZLWK EHWWHU Â&#x2019; 6LJXUGVVRQ VHW )8 .LQJ N N PLQW GHILQV WR
N )8 VXUFK WR N )8 DLU RYSW D 0 =HSSHOLQ VHW 0 *XOOIRVV )DOOV VHW )8 DLU )8 SRZHU SODQWV PLQW D JRRG UDQJH RI VWDPSV ZLWK D FDWDORJXH YDOXH RYHU Â&#x2026; Â&#x2026; Â&#x2026;
6* 9)0 Â&#x2026; Â&#x2026;
,1' 67 &219 &+$0%$
Â&#x2019; .*9, S RIILFLDO 6*2 DV D FRUQHU EORFN RI Â&#x2019; .(9,, 0,17 *5283 LQFO WR F Â&#x2019; QLQH ILYH 80 $ GHVLUDEOH PXOWLSOH Â&#x2026; Â&#x2026;
WR F F VXUIDFH IDXOWV WR F EHWZHHQ 6* PRVWO\ ILQH PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 2)),&,$/6 U U U U HDFK DV Â&#x2019; .*9, 6* DV D FRPSOHWH 80 OHIW SDQH RI Â&#x2019; PDWFKHG JXWWHU EORFNV RI IRXU ILQH 80 EORFNV Â&#x2019; 1+0 ZLWK XQLW 5 6+257 /(* 72 5 9DULHW\ 6* D 6*2 2 $ ILQH JURXS RI PXOWLSOHV Â&#x2026; Â&#x2026; Â&#x2019; UHTXLVLWLRQ QXPEHU = XVXDO ORFDO JXP $ UDUH VXUYLYRU Â&#x2019; .*9, RYSWV òD D S D D S D D HDFK &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; DV 80 EORFNV RI IRXU EHWZHHQ 6* EORFNV Â&#x2019; .*9, H[WHQVLYH UDQJH RI GHILQLWLYHV WR
ZLWK GLIIHUHQW VKDGHV DQG SULQWLQJ F F F F F F F F EODFN VFDUOHW F EOXH F SDOH \HOORZ ROLYH F \HOORZ ROLYH DQG EOXH F F ERWK FRORXUV ERWK FRORXUV ERWK FRORXUV ERWK FRORXUV &RURQDWLRQ &HQWHQDU\ 9LFWRU\ DQG 838 VHWV IUHVK PLQW Â&#x2026; Â&#x2026; Â&#x2019; .*9, '(),1,7,9( DV XQPRXQWHG PLQW EORFNV Â&#x2019; RI ZLWK YDOXHV WR QRWH RUGLQDU\ SDSHU ZLWK EURNHQ
FKDUDFWHU WR YDOXH WDEOHW FKDON SDSHU JUHHQ DQG YLROHW FKDON SDSHU 6* DE OLODF DQG VFDUOHW EON RI ZLWK EORFNV YHU\ KLJK FDWDORJXH YDOXH Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 2IILFLDOV S òD SXUSOH D D òD D Â&#x2019; D 5 5 5 5 HDFK DV 80 EORFNV RI IRXU EORFNV
EHWZHHQ 6*2 2 Â&#x2026; Â&#x2026; Â&#x2019; .*9, VHW RI 6* $V 80 EORFNV RI Â&#x2019; IRXU 9HU\ ILQH 7\SLFDO *XP $VVRFLDWHG ZLWK D D
Â&#x2026; Â&#x2026; Â&#x2019; .*9, òD 6* DV DQ 80 EORFN Â&#x2019; Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 40
Â&#x2019; .*9, KLJK YDOXHV 5 5 U U U ZPN Â&#x2019; LQY DOO DV 80 EORFNV RI IRXU 6* $ UDUH JURXS )LYH
Â&#x2019; .*9, S WR U VHW RI IRXU H[ S DV EORFNV RI Â&#x2019; IRXU 80 6* Â&#x2026; Â&#x2026;
%ORFNV Â&#x2026; Â&#x2026; Â&#x2019; .*9, QKP D VHOHFWLRQ RI QKP ZLWK PXOWLSOHV Â&#x2019; YDOXHV WR D LVVXHV GDWLQJ IURP VWF Â&#x2026;
Â&#x2026; Â&#x2026;
,1' 67 1$7 %$5:$1, Â&#x2019; 0DUJLQDO SDLU òD 6* IUHVK XQXVHG DV LVVXHG Â&#x2019; $ GHOLFDWH VWDPS LVVXH Â&#x2026; Â&#x2026;
,1' 67 &219 *:$/,25
,1' 67 1$7 %+23$/
Â&#x2019; (GZDUG RIILFLDOV FDW WR Â&#x2026; VHW ZLWK
Â&#x2019; 2IILFLDO RYSWV DQG VXUFKDUJHV VHW RI WHQ
ERWK S DQG D VSDFH PP VHW LQF ERWK S 6*2 2 D QRW VR FRPPRQ VHW D ILQH UDQJH RI VHWV Â&#x2026; Â&#x2026;
GLIIHUHQW YDOXHV EHWZHHQ 6*2 IUHVK PLQW ,QF óD RYSWV 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; $UPV RIILFLDO VHW RI LQF D 2UDQJH %URZQ
Â&#x2019; (GZDUG RYSW VHW ILQH PLQW
VKDGH IUHVK PLQW 6*2 Â&#x2026; Â&#x2026;
6* % Â&#x2026; Â&#x2026;
,1' 67 1$7 %,-$:$5
Â&#x2019; 2IILFLDOV .*9, òD D D RQ D S Â&#x2019; 6*R R DOO DV IUHVK 80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; .*9, LVVXHV DV EORFNV RI IRXU ILQH 80 ZLWK DOO Â&#x2019; KLJK YDOXHV WHQ EORFNV S D D D 5 5 U U U
U VXSHUE DQG D UDUH JURXS %HWZHHQ 6* Â&#x2026; Â&#x2026;
Â&#x2019; 6KHHWOHW RI SV 6* )UHVK XP Â&#x2019; Â&#x2026; Â&#x2026;
,1' 67 1$7 &2&+,1 Â&#x2019; $ VHOHFWLRQ RI RIILFLDO RYSWV WR D PLQW
8QFKHFNHG DOO GLIIHUHQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9, RYSW VHW RI DV 80 EORFNV RI IRXU Â&#x2019; 6* Â&#x2026; Â&#x2026;
Â&#x2019; 2IILFLDO RYSW S RQ D 6*2 IUHVK PLQW
Â&#x2026; Â&#x2026;
Â&#x2019; /RFDO RYSW VHW RI QLQH DV EORFNV RI IRXU IUHVK Â&#x2019; 80 ([WUHPHO\ UDUH 6* Â&#x2026; Â&#x2026;
,1' 67 1$7 -$008 .$6+0,5
{ 2OG WLPH UDQJH RQ SDJHV RIILFLDOV Â&#x2019; VHHQ 49 WR U PLQW .*9 D GRXEOH RYSW PLQW
.*9 KLJK YDOXHV U U U 80 D XVHIXO FROOHFWLRQ RI VWDPSV FKLHIO\ PLQW LQF 80 DQG KLJKO\ FDWDORJXHG Â&#x2026; Â&#x2026;
{ òD JUH\ EODFN 6* XVHG RQ VPDOO SLHFH
FDW Â&#x2026; Â&#x2026; Â&#x2026;
,1' 67 1$7 -,1' Â&#x2019; .*9, LVVXH DV 80 EORFNV RI òD WR U Â&#x2019; 6* ZLWK GLIIHUHQW EORFNV 6WUHQJWK LQ KLJK YDOXHV U
,1' 67 &219 1$%+$
WR U U EORFN LV KLQJHG Â&#x2026; Â&#x2026;
Â&#x2019; .*9 U 6* IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9, RIILFLDO VHW RI DV EORFNV RI IRXU ILQH Â&#x2019; 80 5DUH 6*2 Â&#x2026; Â&#x2026;
Â&#x2019; .*9, S D RIILFLDOV 6*2 $V 80 EORFNV Â&#x2019; RI IRXU Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; Â&#x2019; .*9, RYSWV DV 80 EORFNV RI IRXU D VHOGRP Â&#x2019; RIIHUHG JURXS YDOXHV S WR U 6* LQF U 0DLQO\ Â&#x2019; YHU\ ILQH VHYHUDO ZLWK XVXDO JXP Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; .*9, VHW RI H[ òD 6*2 &DW Â&#x2026; DV Â&#x2019; EORFNV RI IRXU 80 6*2 EORFNV 6HOGRP VHHQ Â&#x2019; Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; .*9, RYSW VHW RI H[ D DV EORFNV RI IRXU Â&#x2019; 80 W\SLFDO JXPV RQ D D D DV ORFDOO\ LVVXHG
.*9, -LQG RYSWV DV 80 EORFNV RI GLIIHUHQW YDOXHV EHWZHHQ òD DQG U ZLWK KLJK YDOXHV 6HOGRP VHHQ LQ EORFNV 6* 5HTXHVW 6FDQV Â&#x2026; Â&#x2026; .*9, RYSW VHW RI H[ òD DV 80 EORFNV RI 6* EORFNV Â&#x2026; Â&#x2026; .*9, U RIILFLDO 6*2 DV D ILQH 80 EORFN Â&#x2026; Â&#x2026;
Â&#x2019; 6PDOO PLQW JURXS RQ FDUGV 6WDPSV LQF D
RIILFLDO 6*2 DQG ERWK .*9 U 6*2 2 Â&#x2026; Â&#x2026;
6* EORFNV Â&#x2026; Â&#x2026; Â&#x2019; .*9, S S D HDFK DV ILQH 80 EORFNV RI
,1',$
IRXU 6* EORFNV Â&#x2026; Â&#x2026;
{ 5(9(18(6 &RXUW IHHV LQF )RUHLJQ %LOO
,1' 67 &219 3$7,$/$ Â&#x2019; .*9, RYSWV 1LQH GLIIHUHQW YDOXHV WR U LQF Â&#x2019; D D D U U DQG U HDFK DV EORFNV RI IRXU 80 6HYHUDO
ZLWK W\SLFDO JXP DVVRFLDWHG ZLWK WKHVH ORFDOO\ RYHUSULQWHG LVVXHV EHWZHHQ 6* Â&#x2026; Â&#x2026;
GHOHWHG VHW RI %DUHIRRW KLJK FRXUW RYSWHG D DQG U % DQG % VPDOO FDXVH FRXUW ZLWK YDOXHV WR U ZLWK YDOXHV WR U WR U OLJKW DGKHVLRQV WR WKH ROG SDJHV $ JRRG ORW RI UHYHQXHV Â&#x2026; Â&#x2026; 0LOLWDU\ GUDZQ XS FRXQWHUVLJQHG FRYHU IURP
*ORXFHVWHUVKLUH UHJLPHQW WR 8. ZLWK ILQH VLQJOH SL IUDQNLQJ WLHG - GXSOH[ YDULRXV EV 1LFH Â&#x2026; Â&#x2026;
Â&#x2019; .*9, RIILFLDOV RYSW VHW RI VL[ DV 80 EORFNV RI Â&#x2019; IRXU 6*2 Â&#x2026; Â&#x2026;
Â&#x2019; ,() 'RXEOH RYHUSULQW HUURUV S òD 6*( F
Â&#x2019; .*9, UDQJH PLQW LQF XP FDW Â&#x2026; GHILQV Â&#x2019; WR U LQF U U U 80 VHW RI PLQW Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; 2IILFLDOV D RQ D S ERWK W\SHV 6*2 Z 2 Â&#x2019; HDFK DV 80 EORFN Â&#x2026; Â&#x2026;
( E ERWK 9)0 Â&#x2026; Â&#x2026; ,() 12 6723 $)7(5 ) 9$5,(7,(6 $ 0 D 0 )8 DQG D 2UDQJH XQXVHG 6* ( D ( D ( D FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; ,() 1R 6WRS $IWHU ) YDULHWLHV DV PDUJLQDO SDLUV
9)0 S D D D 6*( D ( D ( D ( D 9HU\ ILQH TXDOLW\ Â&#x2026; Â&#x2026;
Â&#x2019; 2IILFLDO 6HW .*9, H[ òD 6*2 $V 80 Â&#x2019; EORFNV RI $ ILQH DQG VFDUFH VHW RI EORFNV RQH U FRUQHU
Â&#x2019; ,() 1R 6WRS $IWHU ) YDULHWLHV DV SRVLWLRQDO
FUHDVH 6*2 EORFNV Â&#x2026; Â&#x2026;
*877(5 EORFNV RI 9)0 S D D 6*( D ( D ( D EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; .*9, VHW RI 6* DV EORFNV RI IRXU Â&#x2019; 80 EORFNV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 41
Â&#x2019; ,() 2YHUSULQWV ZLWK YDULHWLHV ,QF D ZLWK QR VWRS { 3$5&(/ 3267 2YHUSULQWV ZLWK YDOXHV WR
DIWHU ( DQG ) U QR VWRS DIWHU ( QRW OLVWHG %URNHQ /HWWHUV VHW WR U ZLWK EORFNV D ZLWK FHUW IRUJHG RYSW ZLWK QR VWRS DIWHU ) $Q LQWHUHVWLQJ ORW RI FKLHIO\ PLQW Â&#x2026; Â&#x2026; Â&#x2019; ,() 9DULHW\ òD RYHUSULQW GRXEOH 9)0
ZLWK VKDGHV DQG GLIIHUHQW FRORXU RYSWV $ YHU\ JRRG UDQJH RI VWDPSV :RXOG PDNH D JUHDW GLVSOD\ VWXG\ FROOHFWLRQ )LQH XVHG Â&#x2026; Â&#x2026; 5(9(18(6 5HYHQXH 6WDPSV RI 1DVU (O 'LQ VHW RI VL[ XQLVVXHG ZLWK JXP VFDUFH 7UDQVSRUW VHW RI 3DVVSRUW VHW RI *HQHUDO 5HYHQXHV HDFK GLIIHUHQW PDLQO\ $ JRRG UDQJH RI UHYHQXHV PLQW OLJKW DGKHVLRQ WR ROG SDJHV Â&#x2026; Â&#x2026;
6*( % Â&#x2026; Â&#x2026; Â&#x2019; .*9, '(),1,7,9(6 DV EORFNV RI WR U Â&#x2019; FKLHIO\ 80 U U WZR VWDPSV PLQW 6* VHOGRP VHHQ
LQ EORFNV 80 Â&#x2026; Â&#x2026; Â&#x2019; .*9, 2)),&,$/6 DV EORFNV RI 6*2 Â&#x2019; VHOGRP VHHQ LQ EORFNV LQF .*9 RYSW VHUYLFH DOO
XQPRXQWHG PLQW Â&#x2026; Â&#x2026; Â&#x2019; 2)),&,$/ VHW RI DV EORFNV RI 6*2 Â&#x2019; XQPRXQWHG PLQW Â&#x2026; Â&#x2026;
,5$4 Â&#x2019; 7UDQVSRVHG RYSW YDULHW\ ILOV 6* D 80 LQ D Â&#x2019; SRVLWLRQDO EORFN RI Â&#x2026; Â&#x2026; Â&#x2019; 838 SUHVHQWDWLRQ IROGHU IRU PHHWLQJ
FRQWDLQLQJ GLII FRQWHPSRUDU\ PLQW LVVXHV RQ D SDJH LQF .LQJ GHILQV WR I RUQDWH IROGHU 8QXVXDO Â&#x2026; Â&#x2026;
,() 2YHUSULQWHG 3RVWDO 6WDWLRQHU\ XQXVHG
SRVWDO FDUGV ,QF D ZLWK UHSO\ FDUG VWLOO DWWDFKHG D XSUDWHG ZLWK S [ SOXV òD (QY V Â&#x2026; Â&#x2026;
,5(/$1'
$XJ ,ULVK XVH RI 0XOUHDG\ 3HQQ\ (QYHORSH ,QGLD SRVWDJH VWDPS FHQWHQDU\ VRXYHQLU DOEXP 6WHUHR $ ZLWK 5HG 0DOWHVH &URVV /,0(5,&. EDFNVWDPS XQXVHG UHG ZLWK JROG HPERVVLQJ Â&#x2026; Â&#x2026; DGGUHVVHV WR .LQJVWRZQ PLQRU IDXOWV KRUL] FUHDVH 9HU\ .*9, FROOHFWLRQ VWRFNSDJHV ZLWK XVHIXO SUHVHQWDEOH Â&#x2026; Â&#x2026; SLFNLQJV GHILQ VHW RI PLQW KLJK YDOXH GHILQV U )LQH HQWLUH WR 6SDLQ ZLWK VLQJOH XVHG G 6* U U U RIILFLDOV WR U LQF U DQG U PLQW D XVHIXO WLHG ZLWK 9) 'XEOLQ VPDOO GXSOH[ 9DULRXV EDFN FROOHFWLRQ RI VWDPSV DQ RULJLQDO ORW 0DLQO\ PLQW KLJK FDW VWDPSV Â&#x2026; Â&#x2026; YDOXH Â&#x2026; Â&#x2026; Â&#x2019; 3267$*( '8(6 VHW 6* ' 9)0 5(9(18(6 2OG SDJHV ZLWK PDQ\ GLIIHUHQW WR Â&#x2026; Â&#x2026; 49 (GZDUG LQF VSHFLDO $GKHVLYH VXUFK D RQ U D RQ U %HUDUV RYSWV %HUDU D WR U ORFDOO\ Â&#x2019; 6HDKRUVHV RYSWG ZLWK 1DUURZ 'DWH 6* W\SH LVVXHG UHYHQXH )RUHLJQ %LOO 3URYLVLRQDO VXUFKDUJHG RYSW FRPSOHWH VHW 6* V FRXSOH RI YHU\ OLJKW WRQHG 6KRUH 7UDQVIHU WR U ZLWK GLIIHUHQW VHWWLQJV $ YHU\ JRRG SHUIV DW WLSV RWKHUZLVH 9)0 Â&#x2026; Â&#x2026; UDQJH RI UHYHQXH OLJKW DGKHVLRQ WR WKH ROG SDJHV Â&#x2019; 6&$5&( $V D EORFN RI /LJKW %OXH Â&#x2026; Â&#x2026; Â&#x2019; 6* )UHVK 80 VHOGRP VHHQ LQ EORFNV Â&#x2026; Â&#x2026; { 5(9(18(6 VPDOO FDXVH FRXUW XVHG ZLWK WKH 0RQDUFK V KHDG GHIDFHG ZLWK ODUJH SXQFK KROHV D WR U 6W 3DWULFN G KLJK YDOXH QLFHO\ XVHG RQ D %HDUIRRW Â&#x2026; Â&#x2026; FXUUHQF\ FRQWURO UHJLVWHUHG FHQVRUHG FRYHU LQVSHFWHG LQ $8675,$ 'XEOLQ FGV ODEHO Â&#x2026; Â&#x2026; Â&#x2019; 6WRFN SDJHV ZLWK PDLQO\ )HGHUDWHG 6WDWH LVVXHV IURP 6RUXWK $OZDU &RFKLQ -DPPX DQG .DVKPLU Â&#x2019; 6WDPS %RRNOHW G HGLWLRQ LQ SULVWLQH Â&#x2019; FRQGLWLRQ 6*% Â&#x2026; Â&#x2026; 6LUPRRU -DLSXU )DUOGNRW FKLHIO\ VRUWHG E\ VWDWH VHHQ ,() RYSWV 6RUXWK D VKHHW RI -DPPX òD \HOORZ VKHHW RI 2YHU VWDPSV PLQW HYHQ WKH RGG YDULHW\ ZLOO ILOO Â&#x2019; &2,/ FRPSOHWH S òS DQG S 6* E Â&#x2019; VWDPSV FRGH '% VFDUFH DV D FRPSOHWH FRLO UROO PDQ\ SDJHV RI D VSHFLDOLVW DOEXP Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026;
,1'21(6,$
Â&#x2019; $ PRVW FRPSUHKHQVLYH FROOHFWLRQ RI V Â&#x2019; KRXVHG LQ ILYH SULQWHG DOEXPV DSSHDUV FRPSOHWH IURP WR
DQG LV IXOO RI KLJKO\ FDWDORJXHG FRPSOHWH VHWV DQG HOXVLYH 6KHHWOHWV 06 1RWH &RVWXPHV 06 LQF 2O\PSLFV DQG )LODFHSW SHUI DQG LPSHUI 2UDQJH 8WDQ ERWK PDQ\ JRRG PRGHUQ VHWV WKDW IHZ SHRSOH ERXJKW RQ QHZ LVVXH HDUOLHU PDWHULDO LQF 9ROFDQR VHW DQG 817($ RYSW VHW SOXV WZR VXSSOHPHQWDU\ VWRFNERRNV IXOO RI XVHIXO H[WUDV DQ RULJLQDO ORW FDUWRQ Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 LVVXHV ZLWK FRQWHPSRUDU\ VHWV
Â&#x2019; &2,/ DOPRVW FRPSOHWH UROO òS S òS DQG Â&#x2019; S FRLO VWULSV ZLWK FRXOG HQG DQG GHWDFKHG FRLO VWDUWHU ZLWK LW
EHLQJ YHU\ FRPSOHWH VHOGRP VHHQ 6* E WRR ODUJH WR FRXQW KRZ PDQ\ FRLO VWULSV WKHUH DUH Â&#x2026; Â&#x2026; Â&#x2019; %RRNOHWV D ILQH FROOHFWLRQ LQF SUHVWLJH DQG Â&#x2019; SULYDWH H[KLELWLRQ ERRNOHWV D YHU\ JRRG ORW ZLWK D YHU\ KLJK
FDWDORJXH YDOXH Â&#x2026; Â&#x2026; Â&#x2019; 6WDPS %RRNOHWV RI ,UHODQG 9HU\ JRRG Â&#x2019; DFFXPXODWLRQ RI SULVWLQH 80 %RRNOHWV RQ 6WRFNVKHHWV ,QF
G G VSHFLDOLVHG VHOHFWLRQV GHFLPDO LVVXHV KLJK FY ,QFUHGLEOH YDOXH Â&#x2026; Â&#x2026;
1LFH *ROG HPERVVLQJ Â&#x2026; Â&#x2026;
Â&#x2019; 838 SUHVHQWDWLRQ DOEXP IRU PHHWLQJ
FRQWDLQLQJ GLII PLQW FRQWHPSRUDU\ LVVXHV RQ VSHFLDO SDJHV QRWLQJ 6W 3DWULFN WR FRPPHP VHWV LQF HPPHW Y ILQH Â&#x2026; Â&#x2026;
,5$1 Â&#x2019; 6* 6HW PLQW Â&#x2026; Â&#x2026;
,65$(/ 3529,6,21$/ 6XUFKDUJHV ZLWK GLIIHUHQW Â&#x2019; ,17(5,0 *RYHUQPHQW SDUDFKXWLVWV VHW RI LQ VHWWLQJV DQG WKH RGG YDULHW\ VHHQ ODUJH V V FK RYSW ,QY EURZQ ZLWK YLROHW RYSW PLQW EDOH PLQW Â&#x2026; Â&#x2026; FK GRXEOH RYSW ZLWK D YDULHW\ RI GLIIHUHQW FRORXU RYSWV $ YHU\ JRRG ORW RI VWDPSV PDLQO\ )8 Â&#x2026; Â&#x2026; { )LQH XVHG HDUO\ LVVXHV VWDPSV ZLWKRXW WDEV LQF FRLQV SRVWDJH GXHV 0DQ\ FRPPHQG VHWV D YDOXDEOH 685&+$5*( FK RQ LVVXHV WR GU ZLWK D ORW Â&#x2026; Â&#x2026; YDULHW\ RI GLIIHUHQW FRORXU RYSWV ,QF %OXH 3DOH %OXH 5HG 9LROHW $ JRRG UDQJH RI VWDPSV PDLQO\ PLQW XVHG ,7 &2/6 (5,75($ Â&#x2026; Â&#x2026; Â&#x2019; /LRQ F RQ D DV D FRUQHU EORFN RI ODUJH Â&#x2019; PDUJLQV 6FRWW 80 Â&#x2026; Â&#x2026; PHILANGLES Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 42
Â&#x2019; 5(9(18(6 0XQLFLSDO HDUO\ LVVXHV PLQW OLJKW
,7 67$7(6 02'(1$
DGKHVLRQ WR WKH SDJHUV RYHU HDFK VHHP WR EH GLIIHUHQW RQ ROG SDJHV ZLWK LVVXH WR V DQ RULJLQDO ORW VHOGRP VHHQ LQ VXFK TXDQWLWLHV Â&#x2026; Â&#x2026;
(DJOH F 6* VHOHFW )8 PDUJLQ RQ SHWLWH
ORFDO HQYHORSH ZLWK QHDW &DUUDUD &'6 YHU\ ILQH 5DWHG HXURV RQ FRYHU Â&#x2026; Â&#x2026; Â&#x2019; (DJOH LPSHUI FODVVLFV DQ LQWHUHVWLQJ JURXS RI
ILYH LPSHUI SURRIV ,QF F GRXEOH SULQWLQJ DOO ZLWK JRRG PDUJLQV 8QXVXDO DQG FRQWHPSRUDU\ Â&#x2026; Â&#x2026; { *D]HWWH (VWHUH &HQWV 1HZVSDSHU 7D[ GRXEOH
FLUFOH KDQGVWDPS RQ SLHFH YHU\ ILQH DQG VFDUFH VPDOO VLGH FUHDVH Â&#x2026; Â&#x2026; { &1(7 IRU &(17 F HUURU RI LQVFULSWLRQ 6* G
)8 PDUJLQV PLQRU LPSHUIHFWLRQV YHU\ UDUH YDULHW\ &DW Â&#x2026; Â&#x2026; Â&#x2026;
6(7 2) )285 '$92 35,17(' $/%806 :LWK DQ LQWDFW FROOHFWLRQ RI VWDPSV ZLWK PXFK RI XVH LQ WKLV ROG WLPH ORW IURP ,WDOLDQ 6WDWHV F 8PEHUWR ILQH PLQW 6* FÂ&#x2026; %RWK 3OHELVFLWH VHWV XVHG 6* FÂ&#x2026; -XELOHH VHW )8 F Â&#x2026; %ODFN 6KLUW F Â&#x2026; 1DWLRQDO 'HIHQFH VHW )8 F Â&#x2026; 0DQ\ V $LUPDLOV 9LUJLO 3RVWDJH VHW 0LODQ )DLU F Â&#x2026; *\PQDVWLFV F Â&#x2026; DQG PXFK PRUH ZLWK YHU\ H[WHQVLYH ODWHU LVVXHV KXJH &9 2ULJLQDO ORW Â&#x2026; Â&#x2026;
-$0$,&$
Â&#x2019; (DJOH F 6* D VHOHFW JURXS RI
Â&#x2019; 49 PLQW JURXS YHU\ ILQH &DW Â&#x2026; VXSHUE
PLQW XQXVHG DQG DOO YHU\ ILQH ZLWK IRXU IXOO PDUJLQV &DW Â&#x2026; Â&#x2026; Â&#x2026;
G 6* D ERWK G 6* 6* $ YHU\ DWWUDFWLYH JURXS Â&#x2026; Â&#x2026;
{ &1(7 IRU &(17 F HUURU RI LQVFULSWLRQ
{ Â&#x2019;
Â&#x2019;
Â&#x2019;
Â&#x2019;
Â&#x2019; :DU VWDPSV òG DUPV LQF :$5, ,:$5 ZLGH 6* D )8 PDUJLQV PLQRU LPSHUIHFWLRQV 9HU\ SUHVHQWDEOH Â&#x2019; VSDFHG Z GDPDJH OHWWHUV D FRPSOHWH SDQH RI 6* 80 $ Â&#x2019; JRRG ORW IRU VWXG\ Â&#x2026; Â&#x2026; 5DUH &DW Â&#x2026; Â&#x2026; Â&#x2026; (DJOH F 6* ZLWK LQWHUHVWLQJ FUDFNHG SODWH :DU VWDPSV G YDOXH VWXG\ RQ SDJHV ILUVW YDULHW\ )8 PDUJLQ 0LQ &9 Â&#x2026; Â&#x2026; Â&#x2026; DQG VHFRQG VHWWLQJV GDPDJHG OHWWHUV EORFN RI ZLWK RQH VWDPS VKRZLQJ PLVVLQJ VWRS DQG GDPDJHG OHWWHUV $ JRRG (DJOH F 6* $ JURXS RI ILYH PLQW XQXVHG ORW IRU ZULWLQJ XS VWDPSV PDLQO\ PLQW Â&#x2026; Â&#x2026; DQG DOO ZLWK IXOO PDUJLQV ,GHDO IRU SODWLQJ HWF 0LQ &9 Â&#x2026; Â&#x2019; :DU LVVXHV RQ ROG SDJHV ZLWK PLQRU YDULHWLHV $ ILQH JURXS RI FODVVLFV Â&#x2026; Â&#x2026; RYHU VWDPSV LQF EORFNV GDPDJHG OHWWHUV QR VWRSV DQ 1HZVSDSHU 6WDPS F LPSHUI SURRI RQ :KLWH LQWHUHVWLQJ UDQJH WKDW QHHGV ZULWLQJ XS DV D VWXG\ 0DLQO\ SDSHU YHU\ JRRG PDUJLQV 6* 1 1RUPDO &DW Â&#x2026; PLQW Â&#x2026; Â&#x2026; 9HU\ QLFH LWHP Â&#x2026; Â&#x2026; { :DU VWDPSV VWXG\ ZLWK PDQ\ GLIIHUHQW OLVWHG 1HZVSDSHU 6WDPS F 6*1 IUHVK PLQW ZLWK Â&#x2019; DQG PLQRU YDULHWLHV LQF QR VWRSV GDPDJHG OHWWHUV òG 2* VKDOORZ FUHDVH JRRG PDUJLQV VFDUFH ZLWK JXP &DW PLVVLQJ V 6* E )8 FÂ&#x2026; G QR VWRS DIWHU VWDPS Â&#x2026; Â&#x2026; Â&#x2026; 6* DE 80 FÂ&#x2026; $ VXSHUE VWXG\ JURXS RI VWDPSV QHHG 1HZVSDSHU 6WDPS F 6*1 IUHVK XQXVHG ZULWLQJ XS DV PDQ\ VWDPS YDULHWLHV DUH LGHQWLILHG IRXU PDUJLQV &DW Â&#x2026; FODVVLF LQ ILQH FRQGLWLRQ Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2026; Â&#x2026; Â&#x2019; .*9, FROOHFWLRQ GHILQV ZLWK GLIIHUHQW SHUI
{ 6$5',1,$ ,PSHUIV XVHG LQ 0RGHQD ZLWK ILQH
W\SHV 1HZ FRQVWLWXWLRQ VHW RI 6 :HGGLQJ D JRRG UDQJH RI VWDPSV HDFK GLIIHUHQW FDW Â&#x2026; Â&#x2026; Â&#x2026;
FDQFHOV RI &DUUDUD )DQRYR 0DVVD 1RYHOOD 3LHYHSHODJR 6FDQGLDQR 0LUDQGROD &DUSL DQG 0RGHQD $ JRRG ORW RI LGHQWLILHG RQ D SDJH Â&#x2026; Â&#x2026;
{ )LQH XVHG VHWV ZLWK HOXVLYH PRGHUQ VHWV ZLWK D
FDW YDOXH RYHU Â&#x2026; 6HHQ .*9, WR Â&#x2026; 4(,, WR Â&#x2026; 06 PDQ\ VHWV VWDPSV 06 $ VXSHUE UDQJH VWF Â&#x2026; Â&#x2026; Â&#x2026;
,7$/< Â&#x2019; &$7$/2*8( Â&#x2026; 9(5< ),1( 0,17
Â&#x2019; Â&#x2019; { Â&#x2019;
Â&#x2019;
Â&#x2019;
&2//(&7,21 :LWK PDQ\ EHWWHU VHWV ,QF 81(6&2 +RO\ <HDU UDGLR &RQIHUHQFH 7REDFFR 'HILQ VHWV RI 0LODQ Â&#x2019; '(/(*$7(6 IROGHU EOXH DQG JROG ZLWK D UDQJH RI .*9, VWDPSV ZLWK YDOXHV WR QHDWO\ PRXQWHG LQVLGH )DLU 0RQWHFDVLQR $UW ([KLELWLRQ 9HUGL 0LODQ )DLU VFDUFH IROGHU VWDPSV Â&#x2026; Â&#x2026; &RLQ VHW HWF *RRG FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; 9(5< ),1( &2//(&7,21 $V EORFNV RI 80 Â&#x2019; ,QF GHILQ VHW RI ,QGHSHQGHQFH VHW RI )5(6+ 8102817(' 0,17 GHILQV KHDG 1HZ ZPN VHW RI QRWH GHILQ G WR DV SODWH LVVXHV DV EORFNV RI EORFNV SOXV SDFNHW LVVXHV WR O EORFNV D YHU\ JRRG FROOHFWLRQ RI EORFNV +LJK &DW VHOGRP VHHQ RQ EORFNV (DFK GLIIHUHQW Â&#x2026; Â&#x2026; YDOXH Â&#x2026; Â&#x2026; $XVWULDQ 7HUULWRULHV DFTXLUHG E\ ,WDO\ FROOHFWLRQ LQF 9HQH]LD *LXOLD F F F F DQG VFDUFH F )8 $ GLYHUVH PLVFHOODQ\ LWHPV D VHOHFWLRQ RI RXU ROGHU SRVWFDUGV FRYHUV FDUGV ZLWK SPN LQWHUHVW DQG D &DW Â&#x2026; *HQHUDO LVVXHV WR FRU RQ / D JRRG JURXS RI ILYH VWDPS ERRNOHWV LQF D .*9, LVVXH Â&#x2026; Â&#x2026; VHOHFWLRQ RI VWDPSV &DW Â&#x2026; 0LQW RU ILQH XVHG Â&#x2026; Â&#x2026; $ OLWHUDWXUH VHOHFWLRQ LQ D ILOH ER[ ZLWK UHSURGXFHG FRSLHV RI VTXDUH FLUFOH SPNV 32 SRVWPDUNV 5(9(18(6 (DUO\ PXQLFLSDO LVVXH PLQW RQ ROG %LUPLQJKDP SPNV WHPSRUDU\ UXEEHU KV YDULRXV RWKHU %:, SDJHV WR DERXW ZLWK PDQ\ GLIIHUHQW W\SHV RYHU DUWLFOHV FOXE EXOOHWLQV $ ORW RI LQIRUPDWLRQ KHUH UHYHQXHV HDFK VHHP WR EH GLIIHUHQW OLJKW DGKHVLRQ WR WKH Â&#x2026; Â&#x2026; SDJHV D VHOGRP VHHQ FROOHFWLRQ LQ WKLV TXDQWLW\ Â&#x2026; Â&#x2026; /,7(5$785( 7KH 3KLODWHOLF KDQGERRN RI -DPDLFD 9ROH 7ZR E\ ( ) $JXLODU DQG 3RVWDO +LVWRU\ RI 5(9(18(6 (DUO\ LVVXHV WR V ZLWK -DPDLFD E\ )RVWHU LQ YHU\ JRRG FRQGLWLRQ Â&#x2026; Â&#x2026; PXQLFLSDO LVVXHV D YHU\ JRRG UDQJH RI UHYHQXHV ZLWK PDQ\ GLIIHUHQW W\SHV LQF PLQW WHWH EHFKH SDLUV D YHU\ Â&#x2019; 49 2/' 3$*( :LWK 49 LVVXHV &DW Â&#x2026; LQWHUHVWLQJ ORW OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV YDOHV WR ,QF 6* YDOXHV WR Â&#x2026; Â&#x2026; 2IILFLDOV VHW RI $UP WR VPDOO EXW YHU\ XVHIXO UDQJH RI VWDPSV PLQW Â&#x2026; Â&#x2026; 5(9(18(6 (DUO\ PXQLFLSDO LVVXHV WR V PLQW RQ ROG SDJHV ZLWK RYHU UHYHQXHV HDFK VHHP WR EH -$3$1 GLIIHUHQW D YHU\ JRRG UDQJH VHOGRP VHHQ LQ VXFK Â&#x2019; 0LKRQ VSHFLPHQ RYHUSULQWHG VWDPSV ZLWK TXDQWLWLHV Â&#x2026; Â&#x2026; Â&#x2019; PDQ\ VHWV IUHVK 80 Â&#x2026; Â&#x2026;
