interest rates by year end, Butterfield Asset Management Ltd. said in their latest issue of Financial Viewpoint.

Fed officials left interest rates unchanged at their August 20 policy meeting but many analysts expect the central bankers to raise the federal funds target for overnight bank loans to 5.5 percent from 5.25 percent at their September 24 meeting.

BELCO EARNINGS DOWN BUC Belco earnings down Electricity utility and gas supplier, Belco Holdings Ltd., reported six month to June 30 earnings are down 3.36 percent to $6,067,798.

The company said the anticipated decline was due to planned business start-up costs associated with new subsidiary Belco Energy Services Company Limited (BESCO).

BELCO GAINS BUC Belco gains Belco, the only issue to trade on the exchange yesterday, gained 12.5 cents closing at $35.125 on volume of 1,000. The index closed at 951.12, up .3 points. ----Chart, Page 34