International Currrencies Made EZ: Chapter 15


* WORLD REPORTS. Share the ideas and contacts generated from my research around the world. Get all the background on major and emerging markets, bonds, currencies and overseas mutual funds that invest in them. Learn where and with whom you can get the greatest bank safety and the best multi currency interest rates! Learn the safest places to hold overseas currencies for $50 a month or $five million.

Know large (yet profitable) mutual funds that spread wealth around the world. Learn new, background information each month, such as the Slingshot Funds that rose 997% (MIM Britannia Nippon) in three years or the Investment Trust that shot up up 1,437% (Capital Gearing) in 10 years! Find the best tax investments at home and abroad, gain asset protection contacts. World Reports gives the what, where, who and why of overseas banks, mutual funds, insurance, trusts and companies. Useful for anyone interested in investing even a few thousand dollars abroad. Gary Scott’s WORLD REPORTS. Annual Subscription. (12 issues) $99.

* GLOBAL GUIDE. The Guide is a comprehensive system for global market timing and asset allocation that gives the when of international investing! It follows the movement of all major stock markets, emerging markets, currencies, their interest rates, bond yields and currency prices. The Gudie also studies overseas real-time portfolios provided by major banks and investment managers to learn what is going on in global economies and how Swiss, British, Austrian, Dutch, Manx, German and U.S. fund managers view and deal with the world’s unfolding events.

The Guide is so simple it works even if you’ve never invested abroad before, but so effective that one international investment bank manages an entire portfolio based on it. For investors diversifying $10,000 and more overseas. Global Guide. Annual Subscription. (12 issues) $149.

                                    ORDER FORM - garyascott.com                Description                                 Price     Total     ___ World Reports, Annual Subscription, 12 issues        $ 99     ______     ___ Global Guide, Annual Subscription (12)               $149     ______                                                              TOTAL  _______    NAME:_____________________________________PHONE/FAX:_____________________    ADDRESS:_________________________________________________________________    CITY:_____________________________________STATE:___________ZIP:__________    Enclosed is my check payable to International Service Center ____.    Charge my ____Visa, ____MC, ____Amex,____Discover Card.    CREDIT CARD NUMBER__________________________________Exp. Date____________    SIGNATURE________________________________________________________________   Mail orders to International Service Center, 31O6 Tamiami Trail N.,   Box 264, Naples, Florida 3394O.  Phone Orders: 941-261-1222.   Fax Orders: 941-261-2001

Lesson Fifteen

* Expanding from our base. Having explored how to hedge our portfolio with synthetic currency positions in Chapter 13, we started last lesson a case study on how to speculate from the position that is our base. We continue this study here.

Positions from the Base

We have learned in this course that our base currency position should be a position where our investments are tuned to our spending. For example, if half of our expenditures are in exported goods, then 50% of our portfolio should be invested in our own currency, 50% invested in others. This is a neutral currency position that should be used when we have no opinion about what currency values will be.

If our portfolio is totally invested in our own local currency, we are speculating on that currency unless we consume only local goods!

From the base (50%-50%, 70%-30% or whatever you have chosen), there are times when we may wish to hedge our portfolio back into a position where our currency diversification is minimized. From this point of view, such a hedge is really a speculation. You may wish to speculate on the U.S. dollar, for example, from time to time. The synthetic currency we have now learned can be used to create this hedge.

These tactics we also learned last lesson can be used to speculate as well as they can to hedge.

Case Study Borrowing To Speculate

Last lesson we began the case study by looking at a tactic I call the Multicurrency Sandwich which uses collateral loans to create a synthetic currency position.

To understand this tactic better we continue this case study here and look at the investment I made, how it performed and how it was adjusted as currency events unfolded.

This Multicurrency Sandwich was started at the International Private Banking Division of Jyske Bank, a large Danish bank and by the end of of 1992 $78,000 had been invested.

Because of the currency turmoil in late 1992 and 1993 the U.S. dollar looked very weak. Many European currencies offered extremely good rates at that time. German marks, Norwegian Kroner and Portuguese escudos appeared attractive at that time, so I converted the U.S. dollar balance to German marks.

