XN000022-1980-01-09 — Page 11

Ladies and Gentleman the "back of the envelope" has long

since passed: I know that the Institute's well established history

and tradition of initiative and energy, professionalism and integrity

will stand you in good stead in the future: I know beyond doubt that

you are well equipped to deal with, and overcome, the many problems

which will undoubtedly arise in the years to come: I wish you all

success and happiness in the future.

Ladies and Gentlemen,

Toast: "The Institute of Chartered Shipbrokers".