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connoisseurs* | 



No. 2 


Saturday April 1 1978 



Laches gDlcLpIated raig^ liwarDmd£29.0C>XS9JDa 


j&fs&reS i : ?4 i& 





and gilts 

not to 



show loss 

• EQUITY leaders saw a late 
technical rally. FT SO-Share 

Red Hum will no) run in the 
r.raml National because nr the 
hind font injury which has kept 
the horse in the headlines this 

As trainer Ginger McCain 
announced Red Rum's retirement 
Iasi r.ight. then: wj» confusion 
about the horse's future. 

Mr. Noel Le Mare. Red Rum’s 
on ner. said he had offered l lie 
h'irse to 31 -year-old Mrs. Sandra 
Miles who looked after Red Ruiu 
a- a stable "in before he bought 
the horse in 1973. 

Bur last night trainer Ginger 
McCain said. " I ‘s a load of 
rubbish.” His wire added that 
Red Rum was a limited company 
and the Board would have jo 
take sueh a decision. 

However. Mrs. Miles conGrmed 
that Red Rum had been offered 
to her and she would be delighted 
to look after hint. 

Dominic Wigan, Page IS 


FT Industrial 

Index, showing a loss of .1.1 at 
3 p.m.. closed at 463.8, down 

Barre back as 
French Premier 

M. Raymond Barre. 53. was last 
night appointed Prime Minister 
of the new French Government 
after the Centre-Right coalitions 
comfortable General Election 
victory last month. Earlier. 
President Gif-card had accepted 
M. Barre's outgoing teams 
resignation. Back Page 

• GILTS at the short end 
dosed with falls of 1/ltilli. Falls 
at the long end of shout i were 
reduced to I. Government 
Securities Index fell 0.1 1» to 
73.S9. a loss of 1.38 over 
the shortened week. 

Carter moves 
on to Nigeria 

• STERLING was weak early in 
the day and touched a low point 
of S1.S525. where the Bank or 
England intervened to prevent 
further iledine. It dosed at 
S l.S(>30. -a rise of 15 points on 
the day. Its trade-weighted 
index was 01.8 (62.2). Dollar’s 
trade-weighted depreciation was 

President Carter, continuing his 
; overseas tottr. Hew from Brazil 
to Nigeria for talks on Rhodesia 
and Namibia (South-West Africa) 
and on Cuban involvement in ihe 
Horn oF Africa. His meetings 
with Gen. Oiusegun Obasanjo. 
Nigeria's military ruler, are also 
expected to cover oil prices. It 
is the first Stale visit by a U.S. 
President to black Africa. Page 2 

GOLD rose $4 to SiKJi'. 

• WALL STREET dosed at 
757.3C, down 2.26. 

• BANK of England gave per- 
mission for British investors to 
deal in options on British shares 
on the new European options ex- 
change without having to pay in- 
vestment premium. Page 4 

Botswana sends 
children bacK 

• NEW JERSEY Zinc withdrew 
(rum Ireland’s plan to build a 
£100iii. zinc smelter. Back Page 

More than 400 of the 432 black 
schoolchildren abducted by Mr. 
Joshua Nkomo's Patriotic Front 
guerillas have returned to 
Rhodesia, saying they wished to 
stay out of a black nationalist 
guerilla army. From Gaborone, 
the Botswana Government 
announced that a British tourist 
and two South African managers 
of a game farm had been shot 
dead while attempting to escape 
after being arrested. Page 2 

• NORTH SEA taxes should be 
reconsidered by Ihe Govern- 
ment, Lord Kearton, chairman of 
the State-owned British National 
Oil Corporation, said. They were 
extraordinarily attractive. Page 3 

• NEARLY 300 employees of 
Lewis Offshore, the oil fabrica- 
tion base at Arnish Point, Storno- 
way. were given redundancy 
notices because of a lack of 
orders. Page 3 

Sunny outlook 

Dry and fairly sunny weather is 
expected this month, but there 
will be one or two rainy spells 
according to the Meteorological 
Office’s 30-day forecast. To-day’s 
weather. Back Page 

• SHARE prices on the -Tokyo 
stock exchange jumped to a post- 
war high for the fourth consecu- 
tive day. Page 2 

New' power for 
IMF chief 

Briefly . . . 

Nordic Commander, a British 
tanker with a damaged boiler 
was refused permission to leave 
the French port of Donges for 
fear of an oil spillage. Amoco 
Cadiz clear of oil. Page 2 

The Evening Standard, London, 
is to go up rrom 8p to lOp un 
Monday. Fleet Street's troubles. 
Back Page 

Dr. Charles Best, renowned for 
his work on the discovery of 
insulin when he was 22. has died 
in Toronto. He was 79. 

Harold Gimbleit, 63. former 
Somerset and England cricketer, 
was found dead in bed at his 
Dorset home. Police found a note. 

Two members of the London 
Stock Exchange have been sus- 
pendend. Page 4 

Briiain is to provide up to £lm. 
to help India rehabilitate victims 
of last November's cyclone 

• NEW regime for the inter- 
national monetary system lakes 
effect formally to-day with adop- 
tion of the second amendment to 
the articles of agreement of the 
International Monetary Fund. 
The second amendment greatly 
increases the power of the man- 
aging director of the IMF to 
supervise national exchange. rate 
policies. Back Page 

• AGREEMENT was reached 
between Petronas, the Malay- 
sian oil company. Royal Dutch 
Shell and Mitsubishi to build a 
Slbn. plant to supply liquid 
natural gas to Japan. Back Page 


• THOMSON Organisation 
record profits were £19.57m. 
(£l5.18m.l. Page 16: Lex 

• NORTHERN FOODS estimated 
pre-tax profit for the six months 
to March 31 were £10.75m. 
(£7.04m.l. Page 16; Lex 

Co-Co pop group will represent 
Britain in the Eurovision song 
contest in Paris 

record taxable profits for the 
year to January 1 were £2.64m, 
( C2.4Sm.j- Page 16 


{Prices iP pence unless otherwise 

Randfontein E.vt.v. .. .£JSJ 4- U 
Union Corp 232 + 8 


Treas. 8,'pc 19S3 £9SJ 

Burton A 114 

; Comet Radiovision ... 315 
• Elys (Wimbledon) ... 104 

Finlan (J.) 31 

Lucas Lnds 2S0 

Morgan Edwards ... 37$ 
Olympia (Redacre) ... 35 

Spirax-Sarco 276 

Thomson Org 218 

LASMO ''Ops” 3S4 

London Sumatra ... 145 

/ Blantyre 500 

] Anglo Amer. Corp. ... 311 
f Anglo Artier. Gold ...£171 
) Anglo United Dev. ... SB 

1 KZ lnds 165 

Northern Mining ... 36 

. Pancontinental S25 

Feko-Wallsend 44fhc 













Treas. lOtpc 1979 ... £103^s - i 

Asscd. Dairies 213 — 22 

Bridport-Gundry ... 29 — 5 
British Home Stores 175 - 4 
English Prop. 6ipc . 

'Conv. *08-03 £81 ^ S 

Hasiemere Estates ... 230-7 
Lloyds Bank 270 — 6 

ftlarchwiel 260 — 7 

Mills and Allan InttU.. 170 - 7 
Provident Financial... 90 — 3 

Robertson Foods 137 — 8 

Rowntree Mackintosh 385 - 15 
Stock Conversion ... 228 - 6 

Unilever 498 — S 

Ufd. Scientific 279 - S 

Wigfall (H.) 222 — S 

Oil Exploration 202 — 10 

Siebens (U K.) 258 


U.S. trade deficit Heavy 

of $4.52bn. 

sets new record 

Thi- exceeds by 8900m. the 
previous record monthly deficit. 
<ct in October year. It is 
nearly double the January deficit. 

For the tirsi two months of 
this year, the U.S. trade account 
bus been in the red by $6.S9bn.. 
far above the S4.29bD. of the 
same period last year, which set 
the U.S. on its path to achieving 
a S265bn. deficit for the year. 

Administration officials this 
morning were struggling for an 
explanation for the February 
figures — much as their British 
counterparts looked for adequate 
explanations of the turnruund 
in Ihe U.K. position in January. 

What happened in (he U.S. in 
February was that imports 
soared, rising by lfi.5 per cent, 
compared with the previous 
month, to a record high or 

Exports, meanwhile, fell, by 1 
per cent, to S9.92bn. 

Oil imports were not the 
decisive factor: 0B an adjusted 
basis, the U.S. bought nearly 
83.6b n. worth of foreign oil, 
S300m. more than in January. 

This may partly reflect in- 
creased industrial and domestic 
demand for oil during the coal 
miners' strike. 

Imports of steel, transpor- 
tation equipment, heavy duty 
machinery and many manufac- 

tured goods, rose by us much 
and in some cases more, than 

On the export side, virtually 
nothing, with the exception of a 
8190m. increase in the sale of 
food and Jive animals, went up. 

Vice-President Mondale issued 
a White House statement saying 
that the U.S. was “seriously 
concerned " about the rise in ihe 

•* It underlines once again the 
importance, on the part of tbe 
United Stales and the other gov- 
ernments. of dealing with the 
fundamental factors that cause 
large trade imbalances.” 


The statement also said that 
the deficit pointed to the need to 
produce an Energy Bill which 
could control oil imports. Presi- 
dent Carter would be giving this 
top priority on his return from 
his foreign trip next week. 

Analysts -at the Commerce 
Department freely admitted that 
there was no adequate explana- 
tion for the February worsening, 
particularly since it was counter- 

Bad weather and the coal 
strike have meant that tbe U.S. 
economy has been growing much 
less rapidly in the first quarter, 
while its major trading partners 

American Motors sets up 
link with Renault 


tion. the struggling U.S. small 
car producer, ended several 
weeks of speculation to-day by 
announcing agreement in prin- 
ciple on a potentially wide-rang- 
ing link with Renault. France's 
publicly-owned car and truck 

Details of the memorandum of 
agreement will not be revealed 
until to-morrow, but tbe two com- 
panies said to-day that they will 
be aiming to combine their sales 
and distribution efforts in the 
U.S. and Canada; 

That they will discuss “ the 
development of future product 
plans regarding Renault and 
AMC passenger cars to be sold in 
the U.S. and Canada; 

That they will consider “ the 
eventual manufacture of one or 
more Renault cars in AMC's 
assembly plants;" 

That AMC's jeep vehicles will 
be sold through Renault dealers 
** in selected international 
markets " and that Renault will 

NEW YORK. March 31. 

step up its shipments of its "le 
car" model for sale through 
AMC and Renault dealer net- 
works in North America. 

The names of several foreign 
manufacturers, including France s 
Peugeot, have been linked with 
AMC since the U.S. company dis- 
closed that it was considering 
"affiliation" with an overseas 
producer as a step towards 
strengthening its financial posi- 

AMC's car sales have slumped 
over the past two years, leaving 
it with less than 2 per cent, of 
the U.S. market, and losses from 
the car operations are running at 
an estimated S90m. a year. 

The company has managed to 
return a small overall profit for 
tbe last five quarters thanks 
largely to booming Jeep sales. 

The agreement to sell the Jeep 
through Renault dealers over- 
seas appears to rule out the 
possibility that Renault might 
have distributed British Ley- 
land's Land Rover. 

The possibility that Renault 
cars will be produced at AMC's 
plants makes the legal agreement 

to be worked out between the 
two companies potentially far 
more extensive than anything so 
far seen in (he U.S. car industry. 

David White writes from 
Paris: Renault's understanding 
with American Motors follows 
several years of efforts by the 
French Slate-owned car company 
to make a real advance in the 
North American market. 

The company officials have said 
that it was hoped that the agree- 
ment- would enable Renault to 
increase "several times over” 
its sales in the U.S. and Canada, 
which totalled about 18,000 
vebicies last year. 

Renault's sales in the U.S. 
slipped sharply aFter 3970. and 
last year was still below 1970 
levels at 13.000. Most of these 
wer ein th* E5 super-mini range, 
and. under the agreement with 
American Motors. Renault plans 
in step up its exports of this 

Last year Renault and British 
Ley land announced a prelimi- 
nary agreement on technical 
co-operation. Talks are still 
going on. 

Town and City salvage plan 


TOWN AND CITY Properties, 
Britain's fourth largest property 
group, yesterday disclosed details 
of a £L20in. refinancing package. 

The 1440m. international 
group, which has been struggling 
to stem susbtantial revenue 
losses in recent years, has 
negotiated delayed payment for 
£94m. of its short term debt and 
a loan stock restructuring that 
should save it an immediate 
£ m. a year. 

The shares fell ip to 13p on 
the news last night 

Mr, Jeffrey Sterling, Town and 
City's chairman, has been dis- 
cussing terms of tbe refinancing 
with the group’s two main insti- 
tutional supporters — Barclays 
Bank and Prudential Assurance 
—for nearly a year. 

He now has Barclay's- agree- 
ment lo replace a £50m. loan 
guaranteed by the bank, and due 
for repayment this August, with 
a new 10-year loan. 

Barclays is advancing a fur- 
ther E44m.. repayable by Marrh. 
1981, which will be used to re- 

place other loans for that amount 
repayable within the next year. 

It is believed that Barclays has 
also agreed to a partial *‘roll-up'' 
of interest charges on these new 

As well as these additional 
longer-term bank loans. Barclays 
and the Prudential have agreed 
to abandon their rights to 14 per 
cent, interest on the £26m. of 
Convertible Unsecured Loan 
stock they hold. 

In return, Town and City pro- 
poses to exchange its stock for 
a new issue of Convertible 
Cumulative Preference Shares 
that will carry no dividend rights 
until aFter September 30, 1981 
and a net dividend of just 7 per 
cent, thereafter. 

The new stock will be con- 
vertible into ordinary shares on 
the basis of 500 shares for every 
£100 nominal of the stock. 

The institutions have agreed to 
convert their E26nt. holdings, hut 
it is unlikely that many other 
holders of The existing f 43.3m. 
issue of loan stock, which offers 

a 14 per cent, return from June 
this year, will follow suit. 

(f only the Barclays and Pru- 
dential stock is convened. Town 
and City's total equity could 
eventually be diluted by 17 per 

Full conversion of the stock 
would give Barclays IS per cent, 
of the group's shares and would 
top up Prudential's holding to 12 
per cent. 

Barclays and the Prudential 
yesterday denied that Bank of 
England pressure had been 
needed to push tbe deal through. 
Barclays consider it " a purely 
commercial package , . . we are 
not a philanthropic institution 
. . . the rearrangement puts us 
and Town and City in a better 

Mr. R. Artus, of the Prudential, 
commented yesterday that the re- 
financing. which dwarfs even 
British Land’s £50m. refunding 
last September, should give more 
lime for Town and City’s de- 
gearing nrogranime. 

Lex, Baek Page 


Home news 

— labour 

... 2 

UJC companies 16-17-20 

Foreign exchanges 


... 3-4 
... 4 

Mining 5 

Farming, raw materials ... 



International companies ... 19 

U.K. slock market 


... 14 

Wall Street 18 

Week in the markets ...... 



Council for 
Industry •• 

the securities 


Radio comes to Westminster 15 

ADnalnlmanifi .... 



Col Iced as 

Crossword Pimk ... 
economic Diary .. 


Entertainment Guide 
Finance & Family ... 



















FT-Actearies Indices 


Cell - 

How ta Sucnd It ... 


Loiters - 

Lex - 

Man of the WeeK ... 


For -latest Share Index phono Jiittlfi, . . 

Property 8 

Ruing IB 

Share InfarmaUan ... 24JS 
SE Week's Dealings 20- ZL 

Travel 1# 

TV and Radio 12 

Unit Trusts 2) 

Weather 26 

Your Savings & Inv, 7 

WsnXic Colliery . 2 

Save and Prosper ... 1 

Henderson -7 

Tyndall 7 

M and G IS 

Schloolnser 3 

Lawson 07 

Equity and Low ... 6 

on £ 


WASHINGTON, March 31. 

The Carter Administration's hopes that tbe XJ.S. trade deficit would contract 
gradually this year received a severe jolt to-day when it was announced that 
the February shortfall had reached a record $*4.52bn. 

by Bank 

to total 


By Peter Riddell, 
Economics Correspondent 

. — with the possible exception of 
Canada — have been doing 
rather better. 

in such circumstances, it would 
have been logical to expect that 
the trade deficit would, at tbe 
very leasi. not grow os much as 
it has. 

The Administration believes 
ihut the narrowing of growth 
differentials should produce a 
trend towards smaller deficits, 
which should become evident, 
especial iy in the last half of the 
year, it had not anticipated such 
a sh’-rp deterioration at this 
stag - .. 

It was suggested to-day that 
the S300tn. rise in steel imports 
might be accounted for by 
foreign suppliers seeking to beat 
the -imposition of the trigger 
price system. 

UffiuiaU also pointed to a sub- 
stantial increase in U.S. factory 
inventories in February. This 
could presage the expected 
revival in economic activity in 
the second quarter. 

The unspoken hope was that 
the February figures would turn 
out to be a statistical freak. 

However, if the record of the 
first two months proves to be the 
guide for tbe rest of tbe year, 
the U.S. faces the prospect of a 
$40bn. plus trade deficit. 

Pressure on Carter, Page 2 

STERLING faced heavy selling 
pressure again yesterday — 
before undisguised Bank of 
England intervention stabilised 
the rate. 

This action was interpreted 
by the foreign exchange market 
as a clear signal from the Bank 
that the recent sharp decline in 
sterling had gone far enough 
for Ihe time being. 

The move was intended to 
remove any doubts about the 
authorities* intentions. 

The pound dosed 13 points 
up on tbe day at $1.8630. The 
trade-weighted index fell 0.4 to 

Sterling fell more than three- 
quarters of a cenfTn the morn- 
ing to a low of SL8S25, but 
recovered after the official sup- 
port and touched a dav’s high 
or S1.8680. 

This was partly in response 
to the weakness of the dollar 
afier the publication of the very 
large U.S. trade deficit Tor 

The dollar fell more sharply 
against the stronger European 
currencies and closed at 
DH2.0065 against the - D-mark 
compared with DM2.02371 pre- 
viously. and at Sw.Fi-s.L83 
against Sw.Frs.1.8810. 

’THE B1GGEST-EVER building 
society collapse was .disclosed 
yesterday when at least £7m. was 
reported missing from the Grays 
Building Society in Essex. 

A rescue operation is being 
! mounted by the five largest 
i building societies, which will 
{share the losses to ensure that 
no depositors lose money. 

According to the last annual 
accounts. Grays had assets of 
about £llm.. but it was made 
clear last night that the society's 
liabilities greatly exceed its 

Essex police yesterday started 
their investigation into the sub- 
(Stantial losses which came to 
light after the death two weeks 
ago of Mr. Harold Jaggard, the 
society's chairman. 

Mr. Ian Hay Davison, a lead-, 
in? chartered accountant, has 
also started work investigating 
ail aspects of the society's fosses. 

He was appointed Inspector by 
the Chief Registrar of Friendly 
Societies. His powers and duties 
are comparable to those of an 
inspector under the Companies 

about the. society for some 
months .and -his. staff Here able 
to Intervene in- a. matter of- hours 
after , it became clear -that the 
death' of the chairman of the ‘ 
society might be associated with 
irregularities in-, its manage- - 



The French Trane was 
markedly strong following the 
reports of the likely reappoint- 
ment of M. Raymond Barre as 
Prime Minister. This was 
refleeted in a decline in the 
dollar from FFrs.4.6l to 

It was noticeable that ster- 
ling not only remained rela- 
tively weak against the main 
Continental currencies through- 
out the day, but also faded 
from its peak against tbe dollar 
in New York. 

Last night’s level fo.r the 
trade-weighted index repre- 
sents a decline of 31 per cent, 
in the last ten days and of 
just more than 7 per cent, since 
the peak at the end of January. 
The index is down to the level 
of last July. 

The authorities a** fairly 
unconcerned about the sharp 
decline, which seems lo be 
partly a reaction to the 
strengthening of the dollar 
against the European 
currencies in the la.«l fortnight 
as well as a switching of 
speculative positions. 

There is a clear desire by 
the authorities in London ’ to 
avoid any impression lhai the 
decline has been officially 
encouraged on the lines of 
tbe tactical mishandling of 

Continued on Back Page 


The Grays collapse is likely to 
lead to pressure for changes in 
the legislation covering building 
societies. This could include 
demands for on-the-spot audits 
by the Chief Registrar. 

All societies are required by 
law to provide accounts and other 
information annually to the Chief 
Registrar. Monthly statistics are 
also provided. 

The size of the reported losses 

in Grays’ accounts has come as a 
surprise to the building society 
movement and is the main reason 
for the delay in announcing a 
decision on the society’s future: 

Two years ago the Wakefield 
Building Society disclosed losses 
from Its accounts of £600,000. 

But, as it still remained solvent 
in spite of these.losses, a speedy 
merger was arranged . with the 
Halifax Building Society. Because 
of Grays’ insolvency no single 
society was prepared to take over 

Irregularities in Grays’ 
accounts and operations bad 
apparently been going on for 
some 30 years, according to the 
preliminary findings of. a team 
of investigators from the Wool- 
wich Equitable Building Society 
who have linen assessing the posi- 
tion at Grays. 

It appears loans might hdve 
heen paid tn fictitious people and 
the interest payable on these 
loans falsely entered in the 

Mr. Denzil Davies. Treasury 
Minister, said last night in a 
letter to Dr. Oonaqh McDonald. 
Labour M.P. for Thurrock, that 
the Chief Registrar had been 

looking into various points 

Mri : Jaggard, who- was 79 and. -■ 
the society’s secretary as well as 
chairman, was found dead at his- : 
Brentwood, Essex, .home on - - 
March 17. Bottles of pills and a 1 
note were reportedly found ueair . 
his body. The inquest - on his 
death has still to be resumed. ••• 
The society's offices in "Essex "= . 
have remained closed all this-...' . 
week and ho date, has t een given . . 
for their reopening. The Build-’.; 
ing Societies’ Association said ; ; 
yesterday: “Inquiries into the. ./ 
irregularities . af the society' -are --v;-' 
still in complete and the directors 
have ‘been" advised 'that therrt."— 
offices should remain closed for ... 
thp time being.” - 

Preliminary investigation had- •;> 
shown that the “irregularities^' 
involved could amonnt tn at least -7-' 
£7m.." the asociation said. /<-. 

The Grays’, auditors are given £ 
in the accounts as Messrs.”;; 
Appleby .English and Partners:.;-.* 
who are based In Manchester but V 
have offices In London- and' . > 
Leinh-on-Sea in Essex. The . ~ 
auditors, were not available for • -- 
comment last night 


The rescue operation hy the . 
major buildins societies will 
probably be carried out. under 
Section * 43 of tbe Building 
Societies Act 1962 for the first 
time- This gives societies Ibe-.l- 
power, with the approval of, the ~ 
Chier Registrar, to make.funds / 
available to other societies. 

The Inquiry by Mr. Davison,'.^ 
however, will be under ^Section -. 
HO of the Act. This gives the^ 
Inspector the power to.esaxnine-.r 
all books; accounts and other ■ 
documents of the society, ana*.; 
to examine on. oath, lt$ officers ~ 
and members. 

Mr. Davison was one of the 
Department of Trade- inspectors, . 
investigating the companies of 
Mr. John Stonehotise. ; 

People with mortgages from 
the Grays Building Society have ... 
been advised in continue making 
payments in the nonnai way- .it 
is likely that once the rescue 
operation is. over, the society's - 
affairs will be taken; 'over- by.-- 
another society. ■■ - ■ - 




£ in New York 

UaidiSl ; Ei*wn« 


Suot I 51^630*1^640, 
i uiuutii | qj» iiwtis m 
3 numbs l 0,08-0.02 rf|t. 

12 months | 0.86-O.7G 

_ -UKS 

Tf you are concerned at the rising cost of school fees and 
would like to make provision for your child’s educationjyou: 
should consider the Save &: Prosper School Pees CapitaTPlkn. -. . 

This PI an . which is particularly attractive to higher-rate ■ 
and/or additional-rate taxpayers, enables you to redueb ths cost 
of either immediate or future school fees by means of a ltunp-suni 
contribution. Furthermore, fees can be planned either bn a level 
yearly basis or as an amount increasing each year at a 
pre-determined rate. 

, % 

The minimum lump-sum contribution per Plan is £1,000; 

Examples: Sum required to secure school fee payments for five years, stertiflflm 
£1,000 for the first year and increasing annually thereafter by 7% pja. compound- 

No. of complete 
years before 
schooling begins 

Total fees secured 1 

,- ' ; v. - 

I £5,751 


Capita) outlay 



£4,785 ' 



£3.493 | 




£2,962 ' • • ' .m 


£2,236 . 






JRotes as at 13th March 1978 

For further details of the Plan, please consult your^- / r . v 
professional adviser or complete and return the 



To: Save & Prosper Group, 4 Great St. Helena, - 
London EC3P 3EP. Telephone ; 01-554 8899 \ 

Please send details of your School Fees Capita l Plan • 






\ V 

’ i 

J Not applicable to Eire residents.' 

414/ FT/ 1 





i . 


Financial- .Times Saturday April 1 1978 



3 J 



j 'lr r 

-i J 




rises to 1.36m 


TOKYO, March 31. 

JAPANESE PRICES are rising Japan's wholesale price index 
at Jess than 5 per cent annually acCaaily fell for four consecutive 
bui the deflationary impact of a mpuths t* February, largely 
dearer yen has also helped push onder tfie weight of reduced yen 
: unemployment to near in' 'aU- 'prices <ra .the SO per cent, of 
• time high. Japan’s imports which are raw 

The Statistics Bureau of the 
Prime Minister's Office an- 

Sbare prices on the Tokyo 
stock exchange jumped to a 
post-war high yesterday for 
the fourth consecutive day. 
At' the dose of business, the 
market average stood at 
5,447.75 points — np 36-48 
points or the day before,. 
Beutor reports from Tokyo. 

According to statistics released 
to-day, unemployment in Feb- 
ruary rose to 1,360,000 (up 
140,000 on a year earlier). 

Some private economists in 
Tokyo fear, moreover, that til t 
number - qf unemployed has 
climbed sharply in March and 
■may read) jsm all-time record of 


The 1,360,000 unemployed 
represent P er cent. of *h e 
working population, a relatively 
high, ratio -of unemployment in 


return to 

Italian economic growth slowed in 1977 


HOME, March 31. 


By Tony Hawkins 
. . SALISBURY, March 31. 

nounced to-day that the nation- a .country /which until the oil 
wide consumer price index (CPI) crisis could claim virtually full 

in February was ud 12 .ber cent employment. 

— _up_« per Geub The recession has thrown many 

and the Tokyo CPI was un 4 6 The recession nastnrown many 
per cent, in March on the year- Japanese out of work but it has 
earlier levels, but more Japanese ? J s° been instrumental in reduc- 
are out of a job than at any time in Z mdatiom snd fibres for the 
since the 1050s Tokyo consumer price index for 

Officials tend to blame the mid-Mareh show an increase of 
; yen’s rapid appreciation since °-®P er . c i n V. 00 Feb ™ ar y- 
early 1977 for the twin predica- The inflation rate for the 12 
meat. The Japanese currency months to March, as a result, is 
has risen 31.7 per cent, against estimated at AS per cent 
the U.S. dollar since the start Government economists point 
oF 1977 and 8.3 per cent, since out that it Is the third straight 
the start of 2978. making cheaper month of inflation running at less 
(in yen) the goods Japan im- than 5 per cent' on the year-ago 
porLs. • levels. 

Japanese fishermen 
banned from NZ waters 


JAPANESE FISHING boats will other countries following its 
be banned by New Zealand when gradual exclusion from the U.K. 
its 200-mile offshore zone comes market, since Britain's decision 
into effect to-day. The ban fol- to join the Common Market, 
lows the refusal of Japan to But so far it has been difficult 
relax restrictions an imports of to break down the import 
New Zealand meat and dairy pro- barriers protecting domestic 


Japanese interests. 
Over 200 Japanese 

Mr. Rod MiU.r, New Zealand's 

regularly fish off the New 
Zealand coast, and the ban is 
expected to have serious conse- 
quences for the Japanese fishing 

It follows the introduction of 
200-mile zones -by countries 
throughout the world which has 
led' to a general restriction in 
fishing areas available. 
Nevertheless, the Japanese 

The Japanese Cabinet yester- 
day decided to open Tokyo’s 
controversial and battle- 
scarred new international air- 
port at Narita in mid-May, an 
official spokesman said. 
Renter reports from Tokyo. 

Ambasador to Tokyo, confirmed 
. yesterday that his Government Government has .ordered fishing 
intended to go ahead with the vessels to leave the New Zealand 
threar to ban Japanese boats zone from to-day. Their Foreign 
until negotiations on anew trade Ministry officials claim that the 
agreement, increasing import question of fishing limits should 
quotas for New Zealand agricul- not be linked with trade, and 
tural products had been success- maintain that all possible con- 
fully concluded. cessions on New Zealand's 

He said that New Zealand demands have already been 
would hold in reserve most of “tefie- 

the fishing quotas that could .be Dai Hayward writes from Well- 
allocated to Japan, until the way Ington: Negotiations ended in 
was cleared for a fishery- agree- ..Wellington on Thursday enabling 
ment. the Soviet Union to sign a 

New Zealand is desperate to fisheries agreement giving it 
diversify its meat and- dairy access to New Zealand's 200-mile 
product exports to Japan and economic zone. 

MORE THAN 400 or the 432 
black schoolchildren abducted 
into Botswana on Wednesday 
by guerillas loyal to Mr- Joshua 
Nkomo have returned to Rho- 

The schoolchildren aged 
from 13 to 20 and about hair 
boys and half girls, said they 
had- been badly treated by the 
eight guerillas who carried out 
the gunpoint abduction, trying 
to raise troops Tor the Nkomo 
guerilla army. 

The Botswana authorities 
decided to allow all children 
and . teachers who wished, to 
return to Rhodesia and all but 
about 30 black children and 
two of the 12 teachers were 
back Inside Rhodesia this 

The Tegwani Mission abduc- 
tions have been condemned by 
Mr. Nkomo's political rivals in 
the transitional Government— 
Bishop Muzorewa, tbe Rev. 
Sitfaoip and Chief Chirau, while 
The Rhodesian Minister of 
Foreign Affairs, Mr. Pieter Van 
Der Byl praised “Botswana’s 
humanitarian action in return- 
ing almost all the abducted 
schoolchildren to their parents," 
saying this could only ease 
tension in southern Africa. 

The Rev. Sllhole claimed 
that Mr. Nkomo was now 
"doomed to failure ** saying 
that the Lusaka-based guerilla 
leader could not hope to build 
an effective army this way. 
Internal nationalist sources 
expressed delight at the fact 
that very few of the children 
were willing to join the Zipra 
army. From the propaganda 
viewpoint the incident has 
turned out very badly for the 
Nkomo wing of the Patriotic 
Front and surprisingly well for 
tbe transitional Government in 

THE Italian economy suffered a 
marked slow down last year with 
tile country's Gross National Pro- 
duct increasing by barely j.7 per 
cent., compared tr» an increase 
of 5.7 per cent, in 1976. This is 
tile essence of the government's 
annual review of the economy 
submitted to-day to the Italian 

Commenting on the report, the 
Budget Minister. Sig Tommaso 
Morlino, said that the principal 
aim of the authorities was to 
bring bock into equilibrium the 
country's balance of payments 
position which effectively showed 
a surplus of L‘_.17Sbn. (around 
(£1.4bn.) last year compared to 
a deficit of about Ll.OOObn. 
(£632. 5m.) in 1976. 

This surplus, however; repre- 
sents one of the few positive 
aspects of Italy's economic per- 
formance last year. 

Industrial production . rose by 
only 1.1 per cent, compared to 
the 9.S per cent, increase of the 
previous year, and agricultural 
production effectively declined by 
1.7 per cent. 

While the inflation rate started 
falling towards the end of the 
year, on an annual basis it 
showed an 1S-3 per cent, increase. 

Although Italy's trade deficit 
was reduced from L2B65bn. in 
1976 to Ll,857bn. last year. This 

was partly the result of a 5.S per 
cent, rise iu real terms of exports. 
But it was also affected by a /all 
of 1 per cent in imports com- 
pared tu the 14.9 per cent, in- 
crease of 1976 which reflects the 
downturn in industrial produc- 

Gross investments fell by 7.9 
per cent., while consumption 
increased in real terms by 2.2 

per cent. There was also a 7.2 
per cent, rise in the unemploy- 
ment rate which particularly Jut 
the depressed, south of the 

Of the 1.5m. people officially 
unemployed last year, the south, 
or Mezzogiorao, alone accounted 
for about 700.000 people. This 
represents a 10.5 per cent un- 
employment rate as against 6 per 

cent, in the industrial north of 
Itaiy. highlighting once again 
the enormous gap between the 
two poles of the country. 

There was a record 35.1 per 
cent increase last year in direct 
taxation revenue. This was due 
partly to tougher legislation and 
partly to fiscal measures intro- 
duced during the course of the 
year; which obliged Italians to 

Italy rejects deal with Red Brigades 


ROME. March 31. 

ITALY'S political forces, but 
principally the Christian Demo- 
crat party, have roundly rejected 
any possible deal with the Red 
Brigade terrorists who claim to 
be holding Sig. Aldo Moro, a 
former Christian Democrat Prime 

A tentative suggestion of a 
possible deal with the terrorists 

—perhaps in exchange for the 
release of Red Brigade members 
in prison or currently facing 
trial in Turin — was contained in 
a somewhat rambliny letter pur- 
porting to have been written bv 
Sig. Moro. 

The authorities share the con- 

viction of the Christian Democrat 
leadership that Sig. Mom's letter 
was written either under dicta- 
tion or as a result of the applica- 
tion of modem drugs. 

To-day. 11 Popolo, the Christian 

Democrat partv newspaper, said 

that the party 'would in no way 
give in to the terrorists’ ‘‘black- 

Political parties are to hold a 
debate in parliament next week 
to review the law and order 
situation. It is likely that during 
the debate derailed opinions will 
be forthcoming on a number of 
emergency anti -terrorist mea- 
sures which the minority 
Andreotti government introduced 

by decree law last week. These 
measures followed private con- 
sultations with the main parties, 
including the Communists who 
are supporting the new adminis- 

• French police have arrested an 
Italian wasted in his home 
country as a member of the 
extremist Red Brigades, informed 
sources said to-day. 

Antonio Bellavita, 40. is among 
the men whose names were cir- 
culated to police throughout 
Europe by Italian authorities 
following the kidnapping in Rome 
of Sig. Aldo Moro, the sources 


pay taxes in advance. Overall 
tax revenue last year totalled 
L34,7G6bn.. some LLOOObn. short 
of the government's original 

Tbe enlarged public sector 
deficit amounted to some 
L30,000bu. The Government has 
now indicated that it intends to 
contain the deficit. tbis year to 
L24.000bn., which is the upper 
limit understood to be acceptable 
to the International Monetary 
Fund. An IMF team is scheduled 
to visit Rome in May to review 
the commitments Italy made in 
a letter of intent last April at 
tbe time of a further drawing; 
from the Fund. 

In its revised 1978 budget, 
which has yet to be approved by 
parliament, the minority 
Christian Democrat government 
of Sig. Giuiio Andreotti intends 
to adopt a policy of “recovery 
without inflation ” with the target 
of a 4 to 4.5 per cent, growth 
by the last quarter of the yea'. 

The government’s economic 
measures, which are focused in 
large measure on a recovery of 
tbe Mezzogiomo and on tackling! 
unemployment, represented one] 
of the major aspects of the receDt 
five-party agreement which 
brought Italy's 54-day govern-" 
ment crisis finally to end earlier 
this month. 

Botswana row 
over shootings 


(Incorporated in Rhodesia) 


“■ The directors today declared an interim dividend No. 107 
in Tespect of the year ending 31st August, 1978 -of 3 cents 
per, share, pay-able to shareholders, registered in 'the books of 
the .Company, at tbe close of business on 14th April, 1978. 
Dividend warrants will be posted-on or about 11th May, 1978. ’ 
Tbe transfer registers in Rhodesia, the- United Kingdom and 
South Africa-, will be closed' 'from ■ 15th to 21st April, 1978 
inclusive. " 

- Rhodesian, non-resident shareholdera* tax at the rate, of 
20 per cent, will be deducted from the dividend -where . 
‘ ‘applicable. 

Estimated results for the half year ended 28th February, 
1978, and the results for the year ended -31st -August, 1977' 
are as follows: — 



28th February, 



3lst August, 

1 029 205 
78 524 


Coal (tonnes) 

Coke \ tonnes) 

UNAUDITED financial 

Trading profit, after charging - ~ " 

debenture interest and trustees’ 

fees $2 373 000 

Interest and dividends receivable 124 000 

2 197 175 
193 749 

$3 191 000 
270 000 

Profit before taxation 
Deferred taxation ... 

2 497 000 
775 000 

.2 46! 000 
SIS 000 

Profit after taxation $1722 000 

$2 643000 

Interim dividend 

$ 760000 $ 633 uOO 

(3 cents (24 cents 

per share) * per share) 

' This dividend iS declared in tJie currency of Rhtfdeaa. 
Payments from South Africa will be, made an fihe Soua 
African^ ?qui valent of the Rhodesian valueat the rate of 
exchange ruling at the close of business on 2nd May, 19J8. 

In teSs of exchange control «gulati^, pajments of 

regulations permit the -investment of funds held on blocked 
Sit bearing savings and fixed .deposit accounts 
with the commercial banks. Special application may also be 

Mo C&xcbange Ml «" 

■Bank of. England, pennfisswn to. invest their blocked flmos in 

“lodgements are being made tor 

'■nSJfoX » be paid (iheir dividend 

from Rhodesia. By order of ^ Board 

per J. R. Parker 

Office of the United 

Transfer Secretaries. , 
Charter Consolidated 

Chanter House, 
Park Street, 

. Ashford,' 

. Kent; TN24 SEQ< 

Registered Office: 

Jameson Avenue Central* 
JA Box 1108, 

Salubury. C.4. 

r«™vtt Office: . 


Sisf Morcfti X978 

By Quentin Peel 


Marcta 31. 

AS MOST of the black school- 
children allegedly abducted 
from their Rhodesian school 
by nationalist guerillas were 
transported back from Bots- 
wana to-day, that conntry fared 
a new diplomatic incident over 
tbe shooting of two South 
Africans and a British youth 
in. another sensitive border 

Senior South- African 
officials were reported to-day 
to have contacted the Bots- 
wana Government, and the 
British High Commissioner in 
Gaborone to have asked for 
a report, over the incident in 
which the two South Africans, 
both game rangers, and the 
youth, 19-year-old Nick Love, 
were shot by members of tbe 
Botswana Defence Force in the 
Tuti Block, close to the borders 
of Rhodesia and South Africa. 

In a statement issued to-day, 
the Botswana Government said 
the three had been short when 
attempting to escape, after 
they had been detained for 
questioning by the BDF Inves- 
tigating reports that Rhodesian 
soldiers bad crossed the 
nearby border. 

The incident, which received 
wide coverage in the South 
African Press, under headlines 

jets ‘bomb 
in Somalia’ 

By James Buxton 

such as “border outrage, is 

tbe latest of several threaten- 
ing bilateral relations between 
the two countries. 

ZAJPU commander 
escapes death bid 

' By Michael Holman 

LUSAKA. March 31. 
mander of Joshua Nkomo's 
Zimbabwe African People’s 
Union (ZAPU) guerilla army 
narrowly escaped death on 
Easter Friday when unknown 
assailants opened fire on tbe 
car in which he was travelling. 

Mr. Mangena suffered flesh 
wounds and lost a finger, and 
.is being treated in Lusaka hos- 
pital, say ZAPU sources. The 
attack occurred at dusk as Mr. 
Mangena accompanied by two 
bodyguards was abont to drive 
into a ZAPU camp about 20 
miles north of Lusaka. 

bombed a Somali village near 
the town of Hargcisa yesterday, 
according to Somali radio. The 
raid, on the village of Kalabyd, 
followed a threat by Ethiopia to 
take action against Somalia if 
subversive activities in the 
Ogadeo region, alleged to be 
inspired by Somalia, did not 

Though Cuban and Ethiopian 
troops last month reoccupied at! 
the Ogaden, which Somali forces 
bad held for eight months, 
guerilla action has continued. 
Somalia claimed this week that 
guerillas bad billed 45 troops of 
the " Russo-Cuban-AhyssiiMan un- 
holy alliance” near the town of 
Goba, deep inside Ethiopia. 

Somalia has pledged tu con- 
tinue supporting the guerillas 
despite the withdrawal of its 
regular troops from the Ogaden. 

In a Foreign Ministry state- 
ment, Ethiopia said it had no 
desire to violate Somalia’s terri- 
torial integrity. But the state- 
ment went on: “In spite of 
Ethiopia’s determination to exer- 
cise maximum self-restraint in 
the face of continuing and ever- 
escalating provocation, she will 
be compelled to have recourse to 
to legitimate measures sanctioned 
under international law as the 
circumstances warrant.” 

President Carter, President Geisel and Lt.-Gcn. Obasanjo. 

Carter’s Brazilian visit 
soothes recent wounds 


RIO DE JANEIRO, March 31. 

THE COURTEOUS joint com- 
munique by President Carter and 
President Geisel. released at the 
end of Mr. Carter’s official visit 
tacitly yields strong points to 

Tbe Ethiopian threat came 
against a background of con- 
tinued uncertainty over the 
future of the predominantly 
Somali-populated Ogaden. So far 
there has been no ceasefire 
and Somalia this week repeated 
its demand for the withdrawal of 
all foreign troops from the area 
and for self-determination for its 

The Ogaden issue is tightly 
linked with the question of 
Somalia's future political align- 
ment. At the time of its with- 
drawal from tbe Ogaden, Somalia 
took a notably moderate line to- 
wards the Soviet Union, possibly 
with a view to obtaining Soviet 
support for political concessions 
by Ethiopia. 

The less restrained tone of 
recent Somali statements and 
tbe escalated guerilla activity in 
the Ogaden suggest that Somalia 
may have been disappointed by 
the Soviet response. At the same 
time, a six-day visit to Moga- 
dishu by Mr. Richard Moose, the 
U.S. Assistant Secretary of State 
for Africa, ended without a de- 
cision on U.S. arms supplies. 

The UA State Department 
indicated that President Carter's 
demand last month that Somalia 
promise not to “dishonour the 
international boundaries of either 
Ethiopia or Kenya 1 ' proved to be 
“4 terribly sensitive issue" in the 
talks with President Siad Barre. 

Allusions to “ mutual intimate 
co-opeartion '' in key areas like 
trade liberalisation, stabilisation 
of the prices of raw 'materials, 
energy research, farming 
methods and international peace, 
show that the U.S. now recognises 
Brazil as a nation with great 
potential influence. 

Second, in the two areas that 
most trouble U.S. Brazilian rela- 
tions-— human rights and Brazil's 
nuclear energy agreement with 
West Germany — the communi- 
que, and statements by Mr. Jody 
Powell, President Carter’s Press 
spokesman, reveal a radical 
change in attitudes from tbe 
peremptory tones of 1977 which 
aroused Brazilian wrath. 

The joint communique tact- 
fully limits itself to quoting Mr. 
Carter's and -General Gei set's 
mutual interest in human rights. 

Mr. Carter is quoted in the 
communique as respecting the 
principles of sovereignty, 
equality and mutual non- 
interference in internal affairs. 
He also said, at his Press con- 

ference in Brasilia, “I am not 
here to tell the Brazilians how 
to run their Government — 
human rights are an inter- 
national problem.’' So it is dear 
that much rethinking has been 
done in Washington. 

Judging by Mr. Carter's 
courteous, if cautious, reception, 
the Brazilians are responding 
with equal tact 

Mr. Jody Powell put the 
nuclear problem succinctly: 
“Brazil’s nuclear programme,” 
he said, “is a fait accompli. 
President Carter felt that since 
there is nothing to be changed 
there is nothing to do bat talk 
about specific points. ” 

In official talks. Mr. Carter 
expressed a hope that Brazil and 
West Germany would intensify 
research into thorium, a less 
dangerous element than enriched 
uranium, and offered U.S. 
co-operation in this area. 

President Geisel assured Mr. 
Carter that Brazil's nuclear pro- 
gramme was for peaceful aims 
only. He also stressed that 
Brazil supports the non-diacri mi- 
natory international safeguards 
of the International Atomic 
Energy Agency. He echoed Mr. 
Carter by expressing bis concern 
over disarmament and non- 
proliferation of nuclear weapons. 

U.S. could 

more wage 


By Stewart Fleming 

Major talks in Lagos 


THE PROBLEMS of Southern 
Africa — and Rhodesia in particu- 
lar — will be high on tbe agenda 
during President Carter’s two-day 
stay in Nigeria this week-end — 
the first state visit by a U.S. 
President to black Africa. 

His talks with Lt.-Gen. Oluge- 
sun Obasanjo, the Nigerian Head 
of State, and with Foreign 
Ministers of the southern African 
“front line" states, who will also 
be in Lagos, are likely to have 
an important bearing on Anglo- 
American attempts to bring all 
parties to the Rhodesia dispute 
— external and internal — together 
for settlement discuss ions.. 

Th delicate state of Western 

attempts to negotiate an inter- 
nationally acceptable settlement 
in Namibia, and Nigerian and 
U.S. policy towards South Africa, 
are also likely to be discussed. 

Oil should be another impor- 
tant topic, given Nigeria's posi- 
tion as America's second largest 
foreign supplier and concern in 
the Organisation of Petroleum 
Exporting Countries (OPEC) 
over the decline in the value of 
the dollar and its effect on mem- 
bers’ oil revenues. 

President Carter's visit points 
up the greatly increased empha- 
sis given by his Administration 
to good relations with black 

NEW YORK. March 31. 
INDICATIONS that the Carter 
Administration may be facing 
renewed inflationary pressures 
from wage increases have come 
from Mr. Frank Fitzsimmons, 
president of the Teamster’s 

Speaking in New York, Mr. 
Fitzsimmons, who leads one 
of the nation’s largest unions 
representing more than 2m. 
transport workers as weD as 
other workers such as police- 
men in some states, said in 
negotiations early next year the 
union will aim to match the 37 
per cent wage and benefit in- 
crease won in the coal industry. 

Although the Administration 
was concerned abont the size 
of the three-year eoal contract, 
it refrained' from publicly 
attacking it as inflationary. 
Subsequently, Administration 
officials have said that they 
believe they can keep the in- 
flationary settlement In coal 
from spreading. Bnt they con- 
cede It will make, it more 
difficult to get restraint in 
other industries. 

The first test could come 
later this year in negotiations 
with federal employees. 

Meanwhile the growing 
sensitivity of financial markets 
to the link between accelerat- 
ing inflation and the decline in 
the dollar was underlined this 
■morning by another drop in 
corporate and treasury bond 
prices following the announce- 
ment of a record February 
trade deficit. 

Prices fell between a quarter 
and three-e*ghths of a dollar 
following the announcement. 
Bond prices have been declin- 
ing steadily throughout most of 
the week and the uneasy mood 
was reinforced yesterday by the 
$2.1bn. rise in the narrow MI 
measure of the money supply 
in the latest banking week. 

Money supply growth has 
been stable in recent weeks 
and one week’s -figures are 
rightly discounted since the 
statistics are simply too vola- 
tile, and the seasonal adjust- 
ment too unreliable to be used 
as a conclusive guide to trends. 

Money market analysts are 
however, expecting some 
acceleration in monetary 
growth to accompany stronger 
growth in the economy in the 
second quarter. This, in itseLf, 
might not lead them to worry 
about a tightening of ere* ,, t 
by the federal reserve. Bnt 
wniiara Miller, the new 
Fed chairman, has hinted at a 
firmer credit policy by the 
Fed to counter inflation. 
Coupled with the weakness of 
tbe dollar, this is creating fears 
of such a move with the Fed 
using the acceleration of mone- 
tary growth as a n excuse. 


Amoco Cadiz oil spill clean-up estimated at £15m. 

AS THE wreck of the Amoco Cadiz 
yesterday lay empty of its entire 
cargo of 220,000 tonnes of oil, un- 
official estimates put the cost of 
France’s clean-up campaign at 
more than ft 5m., write David 
White from Paris. 

A second day of helicopter-borne 
operations to depth-charge sec- 
tions of the super tanker which 
still held Oil was believed to have 
succeeded, thereby bringing the 
slow seepage from these sections 
to an end. 

The French Government has 
appealed for volunteers lo help in 
the Jong process of cleaning 
Brittany’s stricken shore line, and 
has launched a three year pro- 
gramme to monitor the degree of 
pollution in the region. 

The oil-spillage affects about 125 
miles of coast. An alert in the 
Cherbourg region further north 
has been called off- Authorities 
there said they believed there was 
no longer any risk that the area 
would be hit. 

Meanwhile in Dieppe, an investi- 
gation has been ordered into 
reports that a Soviet tanker 
emptied its tanks in the Channel 
area between Calais and Boulogne 
on Wednesday* 

Austria agrees $210m. 
credit for IL Germany 

Dr. Bruno Kreisfey, the Austrian 
Chancellor and the first West 
European, leader to visit East 
Germany, has agreed on a £2 10m. 
lie e-of -credit for East Germany, 
writes Leslie Colitt from Berlin. 
Hie credit is second in size for 
East Germany only ■ to Ihe 
Japanese loan provided late last 
year for the constructiort by 
Japanese companies of a fillOm. 
chemicals plant 

Austrian-East German trade 
slipped last year by 3J> per cent, 
to fllflm., and Chancellor 
Kreisky's visit is seen here in 
connection with. Austrian attempts 
to boost flagging trade with 
Comecon countries. About 55 
projects by Austrian companies 
with East German foreign trade 
organisations- are reportedly 
under consideration, and the 
Austrians say East Germany 
expects to utilise the credit 
within 18 months instead of the 
originally expected three years. 

Austria’s State-owned Voesi- 
Alpine Engineering and the East 
Germans have also signed a ten- 
year framework contract worth 
£275m. over the next decade. East 
German officials axe holding up 

the prospect of trade with 
Austria expanding to £500m. 
annually in ten years’ time in- 
cluding ojint projects in third 

months. This compares with the 
annual rate of 10 per cent which 
applied in the first quarter of this 
year and the 12 j per cent limit 
in force in 1977. 

UjS. anus ruling 

Sri Lanka probe 

A Presidential Commission vested 
with much wider powers than the 
Shah Commission in India has 
been appointed to inquire into 
misuse and abuse of power dur- 
ing the seven years of Airs. 
Band a ranai fee's Government, 
Mervyn de Silva writes from 
Colombo. Hie Commission will 
cover official conduct of former 
Prime Minister, her Cabinet 
Ministers and senior civil 

Iran deaths 

The Iranian Government yester- 
day reported new incidents of 
scattered violence that has 
resulted in at least four deaths 
and a number of arrests in cities 
throughout Iran. Reuter reports 
from Tehran. The incidents 
coincided with mourning cere- 
monies on Thursday in memory 
of civilians shot by army troops 
during riots in the north-western 
city of Tabriz last month. 

A U.S. Federal judge proposed 
yesterday that OJJn Corporation 
spend half a million dollars on 
charity to atone for having 
illegally sold rifles and ammuni- 
tion to South African buyers, 
Reuter reports from New Haven, 
Connecticut. Olin pleaded no con- 
test earlier this month to an 
indictment which said its Win- 
chester division had knowingly 
flouted the U.S. aims ban by sell- 
ing thousands of weapons and 
cartridges to dealers in Austria, 
Greece, Spain and Mozambique 
who reshipped them to South 

Dutch liquidity 

Holland will continue to Impose 
curbs on bank lending for a 
further year but it has eased the 
conditions slightly- The aim is 
to keep up the reduction of excess 
liquidity in the economy without 
hindering the country's hesitant 
economic recovery, Charles 
Batchelor reports from Amster- 
dam. Banks will be allowed to 
increase lending which is not 
financed by long term borrowing 
by 8 per cent In the next 12 

Soviet convictions 

Two more members of the 
Ukrainian group which sought 
to monitor Soviet observance of 
the Helsinki Accords have 
received long labour camp and 
exile sentences, dissident sources 
told David Setter in Moscow. 

Miroslav Marinovich, 28, a 
former history student, and 
Mikola Matusevich, SO, an 
electrical engineer, were con- 
victed on Thursday of anti-Soviet 
agitation and . propaganda and 
received the maximum sentence 
for first’ offenders— seven years 
imprisonment and five years 
internal exile< 

Mexico wage deal 

President Jose Lopez Portillo of 
Mexico has won an important 
victory in his fight against 
inflation, persuading the Elec- 
tricity Workers’ Union to accept 
a pay rise of only 12 per cent., 
our Mexico City correspondent 
reports. It took personal inter- 
vention by the President, who 
called union leaders to his resi- 
dence four hours before a strike 
deadline, to secure the agreement. 

FcuNcnt Time*, PoMbvbed <U|ly m eept Sun- 
davs and holidays. U.S. sutwcrtrifcm xmo do 
M ir ficittn) £36000 Mr m>i» p*r annum. 
Second das* ponacc said at Mcir Iwk. N.Y, 

- •£ ^3 £ 

1 S'Ss*’ 1 iv 

Talks open 
on Bonn 



By Jonathan Carr J 

BONK March 31. | 
major industria4 countries met 
here to-day to start preparations 
for the economic summit con-' 
ference scheduled for niid-July. 

High officials from the U.S., 
Canada, Japan, West Germany. 
Britain, France and Italy were 
discussing an agenda for the 
gathering, intended to help co- 
ordinate policy and promote 
economic growth. 1 

President Jimmy Carter’s per- 5 
sonal assistant Mr. Henry Owed: 
had already held separate talks 
with the West German Eco- 
nomics Minister, Count Ottc 
Lambsdorff, and Chancellor 
Helmut Schmidt’s aide in prepar- 
ing the summit. Dr. Dieter Hiss' 
The atmosphere of the discus-, 
sions was described as good. 