I used the German marks as collateral to borrow US$160,000 at a 4.875% interest rate. The bank charged a fee of $1,600 to set up the loan, so with the $158,400 left, I invested this loan $40,000 into a Norwegian Kroner deposit that was paying 6.5% interest, and $40,000 into a Portuguese escudo deposit that was paying 11.5%. To give this speculation diversification, I also invested $40,000 into Australian dollar bonds that were paying 9.250% at a price of 105 for a yield of 8.80%. I also invested $38,400 into Mexican 3 month Treasury Bills that were yielding 17.00%.

The concept behind this diversification was that the European currencies offered a positive carry and were likely to appreciate versus the U.S. dollar. The Australian and Mexican currencies were linked to the dollar and also offered an attractive positive carry.

At that time I could have borrowed twice as much. Many banks including Jyske will lend up to four times the amount invested at the bank. In this case, I could have borrowed up to $320,000. However at that time, I felt that this portfolio had enough risk for me at the 1.5 times margin. You will see later, I was well justified in taking this protective action.

Let me explain the term margin. The margin in an account is the amount of asset value over loan. Margin is often expressed in percentage terms as the percentage of total assets versus the loan. Thus when the portfolio had $244,000 of assets and a $160,000 loan the margin was 1.52%.

The reason it is important to understand margin is because before the margin reaches 1, which means that the assets held at the bank are equal to the amount of the loan, the bank will ask for additional assets to be put up as further collateral. If this collateral is not forthcoming then normally the bank will sell the existing assets to pay the loan. If there is a shortfall, the bank will expect the investor to put up the difference.

However, for taking the risk of the loan there is increased potential for profit. In this case, the projected return for this portfolio assuming that there would be no foreign exchange movement was as shown below.

PERFORMANCE PROJECTIONS OF PORTFOLIO IN EARLY 1993

    AMOUNT   INVESTMENT         YIELD  LOAN   LOAN TO PROFIT     EXTRA                                        COST    DIFFERENTIAL  DOLLARS EARNED      $40K Danish Kroner CD      6.500%-4.875%     1.625%        $  650      $40K AUD Bonds             8.800%-4.875      3.925%        $1,570      $40K Ptgse Escudo CD      11.500%-4.875%     6.625%        $2,650      $38.4 Mexican Cetes       17.000%-4.875%    12.125%        $4,656                       Total Projected Profit Earned From Loan   $9,526      $78k German Mark CD        8.000%                          $6,240       TOTAL PROJECTED RETURN ON $78,000 INVESTED IS 20.21%  OR  $15,766

The projected profit above assumed that there was no forex movement, but during the first six months there was as the U.S. dollar fell. This was good news as the fall of the dollar caused the value of the portfolio to rise even faster over the first six months to $84,000 as you will see in the first bank statement which is shown next page. There is much we can learn from the statement of my multicurrency account dated June 21st, 1993. First, we can see that some Europeans banks use dates in their statements that are the reverse dates used in the United States. June 21st (the date of this statement) is shown as 6-21- 1993 in the U.S., but is reversed here and shown 21-6-1993. I mention this small detail because I have seen some accountants who did not understand this nearly went crazy trying to sort out statements in the early days of each month. (3-2-1993 is the second of March not the third of February!)

Next many European banks place a period and coma in numbers in reverse order to that which British and U.S. banks use. This means that $167,457.93 US dollars is written as 167.467,93 (See notation number 1 in the statement last page).

Now we’ll look at this bank statement and review in detail exactly what it means. First let me add that every bank has a different form for their statement. Overseas statements can be very confusing for account holders.

One way to avoid confusion from your bank statement is to ask your banker to send you a sample statement before you open an account and then review the statement (over the phone or in person). This eliminates surprises and confusion once the account is opened.

Starting at the notation marked #1, we can see the balance of the cash accounts in U.S. dollars. This column shows the U.S. dollar equivalent held at the bank in interest bearing savings accounts (similar to certificate of deposits). The total shown is US$167,457.93. This is composed of the accounts shown in the left hand column which are #3: the U.S. dollar account, #4: the German mark account, #5: Norwegian kroner account and #6: Portuguese escudo account.

The left hand column shows first the account number (560-3 for the German mark account at notation #4), then the currency code (DEM or German marks) then the balance in the currency (DEM 140,682.62). Next the column shows the interest rate that the account is currently earning (7.125% for the German mark) plus accrued interest due to the account (DEM2,227.31), plus the mid rate exchange rate in U.S. dollar terms on the day of the statement (166.4 German marks per 100 U.S. dollar and finally the U.S. value of the currency in the account (the DEM142,909.93 was worth US$85,883.37).

