Purchase of Own Shares, etc

FOREIGN AND COLONIAL U.S. SMALLER COMPANIES PLC
23 July 1999


Foreign & Colonial U.S. Smaller Companies PLC purchased on
22nd July 1999, for cancellation, through Cazenove & Co.
1,975,000 shares in the market at a price of 197p per share.
42,849,491 Shares remain outstanding.

The Company has now used up all the authority to repurchase
shares granted to it by shareholders at the EGM on 12 July
1999 and has entered a close period.

As indicated in the circular sent to shareholders dated 14
June 1999, the Board intends to seek shareholder approval to
enable the company to purchase up to a further 14.9 per cent.
of its shares.  Subject to the necessary approval, it is
intended that the new authority will be in place prior to the
end of the current close period, expected to be on or around
23 September 1999, so that the Company is in a position to
continue its share buy-back programme at such time.