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Some institutional investors were also surprised by the size of their allocations, expecting to get far fewer shares.
As of January, 33 states had not used any of their allocations, while a dozen more had used less than a third.
Mr. Pryce said that the oil and gas sector makes up just 2 to 2.5percentt of all water licenses issued in the province, and that producers normally use only 40 to 60percentt of their allocations.
In fact, the Departments of Education, Transportation and Energy all have spent 2% or less of their allocations.
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England are two for one after an 11th of their allocation.
Again, shares cannot be traded by the investor until they have been notified of their allocation.
Of the 32,000 tickets sold only 10,000 were taken up by the two Spanish clubs, who returned most of their allocation.
"We can't call it a money market fund, but it's something that people are looking at in that part of their allocation," he said.
However, the audit office said six of the 16 "priority investors" selected by Cable had sold all of their allocation within weeks of the float, at a substantial profit.
With most of their allocation for domestic security from the 2003 fiscal budget, about $4 billion, already flowing to state and local governments, Mr. Ridge told the governors that they could expect about $3.5 billion from the 2004 budget.
It even allows them to spend 25% of their allocation in other EU countries.
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