The total dollar balance of all these accounts ($-DEM-NOK-PTE) added up to US$167,457.93 (shown in notation #7) which is also shown at notation #1.

At notation #8 shows details of any collateral loans. At that time there was one loan with a balance of U.S. dollars 158,826.09. The interest rate is shown next at 4.875% and accrued interest that is due is shown next. Finally the exchange rate in U.S. dollar terms is shown. Since the loan is in dollars the rate shown is 100,000 which means that one dollar equals one dollar. Finally the total due on the loan (loan and accrued interest) is shown at notation #9 (US$160,509.21).

Next at notation #10 is shown the total of all loans. In this statement there is just the one loan in dollars. Later you will see another statement which has two loans, one in yen and another in Swiss francs and will see how this part of the statement differs then.

This loan total is also shown at notation #11 in the U.S. dollar balance section.

Finally, in the third section of the statement at the bottom is shown the Assets Depot. This is the account which holds all bonds, stocks, mutual funds metals and any other assets the bank might hold. In this case the statement shows two assets held, one the Secvic Australian Dollar Bonds and second the Cetes Mexican Treasury Bills.

At notation #13, we can see how the name of the bond is shown first (Secvic). Second, the date of purchase of the asset (18.09.92 means that the bonds were purchased on September, 18, 1992). Third the nominal value of the asset is shown, which in this example is 53,000 Australian dollars. The coupon of the bond is shown (this Australian bond pays 9.250% at par). The current price of the bond is also shown (105,000) plus accrued interest. The currency of the bond is shown next (AUD is the code for Australian dollars) and the current exchange rate for the currency. (One hundred Australian dollars bought U.S.$67.26 at the time of the statement). Finally at notation #14 the value of the bond assets in U.S. dollar terms is reached by multiplying the nominal value times the price, adding the accrued interest and multiply the sum by the currency conversion rate. (AUD$53,000 + AUD3,717.73 X .6726= US$39,930.73).

The U.S. dollar total value of all the assets held in the asset depot is (US$77,060.63) shown at the bottom of that column and in the Total US dollar balance in the upper right hand portion of the statement. (See notation #2.)

The total U.S. dollar value of the accounts held at the bank is added to the assets depot account and a total U.S. dollar value of all assets held is shown (notation #16 shows US$244,518.56).

The value of all the loans ($160,509.21) is subtracted from the total value of all the assets and accounts and shows the current net value (or actual equity) of the account (notation #17 shows the Net Amount of Equity is US$84,009.35).

The margin (notation #18) of 1.52.34 is derived by dividing the dollar total asset value (notation #16) by the total dollar loan value (notation #11). There is much more we can learn from this statement.

We can see the interest rates in the interest bearing accounts have changed. The German mark rate has dropped from 8% to 7.125%. The Portuguese escudo rate has risen from 11.50% to 11.750.

Look where our main forex profits have been earned. The German mark account has risen from US$78,000 to US$85,883. The Norwegian kroner account rose by US$1,134.75 from a upwards forex move versus the dollar.

We can also see that the value of the Mexican peso and Australian dollar have fallen versus the dollar while the Portuguese Escudo has remained almost even to the dollar.

In Lesson 14 we saw that at about this time I felt the yen was now way overvalued versus the U.S. dollar. I also felt that interest rates were falling. I also saw that the Japanese yen had a 1% lower borrowing interest rate than the U.S. dollar! Based on this knowledge, I borrowed just over 17 million yen (at a forex rate of 108 yen per dollar) and converted the borrowed yen into U.S. dollars and paid off the U.S. dollar loan. You can see the position this created on the statement next page.

In the second statement last page you can see that the account now has a yen loan of 17.324 million yen rather than a $160,000 loan. You will also notice that I added an additional $50,000 into the account.

At the same time that I noted that the yen was weak, I noted that one of the strongest appearing currencies was the Finnish mark. I also believed for many reasons that the Finnish stock market was going to be a strong market in the years ahead, so I wished to buy some Finnish equities.

I added $50,000 to the account and switched half into a Finnmark interest bearing account earning 5% while the balance remained in U.S. dollars earning interest of 2%. Otherwise the account changed little.

I left the dollars in the account as a steadying factor even though at that time I felt very good about this account. The account was earning excellent positive carry, plus had earned some excellent forex profits. However, I noted that the German mark, Norwegian kroner and Portuguese escudo interest rates had dropped and all had fallen in value versus the U.S. dollar. Keeping some dollars there was in caution to that note.

