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    <nameOfIssuer>3M COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>5392</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>30600</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AT&amp;T</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00206R102</cusip>
    <value>406</value>
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    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>2319</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>54850</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56300</sshPrnamt>
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    <votingAuthority>
      <Sole>56300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>638</value>
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      <sshPrnamt>4250</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4250</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALLERGAN, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>1268</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5508</sshPrnamt>
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    <votingAuthority>
      <Sole>5508</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALPHABET INC. CLASS A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K305</cusip>
    <value>556</value>
    <shrsOrPrnAmt>
      <sshPrnamt>692</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>692</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALPHABET INC. CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K107</cusip>
    <value>677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>872</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>872</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02209S103</cusip>
    <value>809</value>
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      <sshPrnamt>12800</sshPrnamt>
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    <votingAuthority>
      <Sole>12800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>993</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15514</sshPrnamt>
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    <votingAuthority>
      <Sole>15514</Sole>
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  <infoTable>
    <nameOfIssuer>AMERICAN FUNDAMENTAL INVESTORS CL A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>360802102</cusip>
    <value>732</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13576</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13576</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>031162100</cusip>
    <value>5401</value>
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      <sshPrnamt>32380</sshPrnamt>
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    <votingAuthority>
      <Sole>32380</Sole>
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      <None>0</None>
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    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>47525</value>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BAKER HUGHES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>057224107</cusip>
    <value>1019</value>
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      <sshPrnamt>20200</sshPrnamt>
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    <votingAuthority>
      <Sole>20200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>064058100</cusip>
    <value>817</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>060505104</cusip>
    <value>273</value>
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      <sshPrnamt>17487</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17487</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BAXTER INTERNATIONAL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>071813109</cusip>
    <value>1780</value>
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    <votingAuthority>
      <Sole>37400</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. "B"</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>084670702</cusip>
    <value>2379</value>
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      <Sole>16470</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BOEING COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>097023105</cusip>
    <value>4549</value>
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    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>110122108</cusip>
    <value>2718</value>
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    </votingAuthority>
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    <nameOfIssuer>CVS HEALTH CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>126650100</cusip>
    <value>535</value>
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      <sshPrnamt>6020</sshPrnamt>
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    <votingAuthority>
      <Sole>6020</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>166764100</cusip>
    <value>457</value>
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      <sshPrnamt>4450</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4450</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CISCO SYSTEMS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>17275R102</cusip>
    <value>761</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>172967424</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>12950</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COCA COLA COMP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>191216100</cusip>
    <value>2377</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56183</sshPrnamt>
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    <votingAuthority>
      <Sole>56183</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COLGATE-PALMOLIVE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>194162103</cusip>
    <value>3551</value>
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    <votingAuthority>
      <Sole>47900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>20825C104</cusip>
    <value>430</value>
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      <sshPrnamt>9900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>9900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CORNING INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>219350105</cusip>
    <value>603</value>
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      <sshPrnamt>25500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COSTCO WHOLESALE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>22160K105</cusip>
    <value>564</value>
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      <sshPrnamt>3700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>3700</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DEERE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>244199105</cusip>
    <value>563</value>
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      <sshPrnamt>6600</sshPrnamt>
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    <votingAuthority>
      <Sole>6600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DEVON ENERGY CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25179M103</cusip>
    <value>467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10600</sshPrnamt>
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    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>10600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>DIAGEO PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25243Q205</cusip>
    <value>847</value>
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      <sshPrnamt>7300</sshPrnamt>
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    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>7300</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>254687106</cusip>
    <value>4662</value>
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      <sshPrnamt>50213</sshPrnamt>
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    <votingAuthority>
      <Sole>50213</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>DOMINION RESOURCES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25746U109</cusip>
    <value>408</value>
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      <sshPrnamt>5500</sshPrnamt>
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    <votingAuthority>
      <Sole>5500</Sole>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>260003108</cusip>
    <value>1664</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DUPONT DE NEMOURS E.I.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>263534109</cusip>
    <value>1573</value>
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      <sshPrnamt>23500</sshPrnamt>
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      <Sole>23500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EMERSON ELEC CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>291011104</cusip>
    <value>2856</value>
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      <sshPrnamt>52400</sshPrnamt>
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      <Sole>52400</Sole>
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    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30231G102</cusip>
    <value>6788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77775</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1397</value>
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      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>35671D857</cusip>
    <value>160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14774</sshPrnamt>
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    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>14774</Sole>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>3894</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131469</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
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    <votingAuthority>
      <Sole>4250</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>406216101</cusip>
    <value>1180</value>
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      <sshPrnamt>26300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>1568</value>
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      <sshPrnamt>12187</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12187</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HONEYWELL INTL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>438516106</cusip>
    <value>6053</value>
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    <votingAuthority>
      <Sole>51925</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
    <value>3181</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27790</Sole>
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      <None>0</None>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21636</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1192</value>
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    <votingAuthority>
      <Sole>31600</Sole>
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      <None>0</None>
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    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46625H100</cusip>
    <value>4350</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65330</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>11509</value>
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      <sshPrnamt>97433</sshPrnamt>
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    <votingAuthority>
      <Sole>97433</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>494368103</cusip>
    <value>1147</value>
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      <sshPrnamt>9100</sshPrnamt>
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    <votingAuthority>
      <Sole>9100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KNOWLES CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>49926D109</cusip>
    <value>155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
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    <votingAuthority>
      <Sole>11100</Sole>
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      <None>0</None>
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    <nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502424104</cusip>
    <value>1193</value>
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    <votingAuthority>
      <Sole>7915</Sole>
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      <None>0</None>
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    <nameOfIssuer>LILLY (ELI) &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>532457108</cusip>
    <value>1043</value>
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      <sshPrnamt>13000</sshPrnamt>
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    <votingAuthority>
      <Sole>13000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LINKEDIN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>53578A108</cusip>
    <value>2236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LOWES COMPANIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>580135101</cusip>
    <value>2687</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>3688</value>
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      <sshPrnamt>64038</sshPrnamt>
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    <votingAuthority>
      <Sole>64038</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONDELEZ INTERNATIONAL, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>609207105</cusip>
    <value>285</value>
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      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>6500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>4090</value>
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      <sshPrnamt>77700</sshPrnamt>
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    <votingAuthority>
      <Sole>77700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1882</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1760</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>22300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>OAKTREE CAPITAL GROUP, LLC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>585</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>2415</value>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>2588</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>23800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PFIZER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>717081103</cusip>
    <value>961</value>
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      <sshPrnamt>28400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>28400</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>718172109</cusip>
    <value>1283</value>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PLATFORM SPECIALTY PRODUCTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>72766Q105</cusip>
    <value>483</value>
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      <sshPrnamt>59575</sshPrnamt>
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    <votingAuthority>
      <Sole>59575</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>8248</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>91910</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>2849</value>
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      <sshPrnamt>41600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>3265</value>
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      <sshPrnamt>41523</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41523</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
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    <votingAuthority>
      <Sole>3000</Sole>
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      <None>0</None>
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    <nameOfIssuer>THE KRAFT HEINZ COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>500754106</cusip>
    <value>546</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6100</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>907818108</cusip>
    <value>1575</value>
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      <sshPrnamt>16150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16150</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3653</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33411</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33411</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33373</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33373</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W308</cusip>
    <value>681</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23385</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23385</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>9018</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56900</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WATTS WATER TECH INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>942749102</cusip>
    <value>1568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WELLS FARGO &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>949746101</cusip>
    <value>1208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>27300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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</informationTable>
