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                                                                      EXHIBIT 21
 
                               CABOT CORPORATION
 
                            SIGNIFICANT SUBSIDIARIES
                            AS OF SEPTEMBER 30, 1998
 


NAME                                                           JURISDICTION
- ----                                                           ------------
                                                           
Cabot Carbon Limited........................................  England
Cabot G.B. Limited..........................................  England
Cabot B.V. .................................................  The Netherlands
Cabot International Capital Corporation.....................  Delaware