2000 Annual Report

Financial Statements

Balance Sheets
(Expressed in thousands of United States dollars)

								Years ended December 31
									2000		1999
ASSETS
	CASH								$ 1,782		$ 3,622
	MARKETABLE SECURITIES								62,312		32,598
	LOAN AND EQUITY INVESTMENTS
		Loan Investments							269,644		267,973
			Less Allowance for Losses						(24,409)		(24,567)
									245,235		243,406
		Equity Investments							93,709		84,972
			Less Allowance for Losses						(15,961)		(10,186)
									77,748		74,786
				Total Investments					322,983		318,192
	RECEIVABLES AND OTHER ASSETS								7,105		6,737
				TOTAL ASSETS					$ 394,182		$ 361,149
LIABILITIES AND EQUITY
	ACCOUNTS PAYABLE AND OTHER LIABILITIES								$ 3,381		$ 2,255
	INTEREST AND COMMITMENT FEES PAYABLE								1,517		820
	BORROWINGS								160,000		150,000
				Total Liabilities					164,898		153,075
	CAPITAL
				Authorized: 70,370 shares (Par value $10,000) Subscribed Shares					662,040		203,700
				Less Subscriptions Receivable					(438,165)		(445)
									223,875		203,255
	RETAINED EARNINGS								5,409		4,819
				TOTAL LIABILITIES AND EQUITY					$ 394,182		$ 361,149

The accompanying notes are an integral part of these financial statements.