I started reviewing whether it would be sensible to keep the European currencies in anticipation of a further interest rate fall which would reduce the positive carry and could cause their forex rate to fall further to the dollar.

I had also noted that the Mexican peso Cetes T-Bills were paying much lower interest rates, plus the peso was weakening versus the U.S. dollar. I did not feel that any of these currencies (D mark, Norwegian kroner, escudo or peso) now offered sufficient positive carry. I feared that the falling returns offered by these currencies would cause their value to fall, so I cashed in all the European currency accounts and did not renew the 90 day Mexican peso Treasury Bills when they matured.

The yen had also started to show renewed strength so as an added touch of caution, I used the proceeds of the Mexican pesos to reduce the yen loan by about US$40,000 from over 17 million to just above 13 million. This proved to be, as we will see, a propitious move, because the yen was at 109 a that time. By the next statement, the yen had strengthened to 104 yen per dollar!

At that time, I could not see any attractive currencies that offered sufficient positive carry to warrant the speculation so I took a different tact. I invested the borrowed yen instead into equities.

The interest bearing account in Finnmarks was invested into a Finnish equity mutual fund called Elvi-select. The funds from the balance of the interest bearing accounts were invested into the Jyske Bank JB International Equity Fund.

There were two reasons for this move. First this fund was invested about 25% in the Japanese stock market so this further reduced my yen exposure. The balance of the fund was invested mainly in European equities. I felt at that time that European equities had the best potential for overall growth, so I felt that this offered an excellent profit opportunity, especially since my yen loan cost had now dropped to 3.625% from 3.875%. You can see all this listed on the statement which follow on the next page.

I also now believed that if European interest rates were to fall that European bonds would rise in value. I wanted to hold some European bonds but not with borrowed yen (I had enough)-nor borrowed U.S. dollars because the dollar borrowing rate was now rising.

I decided to borrow Swiss francs to invest in European bonds. The last page is a copy of my Jyske account as of May 26, 1994. This was just before I made the Swiss franc loan. Below is a July 15 statement after I made the loan.

Note below also how the yen has risen from 109 to 104.35. Also note how the Australian dollar has risen. Last statement one Australian dollar bought about U.S.76 cents. At this statement one AUD bought U.S.73.4 cents.

You can also see in the statement last page that because of the reduced loan (the Mexican peso T-bill funds reduced the yen loan) the margin was increased from 152.00 to 196.25. Also the portfolio now held the Elvi-Select mutual fund and the JB Equity Fund (which included about 25% yen equities) which further reduced my yen exposure. You can see these assets in the Depot Account portion of the statement last page. This was now a much stabler portfolio. I made this move because there appeared to be a growing currency turmoil.

I took the Swiss franc loan at 6% interest in June and invested in European bonds. I borrowed $80,000 (less an $800 fee) and invested the equivalent of $32,000 in Danish kroner bonds, $30,000 in Swedish kroner bonds and the equivalent of $15,000 in Italian lire bonds. My timing could not have been worse as the July 15 Jyske statement shows.

The July 15 statement last page shows that three things appeared to go wrong with this portfolio all at one time.

First, the Swiss franc rose 10% versus the dollar almost the month after I borrowed it. At the same time the Lira, Swedish and Norwegian kroner fell versus the dollar. This cost the portfolio nearly $7,000 of losses in just one month.

Second, 1994 was one of the most horrible years in history for bonds everywhere! Though my estimation that interest rates would fall was correct, bond values fell as well (this is normally not the case).

Third, the falling interest rates also failed to stimulate the European stock markets as expected and equities fell as well.

These three factors meant that the cost of my loan rose and the value of my assets dropped. Had it not been for the stability that had been built into this portfolio, it could have seen its margin dwindle rapidly. Had I not had strong convictions, this would have been a time to get out and cut my losses or to panic.

As it was, I added an additional $60,000 to this account so that the margin remained at a high 182.48 and waited. This added deposit was not required but I was convinced that the moves in the European currency, the yen, the bonds and the stock markets were all short term running against the fundamentals of economics. I believed that this was the best time to make money in this type of account, so I wanted additional funds there in case I decided to buy more (even though I never did).