www.philangles.co.uk
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 43
{ .*9 SLFWRULDO VHW RI 6* ILQH
0LQLDWXUH VKHHWV RI WKH V LQF WUDLQ H[KLELWLRQ RYSW XQJXPPHG DV LVVXHG QHYHU KLQJHG Â&#x2026; Â&#x2026;
XVHG Â&#x2026; Â&#x2026; ^3KRWR`
{ 5(9(18(6 V V RQ ROG SDJHV HDUO\
JHQHUDO LVVXHV WR 7REDFFR 7D[ -XGLFLDO RQ ROG SDJHV ZLWK PDQ\ GLIIHUHQW $ JRRG JURXS RI UHYHQXHV OLJKWO\ DGKHVLRQ WR WKH ROG SDJHV Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ
6LOYHU -XELOHH VHW RQ FRYHU VHQW WR WKH 8. ZLWK
KDQGVWDPS DGGUHVV Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG SLFWRULDOV F WR
6* V PLQW Â&#x2026; Â&#x2026; Â&#x2019; .*9 SLFWRULDO GHILQV VHW LQF F URSH MRLQHG WR
FRQWDLQLQJ D YHU\ ILQH UDQJH RI GLIIHUHQW PLQW LVVXHV &DW Â&#x2026; RQ VSHFLDO SDJHV LQF GHILQV WR \ $LU VHW 6* 1DWLRQDO 3DUN 6HWV 9HU\ ILQH Â&#x2026; Â&#x2026;
VDLO 6J D IYP Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG SRVWDJH GXH VHW
6*' V PLQW Â&#x2026; Â&#x2026;
-25'$1
Â&#x2019; 5(728&+(' 9$/8( 7$%/(7 9DULHW\ F Â&#x2019; 6* DG IUHVK 80 LQ SRVLWLRQDO EORFN Â&#x2026; Â&#x2026;
Â&#x2019; 6* GHILQ VHW XP Â&#x2026; Â&#x2026; Â&#x2019;
Â&#x2019; 5RSH QRW MRLQHG WR 6DLO YDULHW\ F 6* D Â&#x2019; 80 VHOHFWLRQ ZLWK FRPSOHWH VHWV RQ VWRFNFDUGV Â&#x2019; 80 LQ PDUJLQDO EORFN 8VXDO JXP IRU WKLV ILUVW LVVXH Â&#x2019; XQLILFDWLRQ DQG RYSW VHWV 6*
Â&#x2026; Â&#x2026;
(QWKURQHPHQW VHW 6* 'HILQ VHW 6* Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ GHILQLWLYHV WR Â&#x2026;
XQFKHFNHG IRU SULQWLQJV RYSW V LQF SDLU ZLWK FUHVFHQW PRRQ YDULHW\ 838 VHW D JRRG UDQJH RI VWDPSV PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 6* GHILQ VHW XP Â&#x2026; Â&#x2026; Â&#x2019;
Â&#x2019; $ 6(/(&7,21 2) 06 V SHULRG LQF Â&#x2019; &UHVFHQW 0RRQ YDULHW\ F RQ 6* D Â&#x2019; SHUI DQG LPSHUI 80 LQF VSDFH VSRUW UHQDLVVDQFH GD\ D XVHIXO Â&#x2019; ZLWKLQ 80 EORFN Â&#x2026; Â&#x2026;
UDQJH Â&#x2026; Â&#x2026;
Â&#x2019; 9$5,(7< F RQ ZLWK FUHVFHQW PRRQ IODZ LQ Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GHILQ VHW WR G 6* 80 1RW VHHQ WKLV Â&#x2019; D SRVLWLRQDO EORFN ZLWK D QRUPDO SDLU 6* D 80
Â&#x2026; Â&#x2026;
IROGHU EHIRUH Â&#x2026; Â&#x2026;
Â&#x2019; .*9, RULJLQDO 9)0 6* FÂ&#x2026;
. 8 7 Â&#x2019; 6XQEXUVW VHW RI PLQW JRRG WR ILQH DV OLVWHG LQ
6* LQF U *UH\ SOXV VHW 6* &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; òD WR U PLQW JURXS SOXV D òD WKLV
DOVR ILQH XVHG EHWZHHQ 6* DOVR LQFO FRXSOH RI ODWHU RYSWV Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2019; .*9, 9DULHW\ F UHWRXFKHG YDOXH WDEOHW 1+0 Â&#x2019; 6* DG Â&#x2026; Â&#x2026; { )LQH XVHG ZLWK EHWWHU SLFNLQJ .*9, GHILQV LQF
Â&#x2026; [ GHILQV ZLWK YDOXHV WR Â&#x2026; [ GHILQV WR D IHZ VWDPSV ZLWK PDQ\ KLJK YDOXHV Â&#x2026; Â&#x2026;
{ 5HYHQXH U RYSW MXGLFLDO IHH YIX %
Â&#x2019; .*9, FROOHFWLRQ GHILQ VHW RI WR Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2019; (GZDUG U PLQW VPDOO IDXOWV EXW D JRRG ORRNLQJ
H[DPSOH &DW Â&#x2026; 6* Â&#x2026; Â&#x2026; { 5HYHQXHV (GZDUG U RYSW -8',&,$/ )((
&RURQDWLRQ 9LFWRU\ 5R\DO YLVLW 5R\DO ZHGGLQJ .87 RYSW VHW 838 IUHVK PLQW Â&#x2026; Â&#x2026; { 49 72 4(,, RQ 2OG WLPH FROOHFWLRQ RQ 2OG Â&#x2019; $OEXP SDJHV 49 WR U H[WHQVLYH .*9, WR Â&#x2026; 4(,, HDUO\ \HDUV
RYHU VWDPSV ZLWK VHWV Â&#x2026; Â&#x2026;
YIX Â&#x2026; Â&#x2026;
.25($ 6287+
Â&#x2019; U JUH\ JUHHQ EODFN ZPN &URZQ && 6*
FRUQHU FUHDVH RWKHUZLVH 9)0 Â&#x2026; Â&#x2026; Â&#x2019; òD WR D FRPSOHWH ZLWK ERWK D ZPN 0DOW
(DUO\ LVVXHV LQF -DSDQHVH RYSWV 6* 838 6* 6XUFK Z LVVXHV D JRRG UDQJH FKLHIO\ PLQW Â&#x2026; Â&#x2026; Â&#x2019; 838 SUHVHQWDWLRQ $OEXP IRU PHHWLQJ
&URZQ &$ 6* 9)0 Â&#x2026; Â&#x2026;
FRQWDLQLQJ PLQW LVVXHV RQ VSHFLDO SDJHV QRWLQJ SUHVLGHQW VHW 6* ILQH DQG VFDUFH Â&#x2026; Â&#x2026;
Â&#x2019; 1HZ &XUUHQF\ VHW SOXV F F VKDGHV
F UHG UHGUDZQ 6* D 9)0 Â&#x2026; Â&#x2026;
.8:$,7
Â&#x2019; .*9 U 6* YIP &KRLFH Â&#x2026; Â&#x2026;
Â&#x2019; 2IILFLDO RYSW VHW RI òD WR U ILQH PLQW 4 6*2 YHU\ IUHVK 6(( :(%6,7( Â&#x2026; Â&#x2026;
Â&#x2019; .*9 F WR U SOXV F VKDGH ZPN 6FULSW &$
Â&#x2019; òD WR D FRPSOHWH 6* D VRPH OLJKW Â&#x2019; WRQLQJ RWKHUZLVH ILQH XP Â&#x2026; Â&#x2026;
6* 9)0 Â&#x2026; Â&#x2026;
Â&#x2019; $LUPDLOV VHW RYSWHG 6* LQFO D ZPN VWDUV Â&#x2019; .*9 U YLROHW JUHHQ ZPN 6FULSW &$ 6* Â&#x2019; ILQH 80 Â&#x2026; Â&#x2026; WR ULJKW YIP Â&#x2026; Â&#x2026; Â&#x2019; .*9 29(535,176 $ ILQH ORW RI VWDPSV
Â&#x2019; .*9 Â&#x2026; 6* IUHVK PLQW Â&#x2026; Â&#x2026;
FKLHIO\ PLQW 9DOXHV WR U SRVWDJH DQG RIILFLDOV +LJK &9 Â&#x2026; Â&#x2026;
Â&#x2019; .*9 V EULJKW EOXH LQVFULEHG ³.HQ\D
/$%8$1
8JDQGD ´ 6* ILQH PLQW Â&#x2026; Â&#x2026; Â&#x2019; 3267$*( '8(6 FRPSOHWH VHW 6* ' 9)0
Â&#x2026; Â&#x2026;
Â&#x2019; &URZQ VHW RI ILQH P 6*
Â&#x2026; Â&#x2026;
Selling? â&#x20AC;&#x201C; Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 44
/$*26
/,7+8$1,$
Â&#x2019; 49 ,VVXHV WR G G WR
òG RQ G FÂ&#x2026; PLQW VPDOO EXW XVHIXO Â&#x2026; Â&#x2026; Â&#x2019; (GZDUG VHW ILQH PLQW 6*
Â&#x2026; Â&#x2026; Â&#x2019; 9DOXDEOH VHOHFWLRQ RI PLQW RQ VWRFNFDUGV
VWDPSV FDW Â&#x2026; G WR G 6* 6* (GZDUG JURXS WR 6* PDLQO\ ILQH Â&#x2026; Â&#x2026;
2OG SDJHV SDFNHWV VWRFNERRN ZLWK D YHU\ LQWHUHVWLQJ FROOHFWLRQ PRGHUQ LVVXHV LQ GHDOHUV VWRFNFDUGV XQPRXQWHG PLQW VHHQ QHZ FXUUHQF\ LVVXHV LQF F RQ D FDUPLQH DQG EURZQ FÂ&#x2026; P F RQ D FDUPLQH DQG EOXH JUHHQ FÂ&#x2026; V LPSHUI EORFN DQG VWULSV RI DQJOH ZLWK KDUS LVVXHV PDQ\ V RI LWHPV QHHGV VRUWLQJ PXFK 80 Â&#x2026; Â&#x2026; ^3KRWR`
/8;(0%285* 5HYHQXHV VPDOO HDUO\ VHOHFWLYH LQ $IILFKHV &RPPHUFH LPSHUI WR ) SHUIV DQG LPSHUIV $ XVHIXO VHOHFWLRQ RI UHYHQXHV Â&#x2026; Â&#x2026;
/$79,$ $ GLYHUVH UDQJH IURP HDUO\ WR PRGHUQ (XUR YDOXHV RQ ROG SDJH RU VWRFNSDJHV VHHQ RYSW SDLU RQH ZLWKRXW RYSW FXUUHQF\ SDSHU LVVXH D XVHIXO PL[WXUH PXFK 80 Â&#x2026; Â&#x2026;
Â&#x2019; 6WRFNERRN DQG SDJHV ZLWK D 80 Â&#x2019; FROOHFWRU UDQJH RI VWDPSV ZLWK PDQ\ VHWV VRUWHG EXW
Â&#x2019; &DWDORJXH YDOXH Â&#x2026; FROOHFWLRQ RI Â&#x2019; VKHHWOHWV 80 ,QF 3HDFH DQG )UHHGRP
LVVXHV ZLWK VWDPSV XSWR Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ %RRNOHW IRU PHHWLQJ
0LOOHQQLXP :DJWDLO 2DNWUHH ZLWK VKHHWOHW IURP WR $ YHU\ ILQH FROOHFWLRQ Â&#x2026; Â&#x2026;
FRQWDLQLQJ GLIIHUHQW PLQW LVVXHV &DW Â&#x2026; QXPHURXV EHWWHU VHWV KHUH LQF 1DWLRQDO ZHOIDUH 6HWV 6WHHO &RPPXQLW\ (XURSD 6* $OO OLJKWO\ KLQJHG Â&#x2026; Â&#x2026;
/((:$5' ,6 Â&#x2019; -XELOHH RYSW 6* IUHVK P %UDQGRQ
FHUW Â&#x2026; Â&#x2026;
0$&$8
Â&#x2019; &DW Â&#x2026; %RDWV 6HW RI PLQW 6* Â&#x2019; 63(&,0(1 RYSW VHW RI 6* V DIIL[HG WR
Â&#x2026; Â&#x2026;
RULJLQDO DUFKLYH SLHFH VXSHUE FRORXU Â&#x2026; Â&#x2026;
Â&#x2019; )ORZHUV 6HW 6* ILQH PLQW
Â&#x2019; 63(&,0(1 RYHUSULQW VHW .*9 GHILQLWLYH V
Â&#x2026; Â&#x2026;
6* V DOVR G IURP D VHSDUDWH LVVXH VSHFLPHQ VXSHUE FRORXU DIIL[HG WR RULJLQDO DUFKLYH SLHFH PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 8102817(' 0,17 &2//(&7,21 ,QF *ROG Â&#x2019; RYSWV 06 $PL]DGH /XVR HWF $ YHU\ ILQH FROOHFWLRQ RI
Â&#x2019; .*9 VHW WR Â&#x2026; IUHVK PLQW LQF DGGLWLRQDO OLVWHG
VKDGHV QRWLQJ G GHHS XOWUDPDULQH 6* D HWF WKH LV VXSHUE FRUQHU PDUJLQDO D Y ILQH VHW 6* Â&#x2026; Â&#x2026; Â&#x2019; 6LOYHU -XELOHH 6HW DV 0 EORFNV RI IRXU 6* Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; .*9, FROOHFWLRQ GHILQLWLYHV WR Â&#x2026; LQF
GLIIHUHQW Â&#x2026; IUHVK PLQW FRURQDWLRQ YLFWRU\ V ZHGGLQJ 838 DQG XQLYHUVLW\ VHWV $ JRRG UDQJH RI VWDPSV PLQW Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG VHW .*9, GHILQLWLYH VHW
06 DQG VWDPSV Â&#x2026; Â&#x2026; (DUO\ 3RUWXJXHVH &RORQLHV LVVXHV UHYHQXH VHW RI RYSW HG IRU SRVWDJH .LQJ VHW WR U RYSW V SURYLVLRQDOV ZLWK YDOXHV WR DYRV D JRRG VHOHFWLRQ RI VWDPSV FDW YDOXH Â&#x2026; PDLQO\ PLQW Â&#x2026; Â&#x2026;
2OG SULQWHG SDJHV ZLWK EHWWHU SLFNLQJV QHZ FXUUHQF\ VXUFK ORFDOO\ D D D D D D DQG D PLQW GHILQLWLYHV ZLWK YDOXHV WR D PLQW VXUFK VHW RI PLQW D D D D JRRG VHOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026;
RI 6* V V IUHVK PLQW D VFDUFH VHW Â&#x2026; Â&#x2026; Â&#x2019; 8QPRXQWHG PLQW FDW Â&#x2026; LQ \HDU SDFNV ^3KRWR` Â&#x2019; SOXV H[SUHVVLRQ LQ VWDPS ERRN ZLWK WKH VWDPSV Â&#x2019; %52.(1 ( YDULHW\ .*9, G &KDON 3DSHU 9)0 LQVLGH EHLQJ 80 D ILQH ORW Â&#x2026; Â&#x2026; 6* DE Â&#x2026; Â&#x2026; Â&#x2019; %52.(1 /2:(5 5,*+7 6&52// 9$5,(7<
Â&#x2026; .*9, WRS YDOXH 9)0 6* DH Â&#x2026; Â&#x2026; Â&#x2019; .*9, 9$5,(7< Â&#x2026; ZLWK GLDJRQDO FXW WKURXJK
ORZHU ULJKW VFUROO 5 SRVLWLRQ 9)0 6* XQOLVWHG LQ 6* OLVWHG LQ VSHFLDOLVHG KDQGERRN Â&#x2026; Â&#x2026;
0$/$<$
Â&#x2019; 2UFKLG 6WDWH LVVXHV YDULHWLHV PDQ\ OLVWHG LQ Â&#x2019; 66 $Q LQWHUHVWLQJ VHOHFWLRQ RI 80 RQ SXUFKDVH FDUGV Â&#x2019; PRVWO\ OLVWHG LQ 66 DOO FRQVWDQWV ,QF +HDG 'UHVV RPLWWHG H[WUD
GRWV VKDYHG GRWV 3HQKDQJ F ZLWK PXFK %ODFN RPLWWHG DQG RWKHUV $ YHU\ IRRG ORW RI YDULHWLHV Â&#x2026; Â&#x2026;
0$/$<$1 67 ) 0 6
Â&#x2019; ', )ODZ G 6* D 9)0 Â&#x2026; Â&#x2026;
{ 86(' &2//(&7,21 2Q SDJHV ZLWK YDOXHV WR
/(627+2 Â&#x2019; %DVXWRODQG V MXELOHH VHW SHDFH RYSW
VHW 4(,, /HVRWKR RYSWV WR U LQF òF DQG F SODWH EORFNV òG RQ G FRPSOHWH VKHHWV 80 /HVFWKR IRU /HVRWKR F WR F LQ SDLUV D JRRG UDQJH RI VWDPSV ZLWK PLQRU YDULHWLHV PLQW Â&#x2026; Â&#x2026;
(OHSKDQW PDLQO\ ILVFDOO\ XVHG RYHU VWDPSV FKLHIO\ VRUWHG E\ LVVXH XQFKHFNHG D YHU\ XVHIXO UDQJH KLJKO\ FDWDORJXHG Â&#x2026; Â&#x2026; Â&#x2019; 6WDPS %RRNOHW 6*6% &Â&#x2026; YHU\
JRRG H[DPSOH FRQWDLQLQJ SDQHV RI RI F 2UDQJH DOO LQWHUOHDYLQJ UXVW DW VWDSOHV LQWDFW $ YHU\ JRRG H[DPSOH RI D UDUH HDUO\ ERRNOHW Â&#x2026; Â&#x2026; Â&#x2019; 6FULSW :DWHUPDUN 3ULQWLQJV /HDSLQJ 7LJHUV F
/(9$17
WR VHW RI 9)0 EHWZHHQ 6* ,QF 80 Â&#x2026; Â&#x2026;
$ VXSHUE PXOWL FRORXUHG SRVWFDUG GHSLFWLQJ
&RQVWDQWLQRSOH VN\OLQH ZLWK WUDGHU FDUU\LQJ KLV ZDUHV DQG VFDOHV ZLWK *(50$1 32 SD óSL 6* 7LHG FGV DQG ZLWK 5(*,67(5(' ODEHO DGGU WR *HUPDQ\ &KRLFH Â&#x2026; Â&#x2026; Â&#x2019; )5(1&+ )25&(6 ,1 /(9$17 SDLU RI 06 SHUI
DQG LPSHUI 6FDUFH Â&#x2026; Â&#x2026;
Â&#x2019; JUH\ JUHHQ HPHUDOG DQG JUHHQ
FDUPLQH ZPN 6FULSW &$ 6* D 9)0 Â&#x2026; Â&#x2026; Â&#x2019; 6WDPS %RRNOHW 2UDQJH FRYHU 6*6% D
XQSULFHG JRRG H[DPSOH RI WKLV UDULW\ FRQWDLQV VWDPSV LQWHUOHDYHV IDXOWV RXWHU FRYHU FOHDQ EXW GHWDFKHG DW UXVWHG SHUIV 7\SLFDO FRQGLWLRQ IRU WKHVH UDUH HDUO\ ERRNOHWV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 45
0$/$<$1 67 .(/$1 MALAYAN ST.- KELAN
$ &2//(&7,21 RI GLIIHUHQW LVVXHV RQ SDJHV PL[HG FRQGLWLRQ EXW VRPH YHU\ QLFH DQG EHWWHU &DW VWDPSV WR H[WUDFW KHUH ZLWK PLQW F 6* 9)0 (OHSKDQW 6* 3RVWDO XVHG JRRG UDQJH RI OHDSLQJ 7LJHUV XVHG F :PN VLGHZD\V 6* DZ )8 GLIIHUHQW PLQW OHDSLQJ 7LJHUV WR PLQW 3RVWDJH GXH VHW PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 6* IUHVK PLQW 0DOD\D H[KLELWLRQ RYSWV
PLQW LQF 6* VWDPSV Â&#x2026; Â&#x2026; { $UPV )8 6* Â&#x2026; Â&#x2026; Â&#x2019; $UPV 6HW 6* 9)0 Â&#x2026; Â&#x2026;
0$/$<$1 67 -2+25( Â&#x2019; 7+,1 1$552: - 9$5,(7< F 6* FD IUHVK
PLQW Â&#x2026; Â&#x2026;
{ 'HILQ VHW RI JRRG WR )8 HPLQHQWO\
49 -RKRU -RKRUH RYSWV FKLHIO\ PLQW RQ ROG SDJHV LQF D JRRG H[DPSOH RI VPDOO IRUPDW 6* 6* PLQW 7ZR &HQW RYSWV LQF 6* PLQW 0RVW DUH ILQH DUH XVHG Â&#x2026; Â&#x2026; { (DUO\ 6XOWDQV ZLWK D &DW 9DOXH RYHU Â&#x2026; HDFK
FROOHFWDEOH PRVW LQF KLJK YDOXHV DUH ZLWK SURSHU &'6 3PNV 6* Â&#x2026; Â&#x2026; Â&#x2019; 0DOD\D %RUQHR ([KLELWLRQ RYSWV PLQW D
VHOHFWLRQ RQ SDJHV VWDPSV LQF F 6* $ VHOHFWLRQ RI 9$5,(7,(6 LQF F UDLVHG VWRS 6* F F QR VWRS 6* I RQ EDFNLQJ SDSHU PLQRU VKLIWV 3RSXODU LVVXHV Â&#x2026; Â&#x2026;
GLIIHUHQW WR F &RURQDWLRQ RYSW WR F SOXV F { 6* &KHIV +DW 6HW WR )8 &DW Â&#x2026; .HWDQNRWDDQ HUURU WR ILQH XVHG Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 7DOO LQ YDULHW\ F RQ F ILQH PLQW
Â&#x2019; 6XOWDQ &KHIV +DW VHW ILQH PLQW 6* &DW
6* D Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6XOWDQ VLQJOH 5RVHWWH ZPN VHW RI GLIIHUHQW Â&#x2019; YDOXHV PLQW F WR F 6* 3/86 %ULOOLDQW 80 Â&#x2019; 6* Â&#x2026; Â&#x2026;
Â&#x2019; ,PSHUI SDLU F %XWWHUIOLHV ZLWK %ODFN FRORXU Â&#x2019; RPLWWHG $UPV 3RUWUDLW HWF 80 6* Â&#x2026; Â&#x2026;
Â&#x2019; 6XOWDQ 6HW 6* ILQH PLQW
0$/$<$1 67 0$/$&&$
Â&#x2026; Â&#x2026;
Â&#x2019; 6* .*9, GHILQ VHW 9)0 FÂ&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 0LVSODFHG YDOXH WDEOHW 6XOWDQ 6* ILQH
PLQW 8QXVXDO Â&#x2026; Â&#x2026;
Â&#x2019; 4(,, GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; 2UFKLG F LPSHUI SDLU 80 PLOG JXP WRQLQJ Â&#x2019; VV M XQOLVWHG 6* Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 4(,, 3LFWRULDO GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; 6XUFKDUJH 6HWV ILQH PLQW GLIIHUHQW VHWV
VWDPSV ,QF 6* Â&#x2026; Â&#x2026;
{ ),1( 86(' ZLWK FRPSOHWH VHWV
{ )LQH XVHG 6XOWDQV LQF YI 6* SOXV
Â&#x2026; Â&#x2026;
GLII VWDPSV ZHGGLQJ .*9, WR YDULRXV 4(,, VHWV WR DJULFXOWXUH LVVXHV ZLWK GLII SULQWV Â&#x2026; Â&#x2026;
0$/$<$1 67 1(*5, 6(0%,/$1
0$/$<$1 67 .('$+
Â&#x2019; 6XQJHL 8MRQJ F RYSW 6* VRXQG PLQW SDUW RJ
Â&#x2019; 6KRUW 6KHDI YDULHW\ F 6* D 9)0
JRRG H[DPSOH RI WKLV GLIILFXOW LVVXH Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 681*(, 8-21* F RYSW 6* PLQW
Â&#x2019; %RUQHR H[KLE RYSWV PLQW LQF F 29$/
6FDUFH Â&#x2026; Â&#x2026;
/$67 ,1 %251(2 YDULHW\ 6* E DOVR F 6* HWF QLFH Â&#x2026; Â&#x2026;
Â&#x2019; 5RDULQJ 7LJHU VHW RI WHQ ILQH PLQW 6* $
GLIILFXOW VHW WR REWDLQ 6HH ZHEVLWH Â&#x2026; Â&#x2026;
{ 0DOD\D %RUQHR ([KLELWLRQ RYSW 6HW )8
6* Â&#x2026; Â&#x2026;
Â&#x2019; $50 '(),1,7,9( 6(7 6* IUHVK
{ 6XOWDQ 6HW )8 6* Â&#x2026; Â&#x2026;
PLQW Â&#x2026; Â&#x2026;
0$/$<$1 67 3$+$1* Â&#x2019; 6XOWDQ VHW 9)0 6* &DW Â&#x2026;
{ %LVHFW 6H 7HQDQW SDLU F RQ F F RQ F IX
Â&#x2026; Â&#x2026;
6* E RQ RULJLQDO SLHFH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 6* 6HW 9)0 FÂ&#x2026; Â&#x2026; Â&#x2026;
{ %LVHFW 6H 7HQDQW SDLU F RQ F F RQ F IX
Â&#x2019; %RWK 6XOWDQ GHILQ VHWV ILQH 80 LQF ERWK Â&#x2019; SHUIV 6* D Â&#x2026; Â&#x2026;
Â&#x2019; %LVHFW F RQ KDOI F 6* 0,17 VPDOO IDXOWV
6* E WULIOH VRLOHG 6FDUFH Â&#x2026; Â&#x2026; ^3KRWR` 6HOGRP RIIHUHG PLQW Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 2UFKLG F %ODFN FRORXU RPLWWHG HUURU 80 *XP { %LVHFW RQ KDOI F 6* G IX RQ SLHFH Â&#x2019; LV VOLJKWO\ WRQHG 6* D )LQH IURQWDO DSSHDUDQFH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2026; Â&#x2026; ^3KRWR`
{ %LVHFW RQ KDOI F 6* G YIX RQ SLHFH Â&#x2019; 2UFKLG F 5HG &RORXU RPLWWHG HUURU 80 *XP Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; VOLJKWO\ DJHG ZLWK QRUPDO WR FRPSDUH 6* F Â&#x2026; Â&#x2026; { %LVHFW 6H 7HQDQW SDLU F F 6* E IX RQ RULJLQDO SLHFH Â&#x2026; Â&#x2026; ^3KRWR` LQF F HPERVVHG HQY F 5HJ G HQY 9) 7ZR F &DUGV ZLWK GLIIHUHQW VSHFLPHQ RYSWV *RRG Â&#x2019; .*9, FROOHFWLRQ GHILQLWLYHV VHW RI 838 JURXS Â&#x2026; Â&#x2026; VHW RI F ERWK SDSHUV 6* D F VFDUOHW F VFDUOHW F XOWUDPDULQH D ILQH FROOHFWLRQ RI VWDPSV www.philangles.co.uk Â&#x2026; Â&#x2026; place your bids online. Immediate and secure.
3RVWDO 6WDWLRQHU\ XQXVHG JURXS RI GLIIHUHQW
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 46
{ 6XOWDQ F 5HG DQG F %OXH ERWK )8 6*
{ ),1( 86(' &2//(&7,21 ZLWK
FÂ&#x2026; Â&#x2026; Â&#x2026;
FRPSOHWH VHWV GLII VWDPSV WR ZHGGLQJ WR WR ZLWK SHUIV DJULFXOWXUH ZLWK GLII SULQWLQJV Â&#x2026; Â&#x2026;
3$*(6 :LWK VWDPSV IURP 7LJHUV WR GHILQ ZLWK PDQ\ 7LJHU VWDPSV 6XOWDQ WR XVHG 0$/$<$1 67 3(5/,6 6XOWDQ WR XVHG DQG FRPSOHWH VHW RI IUHVK PLQW $ { 49 F W\SH RYSW 6* IX Â&#x2026; Â&#x2026; KLJKO\ FDWDORJXHG FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; ^3KRWR`
0$/$<$1 67 3(1$1*
Â&#x2019; 2UFKLG F %ODFN FRORXU RPLWWHG HUURU 80 Â&#x2019; *XP LV WRQHG XQOLVWHG 6* OLVWHG 66 &DW ( Â&#x2026; Â&#x2026;
6HSW 9HU\ HDUO\ ::,, &HQVRUHG &RYHU IURP 7KDLODQG IUDQNHG 7KH 5HG &URVV KLJK YDOXH VHW RI 6* ZLWK 3DVVHG %\ &HQVRU 3HQDQJ KDQGVWDPS DQG ODEHO 6RPH IR[LQJ EXW D VFDUFH XVDJH Â&#x2026; Â&#x2026;
^3KRWR`
0$/$<$1 67 6(/$1*
Â&#x2019; 4(,, SLFWRULDO GHILQV VHW LQ %/2&.6 2) )285 { 49 F EURZQ RYSW W\SH 6* )8 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 2UFKLG F <HOORZ FRORXU RPLWWHG HUURU 80 ZLWK Â&#x2019; QRUPDO WR FRPSDUH 6* E Â&#x2026; Â&#x2026;
{ &DW Â&#x2026; VHOHFWLRQ RI VFDUFH HDUO\ 49 RYSWV
DOO GLII PRVWO\ VRXQG LQF 6* F UHG LVVXHV
6* HWF Â&#x2026; Â&#x2026; Â&#x2019; 2UFKLG F \HOORZ FRORXU RPLWWHG HUURU XP LQ SDLU Â&#x2019; ZLWK QRUPDO 6* E Â&#x2026; Â&#x2026; { 49 F RYSW 6* YIX QHDW FGV EURNHQ 2 YDULHW\ Â&#x2026; Â&#x2026; ^3KRWR`
{ 3(5)25$7,21 (5525 FRUQHU EORFN RI Â&#x2019; F 6* ZLWK SODWH QXPEHU XP ZLWK WKH ILUVW YHUWLFDO URZ RI { 49 F RYSW W\SH IX Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; ILYH *5266/< 0,63(5)25$7(' 6SHFWDFXODU %XFNOHV
FRUQHU FUHDVH FDXVHG E\ WKH PDOIXQFWLRQ Â&#x2026; Â&#x2026;
Â&#x2019; 49 F RYSW 6* 9)0 FÂ&#x2026; Â&#x2026; Â&#x2026; ),1( 86(' ZLWK FRPSOHWH VHWV GLII VWDPSV ZHGGLQJ QXPHURXV GLII GHILQ VHWV WR DJULFXOWXUH LVVXHV ZLWK GLII ZPNV SHUIV Â&#x2026; Â&#x2026; { 49 F W\SH RYSW 6* IX Â&#x2026; Â&#x2026;
0$/$<$1 67 3(5$.