High in the minds of the> 
German hosts to the gathering ti- 
the need to avoid at all cost* 
what they feel was a key error 1 
made at the last summit in’ 
London— namely to set specific, 
nations! targets for economic 

The West Germans missed 
their target last year by a wide 
margin — and their aim of 3.5 per 
cent in growth in real terms for 
1978 is also endangered. While 
not ruling out in advance further; 
reflationary measures. Bonn if 
neither ready to promise them 
now nor to allow itself to be 
pinned down to a further target 
here in July. 

Finnish strike 

is called off 

By Lance Keyworth 

HELSINKI. March 31. 
strike that was due to start on i 
this morning in Finland was 
averted late last night where 
employers aod unions accepted 
the arbitration proposal of the; 
Government’s incomes policy 

This foresees no new nominal 
wage increase. But the wage 
increases already due under the' 
current collective bargaining con- 
tracts and postponed in February 
until October this year and Feb- 
ruary, 1979 will be applied! 

However, the situation is far. 
from dear yet The Government's, 
position is still threatened as the 
five-party popular front coalition 
Cabinet was not happy about the - 
compromise solution. The Com- 
munist members of the Cabinet 
and of the Central Federation ofi 
Finnish Trade Unions expressed 

Count your lucky sfars.- 
you’ve found a 5-star hotel 
right in the centre of 
charming old Amsterdam, 
The Amslerdam Marriott, 

In all 400 rooms, 
Individual air-conditioning, 
minibar and colour-TV 
(wrth free in-room movies!) 

24-hour room service, 
plus two popular restau- 
rants and a lively lounge. 
Ultimate in comfort and 
convenience. You'll thank 
your lucky stars you 

found us. 



Amsterdam, Holland. 
Telex 15087- 
London Sales Office 

Or call your local 
; SupranatienalGfficsfc 

^anclaj . - ^ Saturday April 1; 1978 


Tfitt •Ji-y&sirf k *»*&** | 

I CL'-SS 880. 
U 3AT* 

A MEBRStG on * Budgetary serve a bad Bndget from anv 

strategy on Monday - between change which might mak? it bel adraLnvstration m power 

Mr. Denis Healey,. the Chancellor. teTm this respeft" he to d ftte more than a year 

and Hr.. David Steel and Mr. Northumberland eon^itupncv ls , aw , are That 

John Pardoe, could, decide the Tho M ; conratu-ncy. Mr. Steel must try to disengage 

wospocts for the - Finance Bill e ° f Monday’s meet- {L oin . the P act to fight the General 

Sid the future of the Lib-Lab therefore, mean a F e . ct!0n . independently and the 


series oF clashes during the Com- Budget is by far his best oppor- 
rnittee stage of the Finance Bill, tu^ly for malting a significant 

WrtPTl tha T . .. ’ n . «• 


The ♦i aSt ^ a Liberals joining the impact on Government policy, 

tense J senes J^een ^the ^Chan- Conservatives and inflicting a Liberal demands for cuts of 
cellor and Ub^al leaders that number of defeats on the Gov- £4-4bn. in income tax include 
have undeiimeo marked dif- emment over tax proposals. raising the tax threshold, a reduc- 
fereacein ° n ? e Bud * i-. r- v tioo in standard rate from 34 

Confidence per cent. to 30 per cent and 

gig «ea ter cute in direct taxa- continuation of this rale ud to 

JE seems P fe - ^ at far te* likely is £8.000. and major cuts in higher 
vpared to .concede. a premature end to the Lib-Lab rates of taxation to increase 

pressure for the 13 Liberal p - Ministers remained incentives. 

I6>r to maintain their demands ^ n ^i nced * at £1* wil1 Mn,ire The indications are that Mr. 
for Income tax cuts of £4.4bn. on i8sues of confidence until the Healey is anxious to restrict net 

-^--cootlnuing to build up, and summer recess. 

tax cuts to £2.5bn. and he 

jfiK Alan Beith, the Liberal Chief The Choice likely to face Mr. UQ enthusiasiic about the Liberal 
-v Whip warned last night that Callaghan in the summer is P^P 0331 of raising Value Added 
■'-.■there would be no automatic whether. to go for a snap elec- - x to 10 percent, and increas- 
- majority for the Chancellor's tion. because he cannot get all ! ng tobacco and alcohol duties 
.- Budget proposals on April 11. his Budget legislation through. In ’ lne . with inflation. These 
‘ Arguing that there was a Com- or 10 accept a number of *[OUid nave an adverse effect on 
-Tnons majority in favour of a humiliating defeat*. in J r r ®lf 11 prices index 

shift away from the present The widespread belief at West- fo^SSSwe* emnlowl? nalftma! 
heavy income tax burden. Mr. minster is that the Prime Minis- Li^fnce coSiSons bi H 

- - .. Beith said that it was inevitable ter will hang on until the summer pw^enL braw of the impact 

'•’•■•SSrart 3 majori .^' would assert recess in order to have the choice this would have on employment 

.< °/ ^ ° f ^- n ■ 0ctober Section or of Chances h or agreement at 

f ? ®‘i dget dld sobering on into next year. Monday’s meeting are not good 

— ■ -^ftiheril t ltS ♦ F I nance B1 . 1J defeats are likely and wiU depend on how far the 

7 ‘'-of £ !0 “ ld cert f‘ n !> to be accepted as part of the Liberals are prepared to carry 

-■-wL in ^2T%L!£ “? the,r pnce *?. be paJd for Lib-Lab their opposition to parts of the 
.-..votes in Lhe Commons to pre- pact that has kept Labour’s Finance Bill during the summer. 

■■'0 Accounting 

' / ; ; By Andrew Taylor 


Tesrisg -duress to ri-- hs«Mtat8 
; •' ; of Chartered Accountants of 
L ; ; ijScotland, has given further 
jj ■ ;'ftrong support for the wide 
L ..adoption of inflation accounting 
• — and in particular the Hyde 
»-■ guidelines. 

j Mr. Kirkpatrick making his 
) retiring address to hte institute 

P. in Glasgow yesterday said that 
} the Hyde guidelines were “the 
' . right road " and stressed the im- 
- portance of inflation accounting 
in an inflationary age. 

- The accounting profession 
r must warn U.K. management 
that if it ignored the inflationary 
implications of figures, then it 
would find “that what appeared 
to be rosy business prospects 
would take on a blighted look, 
or that what appeared to be just 
difficult times, in fact, would 
prove to have been beyond re- 

While he welcomed the pros- 
pect of a sensible codification of 
auditing practices, he was 
f opposed to the concept that 
: auditors should be subject to 

[• periodic reviews of their work. 

V “ It is quite unreal to suggest 
V. that audit opinions .given by 
: P accountants, coupled with state- 
ments by them that they have 
observed standard auditing prac- 
tice. should he subject to 
periodic <ests as to their veracity. 

Mr. Norman Hunter Smart, a 
iV partner in Hays Allan, London, 
was elected president of the 

Oil fabricator base 
has to sack 300 


ALMOST 300 employees of Lewis Offshore is capable of under- 
Off shore's oil fabrication base at taking shows no signs of upturn 
Amish Point, Stornoway, have in the medium term. If is un- 
been given redundancy notices realistic to continue to hold on 
because of lack of orders. to staff and labour force in the 

Mr. Donald Stewart, MP for hope that further work might 
the Western Isles, who described materialise.” 
the' announcement as a Mr. Colin Macdonald, a spokes- 
“ catastrophe.” said yesterday man for the shop stewards, said: j 
that . he would immediately ask" We are shocked- We expected 
the Secretary for Employment some cutbacks, but nothing like 
and BNOC tn see if orders this.” 

could be directed to the base. A meeting to discuss the 
Unemployment on the island is situation was held with Mr. 
now likely to jump to 20 per Stewart, MP and members of | 
cent, within the past six weeksthe Western Isles Council. An 
a knitwear factory and a film action group was set up to cam- 
processing plant has issued more paign for orders, 
than 40 redundancy notices. When plans for the £Sm. base 
Lewis Offshore issued notices were announced some four years 
to ^40. operators, members of the ago it was said that it hoped to 
engineers union, and a staff of employ 1,000 by 1982. 

54:- The company said that# Total Oil Marine is the first 
strong efforts to obtain further North Sea operating company to 
orders had met with very limitedsign a contract for emergency 
success. transfer of divers in distress from 

, offshore installations. writes 

Speculative Kevin Done 

Kearton urges review 
of North Sea taxes 


LORD KEARTON. chairman of 
the State-owned British National 
Oil Corporation, yesterday urged 
the Government to reconsider the 
North Sea tax regime, which he 
described as “ extraordinarily 

Emphasising that be was speak- 
ing as an “ordinary citizen.” 

Lord Kearton said much of the 
future exploration and develop- 
ment planned by oil companies 
would be funded by tax credits. 

Companies are allowed to offset 
tax due on oil revenue from 
producing fields against the costs 
of exploiting new finds. 

Lord Kearton, who was speak- 
ing after a BNOC monthly board 
meeting, pointed out that the 
North Sea oil industry was the 
only sector able to charge 1T5 
per cent, depreciation on the 
cost of production equipment. 

“That 75 per cent, extra 
means that you can make money 
on bemg inefficient." The Cor- 
poration had not made any 
recommendations about tax- 
changes 1 o the Government. 

“That is a political matter. Our 
job is to try to dispassionately 
indicate 'the position. '■ 

The fact that Lord Kearton 
has made public his observation 
—even in a personal capacity — new 
will be noted by the Government 

can make money being 

BNOC pay its way in the fifth 
round of licences. BNOC, which 
is a partner in virtually all the 
licences, will pay its share 

carry BNOC‘s costs on the back 
of tax credits. 

It is not certain Whether a 
similar principle will be applied 
in the sixth round of licences 
to be announced by lie Depart- 
ment of Energy next week. 

In addition to the fifth and 
sixth round blocks. BNOC will 
be awarded — again probably 
next week — about nine block's 
of its own. It is understood these 
special licences will be scattered 
around the main exploration 
areas and will carry conditions 
similar to those on licences 
offered in public rounds. 

British Gas is also expected 
to be awarded a special licence 
of its own. 

Lord Kearton said BNOC 
could he the operator for two 
or three field development pro- 
grammes in the early 19S0s. The 
exploitation of a field in block 
211/1S near to the Thistle Field 
was a possibility. 

Bad weather is preventing the 
production - start of the Thistle 
discovery, which is operated by 
thc State corporation. The 
Thistle platform has experienced 
100 knot winds and 80 foot seas 

BNOC and its partners hope to 
he producing about 75.000 

Blow to 



Tinto-Zlne's top engineer and 
deputy chief executive, has 
been appointed a part-time 
member of the National Enter- 
prise Board from to-day. 

His experience in engineer 
ing will be of value to the 
Board, baving difficulty in 
selecting investment oppor- 

A director of the company 
Since 1975. Mr. Frame. 47, is 
also a part-time director of the 
Central Electricity Generating 
Board and a nonexecutive 
director of Plessey. 

He read engineering at 
Glasgow and Cambridge uni- 
versities. before spending 13 
years with the. UJv. Atomic 
Energy Authority. 

He joined RIo-Tinto Zinc in 
1968 to represent the group 
during the building of the 
Anglesev aluminium smeller. 
Later, bp look resnnnsihility 
for the British end of »be Cha- 
nel Tunnel proiect when RTZ 
was the managing company. 

Leyland loses 
two more 

TWO MORE British Leyland 
senior executives in the Oxford 
area have left the company. J 
Mr. Des North, director nf ihe | 

Md trill cause concern m rhl nf “P'onRiw and development barrels of oil a day within the 
and wm cause concern in the because u feeU will next few weeks if the weather 

private oil sector. 

Tt is understood that the taxa- be cheaper, from 
I Cion position influenced the Gnv- public's point of 
erunents decision to make allowing private 

the British 
view, than 

abates. It has already loaded 
125,000 barrels of Thistle oil as 
a result of the development of 
to the first three wells. 

Airports start collecting 
security levy to-day 


THE COST of providing security required to pay the money 
at ail British airports, estimated monthly into a special ly-estab- 
to cost £19m. in the 197S-79 Jished Aviation Security Fund, 
financial year, is being passed From this fund, the Depart- 
from to-day from the taxpayer ment of Trade will repay airport 
to the air transport industry. authorities and others the ex'- 

a rpcnii ihn Rriticfc f^nses incurred in protecting air- \uthnniv nH "PJi* "^ r " craft, airports and air navigation 
pons Authority and other air- installations against acts of 


For the financial year begin- 
ning April 1. 1979, the rate of 
levy will be reviewed this 
summer, and the proposed rate 

port owners will collect, through 
higher landing foes, a charse 
equivalent to SOp for every 
arriving passenger. The airlines 
will pass ibis higher landing 

m JiLllTL bass r fiers tor 1979-80 will be announced 
through increased ajr fares. io September. 

This levy is authorised by the Exceptions to the levy will be 
Givi! Aviation Bill, which re- departing passengers, children 
ceived Royal Assent this week, under three, people travelling In 
It will be collected at 28 airports, private aircraft (such as business 
including Heathrow. Gatwick. jets), those Hying in small air- 
Glasgow and Edinburgh, whose craft of less than 5,000 kg. 
i controlling authorities will be weight, and passengers in transiL 

A small contract had been the world, is designed to 
obtained for fabrication of a take divers under continuous 
flotation tank, which pro t v, £ e *f pressure by helicopter io a 
three monUis work, nat had medica , decompression unit in 
provided- a little breathing space. A h Pr deen. 

The 10.000-ton deck cargo q- be contract, signed by Total 

, Cowley car assembly planf. b.. , 

The system, the first developed j resigned and is expected in join : 

... =. j ~ —i . > — r.KN. which h3s already attracted ; 

two former Leyland t«ip execu- 
tives. Mr. Derek Whittaker and 
Mr. Jerry Clancy. 

Mr. Run Hancork. managing' 
director of SU. Since, the Lev- 

U.S. orders for Commuterliners 


barge now’ being built was ‘ a with IUC International, a enm- 

bighly speculative venturCpajjy registered in Panama, pro- , , . . . 

financed totally by tlic pircntyj^^ emergency cover for divers 1 left for a new job 

group. Construction of it was on a^. of Total ; s locations in the ; -* Ir - Jer TV Clancy, former 

only undertaken in the firstyjK sector of the North Sea. I director of the Leyland services 
instance to provide a continuing There has been months of dis- ■ P»rt* _ division— which 

workload until such time as thecugsioos between IUC. the diving 'included S.I-. Butec— before the 
fabrication market improved, industry, ail companies and the f recent organisational changes, 
“The world-wide market for Government about how the svs-' ,eft Lej ' land earl . ie . r t i ,, ?L-™? Dtb 

SilnRT BROTHERS and Har- This latest deal raises the 
land, ihe Belfast aircraft manu- firm sales of the SD-330 to 19 air- 

facturer. has won orders for two craft with four on option. Fur- 

la nd* ‘ co in pone ri t ^ma n ii fa i-t u rfris SD-330 Com m uteri in erair- Iher orders are being discussed, 

division, run from Thame, has from Golden West Airlines British Aerospace announced 

or California. yesterday the sale of an HS-74S 

Golden West, one of the big- twin-engined turbo-prop airliner 

gest commuter airlines in the to Trinidad and Tobago Air Ser- 
ies.. carrying over im. passen- vices. This is the third HS-74S 

gers a year, already has two for this airline, and brings total 

SD-3305, and is expected to buy world-wide sales of the HS-748 

more beyond the further two now to 321 aircraft to 69 operators in 


I and has already joined GKN. 


Lewis tem should he financed. 

Payments, in the form of an 
insurance premium, will average 
S44 a day for each installation 
covered — whether fixed platform, 
diving support vessel, drilling, 
rig or safety vesseL 
O The 220-mile oil pipeline link-j 
ing the Ekofisk field in the; 

Norwegian sector of lhe North ■ 

Sea to a terminal on Teesside is ^ UNIT trust holding of less used was annual management 
to be shut down for repairs for'^ jn is uneconomical, charges less annual expenses in 
about three weeks in June. 

43 countries. 

City plan 



By Christian Tyler 

Scientific. Technical and Man- 
agerial Staffs, which has a size- 
able membership in City 
institutions, protested yesterday 
to the Governor of the Bank of 
England about the announcement 
of the new self-regulating system 
for London securities markets. 

Mr. Clive Jenkins, ASTMS 
general secretary, complained in 
a letter that there had been no 
consultation with the unions. 
Without “genuine participation ” 
there would be serious doubts 
about the impartiality and capa- 
bility of the Council for the 
Securities Industry. 

Later Mr. . Jenkins said his 
union had been flooded with calls 
from its banking and insurance 
members. They were “ outraged 
at this arrogant Victorian high- 
handed management of our 
financial resources,” being them- 
selves experts as well as citizens. 

ASTMS has asked Ihe Governor 
whether union swill he able to 
nominate members to the 
council, which is an attempt \o 
avoid stautory control of the 
kind exercised in the U.S. The 
council will be headed by Mr. 
Patrick Neill, warden of All 
Souls. Oxford. 

Un-American ways of the City. 

Page 14 

C. A. PARSONS, the Newcastle 
turbine generator company, is to 
be replaced by Swiss Bxw&'I 
Boveri as partner to the Howden 
group in its Canadian sub- 

The change will be a blow tc- 
Parsonss export hopes ant 
severely weaken the U.K. turbine 
generator industry's presence ir 
one of the largest accessible mar-i 

Howden is exercising an option’ 
agreed in L96S to buy out 
49 per cent, shareholding of Nor 
them Engineering, which no«t 
owns C. A. Parsons. The prict?) 
agreed is £6.5m. 

Howden has also agred to col- 
laborate with Brown Boveri. 
which will supply designs ant 
knowledge for future tenders ir 
the Canadian mrket. 

The Canadian subsidiary’.* 
name is to be changed from the 
present Howden Parsons, anc 
Brown Boveri will have an 
option to acquire the same pro- 
portion of shares that Northern 
Engineering has relinquished. In 
certain circumstances. Brown 
Boveri would be able to buy tb? 
whole of the Canadian company. 


The arrangement is a triumph • 
for Brown Boveri. the leadmc . 
turbine generator maker outside a, 
the U.S. for it has long wished 1 
to gain a share of the lucrative 9 
Canadian market. i-‘ 

For the last decade, the Cana 
dian turbine generator order* •’ 
have been shared about equally '' 
between Howden Parsons and ^ 
the U.S. General Electric. * 

The main customer has been e . 
the Ontario Hydro which ■ba < ; i 
either installed or ordered 2? r .i 
Howden Parsons sets generating j.- 
a total of about 12.000 MW. Thif J 
represents 45 per cent, of they - 
total installed capacity in c 
Ontario. ,f 

For some time, the Ontario r- 
Hydro has been known tn he un- 
happy that Parsons’ technology s-. 
accounted for such a large pro- •• 
portion of its capacity, and it has £' 
indicated that it intended to seek if 
a “ broader technological base." ;s 
Although Parsons says that its n* 
machines have, in general, been n 1 
running well, there have been tq 
major troubles at the Nantikoke ic 
power station, where modifica- 
tions to the machines have been d 
required. le 

Factories ll‘ 

r c 

The joint venture in Canada . r 
provided much-needed work for 
the Parsons factories on Tyne- ^ 
side, which undertook below half lB 
of the work on the Canadian 

The main question raised hy 
the deal is why the General 
Electric Company (GEC of the 
U.K.) failed to take the oppor- 
tunity to team un with Howden 
and move into Canada in Par- 
sons’ place. 

Neither GEC nor Howden was 
prepared to comment on this g 
possibility, but it is a near cer- n 1 
tahity that GEC would have been is 
interested if the opportunity had m 

Trust companies publish 
evidence on costs 


Delay expected 
at A12 bridge 

TRAFFIC DELAYS are likely nn 
the A 12 at Lnwestofi. Suffolk. 

according to figures published curred, expressed as a percent- 
vesterdav bv the Unit Trust age of funds under management. 
Association. The cost per unit- This figure rose from 0.035 per 
holder is averaging about £5 a cent, in 1970 to 0.109 per cent. 

' vear and it requires a holding of ln 19T3, hut then fell to a loss 

this size to cover it Position of 0.047 per cent, in 

!!, . v.,» 1975 and 0.062 in 1976. The 

The association recently had averdge unitholding doubled 
its application for higher charges froftI £554 jn 1970 t0 £1 o79 in 
rejected hy ihe Department of 1976 but expenses per unirtiold'- 

throughout April dunng for l "* ,ed frw " £1 ’ 70 t0 

lenance work on the Wule ^ increases . “-ffi. association said that 

For three weeks from Monday. • The profils attributed to profits from trading in units 
traffic on the hridge will be managenieni and administration average 0.96 per cent, of turn- 
reduced to one lane with two of S5 unit trusts run by eight over during the seven years 

lanes operating ijnlv at peak management companies and rep- under review, but the profits 

times Alternative routes will be resenting more than half the in- were not relevant in considering 
signposted. * dustry were analysed. The figure the level of charges on business. 

Private forest planting 
continues to decline 


general £498.4jn. During the five years 
1972-77. the surplus achieved in 
Plantable land acquired by the real terms on trading activities 

THE DECLINE in new planting tares, was below the 
in the private forestry sector level of recent years. 

..... <ha las* few vears has con- Plantable land acq' 
r i niiod savs the Foresirv Com- commission totalled 17.69S hee- amounted to £22.3 m. Expressed 
mission in‘4ts report for the year lares — predominantly in Scot- as a return over the whole 
m end of March last year. land — at an average cost of rotation, and after taking 
Onlv 9 156 hectares (22.890 £149 per hectare. Although the account of subsidies, this repre- 
of’ planting were grant, net gain of plantable land was sented an overall return of 3.1 
aided in the private sector under close to that needed to replace percent 
tbe commission’s schemes, of the area planted for the second ^ tar&et rate of return was 
which 7,232 hectares were new successive jrnL the L set at 3 per cent, accepted by 

planting. This was 62 per cent, of land acquisition over ^e^t ^ Q 0verament ^ the maximum 
below the average annual rate eigM years had^en insufficient that may be earned in 

It new planting grant-aided by to meet the commission s ptant- Nortbern Europe on the best 
Jhe commission durins five years mg W“" n sites close to market, 

from 1970-71 to 1974^5 There »T?!radu^!mprove- Tbe report says: “It will be 

These figures support W d-mand for all cate- appropriate to retain the target 

P-l-* *S5S k n cSmc ZEL Of B™ a ?h wood. lea*Ti7 rale of 3 per cent. On this basis 
port by the Amonai botuun«- t i n orices Stand- subsidies per hectare required 

Development Council Sect . * i e n ^ ose about for the new planting and restock- 

Wh rising Party on Piper and prices w aDOUl planned during the five-year 

Board, that further efforts shou d 20 per cctl accountin a has period 1977-82 will result in a 

, made ^J^SSr Vne^m heen towr^at^n il five total subsidy which, in real 
°l he“ v2?Iy revaluation of the com- terms, will be lower than in the 

should be to estabiisn — am. net , Forestry Enterprise, first quinquennium, 

tares of V™ duc j£ e J^ 0 ^ a ma d C on April 1 last year. Fiflu-sevmth Annual Report 

forests by the yea - p Jd The net va j ue of the enter- and Accounts of ihe Forestry 
bv "?he^ FoStr? CtSSSW prise’s assets for incorporation C^nongr ft. vmr ended 

during ^the year, at IS.703 hec- into the I977-/8 accounts is March 31, 1377, $0, £2^5, ■ 

10 % 



Why all equities? 

Schlesingcrs’ Extra Tncomc Trust is 3- trustee 
investment and offers one of ihe highest returns 
currently available from a unit trust invested only in 
ordinary shares. 

Whilst ihe managers could obtain a slill higher 
yield by including some fixed interest invesiments. 
such invesiments cannot increase their dividends and 
also have less polemial for capital growth. The all- 
equity portfolio of the Schlesinger Extra Income 
Trust, by contrast, maximises the potential for growth 
of income and capital. 

A current opportunity 

By careful selection or soond stocks including 
attractive recovers situations and well-researched 
regional equities. Schlcsingers provide a particularly 
high equity-based yield. 

However the recent downward trend in interest 
rates, and tbe growing relative attraction of ordinary 
shares with very high yields suggest that such yields 
may not be available to new investors indefinitely. 

Indeed, many investors have recognised the 
urgency of securing the current opportunity by placing 
over £Sm in tbe Tu nd in the ten nion ths since its 
inception. Over this period, the unit price has risen 
20° p and the FT Actuaries All-share Index II # 

We therefore recommend immediate investment 
at the current, high rate of return to gain the potential 
of capital appreciation. Your investment should be 
regarded as long-term. 

Schlesingers* PIMS service 

Minimum investment in the fund is £500. 
Investors of £2.500 or more will receive ihe Schlesinger 
Personal Investment Management ServiceiPIMS) 
which includes regular investment reports and 
invitations to meet the investment managers. 

Quarterly dividends 

'file tabic show s t he approximate level or income 
(net of .*4“,; basic rate tax j > on v ould expect to receive 
every 3 mouths based on the current estimated gross 
\ ield nf 10" a on i he fixed offer price of 30.4p. 

Payments are made on March >2, June ]Z. Sept 12 
and Dec 12. Marling June I47X for new investors. 








. £100 





A fixed price offer 

Units are on offer at the fixed price of 30.4p. 
for investments received hy April 12. 

The offer will dose before April 1 2 if ihe actual 
offer price varies by more than 21 from the fixed 
price, ln this event units will be available at the price 
then ruling. 

Remember that the price of units, and Ihe 
income from them, may go dow n as well as up. 

General Informal ion 

f > oineR.ii&*ih««Hipanpra*Hi'ri.Am'H<''SNnitfa > iltN-ackn<iw[ulfed 

and *e » ill xnu v j dcialleil hnwliurc ji ihe ume lime. Ccrllflcaies 
M ill be beni oul Jurlmr M.n . Unliw will he a< jll Jhlc after ibe uBer 
clinei- ai ibe pnof «iii..icd m Hie dally ntewi. Tb* numum iawnuncM I« 
ibcFundii £500. Tbe l. nh Price jnd vield afr puhleTird daJIv In leading 
aenspapen. Tu Sell nulls, sinipl' relum ynur .cnincjlc jppriipnaulv 
cadi'tsedvathcInMlv- rasnKntfc.iu>raiiIly nwdc «Ubtn “ dayriwf nur 
revcivinc Ihe ren,^unl■e^lsxrllllcale.0^o»ateUH^o^lJ•;, «IU be paid 10 
tcCKcnisaJ -Simiv Ctarrei 4r innlalLharernf 5 r :. Is included In The • 
Overprice. A chjrrc ul an annujl ralcnl * n ,iplui Vnl • of Ibe value of 
Uic Fund h deducted lioni cr.-ws income lo^utiU udnunuiraiirc 
ccpcnie^- Trnaeet: Midland Bapt Trim Co. Lid. Andiron : Peat. 
Marwick. Mitchell .t ManaecniScblesJacerTrust Manasen till. 

1** Ha no rcr Square. Lcndua.W.I. Recwercd in EncLuid. Nn. S358S5. . 
.Mcmhefi at The L’nir Trust Vcuielauen. rhuotTer cynoia-ailahlclo 
rcdJenit of ibe RcpuhUc >•! I rel and. 

Schlesingers-speciaiists in the managementol:privaie,iDStitiitiona} and pension Ixinds. 



| J wish to invest I X 

(nnnimlini£50tl) - 

To: Schlesinger Trust Managers LltL, 

140 South Street, Dorking, Sunt}'. 

WeekmtT end Evening Ansjphoar Til. Dortch^ (fljfiiS) 86441 

I declare ihui 1 am not resident outside ihe Scheduled 
Tcrriieriesand that I am not acquiring the units os a nominee 
ol any person resident nuiside the Temtoni». Ilf you are 
unable-io nuke this dcdjrjiian, it should be deleted and this 
application iorm should Ihcn he lodsed through your UJC. 
hank, stockbroker or wlicilori. Minors cannot bo registered, 
butaccoinUs designated with their iaiiints will be accepted. 

n^ibe Schkainscr Extra IbcomcTrustat the fixed priceof 


I wish to lave my dividends re-invested 


First names. 


I would like further information, including P I 

details of Share Exchange [ j 

A cheque is enclosed in remittance, made payable to 

a a: m j n 1. V 





Financial Times' 


labour News 

U.K. go-ahead 

for Europe 

Coal chiefs 
on targets 

By John Lloyd 

option deal 


THE BANK of England hu aw 
'-liven lona-awaited i.-onwni for 
British investors to deal hi 
cations on British shares on the 
ne;v European Options Exchcnye. 
v.htch opens in Amsterdam on 
Tuesday, v.ithoal bavin; to pay 
the investment premium. 

A letter the Ban it scal^ out 
yesterday to nans*. Stock 
Exchange toncerns. undo ther 
bodies entrusted v/ilh Ihe cus- 
todianship of s (."-unties as 
authorised depositaries said that 
such parties, if accepted bv (he 
EOE 35 public order' members, 
rould apply to the Bank for per- 
mission to make certain pay- 

These included payment for 
dealmas in options on sterling 
securities. "Ail payments will be 
in sterling, and under current 
administrative practice will not 
involve payments through the 
investment premium market," 
says the Bank's letter. 

The Bank adds that the banks 
and other bodies can apply for 
consent l» pay the necessary 
entrance and other fees to 
become public order members 
of the EOE. The cost of buying a 
seat will be allowed as direct 
investment, while annual mem- 
bership fees will be transferable 
tn Holland without any need to 
pay the investment premium. 

This move by the Bank to give 
the green light for British par- 

ticipator! is. and dealins^on. the 
new tsch £nge — £u rope's first 
venture tn traded share options, 
which it ts hoped will have an 
international flavour — could pre- 
sumably lead tn banking 
members from Britan joining 
the Amsterdam exchange. 

But British Stock Exchange 
concerns, a number of which are 
thought anxious for membersbip 
nf the Amsterdam options ven- 
ture. appear to face another 
hurdie. It seems that the 
delicate issue of whether British 
stockbrokers need licences under 
the Prevention of Fraud (Invest- 
ments! Act 195S to join the EOE 
has yet to be resolved. 

Finance House 

rate unchanged 

THE Finance Houses Association 
has said that the Finance House 
Base Rate in April will be T per 
cent, for the third successive 

The rate is calculated at the 
end of each month by averaging 
the cost of three-month money- 
in the inter bank market for the 
previous eight weeks and round- 
ing up to the next half point. 

The rate reflects changes in 
the market cost of money, but 
not the cost of funds tn finance 
houses or their customers. 

Bread rise approved 

STATUTORY maximum bread 
prices have been amended with 
effect from next Monday to 
permit increases of up to 2p per 
1 large loaf in Britain and 2*p in 
Northern Ireland. 

The Department of Prices and 
Consumer Protection said to-day 
that this followed the Price Com- 
mission's decision not to investi- 
gate bread price increases 
proposed by the major bakers. 

A DISPUTE over Government 
poiicv on the coal industry in 
the l’950s has broken out between 
Lord Lee— who. as Mr. Fred Lee 
was Minister of Power from 1964 
to 1966— and Lord Roberts, chair- 
man of the National Coal Board 
from 1961-1971. 

Last December, Lord Robens. 
writing in the Coal Board’s 
journal. Coal and Energy 
Quarterly, said that the coal in- 
dustry and the miners were 
“ grossly misled " by the Govern- 
ment about the level of coal out- 

While the Government pave 
repeated assurances that the out- 
put target should be 200m. tons 
a year, "the Department con- 
cerned was planning on a much 
lower figure ... at one time, 
the plan was to reduce the in- 
dustry to SOin. tons a year.” 

Tn an article in the latest 
issue of the journal Lord Lee 
writes : “ T always understood 
that the difference between Lord 
Robens and myself was that I 
would not accept his figure of 
2H0m. tons. or. indeed, anybody 
else's figures, until T bad com- 
pleted my review of long-term 
energy policy.” 

In the early stages of the 
review, the figure of 200m. tons 
was considered. In the course of 
preparing it. however, the Coal 
Board’s position worsened, and 
the October. 1965. Fuel Policy 
While Paper estimated 1970 coal 
output at between 170-lS0m. 

“1 wondered what real dif- 
ferences there could be between 
Lord Robens and myself— unless 
what be really wanted was an 
undertaking to ban oil burning 
in various public enterprises 
and restore a monopoly for coal. 

Lord Robens's comments on 
Government policies were made 
in the context of criticisms of 
the recently-created Energy 
Commission, which he views as 
being to closely tied to power- 
ful pressure groups within the 
energy industry to be able to 
evolve an objective appraisal of 
future national needs. 

Thatcher theme is: Leave 
business to businessmen 


Mrs. Margaret Thatcher, leader of the Opposition, with Mr. Joseph Godber (eehtre) and Sir 

Adrian Cadbury. 

MRS. THATCHER, Opposition 
Leader, yesterday laid down the 
theme a Conservative Govern- 
ment would adopt towards indus- 
try and commerce: “Leave 
business to the businessmen.” 

She told the Food and Drink 
Industries Council's annual lunch 
in London that it was essential 
to have less interference in 
business. Instead, the Govern- 
ment should ensure that competi- 
tion was the protector of the 

The encouragement business- 
men needed was not another 
industrial policy with some 
trendy name, cooked up by the 

scope to turn that understanding 
to advantage." 

Mrs. Thatcher argued that the 
underlying structure was not 
going to be corrected unless in- 
centives for people and com- 
panies were built into the system 
from the bottom. 

The Conservative Leader 
attacked the “ convoy ” theory of 
international economic expan- 
sion advocated by Mr. Callaghan 
at meetings with President 
Carter and other world leaders. 

“Rather, the right way is to 
cut the taxes on . earnings, 
savings and capital 

“ It is to make it pay to work 
again, to educate our young 
people, to understand about 
enterprise, and to see that profits 
are the greatest engine of social 
progress— and to give them full 

More inflation 

The intention would be that 
a number of industrial nations 
would reflate in various ways to 
stimulate world trade in general. 
In Mrs. Thatcher's opinion, such 
a policy would probably lead to 
increased inflation in all the 
nations that took part. 

She argued that no ship of 
State coaid ever keep up with a 
convoy unless its operations 
room, engine room and equip- 
ment were in good order. 
Britain's first task was to ensure 
that it became more competitive. 

To compete in the period 
ahead, the country would need 
a fresh and lively approach and 
a new vital economy. "The old 
one, set in aspic by' Labour 
policies, is going to be of less 
and less use in helping the 
people of Britain to sustain their 
living standards.” 

The new conditions wonld 
demand a much more flexible 
and rapid response to market 
demands. Britain would need a 
host of new businesses, run by 
talented young people prepared 
to work night and day in return 
for big rewards if they succeeded. 

World tourists spend 


L. Pincott joins George Wimpey Board 

Mr. Leslie R. Pincott has become 
a non-executive director of 
joins Wimpey from Esso 
Petroleum where he has been a 
managing director since 1970. Mr. 
Pincott. who was recently 
appointed a deputy chairman of 
the Price Commission, is also a 
director of Rem ploy. 


Mr. Michael D. Sieff has 
relinquished his membership of 
the Board of MARKS AND 
. SPENCER and has retired. He 
joined the company 49 years ago 
and has been on the Board since 
1950. He was a joint managing 
director from 1971 until he gave 
up that position at his own 
request in 1976. In view of his 
continued membership of the 
European Trade Committee and 
fire British Overseas Trade Group 
for Israel, both advisory to the 
British Overseas Trade Board, he 
11 id continue to advise Marks and 
Spencer on its exports. Mr. H. B. 
Freeman, who joined the com- 
pany in 1937 and became a direc- 
tor in 1965, has also relinquished 
1 his membership of the Board. He 
remains with the company, a 
director of the Marks and Spencer 
Pensions Trust, and active in a 
number of special areas including 
! the company’s charity programme 
and the Special Programmes 
Board of the Manpower Services 


The Secretary for Trade has 
appointed Mr. J. W. James as a 
member of his pane] of insurance 
advisers. Mr. James is group 
insurance manager, Courtaulds, 
and a director of the Association 
of Insurance and Risk Managers 
in Industry and Commerce. 


Captain W. D. La n g. ADC Royal 
Ndvy, has been promoted Rear 

fmm Ttifw *7 onrf u'ilf ho 

Admiral from July 7 and will be 
Military Deputy to the Head of 
Defence Sales in succession to 
Major General A. J. Jackson in 
May in the acting rank of Rear 


Mr. R. J. Warbnrton. at present 
manager of the Southampton- 
based general cables division of 
Pirelli General Cable Works, bas 
been appointed vice-president- 
finance and corporate planning of 

TION, U.S.. from May !. He will 
be succeeded by Mr. B. H. Levy, 
at present product manager- 
covered conductors, at Southamp- 


Mr. Alan J. Hill has been 
appointed sales director of 
PANY and Mr. Gordon J. Mackie 
has become marketing manager. 

Mr. J. D. B. Kerby has been 
appointed managing director of 


Mr. W, J. Chegwidden, head of 
the Adams Garage Group, has 
been appointed to the additional 
post of managing director. 

GROUP. Both concerns merged 
with the T. C. Harrison Group of 
Sheffield last October. 

The Secretary for Employment 
has appointed Mr, Raymond S. 
Sim as a deputy chairman of 
COAEMITTEE for three years. Mr. 
Sim is principal lecturer in law 
at Manchester Polytechnic. 


a pointed Mr. Michael Randolph, 
British edition editor, to be 
deputy executive editor of inter- 
national editions. Mr. Randolph 
remains a director of Reader’s 
Digest Association and editor of 
British Reader’s ^Digest 

Mr. F. R. Wales; chief actuary 
been appointed general manager 
and chief actuary and elected to 
the Board. 


Mr. 5yd Exclby has been 
appointed to the main Board of 
TORS). He joined the company in 
1964 and in October last year he 
was made manager (new develop- 
ments), a new post. 


Mr. John Hignctt, a managing 
director of Lazards, has joined the 
LEONARD in a non-executive 
capacity. Mr. Keith Turner has 
become managing director of -Car- 

less Petroleum and remains dis- 
tribution director o[ Carl ess Sol- 
vents. Mr. George Mills has been 
made a director of Carless Ser- 
vices BV. Mr. Brian Montgomery 
has been appointed managing 
director of Carless Exploration in 
place of Mr. John Leonard, who 
continues as chairman. Mr. 
Bernard Lilly, consultant petro- 
leum engineer to Carless Explora- 
tion, joins the Board of that 
company. . 

Mr. ECS. Morrow has been 
appointed finance director of 
HALL AND HALL, a member of 
the Hallite Holdings Group. 


Mr. Garret Wellesley bas been 
appointed director or the inter- 
national investment management 
service division of BANK OF 


Mr. Brian E. RnsscII has been 
appointed managing director of 
DUCTS to succeed Mr. A. E. 
Richards, who retires in May next 


has appointed Mr. Eric Gaunt as 
marketing director of its London 
and Southern Sales Region. He 
succeeds Mr. W. J. S. McKiimell, 
who has retired. 


Mr. David Martin has been 
appointed an associat e di rector of 


Mr. R. B. Wtiiamson and Mr. 
R. J. EBUngton are to become 
directors of GERRARD AND 
PANY and Mr. D. A. Brayshaw 
will be a director of GERRARD 
INTERNATIONAL from April 5. 

As part of a reorganisation of 
the steel castings operations of 
Weir Group, the five foundries 
and two marketing companies of 
the group's foundries division are 
to form a new corporate structure. 

The companies comprise Alston 
Foundry, Catton and Co„ E. Jop- 
ling and Sons, Holbrook Precision 
Castings, O. H- Steel Founders and 
Engineers, Weir Foundries (Ex- 

port Sales), and Weir Alloy Pro- 
ducts. All will now become direct 
subsidiaries of Leeds-based com- 
pany Weir Foundries. 

Chairman of Weir Foundries 
will be Mr. J. J. B. Young, who is 
also managing director of the Weir 
Group. Mr. John Ferguson, 
formerly managing director of the 
foundries division of Leyland 
Cars, becomes managing director 
of Weir Foundries. Mr. Eric 
Spencer, chief executive of the 
foundries division as at present 
constituted, will take up the new 
appointment of marketing director 
of Weir Foundries. Mr. S. L. 
Finch, deputy chairman of the 
Weir group and chairman of the 
present foundries division, will be 
a non-executive director of Weir 
Foundries. He will devote more 
time to long-term foundry deve- 
lopment and other strategic plan- 
ning activities in his capacity as 
group deputy chairman. 

The new board will include two 
other non-executive directors. 
Dr. G. A. Weir, group director re- 
sponsible for corporate planning, 
and Mr. J. R. C. Weir of the Paris 
office of the Weir Group Inter- 


Mr. Thomas P. Hardiman and 
Mr. F. Derek Martin have been 
appointed directors of the BANK 
OF IRELAND to fill vacancies 
created by the recent retirements 
of Sir Basil Gould ins and Mr. 
Patrick A. Duggan. The following 
general managers have become 
directors: Mr. John P. Bourke, Mr. 
Patrick F. Gaynor. Mr. Desmond E. 
MucaJir. Mr. J. Ultan Martin. Mr. 
John R. Nelland. Mr. Eamnn 
Simons (who will replace Mr. 
Bourke as managing director of 
Bank of Ireland Finance). Mr. 
John H. Stanley and Sir. Kevin 

Tn addition, a chief executive’s 
office has been established in 
which the chief executive will be 
assisted by the chief general 
manager and the chief financial 

This new office will comprise Mr. 
R. Ian Morrison, chief executive. 
Hr. Francis B. O'Rourke, director 
and chief general manager, and 
Mr. Bourke, director and chief 
financial officer. 

• March, 1978 


These notes having been sold, this announce- 
ment appears as a matter of record only. 


Akzo nv 


i • 

DM 50,000,000 

6% Bearer Notes of 1978/1984 

Deutsche Bank 

/ I 



I Amsterdam-Rotterdam Bank W.V. Alqemene Bank Nederland N.V. 


20% more in 1977 


RESIDENTS of London and 
Stratford-on-Avon might he 
forgiven for believing that 
most of the world's tourists 
had come to the U.K. Bat the 
boom in foreign travel is 
worldwide. Britain is only one 
of a number of countries to 
benefit, although among the 
most prominent. 

Figures compiled by the 
International Monetary Fund 
show that international tourist 
receipts In the dozen lead- 
ing industrialised countries 
reached 540.51m. last year. 
This is 20 per cent higher 
than in 1976, when receipts 
rose by 7 per cent 

As the average rate of price 
Inflation in the main indus^ 
trialised countries was 8 per 
cent in 1977, this implies a 
substantial growth in tourism 
in real terms in spite of 
generally weak economic con- 
ditions In most of the countries. 

Tb e-best guide to the under- 
lying trend is the number of 
arrivals in each country — and 
the most striking development 
has been the revival in Portu- 
gal's standing as the unrest 
and troubles of the mid-1970s 
have waned. 

Over the first 11 months of 
last year, the number of 
visitors rose by 43 per cent 
The impact on the Portuguese 
economy could be seen in a 

doubling in receipts in terms 
of national currency after a 
decline of more than a tenth 
. in the prer ious year. 

The U.K. was second, with a 
rise in visitors of about one- 
fifth, while there was also an 
acceleration in arrivals In 
Spain, Ireland and Switzerland 
—up between 10 and 15 per 
cent There was marked 
deceleration la the growth of 
tourism to Greece — up by loss 
than a tenth compared with a 
jump of a timtLin 1976. And 
there was a slight drop in visits 
- to Yugoslavia, against a sharp 
rise previously. 

The pattern of tourism . re- 
flects relative exchange rate 
movements and differences in 
standard of living to a con- 
siderable, though not exact, 

The net result of all this is 
a marked difference in what 
various countries spend abroad 
and receive Tram foreigners. 
West Germany, for example, 
had a net deficit of approaching 
S6bn. on tourism in the first 
nine months, of last year, while 
Italy - had a net surplus of 
nearly $3bn. from this source 
in the same period. 

Among the other countries 
with a large net gain from 
tourism were Austria, with a 
surplus of about Sl^bn. after 
nine months, and Spain, a 
$2-6bn. surplus 

at ICI seek 





SHOP STEWARDS representing, a, £25-a-week increase ftn* .air if* 
60.000 monthly and weekly paid employees -after codsolifetiou^ 
ICI workers are pressing the 

Mmnsnv nnA rtioir nnirtnr for monte . mX 

company and their unions for mens and productmfc^SS 
an across-ae-board wage increase rates:- •*' . • - 

this year of “ at least £30.” - The 'stewards aiso- want ^fi^. 

Negotiators start discussions and a 35-hour 

on a Phase Three pay daimf «2SiiJS3^ i 'pkse 

early next month ahead of the W<^Wldtinaia'f(ir ~ 
central ICI June anniversary ra S~5 c - -shift 

settlement date. / . - **. ... 

since 1375. 

• auuwances which; - 

if the union side takes np the ■251Sw a ?^ ,ntfa ^ rt .****■ ' 

shop stewards’ proposals, the • - 

will m*rtain!v oxrari T P e . ^Vances 

demand will certainly exceed the vmrkors: ^{“Pensati; . 

S-“.“ » 

Details of the proposals— the ; 

first venture of its kind to be 

unofficial shew stewards’ combine -pins a rirodtnstivihr iImVSI 
-are being circulated to workers. ^ to 

Mr. Joseph Bla ckball) . ' a quarterly basis.-' • \ ~r-- a 

union branch secretary at ICI in The productivi& agre^ieiit 1 
Doncaster, said yesterday that wMch'gave a 7.4’per cent bonus - 
the package had been worked in the first quarter and 6.9 cer 
out “to stimulate informed cent.- in the second expires*- 
debate” among workers and to July. 

encourage individuals to put • Bay Ferman,Scottfsh Cor- 
pressure on national union respondent writer A : Settlement 
officials for a satisfactory out- giving 20,1)00 . Scottish bank 
come to the negotiations. - workers, rises of ft-12. per cent. 

The shop stewards' claim is has been agreed between the : 
based on estimates of the wage three Scottish clearing banks and' 
increases needed in each grade the National . Union of Bank 
to restore spending power lost Employees. . . ■ 

since tbe onset of pay rest raint Increases made under the last 
in 1975. two years o£ payv policy are to 

The basis of the claim includes be consolidated into basic- rates. 

- l l ' 

- %;•*. T 


r ... 

.•.•■ 11 -- 

Rolls-Royce shuts 



• ,n; 


ROLLS-ROYCE has closed its 
Coventry factory until further 
notice because of sanctions- by 
2,600 manual workers in dispute 
over pay. - They have been sus- 
pended, and 2,000 white-collar 
workers have been laid off. - 

The shut-down is expected to 
have swift repercussions at the 
sister plant nearby at Ansty, 
where 1,400 are. employed. . The 
closure came as a surprise after 
protracted pay talks broke down. 

A company spokesman said it 
had offered a 10 per cent in- 
crease to the manual workers hut 

wanted to keep hack 0.T per cent' 
to- fund the > likely., cost or 
guaranteeing learnings to piece 
workers transferring to measured 


The company has ' promised * 
that if the 03 per cent is not 
needed for that -purpose. it will 
be distributed amohg the remain- 
der of the workforce. But die 
manual workers are insisting on 
the full 10 per cent, being paid 
immediately. - 

For. most of this year they hare 
banned overtime and refused to 
handle work, done -by outside 
contractors. . r - 

Train drivers agree 

to talks on claim 


Decline of profits 
growth continues 

PRE-TAX PROFITS and dividend 
costs shown in the 125 annual 
reports received last month 
revealed gains of about 16 per 
cent, over the first quarter of last 

However, the recent declining 
trend in profits growth was 
illustrated in rises of 22i»' per 
cent., 15.6 ner cent, and 12 per 
cent respectively for tbe first 
three months of the year. Divi- 
dend cost increases were 21.6 per 
cent.. 18.6 per cent, and 11 per 
cent, during the same period. 

ICl’s profit rise was about 6 per 
cent, while the . group's former 
associate, IMI, reported a 20 per 
cent, rise in its first report as 
an independent company. . 

Profit increases ranging from 
about a third to two-fifths were 
recorded by Turner and Newall, 
Carrington Vlyella and Granada, 






1974 1975 1979 1977 

while Trust Houses Forte' had an 
advance of 61 per cent. 

Reports from the four major 
clearing banks showed profit in- 
creases from 7 to 35 per cent 

Stock Exchange suspends 
two of its members 

THE STOCK Exchange has sus- 
pended two members, one of 
them Mr. Michael Lowe, a for- 
mer employee of Quilter, Hilton, 
Good iso n. of which Mr. Nicholas 
Gooctison, chairman of the Stock 
Exchange, is a partner. 

Mr. Lowe said yesterday that 
the suspension was for advising 
a relative to buy shares in a com- 
pany while believing that 
another client of the partnership 
was about to buy -shares in the 
same company. He emphasised 
that he had “assumed' 1 that the 
client would be buying, and had 
not known for certain. 

Mr. Lowe was dismissed by 
Quilter, Hilton, Goodison and 
left on January 20. In February 
he resigned his membership of 
the Stock Exchange, understand- 
ing that it would take effect 
from March 24 

In view of bis resignation, Mr. 
Lowe finds it curious that he can 
be suspended. He has been sus- 
pended for one year. 

The other member suspended 
— for two years— -is stockjobber 
Mr. Jack Markham, a member for 
23 years. He left Pinchin Denny 
this year. 

More powers for Welsh Office 

diff takes over responsibility in 
Wales tor agriculture, higher and 
further education, and the ad- 
ministration of ancient monu- 
ments to-day. 

Mr. John Morris, Welsh Secre- 
tary, said yesterday: “the new 

responsibility represents the most 

significant single step in the 
development of tbe Department 
since it was established in 1964. 

“ It will go a long way towards 
bringing -its responsibilities into 
line with those of the Scottish 

THE TRAIN drivers’ union, 
ASLEF, yesterday agreed to 
have its pay dispute examined 
by tbe industry's negotiating 
machinery, in accordance with 
tbe recommendations of the 
advisory, panel under Lord 

The prospect of avoiding rail 
disruption still looks break, 
however, if the three rail unions 
and British Rail maintain their 
present stance on the drivers’ pay 
c laim . 

ASLEF and the National Union 
of Railwayinen are already in 
disagreement ever the timing of 
the first meeting within the 
negotiating machinery. 

The drivers are still contem- 
plating a series of strikes if .they 
are not satisfied with .the out- 
come of talks on their dispute. 

. There is also some feeling 
among NUR members that if 
those talks further delay agree- 
ment on a new annual pay and 
productivity deal for all railmen, 
due on April 24 the NUR might 
wish British Rail to agree a deal 
with it, irrespective of the posi- 
ition adopted by ASLEF. 

ASLEF is submitting for all its 
members a “parallel*' datm for 
payments to . those recently 
achieved, by 1,600. pay train 
guards., members of the' NUR. 1 
The . pay train guards deal- is 
viewed, by. ASLEF as a 'Yec- 
tionaT agreement, counter to 
the 1974 JiVage . restructuring 
exercise for the industry. 

The drivers, -who; have given] 
.'thisr- problem' priority over the 
annual pay deal .want .tbei issue - 
added to the agenda -of the- Rail- 
way Staff Joint Council,, meeting 
on April. 4 ' » . 

The NUR. which' Is more con- ■ 
cemed- with - fhe.. j - annual pay .' 
settlement, .wants a preliminaiy , 
meeting with ■' British a™ 
does not envisage .the. joint . conn- - 
i'll discussxng ASUE^T^ gnev ance 

before :thc next indoStiy^nte 
pay talks on Aprils 
Mr. • Sid Weigbell, . the NgJ : 
general secretary; said yesterday 

that if ASLEF .won a: paran« : - 

agreement to that for’ the pay ; 
train guards, he would _want m? - 
payments extended to - alt-®™ 

industry’s im. workers,: :..>v 



N • 

National Front men 
warned byNUR •: 

S-- : 

MEMBERS and officials' of tbe 
National Union of Railwaymen 
face fines or expulsion from the 
anion if they are known to be 
members of tbe National Front. 

Any railwayman expelled from 
the 180.000-strong union could 
lose his job in an industry where 
union membership is mandatory. 

Tbe union's 
tieved to be the most 
threat of sanctions 

inre-H m. ^«w- 

by airy union aga^S^ter 
bership' as “pu^lf 0 ? le Li 

The decision taken yesterday 
follows a series of publications, 
which include direct attacks on 
rail uni.on leaders and are 
headed “National Front, rail- 
men's association” with the same 
postal, address as the Front 


org^tion.^^^^ >•- 


oft the -National' 

consistent vy -urion. - - 

and , ; 

The mdon . ; had ^ 
against. wtomijJS’ . 'applying 
executive- was .gimplf 
them ■ i- -V~" ; \ ; . . J • 

. V" •- 



row settled 

By Our Labour Staff ' . 

A DISPUTE that threatened to 
delay broadcasts from the Com- 
mons was settled yesterday. The 
BBC said that broadcasting wonld 
start on Monday as planned. 

Members of the Association of 
Broadcasting Staffs who. will be 
responsible for the • sound prt> 
grammes wanted - higher meal 
allowances. The union "said that 
an amicable agreement .had been 

Mr. Tony Banks, a union 
official, said it did not want to 
be involved In any disruption. 
“We just, hope the quality of 
Parliamentary debate ia : worth 
the public expense,” he. added. 
Radio comes to Westminster, 
Page 15 


_HE UNION j^caifirai 
bavb y?J^?beflded at las* 

war’s - 

-1 krnhfdTDQll Or ****"- - -- 

National zfap. ^ 

Last yeaffs and 

the hladdflg^^^nn Binwbfi' 
Goose General 

^ the Trffl afc 

■%£&**£* '-**«& 

r, t k i*i 

-•jvv.v. . f 


it. -I-.. 


1 a r.i 


3 r 

^jiauciai : Tiines ©today April 1 1978 


\ r f*Dly>U££' 


The slide in Gilts 

Feeling the pulse 

ME W YORK. March 31. 