I had been rewarded further by a drop in the yen borrowing rate from 3.625% to 3.5% (see in the statement last page). Now I felt that I could be patient and would be paid maximum returns to wait for a turn around (through the low borrowing rate that caused a higher positive carry).

The test to my convictions was not over. As the statement of January 16, 1995 next page shows the stock market and the JB International Equity Fund went nowhere over the next six months. The fund’s value barely rose. The proceeds of all the bonds I held fell as did the parity of their currencies versus the Swiss franc. In addition the Japanese yen now increased greatly in strength (from 104 to 98). By the beginning of 1995 the portfolio had lost another $5,000 and the margin had dropped from 182.48 to 176.92.

The only investment that really acted the way I expected was the Evli Select mutual fund which rose 19% in the six months. The Australian bonds also rose slightly in U.S. dollar terms because of an increase in the value of the Australian dollar.

However, I still believed that all of the drops in value were temporary and were running against the grain of fundamentals. This is the best time to make money. So I held on. Matters grew much worse. The yen rose from 98 yen per dollar in July 1994 to 82 yen per dollar in April 1995 (see statement page 12). The Swiss franc rose from 1.28 to 1.13! The equity markets and the J.B International Equity fund fell. The Italian lira was devalued. The overall value of the portfolio dropped another US$37,000 and margin fell to 1.50. The lowest ever.

You can see all of this on the next 2 pages. The statement shows that by April 1995 the portfolio was down by $60,000 total or nearly 30% of the total $188,000 I had invested. The statements on the last pages clearly show that many forces worked against the portfolio for the year from the middle of 1994 to the middle of 1995. But I held on! The best time to invest is when currencies move against fundamentals as they were doing then.

To do so was right and finally every investment began to rise. As the statement next page shows by July 7, 1995 the portfolio’s value was back to $164,754 and recovering rapidly.

Since that July statement, the yen has fallen from 88 yen per dollar to 102 yen per dollar and the Swiss franc from 1.17 to 1.20. The stock markets are booming and bond prices have recovered. As I write this lesson the portfolio is back into a profit and assuming this trend continues will be even more profitable over the next few months.

In addition I am being even more rewarded now. The positive carry is even better! The yen interest rate has dropped to a low 2.50% (from 3.875% when the portfolio first borrowed yen). The Swiss franc interest rate has also dropped from 6% to 3.875%.

There are many lessons to be learned form this case study.

First, we can see again the risk in this type of speculation that I stressed last lesson. Our speculations can go wrong. Here we saw that they did.

This portfolio was more speculative than most. Many banks will not even allow investors to take the risks that I did (mainly borrowing to invest so heavily in equities). Having managed money for so many years and having dealt in currencies over decades, I knew what to expect and maneuvered several times (as described earlier) to reduce risk.

I had also speculated with money that I could have afforded to lose. I was prepared to wait and to put up additional money to protect my position. Yet I also knew when I would have accepted my losses as well. Consequently I did not make the major mistake many investors make when they use this technique. I did not panic when the markets went against me in the short term.

All of the keys to success were utilized in this portfolio which were. #1: A plan. #2: Adequate capital. #3: Sufficient confidence to hold the position during the downturn. #4: Continual analysis. #5: Continual adjustment as conditions unfolded.

Other events went wrong too. When I first introduced this portfolio, I also gave a list of banks where investors could try this tactic. One of these banks was Barings Bank, which in 1993 when I introduced the bank was one of the oldest, most respected banks in the world. During this time this bank went broke because one of its traders was speculating much in the same way as described above, except he did not use the safe guards I have pointed out here.

In a way all of the events that went wrong point out to the strength of this technique. Even when everything seems to go wrong at once, investors who know what they are doing are not wiped out.

A well conceived multicurrency sandwich can earn extra profit most of the time and if well constructed can survive markets if they do not evolve as they are expected.

Bank Accounts

The one way to diversify in currencies that we haven’t covered in detail is through bank accounts. Bank accounts and certificates of deposit can guarantee interest rates for a period of time normally ranging from one month to one year (and in some currencies up to two or even more years).

Other benefits of bank accounts in many countries are, within limits, they are guaranteed by the government of the country where the account is offered. They also are very easy to understand and use.

Every bank has its own terms and conditions. To try and explain all of them here would require another course just on banks. Instead I list many excellent banks I have used myself so you can pursue this information. These are banks you can contact for more information for diversifying into currencies.