{ 49 3HUHN RYSWV IX D KLJKO\ FDWDORJXHG
{ 49 F RYSWV 6* IX $ ILQH XVHG VHOHFWLRQ
VHOHFWLRQ RI PRVWO\ GLIIHUHQW PRVWO\ VRXQG IX ZLWK D JRRG YDULHW\ RI W\SHV FRPELQDWLRQV YDULRXV 3(5$. RYSWV RQH FHQW RQ F 6* F RQ F 6* RQH FHQW RYSWV PRUH 5HTXHVW VFDQ Â&#x2026; Â&#x2026;
RI GLII RYSWV LQF 6* Â&#x2026; Â&#x2026; Â&#x2019; 49 F RYSW W\SH 6* ILQH PLQW
Â&#x2026; Â&#x2026;
{ F RQ F 6* VRXQG XVHG VOLJKWO\ VRLOHG
{ 7ZR FHQWV RYSWV 6* ERWK IX
&Â&#x2026; Â&#x2026; Â&#x2026; { 3URYLVLRQDO FHQW RQ F 6* VRXQG IX
Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2026; Â&#x2026; { (OHSKDQWV 6* VXSHUE XVHG WUXH FRORXU
2QH QLEEOHG SHUI Â&#x2026; Â&#x2026; ^3KRWR`
{ 2QH FHQW RQ F 6* ERWK VRXQG IX
{ 2QH FHQW RYSWV 6* D E ERWK YIX
Â&#x2026; Â&#x2026; { 2QH FHQW RQ F VHW RI ILYH GLII W\SHV RI RYSW IX
Â&#x2026; Â&#x2026;
6* RQH VKRUW SHUI PRVWO\ VRXQG ILQH (OXVLYH VHW { ),1( 86(' FROOHFWLRQ GLII
VWDPSV LQF HOHSKDQWV ILVFDO XVHG VHW WR WR VHW WR ZLWK GLII SHUIV DJULFXOWXUH ZLWK GLII SHUIRUDWLRQV ZPNV +LJK FY Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; { 7ZR FHQWV RQ F VHW RI ILYH GLII RYSWV IX
6* Â&#x2026; Â&#x2026;
{ 2/' &2//(&7,21 RI ILQH XVHG VWDPSV ,QF F
{ $ KLJKO\ FDWDORJXHG XVHG VHOHFWLRQ LQF
RYSWV XQFKHFNHG 7LJHUV GHILQ VHW GHILQ VHW $ JRRG VHOHFWLRQ RI VWDPS KLJK &DW YDOXH Â&#x2026; Â&#x2026;
VHW WR 6* D ILQH SRVWDO XVHG 6* FÂ&#x2026; FRORXU ORVV 6* ILVFDO XVHG RYSW VHW 6* 0DLQO\ JRRG WR ILQH Â&#x2026; Â&#x2026; { (OHSKDQWV 6* IX FÂ&#x2026; Â&#x2026; Â&#x2026;
0$/$<$1 67 675$,76 { 9DOXDEOH VHOHFWLRQ RI XVHG 49 LVVXHV GLII
{ (OHSKDQWV 6* ILQH SRVWDO XVHG H[FHOOHQW
H[DPSOH Â&#x2026; Â&#x2026; ^3KRWR` { $QWLTXH ( LQ &HQW YDULHW\ F 6* E )8 ZLWK
VWDPSV òF F FÂ&#x2026; F LQY ZPN F S ò FÂ&#x2026; VHOHFWLRQ RI HDUO\ RYSWV LQF F 6* VHW WR F VHW WR FÂ&#x2026; HWF 0RVW DUH VRXQG YHU\ FROOHFWDEOH +LJK FY Â&#x2026; Â&#x2026; Â&#x2019; 49 F KLJK YDOXH 6* IUHVK PLQW ODUJH SDUW
QRUPDO WR FRPSDUH Â&#x2026; Â&#x2026; { 6XUFKDUJH VHW RI XVHG JRRG WR )8 6*
2* VXSHUE FRORXU 3XUFKDVHG IURP 6* Â&#x2026; Â&#x2026; { 3URYLVLRQDO RYHUSULQWV RQ F 6*
&DW Â&#x2026; .H\ F RQ LV D VRXQG VWDPS Â&#x2026; Â&#x2026;
ERWK VRXQG )8 Â&#x2026; Â&#x2026;
{ 7+5(( &(17 2Q RYSW 6* )8
Â&#x2019; 3529,6,21$/6 &HQWV 6(7 RI IUHVK
FÂ&#x2026; Â&#x2026; Â&#x2026;
0 8QXVHG 6* &DW Â&#x2026; 5DUHO\ RIIHUHG PLQW Â&#x2026; Â&#x2026;
{ 6XOWDQ VHW * WR )8 6* FÂ&#x2026;
Â&#x2026; Â&#x2026;
{ 7KH FHQWV RYSWV D JURXS RI VRXQG XVHG
Credit Cards
ZLWK GLII W\SHV 6* YI 6* VRLOHG EURNHQ YDULHW\ 6* VRXQG 6* VRXQG UDUH FÂ&#x2026; 6HH ZHEVLWH Â&#x2026; Â&#x2026; ^3KRWR`
The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 47
{ 7KH RYHUSULQWV ZLWKRXW FHQWV 6*
0$/$<$1 67 75(1**
FKLHIO\ IX VHOHFWLRQ RI 6,; GLII VHWWLQJV DV OLVWHG LQ 6* $OO JRRG { WR IX RQH ZLWK VPDOO IDXOWV $ VFDUFH DVVHPEO\ PLQ &9 Â&#x2026; Â&#x2019; 3$*(6 :LWK D JRRG UDQJH RI VWDPSV &DW Â&#x2026; GHILQV WR VHW RI VHW RI 5HTXHVW VFDQ $OO GLII Â&#x2026; Â&#x2026; %RUQHR ([KLELWLRQ RYSWV ,QF F UDLVHG VWRS [ )8 F Â&#x2019; &URZQ && 49 F F 6* PLQW $ VFDUFH VHFRQG VPDOO $ 6* G PLQW $ YHU\ XVHIXO UDQJH VHW FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 3RVWDJH GXH VHW YIP 6* ' FÂ&#x2026;
{ ,QYHUWHG ZDWHUPDUN F 6* Z IX
Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 3RVWDJH GXH VHW 9)0 6*' Â&#x2026; Â&#x2026;
{ ,QYHUWHG ZDWHUPDUN F VRXQG XVHG
6* Z Â&#x2026; Â&#x2026; Â&#x2019; ,PSHUI SDLU F 6* RQ SULQWHUV FRXUVH %XII
{ 7ZR FHQWV RQ F RUDQJH LVVXHV 6* D IX
3DSHU ILQH $36 &HUW Â&#x2026; Â&#x2026;
ORW RI VKRZLQJ D ZLGH YDULHW\ RI VHWWLQJV &DUHIXO LQVSHFWLRQ UHTXLUHG $ JRRG KROGLQJ Â&#x2026; Â&#x2026; { SQ F RQ F 6* IX D ILQH H[DPSOH
Â&#x2026; Â&#x2026; ^3KRWR` { 3URYLVLRQDO RYSWV F F ERWK VRXQG IX
0$/$<$1 67$7(6 Â&#x2019; 4(,, GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
/,7(5$785( .HGDK DQG 3HUOLV WKHUH VWDPSV
6* FÂ&#x2026; Â&#x2026; Â&#x2026; { 7:2 &(176 RQ F EOXH 7KH VHW RI GLII RYSWV
DQG SRVWDO KLVWRU\ E\ ' 5 0 +DOOH\ ,Q YHU\ JRRG FRQGLWLRQ Â&#x2026; Â&#x2026;
VRXQG WR IX RGG YHU\ PLQRU EOHPLVK VFDUFH 6* Â&#x2026; Â&#x2026;
0$/$<6,$
{ (GZDUG IX FROOHFWLRQ GLII VWDPSV FDW Â&#x2026;
,03(5)25$7( %(7:((1 67$03 0$5*,1 (5525 WHQ HUURUV D VSHFWDFXODU PXOWLSOH Â&#x2026; Â&#x2026;
Â&#x2019; )UXLWV VHQ GHILQLWLYH 6* D DV XP { F RQ F 6* YIX Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; FRPSOHWH VKHHW RI WKH ILUVW YHUWLFDO URZ RI WHQ
PRVW DUH VRXQG DUUDQJHG DV VHWV ZLWK H[FHVV VKDGHV 0RVW DUH JRRG WR ILQH WR WR ERWK 6* LVVXHV Â&#x2026; Â&#x2026; { &URZQ RYSW VHW YIX 6*
0$/',9( ,6/$1'6 Â&#x2019; (GZDUG RYSW VHW ILQH PLQW 6* *HQXLQH LQ
DOO UHVSHFWV Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; ^3KRWR`
0$/7$ 0LOLWDU\ HQYHORSH SULQWHG IRU *ORXFHVWHUVKLUH
{ )LQH XVHG (GZDUG VHW 6*
5HJLPHQW YIX WR 8. ZLWK VLQJOH G WLHG 0DOWD GXSOH[ Â&#x2026; Â&#x2026;
FÂ&#x2026; Â&#x2026; Â&#x2026; { ,QYHUWHG ZDWHUPDUN F 6* EZ IX
0LOLWDU\ FRXQWHUVLJQHG GUDZQ XS HQYHORSH WR
Â&#x2026; Â&#x2026; ^3KRWR`
8. VLQJOH G WLHG 0DOWD GXSOH[ IURP 8. WKH *ORXFHVWHUVKLUH UHJLPHQW Â&#x2026; Â&#x2026;
{ .*9 6* VXSHUE ILVFDO XVHG OHDYLQJ
Â&#x2019; .*9 RYSW 6* PLQW .H\ VWDPS
FOHDU SURILOH 2QH RI WKH ILQHVW ZH KDYH KDQGOHG Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2026; Â&#x2026;
{ .*9 ILQH ILVFDO XVHG YI 6*
Â&#x2019; 6KLSZUHFN VFULSW ZPN 6* IUHVK
Â&#x2026; Â&#x2026; ^3KRWR`
P Â&#x2026; Â&#x2026;
{ )LQH XVHG D FRPSUHKHQVLYH VHW RI F WR
6* ZLWK PDQ\ DGGLWLRQDO OLVWHG VKDGHV LQF DQG GLII ZLWK EROG FGV FDQFHO 6RXQG WR YI Â&#x2026; Â&#x2026; { 5HG &URVV RYSW VHW YIX 6*
Â&#x2019; 6KLSZUHFN 6* ILQH PLQW
Â&#x2026; Â&#x2026; Â&#x2019; 3RVWDJH GXHV ERWK VHWV ILQH PLQW 6* '
' Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 6LOYHU -XELOHH YDULHW\ G H[WUD IODJVWDII 80 Â&#x2019; ZLWKLQ FRUQHU EORFN 6* D Â&#x2026; Â&#x2026; { ),1( 86(' FROOHFWLRQ ZLWK VHWV VWDPSV LQF
WR 6* E .*9 WR .*9, WR SRVWDJH GXH VHW 6RXQG Â&#x2026; Â&#x2026;
Â&#x2019; .*9, FROOHFWLRQ GHILQ VHW RI VHOI
{ .*9 GHILQLWLYHV ZLWK YDOXHV WR ZLWK VKDGHV
DQG GLIIHUHQW GLHV ILQH XVHG +LJK FDWDORJXH YDOXH Â&#x2026; Â&#x2026; { ,QYHUWHG ZDWHUPDUN F IX 6J D
JRYHUQPHQW VHW SOXV DGGLWLRQDO WR DQG D JRRG YDULHW\ RI FRPPHPRUDWLYHV D IUHVK PLQW FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; .*9, 4(,, FROOHFWLRQ RQ ROG SDJHV ZLWK PDQ\
EHWWHU VHWV GHILQ VHW RI QHZ JRYHUQPHQW VHW WR V ZHGGLQJ GHILQ VHW WR ZLWK PDQ\ FRPPHPRUDWLYHV VHWV D YHU\ JRRG UDQJH RI VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; { 0DOD\D %RUQHR VHW RI RYHUSULQWV ILQH XVHG
DOO SULQWLQJV LQF ERWK VKDGHV RI WKH $ YHU\ GLIILFXOW VHW WR REWDLQ FRUUHFWO\ XVHG 6* LQFOXVLYH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; UDQJH RI FRPPHPRUDWLYHV LQ %/2&.6 2) Â&#x2019; )285 LQFO 6FDSXODU ,QGHSHQGHQFH VHW DQG PRUH
ILQH 80 EORFNV Â&#x2026; Â&#x2026;
{ .*9 6* F ILQH ILVFDO XVHG
Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 49 6(/(&7,21 2) 0,17 ,QF F RQ
F 6* F RQ F DV SDLU RQH ZLWK QDUURZ 2 RI YDULHW\ VHW RI ILYH HWF 1LFH JURXS Â&#x2026; Â&#x2026;
{ 2OG SDJHV ZLWK D JRRG UDQJH RI VWDPSV Â&#x2019; VHHQ 49 WR IX SRVWDJH RYSWV WR PLQW VKLSZUHFN
IX VHOI JRYHUQPHQW RYSW WR )8 ZLWK LVVXHV WR DQ XVHIXO UDQJH ZLWK EHWWHU SLFNLQJV ZLWK PLQW PL[HG Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 48
3RVWDO +LVWRU\ (QYHORSH ZLWK òG G
{ 4(,, VXSHUE XVHG ZLWK EHWWHU VHWV GHILQ
6* 5HJG VHQW WR WKH 8. SULQWHG HQYHORSH VHQW ZLWK G G 6* VHQW WR 6ZLW]HUODQG (QYHORSH ZLWK òG G G 6* DQG SDLU VHQW WR *HUPDQ\ 33& VHQW IURP D 6KLS ZLWK G RYSW 6* VHQW WR ,UHODQG Â&#x2019; (QYHORSH ZLWK %\ $LU WR 5RPH 2QO\ FDFKHW ZLWK òG G IUDQNLQJ .*9, FHQVRUHG HQYHORSH ZLWK 0DOWD ,V *UDWHIXO 7R 7KH 5R\DO 1DY\ DQG $LU )RUFH WLHG $ YHU\ JRRG JURXS RI &RYHUV &DUGV Â&#x2026; Â&#x2026;
VHW RI %LUG VHW RI )LVKHV VHW RI D ILQH UDQJH RI FRPPHPRUDWLYH VHWV VXSHUE TXDOLW\ FROOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; ),1( 86(' 6XSHULRU 4(,, ZLWK &'6 FDQFHOV DQG PDQ\ VHWV %LUGV WR U RYSW WR U 0DULQH /LIH WR U ZLWK LVVXHV WR ,QF WKH RGG 06 RXWVWDQGLQJ ORW Â&#x2026; Â&#x2026;
{ 2OG SDFNHWV DQG HQYHORSHV ZLWK PDQ\ V RI Â&#x2019; VWDPSV PDLQO\ SUH .*9, ZLWK HDUO\ DUPV 49 .*9 LVVXHV &RXFKPDQ LQ 0DOWD 9LD 7KRPDV &RRN VHQW WR WKH HYHQ VHHQ SDFNHWV ZLWK 80 ORZ YDOXHV DUPV LQ EORFNV LQ QHHG *RYHUQRU RI 0DOWD DQG UHGLUHFWHG 9LD 7KRPDV &RRN VHQW RQ WR RI D JRRG VRUW Â&#x2026; Â&#x2026; &UHWH D YDULHW\ RI GLIIHUHQW PHWHU PDUN FRYHUV VHQW WR WKH 8. HDUO\ 33& RI WKH *HQHUDO 3RVW 2IILFH LQ 9DOOHWWD DQ LQWHUHVWLQJ { 9DULHWLHV VLOYHU MXELOHH F ZLWK GLDJRQDO OLQH E\ WXUUHW 6* ) DQG .*9, U ZLWK EDWWHUHG $ ORW RI LWHPV Â&#x2026; Â&#x2026; 6* ED ERWK ILQH XVHG Â&#x2026; Â&#x2026;
3RVWDO +LVWRU\ (QYHORSH VHQW WR /DG\
0$85,7,86
0(;,&2
Â&#x2019; .*9, YDULHW\ F &RURQDWLRQ OLQH WKURXJK
{ (DUO\ QXPHUDO LVVXHV RQ ROG SDJHV ZLWK YDOXHV
6ZRUG 6* D 9)0 Â&#x2026; Â&#x2026;
WR F QHHGV FKHFNLQJ ILQH XVHG Â&#x2026; Â&#x2026;
{ %DUQDUG G ZRUQ LPSUHVVLRQ 6* VKHHW
SRVLWLRQ ILQH XVHG IRXU PDUJLQV D ILQH DQG VRXQG H[DPSOH Â&#x2019; S WRS YDOXH GHILQLWLYH GHSLFWLQJ D 6WHDP 7UDLQ RI WKLV HPSLUH FODVVLF &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 0,17 &2//(&7,21 RQ 1HZ ,PSHULDO SDJHV DOO
GLIIHUHQW LQFOXGHV XQLVVXHG UHG EURZQ EOXH LPSHUIV WKHQ UDQJH RI VXUFKDUJHV IHZ YDOXHV WR U VHW F RQ F VODWH VHW WR F SOXV U 3RVWDJH 5HYHQXH RYSWV VHW .(9,, .*9 YDOXHV WR U SOXV D IHZ ([SUHVV 'HOLYHU\ VWDPSV 0L[HG FRQGLWLRQ FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 6XUFKDUJHV F F F F F U F PLQW
IUHVK PLQW 6* 6FRWW &DW .H\ 6WDPS Â&#x2026; Â&#x2026;
2OG SDJHV ZLWK D PL[HG VHOHFWLRQ LQF SRVW RIILFH VHDOV UHJG OHWWHU VHDOV XQXVHG SRVWDO FDUGV UHG FURVV VWDPSV DQ LQWHUHVWLQJ JURXS RI LWHPV Â&#x2026; Â&#x2026; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ FRQWDLQLQJ GLIIHUHQW PLQW LVVXHV RQ VSHFLDO SDJHV 9HU\ ILQH LWHP Â&#x2026; Â&#x2026;
6* LVVXH FDW Â&#x2026; Â&#x2026; Â&#x2026;
021$&2
Â&#x2019; 2/' 3$*( :LWK $UPV LVVXHV WR U ,QF
Â&#x2019; 0LOOHVLPH JXWWHU SDLU F IUHVK PLQW \YHUW
$UP VHW RI 3RVWDJH DQG 5HYHQXH RYSW 6HW RI FÂ&#x2026; $UP WR U VHW RI FÂ&#x2026; VPDOO EXW YDOXDEOH UDQJH RI VWDPSV PLQW Â&#x2026; Â&#x2026;
Â&#x2019; 0LOOHVLPH JXWWHU SDLU ZLWK QXPEHU F \YHUW
Â&#x2019; 63(&,0(1 RYHUSULQW .(9,, VHW RI
6* V DIIL[HG WR RULJLQDO DUFKLYH SLHFH ZLWK VXSHUE FRORXU Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; IUHVK PLQW Â&#x2026; Â&#x2026;
02176(55$7
Â&#x2019; 3ODWH QXPEHU UHTXLVLWLRQ QXPEHU XP Â&#x2019; PDUJLQDO EORFN F 6* F IUHVK XP 6FDUFH Â&#x2026; Â&#x2026;
Â&#x2019; (GZDUG PLQW VRPH JXP VWDLQLQJ
6* Â&#x2026; Â&#x2026; 6,/9(5 -8%,/(( 6HWV HDFK RQ ILQH
{ 9DULHW\ 6LOYHU -XELOHH F GRW E\ IODJVWDII
UHJLVWHUHG FRYHUV 6* FÂ&#x2026; DV )8 Â&#x2026; Â&#x2026;
6* K ILQH XVHG Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 4(,, FROOHFWLRQ RQ ROG SDJHV FDWDORJXHG
Â&#x2019; .*9, YDULHW\ F &RURQDWLRQ OLQH E\ VFHSWUH
Â&#x2026; LQF GHILQ ERWK SHUI W\SHV FDW Â&#x2026; VWDPSV GHILQ VHW LQF 'LH , DQG ,, H[WHQVLYH FRPPHPRUDWLYHV LQF V ZHGGLQJ D YHU\ JRRG UDQJH RI VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026;
ILQH P 6* % Â&#x2026; Â&#x2026; Â&#x2019; .*9, YDULHW\ F &RURQDWLRQ OLQH E\ 6FHSWUH Â&#x2019; 6* E 1+0 Â&#x2026; Â&#x2026;
Â&#x2019; .*9, GHILQLWLYH WR Â&#x2026; ZLWK VKDGHV DQG
Â&#x2019; /LQH E\ 6FHSWUH LQWHUHVWLQJ YDULDWLRQ F
GLIIHUHQW SHUI W\SHV òG G òG G òG G G G DQG Â&#x2026; IUHVK PLQW Â&#x2026; Â&#x2026;
6* E 9)0 Â&#x2026; Â&#x2026; Â&#x2019; .*9, GHILQLWLYH VHW LQF F VOLFHG V 6* D
F F 5 U DQG U ERWK VKDGHV D ILQH IUHVK PLQW VHW RI VWDPSV 6* D FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; .*9, 9$5,(7< F 6/,&(' 6 1+0 ZLWKLQ Â&#x2019; PDUJLQDO EORFN 6* D Â&#x2026; Â&#x2026;
Â&#x2019; 4(,, GHILQV VHW SOXV F LQ %/2&.6 2) Â&#x2019; )285 6* D D ILQH 80 EORFNV
Â&#x2026; Â&#x2026; { 4(,, VXSHUE XVHG ZLWK EHWWHU VHWV &DW 9DOXH
Â&#x2019; .*9, FROOHFWLRQ GHILQLWLYHV WR U ZLWK
GLIIHUHQW SULQWLQJV QRWH U U U 6* D 9LFWRU\ &HQWHQDU\ 838 VHWV )UHVK PLQW Â&#x2026; Â&#x2026; Â&#x2019; 6/,&(' 6 DW ULJKW .*9, F 5HGGLVK /LODF DQG
5HG VKDGH YDULHW\ 9)0 6* FD Â&#x2026; Â&#x2026;
Â&#x2026; LQF GHILQ VHW SOXV &RORQ\ VHW 9HJHWDEOHV )UXLW DQG 3ODQWV GHILQV LQF VXUFK $ JRRG UDQJH RI FRPPHPRUDWLYH VHWV $ YHU\ ILQH FROOHFWLRQ RI VWDPSV RXWVWDQGLQJ TXDOLW\ Â&#x2026; Â&#x2026; .*9, SODWH QXPEHUV DQG LPSULQW VWULSV XVHG RQ
UHJLVWHUHG FRYHUV WR &DQDGD FRYHUV ZLWK F F F F F VWULSV RI IRXU 0RVW XQXVXDO Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 4(,, FROOHFWLRQ RQ ROG SDJHV ZLWK EHWWHU
Â&#x2019; )UXLW 9HJHWDEOH GHILQV VXUFKDUJHV VHWV LQF V ZHGGLQJ 838 GHILQ VHW GHILQ Â&#x2019; VHWV LQ %/2&.6 2) )285 6* ILQH 80 VHW ELUG VHWV DQG UXQ RI FRPPHPRUDWLYHV RYHU EORFNV Â&#x2026; Â&#x2026; VWDPSV FDW Â&#x2026; Â&#x2026; Â&#x2026;
Selling? â&#x20AC;&#x201C; Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 49
&RYHUV DQG FDUGV FROOHFWLRQ ZLWK EHWWHU
1$7$/
LQDXJXUDO IOLJKW RYSW VHW RQ LOOXVWUDWHG IGF VLJQHG E\ WKH SLORW 3(11< /$7( )(( JURXS RI WKUHH FRYHUV LQFO IDPRXV VWDPS SHUVRQDOLWLHV VHW RI DV FRUQHU LPSULQWHG XVHG DW &$03(5'2:1 DQG WZR XVHG DW EONV 9)8 RQ FRYHUV IHGHUDWLRQ VHW ZLWK VXSHUE 6W 3HWHUV 'XUEDQ WR (QJODQG ZLWK D VHSDUDWH G DIIL[HG DW ORZHU OHIW WR FGV IORZHULQJ WUHHV F ZLWK VXSHUE 6W 3DWULFNV FGV D SD\ WKH ODWH IHH *RRG WR ILQH FRYHUV Â&#x2026; Â&#x2026; YHU\ ILQH UDQJH RI FRYHUV FDUGV FROOHFWHG IRU WKHLU SRVWPDUNV Â&#x2026; Â&#x2026; 1$858 2+06 0$,/6 ILQH ORW RI FRYHUV
Â&#x2019; 63(&,0(1 RYHUSULQW 'H /D 5XH VHW RI VHD
PXOWL IUDQNHG ZLWK GLIIHUHQW 2+06 SULQWHG LPSUHVVLRQV Â&#x2026; Â&#x2026;
KRUVHV G 6* V DQG 6* V PLQW &DW Â&#x2026; ZLWK WUDFHV RI DUFKLYH SDSHU RQ WKH UHYHUVH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; V EULJKW FDUPLQH 6HDKRUVH ³1$858´ RYSW
0252&&2 5(*,67(5(' (19(/23( WR WKH 8. ZLWK
6* 9)0 Â&#x2026; Â&#x2026;
YLHZ F WR F 6* YHU\ ILQH XVHG D VFDUFH FRYHU Â&#x2026; Â&#x2026;
{ &HQWXU\ IUHLJKWHU ILUVW SULQWLQJ 6* D D ILQH
I .LQJ DIIL[HG WR FDUG ZLWK QRWDWLRQV 9HU\ VFDUFH H[ SULQWHUV DUFKLYH Â&#x2026; Â&#x2026;
Â&#x2019; 8QPRXQWHG PLQW H[WHQVLYH FROOHFWLRQ RI Â&#x2019; VWDPSV 06 ZLWK PDQ\ VHWV FDW RYHU Â&#x2026; D ILQH UDQJH RI
XVHG Â&#x2026; Â&#x2026; ^3KRWR` 7KRPDV 'H /D 5XH 3ULQWHUV LPSHUI SURRI RI I .LQJ GHILQ DIIL[HG WR FDUG ZLWK QR EDFNJURXQG FRORXU Â&#x2019; ERWK GHILQV VHWV DQG *DOOLSROL LVVXH LQ %/2&.6 Â&#x2019; 2) )285 6* FRXSOH RI EORFNV ZULQNOHG RWKHUZLVH ILQH YHU\ VFDUFH H[ SULQWHUV DUFKLYH Â&#x2026; Â&#x2026; 80 EORFNV Â&#x2026; Â&#x2026; 7KRPDV 'H /D 5XH 3ULQWHUV LPSHUI SURRI RI
7KRPDV 'H /D 5XH 3ULQWHUV LPSHUI SURRI D G .LQJ GHILQ DIIL[HG WR FDUG ZLWK QRWDWLRQV 9HU\ VFDUFH H[ SULQWHUV DUFKLYH Â&#x2026; Â&#x2026;
VHWV Â&#x2026; Â&#x2026;
1(3$/
{ 2OG SDJHV ZLWK EHWWHU HDUO\ .LQJ 3ULWKUL QRWH 7KRPDV 'H /D 5XH 3ULQWHUV RULJLQDO SURRIV IRU Â&#x2019; D EOXH 6* IX YDULHW\ S JUHHQ LPSHUI EHWZHHQ
WKH .LQJ GHILQ VHW ZLWK I I DQG LQVFULSWLRQ RQO\ VWDPS SDLU 6* D PLQW D JRRG UDQJH RI VWDPSV LQ WR VL]H DUWLVW PRFN XSV PRXQWHG RQ *ROG IUDPH FDUG ZLWK SULQWHUV (DUO\ LVVXHV ZLWK GLIIHUHQW SULQWLQJV Â&#x2026; Â&#x2026; FRGHV WRJHWKHU ZLWK D PDWFKLQJ FDUG RI SURSRVHG FRORXUV DV D 1(7+(5/$1'6 FRORXU VZDWFK FRGHG $ < $ XQLTXH SDLU RI SULQWHUV SURRIV IRU LQVSHFWLRQ RI WKH 3RVWDO $XWKRULW\ ([KLELWLRQ PDWHULDO Â&#x2019; 5DGLR]HJHO UDGLR OLFHQFH JOG WD[ VWDPS DV D Â&#x2026; Â&#x2026; Â&#x2019; ILQH QKP EORFN 8QXVXDO Â&#x2026; Â&#x2026; 7KRPDV 'H /D 5XH 3ULQWHUV SHUIRUDWHG SURRIV DIIL[HG WR FDUGV RI WKH .LQJV GHILQV I I I I { 63(&7$&8/$5 +,*+ 9$/8(6 XVHG RQ D SDUFHO UHFHLSW FDUG XVHG WR 6RXWK $IULFD ZLWK KLJK YDOXHV *XOO DQG IU ZLWK GDWHV DQG QRWDWLRQV ([ SULQWHUV DUFKLYHV 9HU\ JOG VWULS RI F ò JOG DQG JOG ZLWK =ZLMQGUHFKW FGV ILQH Â&#x2026; Â&#x2026; FDQFHOV DQG UHJG ODEHO QHDU E\ ZLWK DLUPDLO ODEHO DQG GRFXPHQW 7ZR LPSHUI SURRI VKHHWOHWV RI WKH V GHILQV ODEHO YHU\ VFDUFH WR VHH KLJK YDOXHV RQ D UHFHLSW FDUG ZLWK YDOXHV RPLWWHG Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ %RRN IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW FRQWHPSRUDU\ 80 LVVXHV VHWV VSHFLDO
$,50$,/6 ./0 D FRPSUHKHQVLYH ILQH 4 FROOHFWLRQ RI FRYHUV FDUGV GHWDLOHG RQ SDJHV IHDWXULQJ
PDQ\ EHWWHU V ILUVW IOLJKWV XVH RI VSHFLDO HQYHORSHV LQF GHOLJKWIXO UHG FURVV HQYHORSH QXPHURXV IOLJKWV WR WKH &RORQLHV ZLWK PL[HG VWDPS XVDJHV 6RXWK $IULFDQ PXOWL XVDJHV 86$ IOLJKW LQWHUHVWLQJ GHVWLQDWLRQV ./0 ODEHOV KDQGVWDPSV HWF $OO GLIIHUHQW DQ RULJLQDO ORW Â&#x2026; Â&#x2026;
838 SDJHV LQF $LUPDLO GHILQ VHW WR IU GHILQ VHW HWF YHU\ ILQH Â&#x2026; Â&#x2026;
0252&&2 $*(1&,(6 Â&#x2019; (GZDUG RYSW VHW WR S WRS YDOXH 9)0 ,QF
+DUULVRQ 3ULQWLQJ F 6* Â&#x2026; Â&#x2026;
{ &$7$/2*8(' Â&#x2026; ILQH XVHG UDQJH RI
V ZLWK PDQ\ FRPSOHWH VHWV ,QF &KLOGUHQ V &KDULWLHV 6HDPHQV VHW 7RXULVW VHW %DUJDLQ GLIIHUHQW FROOHFWLRQ RI VWDPSV LQF VHW RI VHDKRUVHV G Â&#x2026; Â&#x2026; HDFK GLIIHUHQW VFDUFH EORFN RI VHDKRUVH { /DUJH JODVVLQH ZLWK PDQ\ V RI VWDPSV 6* 80 D YHU\ JRRG UDQJH Â&#x2026; Â&#x2026; FKLHIO\ ILQH XVHG XQFKHFNHG Â&#x2026; Â&#x2026; %ULWLVK &XUUHQF\ 6SDQLVK &XUUHQF\ 7DQJLHU DOO RI WKH 4(,, SHULRG GHILQV LQ %/2&.6 2) )285 6* 5(9(18(6 2OG SDJHV ZLWK PDLQO\ GRFXPHQWV ILQH 80 EORFNV LVVXHV RI ZLWK YDOXHV WR JO ZLWK YDOXHV WR JO Â&#x2026; Â&#x2026; LPSHUI J SHUI ZLWK YDOXHV WR JO ZLWK YDOXHV WR JO $ YHU\ ILQH UDQJH RI UHYHQXHV RQ ROG )5(1&+ =21( VHOHFWLRQ RQ 6WRFNSDJHV LQF SDJHV Â&#x2026; Â&#x2026; F RQ òG EORFN RI 6* 80 F RQ òG SO EORFN RI Y F RQ G SO EORFN RI Y ERWK 80 VHDKRUVH I 1(: %5816:,&. DQG I 80 D XVHIXO VHOHFWLRQ RI VWDPSV PLQW LQF 80 Â&#x2019; &/$66,&6 49 F DV D IUHVK XQXVHG Â&#x2026; Â&#x2026; EORFN DQG òF 6KLS DV D 9) SODWH SURRI LQ %OXH LPSHUI 0LQW VHOHFWLRQ RQ ROG VWRFNFDUGV ILQH RYHUSULQWHG VSHFLPHQ LWHPV 6* 6& SLLL VWDPSV KLJK FDW YDOXH *LEUDOWDU (GZDUG RYSWV WR SWD GLII Â&#x2026; Â&#x2026; VHDKRUVHV WR QLFH Â&#x2026; Â&#x2026;
Â&#x2019; %5,7,6+ &855(1&< KLJKO\ FDWDORJXHG
Â&#x2019; Â&#x2019;
Â&#x2019;
Â&#x2019;
1(: *8,1($
Â&#x2019; 7$1*,(5 $5&+,9( SDJH ZLWK IUHVK PLQW
Â&#x2019; 5RR RYSW 6* PLQW VPDOO JXP VSRWV DW
%ULWLVK 32 VHWV LQF GHILQ VHW V ZHGGLQJ GHILQ VHW $ JRRG JURXS RI VWDPSV FDW Â&#x2026; Â&#x2026; Â&#x2026;
EDVH IUHVK Â&#x2026; Â&#x2026; Â&#x2019; òG .*9 òG G 5RRV YHUWLFDO VWULSV RI
1$0,%,$
WKUHH ZLWK GLIIHUHQW RYSW VHWWLQJV 6* PLQW VWULSV Â&#x2026; Â&#x2026;