~ Industrial AsreragelfE 

‘SZfiSVZS =1 SJ »£ p S5 = = =^^= =V BY JOHN WYLES 

Ihrewreek Easter account has uerform+t* sJtnr F.T.-MHUAMES FIXED BKTEREST INDEX ■ 

been . the. slide in gilt prices -DDITIOU Pfllf EDUIIE1IT ft - I HE NEW York Sln <* and that a "lapse vUl tH;cur 

reflecting concern over the ROC trots: rnntmf Dill I lull uUlLlfllmLlll I /k Exchanges capacity for dealing later this year or early next, 

- weakness of sterling anH f COmrOi ■■ BIi MUM Hiilllllilll 1 n with dsquiennq economic news which will establish a new low in 

nf - hieher intere^rTatecT w?o This week BOC Internal i nna i ld0 QTflPtfC 1 ^1/ V W over . lile P as ? >' ea r has not been the present bear market. Others, 

afiaiD “ h SaiSVtT^iy puE selvTto nurturf^!! ffS 

cent-, but the low level of appli- J*s aln&dong battle for con- UvERIS YEARS / tion of figures showing steady of hope that a genuine rally may 

-cations for Treasury Bills is a °f Ajwo the American ir)n _ f increases in the money supply be nearby for the reason that 

- .. signal that a rise may be coming producer of industrial gases. 1 ■ * jt I seemed, 3s the harbinger of during this week in particular, 

soon. The Board of the British com- J\ f\ I future inflation, to provoke a the market has not been thrown 

“ Xb the equity market thoughts pany derided to raise its stake ““ rV"\ 2 rtfay lrom imo a sbar P decline by news 

‘ hf higher interest ratec hit to above 50 ner Tt Twu I \- / tbe market w hich was also un- which last year would have 

• :SLkS^ e i«th 2J2T ■ lt ! 0,d «a_ ' I “V able to cope with the dollar’s brought on a severe attack of 

. .^;?JPMesmme hire purchase the Ai rco a marathon 110— a I decline on the foreign exchanges the vapours. On Tuesday, for 

, , property sertore, but overall meeting of the directors of the /M in the closing months of the example, the Consumer Price 

, theinarKfit ended the week more* *wo companies, that it was *W. /-—I year. In short the market index for February was revealed 

■or.’less all square. Some strong going to take this step and }| / seemed gripped by a bad cold as having risen at an annual of further declines in the recent market rallies cannot be 

haying took place on Wednee- promptly announced the pu r - io n ' fill 111 1 I 111 which refused to respond to the rate of 72 per cent, yet tbe inarket. Merrill Lynch Pierce sustained, that a “significant 

dfey based on Budget hopes, but chase fta $37cv. of sufficient 1 I \~XJ more positive economic medica- Industrial Average gained 5.63. Fenner and Smith urged a rais- Intermediate peak” wilt he, 

... the gains were eroded durine extra shares to raise its I F BB.S1.1S7S- toe meDts offered by steady growth Yesterday it was learned that ing of cash reserves from 20 to reached some time in the second 

- tfienert two days, as toe market from 49 per cent tn L™! “ W - and an expansion in naUona! and the Ml money supply had risen 25 per cent of assets. whUe quarter which would be followed 

- Seised ite attention cem p L t0 54 per tstb " 13-77 137© persQQal income - more than S2bn. an tbe banking Becker Securities counselled by a downward drift to new 

..fpcwse on on sterling, cent gQ i_. t • ■ ■ ■ ■ . I . . -In the last month or so there week ending March 22 and today institutions to increase cash lows for 1978. 

r :r«Me vmk.h M ? AJinougn Aireo is cnalleng- j as 0 hdj fmauj ja s ohojfm have been signs of convalescence, that the U.S. trade deficit in reserves earmarked for ultimate Becker also believes that a : 

, JJICW> rcvs-up mg the validity of an earlier — ■ — ■ ■ 1 - . > J As this column noted, a techni- February was the highest in purchase of stocks from 50 to 70 recovery cannot take place unUlj 

- The share price of t,hm S lender offer by BOC in the cal support area did appear to history. The market is weaker in percent Merrill Lynch claimed there is an end to the present 

w,.«Tiec thl courts, this new purchase effer- nw T rr « —1 ■ , « _ . , help stop the Dow Jones Indus- this morning’s trading hot less that it was not feeling anymore bull market in secondary stocks. : 

Industries, the motor com- tively gives BOC control «r • 6 general insurance severely affected by the world trial Average swinging down than might have been expected, negative about tbe market but which this week took the Ameri- 1 

ponents giant, has firmed notice- g 0C s , vs that Than picture last year was that com- recession and a substantial over- through 740 and subsequently Moreover, investors* reaction it had decided that the current can Stock Exchange to record * 

• ably -recently, showing a near on Airra ~ D,Crcial business remained supply of offices. Consequently, tbe market enjoyed modest has been remarkably steady to bear market was mature and highs . in four consecutive £ 

.5 perxent gatn for the week, foil—*, u ouaru B0W profitable, but householder and says EPC. investment values are rallies lasting through several revised investment strategies would reach a climactic phase sessions. », 

. ... In feet it has now regained over UY .. private motor business was a difficult to determine “because da y s which in early February published this week by two when tbe economic cycle or Close Change t 

- a third of the 100p drop to 240p t The tbe exercise i s loss maker. Tbe Pru and the market conditions are not suffi- *°° k . ^ ' ndustri als back leading securities firms who are short-term interest rates peak Monday 753.211 -3.29 1 

• . that " took Place hefween to ^ ve BOC 30 Amencan pre- Peirl Wit* t h W r cientlv re-estahlisheH tn nprmit fl,rou C h ‘60. Many analysts did. advising their institutional either m the last quarter of 1978 Tuesday 758.84 -r5.63 - 

:; £Sember and eSlv Marc? sence at a single stroke. AiroS c S a reSbir?Dnrisaf1 Lr ,he 3S and S ^ 1 d °- be,ieve toat this clients to increase their or the first quarter of 1979. Wednesday 761.78 +2.94 - 

r- *% L renewed ithS sales of $920m. compare with LSXmS “w robustness was a false dawn cash reserves in anticipation Becker Securities thinks that Thursday 759.61 -2.16 

The renewed enthusiasm is OI compare with appear to be suffering from mate value of this portfolio." 

. •understandable. Before Thurs- 3bn * and make under-insurance by their policy- So it remains the view of the “ — ■ — — — — — — — 

"day's half-time results Stock "r 0 ® the third Ingest producer holders and neitfier company directors that these buildings 

Market sentiment was still in- JYf UstriaI gases - has yet done much to overcome wil1 sometime— they do not say JTT . W ] ] > 1 

fleeced a large extent by ™ Q how ' this problem by indexation, pre- when— have a value in excess fi ItVT ft 01/* /111# //)/!« lift 7 l^/l 

bearish forecasts earlier this haw t - achcs ferrin S to rely on exhortation. of tbeir present value. X MX tflVf (/(ftll/l/fi X 

- year from Smith Keen Cutler, nave acmevea this object in the The success of other insurers Other interesting features of j 

br ? k i rs Indexation of sum insured EPC*. annual report are decon- ^ WEATHER forecast for the main export port of Dar-es- ago while higher prices have “We are 


consecutive 5 


Change t" 

7533 T 

-339 i 




+2.94 - 


-2.16 ' 

‘'J >i 

d0fief0ll0wers <>f land premiums) may convince gMated 5e mining* ildust^v^bcars^a sSa^n. W^ther^l b^in received^ ‘ encouraged wiihlhe res^kob- 

m<«t iiMhn. LONDON these companies of the wisdom Cfjndmn i subsidjanes— Carena rat h er unnerving similarity to lead to the hoped-for increase Gross profits in the latest tained to be in the final 

' of bwvtching. _^ Cr ~ are ^sted what is happening in our so far in buying by copper consumers, period, however, are only stages of evaluating a potential 

ir!Sr/ i?T S? m * ONLOOKER Meanwhile, these losses wiH 5 spiteful spring but. as the giant however, is a moot point in view modestly up on those of a y e ar uranium-gold mine." says Mr. 

'''mmnsrpd mu ^ St ^ e ; continue to eat into share- Yj,,™ £ esp Y r ? sl ’ U.S. Amax has pointed out. of the huge world stocks of over ago and it is clear that the E. Pavitt in the Union Corpora- 

- deri srw? SBBSSSssfi^B holders profits, which makes ^ rlh-ri!#? 6 Canadian slunmer j s on X he way. While 2m. tonnes. company is snffering quite tion annual report this week. 

• o?£ £ta i SJ?2?JES2 the announcement from London However, political and economi J factors 0 ne of the few mines that can severelosses on its platinum His words sugsest that the 

•to LIS cheapest^ possible way. The Manchester a comparative ^ 0u ^ows ?St without have virtuall - v halted new still make a profit at current supply contracts with the auto- ne wcome ? to prtiMrilv I > 

- surprise 17 ° ^ iJl-Tated sprint for ^ 1 that * 1 ! ltends t0 shire of Canadian nrafits m iniD ? investment. Amax draws copper prices is the Bio Tinto- mobile industry which uses the pr0 ducer of uranium and a' go- ‘1 

•• The shortfall nf £7im ? full control has led to American ^ n [^ r 8 e Jieral insurance _ h nrnfit tn comfort from the fact that 75 Zinc group's South African metal in anti-pollution devices. awaits the securin'* oE 5- 

Utigation, a curious love-hate field, somewhat surprising. Up * P v C f per cent, of its property, plant Palabora which last year pro- Negations on a new deal ur^iuT e^ort : 

; : film, cost of the tonlmntm*^ relationship between the two no ^* the general business before adiustin^for and equipment is less than five duced the metal at an average with the car men are in pro- contracts This should not be . 

22 Z&fisrsi stku vri MUi* 'SSZPISSS. <«■ -* «“« -Mr* - w S « un Sr ! cu™t d C. b nt '■ 

fident noises are coming from for Airco than if P would hav^ if Now it is raising £2m by a extraordinary losses (£6*m.). The diversified mining group a ^! >un -^ P er ^f 0 ^ 10 " **^5 , lt ‘ Is ^ nol: P 0SSlfafe l .® *® y market conditions, but there is ^ 

tu^-s boardroom abo« pro. tSS" * rish, 5 Lue Sorderfo^ mVe burton doficits actually k thus wall placed to taba ^ ^ wMKC > 

pects for the second half. Sales active in underwriting general accoun * ed for f£12m.). and the advantage of the eventual sharp Tr . , . . . . finance. a very substantial e _ 

. and profits for February are Tjfe fiourp* business. But it does mean f33m - shortfall on the Brussels revival in demand for natural nevv griDdlI,s mills whlch Rustenburg has decided not cash investment will be i- 

well un nh the cnmnar->hi a J'o 1 ** * _ or valuation. TTPF'e ehnroc ondori I runi,PAAc thoi -win m»iv oomo to pay an interim dividend nut reouired.” Perhans An«lo 



encouraged with the results oh- 


‘-H-j : 
. - 

Lucas’s boardroom about pros- it had bided its time rights is 

pects for the second half. Sales ’ active in 

and profits for February are T,ife fitrurPS business, 

well up on the comparable J that shai 

period, a firm trend which The results of the life com- cent risi 
Lucas expects will be sustained. P^y giants — Prudential, Legal 

underwriting general acc °uniea tor t£i2m.). and the l advantage of ine eventual sharp "T,. _ _ x finance. a very sudsi 

But^ does meSl «»m. shortfall on the Brussels I revival in demand for natural tte ne ^ griDdlIlg mais whlch + Rustenburg has decided not cash investment will 

shareholders get a 25 per va I D *tion. EPC’s shares ended resources that will surely come 
rise in dividends. ~ U* 8 week 5 P lower at 331p. about with the growth of popu- 

Lucas expects will be sustained. giants— t'rudentiai. Legal lations and living standards. 

feut what underpins the per- and General and Pearl— disap- p„ni: v U — particularly in the developing 

forfnauce at Lucas is tbe group’s pointed the market this week, X rupcriy THE TQp PERFORMJNG sectors countries. 

litmted exposure to any one though shareholders get the J us t how hazardous the busi- in FOUR WEEKS FROM MARCH 2 So bavin" invested some 
vehicle industry. So although Bnhnn dividend rise and ness of property development weeks from MARCH 2 ^ n ,n J“ ™ he past 

tractor component sales to the policyholders receive substan- can be comes through clearly m w. D Kl . .. 

Turkish market have now vir- tial bonus increases Profits in this S S aS report fi till a ?u iSfr* StaZ? the^ext 

tually ceased, and the aerospace from long-term funds have pro- from English Property Corpor- »or*T * catering +13.1 a iurrner wm. over tne new 

business has yet to make a pressed steadily (it would be ation. The group coi^Sed Breweries +££ rapadtiS of the maSs 

significant contribution. Lucas very surprising if they did any- construction of six major office Wines and Spirits +T0.6 whtoh ^e to sSfn-TeS 

has seen strong demand for thing else) and investment in- buildings in “prime central Motors and Distributors +10.4 * i * e J” 

vehicle equipment in Europe, come on shareholders’ funds situations" in Brussels in — “ , , ® “ roup s „ ,C 

Orders from Leyland have showed useful rises— taking into January this year. The cost was All-Share Index + 82 “S ***..® 1 &S We “ 

been increasing thanks to account the effect of the strength £68m.. and that is the figure at od a d a 

higher output- levels. And in of sterling on income from over- which they are capitalised in THE WORST PERFORMERS But the Amax summer is not 
diesel components deliveries seas- holdings. The disappoint- the EPC balance sheet Light Electronics, Radio TV + 5.4 J ust around the corner. Lean 



wuclucz me wuiwime wuz uc a i s0 the matter of raising ' 
successful. finance, “a very substantial 

Rustenburg has decided not cash investment will be i- 
to pay an interim dividend but required.” Perhaps Anglo r : 
will consider a final when the American Corporation, which l: 
time comes. * The mine’s costs has been exploring in the same is. 
appear to be higher than those area, might suggest some kind ?■ : 
of the rival Impala which looks 0 f deal. ;c .i 

to be the better choice from an .... , c „„ t . »V 

investment angle for those who A 5P, aU >,y/ e i 5, b „ n ?? U l h r - 
believe that platinum has really ‘^ r I an b “ d «» et h . as . br ^ u ° ht no s 1 
turned the corner. shocks ■* far 35 m,n,ng ]nvestors s ‘- 

a further $2bn. over the next should have played a major part are concerned. The situation | 

five years to expand production ^ the plant’s capacity expansion A npw jninp for them 13 virt ually unchanged. •* 

rapacities of the materials from 90,900 tonnes to 120,000 although the companies will " 

which are in stron® demand tonnes a year. Moving on to uranium and receive some benefit from the ,JI 

such as the group’s basic It is hoped to keep the mills gold - Union Corporation has proposal to reduce the sur- r ' 
earner, molvbdenum, as well as going until towards the end of f 0Dfirmed . the view expressed charge on normal South African it, 
coal oil and gas. this year when they will be las 5 year w these columns that company income lax from 10 it 

But the Amax summer is not dosed down for the fitting of it has indeed discovered a new per cent, to 75 per cent, fur 

i„«t St SSSfJ T«n new shells. Consequently mine ? me ™ , lts , exploration of the the gold and diamond miners. ; d 

• i > * i-:*n 

to Peugeot and Citroen ment ini each case came from Unfortunately, accordin'* to Tobaccos 

have risen: while for good poor underwriting results on the directors’ valuation ° the household Goods 

measure there is a VW general insurance business that buildings are only worth £35m. S? pe . rty 

to ^ UP S ? Drtly - showed Httle or no improvement at present, because the Bros- HSTrt Hou S « 

With £S0m. pre-tax profits on over 1976. — discount housm 

to production prospecte "this year farm Palmietkuil area to the Other companies are to have lt 

So not loo/too^promisinVbut ^_ir _ surcharge^ cut ^ from 7.5 « 

mw iron ore opei^ion in a maintenance of the mine in the Orange Free State, per cent, to 5 per cent 

Western AustraJia is feeling the 

sels property market is still 

draught from the world steel 


.. .Ind. Ord. Index 

7 reasmy ^Tsjpc. 1998 
^ P M Hldgs. A 

tfgcwt Japan 

Conzinc Riotmto 

■- Gllf & Duffm 

Horne Counties Newt. 

• Xode International 

■ London Sumatra 

Lu cas Industries . 
Lydtnbmg Platinum 
MJX Hldgs. 

Martin (RJ .) 


k8b & Alien (ntnl. 

Morgan Edwards 

Primrose ln<L Hldgs. 


jwheby Parke Berne t 
Wobtenbolme Bronze 

46 3.8 







166 __ 

_ S4_ 






Change on 

+ 33 
~ 2j 
+ 8 
+ 11 
+ 12 
+ 9 
+ 10 
+ 14 

+ 16 

— 8 

+ 12 

- 7 
+ 16 

Equities resistant ahead of Budget Average 

Sterling/Interest rate worries 

Good interim figures 

Domestic inarket influences 
Diamond exploration hopes 
Reflects commodity interests 
Bumper annual profits 

Impressive annual results 

Increased bid hopes 

Int. profits above mkt. estimates 

Interim dividend passed 

Strength of base-metal prices 
Disappointing interim statement 

Rise in copper price 

Pfotkg. after recent strength 
Major stake to change hands 
Tongaat threat to withdraw bid 
Strength of base metal prices 
Persistent investment demand 
Impressive preliminary figures 

week to 


industry recession. ' , 

. Platinum prices are also a 

venture s ore shipments pujzle and the worLd’s largest 

to Japan in tbe year beginning producer of the metal, Rnsten- 
■ ■ u mniArc April 1 are expected to total burg Platinum Mines can hardly 

UilV. INUILb5 only 85 peT cent, of contract be blamed if it does not know 

levels. Total shipments will be quite which way to turn. As 
limited to about 29m. tonnes recently as the beginning of last 
(ivrtually the same as last year) November the South African 
compared with Mount Newman’s producer announced that 
* Y , rap , M . . . annual production capacity of because of depressed market 

wS to 31 S h 17* 40m * toones - Fortunately for conditions it was to cut output 

Amax, its earnings are by between 10 and 20 per cent, 
cushioned by the good market Almost immediately there was 

FINANCIAL TIMES for molybdenum. a mysterious drying-up of Soviet 

Govt, sia 7428 7536 7530 As for copP« r and nickel, platinum supplies to the West 

Fixed interest 7730 7839 7i 7a Producers everywhere are with the result that the free 

r ri - Uo eagerly looking for signs that market price of platinum took 

— ua ‘ - — — — the worst is over. They have off from about $170 per ounce 
Gold Mines 156.4 148.1 1583 been encouraged by the re- and subsequently reached a 

Dealings mkd. 4,959 5,165 4308 covery tin the London Metal four-year peak of over $235 in 

Exchange price of copper which February: it was $225 yesterday. 

FT ACTUARIES has risen by nearly £100 to £702 Rustenburg and the Union 

Capital Gds. 202.14 20032 19935 in tbe past mootl1 - ' rbis reflects Corporation group’s Impala 
pr* — mine cutbacks and closures. Platinum raised their selling 

TSS.,* 1SC7* nun lo, ,o hopes Qf U.S. stockpiie buying prices in stages from $162 to 

(uurapie/ 184.62 T8Z39 aQ dsome whistling in dark curTent level of $220. 

C °n S " m°h~ ioc 7i mo ... by producers which have been This week Rustenburg has an- 

— 2SSS >9531 19333 191.14 tentatively raising their prices, nounced that it is to increase its 

Ind. Group 20034 198.93 196.72 The copper story has been production by an unspecified 

500-Share 221.70 219.99 216.82 given a further twist this week amount “ so as to more closely 

Financial Go. 165.75 16631 16535 hy the news that the big match the level of sales " which 

A,, cha _ thc 7A mnd 7oi vc Zambian mines are having to have been running ahead of the 

«u-snar e Z05./6 aM^4 201.75 ^ sa ^ eg 15 per cenL reduced production. Sales in 

Red. Debs. 60.99 61.05 60.98 because of severe transport the past six months to February 

Problems, notably congestion at 28 have matched those of a year 

Red. Debs. 

1967 ’68 *69 *70 *71 ’72 *73 ’74 *75 *76 *77 

Depressed but still hopeful 


the Strong performance of cent, in 1977. but one senior private individual. Part of toe 
A® senior partner in Holland's banker this week was optimistic tax advantage enjojed by 
’iwSrScSSSS Government that the 4 per cenL barrier house purchasers would be 
MEJSS? might be broken. wiped out if the plans are ever 

"fttoiCbad little immediate im- Currency uncertainties con- implemented. rnubon i of 
MMRijhe Amsterdam Stock tinue to overshadow the market, the ^ J ® P }S! 

Tn the longer term, however, and although condi- was so luke-warm howevertoat 

3 &KSSSU »> ssr «_•—»* »s,sr„rr 

— from ren3oving * e 

^•ates a period of political on WaU Street have depressed 

ability after the long drawn Dutch intenxationais ^ e °V- r aMCTFPDAM 
at government crisis of 1977. Philips’ result in particular Am 3 1 tKUrtlTl 

Details of the three-month-old showed vividly the im j> act ri4 . DI « ratthplor 

5verament-s policies are still currency fluctuations on the CHARLES BATCHELOR 
*arse but radical plans to re- Dutch-based multinationals with 
reeture the shipbuilding and its charge of Fls.30Sm. fo 
? fvy engineering industries adverse currency movements.^ ^ elem ent from profits. 
n«h 15 Prepared to take Good comply m The government’s interim 

SH?®? t0 boosted some Bourse scetoz^ rt measufe to ^ FIs.t.lhn. in 

ofitabdity of industry. the past few weeks ° ^ reliefs, most of it to com- 

P e outlook for shares in 1978 have remamed ^pre^co. ^ l97g shouId sh ow up 

for a year of moderate if un- Banks, insurances ana P ^ jm roved profi ts next spring 
*ttacnlar improvement Dutch lishers have done particui y howev P er 
®Pames could show an aver- well although mor ^ a f ft « r t he The decision to introduce a 
M 10 per cent increase in came under pressur “General Local" Index cover- 

ifit levels over 1977 while in- announcement of loans ror j«- Dutch domestic stocks 
*** r|tes still appear to be flation accomiting. T should make stock exchange 

downward. Despite diffi- standing performance developments clearer for the 

wes to some sectors, notably mortgage banks — tne m b ^ : nvestor . The five international 
^oeeSng and metals, the Westland-Utrecht _ saw « stocks _ philips. Umlever, 
f* wage round seems likely profits nse o2 P^ ^ent st r Dutch Shell. AKZO and 
^Prot^ce continued wage year— meant they ^ were parti u Ho ^ vens _^, ave a weighting 
toleration while inflation is lariy vulnerable to profit takin^ 4 | ceflt ^ the « generaI » 
today falling, official forecasts however. Dutch plans tor , ndex and ^ tend to disguise 
■elor a rate below 5 per cent flation accounting vnu invmv ]ocaJ stocJa ^ 

*« year, down from 5.4 per not only business but also the in 

do not appear at all in the new 
“General Local” index. In the 
new index industrial stocks 
have a 75 per cent weighting, 
banks 9.62 per cent, shipping 
and airlines 7.69 per cent, 
trading stocks 5.77 per cent, 
and insurances 1.92 per cent 

After a net loss of one share 
in 1977 — ten listings were 
dropped due to takeovers and 
liquidations while nine new 
ones were listed— the Stock 
Exchange will gain one new 
stock in ApriL The construc- 
tion company Royal Adriaan 
Volker is coming to toe bourse 
with a 10 per cent reissue of 
shares and a new Issue of 5 1 
per cent 

The bond market has seen 
high levels of new Issue activity 
in recent weeks with a stream 
of domestic and foreign 
borrowers. The new issues met 
with strong demand. The list 
of new issues put some pressure 
on the secondary market but 
there is good demand, particu- 
larly from foreign investors put 
off the Swiss and German 
capital markets by the monetary 
authorities' recent measures. 

While toe Stock Exchange 
continues to report good levels 
of turnover for both shares and 
bonds, Amsterdam’s traded 
options inarket will open oa 
Tuesday, April 4. Apart from 
toe prospect of sizeable business 
on toe European options ex- 
change itself the organisers 
hope it will stimulate trading in 
the underlying stocks. 

The basic tone remains positive 

“WATT AND SEE” has been 
toe watchword in German 
Stock Markets for the past 
couple of months. Wait and see 
what the Dollar is going to do, 
how long strikes in the printing 
and metalworking industries 
will last how high toe wage 
settlements will be, whether 
the Bundesbank will impose 
controls similar to those in 
Switzerland to block tbe inflow 
of foreign speculative funds, 
and, for z time, wait and see 
who was going to win the 
French elections. 

So there hasn't been much 
| buying. On tbe other hand, 
there hasn't been much selling, 
i Without the support of large 
buy orders, prices have tended 
to slip, but the Commerzbank 
Index of 60 leading stocks has 
shown a tough resistance at 
790 (1977 high-low 813.3-712.5). 

Many investors and brokers 
took advantage of toe uncer- 
tainty to extend their Easter 
holiday, so that activity in the 
shortened weeks before and 
after Easter was curtailed even 

But tbe basic tone is positive, 

with an ear to the ground for 
approaching currency trouble. 
Two major factors have come 
together to make shares an 
increasingly attractive invest- 
ment One is tbe precipitous 
fall in capital market interest 
rates. The downward trend was 
accelerated with- December’s 
cut in the Central Bank’s key 
lending rates— the Discount and 
Lombard. This led banks to 
cut the rates on passbook 
savings accounts (to 2.5 per 
cent, in most instances), which 
caused many savers to shift 
funds into bonds, driving down 
yields on fixed-interest 

The Federal Government 
brought out a two-tranche issue 
in February, with an eight-year 
bond carrying a 5.5 per cent 
coupon. . The bond inarket has 
been consolidating this rate, and 
a new Government issue in 
April is expected to carry 
similar terms. 

■ Meanwhile, investors have 
kept their pocket calculators at 
hand to figure out toe effects of 
Germany’s new corporate tax 
reform on dividend yields. The 
reform, which boosts corporate 
taxes to give shareholders an 

income tax credit, is expected 
to make most companies cut 
their cash dividend. Domestic 
shareholders, who rash in on toe 
tax credit (foreigners don't), 
generally receive higher yields 
than the previous year, though. 

This makes speculation about 
dividends a bit tricky. Tbe 
question is not whether a com- 
pany will maintain or raise its 
dividend, but how much will the 
dividend be cut (Cases like 
Siemens, which maintained its 
DM8 dividend rate out of con- 



sideration for its foreign share- 
holders, are rare.) 

Most of the recent speculation 
has been/ focused on the 
big chemical manufacturers 
(Hoechst, BASF and Bayer) and 
the big three banks (Deutsche, 
Dresdner and Commerzbank). 
Commerzbank announced late 
last Wednesday that its dividend 
•would be DM8.50 for 1977 after 
DM9 the year before. This will 

be in line with expectations, 
although some believed until the 
last minute that the dividend 
would be maintained. Deutsche 
and Dresdner now are expected 
to follow suit and cut their 
1977 dividends to DM9.50 from 
DM10. This still means an 

almost 50 per cent, boost for 
domestic shareholders, who 
realise an overall dividend of 
almost DM15 (156 per cent of 
the cash dividend). 

Hoechst and BASF both had 
bad things to say recently about 
19/Ts performance (Bayer 

should report this coming 

week). Still, most dealers think 
all three will pay DM6.50 (1976: 
BASF, 8-50, Hoechst and Bayer, 
8), which would mean a yield 
of 7 per cent (including tax 
credit) at current prices. 

Another possible benefit, this 
one for foreigners as well, is 
that the new Jaw probably will 
encourage more rights issues — 
companies will take advantage 
of the lower tax on distributed 
income to make relatively high 
payouts, but draw the money 
back in by issuing new shares. 
Volkswagen is due to announce 
terms of its planned rights issue 
next week. RWE and Deutche 
Babcock have already announced 
theirs, and others may be in the 


Coiti d jou lt*i me know the 
liability for U.K. income-tax 
of a U.K. citizen working 
overseas on a series of fang-term 
contracts contemplating using 
the purchase of government 
stocks and reinvestment of 
the interest as a means of 
huilding up capital for 

Interest on the gilt-edged 
.-•locks marked with pairs of 
dnubfe uheli in the Finan- 
ced Times Share Information 

Retirement from abroad S£gSjjL s More about V.v , to the 

,4 nu fault” compensation for. "" tatMecessarily. 

injured road accident victims do * ev * on ^ y exceptionally of for a road accident is the in- verifying claims and the scope ■ flei ; - : e Commission 
noi involve the abolition of the senpus consequence for the volvement of a motor vehicle, for abuse would be. too. great ?ew 

The commercial use which you to make a declaration of trust motorist's duly to insure his victim - So even if the Pearson gome half a million British So the victim injured in, say, LpiT?!™, fS^^ eU ?°* fauIt M 

describe docs “oem Jo be in acknowledging your interest in liability for causing injury. This recommendations are imples ^ France or Germany w6a)3Juiite mnrn _ w Vi^r fT v^ en ^ t0 *“ 

breach «f trust. Enforcement the bouse derived from your week i want to look more closely rented completely the victim r.f abroad, while perhaps 3m. or rely on such rights'. » local on “laAd in whShSU JwSlSl. 1 ? 4 ’ 

of the trust lies either with the contributions. A will leaving at some of the detailed pro- cycling or horse drawn vehicle more oyj er Britons holiday or law would allow him * access:* 5 ’ TbBTnmJdc^ 

Secretary of State for the his estate to you for life with posals as they may affect all “ ot . jj 1 * travel abroad each year. So On the other hand .the Cbm- thata pede^i^ iniu^whi^ 

Environment nr with the remainder to his children would road users — and once again I JK* quite a number run the risk of mission thinks the Briton in- he is walking alon^a briffienath 

Attorney-General. You should then seem appropriate. It might emphasise “may 5 : these are proposed ^solely mot0r vehicle injury abroad. jnred herein a vehideai^ideDtor'atherrixht'bf wav &hmild>£ 

write to the Treasury Solicitor be thought desirable for your proposals only and legislation £[ Once they had decided on and 'so' enticed, to “no fault” entitled ' to- YtaMnatlm 

with a view to involving the husband to transfer the house is a long way off. D t i^al luaited “no fault" compensation compensation ought to be able, whether or not tiie velucle user 

Attorney-General or appropriate entirely to you during his life- One of the first things to compensation as ne aoes now. f or British motor vehicle acci- to take that entitlement with has a right to^frive there - Sn 

. — • i .ki flue nmiM hn r?nnn nnur I nmpmhor ie that hv itc tonne nf We can all he miured bv con- c " 



minister m the matter. 

Maintenance of 

Service column is exempt from 
U.K. tax a? long as the owner is Qft CStCLtB 
not ordinarily resident in the .... .1 

U.K. You will find general guid- The house in which we live 
ant* on the question of ordinary belongs to my husband, though 
residence etc. in booklets IR20 I have spent a lot of money on 
and 1R25 (19771. which are ob- ,f - It has recentiy come to ray 
taxable free of charge from attention, tbat if he was to die. 
most tax inspectors' offices: no two minor children by his for- 
doub; vou have seen references mor marriage, could have a 
!u these booklets in the Finan- claim on his estate. Is this 
trial Times, ir these booklets do correct? And If so. what pro- 
nut answer ail your questions. Portion? My husband would 

lime: tins could be done now' remember is that by its terms of We can all be injured by Con- 
or after the younger child reference the Royal Commission tact with stationary motor 
reaches the ase of 18. It is was confined to studying -and vehicles as well asj by being hit 
NOT correct that there is any making proposals on injury com- by moving vehicles. Many an 
obligation to make any specific pensation. So its report makes accident occurs because a motor 
provision by will for a wife, neither recommendation for The vehicle is parked in an unsafe 
The intervention of statute introduction of compulsory lia- position or left unlighted, and 
arises only where the testator bility insurance for damage to there are a number of legal 
has not made reasonable provi- property nor recommendation decisions which deal with the 
sion for bis wife or dependants, for any change in our legal rules liability of the user of the 

for the assessment of liability parked vehicle. 



Possession from 


and quantum for such damage. In the present state of the Pearson Commission Were faced “inflation-- proofiing^ 
'pie Royal Commission was law’ the pedal cyclist who by with the question: — what to do payable overseas. 

- - him if he' should choose to leave -the proposed *rio fault* scheme 

— the country, and recommends would ‘in theory - be wider in 
that the. balance of any ..such effect tban is the. present- com- 

- compensation still due Should -pulsory insurance law. But the 
be paid abroad. . Commission' does not go so far 

■ Moreover, because inflation in as to' recommena-; “no fault" 
the victim’s new country -might vehielp compensation for tres- 
move at- a higher- rate than in passers, and- says the injuries 
Britain, the Commission recoin- incurred on private land- to 
mends that consideration should which, tbb'pbblic has ho right of 
the be given to the -questiem . of access shdold be excluded, 
ced "inflation - proofiing*^ benefits •- The Royal- ■ Commission 
do payable overseas. , ... retoghises. that in so delimit- 

portion ? My husband would 

y..u may like to come back to Ms estate to go finally to 

In the house in which I live, I 
propose to let two flats, the 
occupants sharing a bathroom 

his children, with a life interest with me. As owner occupier can 

Enforcement of 
a trust 

A building was given to the 
local rural district council 
on trust which provided the 
whole of it should be used 
as council offices, or a museum 
or art gallery, and strictly 
forbade its sale or letting 
without the consent of the 
Minister of Health. The 
council has. however, decided 
to let part of it to a commercial 
concern. Can the council 
he stopped? What should 
we do? 

to me. Would it be better to 
put the house in our joint 
names, and should it he stated 
that my share was “ bought ** hy 
the money I put into it ? Is it 
not the case that a husband 
must make provision for his 
wife in his will ? 

I at any time, with a month's 
notice, ask the tenants to leave? 

enjoined to consider our com- mgnt runs into an unlit parked about British citizens injured At present our compulsory- ihg the -boundaries' of ho fault 
pensation law s arising out of car may well be able to recover in -similar accidents while motor insurance law applies to ™mp pnsiat i n T > i • are 

forms of transport other than some damages, (but the courts abroad? “Not without -reluct- the .use of a motor vehicle on- created but' : ft. say s r-that 
motor vehicles: but no “no will look carefully at the degree anee’’ and by a majority of a road: neither. the fanner or anomalies ar© inevitable. anfl- l -V 
fault recommendations are of the cyclist’s contributory 12 — 3, the Commission recoin- estate owner who uses vehicles for example, if alT road injuries L* 
made in respect of accidents negligence). So not surprisingly, mends that -“no fault” cbmpen- solely ou his own land nor the were included--there would still. - . 
involving horse drawn vehicles in the Commission's view' it sation should not be payable for factory owner who has plant be as anQm&y-.between road vic- 
or pedal cycles. There is of should make no difference to vehicle injuries sustained that never goes outside the fac--tims and 'oUter- injured people. 

enursn QO nrosonf nhifont inn nn fhf> narrnpn f nf nn fault mm. hanm*,* nn fil a. : , i i, . a_,' _... 

Yn„ can make lettinKS civins coarse no present obligation on the payment of no fault com- abroad, because until suitable tory perimeter has to .have Far more pedple are inured in 

nntice in the tenancy acreement lhc l I 1 ors ?. nde r/ci river or the pensation whether the motor international arrangements motor injury liability insurance:- the home, -but .'by its terms of 

thVt vou are an owner occuoier ^al cyclist ro insure his mjtny vehicle involved is moving or could be devised it would not but in practice most such reference the. Royal Gontmisr 

„ n : h _. nnccpssion may be re- _fth°ugli many do): but stationary: the essential factor be practicable: the Commission vehicles do carry full liability sion-' was preduded' from cOn- 

covered under Case It of the the accidenls lhe ? c * USe are to trigger no fault compensation thinks that the problems of insurance and so the victim in- sidering -domestic -accidents. * 

covered under Case 11 of the 
loth Schedule to the Rent Act 

Your information is correct as 1977. In that event you can give 
to the power to order provision notice to quit (one months 

out of your husband's estate, notice expiring on a rent day. 
It is impossible to predict what in the case of a monthly 

order might be made for main- tenancy) and recover possession well 
tenance out of your husband’s if you require the demised jj e j ng , 

The drift into danger 

ESTABLISHED cats, the incremental salary scales 

Mr,. Casey’s planned response according .to the latest Reward V'- 
is to continue the acupuncture salary ■ snrvey-^compare with .• - 
pJKfc m in the areas of all local authori- a bout£3.04.for the average per- ‘ 

° ties who do^not firmly dMlare ^^j Manager -and £2.98 ^for /' 

Small wonder then that -Mr. that out - of - cla^oom - hours average productioii manager - ' 

estate — it would depend on premises ft 
what provision he makes by will tion or thal 
and what the extent of his must have 

estate is at 

? extent of his must have a written tenancy ^ drQp frQm theif whiskers state schoolteachers in England s «» nd biggest teachers’ union, 
the date of his agreement, and should consult was how schoolteachers at and Wales. commented that the drift had 

It would probably be a solicitor as to the form of 

desirable for your husband now agreement. 

Alderney residents tax 

Ksasassr s, isenr^s w a.w; jsuisars *.s kSIsTk 

Afric.n n »n4 “t'h° f .tar <, « I Th*e pro- Revenue tave tonu«Uy«^eed idmSS?” 0n]y ab0 “* 94 Per “ nt 

ssaassir** - . SSSSH fair -Sttssz* 

by completing an exemp- and they may well require an 

That was how schoolteachers at and Wales. commented that the drift had 

the two main unions’ confer- When the negotiations for beBn removed not to. industrial 
ences looked this week when to-day's rise began a month ago, muscle, which the teachers did 
Mrs. Shirley Williams, the tn y education authority em- not possess, but by the skill of 
Education Secretary, was scold- payers insisted that the drift "industrial acupuncture" — the 
ing them for the work to this year amounted to 0.6 per withdrawal from duties outside 
rule whu* gained them their cent 0 f the paybill. So they classroom hours had penetrated 
? ul1 1 PJ per cent ’ pay nse ’ start ‘ deducted this from the 10 per at the vital spots. 

"Conferences of . tte "SeUnS - 1 XST S ^"3?" » J? . -£Jt 

In doing this, ■ however, the teachers’ salaries. And this must 

4L.4. t- _ J AM — I — ^ LriaWdlCU oozdiica. auu uua wu 

commented that the drift tad na&UWT could .- be putting be known to -the Govemment 



v change- Its interpretation of the;. 

Finance Acts. But if Mr. Casey .« ■ 
'■‘ were io^ join ' with the locil'. ... 
authorities - in asking Mrs. ;:--' 1 
-Williams to lead- discussions vH; 

resident in the U.K., but that the should write Id your cent.), as there is no double 

!“‘' UR >« ?Ser S n5e hnv e d 

5*2^ ? A Te SS 1 *’ unions^n AprU l°2e» t of obE^.^ 

1 SchoolL'a^er? and Suon o“ ^ About per cenL tore to local education that of comparable groups^ fSSlfO]? - : - 

omen Teachers, had fair Tbe ^ ons response was to authorities over another workers. And if Mr. CaseyS-g^Pta tea roa request m 
I reason for self-satisfaction. withdraw members from “volun- grumble. The Inland Revenue desired definition of their co^ '- 

Unlike most of us who are tary” duties such as supervision has decided that, under the tractnal work .is adopted . m -. TUlure 

nfined bv nav oolicv to a of pupils at lunchtime. The Finance Acts, teachers must be throughout the country, teachers legtsiaociu . . . . . ■— 

a mai »rr confined by pay policy to a 01 PUpus at mncntime. xne Finance Acts, teachers must ue tnrougnout tne country, teacneis 

write to your cent.), as there Is no double . . vear ^ resu j t was widespread disrup- taxed on travelling expenses will then have an average salary 

that (from some specified date) --- ‘ „ - fo {QTms ai Netherlands Government and 

you are now neither resident and A _ tQ bg l0 vou by t h e States of Guernsey. If the salary scales As a ^result, the 

nor ordinarily resident here. If . . l D ii ea2ue at ,he Foreign Dutch holdings are in the form - n0 *„,-* e 

able for your use. then your ^vidends foffice (Lvmwo^ of nomhieSegistered sub- reached the top of their partial 
able f ° r Roa^^Tham es ^^Uon.&urrey , shares, it may be administra- * °° 

residential status for U.K. tax RT7 0 D p,. alternatively, you tively impossible to collect the rv . i _„ iripc 

• PUrpD ho S ,M m SiriJ e hn P S r S can write direct to the Foreign dividends without deduction of ^ ^f theii 

you should study booklet IR20 „ nA i-incT thu UJC tax. but there again you Wl£ ° me an ? , rs r r . .. 1 

scale effectively 

incremental tioo of schools. received for returnin 

i result, the Growing chaos persuaded the outside normal hours 
e not yet employers to “recalculate" the such as attendin; 
heir partieu- amount of drift, reducing it first teacher evenings. 

received for returning to school of £4^50 for- about six- hours Casey is to ■ stop-;-] 

1 parent- a 
And the 

'jns rsrsvrsns sssrnss , « . sss Sj^lsss’J^ 

paybilL and when the unions* ably rightly, to be unwarrant- 

Education. Secretary. With the-: 
^Budget, debates coming -up, 
ia Some- swift- negotiating coold- 

you snouia stuay oaoiaer inzu Dividends Office auoting the UJC tax, but there again you J . 

{Sm Si lS f 2!S t E SSS5S numbr ihlrt wm tee to eek youTb^kto SJ^fffSSwS 

sfysr" " r “ gem “ ts 

,i x, n.,hiio tors latest letter, SO that your are possioie. wan! urhit-h trv-rlnv 

the Inland Revenue Public fiw -.Vhp tn.rprt m. okK- 
Enquiry Room, Room 8, New tax files ^ be traced quickly. 



award which 
the teachers’ 



A^llVIUU. V 1 \UUII)| IWVUI o, v— — 

Wing, Somerset House, Strand, If your Dutch (or South fimS I from about £4 *°° D to 

1 1 yuur isuivu juuiii .. -j ... .v. 

London. WC2R 1LB. African) stores arc in bearer YiSL £4 -9 5 ? 

It should be possible to have form, you will have to ask your co / umns _ ah inquiries will be .f* u ? 



Kuzmin there was a pew readi- It remains to be aeeh,whhth» OpmAng: . English 

ness to take on an uncompro- a new team of Soviet Brand- 1978)^ . T ._ •;**,»> 

But the cost to the taxpayers 

your South African dividends bank to c illect future dividends answered 
paid without deduction of U.K. without c eduction of U.K rax possible. 

soon os 1 will increase by more than 10 

per cent. The reason 


THE NOTED writer Hans Kmoch rivals, 
coined the terms “leucopenia" Players 


known at present in the West hut P-Q<L FxP? (concedlpg.too.nnieh 
will be well known in a few space; better BsNrlt BxB, 


and “ inelanpenia " for insuffi- Geller. Taimanov. Petrosian, Tal - 

But the only potential qrs); 14 PxP. KR-Bli'15T-<ZN 1 *, 

We can show vou 

a be 


the one you give 
the taxman. 

Anyone who receives investment income 
' has good cause to worry nowadays. 

: irst of all, inflation is melting away the 
value of your precious have 
crippling tax rates to contend with— the 
highest in Western Europe. 

But if you know how to go about it, much 
of the money that you are now giving to the tax 

before tax 





25,000 - 

UK Tax on Investment Income 

Additional Investment Income 
-before tax 
£3,000 £5,000 

ax -aftertax 

£ £ 

1.443 1,991 

1,095 -1318 - 

695 895 

506 546 

310 350 


Based on a married man and 1977/8 tax allowances. 

by-product of _Korcbnois resound- ciremtsmce tne eariy ™™ *H« we ek. Of counts. If Kasparov N _^ , BxN is a better chance, 
ing match victories over Petro- it is not s u j£nsiiig that their f lfite Mg promise and becomes though Black's rexwdnihg bishop 
sian, Polugaevskv and Spassky reputations are starting .o >ag. worW cham pi on , that fact itself vSy paSSSr^QR'Bl. 

has been a noticeable decline in The demand from tournaments could trigger off a new genera- p^. 53 PxP -R-NSCJM. 

ItfHaf llh I7C CP ie ticrvallv Ff>V .4. Jaap -fftfnfn th nf 1 2 ' ’■ DIM 

h'z* ’ 

+ r-r* *. ' 

C'."- 1 -’ 

r.’’-. : - 

t-' • • 

■JZl ■- 

{-- . 

! :r -i 



what could be called Russopenia outside the USSR is usually for tion, but it does seem that the 25 ^P-r£ 26 frBi l ‘NvTT'’"' — 

—weakness in the face of Soviet a "name” player who the Rus- Russians wilt be heavily reliant p_K5-’ 27 0-N3 B-KB* 28 N-K71 .1 \l\ K | P 
opponents. _ _ ... sian chess organisers usually on Karpov and Rpmanishjn in i;„ r «. na 'si T , ( ; 'Ws sMce ' v,. u ' 

.pponents. _ „ . sian chess organisers usually on Karpov and — : taiier mcreasum iw , (l , rr ^ 

At Hastings when the English 5en d in company with a younger the early 1980s. ' ‘ ' . advanta«^ «andmaster Lom- . -U3[p A V \ 

players met Petiosian and grandmaster gaining experience. ^ g ame from the Reykjavik bardv finds- Sn intarestiag ■> ' ' ■ 

Sveshnikov and at Reykjavik thp Rnwian? have n nrablem In .1 _ 1um> ve ^. uy l 

Sveshnikov and at Reykjavik The Russians have a p r° ble J? international a few weeks ago to exploit Brack's-' tjtctrwl'weiik' 
when the West era represents- t h a t their younger grandmasters niuS trates - -the decline- of 2L5S, w§te l tffl8®^ 1 

tives took on Polugaevsky and always of course excepting world RusS openia; the player of. White, ^A^d^ qR?kp5Tb»B?‘ 

■ - — " champion Karpov and the W ho. was Bobby Fischer's second 29 r wTt - R1JB2; W NiK BjW:-* 

POSITION No. 20 9 talented and uncompromising on a ^ Qre £amQUS occasion in 3? NxPI FsN; ® 

BLACKdl men) Eomanishin^ _are^ bot^ strong or Reirkjavik> . gradually: drives gcR&rai tif K-K4; 34 &Q5. ; 

’ »v.‘. ' W r "T ”T’i consistent enough to provide 'tie p 0 ]ugaevsky back as the ov?r- . 

^ §5 S _ 3E "SSSr^SJS^^ ture E tp a. toe combination: : 

POSITION No. 20 9 

reputation which, a decade ago, ^ a- fine combination 
caused the Soviet chess 3. c . 

machine” to be feared and justly White: W. Lombardy (J 
respected all over Europe. Black: L. Tolugaevsky (USSR), queen; 

White: W. Lombardy (U.S;). finish; lc®e 

aolr- T. . "Pnliipapvsk-v tDSRR.S niieen: & . . T 

K ■ 

,■*; y* 






WH Pofug™kv Revk- ^ reze/ ^ aFe produced pother hand. smTc^hed^ce^ind king ^ 

. r-OJUgaev&Ky neyK hnnb " in fhp Master Rndsp. r.t koactc AT.. • - - J <n vhft Ace, 

— — — — — — — trumps, South reached a con- South deals _at a. love score . ^ 

tract of seven diamonds. West and bidrf one heart. North says 

BRIDGE led the two of trumps, and the ^ no • trumps, ^ ^ and South 

decT^er played- five rounds i ^5^;^ Jteabrts ; . 

E. p. c. COTTER which caused no embarrassment ^ - tt e Knave of 

to the opponents and accomp- • - V, \ : «eing no - 

Vi shed nothing for himself. Then - tad. _ 

I he played three rounds of way qf eyol^ing a spa^ - 

TERENCE REESE and Roger spades, discarding a club from rf'-thd. taessf . ' ' j 

^ T**?**' ® rid f of -hearts. . Ki Queen dropped, ^^spata ^ ^ ^ 
Browne, who won 5ie tourna- Senes. Those Extra -Chances In and the contract faded. . - smite 

meat ahead of Tony Miles and Badge (Ward Lock, £1.951. Let us replay the hand.- We ^ r .'.hie -King,. an t ^ x. 

javik 197S. U.S. ebumpion Walter 

meat ahead of Tony Miles and Bridge i" ard Lock, £1.95 1. Let us replay the hand.- We 9 1 h W -King, a ntf. 

two Russian grandmasters, sacri- This work does not confine itself draw j'ust two rounds of trumps catios;. ^ 

ficed a pawn to reach this attack- to exotic plays, but illustrates with Ace and King, and cash leads avthlra-^pab^j *- • .. 

? — m nrvii . j « v ■ ■ _ » _ _ ’ Jr ’nnulilfPr '.i 

The effect of inflation on the purchasing power of the pound 
’ since 1971. 

man can often be transformed into Immediate 
income for you, With the right plan, you’ll be 
surprised what can be done. 

And that is where we come in. We have 
134 years' experience of successful money 
. management, and we know exactly how to 
make use of the opportunities, and minimise 
the problems posed by Britain's ever-changing 
tax regulations. 

Everybody's financial, problems are 
different but whatever your needs, you’ll find ft 
pays to have Equity & Law on your side. We'l! 
show you just how you can get the very most 
out of your capital. 

Don't delay Call your financial adviser now, 
or contact any of our offices direct And see if 
we can’t get more for your money. 

ing position as White (to play), standard themes which con- the two top hearts. Now we niffed in hand. 

What did he do next, and how stantly turn up at the Bridge play King of spades, overtake cashes 1 Aca ‘ 

™ fAJSTvSSi-wm*- ^ j tiie Queen wiftdu^s Ace,. ^ 

mwter pKaevskf failSto Pirst we examme a £ rand and discard the four of hearts n^^wowever, allis ^ for ' , V. 
SB? it. 8 y slam. The declarer lost his con- 0 n the Knave. Now we niff the TStffm V. 

PROBLEM Nn 209 tract, because the correct play heart six with the diamond op tliS.; 7 

' seemed a blind spot in his case: Qoeen. This drops the Qneeh later 

n«m(3mm) from East, m successes 

>V - 4 k O. rrn - hand. We return to the table^ ^^a ssade'i ,a heartr *“9^ 

a l T" ’ “tf ■*“ m f/qo vtth a trump to the Knave, -. 

§& W-K jL , r D -“ the Knave of hearts gives' 1 . v a there?; '• ■VVJK."/* 

BLACK (3 mea) 


>*— rjr 




I v 6 3 2 


^ J632 

vJ 8 < 



home to our losing club. > . .. ' ^ V ; 

What -was South’s blind spot? — y : y, 

■: Q 10 fl 
* J 10 6 4 

What -was South’s blind spot ? — y . ■ 

He' failed to see that to djsfr&rd vnnnmg ^ diamondy;:' t 

a heart on the third spade ts>aid he pxeserw i : 

kiH two birds with one stdii'e, - table : *' 

if *tbe hearts hannon^d tn- break ©' ■ *' <*.- 

WHITE <5 men) 

White mates in three moves, 
against any defence (by A. 
Schlatter, “Tat" 1955). 
Solutions Page 12 






if -the hearts happened to break J Saf. ' --''--; . - 

3-3. something which the dis - ixaB ? z 
card of the low club could never ;ihe "spade Ace, 

adu'eve. I. have seen this T, ."' 1 

mistake made many -times at tea ■ -~ - r - •' •* 

opening the bidding complicated: 

uiaue mout ■ uiucs ai — r_. • , r - — ■ amu— . • 

the table. 

This deal is slight^ more; djghM*& ggttfojx ‘ uZ 

complicated: - ' ■ ‘ .. 

with two dubs and receiving a 
positive response of two no 

■w * ■ % ‘irt f~e w » ~ i "»~ w v w j » ■ ■■ ■ ■ j * 



V ir* ’■ ■ -r-r- ■ i rr- «■» n ■i-mt'. -W 


investments can fluctuate - our expert advice could help. 
Rv fully descriptive brochure, write to Dept. FT3 

Equity & Law Life Assurance Society Limited, 20 Lincoln's Inn Fields, London WC2A 3ES. 

Fine StaniplnwstitientService 

Liruh l^fcSaa inssLirnitsKl'- ■■ . 

. 9 CfcrfoL- Das SEs£-.Sctstci ESI 5BS Taepfibie Sr^ol 10272; 204-72 

N : . 

♦ AQ2 
W7M r 'j 

.. E 

W .. E 

* J 10 0 7 3“ 7 ; ♦ K8 5 . 
08 -WQ9.3 

O J9 54 . ■ • •<> Q 102 

+ J84 +K10 9.7. 

r ' S 
♦ 6 4- 

•• - - &-A K J IQ 6 2 
: 0-A-8fi 

' do bet^i^-./ . 

-;-w tr .W it JS-D° L 


FJnaneiir limes- Saturday April 1 1978 

s l 0 



«i years of age, according to TO JUDGE by the amount of A i 

A 0D f. salesman interviewed on money pouring into the /J fA 1 

radio). But then comes question specialist trusts, America now /f f £ 

f number 1^— the crunch qufiS- Qualifies as the average in- 

tioiL Would you be interested vestoris new found land. Not rv *i 

m saving profitably, with that it is in fart all that newly 

assurance protection and tax found: most of the managers TRUSTS iNv 

BYERlC SHORT ” advantages? whose funds are listed in the — 

- y And it then turns out that this accompanying table say that the 

IF WE were left to our own a PPreach is lust a method of real inflow started as long ago 

devices, very few of us would Setting your name and address, as last autumn. According to _ __ ... , 

, do much about taking out ade- in or der that a sales represen- the figures they claim, there Britannia North America 

i quote Jife assurance or effecting Native can come and sell you a *s more than £750,000 a week Chieftain American Trust 

efficient ravings plans. We Jife assurance plan on a regular going .into these funds alone Gartmere American 
would be content to leave the ® as ^ s - If it was a man who had But the Question arises: Henderson N. American 
money in our bank account. As a PP r <>ached you, an appropriate though the British public, JJ * G . ^ 1 * n . cafl , Gen * 

it is, most of us feel that we »™nent might well end the urriike its U.S. counterpart, E!? 

have taken a tremendous step m . tennew and then. But appears convinced that the Dow " * p us Growth 
when we transfer funds to a with an attractive young lady Jones represents good value. Schlesineer American 

building society account for the y< ?“ u^Sht well be more weak- are its fund managers of 

sake of a return. Life fhe s ame persuasion? Or * Approximate figures, 

assurance is something we have .. Objections clipboard selling is that money simply being 


American dream 





% Invested 

invested ii 
N. America 










9 • 



30 *■ 















that a falling market presents 
fine buying opportunities. 

