31 MAY 1986, Page 21

Misere

BUCKMASTER and Moore, the brokers, picked seven companies for their Develop- ment Fund, combining the Business Ex- pansion Scheme reliefs with low technolo- gy and low risks, or so it said on the label. Two of the seven are bust already, and I learn from the latest report that a third has now joined them, whilst a fourth is in critical condition, and will need new capital to survive. At this rate it will be interesting to see, when the five years' delay imposed by the BES is up, what the members will have left beside their tax claims. In a runaway bull market, this was quite a feat of investment — though what sort of feat I forbear to say.