$UWLVW WUDFLQJ RI 1HXKRXVH DQG IUDPHV IRU WKH F 6* E\ $ + %DUUHWW D ILQH LWHP WR HQKDQFH \RXU FROOHFWLRQ Â&#x2026; Â&#x2026;
Â&#x2019; 5RRV ZPN 6* W\SH : FRPSOHWH G WR V
H[FO UDUH òG 6* 9)0 Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 50
Â&#x2019; $LUPDLO Â&#x2026; +XWV RYSW IUHVK PLQW WRS YDOXH 4 6* Â&#x2026; Â&#x2026;
1(: =($/$1' { &KDORQ EDODQFH GLIIHUHQW LVVXHV 67&
Â&#x2026; PL[HG FRQGLWLRQ EXW PRVW SUHVHQWDEOH ,QF G 6* %OXHG SDSHUV G QRW EDG DQG 6* 3HOXUH 3DSHUV ,QF 5RXOHWWH G 6* SHUI G RWKHUV WR )LOO JDSV $ VFDQ LV DGYLVHG DOO SUHVHQWDEOH Â&#x2026; Â&#x2026;
Â&#x2019; $LUPDLO %LUG RYSW VHW RI ILQH PLQW 4 6* Â&#x2026; Â&#x2026; Â&#x2019; 2)),&,$/ ELUG VHW 6*2 IUHVK
PLQW Â&#x2026; Â&#x2026;
{ &KDORQV 6* 1R :PN %OXHG 3DSHU )8
Â&#x2019; $LU VHW WR Â&#x2026; 6* IUHVK PLQW
Â&#x2026; Â&#x2026; ^3KRWR`
DQG VXSHUE ORRNLQJ H[DPSOH RI WKLV UDUH VWDPS IRXU PDUJLQV QXPEHU GXSOH[ VPDOO VKDOORZ WKLQV 5DUHO\ RIIHUHG &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; $LUPDLO %LUG RYSW VHW WR Â&#x2026; IUHVK PLQW òG 4 G 6* Â&#x2026; Â&#x2026;
{ &KDORQV G QR :PN %OXH SDSHU 6* 9HU\
Â&#x2019; 2)),&,$/ VHW RI 6*2 PLQW
{ &KDORQV G 1R :PN %OXH SDSHU 6* )8
FROOHFWDEOH )8 H[DPSOH WLJKW PDUJLQV QHDW GXSOH[ &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
6PDOO IDXOWV FÂ&#x2026; Â&#x2026; Â&#x2026;
{ %XOROR *ROGILHOGV Â&#x2026; WRS YDOXH 9)8
{ &KDORQ G 6* 9)8 ZLWK JRRG PDUJLQV DQG
6* Â&#x2026; Â&#x2026;
FHQWUDO 1R GXSOH[ Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 3$1(//, )25*(5< Â&#x2026; EULJKW YLROHW %XOROR
*ROGILHOGV DV 6* PLQW HQGRUVHG )$.( RQ UHYHUVH Â&#x2026; Â&#x2026;
1(: +(%5,'(6
Â&#x2026; Â&#x2026; { &KDORQV 1R :PN ,VVXH XVHG VHOHFWLRQ
6* V SOXV ZPN &URZQ QRUPDO VHW 6* DIIL[HG WR RULJLQDO DUFKLYH SLHFH VXSHUE FRORXU PLQW Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 RYHUSULQW DUPV VHW RI 6* V
VXSHUE FRORXU DIIL[HG WR RULJLQDO DUFKLYH SLHFH Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 RYHUSULQW SRVWDJH GXH VHW RI
0LQ &9 Â&#x2026; 6* PL[HG PDUJLQV DOO VRXQG DQG FROOHFWDEOH G G G GLIIHUHQW VKDGHV DQG VFDUFH %OXH *UHHQ 6* 5HTXHVW VFDQ Â&#x2026; Â&#x2026; { &KDORQ 6* 9)8 RI VXSHUE DSSHDUDQFH
ZLWK FOHDU SURILOH IXOO PDUJLQV 7KH VWDPS LV SDUWO\ SDWFKHG DQG WKLQQHG %3$ 3LQN &HUW &Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
6*' V IUHVK PLQW Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 63(&,0(1 RYHUSULQWHG VHW RI SLFWRULDO
{ &KDORQ G 5RXOHWWH 6* VRXQG )8 PRVW
6* V PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG VHW RI QHZ FXUUHQF\
GLIILFXOW WR REWDLQ VRXQG ZLWK JRRG 5RXOHWWLQJ FÂ&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` { &KDORQ G 5RXOHWWH 6* 9)8 $ ILQH
VHW 6* V IUHVK PLQW Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; .*9, RQ VWRFNSDJHV GHILQLWLYHV VHW WR I
Â&#x2019; Â&#x2019;
QHDW GXSOH[ Â&#x2026; Â&#x2026; ^3KRWR` { &KDORQ G 6* )8 ZLWK IXOO PDUJLQV
Â&#x2019; 63(&,0(1 RYSW (GZDUG VHW RI
Â&#x2019; Â&#x2019;
{ &KDORQ G 6* FKRLFH 9)8 PDUJLQV DQG
H[DPSOH Â&#x2026; Â&#x2026; ^3KRWR`
6* PLQW ,) )8 SLFWRULDO VHW SRVWDJH GXH VHW { &KDORQ G 5RXOHWWH 6* )8 ZLWK IXOO 5RXOHWWH RI D JRRG UDQJH RI VWDPSV PLQW &DW Â&#x2026; LQWHUHVWLQJ GLVSODFHPHQW 1R GXSOH[ &Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` GHILQV LQ &</,1'(5 %/2&.6 WK { &KDORQ 3HOXUH 3DSHU G 6* )8 QHDW &'6 $QQLYHUVDU\ VHW GHILQV VHW LQ %/2&.6 2) )285 3PN -XVW WRXFKLQJ FÂ&#x2026; VFDUFH VWDPS Â&#x2026; Â&#x2026; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; { &KDORQ 3HOXUH 3DSHU SHUIRUDWHG G G 6* 3267$*( '8(6 VHWV LQ %/2&.6 2) )285 ERWK VRXQG XVHG 6FDUFH VWDPSV &DW Â&#x2026; VHW LQ F\OLQGHU EORFNV 6* ' ILQH 80 Â&#x2026; Â&#x2026; EORFNV Â&#x2026; Â&#x2026; { &KDORQV ,PSHUI :PN /DUJH 6WDU D XVHG VHW
{ ),1( 86(' ZLWK FRPSOHWH VHWV DQG
YHU\ ILQH TXDOLW\ GLIIHUHQW 'HILQ VHW 'HILQ VHW 'HILQ VHW 6HW )1+ RYSW 6HW WR I HWF Â&#x2026; Â&#x2026;
1(: 5(38%/,& Â&#x2019; $UPV G ZLWK GDWHV 6* ILQH P
Â&#x2026; Â&#x2026;
1(: 6287+ :$/(6
RI G WR ZLWK PDMRULW\ RI OLVWHG VKDGHV 6* $ SUHVHQWDEOH VHW PL[HG PDUJLQV PLQ &9 Â&#x2026; Â&#x2026; Â&#x2026; { &KDORQV SHUI 6* $ VHOHFWHG VHW RI
ILQH XVHG IHDWXULQJ WKH PDMRULW\ RI WKH SULQWLQJV VHYHUDO DUH YHU\ ILQH &'6 H[DPSOHV ,QF G D YHU\ ILQH G 6* ,QF G 0LQ &9 Â&#x2026; ([FHOOHQW RSSRUWXQLW\ 6HH ZHEVLWH Â&#x2026; Â&#x2026; ^3KRWR` { &KDORQ G QR :PN 3 DW 'XQHGLQ 6* D )8
Â&#x2019; 2)),&,$/ G \HOORZ SHUI 6* 2 D ILQH
ZLWK %3$ &HUW H[ 6* $ ILQH VWDPS Â&#x2026; Â&#x2026; ^3KRWR`
PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 7KH 6* VHW RI IRXU WRJHWKHU ZLWK 26 RYSW
VHW YHU\ IUHVK PLQW 6*2 RGG VKRUW SHUI EXW YLEUDQW FRORXUV SDUW 2* Â&#x2026; Â&#x2026; { 2)),&,$/6 òG òG òG G VXUFKDUJHV Â&#x2019; SOXV òG JUH\ SHUI 6* 2 E ERWK òG XVHG RWKHUV PLQW
FDW Â&#x2026; Â&#x2026; Â&#x2026;
{ &KDORQ G WKLFN SDSHU QR :PN 6* 9)8
FOHDU SURILOH IRXU FORVH WR JRRG PDUJLQV 0LQRU EOHPLVKHV $WWUDFWLYH &Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; &KDORQ G 6* YHU\ ILQH XQXVHG ZLWK JRRG
PDUJLQV DQG IDEXORXV FRORXU 9HU\ ILQH Â&#x2026; Â&#x2026; ^3KRWR`
{ &KDORQ G :PN 1HZ =HDODQG 9)8 PDUJLQ FOHDU SURILOH 6* Â&#x2026; Â&#x2026; ^3KRWR` GLDGHUD LPSHUI G G 6* ZLWK GLIIHUHQW SULQWLQJ 26 RYSWV WR UDLOZD\ VWDPSV WR ZLWK RYHU VWDPSV ILQH Â&#x2019; &KDORQ G 6* PLQW &DW Â&#x2026; WR JRRG XVHG YHU\ KLJK FDWDORJXH YDOXH Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026;
{ 2OG WLPH FROOHFWLRQ RQ ROG OHDYHV VHHQ
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 51
{ &KDORQ ZPN 1= SHUI G ERWK )8
+HDOWK LVVXH DV D 3$,5 RQ )'& ZLWK FOHDU
6* &DW Â&#x2026; Â&#x2026; Â&#x2026;
+LJKILHOG GDWHG &'6 6* &3 $ VFDUFH PXOWLSOH XVDJH )'& Â&#x2026; Â&#x2026; ^3KRWR`
{ &KDORQV ZPN 1= G G DQG DWWUDFWLYH
XVHG WULR PL[HG PDUJLQV 6* FÂ&#x2026; Â&#x2026; Â&#x2026;
+HDOWK LVVXH RQ )'& :HOOLQJWRQ &'6 ZLWK
FOHDU GDWH 6* &3 Â&#x2026; Â&#x2026; ^3KRWR`
{ &KDORQV :PN /DUJH 6WDU D )8 VHW RI G WR +HDOWK LVVXH RQ )'& W\SH $GGU )ROG WKURXJK
ZLWK PDMRULW\ RI OLVWHG VWDPSV EHWZHHQ 6* ZLWK PDMRULW\ VRXQG XVHG ,QF YHU\ ILQH QRWLQJ G 5RVH G DQG 5HTXHVW VFDQ 0LQ &9 Â&#x2026; Â&#x2026; Â&#x2026;
(QY 6* ILQH TXDOLW\ &3 Â&#x2026; Â&#x2026;
{ &KDORQV SHUI [ ò LVVXHV G 6* DOVR
G FRPSRXQG 6* D G 6* DQG D ILQH G 6* D $OO VRXQG DQG PRVW FROOHFWDEOH 0LQ &9 Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR`
{ +HDOWK G &UXVDGHU 6* DV 9)8 EORFN
Â&#x2026; Â&#x2026; +HDOWK LVVXH RQ 2FW )'& DW +LJKILHOG YHU\
ILQH 6* &3 Â&#x2026; Â&#x2026;
{ &KDORQV SHUI ò G WR G VHW RI JRRG WR )8 +HDOWK LVVXH RQ )'& GLIIHUHQW W\SHV RI
6* 0LQ &9 Â&#x2026; Â&#x2026; Â&#x2026;
{ &KDORQ G 6* VHOHFW )8 Â&#x2026; Â&#x2026;
^3KRWR` { &KDORQ :PN /R]HQJHV G 6* VRXQG )8
0LQRU &UHDVLQJ FÂ&#x2026; Â&#x2026; Â&#x2026;
(QY 2QH LV VXSHUE ZLWK *DWH 3$ 6TXDUHG &LUFOH 3PN 6* &3 Â&#x2026; Â&#x2026; +HDOWK LVVXH RQ )'& ZLWK D JRRG YDULHW\ RI
LOOXVWUDWHG SDQHOV DQG DOO YHU\ ILQH 6* &3 Â&#x2026; Â&#x2026; ^3KRWR` +HDOWK LVVXH RQ )'& ZLWK D JRRG YDULHW\ RI
{ )LQH XVHG FROOHFWLRQ RI VWDPSV DQG
PV VKHHWOHWV ZLWK PDQ\ VHWV 80 PL[HG LQ EXW QRW FRXQWHG DV VHOOLQJ DV D ILQH XVHG FROOHFWLRQ VHHQ YDOXHV WR Â&#x2026; Â&#x2026; { 0RXQW &RRN 6* 9)8 Â&#x2026; Â&#x2026;
^3KRWR`
SLFWRULDO SDQHOV DQG GLIIHUHQW 3PNV 0RVW DUH YHU\ ILQH 6* &3 Â&#x2026; Â&#x2026; +HDOWK LVVXH RQ )'& 6* ZLWK YDULRXV
SLFWRULDO SDQHOV DQG XVDJHV $ YDULHW\ RI RIILFH FDQFHOODWLRQV RQH LV IUDQNHG DQ LPSULQW EORFN &3 0RVW YHU\ ILQH Â&#x2026; Â&#x2026; Â&#x2019; .*9, SODWH EORFNV G RQ G SO G SO G Â&#x2019; ILQH SDSHUV G D ILQH FROOHFWLRQ RI EORFNV Â&#x2019; PDLQO\ DV EORFNV RI 0LQW LQF XP &DW YDOXH
{ 0RXQW &RRN :PN XSULJKW 6* D ILQH
SRVWDO XVHG ZLWK ZHOOLQJWRQ &'6 Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2026; Â&#x2026;
{ 0RXQW &RRN 6* 9)8 ZLWK ,QYHUFDUJLOO
Â&#x2019; .*9, SODWH EORFNV G ILQH SDSHU VHW RI Â&#x2019; FRDUVH SDSHU SO F G SO VL[ EORFNV RI PDLQO\ Â&#x2019; 80 Â&#x2026; Â&#x2026;
&'6 &KRLFH Â&#x2026; Â&#x2026; ^3KRWR` { &KULVWFKXUFK ([KLELWLRQ VHW )8 6*
+HDOWK VHWV RQ )'& 6* ZLWK
Â&#x2026; Â&#x2026; ^3KRWR`
GLIIHUHQW LOOXVWUDWHG SDQHOV DQG YDULRXV FDQFHOV *RRG WR YHU\ ILQH &3 Â&#x2026; Â&#x2026;
Â&#x2019; 2IILFLDO WRS YDOXH IUHVK PLQW ,QWHQVH
FRORXU 6*2 Â&#x2026; Â&#x2026;
+($/7+ 6(76 21 )'&
9DULRXV LOOXVWUDWHG SDQHOV DQG XVDJHV 6* &3 Â&#x2026; Â&#x2026;
{ $XFNODQG H[KLELWLRQ RYSW 6HW )8 6*
Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; .*9, SODWH QXPEHU EORFNV G EOXH )LQH SDSHU Â&#x2019; F FRDUVH SDSHU XP SO F DV Â&#x2019; .*9 9LFWRU\ LPSHUI YDULHWLHV òG SDLU G G
DQG ILQH PLQW 8QXVXDO Â&#x2026; Â&#x2026;
EORFNV RI 80 Â&#x2026; Â&#x2026; Â&#x2019; .*9, SODWH QXPEHUV G JUHHQ ZLWK FRDUVH DQG
+HDOWK LVVXH RQ YHU\ ILQH )'& W\SHG $GGU
ILQH SDSHUV DV EORFNV RI VL[ RU PRUH LQF FRDUVH SDSHU SODWH ILQH SDSHU D ILQH UDQJH RI EORFNV IUHVK PLQW Â&#x2026; Â&#x2026;
&OHDUO\ GDWHG KLJKILHOG &'6 6* &3 Â&#x2026; Â&#x2026; ^3KRWR` +HDOWK LVVXH RQ YHU\ ILQH ORFDO )'& FOHDUO\
GDWHG +LJKILHOG &'6 6* &3 Â&#x2026; Â&#x2026; ^3KRWR`
+HDOWK VHWV RQ )'& YDULRXV W\SHV RI (QYV
+($/7+ 6(76 21 )'& HWF 7KH FROOHFWLRQ RI
'LIIHUHQW 3PNV YHU\ ILQH EORFNV RI RQ 2+06 (QY 9HU\ ILQH 6* &3 Â&#x2026; Â&#x2026;
FRYHUV KRXVHG LQ $OEXPV $ PRVW UHPDUNDEOH Â&#x2019; .*9, SODWH QXPEHU EORFNV G \HOORZ RUDQJH DVVHPEO\ XVHG RQ 33& QRQ )'& DQG D VWULS RI XVHG PDLQO\ DV EORFNV RI ZLWK LPSULQW 6HHQ QXPEHUV RQ D )/,*+7 &29(5 DQG RQ )'& RQZDUGV $ YHU\ ILQH FROOHFWLRQ RI EORFNV FDW IUHVK LV YHU\ FRPSUHKHQVLYH ZLWK PDQ\ PXOWLSOH FRYHUV IRU HDFK PLQW Â&#x2026; Â&#x2026; LVVXH FDQFHOOHG DW WKH GLIIHUHQW +HDOWK &DPSV ZLWK VSHFLDO Â&#x2019; 3RVWDO ILVFDO :DWHUPDUN ,QYHUWHG SRVWPDUNV 06 XVDJHV IURP RQZDUGV LWHPV &DW 8SWR 6* Z 9)0 Â&#x2026; Â&#x2026; HDFK KXJH &9 DQG SUREDEO\ DERXW \HDUV RI SDWLHQW FROOHFWLQJ KHUH &RQGLWLRQ LV PRVWO\ YHU\ ILQH +XJH &9 LQ Â&#x2019; 3RVWDO )LVFDO Â&#x2026; :DWHUPDUN ,QYHUWHG 6* Z &3 Â&#x2026; Â&#x2026; 9)0 Â&#x2026; Â&#x2026; { +HDOWK G 6PLOLQJ %R\ 6* DV D 9)8 EORFN $ VFDUFH PXOWLSOH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 3RVWDO )LVFDO Â&#x2026; 6* Â&#x2026; Â&#x2026; { +HDOWK 6PLOLQJ %R\V VHW DV PDWFKLQJ SDLUV 9)8
HDFK ZLWK FULVS FHQWUDO :HOOLQJWRQ &'6 &KRLFH 6* Â&#x2026; Â&#x2026; ^3KRWR` { +HDOWK G :DWHUPDUN LQYHUWHG )8 VPDOO EHQG
6* : Â&#x2026; Â&#x2026;
Â&#x2019; $UPV Â&#x2026; 6* ) Z ZDWHUPDUN LQYHUWHG Â&#x2019; XP PDUJLQDO KLQJHG LQ RXWHU PDUJLQ RQO\ RQH RI WKH UDUHVW
DUPV SRVWDO ILVFDO Â&#x2026; Â&#x2026; Â&#x2019; 3RVWDO )LVFDO Â&#x2026; :DWHUPDUN ,QYHUWHG PLQW
)LQH FRXSOH RI JXP VSRWV 6* Z Â&#x2026; Â&#x2026;
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 52
Â&#x2019; PRVW FRPPHPRUDWLYHV RI WKH SHULRG LQ Â&#x2019; %/2&.6 2) )285 EHWZHHQ 6* PRVWO\ ILQH 80
Â&#x2019; 838 3UHVHQWDWLRQ %RRN IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV YHU\ ILQH JROG
EORFNV Â&#x2026; Â&#x2026;
HPERVVHG LQF 4(,, GHILQ VHW WR RIILFLDOV VHWV IRU 1LXH &RRNV 5RVV Â&#x2026; Â&#x2026;
Â&#x2019; 3RVWDO )LVFDO :DWHUPDUN ,QYHUWHG IUHVK Â&#x2019; PDUJLQDO 80 6* Z Â&#x2026; Â&#x2026;
9,&725,$ &5266 :,11(5 VLJQHG $UPLVWLFH
'D\ LOOXVWU FRYHU VLJQHG E\ %DVVHWW +LQWRQ DQG 8SKDP SOXV SULQWHG VLJQDWXUH RI +XOPH /DXUHQW DQG (OOLRWW $ ILQH DQG VFDUFH FRYHU Â&#x2026; Â&#x2026;
Â&#x2019; 4(,, GHILQV YDOXHV WR V G LQ F\OLQGHU EORFNV Â&#x2019; V G LQ FRUQHU LPSULQW V ZLWK LPSULQW %/2&.6 2) )285
6* G 80 EORFNV Â&#x2026; Â&#x2026;
9,&725,$ &5266 :,11(56 6LJQHG FRYHUV
Â&#x2019; 2)),&,$/6 VHW DQG WZR VXUFKDUJHV LQ
DQQLYHUVDU\ RI ' 'D\ VLJQHG & 8SKDP /RFNKHHG 9HQWXUD VLJQHG /HV 7UHQW (YDFXDWLRQ IURP *UHHFH VLJQHG -RKQ +LQWRQ 6XSHUE WULR RI FRYHUV Â&#x2026; Â&#x2026;
%/2&.6 2) )285 6* 2 ILQH PLQW EORFNV Â&#x2026; Â&#x2026; Â&#x2019; 3LFWRULDO GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
1(:)281'/$1' Â&#x2019; &ODVVLF G 6* IUHVK PLQW IRXU PDUJLQV 9HU\
Â&#x2019; F &KULVWPDV %52:1 9$/8( 20,77(' Â&#x2019; 6* D 80 ZLWK QRUPDO IRU FRPSDULVRQ Â&#x2026; Â&#x2026;
ILQH FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
6LOYHU -XELOHH VHW ZLWK ILQH 6W -RKQ &'6 Â&#x2019; 0LVSHUIRUDWHG PDUJLQDO EORFN IRXU F +HULWDJH Â&#x2019; 80 6* YDU Â&#x2026; Â&#x2026; /RQJ &RURQDWLRQ VHW FRYHUV FRXOG EH D YDULHW\ RI GLIIHUHQW
LVVXHV DV GLIIHUHQW SHUIV DQG 'LH V DUH NQRZQ RQ WKHVH LVVXHV ERWK FRYHUV ZLWK GLIIHUHQW PRQWK FDQFHOV $SU QG 6HS ERWK ZLWK QHDW DGGUHVVHV Â&#x2026; Â&#x2026;
Â&#x2019; +HDOWK F WHGG\ EHDU HUURU RI GHVLJQ VWDPS Â&#x2019; VHOI DGKHVLYH 6* D XP Y VFDUFH 2QH SHUI WLS PLQXWH DJH
VSRW )LQH Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; +HDOWK F WHGG\ EHDU HUURU VWDPS ILQH XP Â&#x2019; 6* D ZLWK QRUPDO WR FRPSDUH Â&#x2026; Â&#x2026; ^3KRWR`
0267 81868$/ .*9, &RURQDWLRQ VHWV ERWK
RQ D UHJG HQYHORSH VHQW WR .*9, DW %XFNLQJKDP 3DODFH IURP WKH 6FRWWLVK )UHHPDVRQU\ LQ 1HZIRXQGODQG Â&#x2026; Â&#x2026; Â&#x2019; .*9, 2Q ROG SDJHV PLQW &RURQDWLRQ VHWV
Â&#x2019; 3UHPLXP VWDPS ERRNOHWV LQ SULVWLQH XP Â&#x2019; FRQGLWLRQ 7KH FROOHFWLRQ RI GLIIHUHQW VWF DERXW Â&#x2026; LQF
ERWK VHW RI 6XUFKDUJHV 'HILQ ZLWK YDOXHV WR F &DW YDOXH Â&#x2026; IUHVK UDQJH RI VWDPSV Â&#x2026; Â&#x2026;
PRGHUQ PLOLWDU\ WKHPHG LVVXHV Â&#x2026; Â&#x2026; )'& RI 1= LQ SULVWLQH XQDGGU FRQGLWLRQ WKH
1,*(5 &2$67 3527 FROOHFWLRQ RI GLII 0DVVLYH IDFH YDOXH ZLWK YDOXHV WR DOO FRPSOHWH VHWV /RUG RI WKH ULQJV UXJE\ VKLUW VKHHW XOWUD { òG RQ òG 6* IX FÂ&#x2026; Â&#x2026; Â&#x2026; PRGHUQ VHWV WR IY DOVR D ER[ RI PRGHUQ IX RQ SDSHU V Â&#x2026; Â&#x2026; Â&#x2019; 2LO 5LYHUV 2EOLWHUDWHG VHW WR ZLWK VKDGHV òG { $506 3267$/ ),6&$/6 2Q ROG SDJHV ZLWK G G òG G XQFKHFNHG IRU SHUI EHWWHU SLFNLQJV YDOXHV IURP WR Â&#x2026; )8 2IILFLDO 80 W\SHV PLQ &DW YDOXH Â&#x2026; 6* PLQW Â&#x2026; Â&#x2026; WR 80 G RQ G W\SH , DQG ,, G RQ G PLQW $ 1,*(5,$
JRRG UDQJH RI 3RVWDO )LVFDOV PDLQO\ )8 Â&#x2026; Â&#x2026;
{ %DFN RI WKH ERRN XVHIXO VHOHFWLRQ RI LWHPV Â&#x2019; 6* .*9 VHW WR Â&#x2026; 9)0
QRWH RIILFLDOV .LZL G 6*2 WDOO ILVFDOV SRVWDO ILVFDO YDOXH WR Â&#x2026; /LJKWKRXVHV Â&#x2026; EL FRORXU D JRRG ORW ZLWK EHWWHU SLFNLQJV PDLQO\ )8 Â&#x2026; Â&#x2026;
{ ),1( 86(' DSSHDULQJ VXEVWDQWLDOO\
Â&#x2026; Â&#x2026; Â&#x2019; 7RS YDOXH .*9 Â&#x2026; GLH ,, 6* E YHU\ IUHVK
PLQW Â&#x2026; Â&#x2026; Â&#x2019; 6LOYHU -XELOHH VHW SHUI VSHFLPHQ 9)0
FRPSOHWH IRU WKH SHULRG LQ 7ZR /X[XU\ 6WRFNERRNV WKH ORW IHDWXUHV GLIIHUHQW 06 RU 6KHHWOHWV 'HILQV WR /RUG RI WKH 5LQJV V RI FRPPHP VHWV +XJH &9 Â&#x2026; Â&#x2026; Â&#x2019; +($/7+ )'& D PRVW UHPDUNDEOH FROOHFWRUV EDODQFH RI RYHU FRYHUV DOO IUDQNHG FRPSOHWH VHWV LQF { VXSHUE JOD]HG HQY PDQ\ RWKHU ODWH V V VHWV RQ FRYHUV FDQFHOOHG DW GLII FDPSV 'LII LOOXVWUDWHG HQYHORSHV PRUH 9DOXDEOH ORW Â&#x2026; Â&#x2026;
6* V V Â&#x2026; Â&#x2026; 63(&,0(1 SHUIRUDWHG VLOYHU MXELOHH VHW 6* V IUHVK PLQW Â&#x2026; Â&#x2026; 9$5,(7< VLOYHU MXELOHH G NLWH DQG ORJ IODZ 6* N ILQH XVHG Â&#x2026; Â&#x2026;
Â&#x2019; .*9 VHW WR Â&#x2026; IUHVK PLQW 6*
{ 35(67,*( %22./(76 PRVWO\ GLII LQ
Â&#x2026; Â&#x2026;
SHUIHFW FRQGLWLRQ ZLWK LVVXHV WR PRVWO\ &72 XVHG FDW Â&#x2026; Â&#x2026; Â&#x2026; { 4(,, 683(5,25 )LQH XVHG ZLWK &'6 FDQFHOV
LQFOXGLQJ +HDOWK 06 ELUGV 6SRUW 2IILFLDO ,QF VFDUFH ZLWK PDQ\ &RPPHPRUDWLYH VHWV WR HDUO\ V Â&#x2026; Â&#x2026;
/DUJH (QY VHQW 5HJLVWHUHG WR WKH 8. ZLWK
GHILQLWLYH IURP òG WR LQF WZR G )LQH XVHG Â&#x2026; Â&#x2026; Â&#x2019; .*9, GHILQLWLYHV WR XQFKHFNHG IRU
{ 5(9(18(6 2Q D VWRFN FDUG DQG 2OG
3DJH ZLWK YDOXH WR Â&#x2026; DOO XVHG Â&#x2026; Â&#x2026;
SULQWLQJV YLFWRU\ V ZHGGLQJ DQG 838 VHWV 0LQW Â&#x2026; Â&#x2026; 49 3RVWDO 6WDWLRQHU\ 2LO 5LYHUV RYSW òG FDUGV
RQH XVHG G FDUG RQH XVHG G UHJLVWHUHG HQYHORSH RYHUSULQWHG VSHFLPHQ 1LJHU &RDVW G FDUGV RQH XVHG ZLWK GHWDLOV Â&#x2026; Â&#x2026;
{ 68%67$17,$/ 67$03 %$/$1&( RQ Â&#x2019; VWRFNFDUGV SDFNHWV IHDWXULQJ V RI GLII VWDPSV Â&#x2019; H[FHOOHQW SLFNLQJV LQ D WUD\ LWHPV SXUFKDVHG QHYHU VRUWHG
125)2/. ,6
HWF 9HU\ JRRG ORW RI F\OLQGHU EORFNV LQF VHWV RI V DV F\OLQGHUV G IODJ 6* F\OLQGHU D EORFNV RI FDW WHUULILF YDULHW\ RI LVVXHV KHUH 5RVV GHSWV LQF FRPSOHWH Â&#x2026; Â&#x2026;
Â&#x2019; &RPPHPRUDWLYHV GHILQLWLYH EDVLF VHWV Â&#x2019; FRPSOHWH UXQ LQ %/2&.6 2) )285 6* PRVW DUH ILQH
80 EORFNV Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 53
{ .*9 G 9)8 ZLWK FRPSOHWH %ODQW\UH 6TXDUHG
1257+ %251(2 Â&#x2019; 7ZR &HQWV RQ F PLQW 6* Â&#x2026; Â&#x2026;
&LUFOH 3PN 9HU\ ILQH 6* Â&#x2026; Â&#x2026; { .*9 *UHHQ DQG 6FDUOHW RQ (PHUDOG VKDGH
ZLWK EUHDN LQ VFUROO YDULHW\ FDQFHOOHG DW /LPEH 7HOV ZLWK VXSHUE &'6 H[FHSWLRQDO FRPELQDWLRQ RQ WKLV VFDUFH VKDGH 6* +$ Â&#x2026; Â&#x2026;
Â&#x2019; 6* &RDW RI $UPV RYHUSULQW VHW ILQH PLQW
&DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; 6LOYHU -XELOHH YDULHW\ .LWH DQG 9HUWLFDO /RJ
Â&#x2019; ,19(57(' 29(535,17 F RQ F 6* D
6* N IUHVK PLQW DQG VFDUFH Â&#x2026; Â&#x2026;
PLQW FÂ&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; .*9, VHWV IUHVK PLQW &RURQDWLRQ 'HILQ Â&#x2019; 5HG &URVV F SHUIRUDWLRQ YDULHW\ 6* E PLQW
VHW RI 9LFWRU\ 'HILQ VHW RI &DW Â&#x2026; Â&#x2026; Â&#x2026;
FÂ&#x2026; Â&#x2026; Â&#x2026;
1257+(51 1,*(5,$
Â&#x2019; 6(5,) 21 * 9$5,(7< Â&#x2026; WRS YDOXH 9)0
6HOGRP RIIHUHG 6* F Â&#x2026; Â&#x2026;
Â&#x2019; .*9 GHILQLWLYH VHW RI 6* PLQW
Â&#x2026; Â&#x2026;
Â&#x2019; .*9, GHILQV VHW 6* V 9)0 RWKHUV
80 VHYHUDO ORZ YDOXHV ZLWK VKHHW QXPEHU PDUJLQV DWWDFKHG Â&#x2026; Â&#x2026;
1257+(51 5+2'(6,$ { .*9, VHWV &RURQDWLRQ GHILQ VHW RI YLFWRU\
Â&#x2019; %/2&.6 2) )285 LQFO .*9, GHILQV Â&#x2019; DOO YDOXHV WR V RQH V VWDPS KDV SLQ KROH 3URWHFWRUDWH
VHW RI DQG 838 VHW RI $OO ILQH XVHG Â&#x2026; Â&#x2026; Â&#x2019; &2,/ UROO HQG .*9, 6* D ZLWK FRLO HQG Â&#x2019; G 6* ORRNV WR EH D FRPSOHWH UROO ERWK VFDUFH
Â&#x2026; Â&#x2026;
VHW LQ F\OLQGHU EORFNV OLJKW JXP WRQLQJ DQG PRUH JRRG WR ILQH 80 EORFNV Â&#x2026; Â&#x2026; { .*9, RUGLQDU\ SDSHU 9)8 RQ SLHFH ZLWK
/LPEH &'6 6* $ Â&#x2026; Â&#x2026;
{ .*9, VHW RI )8 IHDWXULQJ WR KLJK
YDOXHV EHWZHHQ 6* FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; .*9, YDULHW\ òG 7LFN %LUG 6* E PLQW
Â&#x2026; Â&#x2026;
Â&#x2019; &2,/ FRPSOHWH UROO RI G VWLOO VHDOHG 6* Â&#x2019; VHOGRP VHHQ DV D FRPSOHWH UROO RI VWDPSV
Â&#x2026; Â&#x2026; Â&#x2019; 4(,, GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
{ 6* GHILQ VHW )8 Â&#x2026; Â&#x2026;