Even where the level of 
liquidity has risen, it Is not 
necessarily a sign of a bearish 
view of Wall Street Midland 
Drayton's fund was only 10 per 
cent, uninvested in November: 
but of the money now in equi- 
ties a much higher proportion 
has been switched to the U.S. 
Gartmore's liquidity has risen 
from S per cent in the past 
couple of months— but the 
managers are distinctly nervous 
of letting it go any higher, 
because they believe that when 
the market moves it will move, 
extremely fasL 
Should that happen there wilt 
of course, be no problem for 

Writing options 

But there is selling and sell- i? t0 ? e jnterview - So last professionals wait for Wall per cent of its funds out of the down. Most of the other funds the sort of money they have to 
it - One method used hv a P^entber. Mr. John Fraser, the Street to bottom out? market. have reduced the level of their deploy is chicken feed by Wall 


■ fit* 

t tf flirt t ft jf. A 

tMHfrpriifra.A&- vv/y.y .Wfor* I 

' \ .K’* ‘V/'. . 

log. " One method used by a "^emher, Mr. John Fraser, the Street to bottom out? market. have reduced the level of their deploy is chicken feed by Wall 

few operators has been making Pnces called for an A glance at the table would Closer enquiry suggests that liquidity already: Henderson Street standards. So the argu- 

,the headlines recently— and €TXd t0 wb at be considered was appear to indicate that that is appearances are deceptive. Of from 20 per cent., despite some raent for investing now is not 

! has been condemned by the a u deceitfu l practice and an the case. Two of the funds the two trusts with a really high nervousness about the market in that it would be difficult to get 

Government the insurance in- a ® u ® e .°* trust The Life Offices contained in it are 20 per cent, level of liquidity, Chieftain has the short term; M and G from in fast, but that it would be 

and -the insurance Association and British liquid, which is really very halved the proportion out of the the same level on the argument expensive. 

-lifce That the Insurance Brokers Association - ■■■■ . . — — 

• !£h known aT clinhnJrd ^ condemned the practice. J) • • I v v\ 

*5? the uninitiated, the PVOVfflClttl HOtCS 

n gramme. Money Box, *has INVESTMENT IN real assets can be an important stage in the 

the street^ Dy an aroacuve girl, thoroughly investigated the — like stamps, porcelain and development of such a market. If ;• .V ' 

1,7116(1 W1 pr« hv +n act T^ho+v. 110 Q P®rations of Milldon, which furniture — is always an attrac- it is updated from time to time, ■ 

stops passe y euier made extensive use of this tive idea. There is the pleasure it will provide collectors with • 

- !2. 0 t iw,5! S Z GT * met b°d. of backing your fancy in guidelines which permit them to : 

• certain questios. I hove not Mr. John Sharp of Milldon has aesthetic terms, as well as the buy and sell with some confi- , : V 

w t him „ n JZ «»*«"** ^at. because of prospect of capital gain if every- dence. Stanley Gibbons' stamp t. : . '"v. * 
approached, but ^ have a copy adverse reactions by the life one else follows suit. From an catalogue is a case in point. j \ w ' r /#■/. 

oL^ot railed ff ^ ace 'odustty. his company investor's point of view, bow- Of course there's no guarantee | '?}':* . ... ’ 

Milldon and ■ Co (Investment us ? . of .^P" most established markets — that this incipient market in pro- f 'flZ-lhiA- -V- jy< .V.'.,.' : • 

Milldon an« uo. (investment board sales. Public opinion is. it those in which there are enough vincial notes will ever develop ? ' ' ' S' •• . 

Brokers). It makes interesting seems, still a powerful force, collectors to make the rarest imd dse Se S ^ - 

Bcrprtained J 1 s J ouId ^ aw Redirected best yeomens extremely valu- thing could go badly wrong. You too many of those bonds around notes are part of a family in 

ab i^re sound rather than r^Vy hear about the life sav- for comfort- which there is already one 

f etc ^ savings schemes. The exciting. It’s much more enter- j n gs that might have been lost Provincial notes are attractive established market— coins— and 

y< ? u 1A)A daims that there is a world taining to put your money into investing in. say. a limited in appearance, as the illustra- one which has reached the 

“J* 0 ' “ °f difference between such sales a market which is young but edition of medallions depicting tion indicates, though they are adolescent stage — Bank of 

whethe r y ou sa ,e on a regular and the clipboard method. But growing up fast the triumphs of Mickey Mouse, rather small to frame by them- England notes. 

rS%- - •5£L/ a E?°i: ^ clipboard selling is to be con- Such a market could be the nmvinHnl hank selves - 0ne of their strengths is The cost of buying, should 

tank, building demned even though the import- one now developing in British t H . th that tbe banks which issued you decide that it’s worth in- 

sodety, unit trust She then ant question is asked at the provincial tank notes. Spinks “Uf tl>em were dotted alt over tiie vesting in the hope that a mar- 

asks whether you are mamed beginning— as Property Growth has just published a catalogue f f country, so that any collector ket will develop, is still quite 

and your age. You might well Assurance insists is done by its of them, to coincide with an can probably find a note with the modest. The price range in 

think at this stage that you have clipboard girls— then why is exhibition at their premises in name of his home town ou it So Spinks’ exhibition is £3 to £125. 

got it made (the girls only door-to-door selling not to be the West End. ?“ f"S d there’s a basis for parochial More than half of the notes ex- 

approach males between 18 and condemned likewise? The publication of a catalogue tend?" in another loyalties-the sort of thing £ ibited ww sold within the 

now seems to be developing, which can fire the imagination tw0 ajs ' 

Institution/ ’ purchase du« s P inks sa >' s tlhat there are just of enthusiasts. Provincial bank JAMES BARTHOLOMEW 

fund Currency Quoted Valuation on issues % % 1 year | • 

approach males between 18 and condemned likewise? 


fund Currency Quoted 

Rothschild Asset Management (Cl) 

Old Ct. Equity £ — 

Old Ct Income £ — 

Old Ct Inti. £ — 

Old Ct Smaller Cos. £ — 

LAST WEEK I took a look at 
the possibilities which the new 
market la traded options will 
offer to the man who would buy 
call options in a stock. This 
week let us consider the possi- 
bilities available to those who 
would write those options. 

Anyone who writes an option 

— that is, grants someone else 
the right to buy at a certain 
price in return for a premium 

— runs the risk that he will be 
asked to fulfil the bargain. Now. 
if he happens to have the stock 
to cover his commitment — if 
he is writing a “covered option” 

— that isn’t too much of a 
problem: he may have to for- 
feit some profit if he has to sur- 
render that stock, but it doesn’t 
expose him to very much of a 
risk. If, however, he does no 
own that stock (if he is a 
“naked writer*') or if he 
owns enough to honour only 
part of tbe bargain (if he is 
u partly covered”) then he 
could find himself in very deep 
water indeed. 

Let’s suppose that he’s 
granted to someone else the 
right to buy ABC stock at 400p, 
in return for a premium of 40p. 
If ABC were, at the time, to be 
standing at only 360p, he might 
have thought that he was safe 
enough, even bough he owned 
none of tbe shares himself. But 
supposing that there was great 
and unexpected news for the 
shareholders of ABC: a take- 
over bid, perhaps, or the dis- 
covery of gold under the park- 
ing lot. Their shares might 
double, maybe even treble, and 
our friend would have to chase 
them up in order to fulfil his 
commitment to sell them at a 
very much lower price. 

Writing uncovered options is, 
therefore, a risky business, 
though not so risky as it would 
at first appear: certainly in the 
traditional options market com- 
paratively few people have had 
occasion to regret that they took 
money from other people in 
return for the right to buy 
shares that they didn't have at 
a price they considered those 
shares most unlikely to reach. 

Such risks as there are, haw# 
ever, can be offset by closing 
out the contract through the 
new traded options market 

This is a facility peculiar to 
the new market. Previously it 
was perfectly possible for an 
investor to sell the right to buy, 
say, a given number of ABC’s 
shares at 400p; and — assuming 
that ABC’s shares then increased 
in value — to buy the right to 
acquire them at 420p. But each 
bargain would be struck with 
a different party; it might prove 
very difficult to synchronise the 
dates; and the price exacted for 
the rights in each case might i 
bear very little relation to their 
open market value. Once the 
new market opens each deal 
will be with the same party — 
the London Options Clearing 
House — and both dates and 
exercise prices will be stan- 

What happens when a 

naked writer” fails to close 
out his contract and finds him- 
self faced at the end of the day 
with an obligation to buy the 
shares to satisfy it. and no 
money to do it with ? The 
London system is designed to 
eliminate any possibility of i 
such a debacle, in that there 
are a series of safeguards. 

In the first place the “naked 
writer” must deposit with the 
broker with whom he is dealing 
25 per cent, (in cash or a bank 
guarantee) of tbe value of tbe 
underlying shares plus the 
difference between the underly- 
ing stock price and the exercise 
price of his option. 

Members of the London 
Options Clearing House — 
through whom all deals must 
be channelled— will, in addi- . 
tion, cross guarantee one an- i 
other for £125,000 apiece; and 
that fund can be called on in . 
the event of a default And If . 
these resources are insufficient 
to meet the obligations of de- 
faulters, the Stock Exchange 
compensation fund itself will J 
be used to do so. 


Valuation on issues 

Old Ct Commodity 
Old Ct Dollar 

£ — Monthly 1.000 units 

£ — Monthly 1,000 units 

£ — Monthly 1,000 units 

£ — Monthly 1,000 units 


£ — monthly 1,000 units 


$ Amsterdam monthly 1,000 units 

* Plus directors* and managers* fees and expenses, 
t Plus fcicentive fee of 10 per cent, of any appreciation 

ONE OF the frustrations for 
tbe would-be -adventurous in- 
vestor in UJv. unit trusts is 
that it is impossible to invest 
directly in commodities: the 
nearest that he (or she) can get 
to it is a fund which invests in 
the shares of companies with 
a high exposure to fluctuations' 
.in raw material prices. The 
same constraints do not apply 
to residents abroad, for whom 
there are any number of man- 
aged funds with portfolios very 
largely composed of holdings, 
aither oE th® raw materials 
hemselves or of contracts for 
-heir future purchase. 

Among those funds are two 
oartaged by Rothschilds, as 



part of tbeir offshore stable. 
They include the only dollar 
fund within the stable at the 
moment — though proposals are 
now before unitholders in the 
International Fund, for a change 
in its denomination to a dollar 
base. Rothschilds’ commodity 
funds are unusual in that they 
combine holdings in the raw 
materials themselves with hold- 
ings in the shares of companies 
with commodity exposure — the 
argument here being that this 

gives, the funds some access to 
commodities, like oil. which 
cannot be bought and sold upon 
the market. At the moment the 
split is 40/40. with 20 per cent 
of each fund held in liquid 

As of now Rothschilds’ funds 
are only open to those with 
capital to invest — there are no 
savings or life assurance plans. 
For all their apr ?al as a way of 
investing in real assets, success 
in ' the commodity funds 
depends. like success in any- 
thing else, on getting the timing 
right' As the table indicates, the 
offshore investor would have 
done much better over the past 
year in one of the other funds. 

Cabot Extra Income 

Unit Trust 

Invest in America 

• El 

those leading US shares which ^ Tyndall [ believe i (Mr ,A to ,M BS ormfc> 
^cnow es pecially undervalued, and is invested j Qyi»MKapg — 

^now esp ecially undervalued, and is invested otr«q 

“®°ugh the premium currency pool. 

. Today’s strong pound means thatBntish 
IQ y E ? t ors get more dollar stocks formeir 

ir«>i i '•mv.'TL | ua,,ih :ih*' 

^^^ugerateby investing now. For your _ 


fit 1 




The Cabot Extra Income Unit Trust offers- art!, 
estimated current gross yield of 9.1% which, 
represents one of the highest yields currently 
available for a unit trust wholly invested in 
ordinary shares. There are no preference 
shares. Moreover, this yield is higher than 
that offered by many fixed interest investments 
and it is the Managers* aim to select shares 
which provide prospects of improving divi- 
dends in order to maintain a partem of increas- 
ing income distributions. 

Should the Government remove the 
current restraint on dividends, the distributions 
made by the Trust- should improve because 
companies within the portfolio will no longer 
be ' subject to the maximum dividend 
increase of ten per cent; 


Cabot Extra Income Unit Trust has a wide 
ranging portfolio invested in shares of carefully 
selected U.K. companies. Many investment 
advisors acknowledge that, over the longer term, 
the overall return offered by the spread of high 
yielding shares is likely to prove more attractive 
than many fixed interest investments. 

Profits of many U.K. companies are now 
moving ahead strongly and it is likely that the 
Government wiU increasingly regard a healthy 
and profitable private industrial sector as an 
important part of its economic strategy. 

Remember that the price of units and the 
income from them can go down as well as up. 

You should regard your investment as a 
long term one. 


Since Cabot Extra Income Units were first 
offered to the public, in September 1977, 
unit offer price has risen by 12.8%. The 
Financial Times All-Share Index has Men in 
the same period by 6.3%. 

The value of the Fund now stands a t£6 



Cabot Extra Income Unit Trust has been 

designed for those who require a high and 

regular investment income. Distributions are 

made once a quarter on:- 

ist February, 1st May, 1st August^ 1st 


The first distribution on. units purchased 

9 - 1 % 

Estimated current gross yield 


under This offer will be paid on 1st August 

1978 . . . 

Cabot Extra Income Unit Trust offers, 
through concentration of investment in 
ordinary shares : — 

x) High initial level of income. 

2) Prospects of improving income. 

3) Prospects for capital growth. 

4) Quarterly income payments. 



Investments in Cabot Extra Income Unit Trust 
are managed by Henderson Administration 
Limited, an investment management company 

established in the City for 40 years and now 
managing funds, including theHenderson Unit 
Trusts, approaching £26010, 


Ask your professional advisor whether you 
should consider an investment in this extra 
income unit trust. You can invest through him 
or direct by using the coupon below. 

This offer of units is made at a fixed 
price of 564P xd and will close on April 7 
1978 or earlier at the Manager’s discretion. 
Units will be available after the offer closes at 
the ntirmal daily price. 

Unit Prices and yield are published 
daily in leading newspapers. 


Commission of 1 will be paid to recognised agemz. An initial 
charge of ;"q is included in the offer price. An annu a l charge of j % 
(plus VAT) of the value of the trust is deducted from gross income to 
cover administrative coats. 

Contract notes will be issued and nnit certificates will be forwarded 
within six weeks of payment. . 

To sell units, endorse your unit certificate and send it to the 
Managers. .Payment, will normally be made within seven working 

Tmsree "Williams* Glyns Bank Limited. 

Managers Henderson Unit Trust Management Limited, 1 1 Austin. 
Friars, London EClN aEP (Registered Office i. Reg. No. 856263 
A member of the Unit Trust Association 

i ^ To: Henderson Unit Trust Management Limited, 

1 Dealing Dept, 5 Rayleigh Road, Hutton, Brentwood, Essex CM13 iAA. 
I Telephone enaniries ot-cKR 3I»m. 

j Telephone enquiries ox-588 3622. 

■ I/Wewishtobuy units 221 Cabot Extra Income Trust at the 

J fixed price of S64P xd per unit (nmumum urinal investment 1,000 units). 

I 1 I/We enclose 2 remittance of £ payable to Henderson Unit 

Trust Management Linrireri. After the dose of this offer units will be 
I available at the daily quoted price. 

| Surname: Mr./Mrs. /’Miss 

| iloex CAPITALS PLEASE ' * 

| Christian or Fust Namc(s) : 

| Address: ' ' 

Our Share Exchange 
Scheme provides a 
favourable opportunity 
to switch into this Unit 
Trust. For details please 
tick box or telephone 
Geoffrey Shircore . — . 
01-588 36 zz. j j 

I /Wc declare that I naive ace not resident enztsitfe the Scheduled Territories and thar I am/we ace 
act impa ling the units tt the nommccfG) of any petsonfs) resident outride these Tengonq. 

Sigriftturcfs) ' ' ' ' 

gf thett are joint appficaats each mnariga and araeft names amf addresses separately). 

J 7d} offer ii mi available u> 

Henderson I 

Unit Trust Management ^ j 


FifiaiKual Times Saturday '/qjftl 2_2978 

w i 


Old voices prophesying doom 


DESPITE THE mure than larab rcporlf 25 houses “ on the 
anti alar-TJivt rumours. histories books" against 74 at the end 
and laic.i w th? contrary the of the last quarter, and this 
PfM«n "rising sellers’ market tere! of decline U by no means 
can m no way be compared i»* un usual nationally, 
condition* in'lSTi To-day’s i- An agent in Cheshire says: 
hke a vicarage tea party com- *• v.’e are currently experl- 
pa rcu to the lunacy of sis years enc:r.£ ‘ panic buying * 
aco. Sut the ^ me* patiem w j;h virtually any available 
hv-.Rj* tu emerge: and the same property being snapped-up. At 
>ort of language comes once proem. demand far outstrips 
again into currency. supply." 

While trying desperately to As in previous 1SVA surveys, 
avoid it the latest report on the the housing market was broken 
market by the ISVA cannot help down into four different 
falling . into that breathless categories for analysis: 
anticipation of boom to come, (a) Terraced and semi- 

Tn be fair their report is detached houses up to £12,500. 

normally one of the most (b) Semi-detached, detached 

accurate and they opine as and town houses /bungalows 
follows. from £12.500 to £20,000. 

More than any other factor, (cl Detached and town 

it is the acute shortage of pro- houses/bungalows from £20,000 
perties in all sectors which has to £35,000. 
led to the recent prices escala- tdi individually styled resi- 
tiun. The Government’s pressure (fences over £35.000. 
on building societies to reduce in each category the price in- 
tending in a bid to hold down creases during the quarter have 
prices, may prove tu be ineffee- been the largest recorded since 
tual. the heady days of 1972 when 

There are fear* that any short- some property “values” doubled 
term “stabilisation” will only overnight, 
lead to another major price in the lowest price range, 

explosion when the restraints category (a), the average in- 
are lifted. crease was 8.5 per cent, and, in 

Although most agents prefer the £12.500 to £20.000 category, 
not to talk in terms of booms prices jumped 10.5 per cent, 
and spirals, it is apparent that. in the highest price range, 
since the beginning of the year, categories (c) and fd), the in- 
the market has “ ta ken-off ” in a creases were also accelerated at 
manner disturbingly reminiscent 8.8 per cent and 7.S per cent, 
of 1972. respectively. 

The returns, covering the It scarcely comes as a shock 

period from November 30 to that, with figures of this sort 
February 28, were completed emerging from the national sur- 
by member agents from all vey, response to the question: 
over the country. The new “Are house prices now increas- 
statisties show an alarming ing generally? ” was an over- 
drop in the number of homes whelming affirmative, 
on the market since the last There is a further indicator 
survey was compiled with —or rather the basis for an 
latest figures indicating a fall indicator— published this week 
of 34 per cent in housing on how prices will move in the 
availability. coming months and years. The 

This follows marked decreases National Association of Estate 
indicated in previous quarterly Agents are starting a house 
surveys and, for some smaller price index. They have just 
agents, the lack of housing published what their members 
“ stock ” is at near crisis levels, assess as average prices far 
The Government’s intention various kinds of properties 
is. in the main, welcomed. But around the country: this will 
agents believe that, in the Jong form the base price from which 
terra, the real solution is to all future quarterly movements 
give house-builders the incen- in prices will be compared. The 
lives to provide more houses base price shown will equal 100 
in the form of new develop- in the next publication to form 
ments: the renovation of exist- a point by point index. Next 
ing properties, and inner city publication will be at the end 
renewal. of June. 

From individual agents, the On the present figures, bow- 
figures underline the national ever, it is interesting to note 
story. An agent in Coventry the variations in price for the 

same type of property around 
the country. For instance, for 
a non-basement terrace house 
built around 1900 in the town 
cenire. with two bedrooms the 
prices range from £15,000 in 
Aberdeen to £4,500 in Leicester. 
For a 3 bedreeiu semi-detached 
house in the suburbs built 
around 1938 with central heat- 
ing and garage, you would have 
to pay £28.500 in Kingston, but 
£11.730 in Stoke on Trent. And 
for a modem style 4 bedroom 
detached house, that is to say a 
•■superior" residence in a 
“premier" residential position, 
with all amenities the price 
would be £50,750 in Leather- 
head and £24,125 in Bradford. 

With the common shortage 
of properties both residential 
and commercial, together with 
the hoped-for upturn in the 
economy. 197S could be noted 
for the year when developers 
go back into business. There 
has been a particular shortage 
of new residential property over 
the last two years and there 
appears to be an overwhelming 
demand for new property as 
fast as it can be built. Ches- 
tertons, the London agents 
seem to see the old patterns 
re-emerging. , 

It is very significant that one 
of rhe largest new developments 
being built in Central London 
has already been 50 per cent 
presold. Shell purchased 49 
flats earlier this year in MEPC's 
new block of luxury flats 
in Ebury Street, which is not 
due for completion until the 
end of 1978. No. 55, Ebury 
Street will provide some 96 
flats in total and is designed 
around a central communal 
garden. Units will be from 
two to seven rooms and there 
will be underground garaging. 

Chestertons and Douglas 
Lyons and Lyons will be offer- 
ing the remaining 47 flats for 
sale on long teases to individual 
purchasers in the autumn. 

Underlining the demand for 
new property. Chestertons, 
Kensington, have sold a new 
development in Holland Park 
almost completely from plans 
alone. On the corner of 
Abbotsburv Road and Oak wood 
Court, L. Tellings are building 
an exclusive residential complex 
of five houses and a four-storey 
block of seven fiats (see illus- 
tration). Building works are 
now at first-floor level with , 
expected completion in autumn, 
when the agency will be offering 

the final phase of three flats 
and one house. The three-storey 
house is freehold and has five 
bedrooms, two bathrooms, two 
reception, garage and garden. 
The flats, from two-three rooms, 
will be offered on 99-year leases 
and each has its own separate 
loeb-up garage. 

Buyers are even attracted by 
scaffolding in their search for 
new homes report Chestertons. 
A redevelopment of three 
period, terraced houses, 
currently in the hands of 
builders at nos 16-28 Cleveland 
Square has brooght inquiries to 
their Albion street office and 
two flats have again been sold 
from plans alone. The con- 
version will provide 22 elegant 
flats ranging from one to seven 
rooms and three flats will have 
large terraces leading directly 
on to the private gardens at the 
rear. Expected completion will 
be during the summer. 

Reflecting the near urgent need for new properties of all kinds to satisfy a growing demand 
Chestertons have sold from plan almost all the units in this small scale development at 

Abbotshnry Road, Holland Park. 

No longer a nuisance 

THE BRITISH Post Office, 
which has been a pioneer in so 
many postal matters over the 
past three centuries, was the 
last to entertain the notion that 
philatelists could be anything 
other than an infernal nuisance. 
Postage stamps and postal 
stationery were produced solely 
for the prepayment of postage 
and that they could have any 
other significance or value was 
purely incidental. New issues, 
particularly commemoratives, 
were kept to an absolute mini- 
mum and no attempt was made 
to provide a special service for 
the collector. Everything pro- 
duced by the Post Office was — 
theoretically at least — available 
from any one of the more than 
25,000 post offices up and down 
the land. 

The advent of postal 
mechanisation 20 years ago 
brought the first subtle change 
in official attitudes towards coi- 
led ors. In 1957 electronic sort- 
ing of mail began at Southamp- 
ton and stamps with graphite 
lines on the backs were intro- 
duced experimentally. Collectors 
had to write to the head post 
office in Southampton for 
supplies and for the first time 
the Post Office was involved in 
a mail order operation on a 
matter, which probably 

large scale. In April 1959 an 
experimental two- shilling book- 
let was launched in the 
London area and it was inti- 
mated that, by writing to an 
official in London Postal Region, 
collectors could obtain 
examples. Ordering of these 
booklets was a complicated 
explains their scarcity to-day 
and consequently high catalogue 

A more liberal attitude to- 
wards commemorative stamps 
crept in in 1961 and two years 
later a First Day Cover service 
was introduced. This entailed 
the establishment of a Philatelic 
Bureau at long last. Those who 
remember the original Bureau 
will recall the maze of gloomy 
passageways in the old Central 
Telegraph Office in London (now 
demolished) which led one 
eventually to the counter. Even 
the placards sign-posting the way 
to the Bureau were regarded as 
collectors’ pieces and were 
stolen regularly, with the result 
that many visitors to the 
Bureau frequently lost their 
way. However, the struggle was 
usually worthwhile and the 
staff were never falling in 
courtesy and helpfulness. 

Naturally the counter clerks 
who manned the pioneer Bureau 
had to learn about the foibles 

and idiosyncrasies of collectors 
as they went along. In. its first 
year of operation (1963-64) 
sales at the Bureau were around 
£100,000. The following year 
they rose to £175,000 and in 
1965-66 rose sharply to £455,000. 
As business expanded the Post 
Office looked around for a more 
permanent site for the Bureau. 
The Edinburgh Head Office had 
operated a temporary Bureau 



in September 1964 for the Forth 
Bridge stamps, and again in 
January 1966 for the Robert 
Barns stamps with spectacular 
success, and this led to the 
decision to relocate the Bureau 
north of the Border. 

The move was fully justified; 
in its first year in operation 
( 1966-67) the Edinburgh Bureau 
doubled the previous year’s 
turnover, achieving a sales 
figure of £844,500. Today the 
British Philatelic Bureau has 
increased that figure almost ten 
times. How much of that £ 8 dl 

is profit is difficult to estimate 
since many of the stamps pur- 
chased from the Bureau will 
eventually be put to postal use. 
Overseas sales account for about 
a third and can safely be re- 
garded as pure revenue since 
stamps sold out of the country 
are unlikely to be repatriated 
for postal use. Moreover, 
although the figures from the 
Bureau take account of the 
revenue accruing from sales at 
the 18 philatelic counters in the 
major post offices, they do not 
include the sales made by 
ordinary post offices to philatel- 
ists, mainly on the first day of 
a new series of stamps. It would 
he safe -to say that philatelic 
sales now represent a very use- 
ful income to the Post Office 
and go some way at least 
towards pegging postal rates at 
their present level. 

The Philatelic Bureau now has 
subsidiaries in Paris, Naples, 
Melbourne, Singapore, New 
York, Frankfurt and Tokio, has 
produced promotional literature 
and presentation packs in Ger- 
man and Japanese from time to 
time, and plays an active role 
in the major philatelic exhibi- 
tions around the world. Apart 
from stamp dealers, the 
Bureau’s customers now include 
private collectors in 107 coun- 
tries and those with a standing 
order may rest assured that 
they w21 receive everything 
handled by the Post Office. 
Stamps themselves have become 

much more complex in the past 
decade, with 1 various positions 
of phosphor bands, . gutter pairs 
and combinations of cylinder 
numbers and . “ traffic lights,” so 
that a standing order with the 
Bureau is virtually the only way 
of ensuring- that you keep up-to- 
date.. - . 

The ' Bureau publishes a 
monthly Philatelic Bulletin, con- 
taining the latest information on 
new issues as well in-depth 
articles by leading philatelists. 
In addition, the Bureau staff 
handle' an enormous volume of 
correspondence and Inquiries 
from collectors all over the 
world. Patience and painstaking 
accuracy are the hallmarks of 
this highly professional opera- 
tion. ... - . . 

High points of the year are 
tile half-dozen .. or so special 
stamp issues; with their accom- 
panying presentation packs and 
First Day Covers. Since 2970 
pictorial cancellations have, 
been provided for the majority 
of these issues, and have un- 
doubtedly enhanced the popu- 
larity of FDCs. Many com- 
panies now use the Bureau’s 
facilities and mail FDCs to their 
clients, agents and dealers as 
a goodwill gesture and this ser- 
vice is even used by firms in 
Europe, notably Germany. 
Inquiries regarding these ser- 
vices should. he addressed to the 
Manager, • British - Philatelic 
Bureau, Lothian House, 224 
Lothian Road, Edinburgh. 



The real Surrealism 





b roughr to you by the Canadian Estate 
Land Company since 1964. 

# $2,245 buys 10 acres in Nova Scotia with 800 feet of road 
and access to private beach. 

# 52.966 buys 0.6 acre lor on Lake Huron. 

9 53595 buys 15 acres with river and road frontage. 

9 54.405 buys 5.2 acres on river in Western Canada. 

9 55,395 buys 70 acre hunting property in Cochrane with 
frontage on Trans-Canada Highway. 

# $13,500 buys 162 acres in Northern Ontario with frontage on 
scream and Trans-Canada Highway. Close to Dryden. 

# $16,195 buys 392 acres with river fron'tage and mining rights 
in Northern Ontario. 

These are CA5H prices. Easy terms 
available with low downpayment. Aii 
properties guaranteed. 12 month exchange 
privilege. 24 hour answering service for 
your convenience. 

286 Lawrence Ave. Wesr. Dept. 9C 
Toronto. Ont. M5M 3A8 
M16) 789-4536 
Telex: CELCORP 06-22599 

Baia Santa 


“Casa SHALOM” with separate lake property, 
lovely, modern, spacious villa (5 bedrooms) with 
S00 m 2 garden available to foreigners. 

Contact: John L. Suter, 4023 Basel 
Tel: 061 46 36 26/47 39 89 
Telex: 64 326 NASA 

TWi new Resort. on the north. , 
east couc now offers for talc 

Studios. 2, 3 and 4 main room 
maisonette*, most fully furnished 
with private gardens. 

Prices about £14.00 0 to £.31,000. : 
Mortgage facilities available. 

Recommended for Holidays and 

Superb laellitics will include hotels, 
swimming pools, tennis courts and 
many more. 

Brochure from: 

23 Berkeley Square, . 

London W1X 6AL 
Tel: 01-629 9050. 

. Ref: YS. 



(xolall ' ouxnim 



if you wish to buy — sell — rent or have 




managed in the 


Write to: 


26 bi* Bd. Princess Charlotte, Monte-Carlo 
Principality of Monaco 

TeJ. (93) 50 66 00-Telex 479 417 MC 

Documentation sent free an request 

(A1 2 miles. Leeds 14 miles) 

A superbly renovated period stono Manor House in a village setting. Gallcrfed 
hall. 30 ft. x 20 It. Drawing mom ^ with- inglenoo*. Z7 It omfng room, 
luxury breaJcfast-rooin. kitchen, cloaks *»irtlktv room. Master suite with bath & 
dressing morn; 3 further double bfKJroonrs and 2 nd 1 bathroom, hull C.H. plus ' 
double glaring. Double garage, tack room, bam & loose bows. Garden & 
Paddock about 3 ACRES. 

Further 11 ACRES separately available. 

Freehold 1" excess of £ 6 o.« 00 . 

Apply fork OBRe (09041 2S0S3. 

Magnificent Georgian Mansion sec in 
parkland grounds of Ilf acres com- 

psrVlind grounds of Hi acres com- 
bining complete rural peact with easy 
access M 5 motorway. Approx. 30,000 
sq. ft. wish PP boari. office, school 
and institutional user. Numerous 
ancillary buildings and dilapidated 
lodge cottage. Mam services. £100.000 
Proa hold. Ref. 5458/JW/RB. 

London Chester Chichester Chipping Campden Cirencester 
Midhurst Newmarket Northampton Yeovil York 

22 Cathedral Yard, 

Tel: (0392) 51571 



A fine period residence occupying a 
unique picturesque site of 31 aarus 
only 20 mile* from York. Large halL 
.1 receptions, ktuhen, elks. ftr.c .«. 5 
Bedrooms. S Bathrooms. ombniUQnjs, 
Horse Bates, etc. Sale by auction. 

I Splendid, modern and luxurious flat j 
I overlooking soa and town. 150 sq.m, 1 
surface + 100 sq.m, terrace, large ] 
I living room. 3 bad rooms, 3 bathrooms. ] 


Only £2.00 per line (minimum three lines) 


1 Maids room, fully equipped kitchen, 
air-comfrtKming, Garage and Puking 
lot. Price: Fn.l ,550.000. 

Large selection of villas and flats 

Write CO; — 

43. Boulevard Albert ler. 

(K -An Gibes. fFNAIMJ. 

Tel. (93) 34.44.68 -■ FRANCE 

FnU particulars from 

22. Htsb Peters ate, York. 0904 27777. 

Return this coupon with details of your property 
together with your cheque and publication will 
take place next Saturday. 

Land for industrial 
and commercial 
development within 
30 miles London 

a Me reulica Elizabethan family house. 
Hall, cloakroom, 3 hue reception rooms, 
fitted kitchen, morning room, utility 
room, sun loggia, S bedrooms, a 

batnrooms. many splendid exposed 
beams, double garage- Delightful 
secluded fully landscaped grounds.. 
OXara In excess of teo.OOQ treehokl. 
Broadoem Leigh ana Partners. 
Cijobham WOBOSf 77% 1. .. .. . 

DERBYSHIRE: . peak Park Village. 3 
Elizabethan cottages, excemionauv 
converted to s beos. 3 rett- 2 bath- 
roams. C.H. TWo-ihtrds acre. _ trout 
stream. «0 mins. Manchester. £47,500. 
Phone: 061 -Wfi n BO. 

MANCHESTER: A 1 rcMentml area. IS 


Chartered Surveyors 
46 Cannon Street 
London EC4N 6JP 
• Tel: 01-248 1851 

rail Ills 
_ rtRSMIRt. 
Mted • .freehold' modern 
... snee In select semi-rurai 
reriSenUri. aneai TO miiea from Blr- 
m mg ham city centre, briefly comprising-. 

control 4.75 acres including 
lineal feet or finest Cartoecjn aeacii- 
Irent and ooaratc a highly successful 
cottage resort occupying less than 1 
o( property- The timing Is right for 
development or more units or con- 
dominiums and would consider foint 

Sjjjjfip.h Ma«. Sotit lever drawing 
ROOitt'DlBiM Room, Brulibn Room; 

mins, sanfre. Two- roomed flat- C-G-f 
£.7.600. Pnone: 061-136 '160. I 
four . FLATS overlooking Chamtwl I 
vnmnrtr l,o. w. cio.300 each. RLGl 
a3, fitiertheoth Rd.. .Farnham. Sorret, 

Nomw Dining Room, araaiebut Room ; 1 
kitchen- Utility. eat~ 4. Good sized 
bedrooms. 2 bathrooms, ample roof . 
*£■« jor further ; accommodation, full 

•C. -.3T «w”»nmoHon, nm 

oas, fired central has nog. 2 car garage. 

. th* region 

landacaped gardepfl. ousts m thy region 

»Sl.i£ 7S ’v8fL.w 0 iwi 

newlat. Telephone. 1-236 6*77. 


or lelepho^m.^g soon, p.xt. 390 

venture with Investor or contractor. 
Expansion prelected to yield aont bj. 

safely, plus one month's free vacation 
in Caribbean lor each participant. 
-Principal visiting London 1-14 June 
for discussions with interested; oartio*. 

Write Box T.485S. Financial Times. 10, 
Cannon Street. EC4P 4BY. 

UNTIL comparatively recently 
the school of artists known as 
the Surrealists were regarded 
as being among the least 
interesting, certainly, in terms 
of price pef picture, the least 
valuable, of the many different 
phenomena of 20th century art 
Had one been collecting the 
best examples throughout the 
1960s, one would have been able 
to purchase superlative works 
by Ernst, Dali, Magritte, 
Tanguy, and Delvaux at prices 
which seldom, if ever, rose 
above about £12,000 at auction. 
The prices for top works by 
Max Ernst and Yves Tanguy 
were always a little higher than 
for paintings by the other 
artists mentioned and until 
1968, the auction record price 
of a Dali was £3,600. 

It is difficult to suggest a 
reason why the last decade 
should have seen such an extra- 
ordinary revival of interest. Cer- 
tainly no explanation is offered 
in the splendid catalogue of 
the current Hayward show by 
Dawn Ades. Dado and Surreal- 
ism Renewed. It is tempting to 
think that after more than a 
decade of what might' be des- 
cribed as austerity in the arts, 
with many of the leading artists 
and critics concentrating on 
abstraction and even minimaJ- 
istn, the return to popularity of 
Surrealism, like what now 
appears to have been the brief 
flaring of international interest 
in Super-realism, is symptomatic 
of the general desire to return 
to, or perhaps be entertained 
by, a more representational 

It is also true that despite the 
art market’s apparent rejection 
of Surrealism in the late 1950s 
and 1960s, paintings by Bali 
and Magritte have probably re- 
mained among the most popular 
with the public. Reproductions 
of Dali's paintings are among 
the perennial best-sellers and I 
would imagine a fair propor- 
tion of the public would be able 
to attribute a Surrealist paint- 
ing before tbey could a Matisse, 
a Picasso, a Klee, a Braque, a 
Brancusi or a Pollock, 

Fifteen years ago, it was 
fashionable to look upon the 
majority of Surrealists. Ernst 
and Tanguy again excluded, as 
somewhat frivolous lunatics. 
Certainly theirs was not an art 
to be taken seriously. Such an 
attitude is in strong contrast to 
the one now prevailing although 
it is still difficult for the layman 
to find a book which will explain 
the political and intellectual 
background to Surrealism as 
opposed to the many volumes 
devoted to the school purely In 
terms of works of art. The 
Hayward catalogue previously 
referred to is a large and 
apparently all - embracing 
volume which is. however, 
i beyond the scope of -the 

ordinary reader and not an easy tfon in the Western world to* f - 

read even for the comparative day. ; The Surrealists.’ reaction ]' 

expert. to the revolt of the Biffs in : ^ 

Among the many new books Morocco against French Colonial 
on the subject which have rule in 1924 found its parallel ■ 
appeared in the last twelve almost 40 years later with the * 

months, in anticipation of the crises in South-East Asia and 
Hayward show, is one which I Algeria, and since then has been . 
would particularly recommend mirrored by the attitudes of the ]’■">, - 

as being possibly the only Western intelligentsia to one ^ \ 

up-to-date work in the English major crisis after another — .. 

language to attempt an analysis Cuba, North T^etham, Worthera *T\ ’ ' 
of Surrealist politics . and Ireland, Israel, ; Angola, etc..' , j \ S 
thought, with the paintings and Only on the subject of the Horn , v 
sculptures in the role of ind- of Africa, where the -Russians ; 
dental accompaniments. This is are apparently, backing the . 

The Real World of the Sur- ** wrong ” sicte, is the usual-.., 

realists by Malcolm Haslam.* vociferous student voice. under- 

The foreword to the volume standably mute.' - 

gives a context for the book" The point ^ Hadajn seeks to 

which immediately places it make, and "succeeds, in making. - 

outside the realms of normal extremely weU,^s that Surreal- 

art criticism. The author states: j^ m at its atrpugest 'was prind- 

“ Today, at a distance from the pa jte a political mbvdhent. The 

years when Surrealism was born yi^ Md historical evidence of J 1 ** 

and raised, many of- its prin- SurreaUsm which has obviously ^ 

cipals, a rustic, political and become the “best ^known is tbe — 

moral, have begun to appear art. but for ? the student, the “ - 

an. dui tor ?tub vwiuwu* — - 
many- writings of Surrealists 
must T^mainthe nrimesoufee oi.SjLyff 

must remain the prime source J 

r>T* catufdv ’ information! It is in one of tiiese 
r I Sill I HtDI sour(MSV the magaxtoe La BSw * 

D Cl/ 1 CIA/ tiriitm $urr&tiiste, that Andrt. ^; . 

REVIEW Breton, inJuly 1924, set out the 

principles upan which the move- 
SBSBSjjSjjjjasj=s=sss= meat was based: ‘!We want, we 

shall ' have Jhe Bqyond in our 
more significant than the ortho- time. Fqr 'tiusi. Ve 
dox ideas which emerged during only our' own rmpauenco a« . - 
the period between the two remain ^ ^pertectiy' obedient to 100 gg£ 
World Wars, and which gave commands of- the «**rveuoni - ^ ■ 

the epoch its character.” Is^ ^Sori , e«liam:a’fi>jr«4y absoim» fc: . 

Haslam also points out that id 

Surrealism was the first artistic theoretical propoati^^° r ^ 
movement which came to - terms tem based ook : the 
with the two great shaping all-levels, or fSm 

forces of the 20th century. Com- a new social strttcturCm sBXg; 

munism and Freudian psycho- ing on each' - I 

analysis: he goes on, “ The question. b*., ^ ^ 

polemics of the Parisian avant- man will: attgte tf 5(1L 
garde, the squabbles between ail -he ^7 omtra^^_r. rt . ^u- 
the Trotskyites and StaHoists 

in the French Communist Party i 

and the feuds within the Sur- aMft 

realists’ own ranks, might seem used' r as tdO&' & E w'SIm;. 

trivial; even sordid. . But they jh* StnfeaKstv 

are worth describing because rouij be 'n^ 

Surrealism tried to answer 
questions which are asked even 0 | 

to-day,' and because deeper.-^ ^ bjr the * 

naorMlstian mn fnp ttio . - j. -filmEplf hlda * . 



appreciation can be felt for tbe wbfie Brftfbhhhnself had^ p 
revolutionary content- of Sur- fdea jof the’essentiaHy^ so^ 18 


iuviiAuuvuiuj, lvuiui t U6 wm- Ju€2 'JUT ' ■ r 

realist painting only -in • 

revolutionary context.” the naiitters, ;: most iiotaMr 

It is. within this context Urat ^^ Bail,- -had attitude ur 
an understanding of why Sur- wards' politics,' Indeed Mil HJJ 
realism has been elevated to tude towards every fee* *- 

the stature of a major., art S. evisteoee. which 
movement in recent years •wt-zbe-desErlhed -aS' ^ 1 1 

becomes easier to understand; Hitrrd&ol the San g t-;V * 


it Is the same context which tb' 4 )e ^to. disagrj 

should make any good history . Violently the 

* v r J ^ vtoienuj-wjui - 

of the ’Bauhaus essential read- m,,. he professed supl»9 rt r v. 
jog for all teachers in art the new extreme ^ ‘ 

schools. : The more one reads ^ - movements to v..; . 

of Haslam's dear and laerd SS!it*nSfhe eroimds-fl lal *^j 


ot aasmm s war ana simolv on the grot™^^ 

book, the more one appreciates arft S found such 
the extraordinary relevancy, “fYJlLe-f = ;■ . - 

itself almost Surrealist in its • ; viut Rtfi 

accuracy, of the preoccupations, ’r,- - .surreaH^^ > 

of Breton and his circle in Paris Wotid -w; ISfieolWS' V 1 - • 

in the 2920s to the beliefs and "WfeidenffiJtL ; a® .. ; . 

aspirations of the young geaera- ^ ; v . ■. ; •>-_ • i£\ 

- TTtianiiial: Times. Saturday April 1 1978 




ForcTsf ftetaridooii. th» 1MK mph 
fuel Injected Granada “S ” was 
rtyled to look Uke a Mercedes and 
has djq been compared with 
BMW’s 7-series can. But 2s' TC (as 
Ford faro have told me) their equal? 
It was Ford's bad Inde that I 
stepped out of BMW’s 7331 and 
Into a Granada *S* because the 
differences are dramatic. True, the 
Ford goes nearly as well as the 
BMW despite an. engine half-a-titre 
- * n5a h* r and its landling on Midie- 
Irn’s TRX supertyres is as good. But 
m every other respect— ride com- 
fort. mechanical refinement and 
especially trim quality^ is not in 
the same league. People who com- 
pare the Granada “S" with a BMW 
or a Mercedes do it no favour. But 
looked on as a muscle car for the 
top end of tbe -mass market, it’s 
■ 2?^* al L.* ^ proposition at 
*£«QQ, which is two-thirds the 
price of the nearest BMW equiva- 
lent, the 738. 

FROM- THE outside, my IS 
: month-old, 12,500 mile Marina 
: ±.3 estate looked like new but 
■ ®an from Ziebart warned 
against over-confidence. 
After a ' high-pressure hosing 
underneath, he put the Marina 
on a lift and the beam of a 
powerful inspection lamp re- 
vealed the unpleasant truth. 

Rust was starting to show on 
the vulnerable “eyebrow” 
-areas high in the front wings 
by the headlamps and in the 
skirt at the extreme rear of the 
body, which was still full of 
salty mud. Most of the paint 
on the bottom of the petrol tank 
had flaked off and corrosion had 
started. Two winters had taken 
their toll. 

The verdict: “Just what we 
expected.” though the Ziebart 
man hastened to add that the 
Manna was no better or worse 
than any other car in its price 
brackets for corrosion resist- 

I suspect that many readers 
of this column who took time . 
over Easter to wash their cars 
“thoroughly underneath must 
have had a similarly unpleasant 
shock. Rust is no respecter of 
cars, though some manufac- 
turers do go to greater lengths 
than others to hold it at bay. 

They use galvanised steel in 
high risk areas (like Volvo and 
Porsche) or fit underwing pro- 
tectors (like Saab, Leyland 
Princess and the new Toyotas - ). 
But the typical car, of whatever 
nationality, still contains nooks 
and crannies in which mndpacks 
can lodge and do their dirty 
work month in, month out 

What can one do? Regular 
washing with a pressure hose 
under the wings is a help, but 
who has time or inclination 
nowadays ' for this kind of 
thing? Fitting mudflaps behind 
the front wheels to stop the 
door sills getting gravel-rash is 
also usefuL 

But the best answer artbe 
moment — and it wtH be for as 

the rot 


long as cars continue to be made 
from sheet steel — is to have 
them rustproofed immediately 
after purchase and, ideally, 
before they go on the road at 

The' car manufacturers are 
doing mure to protect their 
products from corrosion than 
they used to but scope is 
limited. The underbody treat- 
ment that is sprayed on during 
production Is nothing like so 
thorough as a full rustproofing 
process, simply because the car 
makers do not have time to 
treat a vehicle moving along an 
assembly track. They think in 
seconds; it takes anything up to 
four hours to Ziebart a car. 

Surprisingly for a country 
where it is said to rain for 100 
days a year and where metal 
starts to rust easily, only 16 per 
cent of British cars arc rust- 
proofed after purchase. (In 
Sweden the figure is 74 per 
cent; they know what havoc a 
long winter wreaks on a car's 

. But the habit is growing as 
British car buyers become aware 
that it makes little sense to 
polish the outside of a body if 
the underside is rotting away. 
Rust leads to MoT failures 
which need expensive repairs 
and can seriously affect a car's 
inbuilt safety crushability. 
Instead of deforming as the 
designers Intended in a colli- 
sion, a rusty body shell can 
literally fall apart 
There are a number of pro- 
cesses to delay the onset of 

corrosion. - All are basically 
similar. They involve spraying 
all parts of the body shell liable 
to corrode with a material that 
fonns a tough though flexible 
skin to protect the paint which 
in turn protects the steel 

Best known and longest 
established is the Ziebart pro- 
cess, which has become 
generic name for rustproofing 
Like Hoover has for vacuum- 
cleaning. Ziebart became tbe 
first process to win AA approval 
a couple of years ago. More 
recently. Protectol was also AA 

The secret of successful rust- 
proofing is proper preparation 
of the car so the spray gets 
into all essential places. This 
involves detailed knowledge of 
a car’s construction and expert 
ence of its rust-proneness, the 
employment of skilled operators 
and proper supervision. (Ziebart 
recently fired their biggest 
franchise holder because he fell 
below their standards.) 

Once treated, a car is guaran 
teed against serious rusting for 
what amounts to its probable 
working life. Ziebart says 10 
years, Protectol 32 years. The 
cost adds about 3 per cent to 
die purchase price of the car. 

Is it worth it? 1 can only 
report as I find. Three of 
my previous cars have been 
rustproofed, two by Ziebart 
one by Protectol. None showed 
any obvious corrosion damage 
when privately sold for the ad- 
vertised price. And every buyer 
was impressed by the fact that 
they had been rustproofed. 

But rustproofing is a preven- 
tion, not a cure. It has to be 
done before the corrosion starts, 
My Marina does not qualify for 
the ten-year Ziebart guarantee 
but should, they tell me, be all 
right for five years, by which 
time it will be rising seven 
Bearing in mind that the danger 
ous age for body shell corro- 
sion is from five years onwards, 
that is a comforting thought 

J/JilTWlW? ........ . . 




■proteclolhasbeen awarded thcAASeaJ of Approval, by- gaining a 
1 st tune pass in a series of demanding lesis-covcring boihits Gold Seal 

and Standard processes. . 

This gives you another good reason for choosing ail-Bnnsn 
Protectol for your car, Alongside guarantees that are the best in the 
business, products formulated and made by Protectol, and a 

rustproofing system based on years of experienc e. 

Protectol- the second generation rustproofing system, as approved 
by thousands of British motorola And, the AA. 


Rustproofing Ltd. 

Commercial Yard, Galgate, 

Barnard Castle. Co. Durham DL12 8BG. 
Tel: Barnard Castle 3638 


■RAND NEW Rannc Rover 1971. Fitted I ALFA ROMEO. , 1972. 2DOO Giy’ 48.000 
Luxury Safari Conversion by Carawauon. I Miles, Pine Green. Electric Windows. 8- 
incJuding Power Steer ina. Tinted Glass. | Tracic Cassette dnd^Radip. ^1.1.300 Tel 
etc. Drive iimv now tor £9.775. 

Banbury 85205; 


Automatic speed with economy ' 


as fitted to Rolls-Royce 

Can be fitted to your cir irom £.95 
plus VAT — sunt day Ruing, by 

" appointment. 

R/ng for Information and test drive 
Telephone: 0306 3891 


LiSSr awdlno iMOCT&l'&OI- 

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?•- / TekQt4993434. 

HUBERT GREEN’S rally from 
an apparently hopeless position 
four strokes behind the leader 
Larry Nelson with eight holes 
to play to record a famous 
victory by as many as three 
shots in the Heritage Classic at 
Harbour Town links last Sunday 
evening emphasised several 
golfing axioms that tend 
frequently to be overlooked. 

Firstly, it is said that if you 
hang around the lead long 
enough you will win sooner or 
later, or in plainer language — 
it pays never to give up trying. 
Secondly, a winner is very often 
the man who posts an early 
target that transfers the pres- 
sure to his rival still struggling 
out on the golf course. Thirdly, 
a great golf course does not 
need extreme lengths to destroy 
the best golfers in the world. 
Harbour Town has been 
stretched this year to 6,796 

Green could have been ex- 
cused for not rating his chances 
highly on Sunday as he was due 
to start nearly an hour before 
and five strokes adrift of the 
overnight leader at eigbt-under- 
par. But despite three previous 
rock steady rounds of 70, 
Hubert was on the practice tee 
at nine am for an hour, and re- 
turned there after breakfast 
until shortly before his starting 
time of 12.48 pm. Can you 
imagine any British golfer 
matching that kind of industry? 

When Green came home in 32 

A game of axioms 


shots for the best round on the 
day, a four-under-par 67, he s>et 
a seven-under par total of 277 
in gusty winds of up to 25 mph. 
What is more, he got in before 
the rain showers hit the three 
groups of three playing behind 
him. Am Green finished, poor 
Nelson, then standing at six 
under, was suffering a seem- 
ingly interminable wait on the 
13th green while partners David 
Graham and Lanny Wadkins 
both scored two-over-par sixes. 
Little Lai-ry, who has yet to win 
a tournament, had ample time 
to look at the nearby leader 
board ami see Green’s total. He 
suddenly discovered that he 
must play Harbour Town's 
daunting, water-strewn five 
finishing holes in one-underpar 
to even tie. Instead, Nelson, 
who took up the game only 
nine years ago on leaving the 
army, understandably fell apart 
and scored 76 to finish only 
third. Hale Irwin, who tries 
harder more often than anyone 
in the game, scrambled round in 
70 for a total of 280 to Nelson's 

wreak such havoc. For instance, 
David Graham shared the lead 
with Lou Graham and Nelson 
at seven-underpar after seven 
holes. Yet both finished, on level 
par in a tie for 15th place, 
both coming home in 41 shots 
against par of 35, Other world 
class golfers like Miller Barber, 
also home in 41 Wadkins, 41 
Ben Crenshaw, 39, and Tom 
Weiskopf 38, were tom apart by 
nine holes measuring just 3,396 
yards and containing only one 
par five the 556-yard 15th, which 
1 belive is the best genuine 
three-shot par five in the world. 

course was started in October, 
196S there have been ten 
Heritage Classics won by 
Arnold Palmer (1969), Bob 
Goalby (1970) Irwin (1971 and 

1973) , Johnny Miller (1972, 

1974) Jack Nicklaus (1975), 
Green (1976 1978) and Graham 
Marsh (1977). Z must mention 
in passing that Marsh finished as 
strong as ever on 70 to tie far 
fifth place in a distinguished 
defence of his title. He is the 
only winner here not yet to have 
won a major title, and there is 
no doubt the wiiy intelligent 
Australian is destined to do so. 

tect Pete Dye’s most pi 
jewel is perhaps the pc| 
example of the short par 
that requires finesse r 
than brute strength. A 
way wtod or long iron h 
be threaded through the 
over a bunker to the left 
just short of another on 
right which is the point of 
Only a stroke of great accij 
allows a view of the elev 
green through the narrow 
between two massive oak t 

Seldom, if ever, have I seen 
the lasr nine boles of even as 
wonderful a course as this 

The two homeward par 
three’s, the 165-yard 14th and 
the 176-yard 17th required at 
most a six-iron shot, and at 
times a wedge was sufficient 
down wind at the former. 
Incidentally I am far from alone 
in thinking that as a quartet the 
Harbour Town par three's are 
also the best in the world — 
beguiling combinations of 
water, beautiful trees and semi- 
tropical shrubs through which 
the wind eddies and swirls, 
silver sand and narrow shallow 
or piain tiny greens. 