Contacts

Bank of Butterfield, P.O. Box 25, Roseneath, The Grange, St. Peter Port, Guernsey, Channel Islands. Tel: 011-44-1481-711521. Fax: 011-44-1481-714533. Attention: Mr. J. Dorrien Smith.

Credit Suisse, 8180 Bulach, Switzerland. Telephone: 011-41-1-872-21-11. Fax: 011-41-1-872-21-12. Attention: Mr. Andi Kaegi. Credit Suisse is one of the three large Swiss banks. I use the Bulach branch as it lies nearer Zurich airport than Zurich and I feel I get a more personal service from this small branch of a big bank.

Credit Suisse, 525 University Avenue, Suite 1300, Toronto, Ontario M5G 2K5, Canada. Telephone: 1-416-351-3500 Fax: 1-416-351-3630.

Duncan Lawrie, 1 Hobart Place, London SW1 0HU, England. Telephone: 011-44-171-245-1234. Fax: 011-44-171-245-6276.

Jyske Bank, Vesterbrogade 9, PO Box 133, DK-1780, Copenhagen V Denmark. Tel: 011-45-33-78-78-78. Fax: 011-45-33-78-78-33. Attention: Mr. Teddy Christiansen, Private Banking International.

Rea Bros., 29/31 Athol St., Douglas, Isle of Man, Britain. Tel: 011-44-1- 624-629696. Fax: 011-44-1624-622039.

Anglo Irish Bank Austria, Box 306 A1011, Vienna, Austria. Tel: 011-43-1406-61-61. Fax: 011-43-1405-81-42. Att: Mr. Peter Zipper.

Mees Pierson Bank, Box 156, 18-20 Quay, Douglas, Isle of Man, Britain. Telephone: 011-44-1624-688300. Fax: 011-44-1624-688334. Attention: Mr. Juan Corkish. LISTED BELOW ARE GARY SCOTT REPORTS THAT CAN HELP YOU STAY IN TUNE WITH CURRENCIES EVERY MONTH OR EVERY WEEK.

* WORLD REPORTS. Share the ideas and contacts generated from my research around the world. Get all the background on major and emerging markets, bonds, currencies and overseas mutual funds that invest in them. Learn where and with whom you can get the greatest bank safety and the best multi currency interest rates! Learn the safest places to hold overseas currencies for $50 a month or $five million.

Know large (yet profitable) mutual funds that spread wealth around the world. Learn new, background information each month, such as the Slingshot Funds that rose 997% (MIM Britannia Nippon) in three years or the Investment Trust that shot up up 1,437% (Capital Gearing) in 10 years! Find the best tax investments at home and abroad, gain asset protection contacts. World Reports gives the what, where, who and why of overseas banks, mutual funds, insurance, trusts and companies. Useful for anyone interested in investing even a few thousand dollars abroad. Gary Scott’s WORLD REPORTS. Annual Subscription. (12 issues) $99.

* GLOBAL GUIDE. The Guide is a comprehensive system for global market timing and asset allocation that gives the when of international investing! It follows the movement of all major stock markets, emerging markets, currencies, their interest rates, bond yields and currency prices. The Gudie also studies overseas real-time portfolios provided by major banks and investment managers to learn what is going on in global economies and how Swiss, British, Austrian, Dutch, Manx, German and U.S. fund managers view and deal with the world’s unfolding events.

The Guide is so simple it works even if you’ve never invested abroad before, but so effective that one international investment bank manages an entire portfolio based on it. For investors diversifying $10,000 and more overseas. Global Guide. Annual Subscription. (12 issues) $149.

                                    ORDER FORM  - garyascott.com                Description                                 Price     Total     ___ World Reports, Annual Subscription, 12 issues        $ 99     ______    ____ Global Guide, Annual Subscription (12)               $149     ______                                                              TOTAL    ______    NAME:_____________________________________PHONE/FAX:_____________________    ADDRESS:_________________________________________________________________    CITY:_____________________________________STATE:___________ZIP:__________    Enclosed is my check payable to International Service Center ____.    Charge my ____Visa, ____MC, ____Amex,____Discover Card.    CREDIT CARD NUMBER__________________________________Exp. Date____________    SIGNATURE________________________________________________________________   Mail orders to International Service Center, 31O6 Tamiami Trail N.,   Box 264, Naples, Florida 3394O.  Phone Orders: 941-261-1222.   Fax Orders: 941-261-2001

 


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