812)),&,$/ /,/21*:( 3529,6,21$/ G RYHUSULQW XVLQJ D W\SHZULWHU XVHG RQ SLHFH ZLWK RWKHU UHYHQXH RYSWV 7ZR SLHFHV RQH ZLWK &'6 3PN 2WKHU ZLWK PDFKLQH 3PN 0RVW XQXVXDO Â&#x2026; Â&#x2026;
Â&#x2019; &2,/ òG FRLO HQG ZLWK D ODUJH SDUW RI WKH FRLO Â&#x2019; VWDPSV VWLOO DWWDFKHG 6* VHOGRP VHHQ SOXV FRLO VWDUWHU ZLWK
VWDPSV DWWDFKHG Â&#x2026; Â&#x2026;
Â&#x2019; %5,7,6+ &(175$/ $)5,&$ V G
125:$< Â&#x2019; %22./(76 D ILQH FROOHFWLRQ ZLWK D IDFH YDOXH Â&#x2019; RYHU NU VHHQ %LUGV 9LHZV 6SRUW &KULVWPDV ZLWK ERRNOHWV
WR ERRNOHWV Â&#x2026; Â&#x2026;
EODFN XOWUDPDULQH ZPN &URZQ && 6* 9)0 Â&#x2026; Â&#x2026; Â&#x2019; %5,7,6+ &(175$/ $)5,&$ V
EODFN FDUPLQH ZPN &URZQ && 6* 9)0 Â&#x2026; Â&#x2026;
{ 2OG SDJHV ZLWK LVVXHV IURP ZLWK Â&#x2019; EHWWHU SLFNLQJV WRXULVW VHW 0 4XHHQV IXQG )8
Â&#x2019; %5,7,6+ &(175$/ $)5,&$ .(9,,
9 RYSWV LQF KLJK YDOXHV N N 6* E E )8 D ILQH FROOHFWLRQ RI VWDPSV &DW Â&#x2026; PDLQO\ )8 Â&#x2026; Â&#x2026;
GHILQV VHW 6* Â&#x2026; OLJKW FUHDVH DFURVV FRUQHU V G KHDY\ KLQJH RWKHUZLVH 9)0 Â&#x2026; Â&#x2026; Â&#x2019; %5,7,6+ &(175$/ $)5,&$ .(9,, G
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW LVVXHV 80 &DW $ERXW Â&#x2026; LQF
G ZPN 0XOW &URZQ &$ 6* 9)0 Â&#x2026; Â&#x2026;
OMAN 20$1
VN 2IILFLDO 5HSULQW /LRQ GHILQ VHW VWDPS FHQWHQDU\ RYSW VHW 6* 9HU\ ILQH LWHP Â&#x2026; Â&#x2026;
Â&#x2019; 8102817(' 0,17 &ROOHFWLRQ ZLWK EHWWHU Â&#x2019; VHWV 2LO 6KLSPHQW 1DWLRQDO 'D\ &KLOGUHQV )XQG
1<$6$/$1' Â&#x2019; G 6* VXSHUE IUHVK PLQW Â&#x2026; Â&#x2026;
%RRN <HDU $UP\ )RUFHV $ YHU\ JRRG ORW RI GLIIHUHQW VHWV KLJKO\ FDWDORJXHG Â&#x2026; Â&#x2026; Â&#x2019; 3URYLVLRQDO RYSW E RQ E 9)0 FÂ&#x2026;
Â&#x2019; $UPV G 6* IUHVK PLQW Â&#x2026; Â&#x2026;
6* Â&#x2026; Â&#x2026; Â&#x2019; 6XUFKDUJH VHW RI 9)0 6* &DW
{ 2QH 3HQQ\ RYSW 6* HDFK 9)8 ZLWK
Â&#x2026; Â&#x2026; Â&#x2026;
HLWKHU )RUW -RKQVRQ RU =RPED &'6 &KRLFH Â&#x2026; Â&#x2026;
Â&#x2019; 3URYLVLRQDO RYSW E RQ E 6* 9)0
{ &RQWURO 6WDPS G 6* E )8 Â&#x2026; Â&#x2026;
FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 8102817(' 0,17 9DOXDEOH FROOHFWLRQ ZLWK Â&#x2019; PDQ\ EHWWHU VHWV :HOIDUH IRU WKH %OLQG )ORUD DQG )DXQD
{ (GZDUG 6* )8 ZLWK =RPED 6TXDUHG
&LUFOH 3PN Â&#x2026; Â&#x2026; Â&#x2019; .(9,, GHILQV VHW 6* Â&#x2026; KLQJH UHPDLQV
JRRG WR ILQH PLQW Â&#x2026; Â&#x2026;
$UPHG )RUFHV 'D\ $ YHU\ JRRG ORW RI VHWV VWDPSV 06 9HU\ IUHVK Â&#x2026; Â&#x2026; Â&#x2019; 8102817(' 0,17 6XSHUE FROOHFWLRQ ZLWK VH Â&#x2019; WHQDQW EORFNV VWULSV 06 $ VHOGRP VHHQ FROOHFWLRQ ZLWK PDQ\
EHWWHU VHWV &RVWXPHV ZLWK ERWK 06 :KDOHV 06 2O\PSLFV 06 -HZHOOHU\ VHW RI 06 $ VXSHUE FROOHFWLRQ RI VWDPSV DQG 06 $ YDOXDEOH FROOHFWLRQ Â&#x2026; Â&#x2026;
.*9 6* 9)8 ZLWK VPDOOHU RIILFH 0.+20$ &'6 WKH VWDPS LV XQXVXDOO\ FHQWUHG ORZ 9HU\ ILQH Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 54
{ 6WRFNERRN SDJH ZLWK EHWWHU SLFNLQJV QRWH
VXUFKDUJH VHW RI 6* FÂ&#x2026; IX VXUFK E RQ E 6* FÂ&#x2026; QDWLRQ GD\ D ILQH FROOHFWLRQ RI VWDPSV ZLWK PDQ\ VHWV )LQH XVHG Â&#x2026; Â&#x2026;
3257 &2/6 $=25(6 2/' 3$*(6 :LWK EHWWHU HDUO\ LVVXHV ,QF .LQJ ZLWK YDOXHV WR U U ERWK &HUHV SDUFHO VWDPSV $ KLJKO\ &DW FROOHFWLRQ RI GLIIHUHQW VWDPSV Â&#x2026; Â&#x2026;
25$1*( )5(( 67$7( Â&#x2019; 9$5,(7,(6 2UDQJH YDOXH PLQW LQF EORFN RI
VL[ WKLFN 9 LQ SDLU ZLWK QRUPDO GDPDJH V DOPRVW PLVVLQJ LQ SDLU ZLWK D QRUPDO D JRRG JURXS RI 6* YDULHWLHV PLQW VWDPSV VWF Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 9$5,(7,(6 6* LQF VSHFLPHQ RYSW VKRUW
WRS WR VPDOO EXW XVHIXO JURXS RI VWDPSV PLQW Â&#x2026; Â&#x2026;
3257 &2/6 &$3( 9(5 :DWHUORZ SURRIV LQ ODUJH EORFNV RI F DQG F 0RQXPHQW DQG F 3ODQQLQJ ZLWK HQGRUVHG GDWH DQG PXOWL VSHFLPHQ RYSW ZLWK SXQFK KROHV 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; /LPLWHG (GLWLRQ VHW RI PLQLDWXUH VKHHWV ZLWK Â&#x2019; PDWFKLQJ VHULDO QXPEHUV LQ D VSHFLDO IROGHU H VWHDPHU
SURGXFHG E\ +DUWPDQQ 3ULQWLQJ &RPSDQ\ 6FDUFH 80 Â&#x2026; Â&#x2026;
3$.,67$1 Â&#x2019; 2)),&,$/6 &RPSOHWH VHWV &DW
32578*$/
DSSUR[ Â&#x2026; LQ YHU\ ILQH PLQW FRQGLWLRQ .*9, RYSW Â&#x2019; &DW Â&#x2026; 5HSXEOLFD RYSW VHW RI ILQH PLQW VHW 6*2 VHW ,QF DOO SULQWLQJV RI U WRS YDOXH 6* Â&#x2026; Â&#x2026; 6*2 E Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ
Â&#x2019; &DW Â&#x2026; ILUVW &HUHV GHILQ VHW IUHVK PLQW
FRQWDLQLQJ GLIIHUHQW PLQW LVVXHV RQ VSHFLDO SDJHV QRWLQJ GHILQV WR U .\EHU 3DVV 1LFH LWHP Â&#x2026; Â&#x2026;
6* Â&#x2026; Â&#x2026; Â&#x2019; ,QGHSHQGHQFH VHW IUHVK P 6* FDW Â&#x2026;
3$1$0$
Â&#x2026; Â&#x2026;
Â&#x2019; 838 SUHVHQWDWLRQ DOEXP IRU PHHWLQJ
Â&#x2019; ,QGHSHQGHQFH 3LFWRULDO 6HWV 9)0 QG UG
VXSHUE SULQWHG FRYHU VSHFLDO SDJHV FRYHULQJ GLII P FRQWHPSRUDU\ LVVXHV Â&#x2026; Â&#x2026;
VHWV 6* FÂ&#x2026; Â&#x2026; Â&#x2026;
3$38$ 1(: *8,1($
Â&#x2019; &DW Â&#x2026; ,QGHSHQGHQFH 3LFWRULDO 6HW 8)0
Â&#x2019; .*9, 1HZ *XLQHD FRURQDWLRQ VHW DQG DLU VHW WR
6* FDW Â&#x2026; 0LQW Â&#x2026; Â&#x2026;
6* Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; F &HUHV 5HYDOLGDGR RYSW SHUI [
Â&#x2019; &2,/ F YHU\ FRPSOHWH FRLO ZLWK FRLO VWDUWHU Â&#x2019; 6* IUHVK 80 Â&#x2026; Â&#x2026;
IUHVK PLQW 6* D 6FDUFH Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; 6W $QWKRQ\ VHW IUHVK /00
6* Â&#x2026; Â&#x2026;
3,7&$,51 ,6 Â&#x2019; 63(&,0(1 SHUIRUDWHG SLFWRULDO VHW RI
Â&#x2019; &RORQLDO ([KLELWLRQ VHW 1+0 6* 6* V YHU\ VFDUFH VHW IUHVK PLQW Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; Â&#x2026; Â&#x2026;
Â&#x2019; .*9, 6HW RI DV PDUJLQDO EORFNV RI ILQH Â&#x2019; PLQW PDMRULW\ 80 WKH G LV WZR SDLUV DOVR DGGLWLRQDO G G Â&#x2019; .H\ 9DOXHV DV VFDUFH LPSULQW EORFNV RI D VFDUFH JURXS RI
Â&#x2019; &DW Â&#x2026; $LUPDLO 3URSHOOHU VHW RI 7HQ 9)0 4 6* D Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; 3LFWRULDO VHW RI 9)0
PXOWLSOHV Â&#x2026; Â&#x2026; Â&#x2019; 8QPRXQWHG PLQW FROOHFWLRQ RI VWDPSV Â&#x2019; 06 QHDWO\ DUUDQJHG RQ DOEXP SDJHV RGG FRYHU LQF $ YHU\ ILQH
FROOHFWLRQ YHU\ FRPSOHWH IRU WKH SHULRG LQF GHILQLWLYH V QRWH .*9, VHW GHILQ VHW )UHVK HDFK VWDPS LV GLIIHUHQW Â&#x2026; Â&#x2026;
6* E Â&#x2026; Â&#x2026; Â&#x2019; &HQWHQDULHV PLQLDWXUH VKHHW 6* 06 D IUHVK Â&#x2019; 80 Â&#x2026; Â&#x2026; Â&#x2019; /HJLRQ VHW IUHVK 1+0 6J Â&#x2019; Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 SHUIRUDWHG YLFWRU\ VHW 6* V
IUHVK PLQW VFDUFH Â&#x2026; Â&#x2026; ^3KRWR`
Â&#x2019; 5RZODQG +LOO PLQLDWXUH VKHHW 6* 06 IUHVK Â&#x2019; 80 XVXDO ZULQNOHV D VFDUFH 06 Â&#x2026; Â&#x2026;
($5/< 4(,, &RYHUV VHW RI RQ
LOOXVWUDWHG )'& &RYHU ZLWK GHILQ VHW RI SOXV 5HG &URVV VHW RI DQG ))+ GHILQ VHW RQ FRYHUV )', IRU WKH Â&#x2019; &RVWXPHV VHW 1+0 9HU\ ILQH 6* GHILQ VHW RI RQ LOOXVWUDWHG )'& $ XVHIXO ORW Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 3UHVLGHQW 06 IUHVK 1+0 6* 06 D Â&#x2019; 4(,, 3LFWRULDO GHILQV VHW ODWHU òG LQ %/2&.6 Â&#x2019; Â&#x2026; Â&#x2026; Â&#x2019; 2) )285 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; &DVWOH 06 9) 1+0 6* D Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; 75,67$1 '$ &81+$ 2IIVHW RQ UHYHUVH G ,&< Â&#x2019; HUURU ILQH 80 9HU\ VFDUFH 6* D Â&#x2026; Â&#x2026; Â&#x2019; &DVWOHV VHW 1+0 6* Â&#x2019; Â&#x2026; Â&#x2026; { )LQH XVHG ZLWK FRPSOHWH VHWV DQG YHU\ ILQH
TXDOLW\ GLIIHUHQW ,QF .*9, GHILQ VHW 4(,, VHW PDQ\ Â&#x2019; 5HJLRQDO &RVWXPHV VHW 1+0 6* RWKHU VHWV ,QF GHILQV TXDOLW\ ORW Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2026; Â&#x2026;
3257 &2/21,(6
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; GLIIHUHQW WHUULWRULHV FRQWDLQLQJ GLIIHUHQW 80 LVVXHV VHWV
LQF $QJROD $QLPDO GHILQV 0R]DPELTXH %XWWHUIOLHV 0DFDX )ORZHUV 6XSHUE IROG RXW IRUPDW Â&#x2026; Â&#x2026;
Â&#x2019; 3RUWUDLWV VHW DQG 06 DOO 9) 1+0 6* Â&#x2019; 06 D FÂ&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &DW Â&#x2026; 1DWR VHW 1+0 .H\ VHW 6* Â&#x2019; Â&#x2026; Â&#x2026;
www.philangles.co.uk â&#x20AC;&#x201C; Place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 55
Â&#x2019; 6DR 3DXOR VHW 1+0 6* Â&#x2019; Â&#x2026; Â&#x2026;
Â&#x2019; ,QGHSHQGHQFH )25*(5,(6 JURXS
Â&#x2019; *DUUHWW VHW 1+0 6* Â&#x2026; Â&#x2026; Â&#x2019;
LQFOXGLQJ LPSHUIRUDWH FRORXU WULDOV ZLWK PLVVLQJ FRORXUV VKLIWHG FRORXUV PLVVLQJ VKLIWHG FRORXUV SOXV WKH ILQLVKHG ODEHO LQ D VLQJOH DQG D PXFK EULJKWHU VKDGH LQ D EORFN RI IRXU VWDWHG WR EH D IRUJHU\ RI WKH IRUJHU\ &OHDQ ILQH LWHPV Â&#x2026; Â&#x2026;
Â&#x2019; %RRNOHW FROOHFWLRQ RI ERRNOHWV LQF &DVWOH 06 Â&#x2019; UDQJH RI GHILQLWLYH FRPPHPRUDWLYHV LQ Â&#x2019; ERRNOHWV VHW RI 80 $ JRRG UDQJH HDFK GLIIHUHQW Â&#x2019; %/2&.6 2) )285 LQFO ,78 :DWHU VHWV RYSW
Â&#x2026; Â&#x2026;
Â&#x2019; /HWWHU KHDG $YHQLGD 3DODFH +RWHO /LVERQ ZLWK
FRQWHPSRUDU\ 5HSXEOLD VWDPSV DIIL[HG GDWHG WK 2FW ZLWK YDOXHV WR U VWDPS FDW Â&#x2026; DV PLQW Â&#x2026; Â&#x2026;
GHILQV OHVV V RQ V G &KXUFKLOO GHILQV VHW &$$ VHW V Â&#x2026; 0DUGRQ SULQWLQJV ILQH 80 EORFNV Â&#x2026; Â&#x2026; { 6RXWKHUQ 5KRGHVLD 5KRGHVLD FROOHFWLRQ ILQH
XVHG LQF ,QGHSHQGHQFH RYSW VHW RI GHILQ VHW RI 32578*$/ DQG &2/21,(6 5(9(18(6 RQ 0DUGRQ VHW RI QHZ FXUUHQF\ VHW RI D ILQH ROG SDJHV D YHU\ JRRG UDQJH RI UHYHQXHV SUH FROOHFWLRQ RI GLIIHUHQW VWDPSV Â&#x2026; Â&#x2026; 7UDGH 7D[ ZLWK PDQ\ GLIIHUHQW W\SHV &RQVXOW $QJROD $]RUHV Â&#x2019; 'XDO &XUUHQF\ VHW LQ %/2&.6 2) )285 0R]DPELTXH DQ RULJLQDO ROG WLPH FROOHFWLRQ OLJKW Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; DGKHVLRQ Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ
FRQWDLQLQJ FRQWHPSRUDU\ PLQW LVVXHV &DW Â&#x2026; LQF .QLJKW GHILQ VHW 5DLOZD\ VHW *DUUHWW VHW YHU\ ILQH RQ VSHFLDO SDJHV Â&#x2026; Â&#x2026;
{ ),1( 86(' 4(,, FRPSOHWH VHWV ,QF GLIIHUHQW
GHILQ VHWV WR Â&#x2026; ,QF PDUGRQ 6XSHUE TXDOLW\ GLIIHUHQW Â&#x2026; Â&#x2026;
5+2'(6,$ 1<$6$
:5(&. 0$,/ 7UDQVDWODQWLF &UDVK DW
Â&#x2019; &2,/ òG FRLO VWDUWHU ZLWK DWWDFKHG DQG FRLO 3RUWXJDO %XVLQHVV HQYHORSH H[ 86$ WR 8. ZLWK '$0$*(' Â&#x2019; HQG ZLWK D ODUJH TXDQWLW\ RI VWDPSV VWLOO DWWDFKHG 6* D %< 6($:$7(5 FDFKHW DQG QXPHURXV %ULWLVK RIILFLDOO\ VHDOHG VFDUFH Â&#x2026; Â&#x2026; ODEHOV Â&#x2026; Â&#x2026; Â&#x2019; &2,/ G FRLO VWDUWHU ZLWK VWDPSV DWWDFKHG 4$7$5 Â&#x2019; DQG HQG RI WKH UROO ZLWK D ODUJH TXDQWLW\ RI VWDPSV VWLOO DWWDFKHG Â&#x2019; 4(,, *% VXUFKDUJHV VHWV LQ %/2&.6 2) 6* D SOXV HQG RI WKH FRLO G 6* D ZLWK D TXDQWLW\ RI Â&#x2019; )285 6* FRPSOHWH ILQH 80 EORFNV VWDPSV VWLOO DWWDFKHG Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; FRPSOHWH UXQ RI GHILQLWLYH FRPPHPRUDWLYH Â&#x2019; EDVLF VHWV LQ %/2&.6 2) )285 6* ILQH 80 Â&#x2019; (5525 1HZ &XUUHQF\ 6SDFH 6KHHWOHWV RI Â&#x2019; ZLWK GRXEOH RYSW 6* XQPRXQWHG PLQW 6FDUFH DV D EORFNV Â&#x2026; Â&#x2026; VKHHWOHW Â&#x2026; Â&#x2026; Â&#x2019; &2,/ &203/(7( 52// òG 6* DV D Â&#x2019; FRPSOHWH UROO RI VHOGRP VHHQ DV D FRPSOHWH UROO &DW Â&#x2019; (5525 1HZ &XUUHQF\ 6SDFH 6KHHWOHWV RI Â&#x2019; G WR G 6* ZLWK GRXEOH RYHUSULQW RI YDOXH Â&#x2026; DV VLQJOH VWDPSV Â&#x2026; Â&#x2026; XQPRXQWHG PLQW VFDUFH DV D VKHHWOHW Â&#x2026; Â&#x2026; Â&#x2019; &2,/ &203/(7( UROO G 6* DV D FRPSOHWH Â&#x2019; UROO RI VWDPSV YHU\ UDUH DV D FRPSOHWH UROO &DW Â&#x2026; DV Â&#x2019; (5525 6SDFH 1HZ &XUUHQF\ 6KHHWOHWV G Â&#x2019; WR G 6* ZLWK RYHUSULQW LQYHUWHG XQPRXQWHG PLQW VLQJOH VWDPSV Â&#x2026; Â&#x2026; VFDUFH DV VKHHWOHWV RI VWDPSV Â&#x2026; Â&#x2026; { 8VHG FROOHFWLRQ RQ SDJHV WR Â&#x2026; ,QF &2,/ Â&#x2019; 1HZ FXUUHQF\ RYHUSULQWV RQ VSDFH LVVXHV ZLWK PXOWLSOHV òG SDLU G VWULS WR Â&#x2026; .DULED VHW XVHG Â&#x2019; '28%/( 29(535,17 (55256 XP QS QS EORFN RQ FRYHU HWF 4W\ &DW $ERXW Â&#x2026; Â&#x2026; Â&#x2026; VWULSV RI DQG QS QS EORFN VH WHQDQW VWULSV RI DOO 580$1,$ ZLWK FOHDU GRXEOHV 9HU\ XQXVXDO VHH 6* OLVWHG LQ { *(50$1< 2&&83$7,21 2) 580$1,$ ::, 0LFKHO Â&#x2026; Â&#x2026; )LQH XVHG ,QF *HUPDQLD RYSWV &DW Â&#x2026; 095 RYSWV 48((16/$1' ,QF 3RVWDJH GXHV )LVFDO VWDPSV ZLWK YDOXHV WR O PDQ\ ZLWK Â&#x2019; V SDOH OLODF ZPN &URZQ DQG 4 6* JRRG ILQH %XNDUHVW &'6 FDQFHOV $ JRRG UDQJH RI VWDPSV PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026; KLJKO\ FDWDORJXHG Â&#x2026; Â&#x2026; Â&#x2019; 49 6,'()$&(6 0,17 *5283 DOO GLIIHUHQW
YDOXHV òG WR V JRRG WR ILQH 67& Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 49 6LGH IDFHV ZPN 6* W\SH G G
G G V YDOXHV G G JRRG WR ILQH Â&#x2026; Â&#x2026;
5(9(18(6 V 2OG 3DJHV ZLWK D UDQJH RI UHYHQXHV HDFK VHHP WR EH GLIIHUHQW LQF D IHZ XQXVHG ZLWK YDOXHV WR / $ YHU\ LQWHUHVWLQJ ORW OLJKW DGKHVLRQ WR SDJHV Â&#x2026; Â&#x2026;
5866,$
Â&#x2019; 48((1 9,&725,$ 6LGH IDFH LVVXHV RQ DQ 2OG
3DJH VHHQ G YHUPLOOLRQ YDOXHV WR YDOXHV WR D KLJKO\ FDWDORJXHG VHOHFWLRQ RI VWDPSV IUHVK ILUVW KLQJHG PLQW Â&#x2026; Â&#x2026;
5(81,21
{ )LQH XVHG FROOHFWLRQ RI VHWV LQF 6XULNRY
FÂ&#x2026; /HUPRQWRY FÂ&#x2026; /HQLQ 0XVHDP FÂ&#x2026; 8]EHF 3RHW FÂ&#x2026; $ JRRG ORW RI VWDPSV DV VHWV YHU\ ILQH Â&#x2026; Â&#x2026; Â&#x2019; 6(/(&7,21 2) ,17(5(67,1* DQG XQXVXDO
LWHPV RQ FDUGV ,QF VFDUFH DQG KLJKO\ FDWDORJXHG HDUO\ ,03(5)25$7( 9$5,(7,(6 NU (DJOH PLQW 6* &DW Â&#x2026; 2EOLJDWRU\ 7D[ LVVXHV PLQW FÂ&#x2026; =HSSHOLQ $LUVKLS LVVXHV LPSHUI PLQW FÂ&#x2026; 7ROVWR\ N LPSHUI VFDUFH HWF 9HU\ KLJK &9 Â&#x2026; Â&#x2026;
Â&#x2019; $LUPDLO 5RODQG *DUURV F RYSW PLQW <YHUW 4 Â&#x2026; Â&#x2026;
5+2'(6,$ Â&#x2019; $UPV VHW G WR ILQH PLQW 6* &DW
Â&#x2026; ERWK G KDV D IHZ QLEEOHG SHUIV DOO RWKHUV ILQH Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG DUPV G WR Â&#x2026; DIIL[HG
WR D DUFKLYH SLHFH GDWH 6* V PLVVLQJ òG DQG Â&#x2026; D VFDUFH LWHP Â&#x2026; Â&#x2026;
Â&#x2019; 838 SUHVHQWDWLRQ DOEXP IRU PHHWLQJ Â&#x2019; FRYHULQJ GLII FRQWHPSRUDU\ XP LVVXHV LQVHUW FDUGV
Â&#x2026; Â&#x2026;
Credit Cards
The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 56
{ .*9 3LFWRULDO GHILQ VHW 9)8 6* 5<8.<8 ,6 &KRLFH Â&#x2026; Â&#x2026; 9$/8$%/( 0 80 VHOHFWLRQ RI SUH LVVXHV &DW Â&#x2026; VWDPSV 'HILQ VHW 6* E 'HILQ Â&#x2019; &2,/ 67$036 òG HQG RI WKH UROO ZLWK D ODUJH VHW 6* 8QLYHUVLW\ 6* )RUHVW 6* $LUPDLOV Â&#x2019; TXDQWLW\ RI VWDPSV VWLOO DWWDFKHG 6* D VFDUFH VWLOO RQ D \ *RYW 6* DQG PXFK PRUH *RRG ORW UROO Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &2,/ 67$036 F DQG F 6* ZLWK FRLO Â&#x2019; HQG RI UROO FRLO MRLQW SDLUV òG FRLO MRLQW SDLUV 6$,17 +(/(1$ Â&#x2026; Â&#x2026; Â&#x2019; 6* G 9)0 Â&#x2026; Â&#x2026; Â&#x2019; &2,/ 67$036 F DQG F 6* DQG D Â&#x2019; ODUJH TXDQWLW\ RI HDFK VWLOO DWWDFKHG WR WKH UROO HQG VHOGRP Â&#x2019; 6* G RYSW 9)0 Â&#x2026; Â&#x2026; VHHQ D ODUJH FRLO VWULSV Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019; 4(,, 3LFWRULDO GHILQV VHWV LQ %/2&.6 2) Â&#x2019; )285 SOXV FRPPHPV EHWZHHQ 6* ILQH 80
Â&#x2019; 6* G 9)0 Â&#x2026; Â&#x2026;
EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; 0,17 5$1*( 2) 6WDPSV ,QF %DGJH
.*9, VHW RI ,QF ERWK G ZLWK D &DW YDOXH RI Â&#x2026; $ ILQH UDQJH Â&#x2026; Â&#x2026; { 6* (GZDUG VHW )8 Â&#x2026; Â&#x2026;
Â&#x2019; 2OG SDJHV ZLWK EHWWHU SLFNLQJV (GZDUG
VHW RI &ROXPEXV G ZLWK VSHFLPHQ RYSW 6* D GHILQV WR .*9 GHILQV WR LQF G GLH ,, DQG G ZKLWH SDSHU WR 6 -XELOHH VHW SLFWRULDO VHW D YHU\ ILQH FROOHFWLRQ WR IUHVK PLQW VWDPSV Â&#x2026; Â&#x2026;
6$,17 9,1&(17
Â&#x2019; (GZDUG VHW PLQW LQF H[WUD VKDGHV òG WR G
Â&#x2019; 49 PLQW DV EORFNV RI YDOXHV WR LQF òG RQ
LQF &KDON 3DSHU 6* Â&#x2026; Â&#x2026;
G JUH\ EOXH 6* G ZLWK GLIIHUHQW VKDGHV G RQ G RQH ZLWK OHWWHUV RI SULQWHU ZPN DFURVV WKH FHQWUH RI WKH EORFN D YHU\ JRRG UDQJH RI EORFNV PLQW Â&#x2026; Â&#x2026;
Â&#x2019; .*9 GHILQV ZPN 0XOW &URZQ &$ VHW SOXV G
VKDGH 6* ILQH PLQW Â&#x2026; Â&#x2026;
Â&#x2019; %ORFN RI )RXU G RQ G 49 ORFDO RYHUSULQW 9)0
Â&#x2019; %DGJH VHW RI ILYH 9)0 6*
$ ILQH PXOWLSOH 6* Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
)RXU VWDPS FRPELQDWLRQ UHJLVWHUHG FRYHU ZLWK
{ .*9 EDGJH RI 6W +HOHQD VHW RI 6*
49 òG òG DQG G RYSWV ZLWK (GZDUG òG DOO QHDWO\ FDQFHOOHG .LQJVWRQ &'6 9HU\ SUHWW\ Â&#x2026; Â&#x2026;
YHU\ ILQH XVHG Â&#x2026; Â&#x2026; ^3KRWR`
$Q LQWHUHVWLQJ JURXS RI FRYHUV 4(,, SHULRG LQF
Â&#x2019; &OHIW 5RFN YDULHW\ òG 6* F PLQW
3DTXHERW 0DLO $LUPDLO VXSHUE (QY ZLWK F [ ZLWK VXSHUE .160 06 3\JPDOLRQ ER[HG FDQFHO &RURQDWLRQ VWULS RI [ F RQ LOOXVWU &RURQDWLRQ $LU /HWWHU $ YHU\ JRRG ORW RI FRYHUV Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026; { &OHIW 5RFN YDULHW\ G 6* F )8
Â&#x2026; Â&#x2026;
,PSHULDO SDJHV ZLWK 49 (GZDUG DQG .*9 LQF VHW RI P VHW RI 0 VHW RI 0 DQG YDOXHV WR PLQW XVHIXO UDQJH PXFK PLQW Â&#x2026; Â&#x2026;
Â&#x2019; &HQWHQDU\ VHW 9)0 6*
Â&#x2026; Â&#x2026; Â&#x2019; 63(&,0(1 SHUIRUDWHG VLOYHU MXELOHH VHW RI
6* V IUHVK PLQW Â&#x2026; Â&#x2026; Â&#x2019; 6&$5&( %$'*( RI 6W +HOHQD QHZ FRORXUV Â&#x2019; VHW RI DV FRPSOHWH VKHHWV RI VWDPSV 6* DOO SODWH
YHU\ IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; 4(,, 3LFWRULDO GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
Â&#x2019; GHILQV FRPPHPV VHWV LQ %/2&.6 2) )285 Â&#x2019; LQFO GHILQV VHW 6* ILQH 80
EORFNV Â&#x2026; Â&#x2026;
,QWHUHVWLQJ *URXS LQF &RYHUV QRWH (QY ZLWK 1HZ &RQVWLWXWLRQ F F SOXV F ZLWK &RORQLDO 3RVWPDVWHU +6 GHILQ 1HZ &XUUHQF\ F WR F ZLWK 6LRQ +LOO &'6 )LUVW 'D\ RI ,VVXH 2+06 (QY ZLWK *RYHUQPHQW 2IILFH DQG 'HSDUWPHQW RI $JULFXOWXUH &DFKHWV .*9, Â&#x2026; PLQW 6PDOO EXW LQWHUHVWLQJ JURXS Â&#x2026; Â&#x2026; /LWHUDWXUH 6W 9LQFHQW SRVWDO KLVWRU\
7KH FDQFHOODWLRQV 7KH 3RVWDJH 6WDPSV E\ $ ' 3LHUFH - / 0HVVHQJHU DQG 5REVRQ /RZH LQ YHU\ JRRG FRQGLWLRQ ZLWK LWV ' - Â&#x2026; Â&#x2026;
6$,17 .,776 1(9,6
6$02$
Â&#x2019; %L FRORXU VHW ILQH PLQW 6* FÂ&#x2026; $WWUDFWLYH ORFDO FRYHU IUDQNHG RYSW VHW RI VL[
Â&#x2026; Â&#x2026;
6* HDFK WLHG QHDW $SLD FGV Â&#x2026; Â&#x2026;
Â&#x2019; 6* VHW YIP FÂ&#x2026; Â&#x2026; Â&#x2026;
3$66(' %< &(1625 FDFKHW RQ ILQH FRYHU WR
8. IUDQNHG òG Â&#x2026; Â&#x2026; Â&#x2019; YDULRXV FRPPHPV 3LFWRULDO GHILQV VHW 6HW RI 1= RYSWV òG WR QLFHO\ XVHG RQ Â&#x2019; LQ %/2&.6 2) )285 ILQH 80 EORFNV Â&#x2026; Â&#x2026;
VPDOO ORFDO FRYHU WLHG $3,$ FGV DWWU Â&#x2026; Â&#x2026;
Â&#x2019; $GPLUDO KLJK YDOXHV IUHVK PLQW VHW 6*
6$,17 /8&,$
Â&#x2026; Â&#x2026;
{ (':$5' ),1( 86(' VHW RI
GLVFRYHU\ GHILQ VHW RI VWDPSV Â&#x2026; Â&#x2026;
{ ),1( 86(' 3UH GHFLPDO LVVXHV 49 WR ,QF
3RVWDO )LVFDO (GZDUG WR .*9 WR ,QF $GPLUDO DQG .*9, SHDFH VHW RI $ JRRG UDQJH RI VWDPSV Â&#x2026; Â&#x2026;
Â&#x2019; G LQGLJR 6* IUHVK PLQW FDW Â&#x2026;
Â&#x2026; Â&#x2026; { 9DULHW\ (GZDUG G ZLWK GDPDJHG IUDPH DQG
www.philangles.co.uk
FURZQ 6* D ILQH XVHG Â&#x2026; Â&#x2026;
place your bids online. Immediate and secure.