Since construction of the 

Unfortunately, he has not 
been invited to play in the U.S. 
Masters tournament in Augusta, 
Georgia, next week. The excel- 
lent, recently published World 
Atlas of Golf, master-minded 
a&ong others by Ward- 
Th urnas of tbe Guardian placed 
Harbour Town as ninth best 
course in the U.S., an opinion in future may have to 
be revised upwards as it is fur- 
ther modified and improved by 
the maturing of tbe turf. 

The same fine book rated the 
358-yard 13th hole as the best 
13th hole in the world. Archi- 

The tiny, clover-leaf sh 
green, supported by verti 
placed railway sleepers, 
surrounded except at the 
by a huge bunker. Words 
me in trying adequately 
describe this Dye master) 
of design. This beautiful Hi 
Head Island off the shore 
South Carolina must be 
number one target for 
golfer worth his salt as 
fares tumble. To combine 
a visit with a trip to Aug 
National for the Masters is 
idea of golfing perfection. 

I am afraid, however, 
the defending Masters d 
pion, Tom Watson, is so } 
to excel there that he is 
danger of psyching him 
into disaster. After missing 
last two cuts he had round 
70, 73. 70 and 72 to tie 
18th place at Harbour To 
Yet after going out in 33 
the second day Watson foun 
necessary to change his sw 
Enough said. 

Arab stars are just around the corner 

A FIRST VISIT recently to the 
Gulf convinces me that 
it will not be long before the 
Middle East plays a significant 
part in the mainstream of inter- 
national tennis. 

sessions and coaching clinics 
which were attended by local 
and expatriate children. 

Our coaching and exhibition 
tour was organised by my former 
Middlesex partner, Tim Phillips, 
who is the British Airways 
manager in the Gulf, and the 
players — Mark Cox, Roger Tay- 
lor and Winnie Wooldridge — 
were provided by the BP Inter- 
national Tennis Fellowship 
whose previous coaching tours 
in this part of the world had 
embraced Tehran, Istanbul and 

Needless to say, in an area 
starved of high-level inter- 
national tennis our reception in 
Abu Dhabi, Das Island, Dubai 
and Bahrain was overwhelming 
and there were record Atten- 
dances at each of the exhibition 

There is a growing preoccupa- 
tion with sport throughout the 
United Arab Emirates, as well 
as in Bahrain, and inevitably 
soccer, being the most popular 
game, is the chief concern as 
indicated by the recent much 
publicised appointment of Don 
Revie as the football supremo 
within the UAE. Tennis , squash 
and golf— they playoff sand fair- 
ways on to “ browns " consisting 
of a firmly rolled mixture of oil 
and sand — are lower on the list 
of priorities, but there are signs 
that these sports, too, are begin- 
ning to expand. 

six largest oil producers in the 
world and by far the richest of 
the States, an Olympic stadium 
is already half built — a gigantic 
structure rising impressively 
out of the desert alongside the 
present airport — and in Bafirain 

and Sbeikh Abdul Rahman Bin 
Rashid A1 Khalifa, the president 
of tbe Bahrain Tennis and 
Squash Federation, a brand 
new Supreme Court carpet was 
flown in from America specially 
for our matches. 



In this oil-rich area there is 
certainly no lack of funds, as 
evidenced by the proliferation 
of houses, apartments, hotels, 
office blocks and airports. In 
Abu Dhabi, which is among the 

there is already a magnificent 
air-conditioned indoor sports 
arena where basketball and 
volleyball matches take place 

This was the scene of our 
final stop and thanks to the 
interest in tennis of Sheikh Isa 
bin Mohamed A2 Khalifa, the 
Minister responsible for sport. 

Here there has been league 
competition among the local 
clubs since 1961 and a modest 
international tournament since 
1968. In Dubai the tennis tradi- 
tion is even older. Daring our 
visit they were completing the 
14th annual international 
tournament which began with 
a draw of 94 men and 42 
women from six nations. 
Although the prizes were 
modest, the five main trophies, 
presented by local companies,' 
are valued at £1,000 each. 

plans to stage a S100.000 Gr 
Prix tournament in the 5, 
seat International Trade Cen< 
a new 33-storey giant t 
dominates Dubai. There n 
also be a satellite circuit n 
year as a prelude and there . 
firm plans for a UAE Federal : 
Cup to be run on Davis C 

Local tournament chai rman 
Dick Marshall, himself a former 
British army player of the 
1950s, told me of ambitious 

Throughout our short vi. 
we found abundant enthusia 
among locals and expatria 
alike. With facilities improvi 
fast (there are design compi : 
tions in being for a 27-stoi 
Trade Centre in Sharjah a 
one of 40 storeys for A 
Dhabi), and a bulging budj : 
surplus, it therefore see: 
likely that in the 1980s we c 
expect to see a circuit of Mid( 
East Grand Prix toumamen 
This would be the finest way 
popularising the game st 
further in what is already 
fertile sports environment. 

Visits to the best gardens in the world 

A NEW YEAR of garden visit- 
ing is about to begin and all tbe 
necessary guide books are avail- 
able. "Historic Houses, Castles 
and Gardens” is a commercial 
production available at most, 
newsagents and booksellers and. 
commendably comprehensive in 
character. As its title proclaims, 
it covers far more than gardens 
yet it is no larger than an aver- 
age magazine and costs only 
60p. It always accompanies me 
wherever I go. 

Then there are the handbooks 
of the various charities con- 
cerned with garden opening. 
The National Trust lists sixty 
gardens and something like 150 
properties, among them many of 
the most famous in England and 
Wales. Many of these would 
have disappeared long ago had 
not The National Trust been 
able to take them over and so 
protect them from the crippling 
taxation which makes it im- 
possible for many private- 
owners of large gardens to carry 

Yet privately owned gardens 
there are still in plenty and, 
though most of them are smaller 
than those opening commerci- 
ally or owned by the National 
Trust, they stiH collectively form 
the backbone of our gardening 
heritage. The National Gardens 
Scheme- is opening well over 
1,300 gardens at some lime this 
year and these wiU be found 
described, together with open- 

ing dates and times and instruc- 
tions for travel by private car or 
public transport in the famous' 
yellow book “Gardens of 
England and Wales Open to the 
Public," price 50p, from "a great 
many sources. To these must be 
added a further 328 opening for 
The Gardeners’ Sunday Organ- 
isation listed in their green 
jacketed guide which costs only 
2Qp and gives a great deal of 

There is some duplication 
between the two lists, but of 
property only, never of dates, 
so it really is essential to have 
both to get anything like a com- 
plete picture of what is happen- 
ing in England and Wales alone. 
To these must be added the en- 
tirely separate lists of The 
National Trust for Scotland, 
Scotland’s Garden Scheme, Eire 
Gardens Scheme and Ulster 
Gardens Scheme and there are 
also other lists produced by 
various charitable bodies and 
tourist authorities. The grand 
total of gardens that can be 
visited at some time this year 
is well in excess of 2,000. 

Nowhere else in tbe world is 
there anything like this but it is 
still only part of the story. For 
the fact is that, partly for rea- 
sons of history and partly be- 
cause of climate and geology, 
British gardens are also the 
most varied to be found any- 
where. When we began to make 
gardens seriously about four 
centuries ago we borrowed 

ideas freely from Italy and 
France but soon we launched 
out on experiments entirely our 
own and by the dose of the 18th 
century it was the European 
garden makers who were copy- 
ing English ideas though not 
always with complete success 
and understanding. 

Variety increased still more 
as facilities for travel and ex- 



plo ration improved and new 
plant spedes began to flood 
into Europe from many parts of 
the world. British gardeners 
quickly discovered to their de- 
light that their much abused 
climate made it possible to grow 
outdoors an astonishing range 
of the new plants. There were 
no bittsrly cold winters nor any 
prolonged periods of drought 
to create insuperable difficulties 
and, with soils that ranged from 
moderately alkaline to quite 
strongly acid with equally 
marked variations in porosity 
and chemical content, suitable 
environments could be found 
for a quite bewildering variety 
of new plants from Asia, the 
Americas and Australasia. 

In previously undeveloped 
places such as the tiny island 
of Tresco in the Isles of Scilly 
right out in the Atlantic off 
the toe of Cornwall and the 
even smaller peninsular of 
Inverewe in the extreme north 
west of Scotland. What these 
two places had in common, to- 
gether with other west coast 
gardens both in Britain and 
Ireland, was an almost frost-free 
climate due to the steady sea 
temperature maintained by the 
Gulf Stream Drift Where they 
chiefly differed was in light and 
humidity, which made it pos- 
sible to grow in Tresco many 
succulents and other plants 
from dry, sunny regions and 
made Inverewe, with its soft 
light and high humidity, 
supremely suitable for rhodo- 
dendrons, Asiatic primulas, 
primulas, meconopsis, demisias 
and even tree ferns. It is an 
astonishing thing to see these 
and many other plants from 
totally different parts of the 
world growing together so 
happily that some have become 
naturalised and may even need 
to be restrained rather than 
actively propagated. 

integrated than ever before, i 
to be seen at Hidcote MaT 
in Gloucestershire. Cr, 
borne in Dorset and Sissi 
hurst Castle in Kent but rea 
this has become such a dom 
ant theme in British gard 
making that it is encounter 
everywhere, in quite small a 
unpublicised gardens as well 
in those that have been mu 

Very soon great collections 
of plants were being made, some 

In our own times a new 
British style of gardening has 
developed which combines many 
of the best features from ail the 
preceding centuries. Supremely 
beautiful examples of this kind 
of gardening, in which design 
and planting are more closely 

It is the quality which, 
believe, most overseas visitai 
have in mind when they spea 
of “the English garden” s 
something special and distinc 
It is also what makes the list 
of tbe National Gardens Schem 
and The Gardeners’ Sunda 
Organisation so valuable sine 
they contain large numbers a 
typically “ English ” garden 
that could not be opened to th 
public by any other means. A 
a special treat this year botl 
charities include one of the mas 
famous yet least known of Vic 
torian gardens, Frogmore. mad' 
for Queen Victoria herself a 
Windsor Castle and now beint 
extensively renovated and im 
proved. By permission of thj 
Queen, Frogmore will open fn"i 
The National Gardens Scheme 
on May 3 and 4 and for The 
Gardeners’ Sunday Organisation 
on May 31, on all three days 
from 11-a.m. to 7 p.m. If you 
are interested in gardens do not 
fail to take advantage of one of 
these dates. 

The story of art 

IN VIENNA before the war a 
young teacher of art history 
called Ernst Gombrich -was 
asked if be would translate 
from English into German a 
History oE the World for child- 
ren. He read the book and he 
decided it was not worth trans- 
lating. He was then asked to 
mite such a hook himself. 
This be did. After it had been 
published successfully the 
further proposal was made that 
he should write a History of 
Art for children. Gombrich did 
not fancy the idea of a child- 
ren’s history of art hut he did 
think that there was room for 
book aimed at young people 
of a slightly older age group 
which would tell the whole story 
of art in a manner free from 
scholarly jargon, “ Intended for 
all who feel in need of some 
first orientation in a strange and 
fascinating field.” He set to 
work end wrote a few chapters 
of the book in German. 

publish, suitable manuscripts in 
1939 being hard to come by. 
Gombrich showed Horovitz the 
unfinished Story of art script. 
Horovitz said he would try it 
out on 'his 14-year-old daughter 
Elly (now Mrs, Harvey Miller 
and a formidable publishing 
lady in her own right) -who 
liked it The Story of Art was 
commissioned and a small 
advance against royalties paid 
to tbe author. Work on it pro- 
ceeded very slowly; Gombrich 
bad joined the BBC monitoring 
service and was busy with other 
wartime duties. He considered 
paying Horovitz the money back 
and abandoning the project but 
Horovitz told him he did not 
want the advance refunded; he 
wanted the book, however long 
it took to. write. 

Ernst Gombrich having been 
until he retired two years ago 
Director of the Warburg Insti- 
tute and Pofessor of the History 
of the Classical Tradition in the 
University of London; since 



retirement he has been heavily 
in demand on university cam- 
puses and in art institutions in 
America as a visiting lecturer. 


By this time Hitler had moved 
Austria and Gombrich had 
moved to London. He met Dr. 
Bela Horovitz, the founder of 
Phaidon Press, who asked 
if he had anything he could 



Eventually in 1950 it was 
completed in EngKsh and pub- 
lished. The Story of Art has 
just appeared as a paperback 
(Phaidon Press, £5.50) in its 
13th edition, enlarged and 
revised. In the past 30 years 
more than 2m. copies have been 
sold and it has been translated 
into 18 different languages. 
Gombrich is now Professor Sir 

The innovations in this latest 
edition of The Story of Art are 
four pages of chronological 
charts which are aimed at 
counter - acting - the illusion 
which may be fostered by the 
text that the artists of the recent 
past dominate -the story. That 
text meanwhile remains as valid 
as it ever was. How illuminat- 
ing in the wake of the Courbet 
exhibition for instance to come 
across Gombrich's comments on 
the picture, * Bonjour, Monsieur 
Courbet,” with his observation: 

“ Courbet’s deliberate renuncia- 
tion of easy effects, and his 
determination- to render the 
world as he saw it, encouraged 
many others to flout convention 
and to follow nothing but their 
own artistic conscience.” At the 
same time Phaidon are publish- 
ing three of Gombrich’s volumes 
of scholarly essays in handy 
paperback editions, Meditations 
on o' Hobby Horse (£3.95), 
Symbolic Images (£3.95), Worm 
and Form (£3.95). 

For those readers who feel 
they have passed beyond the 
need for a “first orientation" in 
tbe story of art and require a 
work that goes into the various 
periods in much greater depth, 
there is good news: The Pelican 
History of Art edited by Sir 
Nikolaus Pevsner has now 
started to appear in a con- 
venient toughly-bound paper- 
back format Follow Gombrich’s 
Insights on Courbet with the 
chapter on “Realism in France” 
by Fritz Novotny in the volume. 
Painting end Sculpture in 
Europe 1780-1880 (£6.00). The 
whole history will comprise 
some fifty voumes, forty of 
which have already been pub- 
lished. Others now available in 
paperback include The An and 
Architecture of India by Ben- 
jamin Rowland (£6.50), The Art 
and Architecture of the Ancient' 

Orient . by Henri Frankfort 
(£6.00), Dutch Art and Archi- 
tecture by Jakob Rosenberg, 
Seymour Slive and E. H. tet 
Kuile (£6.50) and Cnrolingian 
and Romanesque 800-1200 by 
Kenneth John Conant (£6.50). 

Visitors to the marathon exhi- 
bition Dada and Surrealism Re- 
viewed at the Hayward Gallery 
will now find tbe full catalogue 
available at £7.00. Further en- 
lightenment if needed may be 
sought in Andre Breton and the 
First Principles of Surrealism 
(Pluto Press £1.80) by the 
American surrealist Frankliu 
Rosemont who gives here a his- 
tory of the movement. He claims 
it is still alive and well. What is 
Surrealism? (Pluto Press £5.00) 
edited by Rosemont is a fat 
volume of Breton’s own prose 
writings. For anyone who wants 
some instant surrealism for 
home use there is- Public and 
Private Life of Animals illus- 
trated by J. J. Grandville (Pad- 
dington Press, £3.50) with an 
introduction by Edward Lucie- 
Smith and Une Semaine c/e 
Bonth (Constable for Dover 
Books £3.50) a Surrealistic novel 
in collage by Max Ernst which 
shows this artist, who dominates 
so much of the exhibition, at 
his most characteristic and 

’Fifland^vTLtfies Saturday. 




• esort 

if ’78? 


COUPLE or years ago. soon 
1 er I abandoned l*A An^ua 

- >bc Midland* «or Uie Co.i- 
iid f rinses 25 I prefer lo rail 

- bi- of uicnD, we had occa- 
m i«i go to E-rminabam. U 
. - kjv fir?: encounter ».tn 

3rum*" heart of Um 
tunin', hardware cenirc oi »ne 
, rid. hub of motorways, noc 
mention canais: and I ran: 
v I anticipated it i*»c mo?l 

;e!y place for z “fun week- 

\ io* of preconceived ideas 
ire ’.-haltered within a couple 
hours, indeed even as we got: 
ildiv Iasi (as everyone said we 
auldi. twirling round a senes 
circuses along ine inner ring 
,ad One of us. who had not 
sited :t since the unplanned 
d days, could hardly credit it 
as the same place. For ye- 
■velopment has given the city 
! central facelift unmatched by 
' iy other major British conur- 
! ition and. whether you like it 
• not, you can hardly remain 
different to it. I did like it. 
id blessed the planners who 
•cognised that curves are 
•chiteeiurally far easier on the 
,-c Lhan stark, straight lines. 

In ihe heart oE it, buildings 
ke SI. Philip's {consecrated 
‘15) in its quiet gardens, the 
ouncil House < Italian Renais- 
mcc). the Town Hall fneo- 
assical). seem positively 
icient. True, there s a l«n- 
1 -niurv inn, the Old Crown. a 
lile down the road in High 
treet. Deritend, and, of couree, 
considerable amount of \ie- 
i iriana. much of it also in the 
! lape of pubs {details from the 
l ictorian Society). But basic- 
| uy, this is a city of the mid- 60s 

! in' the days when the Old 
i rown was built, Birmingham 
1 ad already been a market 
lace for 200 years. To-day it 
! in probably claim to have the 
! invest covered market m 
:urope, when you calculate the 
■ ital square metreage or the 
! iirmingham ' and Bull Ring 
I • hopping centres, which are 
j nked bv an overpass and post* 
| vely entwined by arcades and 
i scalators. Here you can buy 
nything from household hooks 
1 j a grand piano: here I found 
n obi (sash for a Japanese 
i imino) that had defeated all 

my efforts in London. Special 
offers abound along .with some 
ingenious selling techniques. 
And tucked away among their 
high-rise horizons, the stall- 
holders of the Bull Ring s open- 
air market continue to vaunt 
their wares with colourful lack, 
of modesty. Entertainment 
caters for most tastes from ex- 
cellent art and science museums 
and an extremely lively theatre, 
to appropriate night life, such 
as Abigails for good food and 
cabareC and The Night Out for 
youth, vigour and we.l-known 
personalities. . T 

And there are the canals, i 
find an enormous fascination in 
industrial archaeology, even the 
less-glamorous aspects that sur- 
vive in the walls of warehouses 
and engineering works staring 
blanklv down into their own 
reflections. There are hours tD 
be spent along these canals (and 
in pubs like The Longboat) if 
you have any feeling for indus- 
trial or social history. After all, 
the Industrial Revolution could 
not have happened without 
them, and Birmingham poten- 
tially still is the greatest canal 
centre in the world. A few 
discerning private organisations 
and individuals do what they 
can to compensate for official 
neglect, and several small com- 
panies operate sightseeing trips 
from various points along this 
■watery maze. 

Nine miles east of the city 
centre the spanking new 
National Exhibition Centre 
opened early in 1976 and makes 
its own contribution to Birming- 
ham’s industrial tradition. As 
a showplace for the nations 
wares, with its complex oj exhi- 
bition halls, hotels and con- 
ference facilities grouped round 
a small lake amid green spaces 
and bluebell woods, it draws 
visitors from all over the world. 
Such visitors are discovering 
that this is not merely the heart 

of the one-time Black Country 
but also the Heart of En»lana. 
a description happily coined by 
the regional Tourist Board 
whose area includes the city 
along with the very 

counties of Gloucestershire 
Herefordshire, Shropshire, Staf- 
fordshire. Warwickshire and 

One Birmingham travel firm 
to take advantage of the cityi s 
"eoaraphv is Travelplanners, 
whose new Magic Momenta pro- 
gramme offers a wide selection 
of week-end or mid-week 
arrangements covering return 
rail fare from a choice of 2W1 
U.K. stations, two nights accom- 
modation with full 
breakfast, service and vai. 

The aim is to make Brum 
“the tourist resort of 197a. 
And why not? Within one to 
two hours’ drive lies as varied 
scenic fare as you or any 
foreign business visitor could 
wi«h. South and south-west 
arc the whole of the Cotswolds. 
the Malvems and the Vale or 
Evesham in between. West lies 
Shropshire and that part of the 
Severn valley squeezing through 
its hills that shelter a unique 
achievement in industrial 
archaeology: the European 

award-winning Ironbridge Gorge 

Further information: City in- 
formation Oflice, The Council 
House. Victoria Square. Bir- 
mingham Bl IBB; Heart of 
England Tourist Board, the Old 
Bank House. Bank Street, Wor- 
cester WRI 2EW; East Midlands 
Tourist Board. Bailgatc. Lincoln 
LNf 3AR; Thames and Chiltcm 
Tourist Board. PO Box 10, 
Abingdon. Oxon. 0X14 3HG; 
Travelplanners. Rutland House. 
Edmund Street, Birmingham 
B3 2 JQ. 

Frilled to bits 



This summer the look is frilled and lacy and romantic aadtt 
your budget can only run to one 

dreamily soft blouses that abound m most <>£ the stops. T*e 
most desirable blouses around have * look . 

boudoir about them and they come m the "Jg* 

colours— peach, cream, pale coffee, beige, pale 

OnToI the best nines to look out for is Jeff Banks-H* 
collection has the authentic look of this summcr soft floaw, 
lace-trimmed, delicate, but because he uses synthetic nutemia 
{ though ones that ieel quite different from the earlier, cheaper 
vS&SS his prices are not so high as those 

Tuttabankeni) that use only pure silk or crep^de^hjne^ ^ 

sion^e SK if^lSok^thaf there ought .to be^memmg 

:r s?%5+ a & 

5551 % specisd tore « »ll«S™s“lto to Uk -““g* 

which use cotton and broderie ^ laise n t ° m ^'*>.f^ €thing 

““ SgSor 1 t^s week 

s-saMi yssw su? ausu 

JStaVSL“rl5mi hove u-hetod your .PP«ite 

ssifssfi r* 

launched. It’s an annual guide to all the 
in London— it seems to me invaluable io everybody, whether 
you lire in London, come to it o^on^y or^e a foreigner, 
it will be bound to offer you something you didn t already know. 
In the book shops this week it is £1.50. 

l&r&Sfr W 8 : *■ % 

foi very special occasions—if ymire ^erang t0 a very 

second time, are the -It ■ will flatter 

SSS %? b S“S'S b FSS 

Bond Street, London W.l, ana eaie Barnsley 

Manchester and Brsbran SiS^Thurch Street, 

and Harrogate, and K°x.» » t like it best in cream but. 

London, WB ( 1D STone size only and is worn here 

it also comes m black. H istone aze oiui £18.99. 

with Sacha s beige sandals, trimmed with goiq ^ 

Your W«el(-a!il t: Auftrla i 

5TJ0. France 

MSa. Spain 1*S* Switzerland 3.0, U-a- 
X,H5. Saurce: Thnrna* Cooit. 

. K _ v „. Banks has produced a wonderfully soft-looking 

SWTtSS «-£ 5 - 5 ; 

Shop. S "l"ln"hop*LmctadlI.g Kendal Milne. Manchester. 

■ Near right: A pure silk creamy 
crepe-de-chine blouse tnmmed 
with cotton Nottingham lace 
which is in a lovey coffee 
colour. By Tuttabankem. ihe 

blouse costs -50 at v5fcf„-ht 
Hampstead and U can be bought 
direct by post from Tutta- 
bankem. 2. Walton Hpue 1 .ong- 
ford Street. London NW1 for -aO 
inclusive of p+p. 

Far right, top: Reldan have 
produced for this summer a 
beautifully thought out coUeo- 
tion of coordinating clothes. 

Shown here is a skirt (£13.50), 
a loose smock top (£TL50>, and 
a long over vest (£11). .all 
trimmed with broderie anglaise. 

In lemon, lilac or aqua the col- 
lection is available now from 

Ben tails of Kingston, and by mid- • 

brand. It will bn available at the for about £2ff 

" “I 

Tin? viewrea 
I fold bv Treror 

hotr iras done b V Bmtont urj"" 
Brown. South' MoUm 
and the 

UnceUcra- uiWcb nrr ® D ** ei Zj„£!L ami* 

£80 Jtwl »i»*t ore mo M 

Trrid-V tcVman citrine - 
brooch with 

photoffraptarf bv 

£410 Ihe act. - ; TBe ' 





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71% 1972-1987 LOAN OF FF, 100, 000/300 ■■ ^ 

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KXsBZPMRrieiMS i WlB> tN&OULX&lE., ^ $H0VLt> fcEAP 



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debenture J 

. MoriCt IS ' V, 

mentioned -• >. 

Closed for 1976. ** 

• from -17th to . .•$,■••• 

cuts iKcWSlv*; . #04, 

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To: RAC PJ3. Box 92, Dcpt^TT-Ctnsdtw, Surrey CR96HN. 

Kam r . 

Addr ess - — — - — “ ' ” 

RACTravel 78 motoring holiday without it. 

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A RECENT exhibition on safety 
in ^e. iome at the Building 

Centre . highlighted just how 
dangerous a place the average 
house or flat can be, and though 
the exhibition- itself is now over 
I thought it well worthwhile 
• drawing readers’ attention to 
aome of the safety appurtenances 
that are now on the market 
phave -chosen to illustrate 

three of them here but there 
were others that were , just as 
useful but less Photogenic. Not . 

every house, of course, will need, 
all of these products; how. much 
. you need then) defends’ largely 
011 house itself aitf how. fit, 
and active the occupants are. A- 
few, like- the .Sentinel, - seem to 
me to be a must for almost 
everybody. - '. ./ 

■ 1 hayfr .come herds® . just 
enough .of jeally terrible- acci- 
dents caused ' by people who 
have walked into glass doors to 
fe eT-th act if.T had. a completely ' 
trah^i arent, : potentially -- - . dan- 
gerous, glass door in my house, 

I v. would seriously consider 
chhnging. Over' to a‘ non-splinter 
panel. I base to say that I don’t 
Sunk the Celetex panel is very 
attractive- visually but given that 
eyetdamage, serious injury and 
even death have been - caused by 
shatteing dear glass, I would 
put- ^e . aesthetics of the matter 
ursecond - place. ' .. 

- *' fEbe panel is made, from -High 
density polystyrene in a:5.0 mm. 
thickness Which will; apparently, 
withstand a much higher degree 
oLeimpact thin- glass. It is 
‘-tof f ftied to- be easy to fix into 
.ady rebated pattern ten door. 

' There are: two sizes 010 mm. toy 
1830 mm. and 6$6 mm. ' by 
1830 mm. The- panels are about 
£9.50 each and can be bought 
from most builders' merchants 
and do-it-yourself shops, and 
especially from Laser Plastics 
Ltd.. 'JBr&emar Works. Braemar 
Avenne, Neasden, London, NW10. 

If you have an old or very 
handicapped person in your 
house, or a relation who is living 
alone, the Interceptor Security 
System may be jiist what you 
need. Basically the system allows 
an elderly or handicapped person 
to summonaid easily and quickly 
should they suddenly find them- 
selves in danger, ill, unable to 
move or in need of help. 

There is a great deal of tech- 
nical data which the potential 
buyer would probably like - to 
know about and which is too com- 
plicated to give here. Those in- 
terested should write to Tye 
Security. Dolphin Road North. 
Sunbury-on-Thames, Middlesex. 

The basics of the system are 
that it can be. operated, by. simply 
pressing a button.- . The elderly, 
or handicapped user should wear 
the unit around his neck, if up 
and about' or could -keep it at a 
bedside table if bedridden. The 
central control unit that operates 
the system reads to the' push of 
the button and .then activates 
the alarm. ' ft is battery-operated 
and . the ’ alarm signal can .take 
whichever form is thought, most 
appropriate^that is. it can be 
linked to. -a bell, siren, flashing 
light, a ■ telephone line or a 
central alarm station. It is diffi- 
cult to give precise costs because 
individual systems vary so much 
but prices start at under £100 
and go up to about £300. Write 
to Tye Security for. all informa- 

THOSE of you who have seen a frying-pan 
or a pan of chips go up in flames will know 
just how dangerous that can be. I have 
seen the burns from just such an accident, 
When a friend tried too hastily to pul the 
flames out himself, and i| was ‘not a pretty 
sight. The pain lasted for a long time, the 
scars forever. 

t ? 5 
i - 

kmuCm a!'.*.,. ,. j}~ 

UNTIL, a few months ago the 
j word grains was more or less 
synonymous with rice as fai , as . 
Al - was concerned. Td heard of 
hominy - grits and kasha, of 
-C course, hut never quite knew 
' .:f what they were or what I should 
do with them if I had some. I 
decide? to look into the whole- 

• grain scene partly because grains 
^ seem to be becoming an lncreas- 

Tngly important food. and_ partly 

^ -ftrthe sake-of variety r-AJter all, 

' I would ■ consider it boring to 
stick to spaghetti and ^ ignore 
•'o ther pastas, or to eat only 
■ • haricot beans and to tttT 33 * 0 ** 1 ®’; 

' pulses, so it seemed a bll , s . U ^ n t ° 

• cook rice so often and not to con- 
! ' sider the alternatives. 

^Frankly I've tended to avoid 
' health food shops in the P*Jr 
y. T eonsider many of tic foods 
• therein to be faddy and very 
y highly priced and often the staff 
. 7 are : none too helpful- But JJ 
}* f .-morning spent a * Cr “ J {f ^SLe* 
grain Shop in Marshall Streep 

'Y London, proved a tre *J*_J£e 
boxes tubs and sacks of srmns 
..V^ '^n aborted shapes. s« es 

colours are really feea J! Uf t ! ' 

- V. l idbk at so much sothat you 
really want to buy them. The 
v .'; t ) . trouble is, however, thatsomuch 
■ :- choice tends to overwhelm the 

.,*• uninitiated and I was puzzled by 
: some of the names. 

... r •■.So, before rushing to-buj or 
cook anything, the first practica 
^task.'seemed to be to clarify what 
y . - Vas wh at. Both Cranks and Sun- 
/ wheel Foods proved immensely 
J %aplul. in. sorting out, my con- 
-fusKrn, much of which stemmed 

the fact that a varied of 
t names (originating from 
rent areas) can- be 
ibe the’ same item, .wr 
■7 who may be interested but 
dered. as I was, 1 pass on 
‘information I 
tfifc with my own -expen- 
^ in. cooking .with grams. 
Should, perhaps, point out 
-way that I have not 
<wd to embrace the whole- 
i-jflniosophy to the extent of 
“y altering my cooking or 
I have simply 
■biidiug out- what whole 
r-J5rt“5 mF exploring ways 
_uffln^th'em t0 enrich and ado 
■'fJoiety.- to- jay normal everyday 

cooking. Changing over to a 
true macrobiotic diet involves a 
complete rethinking of attitudes 
towards food. Anyone who 
seriously wishes to consider this 
is invited to write to Suowheel 
Foods. Orpheus Street. London 
SE5 enclosing a large stamped 
and addressed envelope: they 
will seDd a selection of helpful 
leaflets together with suggested 
fur tlier reading on the subject. 


In addition to rice, the major 
grain crops eaten by mao to-day 
are wheat, barley, buckwheat 
(also known as kasha and a 
completely different plant from 
wheat), millet, oats, rye and 
corn (also known as maize). The 
word - corn is also used as a 
oeneric term to cover all these 
crops. Each grain is available to 
shoppers in a variety of forms 
which, crudely speaking, can be 
divided into four main 
categories: flours (which I don t 
propose to go into here i. who ie- 
grains, refined grams and treated 


Wholegrains (which are also 
known as berries and groats) are, 
in effect, as the prefix implies. 
Brains in their complete -and 
natural state: only the inedible 
outer husk has been removed 
They are earthy looking and very 
hard; they retain foil nutritional 
value and include all the 
roughage that doctors are always 
encouraging us to eat. 

Refined Grains 

Refined grains are processed m 
such a way as to remove not only 
the inedible surface husk but also 
other layers and they are often 
polished. The result is J softer 
Jnd quicker cooking 8£ ain » 
most of the goodness has been 
lost and. the end product is 
largely starch. Thus the refined 
h&rley (usually . called pearl 
hariev) Which you buy from a 
grocer, and the wbolegrain barley 
(usually called pot tartey). 
which conies from a health food 
shop. are quite different when it 
comes to- cooking and eating. 

i G 2ifireatfd grains are 

{Trains Which have been broken 

5T™ Jme way. When who£ 

“rains are treated, b.» Uie 

nUtn Sp? of breakfast oats, flaked 
treated ' grains— in which 

If such a fire should buppen to you (and 
it is one of the commonest causes of calls 
to fire brigades, accounting for one in three 
calls) do not throw water on the pan — the 
water sinks into Ihe fai, (urns to steam, 
increasing the volume by 2,000 limes. The 
resulting explosion throws the burning fat 
Into the air. thus increasing its supply of 
oxygen and causing the fire (o spread 
around the kitchen. 

The thing to do if such a fire should 
happen to you is to smother the flames with 
a glass fabric cloth. Tutor Safely Products 
of Slunnlnster Newton, Dorset, make snch 
a cloth, which (hey call the Sentinel. It 
should be kepi, obviously, in the kitchen, 
where it is encased in a pop-out pack with 
red tapes which help both to pull out the 
cloth and to protect the hands when 
approaching - (be flame. The domestic sized 
cloth is 311 inches by 36 inches and it sells 
for £4.97 (including p and p) front Bentalls- 
of Kingston-on-Thames, Surrey. 

NOT THE prettiest or stools but certainly 
one of the most practical and one of the 
safest is ihe Kik Step. It isn’t new but 
] think it- worth bringing to the attention of 
readers who or ten have to reach up to high 
places, or have elderly and . frail relatives or 
young children who tend to climb up in a 
dangerous way. 

The stool is based on castors which 
makes it easy to move around bat which, 
as soon as somebody steps on it and weight 
is applied to the platform, retract, allowing 
the plastic base to stick securely to the 
floor. The minute the user steps down the 
castors reappear. The top. needless to say. 
is fitted with non-slip ribbed safety tread 
and unlike most stools, it has ample rpom 
for both feet. 

The main coionr combination 'Is silver- 
tone grey with black trim but it is also 
available in yellow, blue, green, tangerine, 
red and beige. 

The stool gives you an exlra 14 inches 
and rusts £19.76 in grey. £20.63 in colours, 
inclusive of postage and packing. It can be 
. bought direct from Ronco Sales organisation, 
81-89, East End Road, London, N2 0SR. 

THIS set of mobile safely steps is made by 
the same company as the Kik Step and is 
really a continuation or the same idea. 
Whereas the stool gives an extra 14 inches 
of height, the safety steps give up to an 
extra 30 inches— again with complete 

The version shown here has sprung castors 
which are totally enclosed beneath svmi- 
spherical mounts which are fixed at each 
corner. The steps are made of welded 
steel and the sleps themselves are filled 
with non-trip, non-slip rubber treads. There 
is a three-sided hand rail for extra support. 

It is E59JH, including p and p from Ronco 
Sales Organisation. 81-89, East End Road. 
London. N2 0SR. 


Getting the 

ANYBODY who has ever been 
to America and is remotely in- 
terested in embroidery or 
needlew'ork always remarks on 
how much more ima g inative 
and more interesting are the 
American shops that cater for 
the amateur needlework lover. 
The variety, the standard of 
taste, the colours of the yarn, 
the design of canvasses — almost 
everything to do with the sub- 
ject— is of a much better 
standard than here. 

Elsa Williams is an American 
who started her own company 
catering for needleworkers 
some twenty-five years ago. She 
herself traced both American 
and European techniques back 
la their sources and then de- 
veloped her own collection of 
designs based on these tech- 
niques. She has now decided to 
launch her own collection on the 
English market so that anybody 
who wants to buy one of her 
designs has only to send £1 for 
her catalogue and can then 
order any design. 

The catalogue is really far 
more than just that— it offers 
advice on stitches and 
techniques, lists books that will 
elaborate on those techniques, 
offers a complete range of 
needles, threads, wool, canvas 
and all the other accesories to 
the needlework and embroidery 
business. There are sections on 
finishing off the work, on block- 
ing and framing as well, so it is 
well worth the £1 it costs. 

All her designs are shown in 
full colour and are listed under 
the technique they require — 

that is, crewel embroidery is all 
grouped together, as is Bargello, 
pulled thread embroidery and 
so on. Eacli technique is care- 
fully explained together with 
full colour illustrations. 

I have to say that I don't like 
all the designs personally, but 
then how could anyone be 
expected to find all 196 equally 
pleasing? However, for anybody 
who is interested in embroidery 
or needlwork and who wants a 
larger and, more important, 
different choice of canvasses 
than those that have previously 
been available should find Elsa 
Williams' catalogue invaluable. 

Whether you want to make a 
Cambridge carpet (price for that 
kit is £156.00) nr a simple pulled 
thread cushion cover like those 
shown in the photograph above 
(£11.20 the kit for either 
cushion cover), Elsa Williams 
should be able to provide some- 
thing that pleases you. 

To order a catalogue — and 
later a canvas — write to Needle 
Art House, Seal Road, Basing- 
stoke, Hants, Many shops and 
stores specialising in needlework 
will have some of the Elsa 
Williams' collection so it may be 
worth looking in at your lucal 
large department store first. 

case, of course, the nutritional 
values are very considerably 

Treatments include cracking, 
splitting, flattening, flaking, 
steel cutting, rolling, coarse 
grinding- steaming and toasting. 

The names usually reflect the 
treatment involved and are 
easy to understand. Thus 
cracked wheat is whole wheat- 
grain which has been cracked 
open; toasted oatflakes are oats 
that have been flaked and 
toasted; coarse oatmeal is oats 
that have been coarsely ground, 
and so on. ,, ■ 

But some are less explicit so 
let me explain that ala, burghul 
wheat and bulgur wheat all mean 
wholewheat grains that have 
been cracked, steamed and 
toasted: hominy grits is another 
■way of * saying carnmeal or 
“round maize; and— to the lay- 
man at least— breakfast oats and 
porridge oats as sold In a health 
food shop are to all intents and 
purposes the same thing as 
rolled oats. 


The flavour of each type of 
wbolegraic « distinctive al- 
though a certain earthy nut- 
tiness seems common to ail* But 

far more striking than their 
flavour is their texture. With, 
the exception of buckwheat 
(kasha) and millet which are 
small and seed, like, wheatgrains 
are very. hard m. i heir raw state. 
They are therefore best soaked 
for a few r . hours, just like 
pulses, before cooking. Even 
afler cooking they remain very 
chewy, particularly wholewheat 
grains. Fine exercise - for 
healthy jaws • but purgatory-, I 
suspect, for anyone with false 

•When you want a bland back- 
ground" to- soak up the sauce of 
a subtlcy flavoured dish, forget 
about wholegrains and stick- to 
while rice, buttered noodles or 
potatoes. Wholegrains are some- 
how too obtrusive to make a 
suitable accompaniment for (his 
sort of dish and, anyway, simply 
boiled in water or stock I find 
they make pretty boring eating. 

(in the other hand, it can make 
a pleasant change from . the 
ubiquitous rice to use whole- 
grains sometimes in composite 
dishes such as casseroles, pilaffs, 
stuffed vegetables and salads.. 

I recommend you alter your 
basic recipes in two ways. Firstly, 
because other .grains are so. much 

Pretty face 

I'M NOT usually enamoured of 
expensive watches, finding them 
on the whole infinitely less chic, 
less desirable and less useful 
than their humbler, more lowly 
priced relations. However, 
Kutchinsky have just brought 
out a new IS ct white gold watch 
which, had I recently won the 
pools or come into some money, 
would be on my shopping list; 

It has a nice restrained face 
which is decorated with 10 
exquisitely simple diamonds 
which float freely around the 
black outer ring of the dial. 
There are two more, equally 
simple, diamonds, placed outside 
the face at the 12 o'clock and 
six o’clock positions. 

Designed by Chopard for 
Kutchinsky the watch may be 
bought in either yellow or white 
18 carat gold and though 1 much 
prefer tbc crocodile strap, for 
those who prefer a dressier look. 
Lhere is a bracelet as well. It 
costs £1.450 

more substantial than rice (even 
brown rice) a little goes a long 
way — so reduce grain quantities 
accordingly. Secondly, be sure 
to include plenty of pungently 
flavoured ingredients: although 
wholegrains seem somewhat 
reluctant to absorb the flavours 
of ingredients cooked with them, 
their cbewy nuttiness is best 
when matched by the strong 
tastes of things such as fried 
onions, green peppers, bacon 
and cheese. 

Wholegrains can be steamed or 
cooked In liquid. The latter is 
of course quicker and. 1 think,- 
mare practical since cooking time 
is inclined to be long. Use enough 
liquid just to cover the grains, 
bring to boiling point, cover with 
a lid and simmer until tender — 
the point at which the grains 
begin to split You may some- 
times have to add extra liquid 
during cooking. . 

It’s impossible to say exactly 
bow long wholegrains take to 
cook (usually somewhere 
between one and three hours) 
since the rate of swelling varies 
from one batch of grain to 
another. Moreover, some grains 
can change from al dente to 
overcooked and mushy quite 
rapidly so you need to watch the 
pot like a hawk. These variations 
are not a reflection of quality but 
depend on where and in what 
weather conditions the grain was 
grown. It's a problem that any- 
one who uses brown rice will be 
familiar with and it can be over- 
come quite simply — providing 
you buy your grain at least a 
day ahead of planning to cook a 
wholecrain dish. 

Open ihe package, test soak 
and cook a few spoonfuls of the 
grain in plain boiling water to 
gauge the correct timing for that 
particular batch, then write the 
details on the package itself. If 
you don’t take this precaution 

Instant brew 

AS a child many of my outings 
were ruined by my mother's 
apparent inability to last longer 
than half an hour without - stop- 
ping for a cup of tea. What she 
needed, of course, was the com- 
bination of a good vacuum flask 
(for when we were beyond the 
accessibility of electricity) and a 
little uiini-boiler. like the one 
sketched here, for when elec- 
tricity was at hand. 

The mini-boiler is fitted with 
a universal voltage between 120 
and 140 volts and allows you. to 
heat up just the water you need 
— you plunge it straight into the 
liquid in a jug or cup and it 
boils up in no time. 

It certainly is the ideal gadget 
for tea-addicts who travel abroad 
—you can brew your own cup 
first thing in the morning. The 
boiler is guaranteed for a year, 
costs £4.95 (inclusive of postage 
and packing) and is available 
direct from Binks and Tiggs. 
S2. Water Lane, Wilmslow. 

* rv, 



Growing support 

MY EARLIEST ventures into 
gardening were by way of the 
grow bag. I have to admit it 
wasn’t a great success. The first 
year I tried tomatoes in a grow 
bag was the coldest summer on 
record and the length and 

breadth of England green toma- 
toes were being turned into 

green chutney. 

The next year was the hottest 
on record and that year they 
seemed to die of dehydration. 
However, grow bugs must be a 
good idea as everybody else 

seems to find them wonderful- 

Lf you have tried growing 
tomatoes, cucumbers, peppers or 
any other climbing plant in a 
grow bag you will have dis- 

covered that one of the problems 
is providing . support This 
zinc-coated rust-resistant frame 
of steel tubing will last for years 
and provide just the sort of 
sturdy base that climbers need. 
You could use light stakes to pro- 
vide some side support and as 
the plants grow taller use string 
or tape to hold them upright. ^ 

The frame measures 3 feet 3 1 
inches wide by 5 feet high and is 
one of the new pieces of garden- 
ing equipment to be found in that 
invaluable mail order booklet. 
The Country Garden. Buy the | 
frame direct from The Country 
Garden, P.O. Box 54, Burl on 
Latimer. Northants for £6.95. 

there’s no way of telling whether 
your meal will be ready on time 
or hours earlier or later than you 
want it — which is maddening and 
enough to put anyone off whole- 
grain cookery for months ! 

Millet aDd buckwheat (kasha) 
are much lighter grains, still 
pleasantly nutty but far less 
chewy and less filling Than other 
wholegrains. They don't need to 
be soaked and take minutes 
rather than hours to cnok. How- 
ever. test rooking a few grains 
is advisable first since perfect 
timing can vary from five to 45 

Delicious served hot but even 
better when cold £ think. Serve 
it with yogburt and salads. In 
view of the price of pine nuts T 
have also tried it using nibbed 
almonds— not quite so good but 
still delectable. 

Put I lb. lamb and one onion 
through a fine mincer several 
times then pound in a mortar 
with salt, pepper and a table- 
spoon or so of cold water. until 
soft and smooth in texture. 

Rinse the grain in a sieve and 
quickly squeeze out the moisture. 
Add it to the lamb and onion 
mixtures and mince again several 

minutes or more. 

Millet can be used for 
croquettes and rissoles, to make 
sweet milk puddings and, with a 
quiche-type custard, savoury 
bakes. Buckwheat (kasha) is 
often toasted before sale 
although, somewhat curiously, 
the trade describes it as roasted. 
I rather like to nibble it raw. 
instead of nuts or crisps, with 
pre-dinner drinks. It’s good too 
if sauteed with onions for a few 
minutes before the cooking 
liquid is poured into the pan. 
Do stay by the pan throughout 
cooking and wbisk it away from 
the heat the moment the grain 
swells up: it’s really horrid if, 
allowed to disintegrate into a 
fluffy mass. 

Treated wholegrains seem to 
me the most approachable for 
newcomers to the subject of 
wholegrains. They contain all the 

One and a half pounds of 
boned and cubed lean lamb, 

■J lb. bnrghnl wheat (bulgur 
wheat, ala. steamed, cracked 
and toasted wheat). 2 large 
onions. 2 oz. pine nuts, olive 
oif. butter, ground cinnamon, 
salt, pepper, stock. 

times. Adjust seasoning and 
pound and knead by band until 
smooth and moist. 

Chop and fry the remaining 
onion in hot oil until golden and 
soft Add the rest of the meat 
(minced once) and nuts and cook 
until the meat changes colour. 

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nutritional virtues of whole- 
grains and are deliciously nutty 
and crisp. They don’t need soak- 
ing. they are excellent raw, quick 
and easy to cook and generally 
speaking more versatile in their 
uses. Flaked grains of all kinds 
are. I think, particularly nice, 
especially the toasted varieties. 

If you can’t buy tbem toasted, 
do this yourself on a baking tray 
in the oven just as you would 
toast flaked almonds. I have 
been using toasted flaked grains 
to replace some of the bread- 
crumbs in treacle tarts and 
stuffings for poultry, and to 
replace some of the flour in 
sweet and savoury crumble-lype 

A mixture of several different 
types of toasted flaked grains 
plus chopped nuts and dried 
fruit makes marvellous muesli 
For a crunchy cereal, omit nuts 
and fruit, mix the flakes with a 
little corn or sesame oil and 
honey (about three tablespoons 
of each for every 9-ozs grain) and 
some toasted dessicated coconut, 
spread J-inch deep on baking 
trays and bake in a low oven 
until golden brown. Cool quickly 
and store in airtight jars. 

Oatmeal can be used to coat 
herrings, for parkin and to make 
a delicious ice-cream. Make a 
vanilla ice-cream in the usual 
way but scald the cream with two 
cinnamon sticks instead of a 
vanilla pod. "When the ice-cream 
is half frozen fold in 2-ozs oat- 
meal and 2-ozs chopped hazelnuts 
(both toasted) and i teaspoon 
ground cinnamon for every pint 
nf cream used. Rnlled oats can 
be used for porridge, flapjacks, 
oatcakes and in breadmaking. 
But the best of all grain recipes 
T have tried so far is the follow- 
ing from Claudia Roden’s lovely 
Book of Middle Eastern Food 
(published by Penguin). 

Add a few tablespoons of stock, 
a generous J -teaspoon of cinna- 
mon and plenty of salt and pep- 
per. Butter a baking tray and 
smooth half the lamb and wheat 
mixture (called kibbeh) over the 
bottom. Cover evenly with the 
meat and nut mixture and top 
with the remaining kibbeh. Cut 
diagonal lines across the lop to 
make lozenge shapes and pour 
on j-pound melted, butter, 

Bake at 375 6 F gas mark 4, 
basting occasionally with stock 
to keep the inside moist, for 
about one hour or until the top 
is crisp and brown. 

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P: <■ 

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credit terms too m 

EALING Manor fid. West Ealing, WI3. . 
FULHAM t-54 Full ain Road, SWii j 

ISLINGTON 5 3 Essex Road. Nl. i 

TEDDINGTON ISO. 1^4 Hi-h SlreeL 
BIRMINGHAM Bi oadgale House, 
Broad Sheei. 

BRIGHTON -i? S6 London Road. 
BRISTOL C olKy* Green, Far K S>U*et, 
CHESTER Pepper C-lieet. 
EDINBURGH 111' Hanover Sheet 
IPSWICH Tower Street, 

Tower Ramparts. 

PORTSMOUTH London Rd.CowpUn. 

SEVENOAKS 74 London Road, 1 


ST. ALBANS S9/95 St. Peter's St 





in furnishing 

Financial Times Saturday April tigre 


Will Whiting’s day ever dawn? 

Maf.v c;-cr.x:satin 3 judges or any more abont Ibis programme a great s> n-.bolic load of guilt! 

vrf'ima feel that *in« l have a small part is il from some Germanic source, pos- J 
myself. But if it should whet sibly the plays of Hauptmann 
JfthR A00 - e p,a ' s pr , vour a ppeuie for Whiting then whom Whiting so greatly ad- 

coniroversy m lhe early j ^ugjy recommend you to mired, and dump it on a group 
IPaQs, haj had had luck. He has i j^ten in Kay Patricks produc- of cosily impoverished, teddy* 
never really had a success that iion of his Conditions 0 / Agree- bear-loving, middle-class, green* 

-u- ed ■" cidiente-; except when, merit which is next week’s fingered English people where 
r u..ea ... u jo.eaLe» eueiii *» .. . p . { o, d ; 0 4 Actil 3 ). it does not belong and will not 

i, the wake 01 AMoos Huxley »“» 2%S££ arouS tie really' stick. However, the spec* 
rm me grotesque happenings si sajng ^ w Sainfs ^ but tacle of Whiting trying to make 
Louden m the seventeenth cen« had t0 wait 19^5 f 0r a the guilt stick is m theatrical 
vjry. he wrote The Cecils for production fat Bristol; it has terms an absorbing one. Miss 
ibe Royal Shakespeare Company never been seen in London). Like Patricks production with some 

under Peter Ht.ll. In all Whiting It U dense, fasdnit- SLn^TZ women^ «"« 
circles Whiting’s plays are fre- »W difficult, and full of haunt- pwj 1 ! « anTMaureen 
ouently dLscussed. Some inter- injb* vibrant lines. Some people - uersuaded me that 

-Mug books and essays have see in it strange anticipations Ogng me that 

oeen written about him. The of Pinter, particularly The Btrlh- J“ s P'^y at ie^t nas OMn mi- 
Texts of bis work are freely avail- day Party. It is true that the *“]> the staee 

able. Yet since his untimely plot-far too involuted to begin *J“J**“ 01 JJ} 3 J®’ j ... 
death from cancer at the age to outline-turns on two men. a From ae rnquest on a piaj 
Of 415 in 1963 bis theatre has retired circus clown (Peter *£8™ 10 ****** ™ .J 

you^man a W Knowles) OmOm ] IjwjJji ttMtfWfr 
l 1i l9 65 there « a revlva, - SM uStitil SS £ £££ JSSSS 

SKfflsa rss.ttJtsag aSEKtssri 

Pearson at his most acidulous) j ndj -Q n judge to an English 

whose chrome guilt at his wife s G e«il*roma«. With the help of 

accidental deathwhile w at chins sPme 0 j d India and Burma hands. 

PAHin * ne . clown pcrforoi * l * <ar ?? S i. 1, J Mr. Lewsen convincingly proved 

TCMLUIP Spain many years before iwhat that this book ^ not fact but a 

., mw a coincidence .) has poisoned his Work 0 £ fiction. written anony- 

ANTHONY CURTIS life and that of those around mwB |y b y the prolific romantic 

him. novelist Dorothy Black. Wit- 

The comparison with Pinter is nesses, defendants from the pub- 

Jones This was the work which v «* damaging to Whiting. In- iishers relatives of the author. 
Jtnes. iQL. was xne wore wnicn Q f fueling that the situa- were all admirably calm and 

done^^r-inati” rm at Wh Uie 11 S Uoa has been Predetermined by collected in contrast to the 
Theatre in 1951 John Barter characters of the people in- mounting excitement of the m- 
thn » rt!ivi?th7nS volved in it, we feel that the vesogator as he clinched his case. 

K2“i. aid“ M^uSdS »“ tried “ “J»rt shadK ° f Patri< * Hasunss! 

■ As an educational idea, Steps, 
Notes and Squeaks is bright, 
cleverly conceived and executed 
with Va good deal of theatrical 
flair. Maina Gielgud has devised 
an entertainment at the Royal 
Court that offers insights into 
the rehearsal of a classic pas de 
deux and into the day to day 
problems of a dancer’s life. Miss 
Gielgud is a highly articulate 
focus, for the programme;' in- 
volved in a certain amount of 
merry : banter with the pianist 
James Slater, and with her 
partner Jonathan Kelly. A 
dancer- choreographer is_ also 
caught np in the proceedings— 
William' Louther or Wayne Sleep 
appearing on alternative days — 
and. I saw Mr. Sleep preparing 

Marie McLaughlin and Bonzventura Bottone 



Lo speziale at the Ri 


Express, said: “ I did not under- 
stand a word, of the plot . . . and 
finally. I did not understand why 
the audience — which included. 
Tyrone Guthrie and Christopher 
Fry — were so patient with it ail.” 
This wa* typical of the critical 
reaction: it so enraged Guthrie 

Kord and the RPO 

reaction; it so enraged Guthrie \ 0 doubt it was Chaikovskv's Jusef Suk (incapacitated by aj 
and other luminaries of the pro- “ Pathetique ” Symphony that sprained wrist t and offered ai 
fetsion that they wrote letters drew the large audience for poised, clean-lined account of the J 
lo The Times in defence of the Thursday's concert at the solo part. Kord accompanied him I 
play. Nonetheless, it folded festival Hail by the Royal attentively, in the same sober 
fairly soon, just as 14 years later Philharmonic who rewarded spirit; neither of them was in- j 
Mr. Jones's production folded them with a stiring firmly com- dined to bring out the puckish - 1 

fairly soon. Since then a pro- mil ted performance. The guest ness of lhe Rondo, and they met 
fessiona! revival of a Whiting conductor from Warsaw, Ka?i- its time-change in the middle 
play has been a very rare event, mierz Kord. neither patronised with a faint air of surprise. 

