Mr. John O'Sullivan:

We would look at the trade figures and would expect to see the rental evidence reflected in the trade figures. We would not just take the rental level at face value but would delve deeper. Industrial premises such as factories, workshops, warehouses, etc., have not gone up in value over the 30-year period to anything like the same extent as some other sectors. Some of them are experiencing a decrease in rates after the new valuations. In any particular county, the outcome is down to the mix of businesses. In towns, good quality retail will have a bearing. The cake is always in the local authority area and we try to determine how much everybody contributes to it but the slice of the cake is determined locally. The general trend is that industrial premises are coming down. Retail would be very mixed and we have seen examples of streets that once did well but now are not doing well at all and have high vacancy rates.