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 57
Â&#x2019; 0,17 &2//(&7,21 2I RYHUSULQW LVVXHV RQ
Â&#x2019; 'HQWHG IUDPH YDULHW\ F 6* D 80 6PDOO DJH 1HZ =HDODQG VWDPSV ,QF 49 G VWDPS GXW\ .*9 GHILQV Â&#x2019; VSRW RQ JXP VLGH Â&#x2026; Â&#x2026; WR 9LFWRU\ VHW +XWV WR G DQG SRVWDO ILVFDO $ { 9DULHW\ (GZDUG G GHQWHG IUDPH 6* D ILQH JRRG VHOHFWLRQ RI VWDPSV Â&#x2026; Â&#x2026; XVHG Â&#x2026; Â&#x2026;
6$5$:$.
Â&#x2019; 63(&,0(1 SHUIRUDWHG VLOYHU MXELOHH VHW RI &HQWHQDU\ VHW 6* RQ ILQH ORFDO IGF
6* V PLQW Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
::,, FHQVRUVKLS SDVVHG E\ FHQVRU
Â&#x2019; 2UFKLG F *UH\ FRORXU RPLWWHG ILQH 80 Â&#x2019; 6* F Â&#x2026; Â&#x2026; ^3KRWR`
6H\FKHOOHV 1R FDFKHW RQ ILQH FRYHU IUDQNHG SDLU F WLHG 9LFWRULD &'6 9) Â&#x2026; Â&#x2026;
Â&#x2019; 4(,, GHILQV QHZ ZDWHUPDUN VHW LQ %/2&.6 2) Â&#x2019; (UURU RI :DWHUPDUN F .*9, 6W (GZDUGV Â&#x2019; )285 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
&URZQ 6* E 9)0 0XUUD\ 3D\QH &HUW Â&#x2026; Â&#x2026;
Â&#x2019;
{ Â&#x2019; Â&#x2019;
,QWHUHVWLQJ UDQJH F 2OLYH *UH\ DQG Â&#x2019; 4(,, GHILQV VHW SOXV YDOXHV LQ %/2&.6 *UHHQ SUHSDUHG EXW QRW LVVXHG &URZQ &RORQ\ VHW RI Â&#x2019; 2) )285 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; RQ D FRYHU ZLWK )', FDQFHOOHG VHW WR )8 &HQWHQDU\ RQ )'& V VPDOO EXW LQWHUHVWLQJ Â&#x2026; Â&#x2026; Â&#x2019; YDULRXV FRPPHPV GHILQV VHWV LQ %/2&.6 Â&#x2019; 2) )285 LQFO GHILQV VHW EHWZHHQ 6* ILQH 6$8', $5$%,$ 80 EORFNV Â&#x2026; Â&#x2026; 6XUFKDUJHG ZLWK W\SH KDQGVWDPSV IUHVK 6+$5-$+ PLQW ZLWK 6* SOXV WKH SL RQ SL ZLWK 29(535,17 ,19(57(' (5525 6HOGRP RIIHUHG Â&#x2019; ),6+ VHW DV F\OLQGHU EORFNV RI 6* Â&#x2019; VFDUFH DV F\OLQGHU EORFNV Â&#x2026; Â&#x2026; LVVXHV Â&#x2026; Â&#x2026; (UURU RI LQVFULSWLRQ SL IRU SL 6* ' D IX 6,(55$ /(21( FÂ&#x2026; Â&#x2026; Â&#x2026; ([WHQVLYH XVHG VWXG\ RI SRVWDO VWDWLRQHU\ ZLWK +,*+ 9$/8( GHILQLWLYH V FDW Â&#x2026; IUHVK GHWDLOV ZLWK D YDULHW\ RI 49 SRVWDO FDUGV (GZDUG HQYHORSHV XQPRXQWHG PLQW ZLWK WZR GLIIHUHQW VKDGHV RI WKH J DQG RQH HQGRUVHG 3HU 66 &RQJR UHJG (QY XSUDWHG G YDOXHV WR J VWDPSV Â&#x2026; Â&#x2026; G :LOEHUIRUFH RQ D FRYHU WR 6ZLW]HUODQG .*9, G (PERVVHG 838 3UHVHQWDWLRQ %RRN IRU PHHWLQJ (QY XSUDWHG UHJG HQYHORSHV D YHU\ JRRG FROOHFWLRQ RI FRQWDLQLQJ D FRQWHPSRUDU\ VHOHFWLRQ RI LVVXHV DIIL[HG FRYHUV FDUGV Â&#x2026; Â&#x2026; FÂ&#x2026; LQF GHILQ VHW 2IILFLDO VHW 0HHWLQJ Â&#x2019; 63(&,0(1 RYHUSULQWHG (GZDUG VHW RI VHW $LU VHW 5DLOZD\ VHW DPRQJVW RWKHUV 5DUH 6* V DIIL[HG WR RULJLQDO DUFKLYH SLHFH 6XSHUE FRORXU &DW LWHP Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026;
6(5%,$
Â&#x2019; 63(&,0(1 RYHUSULQW VHW RI .*9 WR Â&#x2026;
{ 5(9(18( 67$036 DPD]LQJ WZR YROXPH Â&#x2019; FROOHFWLRQ QHDWO\ SUHVHQWHG LQ WZR ER[HG :DUZLFN DOEXPV
6* V DIIL[HG WR DUFKLYH SLHFH PLQW VXSHUE FRORXU &DW Â&#x2026; Â&#x2026; Â&#x2026;
LVVXH DOO YDOXHV WR G YDOXH LQFO PXOWLSOHV GLIIHUHQW Â&#x2019; FDQFHOV S ZLWK GLII FDQFHOV S EODFN LQFO WZR H[DPSOHV VKRZLQJ GDPDJH WR IUDPH .&3 PRQRJUDP Â&#x2019; RYSWV DOO YDOXHV ZLWK GLII RYSW FRORXUV SRVLWLRQV VRPH Â&#x2019; PLVSODFHG DQG VKDGHV VLPLODU IRU UHGUDZQ $UPV LVVXH LQFO GRXEOH WUHEOH LQYHUWHG PRQRJUDP RYSWV VPDOOHU IRUPDW Â&#x2019; S JUHHQ ZLWK EOXH EODFN RYSWV VRPH ZLWK LQYHUWHG RYSWV Â&#x2019; H[DPSOH ZLWK H[WUD URZ RI SHUIV FRQWLQXHV ZLWK LVVXHV PRVWO\ ORZHU YDOXHV D IHZ KLJK YDOXHV VHHQ ZLWK PLQW H[DPSOHV SHUILQV DQG D UDQJH GLIIHUHQW FDQFHOODWLRQV 6HOGRP Â&#x2019; RIIHUHG PRVWO\ ILQH V Â&#x2026; Â&#x2026; Â&#x2019; Â&#x2019; 5(9(18( G EODFN EURZQ ZLWK PRQRJUDP
%DUHIRRW PLQW VFDUFH Â&#x2026; Â&#x2026; Â&#x2019; 5(9(18(6 81 02817(' 0,17 %/2&.6 Â&#x2019; LQFO S \HOORZ G RUDQJH EURZQ EORFN RI QR SHUILQ S Â&#x2019; \HOORZ S URVH S JUHHQ G EOXH LQ EORFNV RI ZLWK
SHUILQV SOXV PRVW RI WKHVH YDOXHV LQ SDLUV RU VWULSV RI ZLWK SHUILQV G ZLWK UHWRXFKHG PDUJLQ LWHPV Â&#x2026; Â&#x2026; $XVWULDQ +XQJDULDQ LVVXHV IRU 6HUELD RQ FRYHUV
ERWK VHQW WR 3HWURYDUDGLQ VW FRYHU ZLWK K K K DQG K DV SDLUV QG ZLWK K K K DQG K DV SDLUV ZLWK PLOLWDU\ &'6 FDQFHO W\SH ,, GLDJRQDO RYSW Â&#x2026; Â&#x2026;
63(&,0(1 RYHUSULQWHG Â&#x2026; 6* V PLQW Â&#x2026; Â&#x2026; ^3KRWR` 6LOYHU -XELOHH VHW DV 80 EORFNV RI IRXU 6* Â&#x2026; Â&#x2026; ERWK GHILQV VHWV SOXV G 3 [ ò 5R\DO 9LVLW VHW LQ %/2&.6 2) )285 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; 02'(51 ,668(6 &RORVVDO ORW YHU\ FRPSUHKHQVLYH LQ VWRFNERRNV DQG RQ SDJHV IHDWXULQJ RYHU GLIIHUHQW VKHHWOHWV RU 06 DQG V RI VWDPSV DV VHWV 67& Â&#x2026; KXJH RULJLQDO FRVW DQG UDUHO\ RIIHUHG PDWHULDO JRRG ORW Â&#x2026; Â&#x2026;
2OG SDJHV SDFNHWV FRYHUV D UDPEHUOLQJ PL[WXUH LQF HDUO\ 6 $ 6 -XELOHH VHW PLQW 6 :HGGLQJ VHW PLQW HDUO\ 4(,, WR Â&#x2026; PDQ\ V Â&#x2026; Â&#x2026;
6/29$.,$ Â&#x2019; 6XSHUE &ROOHFWLRQ LQ WZR /LQGHU 3ULQWHG $OEXPV Â&#x2019; LQF VKHHWOHWV RI $UPV (XURSD (XURSD $UW
$UW D YHU\ ILQH FROOHFWLRQ RI VWDPSV 06 6KHHWOHWV &DW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; *(50$1 2&&83$7,21 06 SHUI 6* D Â&#x2019; 80 Â&#x2026; Â&#x2026;
620$/,$
6(<&+(//(6 { )LQH XVHG RQ 2OG $OEXP 3DJHV ZLWK EHWWHU
SLFNLQJ LQF GLH , F VXUFK WR F WR U F VXUFK V LQF F RQ U F 6* $ JRRG UDQJH RI VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; ,QYHUWHG RYHUSULQW F RQ F 6* D
PLQW Â&#x2026; Â&#x2026;
$ ILQH UDQJH RI VWDPSV DQG 06 ZLWK LVVXHV IURP )UHQFK FGV WR VHHQ SSF ZLWK ,WDOLDQ IUDQNLQJV DQG $UP\ VLJQHG %1& SRVWPDUN PRGHUQ VHWV 80 D ILQH FROOHFWLRQ ZLWK EHWWHU SLFNLQJV $Q RULJLQDO ORW Â&#x2026; Â&#x2026;
672&.3$*( ZLWK D VPDOO EXW XVHIXO UDQJH VHHQ LQVWLWXWH VHW RI PLQW DLU VHW PLQW EXWWHUIOLHV VHW PLQW ZLOG DQLPDOV PLQW VWDPSV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 58
Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ Â&#x2019; 922575(..(5 $1' +8*8(127 VHWV DV Â&#x2019; FRQWDLQLQJ FRQWHPSRUDU\ 80 LVVXHV QRWLQJ $LUPDLO VHW FRPSVLWH EORFNV SOXV òG G 9RRUWUHNNHU FRPSVLWH EORFNV IURP
6* ILQH DQG VFDUFH IRU KHUH Â&#x2026; Â&#x2026;
620$/,/$1' 3527 Â&#x2019; ,QGLD ZLWK RYSWV DW ERWWRP RI VWDPSV FRPSOHWH
VHW 6* YIP Â&#x2026; Â&#x2026; Â&#x2019; ,QGLD ZLWK RYSWV DW WRS RI VWDPS FRPSOHWH VHW
SOXV XQOLVWHG D VKDGH 6* ILQH PLQW Â&#x2026; Â&#x2026;
HDFK FRUQHU RI WKH VKHHW ò +XJXHQW DV FRPSVLWH EORFNV IURP HDFK FRUQHU RI WKH VKHHW &DW YDOXH Â&#x2026; DV SDLUV Â&#x2026; Â&#x2026;
:DU HIIRUW ODUJH IRUPDW VWXG\ RQ SDJHV ZLWK VKDGHV PLQRU YDULHWLHV DQG SRVWPDUNV D JRRG ORW RI LWHPV LQF PLQW EORFNV Â&#x2026; Â&#x2026; .*9, 5R\DO 7RXU G 683(5% 2))6(7 9$5,(7< 6* ILQH 80 KRUL] SDLU Â&#x2026; Â&#x2026;
Â&#x2019; 9DULHW\ 49 D ZLWK %U 7LVK IRU %ULWLVK YDULHW\ Â&#x2019; V EODFN SDOH EOXH JUHHQ 5$,1 )/$:
6* D IUHVK PLQW Â&#x2026; Â&#x2026;
6* D 80 SDLU Â&#x2026; Â&#x2026;
Â&#x2019; .(9,, GHILQV VHW 6* RGG YDOXH KDV D
Â&#x2019; G 8QLRQ 'D\ 683(5% 2))6(7 9$5,(7< Â&#x2019; 6* 80 Â&#x2026; Â&#x2026;
PLQRU WRQHG SHUI RWKHUZLVH YIP Â&#x2026; Â&#x2026; Â&#x2019; .(9,, ZPN PXOW &URZQ FD VHW SOXV D RQ
Â&#x2019; òF 1XUVLQJ W\SH , 683(5% 2))6(7 Â&#x2019; 9$5,(7< RI EOXH FRORXU 6* 80 Â&#x2026; Â&#x2026;
FKLHIO\ SDSHU 6* D YIP Â&#x2026; Â&#x2026;
Â&#x2019; .*9 ZPN PXOWL VFULSW FD GHILQV VHW 6* Â&#x2019; $17, 7% %RRNOHWV RYHU D IDXOW\ RWKHUZLVH YIP Â&#x2026; Â&#x2026; Â&#x2019; %RRNOHWV ZLWK EHWWHU HDUO\ LVVXHV DGGLWLRQDO ERRNOHW SDQHV ZLOO
PDNH D YHU\ ILQH IRU GLVSOD\ Â&#x2026; Â&#x2026;
Â&#x2019; 63(&,0(1 SHUIRUDWHG VLOYHU MXELOHH VHW RI
(DUO\ VWDWH LVVXHV LQF &DSH RI *RRG +RSH G WULDQJOH 6* F XVHG 7UDQVYDDO $UPV WR Â&#x2026; PLQW DQG ILQH XVHG VXUFKDUJHV PLQW ZLWK GLIIHUHQW RYSW V D XVHIXO UDQJH RI VWDPSV XQXVHG SRVWDO FDUGV Â&#x2026; Â&#x2026;
6* V IUHVK PLQW Â&#x2026; Â&#x2026; { ),1( 86(' .*9, 4(,, &ROOHFWLRQ YHU\ ILQH
TXDOLW\ ,QF U U WRS YDOXHV 'HILQ VHW RYSW GHILQ VHW 4(,, GHILQ VHW 1LFHO\ FDQFHOOHG { ([WHQVLYH FROOHFWLRQ ILQH XVHG RQ SULQWHG Â&#x2026; Â&#x2026; SDJHV GHILQ SDLU WR ZDU HIIRUW ERWK VHWV ZLWK PLQRU Â&#x2019; 2)),&,$/ D GXOO EULJKW SXUSOH ZPN YDULHWLHV +XJXHQRW VHW YRRUWUHNNHU VHWV $ YHU\ JRRG UDQJH ZLWK XQLW VWDPSV YHU\ KLJK FDW YDOXH Â&#x2026; Â&#x2026; PFD 6* JRRG WR ILQH PLQW Â&#x2026; Â&#x2026; { .*9, SRVWDJH GXHV LQF LVVXHV WR G
Â&#x2019; 2)),&,$/ U JUHHQ ZPN &URZQ FF
G VWULS RI 6*' D VHW RI $ ILQH JURXS RI ILQH XVHG Â&#x2026; Â&#x2026;
6* YIP Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/ V G JUHHQ EURZQ RYSW
6287+ $)5,&$
PP 6* D ODUJH GRZQZDUGV 6+,)7 RI RYSW ILQH PLQW Â&#x2026; Â&#x2026; $LUPDLOV VHW VHW 6LOYHU -XELOHH VHW Â&#x2019; V V V PRVW YDOXHV WR V 3RVWDJH 'XHV Â&#x2019; 2)),&,$/ V EURZQ FKDON\ EOXH 6* 80 Â&#x2026; Â&#x2026; VHWV SOXV WR ERWK G 2IILFLDOV XVHIXO UDQJH ZLWK YDOXHV WR V G 6* 2 PL[HG Â&#x2019; 2)),&,$/6 0,17 *5283 LQFO FRQGLWLRQ JHQHUDOO\ JRRG WR ILQH FDW Â&#x2026; SDLUV V V G ZLWK ERWK RYSW VSDFLQJ V WZR VKDGHV VLQJOHV Â&#x2026; Â&#x2026; 6* E D F Â&#x2019; V GHHS EOXH ROLYH JUHHQ 6* YIP D VRPH ZLWK VOLJKWO\ \HOORZHG JXP RWKHUZLVH OLJKWO\ KLQJHG Â&#x2026; Â&#x2026; FDW Â&#x2026; SDLUV Â&#x2026; Â&#x2026; Â&#x2019; 0,17 &2//(&7,21 LQFO .*9 WR G FRLOV VHW
Â&#x2019; òG FKHVWQXW %22./(7 3$1( RI ZPN LQY
DV 6* Z SHUIV WULPPHG RQ WRS RWKHUZLVH YIP Â&#x2026; Â&#x2026; Â&#x2019; V UHGGLVK SXUSOH OLJKW EOXH 6* DV
YIP Â&#x2026; Â&#x2026; Â&#x2019; .*9 GHILQV VHW SOXV H[WUD VKDGHV WR V 6*
ILQH PLQW Â&#x2026; Â&#x2026;
5(9(18(6 2OG SDJHV ZLWK HDUO\ LVVXHV WR ZLWK PDQ\ GLIIHUHQW VHHQ *ULTXDODQG G DQG %URZQ 2UDQJH 5LYHUV (GZDUG Â&#x2026; 7UDQVYDDO &XVWRP )UDQN )HH (PERVVHG G (PERVVHG G RQ ZKLWH DQG RQ 3LQN &DSH RI *RRG +RSH WR ZLWK PDQ\ GLIIHUHQW D JRRG UDQJH RI UHYHQXHV OLJKWO\ DGKHVLRQ WR ROG SDJHV Â&#x2026; Â&#x2026;
6287+ $5$% )('
Â&#x2019; &ROOHFWLRQ RI VHWV SOXV &UHVW DQG )ODJV SRVWDJH GXH VHWV PLQW GHILQ SDLUV WR 9RRUWUHNNHU Â&#x2019; WR I &DW Â&#x2026; 1HZ &XUUHQF\ VHWV FRPPHP RYSWV Â&#x2019; VHWV $ JRRG ORW PLQW LQF 80 Â&#x2026; Â&#x2026;
Â&#x2019; 2/' 3$*(6 ZLWK D FDW YDOXH RYHU Â&#x2026; LQF
VHWV LQF SDLU 6* ZDU HIIRUW $ JRRG UDQJH RI LVVXHV ZLWK PDQ\ VHWV Â&#x2026; Â&#x2026;
Â&#x2019; (DUO\ LVVXHV LQF GHILQ VHW RI
Â&#x2019; 2IILFLDOV D XVHIXO UDQJH ZLWK EHWWHU G
6*2 DV D EORFN RI 6*2 G EOXH SDLU 6*2 ZLWK YDOXH WR G $ ILQH ORW RI SDLUV DQG EORFNV RI PLQW Â&#x2026; Â&#x2026; { .*9 6LOYHU MXELOHH VWXG\ LQF òG G G Â&#x2019; ZLWK FOHIW VNXOO PLQW òG G ZLWK VSRW DERYH KHDG PLQW SOXV D
VHOHFWLRQ RI RWKHU PLQRU YDULHWLHV QRW OLVWHG VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; 6LOYHU -XELOHH VHW DV PDWFKLQJ PLQW EORFNV RI
6* 6XUFK VHW RI 6* PDQ\ RYSW VHWV ZLWK LVVXHV IURP 6HL\XQ +DGKUDPDXW DQG 6XOWDQDWH $ YHU\ JRRG UDQJH RI VWDPSV PLQW FDW Â&#x2026; Â&#x2026; Â&#x2026;
6287+ $8675$/,$ { 49 KLJK YDOXHV )8 ZLWK 3RVWDO &DQFHOV G
GLIIHUHQW GLIIHUHQW DQG 6* YDULHW\ RI 3PNV Â&#x2026; Â&#x2026; { 49 VHW RI G WR Â&#x2026; )8 ZLWK DGGLWLRQDO G
VKDGH PLQW $Q H[FHOOHQW YDULHW\ RI FDQFHOODWLRQV ,QF &72 6* Â&#x2026; Â&#x2026;
VL[ HDUO\ EORFN VKRZLQJ WKH &/()7 6.8// 9$5,(7< $ ILQH DQG VFDUFH VHW 6* D EORFNV Â&#x2026; Â&#x2026; ),567 )/<,1* %2$7 HQYHORSH VHQW IURP 4 6RXWK $IULFD WR 8. HQGRUVHG 6HDSODQH FRXQWHU UHWXUQ EDFN WR
6RXWK $IULFD ZLWK ODUJH UHWXUQ WR VHQGHU +6 DQG QRW FRPSOHWHG ZLWK ER[HG FDFKHW Â&#x2026; Â&#x2026;
{ 49 SRVWDJH WDOO W\SH WKLFN SRVWDJH RQ
D VWRFNSDJH ZLWK YDOXHV WR Â&#x2026; G G G G G G G Â&#x2026; XQFKHFNHG IRU SULQWLQJV )LQH XVHG Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 59
6287+ :(67 $)5,&$
63$1,6+ &2/21,(6
Â&#x2019; 63(&,0(1 RYHUSULQW VHW RI 6* V YHU\
VFDUFH FDW Â&#x2026; PLQW Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 2/' 3$*(6 ZLWK D IUHVK PLQW FROOHFWLRQ RI
VWDPSV FDW Â&#x2026; LQF SDLUV WR 6* 9RRUWUHNNHU 6* :DU HIIRUW SRVWDJH GXHV $ JRRG UDQJH ZLWK PDQ\ VHWV Â&#x2026; Â&#x2026; Â&#x2019; 3LFWRULDO GHILQV VHW ZPN &RDW RI $UPV Â&#x2019; %/2&.6 2) )285 6* ILQH 80 EORFNV
Â&#x2026; Â&#x2026;
5(9(18(6 (DUO\ LVVXHV IURP WR V HDFK VHHP WR EH GLIIHUHQW RQ ROG SDJHV OLJKWO\ DGKHVLRQ ZLWK PDQ\ GLIIHUHQW W\SHV *LUR 3XHUWR 5LFR &XED 3KLOLSSLQHV *HQHUDO -XGLFLDO $Q ROG RULJLQDO ORW RI UHYHQXHV Â&#x2026; Â&#x2026;
68'$1 Â&#x2019; 628'$1 RYSW RQ (J\SW P 6* PLQW PRVW Â&#x2019; 80 EORFN RI URZV VKRZLQJ GDPDJHG 6 YDULHW\ DQG Â&#x2019; RWKHU VHWWLQJ FKDUDFWHULVWLFV $ VFDUFH PXOWLSOH Â&#x2026; Â&#x2026;
Â&#x2019; 628'$1 RYSW RQ (J\SW P 6* PLQW PRVW 6287+(51 1,*(5,$ Â&#x2019; 80 EORFN RI VKRZLQJ D YDULHW\ RI RYHUSULQW VHWWLQJV $ Â&#x2019; Â&#x2019; V JUHHQ UHG RQ JUHHQ ZPN 0&&$ 6* VFDUFH LQWDFW PXOWLSOH Â&#x2026; Â&#x2026;
9)0 Â&#x2026; Â&#x2026;
Â&#x2019; V JUH\ EODFN SXUSOH RQ \HOORZ ZPN 0&&$
6* 9)0 Â&#x2026; Â&#x2026;
Â&#x2019; %$**$5$ *,5/ S FRPSOHWH VKHHW FÂ&#x2026; Â&#x2019; 6* IUHVK 80 Â&#x2026; Â&#x2026; Â&#x2019; &$7$/2*8(' Â&#x2026; :KDOH +HDGHG 6WRUN DV Â&#x2019; D FRPSOHWH VKHHW RI 6* IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; (GZDUG 6* ILQH IUHVK P )LQH KLJK
YDOXH Â&#x2026; Â&#x2026;
Â&#x2019; &203/(7( 6+((7 :LWK SODWH QXPEHUV P Â&#x2019; ,EH[ 6* &DW Â&#x2026; DV VLQJOH VWDPSV VHOGRP VHHQ DV D
6287+(51 5+2'(6,$
FRPSOHWH VKHHW 80 Â&#x2026; Â&#x2026;
Â&#x2019; 49 GHILQV ZPN &URZQ &$ VHW SOXV òG VKDGH Â&#x2019; 2)),&,$/ S 'HHS %OXH DQG YHU\ 3DOH %OXH 6* D V WRQHG DW WRS HGJH RWKHUZLVH ILQH PLQW Â&#x2019; 6*2 E &DW Â&#x2026; $V D FRPSOHWH VKHHW RI IUHVK 80
Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; .(9,, GHILQV VHW ZPN &URZQ &$ 6*
Â&#x2019; 2)),&,$/ SW LQ D FRPSOHWH VKHHW RI Â&#x2019; 6*2 %OXH DQG %ODFN IUHVK 80 Â&#x2026; Â&#x2026;
V G WRQHG RWKHUZLVH ILQH PLQW Â&#x2026; Â&#x2026;
{ )LQH XVHG FROOHFWLRQ &DW YDOXH Â&#x2026; ZLWK EHWWHU Â&#x2019; 2)),&,$/ &RPSOHWH VKHHW S 'HHS %OXH DQG SLFNLQJV GHILQV WR G VHW RI Â&#x2019; EORFN 6*2 D Â&#x2026; IUHVK 80 Â&#x2026; Â&#x2026;
6 -XELOHH GHILQ VHW PDQ\ FRPPHP VHWV GHILQ VHW $ YHU\ JRRG UDQJH RI VWDPSV FRYHU HDFK GLIIHUHQW Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/ &RPSOHWH VKHHW RI 6*2 D Â&#x2019; /LJKW (PHUDOG DQG 5HG %URZQ òS IUHVK 80 &DW Â&#x2026;
Â&#x2019; .*9 VHW RI 6* IUHVK PLQW
Â&#x2026; Â&#x2026;
Â&#x2026; Â&#x2026;
Â&#x2019; 2)),&,$/ +LJK YDOXH S DV D FRPSOHWH VKHHW Â&#x2019; RI 6*2 IUHVK 80 Â&#x2026; Â&#x2026;
Â&#x2019; &RPPHPRUDWLYH VHWV LQ %/2&.6 2) )285 Â&#x2019; LQFO &RURQDWLRQ *ROGHQ -XELOHH 5KRGHV
Â&#x2019; 2)),&,$/ 7RS YDOXH S DV D FRPSOHWH VKHHW Â&#x2019; 6*2 &DW Â&#x2026; IUHVK 80 6HOGRP VHHQ DV D FRPSOHWH
&RURQDWLRQ DOVR G G 3 /DUJH )DOOV 3RVWDJH 'XHV LQ EORFNV PRVWO\ ILQH 80 EORFNV Â&#x2026; Â&#x2026;
VKHHW Â&#x2026; Â&#x2026; Â&#x2019; 0$/$5,$ 6HW DV FRPSOHWH VKHHWV ))+ Â&#x2019; VHW D FRPSOHWH VKHHWV 5RRVHYHOW DV FRPSOHWH VKHHW
{ ),1( 86(' 5KRGHV &RURQDWLRQ GHILQ
VHW RI GHILQ VHW RI &DW Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; &2,/ òG FRLO HQG ZLWK D ODUJH TXDQWLW\ RI Â&#x2019; VWDPSV VWLOO DWWDFKHG DQG FRLO VWDUWHU ZLWK VWDPSV DWWDFKHG
6* VHOGRP VHHQ Â&#x2026; Â&#x2026; Â&#x2019; &2,/ G FRLO OHDGHU ZLWK VWDPSV DWWDFKHG DQG Â&#x2019; HQG UROO ZLWK D ODUJH TXDQWLW\ RI VWDPSV DWWDFKHG 6* VHOGRP
VHHQ Â&#x2026; Â&#x2026;
Â&#x2019; Â&#x2019; Â&#x2019; Â&#x2019;
$UDE 3RVWDO 8QLRQ $QQLYHUVDU\ DV D FRPSOHWH VKHHW VHOGRP VHHQ LQ FRPSOHWH VKHHW KLJKO\ FDWDORJXHG DV VLQJOH VWDPSV 80 Â&#x2026; Â&#x2026; Â&#x2019; &+,/' +($/7+ 6HW DV FRPSOHWH VKHHWV
6* 6FDUFH DV VXFK )UHVK 80 Â&#x2026; Â&#x2026;
6:$=,/$1' Â&#x2019; .*9, GHILQLWLYH VHW ZLWK VKDGHV XQFKHFNHG IRU
63 &2/ )(51 322 GLIIHUHQW SHUIV òG òG G G G G G 6* D PLQW Â&#x2026; Â&#x2026; $OEXP OHDYHV ZLWK EHWWHU SLFNLQJV GHIDXOW VWDPSV GRQH GLUHFW WR HQYHORSH EOXH KDQGVWDPS F Â&#x2019; 63(&,0(1 SHUIRUDWHG VHW RI .*9, RQ F 6* D EODFN +6 ILVFDO VXUFKDUJH F RQ F URVH 6* V V PLQW Â&#x2026; Â&#x2026; UHG 6* )8 W\SH KDQGVWDPS RQ F URVH UHG QRW OLVWHG RQ WKLV VWDPS )8 KDQGVWDPS F RQ F 6* { ),1( 86(' .*9, WR ZLWK D YDULHW\ RI PLQW D XVHIXO UDQJH RI VWDPSV Â&#x2026; Â&#x2026; GLIIHUHQW SHUIRUDWLRQV DV OLVWHG 6* ILUVW 4(,, GHILQ VHW WR Â&#x2026; GHFLPDO RYSWV ZLWK D JRRG YDULHW\ RI GLIIHUHQW W\SHV ,QF 63$,1 F GLIIHUHQW U U QRW FRPPRQ XVHG $LUPDLO S 6* 1+0 &Â&#x2026; VWDPSV Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2019; 0,17 &2//(&7,21 ,QF .*9, ZLWK GLIIHUHQW 3HUIRUDWLRQV 3ULQWLQJV ZLWK YDXOWV WR G GLIIHUHQW 4(,, ,17(5(67,1* 6(/(&7,21 LPSHUI H[KLELWLRQ 06 0LFKHO FDW (XURV GLIIHUHQW FRLO VWULSV ZLWK QXPEHUV GHFLPDO VXUFK RYSWV ZLWK GLIIHUHQW VHWWLQJV ,QF 5 5 PLQ &9 Â&#x2026; Â&#x2026; Â&#x2026; RQ WKH UHYHUVH DQG ERRNOHW SDQHV DOO 80 Â&#x2026; Â&#x2026; 5(9(18(6 (DUO\ LVVXHV RQ ROG SDJHV ZLWK D YHU\ JRRG WR DERXW RYHU HDFK VHHP WR EH GLIIHUHQW OLJKW DGKHVLRQ WR WKH SDJHV VHHQ VXUFKDUJH *LUR 5HFLERV 3ROL]DV 6HOOR WR S F D YHU\ LQWHUHVWLQJ JURXS Â&#x2026; Â&#x2026;