Champions of his work argue work flor ^flowed in it His The performance of the 
1 that he was ahead of ms time, tempi were unexceptionable and «* Paris " Svmohony. K.297. was 
l They say that audiences are now we il sustained— no .gratuitous distinguished chiefly by tact. 
. much readier to apprehend the applicants of the brake for extra Elegance would have required 
1 i™?. 0 ®* 1 bappeamgs of w-hicb witbers-wringing— and his expert more extro vert brilliance from 
■' Whitings plays are composed, balancing of the orchestral jjj e strings who were content to 
| that critics, by now thoroughly voices permitted the colours of „ake a milder contribution. 

Beckett-trained and Pinter- the score their full translucent There were moments in the 
! trained, are less resistant to glow. The Scherzo had enough mstiina Andantino when the 
| tha unmotivated. drive to overcome a belter- spirit of ti, e work seelD ed about 

| Two of Whiting's most skelter spiccato opening (and t c0me int0 cJearer f0 cus; but 

The second offering by Jfusica 
nel chiosiro at the Riverside 
Studios. Haydn's comic opera Lo 
speziale (sung in an Eugtish 
translation by Brian Trowell as 
The AxxjUiecary) was given the 
first of two performances on 
Thursday night. Unlike the com- 
pany's first London presentation. 
TamerlaKO. which has already 
been staged at Batignano. its 
home base, this production of 
Lo speziale will not be heard in 
Tuscany until the summer, when 
it will tour there for a fortnight 
of one-night stands (sung in 
Italian). Nothing could con- 
ceivably be further from the 
circumstances of the opera's first 
performance, -at the opening oF 
the Princely theatre in the new 
Esterbaza Palace in 1768. - 

Haydn's score, more- fully 
characterised than an some of his 
operas, includes two splendid act- 
finales. the .first a trio, and the 
second a quartet, in which both 
Gritlettas suitors dress as 
notaries to thwart the Apothe- 
cary's marriage-plans. The pro- 




eloquent apologists are David later some distracted trom- ^.p.. slipped by and ’ the 
Jones and Simon Trussler, bones): if tb e violins rarely svmphony remained just a 
author of one of the books men- seized their tunes by the throat, concert-opener If the principal 
tioned earlier. You can hear tile cellos made impassioned e ff ort had gone into the 
them to-night on Radio 4 in Art amends. The brooding clarinet •* pathetique ” that at least made 
and Audience— the Theatre 0 / solos were shaped with un- its vividly and decisively 
John Whiting putting the case usual delicacy by Prudence wh5ch WM probably what was 
for further consideration of his Whittaker. most wanted 

work much less simplisticalfy Mozart completed tbe pro- 

ihan I have summarised it here, gramme. In the G Major Violin DAVID MURRAY 

It does not behove me to say Concerto Ralph Holmes replaced 


The Apothecary , however, 
taken from a play by Carlo 
Goldoni, is a cheerful tittle piece 
equally at home in a nobleman's 
private theatre, in the market- 
place of a Tuscan hill-town, or in 
a converted television studio by 
the Thames. The opera, tike so 
many 18th-century comedies, 
could be subtitled " “Tbe 
Guardian Outwitted.” Sempronio, 
the elderly (tenor) Apothecary. 

1 wants to marry his rich and 
pretty young ward, Grilletta 
(soprano); she fancies Mengone.- 
her guardian's assistant (tenor), 
.who reciprocates her affection. 

I Volpino. a young nobleman 
I (soprano), is also taken with 
Grilletta, but true love, naturally. 
i triumphs in the end. 

duction. directed by Patrick 
Libby and designed by Adam 
Pollock with, no doubt, the 
Tuscan tour* in 'mini is fuily 
mechanised. The Apothecary's 
shop is a travelling oue, mounted 
on a dusty jeep — tile action has 

been updated to the present cen- 
tury — - which at Riverside drives 
mto the acting area with great 
eclat before the overture begins. 

Sempronio. firmly articulated 
by Francis Egerton, is a news- 
paper-addict, .willing to believe 
anything that he sees in the 1 
press: such a credulous attitude 
causes, somewhat ironic amuse- 
ment at ' this particular timo 
Marie McLaughlin makes -.a 
charming Grilletta — though 
one t-&B imagine her. in. the 1 
Pagltacci-like- circumstances, ax-al 
budding Nedda — while Boc- 
aventure Bottone sings sweetly 
as the likeable, if not "over- 
intelligeiu Mengone. As 'Volpino, 
Anna Benedict, modishly c lad in; 
white flannels, blazer and straw, 
boater. \ performs with - great! 
style. Jane Glover conducts, the 
small orchestra responding .en- 
thusiastically : to her strong, 
rhythmic beat. ’ 

this week . . . 

. . . and next 

a snatch of choreography for 
Gielgud and Kelly, and then 
offering some danced impersona- 
tions- of Nureyev. Glga Kbrbot. 
Jdha Garry,, and of himself: all 
very jollyV. " • • 

But the chief izrterest and glory 
of the programme is tbe pre- 
sence of Svetlana Beriosova, to 
coach Gielgud and .Kelly ip -the 
last- act Becnfty pas de deux. 
Looking : Tadiant, Beriosova. dis- 
cusses, demonstrates, UluniLa&tes 
the duet with such feeling and 
such; style .that in effect, we. can 
see her own beautiful interpreta- 
tion of Aurora once again: "What- 
ever conventions' of spontaneity 
which tbe rest of the programme 
tries to establish, its sometimes 
arch -narvetfe, are entirely shown 
np by - Beriosova’s total involve- 
ment with her coachin- gtask. 
She has lost nothing in amplitude 
of movement or grace . of 
carriage;' her line in a simple 
pose, the way gesture “breathes,” 
the timing of the least action 
all are magnificent 
As -I have bad occasion to say 
before, the authority of tbe 

Mama Gielgud. 

HER MAJESTY’S: -The Trorel- 
iiug Music Show. . For Bruce 
Forsyth fans only. -Reviewed 

COTTESLOE: Lark Rise. A 
faithful adaptation of Flora 
Thompson's book about country 
life in the 1880s.. Reviewed 

At 'Monday lunchtime Scissors 
opens at the Almost Free and 
in the evening Chicken Soup with \ 
Barley appears at the Shaw: On | 
Tuesday, Class Enemy transfers 
from the Theatre Upstairs! to the 
Royal Court, Bleak House opens 
at the Theatre Upstairs"-” and 
Raindance- at the Roundhouse 
Downstairs'. On Wednesday Ten 
Times Table opens at the Globe, 
and at- -the- Royal Exchange 
Manchester Crime and Punish- 
ment opens on Thursday; . 

New Ryton play 

The Unvarnished Truth, a new 
comedy by Royce Ryton, starring 
Tim Brooke-Taylor and Graeme 
Garden, will open at the Phoenix 
Theatre” on April 13. Also in the 
cast are Jo Kendall. Ivor Roberts. 
Gwyneth Owen, Morar Kennedy, 

Gabrielle Hamilton and the 
author, Royce Ryton. 

The play is directed by Jona- 
than Lynn, designed by Robin 
Archer and presented, . by 
arrangement with the Cambridge 
Theatre Company, by Michael 
Codron. * * - - 


BBC 1 

t Indicates programme in 

black and white. 

9.00 auu. Playboard- 9.16 The 
Odbali Couple. 9.35 The Record 
Breakers. 10.00 Indoors Outdoors. 
V 10.25 "The Happy Years,” star- 
ring Dean Stockwell. 12.10 pjn. 
The Tom and Jerry Show. 1&Z8 

12.30 The Grand National In a 
special edition or Grandstand: 
J.35 Ain tree 73: 1.45 Red 
Rum; 2.00 The Sun Ratings 
Chase; 2.10 The Fancied 
Runners; 2.20 Meet the 
Jockeys; 2.35 Templegate 
Hurdle; 2.45 Final Check; 3.20 
The Sun Grand National; 4.30 
The Jockeys' Stories; Football 
Focus (12.45) including news 
of promotion and relegation 
battles;'” American Basketball 
(1.10) NCAA Championship 
Final; Rugby League Cup 
Semi-Final (3.50) second-half 
commentary; 4.40 Final Score. 

5.10 The New Adventures of 

SJ3 News. 

5.45 Sport/Regional News. 

5.50 Fish. 

6.15 Rolf on Saturday— OK! 

6.45 Saturday Night at the 
Movies: “ Battle For Anzio," 
starring Robert Mitchum. 

8.40 The Les Dawson Show. 

9.10 Kojak. 

30.00 News. 

10.10 Match of the Day Special. 

11.20 Saturday Night at the MilL 

All Regions as BBC 1 except at 
the following times: — 

Wales — 9.35-1 0.00 ajn. Teh'ffanL 
12.10 ami. News and Weather for 

Scotland — A55-5 . 1 0 p.m. Score- 
board. 3.45-5.50 Scoreboard. 10.10 
Sportscene. lOb5O-11.20 Songs of 
Scotland. 12.10 ajn. News and 
Weather for Scotland. 

Northern Ireland— i 5.00-5.10 p.m. 
Scoreboard. 5.45-550 Northern 
Ireland News. 12J0 a.m. News and 
Weather for Northern Ireland. 

BBC 2 

ajn. Open University, 
pjn. Saturday Cinema: 
“ Mrs. Miniver." starring 
Greer Garson and Walter 

1 Hit the Note! 

1 Open Door, 
i Horizon. 

Sight and Sound in Concert 
featuring Frankie Miller's 
Full House (simultaneous 
with Radio 1 stereo). 

' News and Sport. 

1 Network. 

The Lively Arts: Walton 
No. 1: Andre Previn talks 
about the symphony and 
rehearses it with the 
London Symphony 

1 Second City Firsts. 

> M»A~S*H. 
i News on — 

Midnight Movie: “ Tbe 
Heiress." starring Olivia de 
Havflhmd and Montgomery 

News: L20 The ITV Seven— 
L30. 2.00, 2.30 and 3.00 from 
Towcester; 3.45, 2.15 and 2.45 
from Monmore. Green; - 3.10 
International Sports Special 
(2) Motor Rallying— Benson 
and Hedges Circuit of Ireland, 
plus Greyhound Racing from 
Monmore Green; 3.50 Half- 
time Soccer Round-up; 4.00 
Wrestling; 4.50 Results Service. 

5.05 News. 

5.15 Happy Days. 

5.45 Logan's Run. 

6.45 Celebrity Squares. 

7.30 Enemy at the Door. 

8J0 Sale of the Century. 

9.00 Within These Walls. 

10.00 News. 

10.15 The South Bank Show. 

11J5 The Adult Movie: "My 
Lover. My Son," starring 
Romy Schneider and 
Dennis Waterman. . 

32.50 a.m. Close: Rudolph Walker 
reads a poem. 

.\ll IBA Regions as London 
except at the following times: — 

Bun. fclS Happy Days. 94# Police Woman. 
1U5 Appointment with Fear : "Dracula 
AD 19?;." 


M0 a.m. Scene on Saturday. Including 
Birthday Greetings and Thu Lone Banger. 
tJS Skippy. 9.S0 The Woody Woodpecker 
Shew. 1*05 Woobtnda. 10.85 Island of 
Adventure. 1145 Within These Walls. 
XU* The Cluv Club. 12.00 Captain 
Scarlet and the Mystcruns. £15 p.m. 
lnleniBtiunal Spans Special. 545 Logan'* 
Run, followed by Highland League and 
si limy results. --*45 HaVtit- MS Sale 
of the Century- . 245 Enemy at the 
Door. f*45 Feature Film: " One of 
Our Own.” starring George Pcppanl. 1145 
Within These Walls. 1245 a-tn. Reflections. 


9.08 a.m. King's Pirate. 920 Adventure 
Time. 10 JO You Can Make IL U-25 Space 
im. 545 p.m. Logans Run. 545 Havoc. 
6.45 Sale or lhe Century. 745 Enemy at 
the Door. 845 Quincy. U45 The Practice. 
1L4S Upstairs, Downstairs. 12*5 *.m. 


1048 a.m. The Herbs. 1 0.20 Tbe Red 
and die Blue. 1835 Sklppy. 11.00 Survival. 
1133 Sesame Street SJW p.m. Spans 
Results. 5.15 Lagan's Run. 645 The Beverley 
RiiHidlm. 6.45 Sale of the Century. 745 
Enemy at the Door. 845 -Pans when it 
Sizzles." starring William Holden. 1145 
Police Woman. 

Cup Rugby 030. iat 340, rSJBh 
.Swash t£3Q, 238, 206, 3351 iOdb uews-'zif 
motor sport— Ui. Grand Pro. 54» Sports 
Report : classified football checks at 
530 and :535.; Rugby round-up 535; 
Uotor sopn 530. 633 The Uusic Game. 
732 Windsor Davies Presents . 736 
Rad.o 2 Top Tune /5>. 835 iVenflr Dickie 
at the -piano <S>. 830 Take Your Part- 
ners at the Radio 2 Ballroom iSi. 930 
Something in the ‘Air iSL 1132 Sports 
Desk. 11.18 Peter Wheeler irith The Late 
Show iSt including 1230 News. 230-232 
ami. News Summary. 


938 a-m. Ticwas, including 1036 Dyno- 
mun, The Dog Wonder. 10.45 Tlswas 
icoutd.i. 1135 Elephant Boy. and 1135 
Tlswas leant. 545 p.m. Logan's Ron. 
645 Havoc. 635 Sale or the Century. 7.15 
Enemy at the Door. 8.15 "Parts when it 
Sizzles.” starring William Holden and 
Audrey Hepburn. 1145 Stars on lee. 
12135 -House _oI Horrors- ".Dark. Waters." 
starring Meric Ob cron. 


9.80 a.m. The Beatles. 935 Uninvited 
Guests. 930 Children's Feature Film: 
■' Tjrzjn Goev to India.” 1130 Cus 
Ri-mcybun’s Birthdays. UJ5 Space 1899. 
5.15 pjn. Logan'' Run. 645 Happy 
Dais. 930 Police Woman. 1145 
Appointment with Fear: '* Drtcula 
AD- 19J2." starring Christopher Leu. 12.45 
sum. Faith for Lite. 



9.80 un. Animal Alphabet Parade. 940 
Cartoon Time. 930 Tlswas. 1030 Funky 
Phantom. 18.05 Tiswss. 1135 'Valley or 
the Dinosaurs. 1135 Tlswas. 545 P.m. 
Celebrity Squares. 630 Code R. 7.00 Sale 
of The Century. 830 Saturday Film : . ''Con*, 
flict of Wings." starring John C reason 
and Muriel Pariow. U45 Within These 
Walls. 1245 a.m. At the End of the Day. 

935 a.m. Build Your Own Boat. 930 
T1x>av 1045 Batman. 1035 Tunas leant.). 
1135- Beachcombers. U_S Tlswas ‘coni '. 
S3S p.m. Celebrity Squares. 630 Logan's 
Run. 9.0) Streets of San Francisco. 1145 

MTV Cymru /Wales—As HTV -general 
service except: 535 p.m. Cartoontime. 
636630 Can on an. U45-1248 a.m. A Taste 
Of 0 ur Medicine. 

930 a.m. The Roll Karris Show. 935 
You Con Make 11 1930 “Case uf the Mnfc- 
iinese BatUchorn." starring Spike 
•Milligan. tHL2D Saturday Scene Adlan 
Adventure ; '■Mystery Submarine,” 
starring Edward Judd. U30 Happy Dan. 
lira Run. Joe. Run. 5.15 p.m. Logan's 
Run. 645 Havoc. 635 Sale of Lhe Century. 
745 Enemy at the Door. 8.15 Quincy. 
11.15 The Outsiders. 

RADIO 3 4Mm. Stereo &VHF 

I Medium Wave only 

1735 a-m. Weather. 830 News. 835 
Aobade «Si. 835 Rural Rhymes. 930 News. 
935 Record Renew «5». 18 . 15 Stereo 

Release 'Si. 1030 BBC Scottish Symphony 
Orchestra «S). 1232 pan. James Galway 
presents music on records iS». 1235 News. 
130 Heritage. 145 Schubert and Schoen- 
berg, chamber music concert rS). 245 
Man of Action : Christmas Humphreys 
chooses records iSi. 535 Music of the 
Masters by Beethoven. Schubert. Bach 
»S). 5.00 Jaa Record Requests iS). 5.« 
Critics’ Forum. 635 Inienutiapa] Organist 
tS*. 735 Haydn and Beethoven piano 
recital i Si. 835 BBC Northern Symphony 
Orchestra, pan l : Borodin, Tchaikovsky 
i S ». 830 Personal View by Rosaly n 
Higgins. 940 Concert, pan 2 ; Beethoven 
• Sr. 1035 Art and Andienoe— tbe Theatre 
of John .Whiting >a re-assessment by 
Simon Trnssleri. U30 Sounds Interest- 
ing 'S>. 1135 News. UHLS And To- 
night's Schubert Song. 

Radio 3 VHP only— 630-830 a-m. Open 


638 Yoiira Faithfully. 1626 . Weather, 
programme news iVHFi Regional . News. 
•730 News. 740 On Your Farm. 730 
Today's Papers. 7.45 Yours Falttifnttr. 
730 it’s A Bargain. 1735 Weather, pro- 
gramme nows (VHFj Regioaal News. 830. 
News. 840 Sport an t 835 To-day's 
Papers. 830 Mamins Call. .*-00 Hews. 
1935 International Assignment. 1930 Talk- 
ing Politics. 2935 News Stand. 23045 
Dally Service. 21 939 Pick of the Week. 
HUD Time for Verse. HUD Fools' 
Wisdom. 1239 News. 1232 pJn. Junes 
Galway fS> tag Radio S'- 21235 Weather 
programme pews VHF (except London and 
SEi Regional News. 130 News. 145 
Any Questions? 2230 War and Peace. 
1330 News. 1335 Does Ha Take Sugar? 
2335 Music or the Masters (as Radio 3). 
530 Kaleidoscope Encore. 530 Week 
Ending . . ; 2S3S Weather, programme 
news i VHP) Regional News. 630 News. 
645 Desert Island Discs. 638 Stop The 
Week with Robert Robinson. 730 These 
You Have Loved tS>. 830 Saturday-Night 
Theatre f5>. 938 Weather. 1830 News. 
1845 on the Town. 1130 Lighten Our 
Darkness. 1145 News. 

Open Universfty (VHF on ly >—935 a.ra.- 
1230 and 230330 pjn. 

weekend - news, reviews. 1 features,' Bpnrti. 
10.00 JeUyfaone. 138 P>m. Saturday Sport. 
630 After 8- 630 Decision Makers. 739 
Ceel Mala: music. Information, fets*. 
views in Hindustani. 830 Saturday Music. 
930 NlshtUne- 130530 ajn. Kioto Extra. 

Capital Radio 

194m and Sfifi VHF 

630 ajn. Kerry Jobs's Breakfkst Stow 
(Si. 930- Capital Countdown trtth Peter 
Young (Si. 1230 Kedhy ~Bven3t (5>. 
230 pan. ATtoruOon Defight with .Dohaa : 
Johnson tSv. 5L89 Joan. Stenioa’s Pbw 
to Person <S>. *30 Greg EOmrifr Soul 
Spectrum <Sj. 938 Nicky Honrt 
Mummy's Chart (St- 1X38 Mike AUerti 
American Dream tS). .1238 Mte Atari 
Backseat Boogie tSj. 230 ajn._ Peter 
Young’s Night FUght IS).". • , 

BBC Radio London 

206m and 949 VHF 
630 a-m. As Radio S. 732 Good Fish- 
ing. 830 News, weather, traffic, shopping 
sports news. 845 The London Gardener. 
830 David Kroner with Saturday Scene. 
1030 Sportscene. 1130 The Robbie Vincent 
Saturday Show. 230 pan. Bob Powel with 
London Country. 438 Mariorio BUbow 
with Close Up. 530 Guideline. 630 dose: 
As Radio 2. 



9.05 a-m. The Rolf Harris Show. 938 
Tiswas. 545 pjn. Six Million Dollar Man. 
645 Havoc. 938 The Sweeney. 1145 Rich 
Man, Poor Man. . . . 

9-00 a.m. Sesame Street. 10.00 
Our Show. 1 11-00 Saturday 
Cinema: “Too Many Crooks," 
starring George Cole, Terry- 
T ho mas and Sidney James. 

12J10 p.m. World or Sport; 12.35 
On the Ball: L.OQ International 
Sports Special (l) Tae Kwon 



930 a-m. Build Your Own Boat. 930 
Tlswas, including Winning with Wilkie and 
Batman. 545 pjti. Logan's Run. 645 
Havoc. 6.45 Sale of the Century. 745 
Enemy at lhe Door. 8.15 Feature Fibs : 
■’Dully.", starring James Coburn. U.15 
Late CaH. llA Danger in Paradise. 

935 *.m. Build Your Own Boat. 9 j» 
Tiswas. Including Oyaonmrt. the- Dog 
Wonder and The Beachcombers. 545 pjn. 
Logan's Run. 645 Havoc. 6jt 5 Sale of 
the Century. 745 Enemy at the Door. 
245 Qolncy. 1145 The Outsiders. 1245 ajn. 
The Odd Couple. 

Do — British National Cham- 
pionships from Luton; 1J3 


1248 p.m. Puffin's PiaiDce. 545 Ldean’S 


839 a.m. Weekend, followed by Regional 
Weather Forecast. 9.00 Sesame Street. 
10.00 Cur Show, including 1130 Code R. 
It ff Weekend followed by Regional 
Weather Forecast and 1235 p.m- Happy 
Days. 545 pjn. Celebrity Squares. *30 
Six Million Dollar Man. 730 Sale of 
the Century. 830 • Tennessee's Partner." 
starring John Payttc. U.15 Within These 
Walls. 1245 a-m. Southern Neu-s. 

RADIO 1 « 7r “ 

(S) stcrcpheaic broadcast 
530 ajn. As Radio 2. 836 Ed Stewart 
with Junior Cboiiv 'Si. 1030 Kid Jensen. 
1230 Paul Gambaccim. 131 pjn. Rock 
On 'S». 230 Alan Freeman ISi. SJl 

Alexis Korm-ris Blues and Son I Show (Si. 
630 Sight and Sound in Concert iS>. 
tcatnring Frankie Miller and Sammy 
.Mitchell iwmultaoroos with BBC-2 tele- 
visioai. 730-202 a.m. As Radio — 

RADIO 2 1 -500*11 and VHF 

530 a.m. News Summary. 532 Colin 
Berry with The Early Show i5i, including 
83. Racing Bulli-Un. 836 As Radio I. 
10.02 Toiiy Brandon iSi. 1202 P.m. Two's 
Best 'Si. L02 p.m. Punch Ltnc. 130*55 
Sport On 2: Tbe Grand National 0481, 
200, 230, 3.00 plus results from other 
meetings, with a classified check at 1.50 ■: 
Football LciCrw (1JO. 223. 2«. 145. 3J3J; 


4£4m. 330m, 285m and VHF 

630 ajn. News. 632 Fanning Tojlay. 

London Broadcasting 

2Mm and 97.3 VHF 

630 a-m. Morning Music. 738 A3L: 

Solution to" Position No. 209 
Tbe game ended l NxPf KxN? 

2 Q-Q7 cb, K-Nl; 3 R-K7, Q-Q3: 
4 Q-K8 cb, K-Rl; -5 QsNP, B-K5; 
6 RxB, Q-Q2 and restena—7 R-KS 
cb forces mate. . : 

Black sbonid have pksed 1 • • • 
R-Bl! 2 R-k6, Q-Q5; 3 KxP.cb 
(not 3 BxP? ■ Q-Q8 cb), BxN; 
4 ExP ch, B-NSj'SX^KG cK, R-B2; 
6 Q-KS eh, ff-Br with a d raw by 
perpetual check. . . : . 

Solation to Problem' No. 209 ' 

1 B-Nl, K-Q4;.2.N-Q2; PsNj: 

3 P-B4 mate. / 

Weekend Choice 

SATURDAY: The exemplary but 
inimitable Peter O’Suilevan," is 
chief commentator for -The 
Grand National on BBC-1 at 3.20. 

Anyone over 30 whose teen- 
age parties were danced to 
Buddy Holly and the Everley 
Brothers must by now have dis- 
covered Happy Days, half an 
hour of instant nostalgia with 
The Fonz. There is a new epi- 

sode on ITV at 5.15 to-day, and 
a repeat series on ITV on Sunday 
mornings at 1L30. 

Sunday: According to the 
advance publicity for Credo (ITV 
6-25> it investigates tbe “huge 
popularity " of transcendental 
meditation — remember the 
Maharishi? — in rural Suffolk 
to-day M and its promise to solve 
the social problems of the 


AMSA5SADORS. CC. 836 1171. 
Evas. 8,0. Mats Tug*. 3,0. Sat 5.0. 
A Rack R«vue 

“Loots Selwvn avraMs brilliant), as Mick 


DUCHESS. 836 8243. Mon. to Thurs. 
Evas. 3.00. Pri.. Sat. S.15 and 9.00. 


“ Tfut Nudity IS stunninfl. Dally Tel. 

C C- — These theatres accept certain credit 
cards bv telephone or at the box office. 


COLISEUM. Credit carps. 01-240 5258. 
Reservations 01-836 3161. 

Tonight A Ztiwti 7.30 Boa GiMUat 
T uk. & Fri. 7-00 Fores of Destiny. Wed. 
7.00 Julietta. 104 Balcony seats always 
available oar p» performance. 

APOLLO. 01-437 2663. Evenings 8.00. 
Mats. Thurs. 3.00. SaL 5.00 end 8.00. 
(Actor of the Year. E. Sid.> 

" IS SUPERB." N.e.W. 


FORTUNE. 836 2238. Evas. 8. Tfltirs. 3. 
, Sat. 5.00 and 8.00. 

Martel PavMw a* MRS. MARPLE In 
Third Great Year. 

LONDON PALLADIUM. 01-437 7373. Till 
April 1. Eras- 3-o. Wed.. Sar. 6.30. 9. 
and Special Guest Stars 

*' Ginger Rogers sweeps the audience 
•at the Mtadlnn? oli its feet . . . It** 
one heck of an au . . .” Daily Mail. 

PHOENIX. 01-836 8611. 

Today 5.0 and 6.0 
The Leslie Brttussc Musical 
Directed bv Mel Shapiro 
"Successful, slick, entertainment. ~ Darlv 
. Mail. Last week cnos Today. 

ROYALTY. -Credit Cards. 01-405 8004. 
Monday -Thursday Evenings B.QO. Friday 
S.30 and 645. Saturdays 3.0 and 6.0. 
London’s critics vote 
BILLY Daniels In 

WAREHOUSE. Donmar Theatre. Covent 
Garden. -83 6 6008. Book now tor new 
RSC season trom April 10. Strindberg » 

In reconcile. AWi ■ Rj-os. Aldwych. 
AH seats £>.80. 

Book mss acceoteoL^Maicr^redft cards. 

Russian ballet lies in part in its 
use of senior ballerinas to prer 
pare young artiste for fee major 
roles of the repertory.' At the 
Bolshoy Theatre,. Semyonova and 
Ulanova are honoured, figures 
who prepare ballerinas like ‘Maxi- 
mova and Bessmertnova for. roles 
which have in turn been bandied 
to them by the divinities, of the 
past; in this way great artists 
are made. 

M aina Gielgud, has tbe wit to 
appreciate this,, and. het intet 

pretation of Aurora’s wedding 
pas de deax: benefits thereby. .1 
would like to think that 
Beriosova will, before the month 
is out, be coaching the Royal 
Ballet’s Auroras. "We waste her 
priceless gifts, as we do those of. 
Dame Alicia Markova and several 
other great dancers now retired, 
at our peril, ‘Without- this 
apostolic succession' in dancing, 
we shall, .ultimately, only pro- 
duce arriviste ballerinas. 


London borough ot-'-VadBotitf 

BBG-l's “Play of the Month? 
is The Beaux Strategem (8^), 
a highly entertaining Restoratloa 
comedy iii which,' ao usuafi the 
sophisticated rogues from- the 
town - gerions^y./undflFestimnte-. 
the rural guile. Starring pot only 
Tom Conti and lan : Ogilyy but 
also Zoe Wanamaker.. . - - 


GARRICK THEATRE. 01-836. 4501. 

Eras. 8.0. Wed. MU. 3.0. Sat 5-15.. 8.30 

a. 8.0. Wed. mu. 3.0. Sat MS. 8 

COVENT GARDEN CC. 240 1065. 

(Gardcncharqc wetHl card! 836 69031 

ARTS THEATRE. 01-836 2732. 


Hilarious . . . see if Sunday Times. 
Monday to Thursday 8.30 Friday and 
Saturday at 7.00 and 9.15. 

■■ Go tv, ice." S. Morler. Punch. 
3 THREE TIMES." C- Barnes. 


Barnes. NYT. 

(Ends Tontoht} 

700 Stalls Promenade Place* available 1 
hpu/ before currain up tl. 


Tonight 7.30 p.m. Manon. Tu«.. Thur. 
a Fr*. 7.30 p.m. The Firebird and Sew 
M the Earth. 

Mon. 740 n.m. it Travatore. Wed. 7.30 
n.m. Death In Venice. 

1 A THEATRE, Cbanng Cross Road. 
21rl? 4 Tube: Tottenham 

Court Road. Mon. -Thurs. 8.00 p.m. 
Friday and Saturday 6.00 and 8.4S. 

Instant Credit Card Reservation*. Eat hi 
our lullv- licensed Restaurant or Bullet 
Bv lunchtime wj before pr after short 
— bookable m advance. 

GLOBE. 01-437 1592- Ergs. 8.0. Mats. 
Wednesday and Saturday 3.00. 
“ Brilliant," Time Out. “ An Important 
Play." D. Exp. " A inc play." Times. 
Dir. by HAROLD PINTER. Last Week. 

LYRIC THEATRE- CO 01-437 3686. Era. 
8. Mats. Thurs. 3. Sats. S.O and 8.30. 
. _ JO AN. PLOWRIGHT ... - 
by Eduardo Fluppo 
"TOTAL TRIUMPH." D. .Mirror. 

HUNDRED YEARS." Sunday Times ■ 

PICCADILLY. 437 4506. Credit card bkqa. 
836 107t-2 tram 9 a-m. -6 Eras. 8. 
Sats. 4.45 and 8.15. Wed. Mu. 3.00. 

Era. Standard Award and SWET Award 
Royal Shakespeare Company I* 
by Peter Nichols 
f«ol Suitable lor Children? 
EXTRAVAGANZA." . 5. Times. 

SHAFTESBURY. 836 .6596. 

Eras, at 8.00. Mao. Thurs. Sat- 3.00. 

John Reardon and Joan. Dienar In 

WHITEHALL. u >-930 6692-7765*. 

Eras. 840. FrL and Sat 6.43 and s.Ou 

The legendary musical 
EVERYTHING.* S. Mlrror.- 

Paul Raymond nrueot* the Smaational 
Sex Revue si the Century 

Due to orarwhelmlnd public demand 
season extended. 

SAVOY. • ■ CM -836 8868. 

Nightly at 8.00. Mat Wed. 7-30. • 
Sat. 6.00 and 8.00. . 


Twica NighUv s.oa and 10.00. 
OPEN SUNDAYS 6-00 and 8.00. 

many other stars. TOMORROW 
COMES tX). Sep. drags. -Mon.-su. 

4.50. a. 10. Sun; s.45. T-M- . 

Frt. & Sat gJSsj 5«M W^e. W ^10. 

pros. Mon--Fri. and all. progs. Sat. 

Sun, except lata show. • — 

ode on. Harmarkat- 

iane Fonda. v 

Zitmemann Wm JOU*- IA3. Seoj-W®^ -. 
Olr.ZJO. SJS. 3.45. . go. 

2A5. .6.00. SJtt XMeehmMftt ; 

Prog. AS .PAL-Frature 

All tests 

EC1. 837 1 672. Flnl Peri. PUobelus 
fjfnee Thaatre. "A hit . . - It's Irreslst- 


GLOBE THEATRE. 07-437 J5S2- .April 5. 

MAY FAIR. CC- 625 3036. 

Mon. to Trl. 8.0 sat. 5 30 «nd 8.45. 
GORDON CHATER " Brilliant" E.N. ' In 
By Stove J. Spears 

‘*A compassionate, lunnv. fiercely eloquent 
play." Cdn. "Hilarious." E.Sld. “Wickedly 
amusing." J. News. " SMllbindino." Obs. 

PRINCE EDWARD CC i Formerly Caslnoi 
01-437 6877. Previews from June 12 
Opening June Zl. EVITA. 


ADELPHl THEATRE. CC. 01-836 7611. 
Evgi- 7.30. Mats. Thurs. 3.0. Sat. 4.0. 

of 1976. 1977 and 19781 

Sunday People. 


CAMBRIDGE. CC 07*836 6056. Mon. to 
Thurs. MO. Fri- Sat, Sr4S. 8.30. 


Dinner and' top-prire seat £825 inc.. ■ 



HAY MARKET. 01-930 9832. Eras. 8.00. 
Mat. Weds. 2.30. sats. 4.30 and 8,00, 

MERMAID. 248 7656. Restaurant 24 8 
2835. tom Conti. Tone Asher >n 

Eras. 8.1 S.. Frl. and Sat. S.1S. Until 

PRINCE OF WALES- CC, 01-930 8681. 
Monday to Friday at B n.m. 

Sat. S.30 and 8.45. Mat. Thur. 3.00. 
— The Sun. 

Siarring to APT’l 8 
and from April 10 
_ ioi " Confessions at " him tans) 


The Wo rWAmfli/i Thriller” 
" Seeing the ' Play- again Is In tact an 
utter and total |ov.“ Punch. 

■' it prill run and run ana in." Sun. Tel. 
Evenings £> to €A. Mats. £1 to £3. 

PAUL RAYMOND presents 


"Take* to unprecedented limits what te 
permissible on our stages. " Ev. News. 
You myt drink and smoke In the 


SHAW THEATRE. 0I-<3BB 1394. 

try Arnold Wesker - 

Red. price pnn. tonight. All seats 
£1.00. Opens Mon. 7.00. SuW- Eras. 

WYNDHAM’S. as« 3028'. Credit card 
bks. 836 1071-z Tram 9 amT-z Sm 
Mon.-Thurs. 8. Frl. A Sat 5.15 id 830. 

Oheon. Marble Arch.. 

WARS .<UJ. Ooors^ooen 
Late, show- fri' 

v LRY H j NNY." kuwi™ NenQ. 

'ary gnasnojff.Commlv 

prince CHARCK i." 1 * 1 '. . . 

Sew- Peri*. - Wy. 

s.40. Late show. Fri. * 5r r - ■*'" . ; 

Bkble. Lie*d Bar. - 

COMEDY. • _ _ 01-930 2S78. 

Evening 8.D. Thur s. S.O. Sal. 5.50, 8,5o. 

Margaret COURTENAY. Dermot WAL&h 
- Blackmail." armed robbery, double WirlT 
and murder. ' Times.' “a good dee) V 
fun." Evening News. 


_ In 

" Ingrid Bergman makes the sug 

April 1 5. Re-Opens Apnl 24. 


April 16-23 ami every sun. until May 
14 --, s )!5; 7 ' 30 tea Aonl 19 

at 7.001. 

Ingrid Bergman makes the stase 
radiate — unassailable charisma." Dly. 

Mail. "Wendy Hiller Is superb." Sun." 

ALB6RY. 3J6 3f7fi. Party Rates. Credit 
card bkgs. 836 1071-2 from g j.m.- 
6 P.m Mon.. Tines.. Wad. and Frl. 
TAS P m. Thur*. and Sat. a.30 and 8. 

MIRACULOUS musical." pm. Times. 

CRITERION. CC. 01-930 3319. 
Evenings 8. Sats. 5.50. 8.30. Thure. -s o. 

■* impeccable ■ - . a mine r." Sun. Timm: 
in scxrrr 


• Mirror. 

GREENWICH THEATRE. 01 -858 7735. 

Evenings 7 JO. M«ts. Sats. 2.30. DON 
JUAN. A Camedv bv MoUsre. “ I rea»i> 
mend It warmly." Fin. Times. 

HER MAJESTY'S, CC. 01-930 6606. 
Evenings 8.00. Mats. Wed. and Sat. 3.00. 
in LESLE BRICUS5E and „• 


OLIVIER Imn Stage): Today 2.J5 and 
b v Che khov trans bv Michael Fravn. 
LYTTELTON ipvosccnlum stage!; Today 

QUEEN'S THEATRE. CC. 01-734 1166. 
Evenings 8.0. Sat. 5.0 and 8 JO. 

Variety Club of GB Award 
A New Plav by alan bennETT 
Plav and Players London critics award. 

STRAND. 01-836 26GD. Lveilinn* 8.00. 
Mat. Tnurv 3.00. Sats. 5 JO and 8.30. 



■■ Supreme comedy on sex and religion." 

Dally Telegraph. 
LAUGHTER. Guardian. 

skble.. Lire — r, ■ 

$c c ne 2. ' 

AS9 4470, - THE- ljNI»_”?,tjO, 
STRIKES 0 3CS. Frl.- A SaL 12AU- 7:7?' wtMK 

3 and 7.4S THE GUARDSMAN- by Mol- 
har EnoifcJti version br Frank Marcui- 
— COTTESLOE 'jman auditorium}; Ton't 

and Mon 8 last pert* ol LOVE LETTERS 
ON BLUE PAPER by Arnold Wesker. 
Many excellent cheap seats all 3 theatres 
■day ot port. Car paHc. Restaurant 928 
2033. Credit Card bkgs 92 8 3052. 

At 7 p.m.. 9 p.m.. K p.m. (Open Suns.) 
PAUL RAYMOND prevents 

Fully Air Conditioned. You may 
drink and smoke m the auditorium. 

ST. MARTIN’S. CC. 836 l«S- In. 5.00. 
Mat Tubs. 2.45. Sat. and Frl. 5 and &. 

Z6th YEAR. 

YOUNG VIC (hear Old We.). 928*6363. 

£L Wfc ie8Mn Today 

3 & 7.45 Ttxe Rfffll iMf fl pr Hoanrl with 
Seaside Poaora. NM^clnj rSr RmJ 
SfteSgJY . - Co mpany 'j award^elnning 
MACBETH opening App| 4 . ait seam 
LZ.OO. (heavily booked until May IS? 

STRIKES *!«, **-L 

TALK OF THE TOWN." - CC. 734 5051. 
B.OO. Dining Dancing. 9.30 Super Revue. 
and at 17 Am. . . . 


able TO SEE IT AGAIN.” Daily Mirror. 

ALDWYCH. 336 6404. Info. 836 3832. 

New season opens Monday. Public book- 
ing in Mrecir or by telephone now open 
tor London season of Shakespeare's 
HENRY V and HENRY VI »Myi from 
Stratford. Box Office open 10.00 *JW. » 
6.00 P.m. RSC* new WAREHOUSE 
season at the. Donmar Theatre OPe*N 
10 AprJ. Book now in person, bv post 
or teleanono 01-836 6B08. 

DRURY LANE. CC. OT-836 5108. Every 
Night 8.00. Matinee Wed. and Sat. 3.00. 

"A rare, devastating, joyous, astonishing 
stunner.” Sunday Times. 

with Derek Griffiths 
.... .Directed by BORT SHBVELOVS 


OLD VIC S2B 7616. 

The Old Vic Youth Theatre. April 10-15. 
The Caucnstaa Chalk Circle, (he Winners- 
Miesing Persons. 

Prosooct at The Old Vic. New Season 
sorts April 20 with Twelfth Night and 
Saint Joan-- Phone bo* office «or details. 

ROUND HOUSE. -267 2564. Evgs, 8-00. 
present the London premiere of 

DOWNSTAIRS. Opens 4 Apt. at 7. Sobs 
eve*. 8- American Repertory Company m 
by Meir Z. Ribalow. 


Evenings .7.30- 
By Nigel Williams 



& T i% s s%. S" ,x «« 

tdwsnJr w wt - 

m. * sat. w— . — 

studio 7. a, 3. Ai - ; : ry • 

~ -TS«aESS! . 

show MBRjQ4Rk; llV cwOWl. . 

•Praia. - • 


CAMDEN PLAZA (opp. Camden Town 
Tuber 485 2043 Bresson's THE Dent! 

T.i mfln nig — SITT r; ~ 

perth rgrtYAb- - ' 

Tbratre_ wlt»- 

VAUDEVILLE. B36 9988. CC. Eras, at 8. 

Mat. TUeS. 2.46. Sats. 5 apd B.. 
Dinah SHERI QAN. Dutch? GRAY 

■' Re-enter Agatha with another who- 
dunnit hit. Agatha Christie U stalking 
tn e West End v« again with a n other 
OF her fiendishly ingenious murder 
mysteries-" Fell* Barker. Evening News. 

DUKE OF YORK'S. 01-636 5122. 

Era*- 8 . 00 . Mat. Wed. and sat at 3-oa. 
In Julian Mitchell's 

'* Brilliantly trietv . . . no mb should 
miss It ’’ Harold Hobson iDrantoJ. Instant 
credit card reaarrjbotis. Dinner and top 
price sue £7.00. 

Mftrt. w Thur. 9.0. Frl- Sat. 7 JO. 9 JO. 

OPEN SPACE. 01-387 6969. Eras- 8.0. 
Triple Action*. ORPHEUS. 

LONDON PALLADIUM. CC- 01-437 7373. 
FROM MAY 23 to AUG. 19 
01 -417 2033. 

PALACE. Credit Cards. 01-437 6834. 
Mon.-Thurs. 8.0 Fn.. Sal. 5.0 and SAD, 

ROYAL COURT Tneatre. Tel-. 01-730 1745 
Steps, notes ang squeaks with 
Evenings B p.m. MeU. Thur. A Sat. 3.00 
Until April 1. 

PROBABLY QQ 2.45 -4.45 6.50 . l M 
1 1.00. Must tod Apr. 5th 

CLASSIC . 1 2,7 *. 4 . Oxford St. (Opo. 
Tottenham Court Rd. Tobol. 658 0310 
1. BertohKCrs 1«W Part 1 IX). Prowl 
2.15. 5.15, 8-15. -Late shew 11 .15 pm. 

2. Final Weeks- THE HIDING PLAGE 
(A). Sop. Peris. Z-OO. 5210 . aTotL Late 
sh. 11 pm. AMERICAN GKAFp 177 CAA) 

PHOENIX 01-B36 8611 . April 13. 
A New Comedy by Royce' Hvtoo 

royal COURT. 730 1745. From April 4 , 
Svgs. S-00. Sat. S.00 ana 8.30. 
by Nigel Wril.ams 
“ stunning new play." F. Times. 

“ blazes with We and forte " Gdn. 
See also Theatre UnsUirS- 



' Prtva, Iron April 25. Opens. May I. 

3. SPIDER-MAN (UL 2J5, 5.M, SrtQ. 
4.05. 7JS. L»te show 11; 

-A Bertolucci's 1 900 Part 2 (Xi W 
2.M. SJOi B.15- Late Show 1 1.1Q p,m. 

S fr 
K V?, 

CURZON. Cnrtop Street, w.1. ego tTty 

tsr&eOL^ssr - Prefls - •* 

trllh Pi 
mier. sc 

H ecttti 

eyentt. Pra sraAffig 

mrnT, swnww* ’.i-;,-. •- 2»Sr • 


■ T':-? T\ 3 

FiaaBcia] Times Saturday April 1 1978 

: iVofJ the arts 

Two blind 


Two hundred years of La Scala Photo fixes 

nia Paiswr. *r ** 

appropriate home f or lhe mamm responsib,e *>c the show — have that the show is more than 5ust, 

moth exhibition “Duecemoa^i Citv Tdtim J SSSS !ler of ** made successful efforts not only a family album of La Scala 
»«vsn,i a » ” oanil i i? e Dmitry. _ to instruct but also to entertain (though it has all the fas- 

alla Scala," which onen P rt « ilndpr Fronph r,,u t c i instruct but also to entertain (though it has all the fas- 
days ago; the great opera hnu!T Produced a ballet* 1 fcv *5® ¥ « i,or * In lh ® .vast Hall of cination and nostalgic warmth 

too, begah with the Eti St?*’ ih& enrtJnnS^S P e *>'« «« ^arn of such an album): .it is a 

<tf "royal" and * ducSr-^iS p ®Pe dancing amid his Srdiittls ?° W “a 8 ?* dCve{op ^ from 5ketch Sraphically-presented history- of 
in a sense the Palace Ws thJ *nd, AnaSy,* casting JSde “hi! t0 medel w p5un ? ed canvas. And two centuries of Italian opera, 
theatre’s birthplace Th^fnn^ 6 tiara to assume a Phrvman you close; ballet, stage-design, and also of 

Umbrian architect Giuseml Half-a-century * late7^ wbwi bltS of acener y and props that the, destiny of non-ItaUan opera 
Piemarmi bad been nSSSS ™wd Austrian dominion hS W ®K pr !? 0US I y , 1 bave s ** n ,n Ita J y - fr0TT1 ^ 

to the Lombard capital in 1769 becom e intolerable, it waS the ony , from T> tbe * l * Ua °, r ^ approaches to Wagner through 
by his master, VanviteMi- -,n!i choruses of Verdi the Daces of gaIleiry - Bons <*“donov s orb the appearances of Richard 
when the older man quit his Watacco and I iombimti that a ° d «ceptre. a statue from Strauss and on to Porgy and 
as -official architect. Piermarini P r °voked. irrepressible -demon- AMto » ™* our and banners Bess and Wozzek. The last 
got the job, just in time to hSlri stations of national patriotism. their secr ® ts - S3* parn - rpoms reniind you of La ScaJa's 

La Scala. a In times of disaster. La Scala was cular,y moving exhibit: two triumphant resurgence after its 

That was one v ___ the place for benefit concerts- in P amted . canvas wings for ;the wartime destruction, its un- 
ite'.. current Mcentennhf '.w of W. the house expressed fijst (posthumous), performance mediate recapture of the world’s 

begins -Its tocumentSS?l* J? ow “Oration. Fascism, too. left its of Boito s Nerone m 1924.. attention, and its present pre- 
■ . 1 7 - ““on of these mark on the theatre’s pro- ■ Another arresting feature of eminent position. 

~y'. grammes, which . included a the " show is the multi-visual You come out of the Palace, 

- v . perhaps excessive amount of room (affording a welcome yo u walk past the facade of the 

EXHlRlTlflhl Mascagni, much-favoured by the opportunity also to sit down for Duomo. through the Galleria. 
: 8 iwW regime also because his Nerone a while), where on nine screens an d there you are in Piazza 

- V. W|| - M - 2 11 In . wit J» Mussolini’s dreams you can observe the behind-the- deUa Scala, facing lh e theatre 

; vv.jli.iam WEAVER of ancient Roman grandeur. scenes operations of the Scala itself, live, the posters announc- 

v - : ~- ' Two kilometres of documents, workshops, the chorus, corps de ing to-night's performance. La 

no maner. how interesting, ballet, orchestra. - Scala has two centuries of 

'2": would be inevitably tiring, and As you walk through the colourful history behind it, but 

two centuries with three rooms Giampiero Tintori and Carlo the twenty-five rooms, some — as you feel always — it is 
devoted to Piermarini and the Mezzardi — the men chiefly laree.-some small, you discover not livinz in the nasL 


hftm pk\ 

deyoted to Piermarini and the Mezzardi 
construction of his masterpiece. 
Fascinating original drawings 
illustrate the architect’s attention 
-to -fletmls. and plans of other 
European theatres then standin® 
show how bold and successful 
Piennanni s concept was. The 
greatest innovation was the 
horseshoe curve: in a letter to 
his ^ brother dated August . S. 
1978_-(two days after the in- 
augural performance). the Mila- 
nese . man-o f-leHers Pietro -Verri 
commented: “The curve is so 
successful that, at any point, 
when you look out. you seem to 
be’ d’n.fbe centre, able to observe 
the whole -at once.” 

Verri’s comments on the open- 
ing work, Salieri's Europci Tico- 
no8ciuta, were less enthusiastic: 

“The libretto has neither 
head nor tail, but the perform- 
ance pleases because it is 
always varied, the arias are 
short and frequent. . . . Later 
there are triumphs, armed 
hosts, 36 horses in order, bat- 
tles. conflagrations, duels, 
amphitheatres with wild 
beasts. Phaeton- who falls 
thunder-struck: it is a magic Zr 
lantern of badly linked ob- $-.2 
jects, but they force you to 
pay attention." IdT-V,- 

Tbe attention-compelling 
objects in the new exhibition are 
splendidly linked: a brief exposi- 
tory text will lead you naturally 
to a case full of 'documents, a 
handsome oil portrait, a bust, a 
print. Appropriate music plavs 
softly in some of the rooms, as 
you proceed along the two- jjj$ 
kilometre course. From Pier- 
raarini and Salieri, you move on 
to Mozart. Paisiello, Cimarosa. 

men chiefly large r: some small, you discover not living in the past 

Mayr. until you reach Rossini, by 
way of the Bonapartes. La Scala, 
in fact has always been more 
than just -a hall where operas and 
ballets are performed; from 
Verri’s time on, it has been a 
gathering-place for artists and 



1 IN?.- 




A READER’S inquiry that 
often crops up is what is the 
best way to document one’s 
treasures as they begin to build 
up? The simplest method is 
of course to record basic infor- 
mation on loose-leaf sheets in a 
binder, or index-cards in a box; 
which can be added to as the 
collection grows, building up 
into an informal mini-catalogue. 

Details should include when 
bought, who from, price, and 
then the 48 meat” of the entry, 
a brief but concise des- 
cription giving period, con- 
dition, (any damage), 
measurements, material, perti- 
nent reference pointers as to 
style and design etc., whether 
signed, initialled or trade 
marked or monog rammed. For 
instance, if the object is a print 
or lithograph, whether it is one 
of a limited edition, and what 
number in the series, while if 
it's a painting, whether it is a 
water-colour, oil (on canvas or 
panel), gouache, any signature 
and date, precis of subject mat- 
ter. type of frame, and wbat. if 
any. information is on the back. 

Another essential documenta- 
tion is a photograph, a photo- 
inventory graphically comple- 
menting written information. 
It is also an indispensable aid 
for insurance should your collec- 
tion be in that class, and a 
common - sense procedure 
strongly Advocated by New 
Scotland Yard’s Art and 
Antique Squad, who too often 
End that after things have gone 
collectors simply cannot remem- 
ber even quite basic details. 

A quick, no-fuss method of 
recording items as you acquire 
them is to use (he “instant” 
photography system, which has 
now been perfected to such a 
degree that with the latest peel- 
apart and dry-process films you 
really do get an almost instant 
print One of the best explana- 
tions on the technicalities of the 
two -makes of cameras, Polaroid 
and Kodak, is in the February 
issue of Which magazine (avail- 
able on subscription through 
the Consumers’ Association. 14 
Buckingham Street. London. 
W.C2). ’While not exactly over- 
enthusiastic about instant photo- 
graphy, the report does give an 
easily understandable run-down 
on the various models on ofif-er, 
and how they work, both with 
flash and otherwise, and the 
sort of result you can expect. 

I have used the products of both 
manufacturers, and it is import- 
ant to remember that while they 
do not take the place of con- 
ventional cameras with their 
more complicated refinements, 
they do fulfil the need for 
which they were designed-— that 
is, taking no -trouble instant 
prints, in colour or blade and 

An antique dealer who has 
benefited considerably, both on 
the sales and reference side, 
from instant photography is 
Christopher Sykes, who claims 
that 80 per cent of his business 
comes from using the system to 
produce his mail order cata- 
logues. Briefly, the procedure is 
to take a Polaroid photograph 
of an article, and then paste the 
print onto a sheet on which the 
descriptive matter has already 
been typed. As many prints 
as possible in the specialist 
category concerned — pottery 
and porcelain, furniture, dolls, 
etc. — go on the sheets, which 
are then run off on a Rank 
Xerox 4000 machine in the de- 
sired quantity. The sheets are 
then stapled together to form 
a very basic but sufficiently 
informative catalogue which is 
updated every week as stock 

The sheets are sent to collec- 
tors. dealers and interior 
decorators all over the world, 
an Oklahoma dealer recently 
buying a pair of oils of 
Mississippi steamboats at £3.000- 
plus on the strength of a photo- 

Catalogues cost £1 each or $4 
airmail from Christopher Sykes 
Antiques, 1 1 Market Place, 
Woburn. Milton Keynes. Bed- 
fordshire. Don’t forget to put 
which subject you are interested 
in — for instance. "Oil Paint- 
ings and Watercolours" ranges 
over 120 examples of genre, 
marine, sporting, landscape and 
portraits, as well as decorative 
items such as shop and pub 
signs, advertising material and 
heraldic shields, while "Scienti- 
fic Instruments” includes old 
cameras, telescopes, micro- 
scopes. barometers, surveyors’ 
levels, sundials, sextants, clocks, 
watches, apothecary and medical 
instruments. “Metalware” 

covers cooking utensils and 
trade tools, and "Dolls” takes 
in games, needlework, ivories, 

Naturally the system used by 
Christopher Sykes is a' fairly 

Polaroid MP-4 multipurpose Land camera at Christopher Sykes 
Antiques, Woburn, set up to take an instant photograph of a 
figure of Wesley preaching from the pulpit to go in the Christopher 
Sykes Antiques catalogue of “ Pottery and Porcelain.” 

sophisticated operation, using 
the Polaroid MP-4 multi-purpose 
Land camera, specially mounted 
with its own floodlights. Bro- 
chure on this and more simpli- 
fied models for use by collec- 
tors. from Nigel McN aught, c/o 
Customer Service Department, 
Polaroid (U.K.), Ashley Road, 
St. Albans, Hertfordshire, as 
well as information on how the 
process was developed by Dr. 
Edwin Land, born in Bridge- 
point, Connecticut, U.S., in 
1909, ' holder of over 500 
patents covering photographic 
and scientific devices and pro- 

Kodak, who entered the 
" instant ” field recently, have 
produced their own versions of 
“ while-you-wait ” cameras, too. 
Worth having is the useful 
general leaflet, “ Photos Help 
You When Disaster Strikes," 
produced by the American East- 
man Kodak Company, Rochester, 
New York, obtainable over here 
with “ instant ” photography 
literature for s.a.e. to Ray 
Tredwen. Public Relations 
Division, Kodak (U.K.), Kodak 

House, Station Road, Hemel 
Hempstead. Herts. The leaflet, 
intended to help you sub- 
stantiate an insurance claim, is 
also appropriate for collectors, 
advising on organising and stor- 
ing a photo-inventory of both 
domestic and antique pieces, as 
well as how to photograph small 
things like china, silver and 

“ Group like items together on 
a plain-coloured rug. When you 
arrange your china, turn one of 
the plates over so that the 
brand name shows. When you’re 
taking pictures of something 
covered with glass, or of any 
other shiny surface, take the 
picture at a 45-degree angle to 
the surface to avoid getting 
glare spots.” 

