Exchange Index down more than 14 points in active trading.

The Exchange, which has been quiet since Monday's Budget Statement, came to life with trading in eight issues. The Exchange closed down 14.48 points to close at 1077.64.

Bank of Butterfield experienced the biggest price change, closing at $30.25 on volume of 2,000 shares.

Also going down were: Long Botham Boats, which slipped 12.5 cents on volume of 3000; and Argus Insurance, which dipped 12.5 cents to $10 on volume of 100.

Telco staged a healthy $1 recovery to close at $34 on volume of 1000 while fellow utility Belco was up 25 cents to $19 on volume of 1434. BF&M 9% preference shares improved 12.5 cents to close at $10.25 on volume of 300.

Trading unchanged were Bank of Bermuda at $20 on volume of 2209 and Belco 7% mortgage notes at $102 on volume of 5000.

Chart -- Page 16.