of Mr. Ralph T. Kanter as a non-executive director.

Mr. Kanter is chairman and chief executive of Tracker Network plc, a UK public company which markets automobile tracking systems.

Mr. Kanter's former appointments include those of managing director of The Thomas Cook Group and group managing director of Britannia Security Group plc.

Mr. Michael Stoddart, chairman of Spehere Drake's board of directors, noted that "With the wealth of experience at the most senior level of operations which Ralph has gained I am sure that his appointment will increase the range of expertise on our board''.

Sphere Drake Holdings Ltd. underwrites international property and casualty insurance and reinsurance business through its operating subsidiaries in London and in Bermuda.

ADT EARNINGS UP BUC ADT earnings up ADT Ltd., a provider of electronic securities systems and vehicle auction services, announced yesterday third quarter income of $53.7 million.

That figure represents a 12.8 percent increase from the $47.6 million reported for third quarter 1993 for the Bermuda-based company.

Net sales for ADT were $340.3 million compared to $315.7 million over the same quarter last year, an increase of 7.8 percent, according to Bloomberg Business News.

For the nine months ended September 30, 1994, operating income rose 13.8 percent to $167.1 million from $146.8 million on net sales of $1.02 billion compared to $950.8 million, an increase of about seven percent.

Net cash flow from operations for the nine months was $224.5 million, an increase of 3.7 percent over the first nine months of 1993.

Earnings before interest expense, income taxes, depreciation and amortisation continued to outpace sales growth, increasing 16 percent to $294.6 million in the nine months to September 30, 1994 compared to $253.9 million a year earlier.

NELSON OFFERING BUC Nelson offering Bermuda-registered Nelson Trade & Finance Ltd., announced on Friday it has filed a share offering final prospectus.

The company filed the final prospectus in the provinces of Ontario and British Columbia. The proposed public offering includes up to 16,750,000 common shares at $3.25 each for proceeds of $54,437,500.

The offering is subject to a minimum offering of 12,000,000 common shares for proceeds of $39,000,000.

Canaccord Capital Corp. will act as the company's share distribution agent, according to Bloomberg Business News.