RNS No 8567p
BANK OF SCOTLAND TREASURY SERVICES PLC


FROM:     25/7/97

252) $10,000,000 RANGE ACCURAL INSTRUMENTS DUE 25/7/2007

FULLY PAID
(Represented by Notes to Bearer of  $100,000      each)


Issue Price:        100%

Issuer:             J P MORGAN

A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END
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