To give you some ideas for 
photography there is The 5nop- 
shol Photograph by Brian Coe, 
curator of the Kodak Museum, 
and Paul Gates (Ash and Grant 
£3.95), a fascinating peep into 
photographs current in family 
albums from 1888 to 1939. a 
record of moods and fashions 
invaluable to researchers. 

Hall of the Caryatids 

Variety bill 

Two Shakespearean Sequences hy 
F. W. Brownlow. Macmillan, 
£7.95. 245 pages 

Shakespeare's English Kings by 
Peter Saccio. Oxford (paper- 
back), £1.75. 268 pages 

The Language of Modern Drama 
by Gareth Lloyd Evans. Dent, 
£6.50. 252 pages 

The Plays of Edward Bond by 
Tony CoulL Methuen (paper- 
back), £1.95. S7 pages 

JJ\— the Man Called Milch by 
Peter Cotes. Paul Elek, £3.95. 
100 pages 

Shakespearean criticism is one 
of America’s major exports. Pro- 
fessor Brownlow has assembled 
his sequences in chronological 
order of writing. Henry VI to 
Richard U, and Pericles. to Timon 
,oi Athens (which he believes to 
be Shakespeare’s last play). 



His attitude is anti-Roinantic. 
He approaches the histories from 
what he calls a “ Hamletian^ 
✓point, comparing each play’s 
relation to history as The Murder 
-of Gonzago relates to Claudius's 
killing of bis brother. The prime 
candidate for this treatment is 
Richard 11. ”1 aw Richard Ii. 
know ye not that?" said Queen 
Elizabeth when the Essex con- 
spirators had the play performed. 
But Professor Brownlow in- 
dicates other references to 
current politics, notably in King 
John, where the king’s route to 
the throne was all too like the 
reigning queen’s. 

He finds such references in 
the second se-quehee too, but 
examines also another idea, 
which he rejects — the auto- 
biographical hints in the 
■ 14 romances,” particularly The 

Tempest, professor Brownlow 
can’t accept this play as Shake- 
speare’s farewell to the stage; 
did he not co-write Henry VIII 
the next year and The Tico Noble 
Kinsmen the year after? — let 
alone Timon, left . unfinished at 
his death? This is all campus 
criticism, not theatre criticism, 
but interesting none the less: for 
text buffs, not actors. Shake- 
speare’s English Kings by Pro- 
fessor Saccio. whom Professor 
Brownlow may have met at 
Dartmouth, is uncontroversial 
pop history, lives of Shake- 
speare’s monarchs written in an 
enjoyably light vein. 

“Language” in Gareth Lloyd 
Evans’s title means not only 
words but Weltanschauung. He 
spreads his examination too 
widely to arrive at a coherent 
theme — widely, yet still . not 
widely enough. Much space for 
Yeats, none for Rattigan or 
Christopher Fry; only the first 
two Osborne plays considered; 
writers us unlike as O’NeiH. 
Tennessee Williams and Edward 
Albee together in one class. 
There seems no common lafi- 
guage ’’for his subjects, who 
range chronologically from Shaw 
to Bond, except the English 
language Itself. 

Finally, two works of personal 
piety. Tony Coult begins The 
Plays of Edward Bond thus: 
“The fact that Edward Bond is 
probably this country's finest 
living writer is, of itself, not all 
that important.” He thus dis- 
qualifies himself from criticism, 
and indeed his book proves .to 
be no more than a thematic, 
guide to Bond's plays, with sult-i 
ably eulogistic adjectives and 
adverbs attached wherever pos* 
sible. J-P. — The Man Coiled 
Mitch is a brief memoir of J. P. 
Mitchelhiil. who ran Coins’ 
Music Hall during World Wnr 
One, the Duchess during the 
’thirties, and. as chairman, the-: 
London Mask Theatre in lhe late , 
'forties. You can see how muchj 
Mr. Cotes loved him ’ from his , 
use of two nicknames in his title, 
and he certainly emerges as a 
worthy and generous man. But 
not it must be confessed, a very 
interesting one. 

Schiller’s Intrigue 
and Love 

More of Gerald Moore 

The mune of Johann Cristoph 
Friedrich. Schiller' may not be 
very well known In the world's 
theatre capitols, but at home he 
is second only to Sbakespeare. 
Indeed, he- is the greatest of 
German dramatists, who far 
outshadowed his contemporary, 
Johann Wolfgang’ von Goethe, 
a man -whose poetic talents 
prevented him from putting 
more sting into his plays. Now 
that the 200th anniversary of 
Schiller’s first play is fast 
approaching — be wrote Die 
R Sober (The Robbers) in 1781 
at the age of 22 — crowds are 
accompanying every production 
of bis dramas worth taking 
seriously. One of them is 



Roland Schafer’s production of 
Kabale und Liebe (Intrigue and 
Love) at the Ddsseldorfer 

Schiller wrote • Intrigue and 
Love -in 4784 when he was 25. 
His desertion of the army was 
behind him, as well as a promis- 
ing medical career. After the 
instant success of The Robbers . 
the drama that surpassed 
Goethe's GStz von Berlichengen 
as the expression of the Sturm 
und Drang period, the young 
playwright scratched to make 
ends meet as the house author 
in Mannheim; He wrote the un- 
successful ’Die Verschujdrung 

des Fiesko zu Genua (The Con- 
spiracy of Fiesko at Genoa ) a 
year, after The Robbers, but a 
happy ending .helped to make 
,it a flop— a recent television 
, version indicates,, however, that 
its action-packed, scenes lend 
themselves better to a camera, 
than a stage. Then came his 
second big hit with the public; 
a play dealing with the under- 
handed intrigues in the petty- 
minded German courst. 

Once ’ again, Schiller had 
stepped on the- aristocracy’s 
toes. He reached back into his 
childhood experiences at Lud- 
wigsburg, a castle-town near 
Stuttgart where his father was 
'a surgeon in the local duke’s 
army, to castigate a -mentality 

that shunned even elementary 
human values. The Mannheim 
audience was delighted and 
the playwright was made. After 
this. Schiller took an interest 
in history, and Don Carlos, five 
years in the writing, set him on 
a different course as a philo- 
sopher-playwright inflamed with 
the ideal of freedom. 

Many critics credit Intrigue 
and Love as being the best of 
the German tragedies: and I 
think they are right. The play 
looks back to Lessing’s 
“ burgerliches Trauerspiel ” and 
particularly Emilia Galotii, the 
forerunner of “the middle-class 
tragedy." for inspiration; but 
that is all Schiller ever borrowed 
from anyone. Intrigue end Love 
anticipates the realist movement 
Throughout the latter part of the 
nineteenth century, and there is 
much in it that measures with 
the best of modern drama. AU 
from a young lad of 25 who" knew 
the petty intrigues of the small 
Court only too well. 

Fortunately, director Roland 
Schafer is also a young talent 
with fresh eyes for the nuances 
of. the play. He's- an actor by 
profession, who tackles his first 
important directing chore with 
relish. The emphasis is oh space: 
the President’s room stretches 
back to the far reaches of the 
stage, a ebambre-of-shadows .for 
'a man who has clawed, his way 
ruthlessly to the top: the home 
of Luise Miller, daughter of a 
musician, utilises panels for 
entrances and exits as in a 
child's playroom; and Lady Mil- 
ford is given a breath of hori- 
zontal room to pace back -and 
forth in as the spurn Prince’s 
mistress. When Ferdinand, the 
President’s son, senses that he 
has lost Luise, Schiller has .him 
poisoning her— Schfifer, however, 
prefers that onr hero drink the 
lemonade first, thereby adding 
more gall to a scene already 
overflowing with honey. ’It’s 
small details like these and an 
all-purpose set (Franz Koppen- 
dorferi that add humour and 
tempo, to a worn story primed 
for a tearful end. 

Schafer’s victory is making the 
characters come to life, rather 
than just speeding the action 
along to the inevitable. Each 
enriches his or her part hy re- 
maining natural in a world of 
absurdities- surrounding them. 


Edited by Denys Sutton 

The world’s leading 
magazine of 
Arts and Antiques 

Published Monthly price £2.00. Annual Subscription £25.00 (Inland). 
Overseas Subscription £28.00. USA & Canada Air assisted S56. 
Apollo Magazine. Bracken House, 10. Cannon Street. London 
EC4P 4BT. Tel: 01-248 8000. 

S King Street, 
Sc James's ; 
London | 
SW1Y6QT. \ 

Lx >"13! A 

P * fJ 

Tel: (01) 839 9060 
Telex 916429 


Chinese ancestor portrait, 
in ink and some 
colour on paper, 

45 in. by in. 

(114 cm. by 61 cm.) 


ASH BARN now open. Spring Exhibition 
ol paintings and sculpture. (300 works 
including outdoor sculpture;. Open 
daily 10-6. Sundays 2-6. Closed Mon- 
days. Winchester Road. 5 croud. Peters- 
held. Hampshire- 

Tel.: 0730 5662. 

St.. W.1 . Modern paintings, sculptures 
and graphics by Interesting International 
artists. Wide range of prices. Tues.- 
Fri. 10.0fi-5.0fl. S*B. 10.00-1.00. 


PARKIN GALLERY. 11. Motcomb St.. 
London. S.W.I. 235 8144. Walter 
Bayes 19G9-19S6. A Camden Town 
Painter Until Btn April. 

AGMEW GALLERIES. 43. Old Bond St.. 
Mon.-Frl. 9.30-5.30. Thurs. until 7. 

FOX GALLERY. Exhibition of the paint- 
ings by British and European Artists 
from 1700-1065. 5-6. Cork Street. 

London. W.1. Tel. 01-754 2626. 
Weekdays 10-6. Sat. 10-1 

OMELL GALLERIES. Fine British and 
40. Albemarle Street. Piccadilly, W.1. 
BROWSE & DARBY. 19. Cork St.. W.1. 
Distinguished British Paintings ol the 
Twentieth century. Until Bth April. 
BLOND FINE ART. 33. Sackville St_. W.1. 
01-437 1230. BRITISH FIGURE DRAW- 
INGS 1900-1940. Until April 29th. 

Mon.-Frl. 10-6, Sat. 10-1, 

Road. Chelsea. S.W.3. GLYN MORGAN 
Ullvpondf Orpheus Aoollo A Mariyas—- , 
paintings and drawings until April 15. , 
Open Tues.-Sat. 9.30-5.30. I 


WM Ipfflpi 

Traditional Chinese society considered the proper venera- 
tion of one’s ancestors a necessity. At its most sophisticated 
such veneration expressed both filial piety and deference 
to the accumulated experience of the past. At the popular 
level, ancestors were held capable of participating in the 
affairs of the living, and the sacrifices made before 
portraits and tablets erected in their honour would hope- 
fully elicit good works on behalf of the clan. The ancestor 
portrait painted after the subject’s death, was constructed 
from information given to the artist by relatives of the 
deceased. The portrait of a gentleman shown above is in 
the Ming style and probably of the 17th century. This, and 
other Chinese -paintings, will be included in Christie’s sab 
of Fine Chinese Ceramics, Paintings. Bronzes and Works 
of Art on Monday, April 10 at 11.00 a.m. For further 
information on Chinese Paintings, please contact Derek 
GilJman at the address above. 

EVE. 189 Regent Street. 734 0557. A U 
Cane or All-in Menu. Three Soccucular 
Floor Shows 10.45. >2.45 ana 1.45 and 1 
music ol Johnny Hawlresworth & Friends. 

Farewell Kecital by Gerald 
Moore. H. Hamilton, £4.95, liS 

“Gerald Moore’s sequel to ,4m 
1 too Loud? begins with ms 
memorable farewell recital at the 
festival Hall, in which Sehwarz- 
fcopt de los Angeies and Fischer- 
Dieskau assisted, while the 
Pianist, for once, stole the 

Ibnetight . . ■ ... 

Inevitably the book Js slighter 
. its predecessor, though Mr. 
“oore has not led an *“ Ie 1 ^ e 
stoce his official retirement, on 

the contrary, recordings. lectures; 
master-classes, adjudications and 
authorship have filled the last 
decade most rewardingly. and 
these activities are described 
with humour and t 

comments on virtuoso ^amsts or 
famous conductors who become 
temporary accompanists are 


SP Sy HtaStta Forbes 


1 Three Company (comedy) Nielsen ratings, w/e March 26 

— — (ABCJ-SLO ^ Perry Como’s Easter 

.2 Laverne and Shn-key (special) (ABC) 23.5 

(comedy) (ABC) 2SB : 

- 3 Mash (comedy) — iCBsTgi gS^pIgmedy . WBM 

M1 »’CS"^^ ssrigi 

5 10 Qlri ” Cy - aLa (dm ?& C , M 

6 Little House on the Prairie A Nielsen rating is not a 

(drama) (NBC) 23-6 numerical total. 

Royal Naval College Chapel, Greenwich 
Thursday 27th April 1978 , 

de los Angeies 

Five centuries 
of Spanish 

mp ■ ■A2V- ■ 

Greenwich Entertainment Service. Box Office Tel: 01-854 5250 


*c - • 





Telegrams: Flnantimo. London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Saturday April 1 197S 

Pre -Budgetary 

THE SHARP fall in sterling together, suggest that floating 
against ail currencies in the last was not enough. It is possible 
week has been the main feature that the figures are entirely mis- 
of a week in which trading on leading, for they have certainly 
our own securities markets has been distorted by operations by- 
been thin. It can be read as a the banks to amass funds before 
commentary, in more than one any official curb is placed on 
sense, and as a warning. The their activities; but such distor- 
mere fact that the securities in- tions cannot be measured, and 
dustty. like much of the rest oE the published figures have cer- 
Britain, seems to go onto half tainly shaken confidence, 
time in the week after Easter, Up to now the relapse of ster- 
while the currency market in ij Qg t0 its August levels is on 
the main reacts to foreign sales balance welcome to the Trea- 
of sterling, is an illustration of sury . which was getting worried 
the lack of will to compete a bout the effect of a high rate 
which is our basic economic on the growth of exports. Money 
disease. A Cambridge forecast market interest rates have, as 
that unless we can mend our usual, risen as the pound has 
ways, our economic growth will declined, and this again is wel- 
grind to a final halt when North come up to this point. It is hard 
Sea oil peaks was one factor to control the money supply if 
lowering morale. credit is too cheap, or to stabil- 

ise the exchange rate unless 
MotlCtQYV events money-market Interest rates are 

* reasonably in line with the im 

However. the currency portant rates overseas. How- 
markets were more concerned ever, the Government cannot 
with events in the last few want to see an adjustment 
weeks than forecasts for the turned into a slide, as happened 
next 12 years: and the main two years ago; and the Chan- 
events w-hich influence the cur- cellor must therefore pay much 
rency market are monetary more attention to international 
events. We have pointed out in confidence when he rises in ten 
tbe past <that the recovery of the days’ time than can have seemed 
doUar could not be engineered likely in the euphoric days when 
as long as dollar credit was he and the Prime Minister first 
being created in the U.S. faster started to make speeches about 
than the U.S. economy could tax cuts - 
absorb it In the last tew weeks 
the rate of monetary expansion The H'OfTICS. 
in the U.S. has dropped very This does not mean that there 
sharply, and the rate for need be any last-minute aver- 
Federal Funds (the equivalent haul of fiscal policy itself, pro- 
of our own Minimum Lending vlded that it reflects the fairly 
Rate) has been edging up cautious approach which 
further — both dear signs of a Treasury Ministers have been 
sharp tightening of credit. After stressing since the New Year, 
a few weeks of ibis treatment, worries are much more 
the dollar responded, until the about monetary policy. The 
news of February’s trade deficit Governor of the Bank of 
and stabilised against more ED S ,and has discussed the adop- 
im port ant currencies (though tion of roUin S targets, and the 
the rise of the Japanese yen ChanceUor ha s spoken admir- 
continues). ingly of Gertian flexibility. It 

. . does make sense to allow 

, W ®f “ SBd 35 reasonable time for adjustments 

wpat d tf h i en the i do1 a [, was an “Stable lystem, but the 
9 J!5i« WaS a ways vu * ne . ral) l® t0 marker needs reassurance that 
• r r . eCGVery ' the wind- these phrases are in no sense a 
n to up of speculative positions polite term for fudging the 

™JZ b * b J' y w “ ° n l of *gu res. If the Chancellor pro- 

most important forces bringing duces a reasonable and credible 
uie pound down again this week, borrowing requirement, and 
However, monetary policy must insists on an unchanged or lower 
be taken into account in Lon- rate of monetary growth based 
don as well as in New York, firmly on past targets, the mar- 
Tbe pound was floated at the ket will soon be calmer. If he 
beginning of November in order goes for more expansive figures, 
to reassert control [ of the money or tries to treat recent over- 
supply in the U.K Subsequent expansion as water under the 
money supply figures, especially bridge, recent warnings could 
for January and February taken grow ominously louder. 


Financial Times 

By RICHARD LAMBERT, Financial Editor 

The un-American way of the 

City of London # 





A FTER a year and a half regulatory area — indeed its in- 
of thought, the City has stigators do not believe that 
produced its answer to there are any such matters of 
the Securities and Exchange general interest requiring 
Commission, which for over 40 argent attention, 
years has used its statutory By contrast, the SEC was 
powers to control the U.S. formed in 1934 as a direct con- 
securities industry. That answer sequence of a decade in which 
takes the form of a new seif- the American public had opened 
regulatory body, the Council for its arms to a dazzling array of 
the Securities Industry (CSI), bucket shop operators, grafters, 
and it is assured of a mixed swindlers and other fraudulent 
reception. types. Its first chairman was 

In some quarters, the CSI Mr. Joseph Kennedy, who 
has already been written off as became perhaps the perfect ex- 
just another Citv dub. con- wpls of poacher turned game- 
ceived and created behind keeper. Its authority over the 
closed doors at the Bank of WaJl Street barons became 
England, and which will be absolute after 1938, when Mr. 
dominated by the interests of Richard Whitney — a former 
financial institutions. Only president of the New York 
three members of the 20-strong St °ek Exchange— found himself 
Council will specifically repre- »P on a grand larceny charge 
sent the wider public interest, 15 a result of an unwise specu- 
and they will be appointed bv lation in an applejack venture 
the Governor of the Bank of »n New Jersey (“Jersey Light- 
Engfand. No formal arrange- ning ”). 
ments have been made to give Whereas the British Parlia- 
the individual investor access to ment takes only a spasmodic 
the Council. It is not even f lear interest in the affairs of the 
whether it is going to produce City, the U.S. Congress has 
an annua] report. vastly augmented the SEC’s role 

Yet opposition to the idea of in recent years. In particular, 

a statutory body like the SEC is t&e Securities Acts amendments 

not simply confined to tbe City °f *975 for the first time gave 

establishment Tbe SEC’s 2,000 the Commission broad policy 

employees and its ann ual responsibilities for developing 

budget of $68m. have not been tbe future shape of the securi- 

enough to prevent a number of ties markets, in addition to its 

extraordinary financial scandals regulatory authority, 
in the U.S. during recent years. The explanation for these 

such as the collapse of Equity differing attitudes is that the u.K.. it would plainly be im- practice be ignored.” 

Funding. Its stiff disclosure re- securities industry is far more possible to rely on voluntary However, the degree of con- thus, according to the Bank’s 

quirements help to explain why widely based in the U.S.— in recognition of a code of busi- troi exercised by the various statement, it will meet in full 

more business in international social as well as geographical ness ethics by all these people. finawH^ i institutions repre- session u as often as required, 

bonds did not flow back to New terms— than it is in tbe U.K. The SEC's chief enforcement seated on the Council over their, and at least once a quarter” 

^ ter th f- a ?f Uti0 4 n of ^ where the weapon is the power to apply to own members is by no means Its hardest job will be to de- 

interest equalisation tax, and is comparatively small in num- courts for an injunction nnifnrm pnnniwi ^ t i • . . _ 

why so few major fnrri™ «ir. h*r heavilv concentrated in ? mform - . ^ Coannl «d« how far it can spread its 

porations are 

Accepting Houses 
Committee (l) 

Bank of England (1) 

British Insurance 
Association (i) 

Committee of London 
Clearing Bankers (D 

Issuing Houses. 
Association (1) 

National A SSO c iation 
Qt Fens ion Funds (l) 
Stock Exchange (2) 

3 lay members 
'Public Interest* 
[(Governor* semination) 


active or as passive as it likes — 

rajor foreign cor- ber and heavily concentrated in ordering peop e To obey the ZJZZ ® can 1TS 

registered on the London and Edinburgh. In con- rulesH tire terms of an in- t^ nty w ^? >ut “*“5 u a 

New York Slot* Exchange. Its sequence, the British regula- Active decreed vtoSttaL prW sharply bloody nose. The success of the 

heavy band is said to be killing tory system is based on the criminal contempt proceedings i 

off the venture capital business assumption that n^ peopje ma y foliow^STdStiSm b°e 

d want to go can impose sanctions on firms e ^ h <0 keep the . A J^ Qag its present form) stems from 

business 1 ran fmmTtiritinp Houses in line - But Con- fact that it has largely con- 
J“S3« siritative Committee of Account- fined itself to a specific area of 

trading in 

off to expulsion. It can suspend Bodies ^ a mnch looser activity. Its few failures have 

j ouviJca is « rnucu — - — - -*•— — 

e with reporting f eCiera tiOQ of various interests, 0c ^ ir red when it has had to 
requirements. And it can refer 

on compliance with reporting an J ~ musl b ~ e Bvejj widen its net— for instance, to 

its Ales to tile DepoXn? of ^erumity obout the authority 


in the U.S., and its efforts to know the rules and 
strengthen competition in the on playing the game, 
market place by abolishing fixed 

commissions and working to- • j 

wards a single national market LlrSHniSCfl 

system have bad a devastating 0 

impact on the structure of the CrllDC 

securities industry. ns rues to tne Department of j™™, interests have heen in 

If the CSI may .prove a tooth- The SEC, on the other hand. Justice with a recommendation of the representatives of the iaiKre5CS nave oeen m 

less City talking shop, then the has to cope with 10 separate for criminal prosecution. At any forei Sn banks in London and 

SEC is a bunch of young law- stock exchanges together with 0 ne time, there are likely to be licensed dealers, who are 

yers on the make, with little armies of broker-dealers spread well over 1,000 investigations 8150 t0 be “rited to join the So-P3)lIpf1 

continuity of control from the right across the country. The outstanding of possible viola- Council. taucu 

top. Hie Commission has had National Association of Secure tions of the acts administered Moreover it is not at all dear 
five different chairmen in the ties Dealers, which represents by the Commission. how far the CSI will be able or 

last seven years. Both these most of the firms active on the „„„ willinz to override the cpctional 'n . ... , . 

pictures are. of course, carica- over-the-counter markets, has The . CSI s powers are of of its rarioiIS mem _ lls f to 

tures. Each system has its 192,000 registered represents- necessity much less precise. This bers. to a sentence that bears all securUaes in- 

compensating virtues, and there lives, to addition to oversee- is illustrated by a key para- ^ sign of bavins been written dus f try ends P? ™ I T^ rate 
are very real reasons why the ing the behaviour of all these graph an the introductory docu- by a cmnmittee^Jne of toeSjec- 

way of regulating the U.S. legitimate participants, U.S. went published by the Bank of tives of ^ n ’ ew 5*, J £ ^es- tn ^ 

securities industry should not regulatory authorities have to England this week: “ The bodies cribed as being- “To initiate 

necessarily be right for the up to the activities of what represented on the Council new policiL and cod^ as on the 

UJC is euphemistically described as would recognise .that the Council necesskrv concerning acuities 1 ! "g?* rtors ™ co «- 

One is that investor protec- organised crime to 1976, the would have the right to make in the securities industry other trouble if it is^iin th^ou£ 

Don is not an important poli- SECs organised crime unit recommendations bearing- on than those properly icithin the ^ eye as a b^ wti^oSht 

Deal issue in the U.K Two JW in juncDve actions naming any aspect of the activities of domestic province o J each indi- to tiSS/tlf Irt! 

successive administrations have 23 persons, and contributed to their members relating to the rzduol constituent member ” corporate 

failed to follow through pro- return of indictments securities industry. These lOur italics). ciS- C * K •* , , 

posals to ban insider dealing, naming 1/ individuals and to bodies would also oublidv «; n ^ rhe ^ ! *? aI 

The CSI has not been created the convictions of 35 of them. - recoenise that such rernmmpZ character of the CSI powers and its much wider 

in response to any p>SSS In what is a much more liti- SP^S^iSSTS 2 

issue of public concern in the gious society than that in the or binding for?* Jin wth ^on- 

It can be as straints. One example of this 

gious society than that in the or binding force, could not in are to run it 

came in the autumn of ijyj 
‘ wbeti .the SEC stated that W 
ticipatian in the Arab boycott 
against lead* “would not be 
tolerated " among those riJbj ect 
to its regulation, it also took 
a strong lead in the campaign 
against illegal and questionable 
corporate payments. It is no 

coincidence 1 that the only two 
.UK- companies to . admit to 
improper .parents have done 
so ip ^connectipnyytitii'an SEc 
• registration of their securities. 

As a, self, regulatory ; bddy, the 
criticism to which the CSI will 
_ Ibe most ysan^r^bie; Its 
structure imderrates the dCgree 
of outside interest involved jo 
financial affairs.' There was 
little public discussion about 
the best way to tackle the prob- 
lems , prior ' to this week’s 
announcement — which itself 
was a very, subdued.' affair— . 
mainly tecaiise ; there was 
almost no offirial information 
available about what the plan 
involved.. . : ' 

- Parts of the City still find it 
difficult to recognise that the 
public at large has any business 
to be concerned^about its affairs. - 
The argument is that the best 
long term interests of the 
financial * community ought 
normally to be the same, as 
those ofjfs customers, and that 
therefore the .financial mm. 
mumty sheuld largriy .be left 
to mind' its own business. 

This attitude ds conq^cent 
to aay toe.least The hope mny^ 
be that the CSI vn£The regarded 
as an impiurtauriftep along the 
road towards an effective s&stem 
of seif regulation rather than 
the final admirer.'* One possible 
refinement might be . to estab- 
lish cunq^etriy L dndepeodcm 

and active .. body ^ of" etohgni 
people . to' -serve; im] 
a udit - - 

This .is -b roadly 
accpiiming profBssioai 
posed-in.the U£."is i» 
effort to kitoreFb dtSrSL.^,,,.. 
methods, and ^ keepviftrt 
dutches of tlm SEC. 7 , ' : . * 

- to theory there is no reason 
why a system of self regulation 
need be incompatible wftfi wide- 
spread statutory __ ooatpils. 
■Indeed 4his as just hoiw' lbe 
system, works m toe US. — the 
individual institutions, regulate 
themselves, and the SBCVinak 
task is^ -support toair sanc- 
tions and check that they are 
doing an effective- job; 

But there are poweiful argu- 
ments against adopting such a 
mixed system to &e.UJv. What- 
ever its critUss^ may daim, the 
SEC’s functwn if^to;‘1>rQinqte 
truly competitive :bnd r . effititot 
capital markets, .capable of 
serving tiie nation’s demand, ter 
new investment capitel wiule 
operating in the public interest 
and for the protection of in- 
vestors.” It must he extrem ely 
doubtful whether tiie health of 
the capital nwu4:e^r; would he 
the prime objective, of any sbdi 
statutory body in the ILK 

/ - 

£ I'" 

J ' m rf'’ 


Letters to the Editor 


From Mr. If. Linford. 

Sir , — When the new rates of 
National Insurance “Not con- 
tracted-out " contributions come 
into force on April 6 a study of 
the weekly tables to he used by 
employers (Form CF391) will 
show that a nice little con triefc 
is being worked by the Depart- 
ment of Health “ and Social 
Security. The overall rate of 
contribution Tor Class 1 em- 
ployees is 18.5 per cent. Of gross 
pay. divided as to employee 6.5 
per cent., employer 12 per cent. 

At every level of pay in the 
tables except two the total con- 
tributions are overstated. A 
rounding-up of unwieidiy deci 
mal places to tbe next highest 
penny would be understandable 
and acceptable, but on every 
even number of pounds the over- 
charge is 5p and on every odd 
pound 4.5p. Even the item on 
which no difficulty might be ex- 
pected to arise. £100, the contri- 
bution which should be £18.50 is 
shown as £18.55. The only cor- 
rect calculations are the two ex- 
ceptions mentioned above: the 
lowest pay level (£3.24 on £17.50) 
and the highest (£22.20 on £120). 
Equivalent overstatements are 
revealed in the monthly tables. 

"These differences of a few 
pence per employee per week 
amount to some £2.47 per year. 
Multiplied by the total numbers 
of employees affected, the in- 
voluntary contributions of both 
employers and employees must 
run into several millions of 
pounds per year. 

R. J. Linford. 

Three Spires. 

Berry Hill Bond. 

Adderbury West. 

Banbury. Oxon. 


From Lord Sudeley. 

Sir, — Your column "Men and 
Matters” (March 231 stated that 
in the House of Lords 1 had intro- 
duced and then, withdrawn a Bill 
which contested the right of 
Bishops to alter procedure in the 
Church of England. In point of 
fact this was not tbe effect of the 

•The purpose of my Prayer 
Book (Ballot of Laity) Bill was 
to provide that parishioners 
should decide in a ballot whether 
they wished to use the Book of 
Common Prayer or the modern, 
alternative services. The debate 

on the Bill showed how at pre- 
sent tbe Parochial Church 
Council may not be consulted; 
where it is members of the PCC 
may prefer to resign rather than 
argue with their vicar on liturgy; 
and so an incumbent has often 
forced the modern services on a 
congregation which does not 
want them. This state of affairs 
is acknowledged by some of the 
Bishops themselves. 

The Bill was the first attempt 
in 60 years since the passage of 
the Enabling Act after the First 
World War to introduce legisla- 
tion on Church matters from 
Parliament to the Synod rather 
than the other way round. So 
some peers who were disturbed 
by this constitutional irregularitv 
felt they could, not vote for the 
Bill even though they endorsed 
its aims, and it was withdrawn. 
Nevertheless, the debate on the 
Bill was a good opportunity for 
tiie airing of grievances on the 
imposition of the new services, 
and has forced those Bishops who 
disliked what I was doing to sit 
up and take notice. 

At the opening of the debate I 
remarked that the Worship and 
Doctrine Measure of 1974 which 
provides the present unhappy 
machinery for the introduction 
of the modern services was skil- 
fully timed to coincide with tbe 
late Archbishop of Canterbury's 
seventieth birthday and retire- 
ment. Peers were so much 
df gaged in congratulating the 
Archbishop on these events they 
were oot critical enough of the 
measure. In his reply the Bishop 
of London said the suggestion of 
mine about the timing of the 
1974 measure was erroneous and 
offensive. But in point of fact 
Lord Stradbroke wrote to the 
chairman of the Prayer, Book 
Society he did not wish to wound 
the Archbishop of Canterbury on 
his retirement by opposing the 
-measure, even though the 
measure had never been properly 
discussed by the laity of the 
Church. Several other peers com- 
municated with the chairman of 
the Prayer Book Society in the 
same vein as Lord Stradbroke. 

25. Melcombe Court 
Dorset Square, N.W.t. 

extra health service spending is 
not sui prising. 

For uia time any extra finance 
must surely be for preserving 
standard.* of patient care at ward 
level in .be most needy areas — 
mentally • handicappel, geriatrics 
and ex-w. rkhouse hospitals. 

Highlighting the drastic cuts 
of trained supporting staff has 
not been possible when the 
voices of those nearest the situ- 
ation are ignored. 

Many patients’ grievances are 
directly related to staff shortages, 
ward closures, poor industrial re- 
lations, poor communications, 
poor organisation, abnormal 
turnover of staff and staff sick- 
ness levels. 

All reports play these symp- 
toms down. Including [he Select 
Committee Report on Patients' 
Grievances 1977-78 which failed 
to take evidence from even one 
personnel officer, a key person 
in a nationalised industry. 

(Mrs.) Eve Palmer. 

The Clock House, By fleet, 


From Mrs. E. Palmer. • 

Sir. — A' our report (March 28) 
on the Treasury's reluctance for 


From, Mr. G. Smith. 

Sir, — Recent letters on wealth 
creation have made a variety of 
paints on the basis of our 

One significant factor,- however, 
is that the whole wealth creation 
process depends on- customers 
who believe in piecework — they 
buy their requirements by the 
piece whether it is food or hous- 
ing, shirts or skirts, suits or 
dresses, T.V. sets or cars It is 
the way everybody trades with 
everybody else whether as indi- 
viduals. companies or nations. If 
we import then we make contri- 
bution to the wealth of other 
nations who are changing the 
form or location of materials in 
order to create goods/services 
ror customers. If we trade in 
our domestic market then we 
circulate the wealth within our 
own boundaries. 

Unfortunately customers be- 
come employees whether .work- 
ing with their bands as opera- 
tives or their heads as managers. 
In this respect the customer stops 
believing In piecework and. now, 
as an employee, wants to be paid 
for his time and skill and un- 
fortunately not for the effort in 
creating goods for sale' to 
customers by the piece. 

Geoff. Wood (March 20) 

suggested that the Government 
may have tampered with the 
baric rules of business to the 
point where the ordinary citizen 
does not understand the wealth 
creation process. The Govern- 
ment by masses of protective 
legislation has also in this way 
affected economic reality and its 
understanding. Many of our 
behavioural policies in industry 
and commerce have also later 
fered with the process of eco- 
nomic reality. 

Eventually we shall all have 
tc get to grips with the funda- 
mentals of people's economic 
welfare — it is based on natural 
resources whose form and loca- 
tion is changed by the use of 
people’s skill, time and energy 
In using tools to create goods 
and services for customers by 
the piece. No amount of be- 
havioural, hnar.criai or economic 
manipulation can change that 
simple fact. 

G. Smith. 

Halford House. 

Copse HfZl Rood, 

Lcnoer Slaughter. 

Nr. Cheltenham, Clos. 


From Mr. P. McDonald. 

Sir. — Your excellent paper has, 
1 suppose, a reputation as a 
“ heavy ^ and it was therefore 
pleasing to see your attempt to 
add a light-hearted touch by 
printing Jonathan Guinness’s 
letter (March 2$) on • race 
relations and politics. 

Some of your readers.’ how- 
ever. may not realise it was a 
bit of fun and may take it 
seriously. For them can I point 
oat that " a large population of 
different races” comprises about 
5 per cent, of the total popula- 
tion? Who then is "striking a 
note of actual hysteria”? 

Peter McDonald. 

179 Churchill Road. 

HandswortH, Birmingham, 20. 

come foregone from not letting 
a particular site will be appre- 
ciable, the increases in rent 
demanded for the use of his 
other sites will be negligible. 
Any increase in rent that the 
owner can demand after five 
years reflects the value placed on 
it then and has nothing tc do 
with whether it has been let in 
the meantime. 

The experiences of assessing 
land "Values in Whitstabfe and 
of land value taxation at con- 
siderably less than 100 per cent, 
in certain cities of the world 
provide little indication of the 
locational chaos that would 
ensue if tbe Georgist proposal 
were applied by the U.K. 
Government throughout this 

Mr. Minton (March 22) dis- 
regards the immense problems 
of estimating tbe ground rent of 
a particular site in a situation 
where all ground rents are 
entirely confiscated and distin- 
guishing quantitatively between 
that portion of the gross rent 
-which is ground rent (and there- 
fore subject to the tax) and that 
portion paid for the use of 

In reply to Mr. Gray (also 
March 22) it should be made 
clear that whatever beneficial 
effects the single tax might have 
on production would result from 
the elimination of other taxes. 
not from the imposition of this 
one. In fact, any taxation of 
ground rent would hamper and 
distort production while the 
100 per cent, levy proposed 
would have the most dire conse- 
quences for our standard of 

M. Brady. 

3. Elmdene Court, 

Constitution Hill, 

Woking , Surrey. 

and an investment to assist with 
income at retirement. At first 
the investment element is small, 
but nevertheless present from 
the beginning, which with con- 
vertible terms it is not, and it 
can be increased when the need 
for cover is not so pressing. If 
it is not changed, the small 
investment' element secures re- 
payment of more than the 
premiums paid od surrender at 
65 if this is considered tbe best 
course, providing one chooses the 
company used with care. 

With regard to commission, 
the Life Offices Association took 
a sledge-hammer to crack a nut 
— all that was needed was lor 
commission on whole life to be 
reduced to £1 per cent, of the 
sum assured, with the other £1 
payable on conversion to endow- 
ment when the sum- assured, 
is maintained, if overselling of 
whole life had been the real 
reason for the change in com- 
mission terms. The real reason, 
of course, was an attempt by the 
direct selling offices, who are the 
majority on the Life Offices 
Association, to curb [ho growth 
of the broker offices. 

Erie Short’s continual sniping 
at brokers and the whole life 
contract only helps to preserve 
the status quo and does your 
readers no favours. He should 
turn his attentions to some of 
tbe rubbish recommended by rhe 
industrial life offices and other 
direct selling companies, and 
the harm done by bank mana- 
gers, accountants and butidine 
societies in their greed. 

Robert A. Parvin. 

Parvin and Co, 

2, Woodcroft. 

Greenford, Middlesex. 



From Mr. M. Brady. 

Si r.— Mr. Grtnhara’s two-part 
explanation (March 25) of how 
the individual landowner can 
raise bis future rent by with- 
holding his land from the market 
is entirely unsatisfactory. The 
Individual landowner possesses 
such a small part of the total 
stock that while the rental in- 

From Mr. R. Panin. 

Sir, — Your ' life assurance 
correspondent (March 25. Page 
7) was obviously bitten in his 
youth by a high-pressure selling 
dog and has closed his mind to 
the advantages of the whole life 
contract ever since. We were 
taught to recommend iL with- 
out profits, to the under 35s 
(yes, Mr. Short, under 35s), be- 
cause of the need for high cover 
when there is a dependant family 

From Mr. A. Henfrey. 

Sir,— The composition of the 
working party appointed by the 
Department of Trade to look 
into the “problem” of airline 
tickets sold at unauthorised cut 
rates (March 29) reminds one of 
Adam Smith's famous dicta that 
“ people of the same trade seldom 
meet together, even for merri- 
ment and diversion, but the con- 
versation ends in a conspiracy 
against tbe public, or in some 
contrivance to raise prices.” 

Anthony W. Henfrey. 

SB, Notfhdoian Street, K-L, 


k ■. 

V— . 

on retirement? 

A pension isn't something you can simplyleayetinw . 
tomorrow. A few pounds a month nowooiild ma^eaff ’ 
the difference. If you are self-employed or fa non- '■'.■■l 
pensionable employmen t, we believe thirtotir flexible, 
and tax efficient Personal Re tirement Plan is one ok * , 
the best you can invest in. . V - _ ' • r 

Take r man aged 39 who, decides fasetasideXSOO 
a year. His contributions qualify for full tax reUef. 

And by foe time he is 65, assuming an byerallgfowtk - 
race ot 10% , his Plan will be worth £5i. 870. He can • 
foen rake a tax-free lump sum of £1 6.237-pius Jin. ■ 
annual income for life of £4,298?Qr faerariqptferan 
annual income for life of £7.126? ... - f 

Contributions paid before 5 Aprihpiatify for 
relief in ih.c current financial year. v- 

AMEV Life Assurance Iimitedis part of one bF 
. Hollands topinsurance groups.whkfohas assets of-, 
over Q. 400m and sums assuredexceedmgf^-OOOfa- 
Fbr further information cdrripletethe coupon b<dcw j 
or ask your insurance broker for derails-' -; y. 

*.Asxmmng the yield on ' 
t/icFtndiiiuf Times I? liw High 
Cbu/ >0)1 rum lent Stocks 

Index iilZ'j. 

f'- . 

£ . 

■ s. 



>. V . 
^ -V 





I N _ '■ 

‘.V »*. 

• V. 

v’C . i'*,.. 


Please send me details of the Per 

n arn 



|i%cfc4 Times - Saturday April 1 1978 


and the ‘red tape Talking-machine’ 

!: ;5 



sZtf^d e ; u ,vr ffendinE ihe ***•***« m ^ — 

Labour iip ’ „ e Journalists under the sanctions mum •* ii, _...u 


Lai»ur MP for Cannock,*^! r P TZZ. s ? nciions mem” >aw ils audience rise 
be making a tiny hit of history and S«ri n « P ” v ? e§e ~ frora some 1.1m. to 1.4m., and 
Not because his question to the Gmtlenetfa Marini”* contrary to some expectations 
secretary Of State for. Waff® SflLfe *?“ ld ™. TV news programmes, 

■ *&3. 


Term A* irk 

secretary of State for Wale* denot - ? ou,d even ™ new ® programmes, . « 

couched in the S^!S?t?h l 5 r JSS" ^era' the J*ck of teleilon pfa! ■ ' ^ 

stilted terms of the Common! “great I 9 onut,or,s 35 l ures of the events in the Cham- ’ • : jffla 

order paper, « anythini^ nf i report ' ber m * ht have been expected 1 * 1 #?f| 

the ordinary, in fact^ l t °dea!s ImomL^ ISS’ ° n L ifter t0 * 3 Problem, gamed in,-: 1 * . | ,_J ‘ 

with the . number of *WeHh life ESS? Jn V' 1 did “ense impact by using recorded - & Jar , * 2 4|g|§ JSBkr 

5Peake« and_X ttocJSSS 638161 f ° r original parli- : |0M | BW^J |g| 

cause. /But-hi? inoui^wi!! 1 u f . B V t . wil y bas *t taken so long M a resu ^» both the BBC and ; jSflp Wm 

the -first momeni o/ U Ue to bring ln rad »°? The real IRN Iwhich will service not « jt \ 

of. Parliament in the er 5 reason - once quibbling has been only ITV bul 19 independent ; * IHiSfe 

a symbol 0 f what could nr 30 * s t t , aslde ' « that M p s are afraid rad, ° stations) will be broad- Vmii, 2 UK Jm'. ■ 

'as important a «ir. 5 p ov * of looking — or rather sounding caslln « Prin,e Minister’s ques- F JBflMSf aK MBEL . a* . . . M ST?F \ ■ 

since facilities were SffereT to! ‘"S? 1 *?’ Until now. the general !' on . t,n ; e “ the twice weekly / 

newspaper reporters at publlc has never enjoyed direct i 5 ' n ?\ nule . came ? . lhat besl . . v. 

-minster in the 183flV 31 WeSt ‘ access: only the flavour of the dep,c . ts heavyweight political M . 

" Like every other advanpf in place rrfa >' €d second-hand by J0ust ’jJS ~ as weJ l fl s impori- . jfe / i 

opening up our SnSTSnS news P a P^ reporters, for whom l nt *l teme T' . votes \ *' d,led \ 

craticinstStution to tbJ nnhti^ familiar| ty with MPs has often [^Mights and those other sud- T . rnj Kirk 

gaze, it has had to be positively dulled ^ crihcai instinct trittule^ Tfmuch^lhc^vita^y The twu n,en in clia, » e of rad '° broadcasts Trom Uestminsier: Mr. Ed Boyle (left). Political 

?rn? 4 *?? MPs ' lx was in V « of the place. Editor of 1KN. and Mr. David Holmes. Political Editor of ihe BBC 

ouesf ednl™ * BBC fir8t re_ COSV ClUb This ^eer unprediciabUity 

Cn„ p se ° d out ~ hoUar . . ■ will obviously play into the and so on. plus up to £275.000 a disembodied — question time in the supremely codified form 

live' The SSI? 1 *? B , Budget the rSJT fGa ? fpo * 1 ure> hands of lhe sma,, « r and - vear in running expenses. For is that one has indeed been let taken by Prime Minister’s ques- 

7,nt bght b a s taken 52 [J 1 ® Commons has conunued to nimbler IRN. at the expense of IRN the corresponding figures loose in a Lilliputian asylum, tions. The order paper questions 

rhann*w r> T ! iesda y week I# f '!«„ c !f rfortl wf enve b?P e rather corpulent public ser- are just £25,000, and £ 100 . 000 . where sanity cr.unis For linle are bland — what is the Prime 
nn!«.»r U ° m. u D * n,s Healey's tradition, it resembles nothing vice rival. The vivid approach including staff and the like, and pomposity Tor all. (It was Minister doing to-day. when will 

ii Hager will be broadcast by the so > ? u . as a cosy L° ndon club, which it plans has already been Predictably the BBC is coyness Thomas Carlyle who wrote of he visit Paris, or Pudsey. or 

corporation and its less staid wt™ its own strange and out- signalled with TV commercials itself on its staffing require- “a red tape Talking-machine Piddlington-on-Sea ? The sting 

coimnercial competitor, Inde- “®“| d People do behave featuring Ed Boyle (the station’s men is. Its competitor claims to and unhappy Bag of Parli- is in the verbal supplementary, 

pendent Radio News. The ? dd| y “j the Chamber, and it political editor who looks more be pulling up its total coin pie- ament ary Eloquence.”) But the and stock villains like Sir 

years between have seen many 18 notable that both the broad- like a disc jockey than a West- mem ro II from fuur. and is listener should wait a Tew Keith Joseph, or Mr. Anthony 

efforts to bring radio micro- c ? st,n S authorities involved have minster reporter) promising mischievously suggesting that seconds before switching pro- Wedgwood Bonn, are never 

phones into the Chamber but ® iven Bssurances that the* listeners the thrills and spills the BBC has sought no le>s than grammes. referred to by name, only as the 

only in February, 1975, was per- ex 9 erpts *b e y ru ”. W * R appear of the “Jim and Maggie Show ” 140 passes for various em- if he immediately takes the Rt. Hon. Member for Leeds 
mission granted for an expert- on ‘s^nous" programmes, at 3.15 every Tuesday and ployecs at Westminster. Cor- evidence «»f hi.% ears as proof North East or as The Prime 

mental period of sound Th ® la8t act in (he protracted Thursday. But ihe BBC. loo. poration spokesmen siunewall that politicians are probably Minister's Rt. Hon. Friend, the 

broadcasting. That took place au (horisation wrangle was a knows it has to be flexible. Be- and admit i»» no more than *■ 20 just knaves and scoundrels, then Energy Secretary, it will require 
four months afterwards — but convoluted late night debate on yond the first week or two ihe people at any one time." in the he might reflect on the adage some Fast work by the voice- 

despite general acclaim, three February 6 that ended with a shape of coverage from West- temporary offices at No. 1 that a grear country was never over man to make clear just 

more years of-haggling and nit- vo . le famishing a Select Com- minster has not been settled — Bridge Street. immediately saved hv good meii. If he is why is doing what to whom, in 

picking were needed before e J®J ,l » r E*bour because no one is sure just how opposite Big Ben. bemused by the shouting and the few seconds available be- 

coverage of both the Lords and whip, Mr. Robert Meilish. the public will react, and what b ui ibis bickering is second- disorder, he might wonder tween question and answer. The 

Commons, could start. The de- whose main task will be to see its taste in listening to Our ary to the changes that radio whether this formalised venting opposite case will be the Budget 

lay, however, is about par for Hj at tde broadcasters behave Masters’ Voices will prove to be. coverage may induce, not only oF anger has nui helped keep Speech, where it will tax any- 

the' Commons course 


But both can comfort them- in the disenchanted popular real British politics uniquely one's ingenuity to make Mr. 

In the 17th and early 18th Despite these constraints, selves with the knowledge that view of politics and Parliament, stable in the Iasi turbulent een- Healey interesting during the 

centuries the Commons devoted both the BBC and IRN believe the Commons will provide cheap buL also — and equally import- tury. ritual 45-minuie preamble 

the same energy it had employed they are on a winner. The ex- radio: for the Corporation a am — in that institution's per- Of course, it will be up to before a Chancellor actually 

to keep out the King to keep perimental period produced a fixed £340.000 in srart-up costs, ceptions of itself. The first feel- radio commentators to make gets round to his proposals, 

oik the Press. Fierce punish- significant increase in listeners; including tape decks, studios ing on hearing a lively — but sense out of nonsense, especially The rest is harder to guess. 

It might just be (though one 
must strongly doubt it) that 
MPs will become more states- 
manlike and less wordy in the 
Chamber in the awareness of 
their new audience far away, it 
could be (though that also is 
doubtful) that Ministers will 
feel obliged to give fuller 
answers to questions in the 
knowledge that the usual brush- 
off now cynically accepted by 
MPs could make a damaging im- 
pression in the country. One 

suspects that once the 
immediate wonder has worn off, 
life will go on much as before 
— although certain MP S ever 
prominent in the question time 
roughhouse, like Mr, Dennis 
Skinner for Labour, and Mr. 
Norman Tebbit for the Tories, 
could soon be national figures. 

There is perhaps a danger that 
radio could, by its inevitable 

concentration on the gladiatorial 
aspect of the Commons add to 
the unreality of the visible 
political process. Seasoned cor- 
respondents — though not the 
public — know that politicians 
who scream at each other in the 
Chamber are often good friends 
outside it, and that differences 
are sometimes manufactured 
where in reality none exist. In 
short they recognise that the 
Commons itself is frequently a 
facade, an ill-attended nine- 
teenth-century talking shop. 

This is where radio coverage 
of Select Committees, which is 
likely to start later, could 
become so important. Already 
these are becoming more asser- 
tive. and their cross-party 
esprif more pronounced. If 
broadcasting is to have that 
salutary effect on the democratic 
process that its advocates 
believe it will, it is probably 
through radio coverage of Select 
Committees that this will be 
most felt. 

If you believe that only by 
showing itself to be no longer 

the executive’s poodle can Pa» 
liament regain the public 
prestige it has lost, nothing per- 
haps would serve this end better 
than listening to Mr. Eric 
Varley, Industry Secretary, 
being grilled by MPs about i 
Those mysterious financial fore- 
casts at British Steel, or British 
Leyland’s disorders. It wouldn't 
be bad radio either. 

At the very least these will 
be more stimulating times. But 
the progress towards real 
change is likely to be long. The 
advent of radio has only under- 
lined just how much more could 
be done if television too were 
admitted. Arguments for and 
against radio (opposition is now 
fairly muted among MPs apart 
from irredeemable tradition- 
alists like Mr. Enoch Powell) 
are doubly true for TV which, 
incidentally, is already used in 

a cumber of Western parlia- 
ments. either regularly or occa- 

Technically there is no reason 
why TV coverage should not go 
ahead fairly quickly. The old 
objection that MPs could not 
function under the glare of arc- 
lights has been removed by the 
development of sophisticated 
Electronic News Gathering 
equipment which can make an 
adequate film in poor light. 
Nothing would do more to bring 
back Parliament into the daily 
mainstream of national life, and 
the task uf explaining the 
arcane phrases of Parliamentary 
procedure would be immensely 

But even the most optimistic 
BBC executives do not believe 
that television will enter the 
Commons for a few years yet. To 
get the Press properly inside 
took 100 years, and radio more 
than 50. Even on this diminish- 
ing scale it will be into the 
next century before the cameras 
are allowed in as well. 

have o$ 

;e pens# 

That tired 

The West Australian Tired 
Feeling; or WATF, is a well- 
known phenomenon of life in 
Perth brought about by the long 
periods of over the century tem- 
peratures in the typical sum- 
mer. The symptoms, which 
affect young married couples 
particularly, but influence all 
age groups above the age of 
puberty, are in the main a 
marked disinclination .to start 
the day’s work coupled with per- 
sistent lassitude throughout the 
morning and early afternoon fol- 
lowed by a period of aroused 
interest as the end of the day’s 
work approaches. -By which 
time of course economic activity 
is ceasing. 

So seriously was Industrial 
production affected during the 
first three months of the year 
that the Government’s research 
facilities were applied to the 
problem under the guidance of 
the human behaviour discipline 



What do the Boys’ Brigade, 
Glyndebourne Arts Trust, and 
Ramblers’ Association have in 
: common? They are among the 
top 200 charities to which the 
nation contributed £143.7m. in 
voluntary donations in 1976. 

• According to the latest 
statistics prodaced by the Chari- 
.ties Aid Foundation they cur- 
rently stand 126th, 127th, and 
. 148th in the charities’ league 
table — ahead of the Barristers 
Benevolent Society and Brooke 
Hospital for Animals, Cairo, but 
well behind the first division 
- leaders. 