6WRFNFDUGV ZLWK VWUHQJWK LQ .*9, VHHQ G &DUPLQH PLQW òG JUH\ G %OXH %LVWUH 6* PLQW .*9 G WR PLQW .*9, GHILQV WR ZLWK VKDGHV DQG SHUI W\SHV PLQW QRWH EORFN RI )8 $ XVHIXO ORW RI VWDPSV Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 60
Â&#x2019; 8102817(' 0,17 LQ RULJLQDO SDFNHWV VHHQ Â&#x2019; EHWWHU SLFNLQJV /DXVDQQH 06 SURSDWLD 06
7$1*$1<,.$ $,50$,/6 0ZDQ]D WR &DLUR ILUVW IOLJKW 4 WKHQ FDUULHG E\ 6WHDPHU WR 1DWDO FRYHU IUDQNHG F DQG
5HG &URVV 06 FKDULW\ VHWV GHILQV FRPPHPRUDWLYHV XQFKHFNHG Â&#x2026; Â&#x2026;
FDUULHG E\ ,PSHULDO $LUZD\V IORZQ 5HJ G FRYHU H[ 'RGRPD Â&#x2026; Â&#x2026;
6:('(1 { 2)),&,$/6 8QFKHFNHG RQ ROG SDJHV
7$60$1,$
RYHU VWDPSV ZLWK YDOXHV WR NU SHUI LVVXHV DQ ROG WLPH { 2FWDJRQDO G 6* 9)8 FXW VTXDUH ZLWK ODUJH RULJLQDO ORW Â&#x2026; Â&#x2026; PDUJLQV DQG QHDW GXSOH[ 3PN LQFUHGLEOH FRORXU DQG D YHU\ { 2OG SDJHV DQG VWRFNFDUGV ZLWK FKLHIO\ ILQH XVHG ILQH VWDPS *HP Â&#x2026; Â&#x2026; FROOHFWLRQ RI VWDPSV IURP HDUO\ DUPV WR DERXW D { 2FWDJRQDO G 6* D )8 3$,5 FXW VTXDUH JRRG UDQJH ZLWK PDQ\ GLIIHUHQW Â&#x2026; Â&#x2026; VKRZLQJ SDUW 35,17(56 ,035,17 DW EDVH HDFK ZLWK QHDW Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ GXSOH[HV RI 5RVV -XVW WRXFKLQJ DW WLS DQG VKDOORZ FUHDVH Â&#x2019; FRQWDLQLQJ GLIIHUHQW FRQWHPSRUDU\ 80 LVVXHV RQ VSHFLDO UDUH PXOWLSOH FÂ&#x2026; Â&#x2026; Â&#x2026; SDJHV LQ FRLO SDLUV 9HU\ ILQH LWHP Â&#x2026; Â&#x2026; /,7(5$785( 3RVWDO +LVWRU\ DQG 3RVWDO 6:,7=(5/$1' 0DUNLQJV 9ROH DQG ,, E\ &DPSEHOO 3XUYHV 9LQH\ DQG $YHU\ (GZDUGV ,QJOHV DQG 3XUYHV D YHU\ ILQH DQG VFDUFH 3267$/ +,6725< DQ LQWHUHVWLQJ JURXS RI SDLU ZLWK WKHUH SODWHV Â&#x2026; Â&#x2026; FRYHUV PDQ\ ZLWK OHWWHUV LQVLGH IUDQNHG ZLWK +HOYHUWLDV VHQW WR
WKH 8. LQF 5R\DO +RUVH $UWLOOHU\ ([HWHU 2NHKDPSWRQ 6W -RKQV /7(5$785( 6WDPSV DQG 3RVWDO +LVWRU\ E\ :RRG 6KHHUQHVV ZLWK D YDULHW\ RI SRVWDO PDUNV :DOWRQ ( 7LQVOH\ YHU\ LQWHUHVWLQJ LQ YHU\ JRRG FRQGLWLRQ ZLWK Â&#x2026; Â&#x2026; LWV ' - Â&#x2026; Â&#x2026;
Â&#x2019; +27(/ 32676 VPDOO JURXS LQFO
0DGHUDQHUWKDO F XOWUDPDULQH [ 5LJL .DOWEDG FDUPLQH LPSHUI 5LJL .XOP F [ LQ GLIIHUHQW VKDGHV .XURUW 6WRRV EULJKW UHG PRVWO\ JRRG WR ILQH PLQW Â&#x2026; Â&#x2026; Â&#x2019; +27(/ 32676 &2//(&7,21 PRVWO\ PLQW RU
Â&#x2019;
Â&#x2019; Â&#x2019; {
7+$,/$1' 5HG &URVV KLJK YDOXHV RYSW VHW RI 6* XVHG RQ FHQVRUHG UHJLVWHUHG FRYHU IURP %DQGRQ WR 3HQDQJ DW WKH EHJLQQLQJ RI ::,, 6HSW ZLWK UDUH 3DVVHG %\ &HQVRU /DEHO DQG 3HQDQJ &HQVRU KDQGVWDPS EDFN VWDPSV ,QF 6RXWK ([SUHVV 5DLOZD\ &'6 ILQH DQG UDUH FRYHU Â&#x2026; Â&#x2026;
XQXVHG ZH VHH %(/$/3 YDULRXV LPSHUI W\SHV 7,%(7 F SDOH OLODF SHUI 0$'(5$1(57+$/ QXPEHU RI GLIIHUHQW W\SHV QRWH EODQN YDOXH WDEOHW SHUI ò SHUI 5,*, Â&#x2019; 6FDUFH VKDGH EURZQ UHG W 6* $D ILQH .$/7%$' FRXSOH RI LPSHUIV SOXV SHUI H[DPSOHV RQH XVHG Â&#x2026; Â&#x2026; ZLWK RFWDJRQDO FDQFHO LQ EOXH WULPPHG SHUIV 5,*, .8/0 [ VKDGHV $OSLQH URVH LVVXHV 5,*, Â&#x2019; 9DULHW\ W ZLWK SRWVDJH IRU SRVWDJH LQ D YHUW 6&+(,'(&. LQ GLIIHUHQW FRORXUV SOXV \HOORZ JUHHQ SDLU 6* $D IUHVK PLQW Â&#x2026; Â&#x2026; ZLWK FDQFHO 3LJHRQ LQ EOXH URVH .85257 67226 +RUQ LQ GLIIHUHQW FRORXUV 0L[HG FRQGLWLRQ VHOGRP RIIHUHG $Q LQWHUHVWLQJ UDQJH ZLWK EHWWHU HDUO\ LWHPV Â&#x2026; Â&#x2026; LVVXHV ZLWK YDOXHV WR W 80 ZLWK VKDGHV DQG YDULHWLHV D YHU\ JRRG UDQJH ZLWK PDQ\ GLIIHUHQW YDOXHV LQF òW +27(/ 32676 5,*, 6&+(,'(&. LQFO VKHHWOHW RI 80 VWULSV EORFNV DQG D VWXG\ VHFWLRQ RI JUHHQ \HOORZ JUHHQ GXOO URVH EOXH LPSHUIV $PDWHXU IRUJHULHV $ JRRG ORW WR ZULWH XS IRU GLVSOD\ VWXG\ RYHU &ROOHFWRU D PLQW XQXVHG Â&#x2026; Â&#x2026; VWDPSV Â&#x2026; Â&#x2026; (PEURLGHU\ IU VKHHWOHW RI IRXU ILQH QKP { )LQH XVHG EORFNV RI DQG VKHHWOHWV 06 FDW Â&#x2026; Â&#x2026; Â&#x2026; 6KHHWOHWV òW OHPRQ 6* %I W FDUPLQH 6* %D EORFNV RI òW 6* %D DQG 6* %I W LQGLJR 6* % 6* %E VHOGRP 2OG DOEXP SDJHV ZLWK VWDPSV ILQH XVHG VHHP LQ EORFNV 6HHQ D FRXSOH ZLWK H[SHUWLVHG KDQGVWDPSV D VHHQ HDUO\ +HOYHWD :LOOLDP 7HOO 3UR-XYHQWXWH VHWV DLUV YHU\ ILQH JURXS Â&#x2026; Â&#x2026; ^3KRWR` UDQGRPO\ SODFH RQ SDJHV Â&#x2026; Â&#x2026;
3$5&(/ 7$* &$5'6 0XOWL IUDQNHG
FRQWHPSRUDU\ V LVVXHV DW =XULFK 9DULRXV UDWHV 8QXVXDO Â&#x2026; Â&#x2026;
Â&#x2019; 6KHHWOHWV SOXV WZR EORFNV RI IUHVK 80 Â&#x2019; VKHHWOHWV 6* %E EDF %F % EG H LQF WKH VFDUFH
W EURZQ EORFNV LQF \HOORZ RUDQJH òW 6* % VFDUFH YDOXH DQG W JUH\ EOXH 6* %DD YHU\ VHOGRP VHHQ DQG QRW FRPPRQ LQ 5(9(18(6 (DUO\ LVVXHV WR ZLWK UHJLRQDO EORFNV RU VKHHWOHWV Â&#x2026; Â&#x2026; ^3KRWR` LVVXHV D YHU\ LQWHUHVWLQJ ORW RQ ROG SDJHV OLJKW DGKHVLRQ ZLWK RYHU UHYHQXHV HDFK VHHP WR EH GLIIHUHQW ZLWK *HQHUDO 7D[ 3RVWDO KLVWRU\ LQWHUHVWLQJ FROOHFWLRQ RI FRYHUV ZLWK SULPLWLYH LVVXHV DOO VWDWH WR EH IRUJHG D JRRG ORW IRU &RPPHUFH 7D[ /HWWHU 7D[ DQ ROG WLPH ORW Â&#x2026; Â&#x2026; UHVHDUFK FRYHUV Â&#x2026; Â&#x2026; ^3KRWR`
6<5,$
Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019;
Â&#x2019;
Â&#x2019; Â&#x2019; Â&#x2019;
72%$*2
%(77(5 3,&.,1* RQ VWRFNFDUGV UHG 7REDJR )OHXURQ PRVWO\ $OELQR )OHXURQ LV FURVV 6* IX )UHQFK RYSW GHILQ VHW RYSW VHW LQNHG RQ HQWLUH WR /RQGRQ FKDUJHG IDVFLQDWLQJ VRFLDO DLUPDLO S RQ S ZLWK GRXEOH SULQWLQJ D JRRG UDQJH RI FRQWHQWV LQF VHQGLQJ ILIW\ KRJVKHDGV RI VXJDU RQ WKH 6KLS VWDPSV ZLWK D KLJK FDW YDOXH PDLQO\ PLQW LQF 80 $XURUD )DXOWV EXW YHU\ HDUO\ Â&#x2026; Â&#x2026; Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; 0,17 8186(' &2//(&7,21 RQ 1HZ ,PSHULDO 838 JROG HPERVVHG SUHVHQWDWLRQ IROGHU IRU SDJHV DOO GLIIHUHQW LQFOXGHV G G G G PHHWLQJ FRQWDLQLQJ GLII PLQW FRQWHPSRUDU\ LVVXHV òG RQ G òG G òG SOXV VKDGH QHZ PRXQWHG RQ SDJHV VHWV YDOXHV WR S 1LFH Â&#x2026; Â&#x2026; FRORXUV VHW DOO WKH VXUFKDUJHV SOXV G ILVFDO 0L[HG 7$,:$1 FRQGLWLRQ VRPH ZLWKRXW JXP EXW JHQHUDOO\ JRRG WR ILQH FDW Â&#x2026; Â&#x2026; Â&#x2026; 3URYLVLRQDO RYHUSULQWV F F VFDUFH F RQ F RQ 6* $V XQXVHG EORFNV RI IRXU 72*2 VHOGRP VHHQ ORFDO LVVXHV Â&#x2026; Â&#x2026; Â&#x2019; RYHUSULQWV RQ *ROG &RDVW LQFO VHW V 62&.&$5'6 ZLWK D UDQJH RI LVVXHV KDV VOLJKWO\ URXQGHG FRUQHU 6* + VHW WR V IURP WR V PXFK LGHQWLILHG 0DLQO\ 80 RYHU ZLWK ERWK V SDSHUV 6* + DOO PLQW PL[HG FRQGLWLRQ VWDPSV ZLWK VHWV $ XVHIXO UDQJH Â&#x2026; Â&#x2026; VHYHUDO DUH ILQH FDW Â&#x2026; Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 61
721*$
75,67$1 '$ &81+$
{ 12 +<3+(1 %()25( 7$+$ YDULHW\
Â&#x2019; Â&#x2019; Â&#x2019;
6* D IX ZLWK QRUPDO VWDPS WR FRPSDUH Â&#x2026; Â&#x2026;
75$16-25'$1 Â&#x2019; 3DOHVWLQH RYSW Â&#x2026; WRS YDOXH 1+0 Â&#x2019; 6*3 Â&#x2026; Â&#x2026;
$ VXSHUE FROOHFWLRQ ZLWK YDULHWLHV FDW Â&#x2026; PDLQO\ 80 GHILQ VHW PLQW GHILQ VHW PLQW UH VHWWOHPHQW VHW SOXV ZPN LQY PLQW GHILQ VHW 80 $ YHU\ JRRG UDQJH RI FRPPHPRUDWLYHV LQF 6KLSZUHFNV 06 ZPN WR WKH OHIW 80 KDQGLFUDIWV S DQG S ZPN WR WKH ULJKW 80 RYHU VWDPSV PV VKHHWOHWV D VXSHUE UDQJH Â&#x2026; Â&#x2026;
{ 9HU\ ILQH FROOHFWLRQ RI VWDPSV
75$169$$/ Â&#x2019; 3,(7(56%85* G 6* UHPDUNDEOH 80 EORFN Â&#x2019; RI KLJKOLJKWHG ZLWK FRQVWDQW SODWH YDULHWLHV LQF LQYHUWHG
YDOXH IRU VSUD\ LQYHUWHG HWF $ UDUH EORFN Â&#x2026; Â&#x2026;
06 VKHHWOHWV YHU\ ILQH XVHG FDW Â&#x2026; ZLWK PDQ\ EHWWHU VHWV LQF PRGHUQ GHILQV VHWV WR Â&#x2026; VKLSV VHWV ZLOGOLIH VHWV WKH RGG ZPN YDULHW\ LQF YLVLW RI WKH 4(,, ZPN WR ULJKW XQSULFHG XVHG VKLSZUHFN S PV ZPN LQY XQSULFHG XVHG $ VXSHUE FROOHFWLRQ Â&#x2026; Â&#x2026;
Â&#x2019; 3,(7(56%85* ' VJ $ UHPDUNDEOH EORFN RI Â&#x2019; 4(,, 3LFWRULDO GHILQV VHW LQ FRUQHU &</,1'(5 Â&#x2019; VKRZLQJ QR IHZHU WKDQ SRVLWLRQDO YDULHWLHV LQF % IRU 5 , IRU
3$,56 6* ILQH PLQW KLQJHG RQ RQH VWDPS SDLUV Â&#x2026; Â&#x2026;
/ LQYHUWHG VSUD\ HWF 5DUH VXUYLYRU Â&#x2026; Â&#x2026; Â&#x2019; .(9,, ZPN &URZQ &$ GHILQV VHW SOXV òG
Â&#x2019; 0DULQH /LIH GHILQV VHW LQ %/2&.6 2) )285 Â&#x2019; 6* ILQH 80 EORFNV Â&#x2026; Â&#x2026;
VKDGH 6* V WRQH VSRW RWKHUV 9)0 Â&#x2026; Â&#x2026;
Â&#x2019; 6KLSV 4XHHQ¶V 3RUWUDLW GHILQV VHW LQ %/2&.6 2) )285 6* E ILQH 80 EORFNV Â&#x2026; Â&#x2026; 'DUOLQJWRQ ZLWK 7UDQVYDDO ,QWHU &RORQLDO 3DUFHO DQG GHWDLQHG SDFNHWV FXVWRP GRFNHW ZLWK ILQH -RKDQQHVEXUJ &'6 Â&#x2019; YDULRXV FRPPHPV VHWV LQ %/2&.6 2) )285 Â&#x2026; Â&#x2026; EHWZHHQ 6* ) ILQH 80 EORFNV Â&#x2026; Â&#x2026;
,17(5(67,1* :5$33(5 )URP WKH 8.
75,(67(
Â&#x2019; 2/' 3$*(6 ZLWK VWDPSV FDW YDOXH Â&#x2019; Â&#x2026; IUHVK PLQW LQF O 6* DLUV WR O Â&#x2019; FÂ&#x2026; UHYROXWLRQ VHW FÂ&#x2026; 5RPDQ UHS VHW XP
7XVFDQ\ FHQW VHW ZLWK PDQ\ VHWV D JRRG UDQJH Â&#x2026; Â&#x2026;
3RVWDJH GXHV D ILQH FROOHFWLRQ RI PLQW LQF 80 LQF W SHUI VHW WR I WG RYSWV WR IU $ ILQH UDQJH RI SRVWDJH GXHV PDQ\ LGHQWLILHG Â&#x2026; Â&#x2026;
75,1,'$' 72%$*2
Â&#x2019; Â&#x2019; Â&#x2019;
Â&#x2019; Â&#x2019;
{
{ Â&#x2019;
{
781,6,$ 5(9(18(6 /RFDOO\ SULQWHG FRPPHUFH )RUHUXQQHU VFDUFH Â&#x2026; Â&#x2026;
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Â&#x2026; Â&#x2026; 1LFH $OSHV 0DULWLPH DUULYDO PDUN RQ WKH UHYHUVH $ YHU\ 6LOYHU -XELOHH YDULHWLHV F DQG F EORFN RI LQWHUHVWLQJ JURXS RI FRYHUV ZLWK VRPH GHWDLOV ZLWK H[WUD IODJVWDII IODZV F ZLWK OLJKWQLQJ FRQGXFWRU IODJVWDII Â&#x2026; Â&#x2026; RQ ULJKW VLGH WXUUHW DQ LQWHUHVWLQJ JURXS 80 Â&#x2026; Â&#x2026; )OLJKW FRYHUV PDLQO\ V V ZLWK PDQ\ HDUO\ 4 GHVWLQDWLRQ FRYHUV 7XQLV $OJHU VSHFLDO IOLJKW FDFKHW 2OG SDJHV ZLWK EHWWHU SLFNLQJV .*9, GHILQ VHW PLQW V ZHGGLQJ VHW 4(,, GHILQ VHW LQF Â&#x2026; 7XQLV 7ULSROL ZLWK VSHFLDO IOLJKW FDFKHW DLUPDLO FRYHU Â&#x2026; ERWK SHUIV GHILQ VHW SRVWDJH GXHV LQF WR 8. ZLWK WKH DLUPDLO ODEHO EHLQJ FURVVHG RXW ZLWK D YDULHW\ RI VHW VHW WR F FKDON\ SDSHUV WR F D ILQH FROOHFWLRQ RI DLU VWDPSV D YHU\ LQWHUHVWLQJ ORW RI FRYHUV Â&#x2026; Â&#x2026; VWDPSV IUHVK PLQW Â&#x2026; Â&#x2026; 2OG WLPH FROOHFWLRQ ZLWK LVVXHV IURP )UHQFK 4(,, 3LFWRULDO GHILQV VHW ZLWK DOO F EOXLVK JUHHQ &RORQLHV WR LQGHSHQGHQFH LVVXHV RYHU VWDPSV HDFK EHLQJ DOO WKUHH F OLVWHG VKDGHV SHUI ò DQG GLIIHUHQW ZLWK PDQ\ VHWV D JRRG RULJLQDO ORW ZLWK KLJK YDOXH F RQ F DOO LQ %/2&.6 2) )285 6* D DLUV Â&#x2026; Â&#x2026; ILQH 80 EORFNV Â&#x2026; Â&#x2026; Â&#x2019; 6XSHULRU PLQW FROOHFWLRQ ZLWK PXFK HDUO\ DQG ),1( 86(' &ROOHFWLRQ RI GLIIHUHQW LVVXHV PDQ\ NH\ VHWV V ZLWK GLIIHUHQW LVVXHV 67& ZLWK VHWV DQG KLJK YDOXHV .*9 4(,, WR F .*9, RYHU Â&#x2026; JRRG VHWV KHUH LQF )LUVW GHVLJQV WR IU WR WR WR ODWHU GHILQV WR ZLWK GHILQ VHW PDQ\ RYSWV PHGDO RYSW VHW 6* GLIIHUHQW SDSHUV 1LFH ORW Â&#x2026; Â&#x2026; 3DUFHO RYSW VHW $LUPDLO RYSW VHW GHILQV WR IU 3RVWDJH GXHV DQG 3UH FDQFHOV Â&#x2026; Â&#x2026; ,PSHULDO SDJHV ZLWK EHWWHU SLFNLQJV VHDWHG %ULWDQQLD V WR 49 6* PLQW %ULWDQQLD V 785.(< ZLWK YDOXHV WR QRWH PLQW $ JRRG VHOHFWLRQ RI 7(/(*5$0 7(/(*5$3+6 VPDOO JURXS RI VWDPSV Â&#x2026; Â&#x2026; LWHPV LQFO VHDOV EULJKW VFDUOHW LQ D PLQW EORFN RI .*9, ILQH XVHG LQF GHILQ VHW WR IRXU WHOHJUDP ZLWK VFDUOHW 7 & 7(/(*5$) VHDO WLHG FRURQDWLRQ YLFWRU\ V ZHGGLQJ 838 DQG XQLYHUVLW\ VHWV E\ ,VWDQEXO SRVWPDUN XVHG V EODFN RQ SLQN IRUP SOXV D Â&#x2026; Â&#x2026; IXUWKHU IRUP ZLWK PHVVDJH ZULWWHQ XSRQ LW VWDWHG IURP 6HUUHV LQ 0DFHGRQLD LWHPV Â&#x2026; Â&#x2026; 75,32/,7$1,$
Â&#x2019; %ULWLVK 2FFXSDWLRQ %$ RYHUSULQW VHW RI Â&#x2019; 6*7 DV 80 EORFNV RI VHOGRP VHHQ LQ EORFNV 80
Â&#x2026; Â&#x2026;
Viewing
Key to symbols in this catalogue â&#x153;±
â&#x153;&#x2030;
Used Mint Postal History
â&#x153;&#x2C6; â&#x153;±â&#x153;± &
Clients can view at our offices Monday - Friday 10am - 5pm Please telephone to arrange an appointment. We are located in Warrington Town Centre
Airmail Unmounted mint Literature
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 62
{ ),6&$/6 5(9(18(6 &+$5,7< 67$036 Â&#x2019; 025( D PRVW DPD]LQJ VHOHFWLRQ RI PDWHULDO WKDW RQH UDUHO\
Â&#x2019; 2OG DOEXP SDJHV ZLWK LVVXHV IURP WR
LQF V ZHGGLQJ GHILQ VHW $ JRRG UDQJH HQFRXQWHUV SUHVHQWHG LQ DOSKDEHWLFDOO\ KHQFH ZH EHJLQ ZLWK FDW Â&#x2026; PLQW VWDPSV Â&#x2026; Â&#x2026; $GDQD 0XQLFLSDO 7D[ N VWDPS WKHQ $QLPDO 7D[ IRXU 8.5$,1( GLII YDOXHV IHZ $LUPDLO /DEHOV FRQWLQXHV $WKOHWHV 2OG SDJHV DQG GHDOHUV VWRFNFDUGV ZLWK 3URWHFWLRQ 6RFLHW\ DQG $VVRFLDWLRQ IRU $LG WR WKH 3RRU ZLWK VWDPSV PV ZLWK D FDW YDOXH RYHU Â&#x2026; 6HHQ PDQ\ VHWV ILYH GLII VWDPSV DOVR VHFWLRQ RI &KLOG 3URWHFWLRQ FKLHIO\ V WR LQF S YDOXHV FDW DQG GRJV 06 6RFLHW\ LVVXHV &RXUW )HHV VWDPSV QLFH VHFWLRQ ZLWK XP HTXHVWULDQ VSRUW EORFN RI 80 D JRRG UDQJH SD EURZQ RUDQJH LQ EORFN RI &RQVWDQWLQRSOH &OHDQLQJ Â&#x2026; Â&#x2026; )HHV VWDPSV &DQFHU 6RFLHW\ FRPSOHWH ERRNOHW RI &RQVXODWH 6WDPSV LQFO VRPH RYSWG IRU XVH DW GLII HPEDVVLHV UNITED STATES 81,7(' 67$7(6 QRWH 0DWFK .HURVHQH 5HYHQXH 3LRXV )RXQWDLQV ODVW SDJHV LQFO 8QLYHUVLW\ 0DWULFXODWLRQ 7D[ V 9LVD VWDPSV 7UDQVDWODQWLF (QWLUH SRVWHG GXULQJ WKH &LYLO :DU 3HULRG IURP %DOWLPRUH WR 1RUIRON (QJODQG ZLWK VFDUFH F :RRG ,PSRUWDWLRQ :DU ,QYDOLG )XQG DQG :HLJKLQJ )HHV VLQJOH IUDQNLQJ WLHG %DOWLPRUH &'6 6FRWW UDWHG RQ DSSUR[ VWDPSV RWKHU LWHPV Â&#x2026; Â&#x2026; FRYHU H[WHQVLYH FRQWHQWV UHIHUV WR )OLJKW *XQ 6KRWV DQG { 785.,6+ $9,$7,21 62&,(7< PRVWO\ PLQW RU PHQ NLOOHG Â&#x2026; Â&#x2026; Â&#x2019; XVHG FROOHFWLRQ *KU *KU ERWK XVHG QRWH { :DVKLQJWRQ F 6* DWWUDFWLYH VRXQG QLFH JURXS RI <X] 3DUD VXUFKDUJHV ZLWK YDULRXV XVHG JURXS RI IRXU GLIIHUHQW VKDGHV DQG DOO PRVW FROOHFWDEOH (;75$ /,1(6 RI 3(5)25$7,216 VHW LQ PLQW EORFNV RI &DW Â&#x2026; 6HH :HEVLWH Â&#x2026; Â&#x2026; IRXU *RRG WR ILQH 0LFKHO FDW (XURV VWDPSV Â&#x2026; Â&#x2026; { :LWK *ULOO F F 6* ERWK )8 7KH F { 5(' &5(6(17 $/0267 &203/(7( 0,17 ZLWK LQFUHGLEOH &RUN 3PN Â&#x2026; Â&#x2026; Â&#x2019; &2//(&7,21 RI WKH PDQ\ LVVXHV PRVW LQ FRPSOHWH PLQW VHWV VRPH XVHG DOVR VRPH YDULHWLHV DQG VWDPSV XVHG RQ FRYHU { :LWK *ULOO F )UDQNOLQ 6* VRXQG )8 &DW Â&#x2026; 6HH :HEVLWH Â&#x2026; Â&#x2026; ZH QRWH N XVHG RQ SRVWFDUG òN XVHG RQ FRYHU PLQW XVHG VHW ZLWK 'DPJD 0DWEDDVL LQVFULSWLRQ / { %DQNQRWH F %L &RORXU )8 6* &DW EOXH UHG PLQW N JUHHQ PLQW EORFN RI ZLWK 5(' Â&#x2026; 1LFH H[DPSOH Â&#x2026; Â&#x2026; &5(6&(17 20,77(' PLQLDWXUH VKHHW / H[ ERRNOHW ZLWK FRQWURO QXPEHU XVHG 6HINDW SXOX RYSWV { 5(9(18( &XVWRP )HH 6WDPSV VHW RI 6FRWW PLQW VHW VHW LQ D SDQH RI VH WHQDQW VHWV SOXV 5/ XVHG VFDUFH VHW Â&#x2026; Â&#x2026; PLQLDWXUH VKHHW N EORFN RI IRXU RQH VWDPS ZLWK 5('
&5(6&(17 20,77(' VHW WR ò/ PLQW SOXV SD OLJKW Â&#x2019; 6W /RXLV VHW IUHVK P 6* FDW Â&#x2026; VHH EOXH UHG LQ D EORFN RI ,03(5)25$7( +25,=217$//< ZHEVLWH )LQH TXDOLW\ Â&#x2026; Â&#x2026; N EORFN RI ZLWK WZR 20,66,216 RI FUHVFHQW DQG RQH SDUWLDO DOVR LQFO D UDQJH RI ODWHU SULYDWH LVVXHV 6XSHU ORW IHZ =(33(/,1 IOLJKW FRYHU HQGRUVHG YLD *UDI V FRYHUV FDUGV Â&#x2026; Â&#x2026; 4 =HSSHOLQ VHQW WR )UDQFH ZKHUH LW KDV EHHQ UH GLUHFWHG WZLFH { 785.,6+ $,5 $662&,$7,21 PRVWO\ PLQW ZLWK WUDQVLW PDUNV RQ WKH UHYHUVH ZLWK FRQWHQWV Â&#x2026; Â&#x2026; Â&#x2019; FROOHFWLRQ LQFO WR N PLQW N XVHG PLQW Â&#x2019; '8&. 67$036 ZLWK LVVXHV IURP WR LVVXHV FRPSOHWH DOVR LQFOXGHV UDQJH RI VWDPSV VWDWHG WR EH Â&#x2019; PLQW WKHQ 80 WKHUHDIWHU VWDPSV DOO GLII D YHU\ JRRG $VVLVWDQFH 5HFHLSWV %HQHILWWLQJ 7KH $YLDWLRQ 6RFLHW\ ZLWK Â&#x2019; VHOHFWLRQ IURP WR WR WR YHU\ KLJK WKH VDPH 7+. DHURSODQH ORJR QRWH UDQJH RI FDWDORJXH YDOXH LQ 6FRWW V Â&#x2026; Â&#x2026; GLIIHUHQW W\SHV YDOXHV VWDPSV Â&#x2026; Â&#x2026; ),567 )/,*+7 &29(5 IURP &DQRQ &LW\ 1$7,21$/ '()(1&( VPDOO FROOHFWLRQ RI 4 SULQWHG 5R\DO *RUJH 5RXQG XS HQYHORSH ZLWK VSHFLDO FDFKHW FRPPHUFLDO FRYHUV PRVW ZLWK N 1DWLRQDO 'HIHQFH VWDPSV DQG VLJQHG RQ WKH UHYHUVH WZR FRYHUV RQH JRLQJ (DVW WKH DIIL[HG DQG WLHG ILYH DUH FHQVRUHG FRYHUV RQH RI ZKLFK RWKHU JRLQJ :HVW Â&#x2026; Â&#x2026; FHQVRUHG WZLFH E\ )UHQFK 86 FHQVRUV DOVR LQFO EDVLF XVHG Â&#x2019; F &LW\ 0DLO 'HOLYHU\ &HQW 0$-25 VHW RI VWDPSV FRYHUV VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026; 5(9(18(6 2OG WLPH UDQJH RQ ROG SDJHV ZLWK PDQ\ GLIIHUHQW W\SHV ORRN WR EH SUH LQF &RQVXODWH ZLWK Â&#x2019; F -RKQ 6LQJOHWRQ &RSOH\ 0$-25 GLIIHUHQW FRXQWU\ YDOXH RYSWV :HOO )RXQGDWLRQ 7D[ ZLWK Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026; GLIIHUHQW GD\V 3URSRUWLRQDO )HHV 5HDO (VWDWH :RRG 7D[ +HMD] 5DLOZD\ 7D[ $ YHU\ LQWHUHVWLQJ ORW RI UHYHQXHV Â&#x2019; F $QGUHZ -DFNVRQ KRUL]RQWDO VWULS RI WKUHH Â&#x2019; 0$-25 3(5)25$7,21 6+,)7 RI YHUWLFDO SHUIV 6* YDU /LJKW DGKHVLRQ WR WKH SDJHV Â&#x2026; Â&#x2026; ILQH 80 Â&#x2026; Â&#x2026; Â&#x2019; 838 3UHVHQWDWLRQ $OEXP IRU WKH PHHWLQJ Â&#x2019; FRQWDLQLQJ 06 GLIIHUHQW FRQWHPSRUDU\ LVVXHV IUHVK 80 Â&#x2019; F $OEHUW (LQVWHLQ 0$-25 3(5)25$7,21 Â&#x2019; 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026; ZLWK GHILQV DQG FRPPHP VHWV 9HU\ ILQH Â&#x2026; Â&#x2026;
