RNS No 7358m
PROVINCE OF QUEBEC
30th June 1997


RE:      PROVINCE OF QUEBEC
         US.DOL 100,000,000 EMTN PROGRAMME
         MATURING 2 JULY 2004
         COMMON CODE: 7800177
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THIS IS TO FORMALLY ADVISE YOU THAT THE RATE OF INTEREST
FOR THE PERIOD 2 JULY 1997 TO 2 OCTOBER 1997 HAS
BEEN FIXED AT 5.84375 PCT (FIVE SPOT EIGHT FOUR THREE SEVEN
FIVE PER CENT).

THE RATE HAS BEEN CALCULATED USING THE 3 MONTH DOLLAR LIBOR,
5.78125, PLUS A MARGIN OF 0.0625 PER CENT.

THE COUPON AMOUNT DUE FOR THIS PERIOD IS US.DOL 14,934.03
(FOURTEEN THOUSAND, NINE HUNDRED AND THIRTY FOUR US DOLLARS
AND THREE CENTS) PER 1,000,000 DENOMINATION.

THIS AMOUNT HAS BEEN COMPUTED ON THE ACTUAL NUMBER OF DAYS
ELAPSED (92) DIVIDED BY 360.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 171 500 0146/0150 OR FAX:  44 171 500 0483.




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