785.6 &$,&26 ,6
Â&#x2019; F :LOGOLIH &RQVHUYDWLRQ VH WHQDQW EORFN RI Â&#x2019; 6LOYHU -XELOHH YDULHW\ òG .LWH YHUWLFDO ORJ XP Â&#x2019; IRXU ZLWK 3(5)25$7,21 6+,)7 ODUJH 6+,)7 RI %/$&. Â&#x2019; LQ FRUQHU EORFN 6* . Â&#x2026; Â&#x2026; 6* D YDU ILQH 80 Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; F /RYH *UHHWLQJV VWDPS 0$-25 { .*9, FROOHFWLRQ ILQH XVHG FRURQDWLRQ VHW Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 ZLWK
GHILQ VHW RI FÂ&#x2026; YLFWRU\ V ZHGGLQJ FHQWHQDU\ VHW GHILQ VHW RI Â&#x2026; Â&#x2026;
QRUPDO Â&#x2026; Â&#x2026;
Â&#x2019; F &KULVWPDV 0$-25 3(5)25$7,21 6+,)7 Â&#x2019; YDULRXV GHILQV FRPPHP VHWV LQ %/2&.6 2) Â&#x2019; 6* YDU ILQH 80 ZLWK XVHG QRUPDO Â&#x2026; Â&#x2026; Â&#x2019; )285 LQFO V GHILQ Â&#x2026; %URZQ 3HOLFDQ EHWZHHQ
6* ILQH 80 EORFNV Â&#x2026; Â&#x2026; { ,PSHULDO SDJHV ZLWK D JRRG UDQJH RI VWDPSV Â&#x2019; 7XUNV ,V WR VKLSV WR .*9 GHILQV WR
V MXELOHH VHW RI PLQW D ILQH ORW PDLQO\ PLQW Â&#x2026; Â&#x2026;
F =LS &RGH VWDPSV RQH ZLWK 0$-25 3(5)25$7,21 6+,)7 RWKHU ZLWK &2/285 6+,)76 6* YDU ERWK ILQH 80 ZLWK QRUPDO Â&#x2026; Â&#x2026; Â&#x2019; F =LS &RGH <(//2: 20,77(' Â&#x2019; 6* D 80 Â&#x2026; Â&#x2026;
If we can be of any assistance please do not hesitate to contact us. Thank you
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 63
Â&#x2019; F -HIIHUVRQ 0HPRULDO 0$-25 +25,=217$/ &,9,/ :$5 (QYHORSH ZLWK F DQG D Â&#x2019; 9(57,&$/ 3(5)25$7,21 6+,)76 6* YDU ILQH IDQF\ FDQFHO RI 1HZ <RUN VHQW WR D 6ROGLHU LQ WKH WK 5HJ
80 Â&#x2026; Â&#x2026; Â&#x2019; F &KLOGUHQ 0$-25 3(5)25$7,21 6+,)7 Â&#x2019; 6* YDU ILQH 80 ZLWK XVHG QRUPDO Â&#x2026; Â&#x2026;
Â&#x2019; F 8 3 8 &HQWHQDU\ VH WHQDQW EORFN RI Â&#x2019; 0$-25 3(5)25$7,21 6+,)7 6* D YDU VPDOO JXP
%DVH DW 0LOWRQ +HDG 7KH )UHH 6WDWHV (YHU 7UXH 7R 7KH 8QLRQ SULQWHG HQYHORSH ZLWK F IUDQNLQJ VHQW WR +LOWRQ +HDG HQGRUVHG ,Q &DUH 2I 0DMRU 0RRUH 3D\PDVWHU SDWULRWLF SULQWHG OHWWHU VKHHW VHQW IURP D ORYLQJ ZLIH ZULWWHQ DERXW *HQHUDO )DPLO\ /LIH LQF PLVVLQJ KLP DQG QRW ZDQWLQJ DQ\PRUH EDELHV $Q LQWHUHVWLQJ UHDG Â&#x2026; Â&#x2026; &,9,/ :$5 $GMXWDQW DQG ,QVSHFWRU *HQHUDO V
IDXOW RQ RQH VWDPS RWKHUZLVH ILQH 80 Â&#x2026; Â&#x2026;
2IILFH :RRGVWRFN 9HUPRQW HQYHORSH ZLWK F [ ZLWK D IDQF\ VWDU FDQFHO HQGRUVHG FRPPXQLFDWLRQ IRU PDQ ZKR ZLVKHG WR EH GLVFKDUJHG OHWWHU HPERVVHG &DUVRQ V &RQJUHVV IRU SD\PHQW RI IRU KXVEDQG DOORWPHQWV VHQW IURP 1HZ <RUN Â&#x2026; Â&#x2026;
Â&#x2019; F &KULVWPDV 0$-25 3(5)25$7,21 Â&#x2019; 6+,)7 6* D YDU ILQH 80 ZLWK XVHG QRUPDO
Â&#x2026; Â&#x2026; Â&#x2019; F 0DULQHU 6SDFH 0LVVLRQV Â&#x2019; 3(5)25$7,21 &2/285 6+,)76 6* YDU ILQH
&,9,/ :$5 3DWULRWLF (QYHORSH ZLWK ODUJH
80 Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; F $PHULFDQ 5HYROXWLRQ VH WHQDQW EORFN RI Â&#x2019; ZLWK 6+,)76 2) &2/285 6* D YDU ILQH 80 ZLWK QRUPDO
EORFN Â&#x2026; Â&#x2026; Â&#x2019; F &RPPHUFH 0$-25 0,63(5)25$7,21 Â&#x2019; &2/285 6+,)76 6* YDU ILQH 80 ZLWK QRUPDO
Â&#x2026; Â&#x2026; Â&#x2019; F &ODUD 0DDVV YHUWLFDO SDLU ZLWK 0$-25 Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026; Â&#x2019; 'XFN VWDPSV KXQWLQJ FRPSOHWH UXQ RI HDFK Â&#x2019; GLIIHUHQW 6FRWW 5: IUHVK XQPRXQWHG PLQW SOXV
GXFN VWDPSV RQ LOOXVWUDWHG IGFV D YHU\ JRRG FROOHFWLRQ )DFH YDOXH Â&#x2026; Â&#x2026; Â&#x2019; F $PHULFDQ 6ZDOORZWDLO %XWWHUIO\ Â&#x2019; 63(&7$&8/$5 3(5)25$7,21 6+,)7 6* YDU ILQH 80
ZLWK QRUPDO Â&#x2026; Â&#x2026; ^3KRWR`
:DVKLQJWRQ '& &'6 F IUDQNHG E\ D FDUWZKHHO IDQF\ FDQFHO (QY IURP &XPPLQJV %ULJDGH ZLWK 'XH KDQGVWDPS $ VFDUFH SDLU Â&#x2026; Â&#x2026; &LYLO :DU &RQIHGHUDWH F RQ WKH IODS RI WKH
HQYHORSH ZLWK D OHWWHU ZULWWHQ RQ WKH XQGHUVLGH RI WKH IODS ZKLFK HQGV LQ , OO 3UREDEO\ EH RQ *XDUG 'XW\ KHUH IRU PRUH WKDQ D 0RQWK PRVW XQXVXDO Â&#x2026; Â&#x2026; &LYLO :DU 3DWULRWLF *RRG 1RRVH )RU 7UDLWRUV
XQXVHG (QY 7KH &RQVWLWXWLRQ /HWWHUKHDG /HWWHU DQG (QY :LWK F FURVVHG RXW ZLWK SHQ VHQW WR &DPS +RUGLQ ([WUDFW IURP WKH OHWWHU DERXW D PRE VHDUFK 'RFWRU :RRGZDUG +RXVH Â&#x2026; Â&#x2026;
&LYLO :DU 3DWULRWLF (QYHORSH 2XU $UP\ DQG 1DY\ )RUHYHU 7KUHH &KHHUV IRU WKH 5HG :KLWH DQG %OXH ZLWK F IUDQNLQJ VHQW WR &URVV &UHHN 9LOODJH QG (QY :LWK 1HZ <RUN SDLG +6 6HQW WR *HUPDQ\ Â&#x2026; Â&#x2026; &LYLO :DU 3DWULRWLF (QYHORSH 7KH /R\DO 6WDWHV
Â&#x2019; F 'RJIDFH %XWWHUIO\ 63(&7$&8/$5 Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 ZLWK
8QLRQ 2KLR ZLWK F VWDPS EHLQJ SODFHG XSVLGH GRZQ 1RW D 3DWULRWLF *HVWXUH QG 7KRPDV 0 -DPHV %XVLQHVV (QY :LWK F IUDQNHG E\ D YHU\ ILQH &KLFDJR &'6 UG &RORXU LOOXVWUDWHG 2KLR : 3DWULRWLF (QY 8QXVHG Â&#x2026; Â&#x2026;
QRUPDO Â&#x2026; Â&#x2026; Â&#x2019; F $LUPDLO $YLDWLRQ 3LRQHHUV EORFN RI Â&#x2019; 3(5)25$7,21 6+,)7 UHVXOWV LQ WRS VWDPSV ZLWKRXW
&LYLO ZDU SDWULRWLF LOOXVWUDWHG HQYHORSH
LQVFULSWLRQ YDOXH ORZHU VWDPSV KDYH LQVFULSWLRQV DW WRS 6* $ D YDU ILQH 80 Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; F $PHULFDQ $UFKLWHFWXUH VH WHQDQW EORFN RI Â&#x2019; 0$-25 3(5)25$7,21 6+,)7 6* D YDU ILQH
80 Â&#x2026; Â&#x2026;
XQXVHG SOXV WK $QQLYHUVDU\ 6RXWK &DUROLQD VHFHGHV LOOXV FRYHU XVHG Â&#x2026; Â&#x2026; Â&#x2019; '8&. 67$036 D UDQJH RI ZLWK D 6FRWWV Â&#x2019; FDWDORJXH YDOXH RI 80 FKLHIO\ V V SHULRG LQF
5: 5: 5: 5: $ YHU\ JRRG UDQJH F 6SDFH $FKLHYHPHQWV VH WHQDQW EORFN RI Â&#x2026; Â&#x2026; 3(5)25$7,21 6+,)7 6* D YDU ILQH 80 Â&#x2026; Â&#x2026; { '8&. 67$036 ILQH XVHG LQF 5: D JRRG UDQJH RI ZLWK VWDPSV WR $ XVHIXO ORW Â&#x2019; %22./(7 F $PHULFDQ %LJKRUQ FRQWDLQV Â&#x2026; Â&#x2026; Â&#x2019; WZR SDQHV RI WHQ HDFK ZLWK D 0$-25 3(5)25$7,21 6+,)7 )'& RI 86$ &RORVVDO PXOWL $OEXP FROOHFWLRQ
6* 6% FRQWDLQV 6* D YDU ILQH 80 Â&#x2026; Â&#x2026; Â&#x2019; F 0HWURSROLWDQ 2SHUD 0$-25 Â&#x2019; 3(5)25$7,21 &2/285 6+,)7 6* YDU ILQH 80 ZLWK
XVHG QRUPDO Â&#x2026; Â&#x2026; Â&#x2019; F %LUG +XQWLQJ &RQVHUYDWLRQ 6WDPS $FW Â&#x2019; 0$-25 3(5)25$7,21 6+,)7 6* YDU ILQH 80
Â&#x2026; Â&#x2026; ^3KRWR` Â&#x2019; F -RKQ 0F&RUPDFN 0$-25 Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026;
^3KRWR` Â&#x2019; F :RUOG :DU , 9HWHUDQV 0$-25 Â&#x2019; 3(5)25$7,21 6+,)7 6* YDU ILQH 80 Â&#x2026; Â&#x2026; Â&#x2019; F &HUWLILHG 3XEOLF $FFRXQWDQWV %/$&. Â&#x2019; 20,77(' 6* D 6FRWW D ILQH 80 ZLWK
QRUPDO Â&#x2026; Â&#x2026; ^3KRWR`
KRXVHG LQ WKUHH FDUWRQV ZLWK V DOO GLIIHUHQW LQ YHU\ ILQH FRQGLWLRQ 7HUULILF YDULHW\ QRWLQJ YDOXHV WR &RLO DQG 'HILQ FRYHUV )DPRXV $PHULFDQV VHWV RI FRYHUV *UHHWLQJV VHW RI )ODJV VHWV LQ $OEXPV VSHFLDOV DQG PXFK PRUH 2ULJLQDO FROOHFWRUV ORW 6XEVWDQWLDO Â&#x2026; Â&#x2026; ),567 '$< &29(56 FRORVVDO
RULJLQDO FROOHFWLRQ RI GLII IGF LQ SULVWLQH FRQGLWLRQ KRXVHG LQ VRPH YROXPHV LQ FDUWRQV D VXSHUE ORW PDVVLYH YDOXH ZLWK PDQ\ EHWWHU VHWV PDQ\ GHILQV FRLOV ERRNOHW SDQHV WR +DPLOWRQ WDJJHG KLJK YDOXHV WKHVH WZR FY KLJK YDOXHV WR HDJOH RWKHUV WR DLUPDLOV LQF VXSHUE VHW RI FRYHUV IRU WKH VHW RI PRGHUQ FRPPHPV ORWV RI JUHDW FRYHUV $Q H[FHOOHQW YDOXDEOH RULJLQDO ORW Â&#x2026; Â&#x2026;
0('$/ 2) +2125 :LQQHU .RUHD :DU &DUGV &RYHUV 6LJQHG E\ 0HGDO :LQQHUV LWHPV LQ SKRWR $8',( 0853+< 6LJQHG SLFWXUH FDUG PHGDO RI VLJQHG E\ &RO 5D\ 'DYLV Â&#x2026; Â&#x2026; KRQRXU ZLQQHU DQG ILOP VWDU VLJQHG %ODFN DQG :KLWH SKRWR FDUG Â&#x2026; Â&#x2026; 0('$/ 2) +2125 :LQQHU VLJQHG FRYHUV &,9,/ :$5 HQYHORSH ZLWK 9LJRURXV FDUG IRU DFWLRQ LQ 9LHWQDP 6LJQDWXUH ,QF &RO -RH -DFNVRQ - )OHPLQJ - / /HYLWRZ %RE .HUUH\ 6HQDWRU 3KRWR 3 /HPRQ 3URVHFXWLRQ 2I 7KH :DU DQG 1R &RPSURPLVH 8QGHU 7KH *XQV FRO / 7KRUVQHVV MXVW D IHZ IURP WKLV FROOHFWLRQ RI LWHPV 2I 5HEHOV ODEHO DWWDFKHG ZLWK 'XH KDQGVWDPS XQXVHG ZRXOG EH JUHDW UHVHDUFK DQG ZULWWHQ XS Â&#x2026; Â&#x2026; HQYHORSH VKRZLQJ D 8QLRQ 6ROGLHU KROGLQJ WKH 8QLRQ )ODJ VWDPSOHVV HQY :LWK VWUDLJKW OLQH 'XH +6 VHQW WR D 3ULYDWH Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 64
Â&#x2019; 1HZ LVVXHV 1+0 80 ZLWK D IDFH YDOXH VWDWHG Â&#x2019; 0,17 49 *5283 òG WR V YDOXHV LQFO òG Â&#x2019; WR EH Â&#x2026; PRVW V DOO GLIIHUHQW PDQ\ V ZLWK G LQ ERWK FRORXUV G V G V DSSOH JUHHQ EOXH JUHHQ
YDOXHV WR H[WHQVLYH VHWV DQG GHILQLWLYH LVVXHV 6XSHU ORW Â&#x2026; Â&#x2026;
VKDGHV JRRG PLQW QLFH DSSHDUDQFH Â&#x2026; Â&#x2026; Â&#x2019; 6WDPS GXW\ Â&#x2026; EL FRORXU KLJK YDOXH 6*
5(9(18( (DUO\ LVVXHV WR LQF 6WDWHV VHHQ %HHU 6WDPSV 7REDFFR 7D[ ,QWHUQDO 5HYHQXHV 0HGLFLQH &LJDUHWWHV DQ ROG WLPH UDQJH RI UHYHQXH OLJKWO\ DGKHVLRQ WR WKH ROG SDJH DQ LQWHUHVWLQJ ORW Â&#x2026; Â&#x2026; ::,, 0('$/ 2) +21285 :,11(5
FRUUHFW ZPN DSSDUHQWO\ 0,17 FDW Â&#x2026; *RRG ORRNHU RI WKLV UDULW\ :H DVVXPH FOHDQHG UHJXPPHG 3ULFHG DFFRUGLQJO\ Â&#x2026; Â&#x2026; Â&#x2019; 3RVWDJH GXH 6*' PLQW &DW Â&#x2026;
Â&#x2026; Â&#x2026;
&ROOHFWLRQ ,QF KLJK UDQNLQJ RIILFHUV D YHU\ LQWHUHVWLQJ FROOHFWLRQ VHHQ SKRWR VLJQHG E\ *HQHUDO :DLQZULJKW ZLWK &HUWLILFDWH FRYHU VLJQHG E\ $GPLUDO -RQDV ZLWK &HUWLILFDWH UHSURGXFHG SKRWR VLJQHG E\ *UHJRU\ %R\LQJWRQ -HII 'HEODQH VLJQHG SKRWR ZLWK FHUWLILFDWH FRYHU PXOWLSOH VLJQHG ,QF *HQHUDO 'RROLWWOH $ YHU\ JRRG FROOHFWLRQ RI LWHPV QHHG ZULWLQJ XS PXFK UHVHDUFK KDV EHHQ GRQH Â&#x2026; Â&#x2026;
{ 26 3(5),16 òG WR V YDOXHV PRVWO\ PLQW Â&#x2019; VRPH XVHG 67& JRRG WR ILQH Â&#x2026; Â&#x2026;
9,(71$0 6287+ Â&#x2019; 838 3UHVHQWDWLRQ )ROGHU IRU PHHWLQJ Â&#x2019; FRQWDLQLQJ GLIIHUHQW FRQWHPSRUDU\ LVVXHV 80 LQF
3UHVLGHQW GHILQ VHW 6*6 Â&#x2026; Â&#x2026;
858*8$<
:(67(51 6$02$
5(9(18(6 RQ ROG SDJHV ZLWK UHYHQXHV WR ZLWK PDQ\ GLIIHUHQW W\SHV ORWV RI GLIIHUHQW \HDU RYSWV OLJKWO\ DGKHVLRQ WR WKH SDJHV $ VFDUFH FROOHFWLRQ I UHYHQXHV ZLWK KLJK YDOXH &RQVXODWH LVVXHV PLQW Â&#x2026; Â&#x2026;
6PDOO DQG ,QWHUHVWLQJ VHOHFWLRQ (QY ZLWK $QQLYHUVDU\ VHW RI ZLWK SDVVHG E\ &HQVRU 0DXULWLXV &DFKHW ([SHULPHQWDO )OLJKW FRYHU 6DPRD WR *LOEHUW DQG (OOLFH ,V VLJQHG 3LFWRULDOV DV EORFNV RI G G òG G PLQW GHILQ VHW RQ LOOXVWU )'& Â&#x2026; Â&#x2026;
9$7,&$1 &,7< Â&#x2019; $,5 VHW RI 6* WKH / 80 / YHU\
OLJKWO\ PRXQWHG QR KLQJ RQ WKH EDFN K MXVW D YHU\ OLJKW LPSUHVVLRQ ZKHUH RQH PLJKW KDYH EHHQ Â&#x2026; Â&#x2026; ^3KRWR`
:(67(51 $8675$/,$ Â&#x2019; &RROJDUGLH &\FOH ([SUHVV &DPHO VHW RI
FRPSOHWH PLQW UDUH FRPSOHWH VHW DQG YHU\ JRRG IRU WKHVH VPDOO SDUW RULJLQDO VDQG\ JXP ZLWK IXOO 2* 9HU\ ILQH FRORXUV 5REVRQ /RZH / Â&#x2026; Â&#x2026;
{ :,7+ 1(: ,668(6 7R WKLV YDVW VWDPS Â&#x2019; FROOHFWLRQ SDFNHG LQ IRXU $OEXPV DQG D TXDQWLW\ RI VWRFNSDJHV { 6:$16 2Q D SDJH ZLWK YDOXHV WR G SOXV Â&#x2019; IHDWXUHV V RI GLIIHUHQW LVVXHV DQG VHWV HVSHFLDOO\ KLJK
IDFH YDOXH PRGHUQ VHWV DQG 06 $OVR EHWWHU HDUOLHU PDWHULDO ,QF 6WDJHFRDFK VKHHW DQG PXFK PRUH )LQH YDVW JRRG ORW Â&#x2026; Â&#x2026;
9(1(=8(/$ { &/$66,& òF $UPV )8 6* 6F
*RRG PDUJLQV Â&#x2026; Â&#x2026; Â&#x2019; %(/*,80 838 GHOHJDWHV ERRNOHW ZLWK D UDQJH
6* FÂ&#x2026; $ )8 UDQJH Â&#x2026; Â&#x2026;
{ &$1&(//$7,216 2Q 6ZDQ LVVXHV ,QF %DUV
DQG 1XPEHUV /HWWHUV %DUV ZLWKRXW QXPEHUV RU /HWWHUV $Q LQWHUHVWLQJ ORW ZLWK VRPH WRZQ FDQFHOV EHLQJ LGHQWLILHG Â&#x2026; Â&#x2026; 26 3(5)25$7(' 2)),&,$/6 6ZDQV SOXV 49 G DQG Â&#x2026; ILQH XVHG Â&#x2026; Â&#x2026;
RI VWDPSV LQF VWDWH DUPV SRVWDJH DQG DLU LVVXHV ZLWK WKH <8*26/$9,$ VWDPS KDYLQJ D FDW YDOXH RYHU Â&#x2026; ZLWK WKH ERRNOHW EHLQJ VLJQHG VXSHUE LWHP WR HQKDQFH \RXU FROOHFWLRQ Â&#x2026; Â&#x2026; Â&#x2019; 3RVWDJH GXH VHW PLQW 6*' Â&#x2026; Â&#x2026; 838 3UHVHQWDWLRQ $OEXP IRU PHHWLQJ FRQWDLQLQJ GLIIHUHQW 0 LVVXHV DUUDQJHG RQ VSHFLDO SDJHV { )LQH XVHG ZLWK PDQ\ FRPSOHWH VHWV DQG PDQ\ 'HOLJKWIXO LWHP Â&#x2026; Â&#x2026; EHWWHU VHWV VHHQ RYHUSULQWV V DOO WKH FRPPHPRUDWLYH VHWV $LU VHW $QWL 7% 838 9,&725,$ VHW $YLDWLRQ VHW &KHVV VHW RYSW VHW { &/$66,&6 )$%8/286 2/' 7,0( 86(' (VSHUDQWR VHW $ YHU\ JRRG FROOHFWLRQ RI GLIIHUHQW VWDPSV &2//(&7,21 EHJLQV ZLWK +DOI /HQJWK LPSHUIV QLFH UDQJH KXJH &DW YDOXH 6XSHUE TXDOLW\ Â&#x2026; Â&#x2026; RI G G G YDOXHV G 4XHHQ RQ WKURQH Â&#x2019; 838 3UHVHQWDWLRQ %RRN IRU PHHWLQJ LVVXHV PRVW DUH IRXU PDUJLQ H[DPSOHV V FRQWLQXHV Â&#x2019; FRQWDLQLQJ GLIIHUHQW 80 FRQWHPSRUDU\ LVVXHV DV VHWV &DW ZLWK UDQJHV RI PRVW LVVXHV LPSHUIV URXOHWWHV SHUI Â&#x2026; LQF <XJRVODY $UW 6HW 6* 6HD &UHDWXUHV LVVXHV QRWH G 722 /$7( V 5(*,67(5(' DQG 2O\PSLF VHW 6* YHU\ ILQH Â&#x2026; Â&#x2026; LPSHUIV WKHQ ODWHU W\SHV QRWH G EODFN DQG W\SHV 6RPH SRVWPDUN LQWHUHVW WKURXJKRXW ODLG RXW E\ LVVXH =$0%,$ ZLWK GLIIHUHQW W\SHV XVXDOO\ VHSDUDWHG FRUUHFWO\ $ JRRG ORW ,//8675$7(' )'& V ,QF :+2 DQG XVXDO PL[HG FRQGLWLRQ FDWDORJXH YDOXH JHQHUDOO\ WDNHQ DV GHILQ VHW QR DGGUHVVHV HDFK GLIIHUHQW Â&#x2026; Â&#x2026; FKHDSHVW DSSUR[ FDW Â&#x2026; VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; V EOXH LPSHUI 6* PLQW JXP WKLQ WZR
=$1=,%$5
PDUJLQV SUHVHQWDEOH H[DPSOH FDW Â&#x2026; Â&#x2026; Â&#x2026;
Â&#x2019; )UHVK PLQW FROOHFWLRQ FDWDORJXH YDOXH Â&#x2026;
{ /$85($7(' 7<3(6 2/' 7,0( 86('
49 WR U 6XOWDQ VHW RI QHZ ZDWHUPDUN VHW RI FRPPHP VHWV LQF V ZHGGLQJ GHILQ VHW RI &2//(&7,21 RQ DOEXP SDJHV VXSHU UDQJH RI DOO WKH GLIIHUHQW GHILQ VHW RI $ YHU\ JRRG UDQJH RI YDOXHV IURP G WR V LQFO G OLODF G RUDQJH G JUH\ VWDPSV Â&#x2026; Â&#x2026; 6* G RQ G òG RQ G DOO DUUDQJHG E\ LVVXH ZDWHUPDUN SHUIV ZLWK ORWV RI VKDGHV VRPH { 6* ò RQ D S )8 LQWHUHVWLQJ ,QGLDQ W\SH SRVWPDUN LQWHUHVW LQFOXGHV WKH RGG PLQW XQXVHG VWDPS XVXDO FDQFHO Â&#x2026; Â&#x2026; PL[HG FRQGLWLRQ DSSUR[ FDW Â&#x2026; DSSUR[ VWDPSV Â&#x2026; Â&#x2026; Â&#x2019; 'KRZ U WRS YDOXH RYSW VSHFLPHQ PLQW 6* 6 Â&#x2026; Â&#x2026; { 3267$/ ),6&$/6 G WR V DOO GLIIHUHQW XVHG JURXS Â&#x2026; Â&#x2026;
Philangles 395 text 65pgs.qxp 17/12/2020 13:44 Page 65
{ 'KRZ U 6* YIX ZLWK QHDW FGV 3RVWPDUN
FDQQRW EH JXDUDQWHHG Â&#x2026; Â&#x2026;
Key to symbols in this catalogue â&#x153;±
Â&#x2019; 6XOWDQ 'KRZ GHILQ VHW YIP 6*
â&#x153;&#x2030;
Â&#x2026; Â&#x2026;
Used Mint Postal History
{ 2OG SDJHV ZLWK EHWWHU SLFNLQJV Â&#x2019; 6 :HGGLQJ VHW PLQW GHILQ VHW RI PLQW D XVHIXO UDQJH
RI VWDPSV PDLQO\ PLQW Â&#x2026; Â&#x2026;
â&#x153;&#x2C6; â&#x153;±â&#x153;± &
Airmail Unmounted mint Literature
Credit Cards
The best way to pay, guaranteed. Best exchange rates for overseas clients. Immediate despatch of purchases.
THE END OF THIS SALE 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
Established in 1990, internationally recognised dealers, full members of PTS (London), ASDA (New York).
Selling? â&#x20AC;&#x201C; Contact Simon Carson today for professional advice on how to sell your stamps/covers. PTS and ASDA registered. Integrity assured.
Philangles 395 covers.qxp_Layout 1 17/12/2020 13:45 Page 2
ST HIGHE S PRICE ED T AN E GUAR
WE BUY STAMPS AND POSTAL HISTORY COLLECTIONS FROM A SINGLE ITEM TO A LIFETIMES ACCUMULATION, CONTACT US TODAY.
9
129
372 296
We provide a specialised service from initial point of contact to swift payment for all your stamps and postal history. 371
Contact Simon Carson or Chris Knight today to arrange an expert valuation. Telephone 01925 231151. 397
437
We Travel Worldwide Philangles Ltd | Carson House | 44 Legh Street Warrington | Cheshire | WA1 1UJ www.philangles.co.uk 01925 231151 or email office@philangles.co.uk
533
654
565
AUCTION NUMBER 395 l AUCTION DATE 1ST FEBRUARY 2021
Lot 994 SG296 – This stamp was only on sale for 1 day.
Stamp Dealers since 1990
Lot 1014 This sale features important Great Britain with rarities & high values, New Zealand Health issues, Malaya and much more. Items can be viewed on our website.
POSTAGE STAMPS OF THE WORLD CARSON HOUSE 44 LEGH STREET WARRINGTON CHESHIRE WA1 1UJ ENGLAND TELEPHONE 01925 231151 • FACSIMILE 01925 232204 EMAIL office@philangles.co.uk
Printed in England by PARDY & SON LTD 1 Parkside, Christchurch Road, Ringwood, Hampshire
Estd 1990
WWW.PHILANGLES.CO.UK
AUCTION NUMBER 395 l AUCTION DATE 1ST FEBRUARY 2021
Philangles 395 covers.qxp_Layout 1 17/12/2020 13:45 Page 1
Estd 1990