■ Where we put our money that 
■year reveals much of the pre- 
occupations of the British, and 
'also shatters some long-standing 
myths. Are we not the people 
who are kind to animals and 
cruel to children? The naoon 
which mourns the death of a 
love-lorn giraffe rather than 
-■pay serious heed to the chronic 
^SlCfc? Not if you go by the 

^Onef ' thing stands clearly 
4hea£of aU others in the chan- 
■ties’ race for; our pennies and 
industry’s pounds— health, we 

donate over. tw ice a ®. ' 

.It than to any of the other maj 
charity 'sectors, £52m. It js. 

. you like, our -flag day 

Next comes general weLfttfe, 
then the young, then oven \ 
.welfare, then God, then the ! old, 
-and only, then our furry fnepda * 
-Several lengths in the 
come the* arts and educaticma 
-research. Dr. Barnardo s. Save 
the Children, and the NSPLl 
- all rank above the RSPCA i 
their total annual voluntary in- 

cwne. ^ 

The figures should be an 
/object lesson to any news editor. 
=thpuglr ' perhaps one . iri j 
Popular tabloids are less in need 
of than the serious Press. For 

of the University of West 

After a detailed investigation, 
the team’s findings showed that 
the extreme heat of the summer 
evenings inhibited most sexual 
activity, all but the most ardent 
lovers preferring to sleep alone 
under open windows. (Air con- 
ditioning was only just catching 
on in the mass of the popula- 
tion). However, around 2. a.m. 
a cool wind from the sea. “The 
Perth Doctor” used to spring 
up, and the sleepers awake, 
thoroughly chilled, closed the 
windows and snuggled up to 
each other, stimulated into 
intense sexual activity. 

The scientists decided that the 
WATF was undoubtedly caused 
by this pattern of delayed sexual 
activity and- advised the instal- 
lation of airconditioning in a 
number of key workers’ home 
bedrooms on the theory that in- 
tercourse would be completed 
by midnight giving the rest of 
the nieht for rest. In general 
the selected individuals re- 
sponded well to treatment and 
their general productivity and 
usefulness in their ■ jobs 
improved significantly. 

This Jed the Government to 
subsidise the installation of air- 
conditioners on very favourable 
terms to all employed persons 
homes together with especially 
-cheap rates for the electricity 

But then an unforeseen side 
effect arose. Because of the 
cooler environment of the bed- 

health” read "medical 
miracles,” for “general wel- 
fare” read “hearts and flowers.” 
compound them with "kids,” 
and you have the recipe for 

For once we have a set of re- 
vealing statistics which, even 
allowing for statistical traps, 
speaks volumes for the - indi- 
vidual’s true interests. Why. 
though, so much for health? 
There are at least two answers. 

More money is spent on 
cancer and crippling diseases 
than anything else, and we 
donate it because we all know 
of at least one sufferer and 
there is also the underlying 
fear we may contract one of the 
diseases ourselves either 
through our own foolishness or 
an act of God. Illogical guilt also 
plays a part in the exercise, ; 

Then there are the . big 
spenders, industry and com- 
merce. Look in the league of 
corporate donors— those who 
give to charity in flOOOs—and 
rhev are all there, from Marks 
and* Spencer, through the oil 
companies, to the clearing 

banks and supermarkets. 

They are reticent about where 

their money S° es » the ^ see jL n0 
publicity, but together their 
contributions to chanty exceed 
£I7m. a year, and are backed 
up by a further £97m. given out 
by the charitable trusts. The 
general public makes up the 

^We should not, though* pat 
ourselves too hard on the bade. 
The Charities Aid Foundation 
points out that inflation has 
eaten into our generosity and 
that the charities are having to 
2? back on man? of their essen- 

tia So Be i?s Ce d S ig deeper into the 
t'^'morf unpf^sant facte of 

rooms more care was being 
taken of contraception and the 
birth rate showed definite signs 
of declining, which as Australia, 
particularly West Australia, has 
a very low population growth, is 
a matter of deep concern. 

After consulting all the ex- 
perts it could find the govern- 
ment decided on a compromise. 
In the interests of industrial 
efficiency during the three 
hottest months airconditioning 
would be free, but on April 1st 
every year the meters are 
switched on. and rather than 
pay. most West Australians re- 
lapse in to the WATF syndrome. 
The fall of the birthrate has 
been checked, but it is early 
days to determine if it is on the 



The start of the annual 
migration of emmets was noted 
with some relief in Cornwall last 
week-end as they crossed the 
Tamar in strength for the first 
time since the mists descended 
last autumn. Anxious watchers 
along the rivertiank that cuts 
off the Mebion Kernow from the 
rest of Britain had feared thal 
the cold, blustery weather might 
have delayed their arrival or 
even put them off altogether. 
But their traditional noises, 
often compared to the jingle of 
coins in a pocket, were heard 
with growing stridency as the 
festive days passed. 

There are those in Cornwall, 
called pessimists, wbo fear that 
fewer emmets will be seen this 
year and as the Duchy relies so 
heavily on their silver deposits 
for its prosperity even a few 
flocks fewer could cause great 
problems. Vast quantities of the 
traditional food of the migrants, 
such as pasties, ice-creams, sand- 
wiches and the local meads, have 
been ordered and are piled uu 
in food stores, freezer centres, 
cafes and pubs. If fewer emmets 
come who will pay for it all? 

The pessimists fear the lure 
of the Costas, those alternative 
summer resting grounds. Their 
wails have already been heard 
in places called chambers of 
trade and the like. They, also 
fear that many of those emmets 
who will come will bring their 
own staple foodstuffs — tinned 
beans, frozen hamburgers, long- 
life milk — with them. And 
that me’ans fewer deposits as 

Cornwall has not had an easy 
winter. Strange rules enacted 
by funny people called the 
bureaucrats of Brussels have 
made it more profitable for 
fishermen to come down from 
Scotland to scoop their mackerel 
out of the sea with their bigger 
boats. If it had not been for the 
Russians, sitting outside terri- 
torial waters, willing to pay 
lucre for almost everything fishy 
for their giant floatine fish fac- 
tories times would be very hard. 

So the watchers are anxiously 
looking at the sun, hoping it will 
soon shine because emmets res- 
pond mightily lo its rays. They 
throw off their winter coats and 
lie on the long beaches in 
enormous numbers. There are 
some Comishmen. called 
doubting Thomases after their 
Celtic cousins in Wales, who 
wonder if it is good for so many 
migrants to rest on their shores. 
But most of their 'compatriots 
just look at the mounting piles 
of silver and smile. 



Londoners next month will be 
asked lo keep CALM and 
STAMP on environmental prob- 
lems. But they will not be 
going to WAR over it. 

This accumulation of acro- 
nyms should nut be taken too 
literally. Rather, they repre- 
sent some of the London 
environmental pressure groups 
who are fielding candidates in 
next month's London Borough 

For the first time in London 
many of these groups are pool- 
ing candidates and resources to 
fight under one umbrella— the 
Save London Alliance. About 
100 candidates so far I more are 
needed before next Friday's 
deadline for nominations) are 
hoping, at best, to win enough 
seats to carry some influence in 
borough council affairs and. at 
worst, to poll a sufficiently im- 
pressive protest vote to make 
the main political parties realise 
the depth of feeling in the 
capital over environmental 

Alliance candidates arc 
united in the common belief 
that London is rapidly becoming 
a disagreeable place to live. 
“ People hate the loss not only 
of buildings and familiar land- 
marks but nf small shops, whole 
streets and indeed whole com- 
munities.’’ argues Gwendoline 
McEwen of the Alliance. “ They 
want, more positively, a better 
London.” A detailed manifesto 
is promised by the middle of 
this month but the strategy is to 
“shake-up” the present local 
government system in London 
” which is bedevilled by bureau- 
cracy and party politics." 

The Alliance itself has already 
fallen foul of such party poli- 
tics. The Westminster Associa- 

Viva the 

With the launching a couple 
of weeks ago of Spain's first 
purely economic newspaper. 
“ Cineo Dias.” Madrid now has 
eleven dailies including morn- 
ing and evening newspapers. 
Spaniards* thirst for news still 
appears to be insatiable, al- 
though saturation point cannot 
be far off. 

There have been other 
attempts at starting an econo- 
mic newspaper, but they have 
all been shortlived. The found- 
ers of “Cineo Dias," however, 
feel that they stand a good 
chance of success. Spain's seri- 
ous economic problems have 
hardly been off the front page 
of all newspapers since Franco's 
death despite the competition 
from the numerous political 

Once the lid of the dictator- 
ship was off there has been a 
boom in weekly news magazines, 
party press, soft pornography, 
weekly historical series on 
Francoism. but no serious 
economy-orientated newspaper. 
“Cineo Dias" aims to fill this 
gap directing itself at a man- 
agement type readership. 

With a capital of 21m. 
Pesetas, seven experienced 
economic journalists decided to 
launch " Cineo Dias ”, so named 
as it appears five days a week. 

tion of Residents (WAR) has 
had to pull its candidates out 
of the elections after pressure 
from the area 's MPs in the 
Commons. They argued that 
protest candidates put up by 
WAR would affect the Ton'. 
Labour and Liberal chances in 
the Borough elections (follow 
lhat logic if you can). Thus 
if WAR persisted in exercising 
its democratic rights, the MPs 
themselves would look less 
favourably on supporting 
WAR'S environmental cam- 

Si mila r. but unspeci fi ed 
pressure, also forced the can- 
cellation oF an Alliance press 
conference in a West End 
restaurant only hours before it 
was due to take place; it was 
held in a church instead. 

The inspiration for bringing 
all the London environmental 
groups together under one 
banner for these elections came 
from SLAG— the Save London 
Action Group. Last time 
round. SLAG’s major electoral 
success was beating the Liberals 
in Cbelse3. This time the hope 
is that a co-ordinated approach 
will stimulate the majority of 
the electorate who never turn 
out for local elections to “shake 
off their apathy and vole.” 

The environmental groups 
were considerably buoyed by 
the recent surprise showing of 
their French counterparts in the 
recent elections; some 6 per 
cent, of the votes went to the 

Whatever happens in next 
month's elections the London 
environment movement will un - 1 
doubtedly survive to maintain ; 
its pressure from the grass roots 
on specific targets. The Stop 
Archway Menace f STAMP) 
group will continue to impress 
their brand of activism on road 
schemes and the Campaign 
Against Lorry Menace (CALM) 
certainly will not stay that way 
if ihe juggernauts increase. 

In these inflationary days in 
Spain starting a daily requires 
a high degree of courage and 
foresight. Of the eleven exist- 
ing dailies four were started 
since Franco and all are finding 
in varying degrees that the go- , 
ing is difficult. . 

“Cineo Dias” was able to 
start with so little capital be- 
cause it has not bought print-, 
ing presses. The newspaper has , 
an office in a block of modern : 
flats half a mile away from the j 
Culture (formerly Information) ; 
Ministry, where censors still 
keep a beady eye on the press. I 
and contracts the printing to the | 
Catholic newspaper Ya. j 

“We have a limited market. j 
but a certain one.” Sr. Fran-i 
cisco Mora del Rio. the editor, j 
told the FT. He said that the | 
newspaper favoured a free mar- j 
ket economy and so, while pro- : 
fessing independence, was far! 
closer to the ruling Centre 
Party than the Socialists. It 
would support the Moncloa Pact 
between the Government and 
the political parties, but would 
hold the government up on one 
point: the need for cheaper 
credit to enable employers to 
expand more easily. 

John Cherrington/Roger 
Beard/Tony Moreton/ 
David Churchill/William 

TO-DAY — Electricity prices in- 
crease. National Giro increases 
amount available on personal 
loans and cuts interest charge. 
Coal sales by metric measurement. 
Higher rates Tor British domestic 
air fares. 

SUNDAY — Mr. Len Murray. TUC 
general secretary, addresses con- 
ference of National Union or Bank 
Employees. Sheffield University. 

MONDAY— House of Commons re- 
convenes atier Easter recess with 
first day of regular broadcasting. 
Large loaf price increases. EEC 
joint finance and foreign affairs 
council meeting, Brussels. Rating 
and Valuation Association an- 
nouncement on new rate levels. 

Economic Diary 

TUESDAY — UJC official reserves 
(March). Capital issues and re- 
demptions (March). U.K. banks' 
eligible liabilities, reserve assets, 
reserve ratios and special 
deposits'* tmid-Marchi. London 
clearing banks’ monthly state- 
ment tmid-March). Hire purchase 
and other instalment credit busi- 
ness ' fFebruary). Mr. ’Michael 
Ed ward es. British Ley land chair- 
man, at Foreign Press Association 
luncheon. EEC Foreign Ministers 
meet. Brussels. Two-day meeting 
of EEC Agriculture Ministers 
opens. Brussels. European Conven- 
tion. on Human Rights— results, 
problems and prospects. Lloyd’s 

Register of Shipping annual re- 

WEDNESDAY — Monthly meeting 
of National Economic Develop- 
ment Council. Rail pay talks 
resume. Housing starts and com- 
pletions (February). 

THURSDAY — Mr. Christopher 
Tugendhat. EEC Commissioner, at 
Building Societies Association 
luncheon. First regional CBI con- 
ference in Cardiff. 

FRIDAY — Two-day European* 
Council summit meeting opens. 
Copenhagen. Mr. William White- 
law. Opposition spokesman on 
Home Affairs, gives details of Con- 
servative Party policy on immigra- 
tion and race rotations. National 
income and expenditure (4th 
quarter Ift77). 



Widely acclaimed by financial journalists and 
investment advisers, MSG’S Recovery Fund, de- 
signed to produce capital growth, ended 1977 as 
Britain's best-performing unit trust. It also leads 
over the two year and six year periods, ft has a 
policy of buying the shares of companies that have 
fallen upon hard times. Many of these companies 
recover; and through a process of careful selec- 
tion M&G has been able to bring high rewards over 
the years to Recovery Fund investors. 

This offer enables you to start a Regular Monthly 
Saving Plan with the Recovery Fund through a life 
assurance policy for as little as £10a month, and you 
are normally entitled to claim tax relief at current 
rates of £17 for each £100 paid. On a £10 Plan, 
tax relief at present rates can bring down your net 
monthly cost to only £8 30. with which you buy units 
worth considerably more. 

Regular investment of this type also means that 
you can take advantage of the inevitable fluctuations 
in the price of units through Pound Cost Averaging, 

which gives you a positive arithmetical advantage, be- 
cause your regular investment buys more units when 
the price is low and fewer when it is high. You also get 
life cover of at least 180 times your monthly payment 
throughout the period if your age at entry is 54 or 
under (women 58), and rather less up to 75. 

if you cash in or stop your payments duringthe first 
four years there is a penalty and the tax authorities 
require us to make a deduction, so you should not 
consider the Plan for less than five years. 81% to 94% 
(depending on your starting age) is invested except in 
the first two years when an additional 20 per cent is 
retained to meet setting-up expenses. After two 
years, therefore, the amount invested will, in most 
cases, represent more than 100% of the net amount 
you pay after tax relief is taken into account. 

Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at 
short notice. 

The price of units and the income from them may 
go down as well as up. 

M&G is a member of the Life Offices' Associatio n. 

r At the top of Ihe table, bs our Unit Tmst of ihe Yew. ~ 1 


TELEPHONE: 01-6264588. 


month in the M&G Recovery Fund. 

^ ^ Ai the top of the table. M our unm 
>* M&G lUeovirrv 


The top performing unit tfWlo *j^I “** 
M&G R ecower ) r iVe 


| — ] FULL (Mr, Mis/ 

each os l forenamhs) m»> 


90 | TR 53041B 

can backdate your policy to last 

April and claim tax relief on the 104 .address 

payments (if you are over 54- w flDDRESS 

women 58— you may only backdate | 
your plan for three m onths) j 

I enclose my cheque for £ [ 

representing □monthly payments (not I 

more than twelve, or llvefi if you are over ) postcode 
54, women 58). payable to M&G Trust 1 

(Assurance) limited. QCO Jpatio h 

l undertime) Rut Ihtt ruynenl & only pmvKiorul 

.nut Ihe nvripany witt nrt jwuiw I ilk until . str didtu 

liiinul nitriic-riion ol acceptinue lur bwm eviol ^jt-tirPlnln 

NAME AND ADDRESS OF USUAL DOCTOR (lo whom reletence may be made) 

Aie you an exisi'iij MSG Plan holder * Yfa. Nu 

II you cannot sign Part 1 ol Ihe Declaration below delete it and sign Part II. 

Declaration PAkT 1 1 declare that, to Ihe best of my belief, I am in good health and free from disease, that I have not 
had any serious illness or major operation, that I do not engage in any hazardous sports or pursuits, than do no! 
engage in aviation except as a fare-paying passenger on recognised roules. and lhat no proposal on my me has ever 
been adversely treated. 

PART If I agree thal any declaration made by me in connection with Ihis proposal shall be the basis ol 
Ihe contract between me and M&G Trust (Assurance) Lid. and thal I will accept their customary form ol policy. 

I agree Ip provide any lurtber information the company may require. 

(A specimen of the policy form is available on request ) 


Registered m England No 1048359 Reg Oiiiceas above. 

This oiler is nol available lo residents of the Republic ol Ireland. 


Thomson Org. recovers to record £19.6m. 

Slowdown at 
B. Matthews 

Financial Times .SatiMay \ $§& 


ri'R EM 5 ADOY.'F.D ?l midway ■■ ■■ ■■ ■ 

v t? n n Jawb'c profit was down 

£-V:3!m. to ThnmMiH TiTVTTiFND^ 

Unianis:itinn recovered in the "* » 

'Wind iifttf to finish 1877 with a 
record itiUTni. agamst £ 1 3,15m., Current 

<>r. turnover ahead from £284-34m. payment 

to KW.*fc m Blau tyre Tea 35 

A dtusinnat nreakdown of torn- Erection & Good Hill ... 3.77 - 
over and nrr»!it -hows: national Bridgorfr-G iaft y (ffldgs.) 
newspapers £41.* un. (£33.75m.) Int7 0-9 

;, nd £li¥m. i£t.47m.J; regional Clifford's Dailies LSI 

newspiipprs £77.81 m. (£65.0$m.) rMnbi* Heel 0.42 

and W.fim. <£->.gSm.); publishing £a r jy & Han 1 . 1.68 

m.vim. (IH34b'm.) and £Sm. fTqS Nil 

Elys (Wimbledon) 2.08 

and £4- 12m. Ur. 3m.), c«keH (Barflp) .... 3.75 

and other activities £l?.27m. 5 S 


jfs.'s.— — ipssss s&a&m 

Date Corre- 
of spending 
payment div. 

other than in an associate. Finance 

&W5ffifSS- IgSStS^JK-JSS : 

May 26 
May 26 

May 31 
May 27 
July l 
July 3 

Lyle Shipping ...2nd int 2.5 

U»4.34zru and 1056m. (£0.45m.». g. Matthews ..'.V. 515 

.Stated earnings advanced from A. St 3. Mncktow InL 32 

an adjusted 3.74p to 5.71 p per Nth. British Canadian ... 1.7 
25p share. On capital increased by Padang Senang M5 

May 15 
July o 

* lnn-for-oJie scrip, the net diri- Pifco 

Int 0.S5 

dend total is effectively raised to Thomson Organ 

the maximum permitted L96949p Wanfcfe Colliery InL§ 

July 3 
June 5 
May 16 
April 28 

May 12 

w!!h \n "earn vale^l ' 77 ^?^ Dividends shown pence per share net except where otherwise stated, almost 45 per cent, below- the pre- shares. respect of the last retrospective S± 

tqrfi which included a.nSpf oaJ - * Equivalent after aUowlno for scrip isue. vOn capital nous, year which had the benefit The chairman th a , ma £in a «=rrf £? 

mom ,.n pay increased by rights and/or acquisition issues. ~ Adjusted for senp of ship sale profits amounting to christi 

Tp£p£? r7?SStn as at »nd subdivision. 5 South African cents throughout. disapp 

,.26 20ilp to 1.7p per 25p. share and a were £ ^oBset £ tacrS/ ” 

1-? Sv ' IT KS- toto 6 pS?ea?5. «** ***** S 

Q l IjJtc? ^ 10181 1 0 Turnover for the year was up rated on a yield of Just over 

1-77 4j 5I® P T i2L 4 5p* . from ilaJiSiar to £1SA6hl and 10 1** cent and a p/e of 4.4. 

SS - 5 £^W^VS 5 S^ja?JS ?' i?A on 1. 

ar asaur for "iBaTjat-MSs £0 *97m. by 

• comment S SM « Clifford’s 

7 * Lyle Shipping originally only ex- n fJ- 6x131 of 3J3 P ^ * * 1 Jt-VM. U iJ 

i 7 pected to turn in pre-tax profits ULSJSp)* Dtndends were waived _ . : 

7 ~ s * of about £tQM> for the year hut b >‘ R T - Matthews, the chair- I IjUFlAG 

i i jn the event ft has made £S47 .000. raan ' «* 930.951 shares, and by IviJ 

The results, however, are still Mrs. J. K. Matthews on 902^36 AFTER C REDIT ING £220.377 in 

attvt vlaiAPt t-_I 1 sharps , .. . T w l 0 ” “ 

-i^uivjuein alter auow me icr scrip issue. -run capital now year wuen had the benefit The Chairman state* that the m a rein award, mstav Naoma — sim 

inmased by righto and/or acquisition issues. - Adjusted for senp of ship sale profits amounting to ebristmi markeMn^ ihe u!k. iSl Oiffoni's S ^Ss. ~£d'&i7XZ: ^ 

fho year end resulted in a net 
surplus of £i0^m. being credited 
to reserves. 

air amo “ n > m f J2 Christmas market in the UJC. was Oifford's Dairies amounted So *** prtt. divs. 

Sy fc 8y d SSih , iiSJ probab,y tfccause 1966^27 for 1977, compared with fSfite* 1 

thnS t fM SSrt2 K: of the abundant supply of red a restated £344,798 for the ere- annwa!U “ 

« was a record £X75lm. Z- 

TTae directors point out that the . cXBoilllXlft 1 
midway profit this tfmn bene&ed ' . -r “■ . . ' . ^ ' 
fimn. early receipt of £L4m. aflfc . a>aiw'Aa A 
margin adjustments which in: the. 4> All?/ |if||ft 

Past have been received -in the dwUw7 it/UU ■ 

Sfiamd halt Without these adjust- ■. . .. 

meats the surplus would have ^CWD-SA LF- pi^fit higher at 
b^n, on a. directly comparative -£172,000; enabled 

basis. £9^n. and tax lower at-jr**? 0 ?*; (Mouldings) t<f 

■^86Ul :«««?■■■ figare.Xrom 

Half-year; - to- £607,000 pre-tax,' for 

W7-7B im-13 137T. 

sr° "* --- -- & iS 

Hetnrost 5,160 accounted for £L«5m. tio. 75 nv) 

S2? pref - fliT *- 18 H T 1 *® directors say it is takinc a 
AUribetable M50 3.W ■i£Li n f er iiSSJ!^l * t ^- to . 


Inicivst . . . . 
Sfiar-.- of is'ws. 

Pnstax profit 19,»7 

Ta* ■ 


Exin-oM. debit 
Annburable . .. 
t Adjusted for ED 19. 




that these difficulties will be over- 
come and anticipate another 
satisfactory result for 1978. 


See Lex 

the associate’s trading surplus 

Stated earnings are lljp shows a threefold increase, with 
(I136p) per 2op share and a final a bout SO per cent, of it coming 

dividend of 3.513p lifts the total through in the second half. The 
from 45p to the maximum laurels here go to Kestrel Marine. 

permitted 5.1 13p net. 

, J2?lh eff ect from January l. .\FTER REPORTING lower mid- 
p ro v ‘ding v , aj - profi , of £i«.739 against 

for deferred lax on the liability £219.112. Wilkinson WarburTon. a 

Mrti« 2 ^eirf I ^fcr, l { c IS VJ ilr e<, » pr °i leslile and car P et distributor. flirflC 111 lh«* bulb carrierVlw^aDieOtwaif He says that demand for the £116,697 (£106, OSS). 

S^ e Louni S d “ POSed 0f 31 net -H e seCon ? 10 A 11 w hichc^e olfs’trezunin 1 January ^Iher processed pro- 

Thic i! *1 ; finish 1977 with a pre-tax figure 1977 . helped lift shinownm^ nrn- ducts continues to grow at a very 

teSSiM^SSS orStaMj?- 1 if ^ f S m .f I 5 M< « i6«-502. PA Q^7 rvi '• fits by 44 per int K an overall satisfactory rate. Currently, pro- Pkrttt 1 

the properties which areS’hv ,u bales for the Rrst 12 ? eeks of XUmO /lilm climate of weak freight rates and duction is double that of a year VilflCU 1 

the SKp cwSaniS to th? the current . -year show an w*u / ill. surplus capacity. Allanwhile, the ?So. Demand is still considerably ^ _ 

ordinary course of husinest f ‘on e ," couras:1 ? 5 increase, say the O.V TURNOVER of £I3.46m. shipping market is- likely to re- in excess of supply and the group O Tt/T^-w 

sequenUy £2 «m hwheminln*. directors, hut two factors preclude against £l2.0Sm. pre-tax profit of main depressed for some time yet « endeavouring to expand pro- 4V ]V| rif 

ferred from' deferred ta* in accurate forecasting for the rest Lyle Shipping Company fell from but Lyles North Sea activities duction of these products as fast 

reserves. of the year . . £L57m. to £0.87m. for 1977. should go further ahead. At 125p. as possible. 0/1 

turns in 

with its contract to provide 
accommodation modules, and to a 
particularly profitable charter by 

Bids and Deals 
on Page 20 

was reported for 1976. 

Turnover advanced from 
£2 8.46m. to £29.97m. and tax takes 
£442.561 (£4224152) to give net 

profit little changed at £523.766 

Stated earnings per 25p share 
improved from an adjusted &27p 




achieve. 5 satbfecfo^^f rf 
activity ’ at IfaefNartberir Ireland 
factory, although - there -are a 
number -of encouraging signs. 

.. The Improved, value of sterling 
is. makmg the tads of exporting, 
mouldings more , difficult whrlo' 
aHowmg imports at lower prices; 
Notwrthstaitdtog .these problems, 

the level of future- orders nm. 

ihn . . . .. , _ -“I'*''.™ uwui «u «ujuaini <u<u Induduig.a surplus on the sale .J2r w .. r< i” " i| ii n given as 

ch was sU \ eet : had . 1,16 unusual effect of to 8-flp, while a dividend ofpf rental properties, taxable I7.6Sp (13.08p> per 10p-sbare and 
S ?n.u J a , sas K?** 1 " 8 demand for turkeys at L9037op net compares ufth profit of Vrnstoa Estates in- ^guted. as- IRSSp. :«2^p). 

I Ollt to the iNOrWe-’inn sector. Christmas 1 -M-. , . . . J r . Th» . MhJ 

imports at tower prices. 
Notwrtostaztding .these problems, 
the level " of future- orders 
ttoues to be reasonably encourag- 
- emhings are given as 

Elsewher? Christmas. l.TSSSp last time and ateorbs creased from £174,115 to £232,084 tptri i& increased^ 

^buSkearrier ^tlmCa^^Otiif He *»» that demand for the £116.697 (£106,OSS). ‘ • m 1977. Turnover, excluding sales ^ 

group's further processed pro- of rental, properties, .was £340.687 a final of L8tl708p. 

Sec Lex 

125 p. ns possible. 

r irSrl SriS!h Unre ™mJ? lUr t. 0 « Profit included a higher contri- {J* ^[ es i,ield 311 uncovered 6 An ad van tagefrom loner feed 

Nth. British 
Canadian Inv. 

uiu i noii summer t.aj< . . . . — 

lory bution from associate companies 

£ £ of I1.39m. compared witli £0.42ro.: 

i7.iio.sii 14 .~ir.s 09 no profit this time on the sale of 

3SJS »n shi Ps against £2.66m. last time: and 

SSmunH . : S”! associates £640.000 (nil). There 

Prom before tax M5JQ2 uo.234 «as a iso a higher interest charge 

Tar msoo 530.000 for 1977 Of £2.13ra. (£1.49m.). 

vmiauiun id v. sssa « — 

Grosv revenue of North British' I” nr ^ 

Chas. Early 
& Marriott 
tops £0.5m. 

? aDad i?^o ^Investment Co. rose Prof, dhidc-uis r.«5 

from £303, 9 ja to £354.302 and earn- Ordinary diridoDds- ... HS-3J5 
mgs per 25p were Shown up Q.3p • AIUt £5 JUT ma> waivers. 

Exchange losses on repayment fjL?. SSS 1 JSS \22*S*:ӣ >W * 

irCeDL Prices is expected during this net (omi75n) ™k f 

Tv_ • n year - he ^ dd f- cost ON TURNO\ r ER of £6.65m.. 1573767p (XAil72bp). 

Davies & savings inU be offset by many against £5.I3 hl, CSiaries Early & P P 

i v / t, °* e JJ 0StS \u Marriott (Witney) lifted pretax. 

M ptPQ |fa , current conditions the direc- profits for the. year to January 27. ulltUl 1 ISC 

lVlClLdliC tors think that it would be unwise 197S. from £ 210^02 to a word * V - 

Mr. Richard Metcalfe, the chair- t0 make a forecast so early in the £ 517 , 325 . At halfway the com- U1 060151111 

■» of J [oreigtTcureency tenTSTS 

£L06m. (same) and fo7i97B ^ there • Comment 

pany reported a t unwound from 
a loss of £ll, 787 to a profit of 
£166,115 and the directors said it 

compared with £309,985. -w-r * 

Tax took £116,820 <£61,057) and VlCAACA - -> - 

attributable profit is £115^64 T^~ lNyrliHr 
(£113,058). ' • 

Based on revenue profit only, T|av T aJ/v« 
earnings per 25p share are stated L/cV clIlD- 
at L69p (2J)4p) and including v F ViV r # 

profits from the sale of properties PUS-TAX' .PROFIT!- -of Viscose 
at 21&p (2.05p). Development Company climbed 

A final dividend of 0B61267p from £843.472 to £863,476 in 1977 
net (0.734175p) makes a total of after 1 improving from £320,200 to 
I573767p (L151720p). . £499,006 in' the first half. /Net 

: profit- was £415,916 (£293,195) for 

Slight rise A final- -dividend of .llVTlp’ net 

• j m per 25 p share (I.4Sp) takes the 

ID demand f uU year payout- to 2fi26p (l53p). 

The group manufactures shrink 
nf Tm/oroct closures from regenerated oella- 

«t All V Cl CoD . lose' and makes and sells -ceihiiosp • 

| at 2.94p for the year to February dramatically affect trade in the were financin'* costs of £437000 of *?!?*? Pf 051 ^ 3 and be looks for- seemed probable that results for THE LATEST year has- opened sponge and doth and. other dean- 

33. 1978. At year end net asset second quarter of each year and predelivery payments- and assort- ”?.![£, , t0 - f 4T ther expansion, parti- In anticipation of poor results the full year would he signifi- wft mixed prospects for In veresk mg products. 

lose’ and makes and sellBieeihilbse 

/ 3S. 1978. At year end net asset second quarter of each year and predelivery payments; and associ- ^ “ p l^T on * parlJ ‘ ^ ^ m,np at ‘»“ 1 ‘ w _ poor .results tn e tuji year would he sigwB- wrth mixed prospects for mveresk 

value was highest at B9p, against secondly, the Far East supply ates £137 000 (£46 000) ,n the company’s m-erseas in the second half, the market has cantly better than the previous Group, although there has been a 

1 i-- ’ 0 - ^ IWI.WW UIDMCS flier fhfl mmtn« VMR hoon nhmmnn it I slight fnrprovement in tiie trend 

A net final dividend of 2.7p lifts a result or the hew EEC quota compared with a loss of £481000 thA* nnSinr „ J 16 '' 5 s ,? res . which closed 

ie total to 2.7p (2.25n eauivalent regulations. and rhp din^tnt-c tho„ „ih th., y^rs trading with i.p down on the week at 140p yes- 

the iota: to 2.7p (2j25p equivalent regulations, 
after scrip and subdivision). However. 

secondly, me r ar tast supply ates £ 13^.000 (£46 000 ) .v — r ”i ■ ... um •uuu« 6 u umc u« v«>u « r v H.i \rv 

position is at present to chaos as Profit at haUtime was ffloooo the com mg years. been chipping away at Bernard year. shgfat Improvement in the trend FEEDEX - - 

result or the neu- FFC mmia (•nmniraA-iih IT/if He adds that the directors view Matthews shares, which closed _ of demand for most of the group's . Feedex is, to- ask its share- 

Itoitotiom q Sd P Uic d dlrettofs Sen 0 «1d 8l th2? Hie current year’s trading with 7!p down on the week at 140p yes- .1$® *T ,de ?J-^ n m f r f ase i^? 1 S Products, directors say in their holders to approve its £366.400 

However the directors believe second half ^nflt^ SSI £miS|£ S ?l, , 8 uf /,Ce ’ sub;ect ^ unpre- tarday. The 6 per cent, rise in pre- 3 : 7 J 36p ■}? J£ ,D F f f t flfc per A i 0p report wlb accounts. bid for the SS per. cent, of Raw- 

wowever. toe directors Dene\e second bail profits \>6re not likely dictable or untoward events. tax profits on a 22.6 per cent, share with a final of L66p After They ^ ^ ^ hegin . lands Engineers 'it does' not 

increase in sales confirms that 131 °‘ * z o4.3°9, against £9lj500, ntog of 1978 pulp prices have already own at ,an EGM dn April 
• jn despite doubled profits in the first net P r °Rt S*™* ® u * aI i252 ^ 5 stabilised and there has-been no 17, 1978. ■ ->•. Jr 

OOflTinilP I I^VC half, thehigh margins enjoyed in compared with -119.302. significant variation in the. ex- The. terms of the deal : are 

. Ui vJIIUUiily o I9<6 and the early part of 1977 The company manufactures change value of the pound against £266.400 in cash piu£ £100,000 to 

Rising trend to continue at Grindlays 

have been damaged 

over- Witney 

a mtn significant variation in the. ex- The terms of- the deal ' are 

company manufactures change value of the pound against £266.400 in cash p]u£ £109.000 to 
blankets and Warlord the V.S. dollar. . . - • • be - satisfied by the issue of 

'erings. The group continues to be well 333,334 Ordinary shares. - 

< ua .s ~» 0 uu. 1CKUU »»* IM LUC XU in; UIDC current deposits to Tanarfa Frnm V ~T»'Va 

. accounts. and other accounts climbed from !ILr r«?i fr ° m 3 Per CeQL t0 1 ' 8 

He says much was achieved in £237bn. to £2.64bn - p 

, 1977 and it is right to be confi- During the year £5-23m of the Mr. Jamieson says that the pros- 
dent about the outlook for the £J3.73m. of support given to peet for equity investment Jn the 
I group, with its wide spread of Grindlays Brandt and its sub- U -H- » unexciting, while in the 

continues at Anglia T V 



sidiaries was released. — whatever the short-term 

Alfhou^h , currant cast state- 

ff-SS •ssS'ST A5 wsraJaiSE u « 7 

SLrf'SSMihSfu pSm? ^ S3* ^iT s c °^zt 

or the unexpected." he says. at 3 p.m. 

In the year to December 31. m m 
1977. profit of Grindlays Bank in- VI 
creased modestly from £30 45m. 

to £30 72in. before tax. Grindlays t ‘ • rn , 

Holdings owns 51 per cent, of I DV. A TUSt 

shares and before minority in- 
terests and tax. its profit was Mercantile Investm 
£30. 4.5m. (£30 .3.7m.). has lately taken the fir 

Assets Of Grindlays Bank at steps towards building 
balance date stood at £2.76bn. can holdings, Mr. G. J 

Inv. Trust 

ner cent ^ t0 « 4 - FOLLOWING A <J7 per cent. cent, by the purchase of an inter- Dealings in the new API. shares T. S. K. Yeo and Mr.-fL J.- GaskelL 

\ r , ■ Dl 15132060 - increase in net advertising mediate company which at the were due to start yesterday. API Mr. Yeo had ttose litiks wfth the 

Mr. Jamieson says that the pros- - ® ■ 1 revenue for 1976-n, compared time of acquisition will have no intends to -compulsorily purchase Rossmtoster Group which l pre- 

peet for equity investroent Jn the £> Ajnnl/pc ^*h 27 per cent, for the whole other material assets or liabilities, the outstanding shares in Whiley Piously held, a 20.6 -per:- cent "hi- 

K-K. is unexciting, while in the Ok INlUdUkCd 1TV network, the Marquess Towns- ^ . mH n en r ai«» T»mrirt«: fnr it doesnoraJre^Tow^ tetest in Talbex— he has resigned 

^ n a « w m r 9 th h e p ^l bort i en ? Confidence in making marked hend.. . chairman of Angtia A^ha tTSaref^ Q2§5 a ' n^that this s^e taTS 

movements may be — opportune- progress in the 'major activities Television Group reports in his f ur fhpr n<>r wni nf fh» fcsnpff soldi 

ties are far more encouraging. of Blagden and Noakes (Hold- annual statement that this trend SSfcSiSVStfH tocrSSng RESIGNATIONS Mr. GaskeU has rodgned from. 

Auditors Deioitte and. Co. have ln 6s) during the coming year, is continues, while m addition more jt j nterest to «= ^ AT TA |tjpy the Board in what is seen by T^ 

qualified Mercantile’s accounts expressed by Mr. J. K. Noakes. the advertising companies are choos- , ‘ A 1 lAUJtA hex as * a tidying-np. oparathin. 

over its treatment o' unrelieved chairman in his statement with tog the region as a test market ( , hoo ™ g implementation of Two. directors- of Talbex,. the The Board bad increased from 
advance corporation tax and re- tbe report and account for the As reDorted on January 19 pre- asreemeni. Angua s interest soap to hairdressing concern, have seven to llmetnhexs with the ntriv 
lief from ACT. year to January L 1978. . lai nmfii advanced from £2.41 m. JJ* Sodastream will compnse the resigned from the Board follow- Middle East interest in the-group. 

ch i“ -a® 'A& s -)Srtsuras?s jt«s^jarjKf issss «T h 0 ^ sx z 

tog all dividends. Ui-tun-i. _ ... n , holrt = 1S ,r i— ■ — i ' , ■■■»■■ ■ « •* 

where expansion Is possible. guidelines profit would have been Qualified Mercantile’s accounts expressed by Mr. J. K. Noakes. the advertising companies are choos- . ' A1 

“This spread. h° lh S e °- reduced by some nsm. over its treatment 0 ? unrelieved chairman in his statement with tog the region as a test market Following implementation of Two 

services available ^is a useful in- Meeting of Grindlays Holdings, advance corporation tax and re- tbe report and account for the l s reported on January 19. pre- 10 

SSS ^Inrt 'the 3 unforeseen &*?£“"* Street. E.C., April Caniial' esnendilure. he states. present direct holding of 4^2 per 

revenue for the year after charg 
ing all dividends. 

holding in Octagon (which to turn 

Mr. sidiary'Walker Lunt amfCo. 

8 31 aiv,aenos - productive capacily' in plastics V statement of source and * iJI ^ oid 5LS per cent - Soda- 

The auditors say these should moulding and protective equip- application of funds shows bank streann of 1872 P®* 1 cent; and 

■ taken into nn-niml >n mam” application OI lUHaS SHOWS ODTJh P a- Arfir „ hnfdinp thminrh S 

Mercantile Investment 

be taken into account m arriving ment.” batonci decreased by £0 58m an effect,re holding through 3o.o 

at the charge for tax and the He adds that it is early days to i if h^ net limS per cenL ho,dhl S to EASH 

Trust calculation of earnings per share, comment on the activities of the 1?n non V,,n ri ^ t (which in turn niR hold 27.7 per 


:r — _ r- . 1 Vi auott. un UJC ov.U» iuc> Vi UJC r.. n J c* fTf\ rt/in fun n \ 1 ^ m iu>n win uuiu Al.f WCl 

. (£30.33m.). has lately taken the first cautious If this had been done the amount W. W. Ball group of companies. ,^"^1 Up cent of Octagon) of 5.09 per cent, 

s of Grindlays Bank at steps towards building up Ameri- available lo ordinary sharehold- the acquisition being effective at l oe year eno^ Meeting, Norwich, April 26, at 

date stood at £2.i6bn. can holdings, Mr. G. J. A. Jamie- ere would have been up from only from November IS, 1977. Additional capital expenditure 2.30 p.m. 

balance date stood at £2.76bn. can holdings, Mr. G. J. A. Jamie- ere would have been up from only from November IS, 1977. Additional capital expenditure 2J0 p.m 

approved by the directors for the _ 

n u , , ■ ■ ^*sa%JSSJS^ Hall Engnrg. iuyo purmaM; expansion 

Results due next week 1nnbc fnr of Denison ^foetb er 

designed to expand the sale of lOOKS lOF CANADA’S Dome Mines and its 

»»*» *7u. n ? t ^ £7 ? m * markets, particularly Canada, to show a useful increase as are pro-rrararnes worldwide is now , , a^odat^are he 

weeks Stock Exchange list in- Tor 1977 (p8m.) after deducting coupled with the strengthening of rents from the group’s substantial taking shape, members are told. ctpSlHv OTnwtll ‘ SSSSt and aSSraln the wmiSl 

elude fuU-year profit figures the groups special depreciation the pound. Poor summer weather property investment portfolio. The chairman states that on the MCdll/ grOWID field thrcmeh^Sie^ nur- ™ 

from Guest Keen and Nettlefolds, charge. Because of industrial last year and flat Christmas trad- There are two areas of uncertainly. «hole the Annan report gives a In hi , anmia r statement with 5?a™ f a W 1 w Snt eiirfty to 
Bowater, i p db “n;_ / , Sch ^PP^. unrest In the automotive industry ing are expected to reduce profits however. With U.K. construction favourable verdict on ITV and the aciountf Mr R N C Halt rh! Denison MtoeZ the SSSj^ 

Tajtor Woodrow. BICC and W. H. il ls unlikely that U.K. operation from soft drinks from £10.4m. to activity still very depressed doctors are confident that the of HnH pJJSLS! second lareS uratoiSn nroTuJer Pf ■^BSt'SiASS. 

Smith, with the insurance sector will be able to sustain their first perhaps £92m. Overseas, the analysts are wondering how much PW*P«ts °i Anelia should not be K s) to effert D?me S^u?toff toe fir ^ProducUon. atabj^ddj 

featuring Sun Alliance and Lon- half performance. The directors sfronerer nound mav have roduned nront Tavior Woorirnw hae v..ih adversely affected to any substan- L _!r*?**5 the sroup and a decision. -to mweed.^jw™. 

elude full-year profit figures the group's special depreciation the pound. Poor summer weather property investment portfolio. 

from Guest Keen and Nettlefolds. charge. 
Bowater, Cadbury Schweppes, unrest 
Taylor Woodrow, BICC and W. H. it Is un 

The chairman states that on the 

looks for 
steady growth 

Dome group’s 
10% purchase 
of Denison 


. — . *u auwuuii, luwjsai r a u»crac«3, su Cr . — iMeccDers are tola tnat tne start reports - ■■■■■■ ju S «uui uvui — . — .. , 

market appears to be’ bracing composite insurance companies charges are expected to show a attention will be paid to how much r? 3 astr f, aiD u 5f? h nwnufactnres Q f tb e cur rent year was marred Toronto. tost year and has suffered.fro® 

itself for some disappointing re- have come from excellent under- significant increase. currency factors have affected and . sells machines for making »,y a prolao^ed labour disoute at 4 _ * u , ' mechanical problems. Mr. Bernard 

suits with pre-tax profits In the writing in the US. and have been Wjth ^ cahlp market _. rh perforn^nce, carbonated soft drinks in the g e a g? U n's n f D »°h™ e JS4?^, the r P ^ a 5 e Smith, '.MMA chairman.' 

affiwasas ® ss&aarJsL: n.s= 


resolved and the com nan v is back -,r, a n * mae». „i,„ tion -preewdea _any sa 

seccrnd-hatiearntogs^af ter S^SSSS^SSiSSwl ? a * a *"*$«** ™ AccTunfr^o7 aKKim at ™ * *** P e « ««• S*> 5s SSi^^DSSerl^t^ 

-per renT^drtto^to the p£_ cent, of its b SSjto'fS S£/«5 fB 2 e t S2ST3 to full working conditions. ■ fper eent. owned taMM 

a- 42 .per cent, advance to toe "per cent, of its business to the w-hEE,.. 1 " » ' Fra«Lf^ ie 7 11 to — ro r^.ifc i P T wooer 31, 1977. showed profits * ^ percent owned ^mpbell Red ^ferial- -hare n&W commenced, 

first six months.' The prime con- U-K. and very little in the U5.But -®f® fore S st t ?, Q be before tax of £668,000 and net G M WHTF FY lUkc^ Mines and S3 per cent but no significant- revenue from 

5 id era tion is the appreciation of the company suffered -from wide- a f d „ f ^ ro ' as setsof £L26ro. * JV1, Mmes- The Denison this source SiriH bet reflected' lo 

the pound, which wiD adversely spread subsidence claims in 1976 l £ 43 -fS m -) »nd there la a sugges- Po fl th ^ / irst eight The agreement prorides for Associated Paper Industries shares are being bought 50 per the L97S fiz^t quarter results, 

affect profitability since about 70 SIT -bramlvSSd to any- ^ "SJPjSXEi htoher 3 ir&VT ZiS tt h “2: * n * ,ia to incre l se its in,cre ? t . iT1 dec,ared offer for George «■*-, by Dome. 40 per cent, by “SaXSSi'JrSStM expendi- 

the pound, which vriD adversely spread subsidence claims in 1976 'Tz” 1 ''. * nd , Ihere ls a sugges- «8ojjesaay- t'or tne first eight The agreement 

affect profitability since, about 70 Kt ■hmSTSfiS? to any- SShS? ^? Ua to increa . se 

reement prorides 1 
increase its interest 

S STsGtoSt- re^e from 
S™* ^ Denison this aourM^v^ bet refleefed' in 

to 1977' «? the maximum level higher at . HAn with both Soda stream b> suls^bi^ ^bell and JO per ^ 5 tJTS ■ S?V 

North America. But as half of its md it hw onira™ aU UJCmotor permitted. Earlier forecasts of taUmij £371.170 in cash for new sharw ing foil group unconditional^ Si Z™*- lo drop to WOm.- 

Canadian output Is exported to. account. The market is looking more than £50m. were trimmed usual tlxe renresentins r,6.l5 n*>r o*.n» «r havine reeeireri siwnran/vt rmm ti» — Wo S 

too U.S toe decline of the foTw und;^ritin?profit df£5m. *®ck last October after the com- 

i representing 3615 per cent of having received acceptances from The Dome group reports that excluding the .possible Cooke No ^ S 

on the 6 if ts, ^L b0 ^' °.^ e w the Phrebase 8 ^? toi SeuSti ill Stfr-from JtlOSa.. ’to-2877. Jte 

the weaker pulp price, tite lack us through tbe Continental business . activity worldwide had SKJJ . _ , , - . - , - - . J _ ,u _ 

of any newsprint pnee rise, to insurance Companies pool, which not materialised to the extent . , oe«J. or SoafMtxwm * capital and partment has awed to replace which give exposure to the oil Province and the OrangeLFree 

toe U.S. and the low level of U.K. ^ reported ereelient results for anticipated. First half profits Other results to note are pre- under the terms of the agree- an existing £700,000 loan to and gas sector of the energy State. A contribation of H 800 .WKI 

man/linii J -,tn n .,n,n4 ♦_ . liminsnM fmm Dnnn Tnncnnn mant Will aram» s fnMhar 1A nw Whilm «,ra«4t ra no.., Ia-i. raf fl ~ > ■" . , -j r. in 1073 

nr Ct nr°< ® wns ‘ 5 -? P e 5 a*® 1 * gnomic Planning De- hoWtab' to SW^.O**-** S2' 

!2L, ' ° f Sodastream s capital and partment has agreed t o replace which give exposure to the oU Province and the OrangeOFree. 
ider the terms of the agree- an existing £700,(XK) loan to and gas sector of the energy State. A contribution- of 
ent will acquire a further 36 per Whiley with a neiy loan of £lnu industry. may be required for thia^ W 78 - 

consumer spending. 1977 ti er * nre-tax nrnfita of amounted to £23-83rm, against liminaries from Ocean Transport ment wiu acquire a further 36 per Whiley with a neiy loan of £lm. industry. 

On the heels of Tube Invest- about £37m. are experted. £20.S3m. Hotel Ware 

ment’s results GKN is due to Market estimates of Cadbury Taylor Woodrow, the first of the hoiISs (tSKS) ' Buik^f ^Srot- I 1 ■■■■—■■ . 

■■nnniinpp fnll.vear nrn fits on fiithiMmiM' finol nwiAi. hlw Am j 1 1 uwuujr i. b<wk ui orot I S 


announce full-year profits on Schweppes' final pre-tax profits big five ' contractors • io report ?md (TueSSavl Mor^n SncSKe 

profits were _ £5£ou higher at tan id toltfal high of £57m. to declare between £23.5tn. and £25m. muTSdS) and interims from 

J&L, „ hav ,! ! or * bB 12 months ending Decern- Freemans (London S.WJH (Mon- 


forecasts of a year ago. Similarly, tended to reflect the difficult soft her 3tT compared^ with sflml The dav)^ MtdS Cotte rTueVday) 

GKIfs profit pr«iictfon has been drtoksand tea markets in the l/JC. contribution from the two jumbo and ' Consolidated Goldfields 

downgraded and analysts now and slower recovery in overseas contracts to Dubai are expected (Wednesday). 

Announce- DLvWcnd {pi* j.«, • 

Com WO? meat 

. due 


Atwrlhaw and Bristol Channel Cement „ Thursday 
XmArsart Group of-Gontpanfei v. 'tiiesdar 

A$b '4Utd Lacy .. _ — 

» rlry Investm on ta j..v, 

of ScoUanC u*. 

BtXwids Tubjhj 

BICC ... -.,i — .A- 

Bifurcated Eugawrisp 

Black and Kdgfngioo — ..... — 

Boose? sad Rawfces ... 

BtnraJer Corporation 

British Prl alms Corporation 

Cad&iuT Schweppes 

Capo IndiBtrtes 

CmnWiwd Eostlsh Stores 
Freemans (London SW91. 

Grampian Holdfnss 

Grattan Warehouses 

Green&auK Industrial HotdhH» ... 

Guest. Keen and Nettlefolds 

Harrisons -and Sons 

Hiltons Footwear ..... ...... 

Thomas Jourdan 

Jove [nTpsiment Trusf 

Law Land 

Uyland Paint and Wallpaper „„ 

London Brirt 

Macfariane Group f Clansman) 

Robert McBride (Middleton) 

Mors an Crucible 

News intenutlonal 

o«an Tmnspon and TraOioe .... 

Ofrex Cimnn . 

Mmems Assurance .".....",,.,1"^ 
Austin feed Group , 

Thursday . 





Thursday .. 


















Last year 

This year 





6-0 S 







3 «« 





























Savoy Hotel 

Smrttsh Television 

w. H. SraJin and Son (Holdings) 

Spinx^arco. Enghwenwt 

TiyJor Woodrow 

Unicoro Industries 


William Boulton Group Tuesday 

Burgess Products (HuIdiUas) Friday . 

Bnrns-Anderson .„ .......... Thursday 

Consolidated Gold Fields Wednesday 

Highland Distilleries Company Monday 

Maynards Thursday 

MlrchOD Cons Group ; Tuesday 

North Atlantic Securities Corpotqtion ... Wednesday 
Peters Stores - Tuesday 

Yarrow and Co. 



• Pi* 




This year 


















S £ 3 

SS 8 













Wednesday - 













1.94 ’ 









Friday . 







' 2.003 









0.656 . 













0 563" 




Investors favour U.S. based and high income funds 


The unit tru.<jt movement vides a firm "base for growth to initial 'yield of 10.7 per cent manager* Scotch - 

report that investors have been which can be added improve- gross, tort over 40 per cent of companies. uiuaJb , ’Shr^. C1 ®’’. 

putting their money this year merits in share prices. The high the portfolio is to preference have -■ indkfctofi 

Into two types of trusts—the Lf.b. income accumulation units have shares. Nevertheless, it offers a heavily ■ Investing in - 

based funds isee page 7) and that been consistent performers in reasonable compromise between th.V Mae- ThcLoadim Iwgjgg.' 

good old standby the high income the tables over several months, high income at outset and growth. nattoMU VitS k 
fund. And the trusts on offer With these two aims in mind, M and G, on the Other hand, immstmdnt ; 

this week illustrate this feature. Henderson Administration is to off * rtntr inmetnre a ra<hiiar investors who stare 









Thursday. .. 




i Wnlneadajr ' 


5.16? • 

4 087 1 






Richland Electronic Group :..... Tuesday 

- Scoitish and CoDtirwntal rnm company Wednesday 

Ttcapbiir Jure Feetory Company Monday 

"OlrifleiMa ssown bbl ponce prr dure and adjusted for any iotrTtenlne 
(sane- v Second interim in lieu of final, f fnritfdes eampimsahaB dhridend di 
chance IQ tax rate, t Second interim of 3.2ttp already paid. 5 Included 9 
bnerim of G.ri3p. a Second Interim of iLSo already paid, fa Second interim of 
already paid In tills U-amna periott. cOpJ^A.” ahaJefc 

One requirement of investors 1013 the Cabot- savings plan, via a life assurance ojjjfclifflsm-the . 

is a high level of income that Unrt t. J* 1 * 8 . /™ d bolicy, into the M and G the tig, inarimt ^ 

will keep pace with inflation. A '"vests enluely to hig h yielding Recovery Fund. This was the. '.Save and 

fund based on high yielding offers a yield, leading performer last year, but draWkig 

equities provides the best means °_ - 9 * 1 P® r . l *° L Sf° 5 S- It is a has slipped back a little this to the 

of attaining this objective. If the 5if* d -r« touached *?** year - However, the philosophy edufeatfon -tohedj!* 

equities are carefully selected. September, but it figures pro min- of investing to the equity of make use ft,o«ases 

the Initial yieTd can be weU above' ^2? 50und companies which are likely 

toe average for Ordinary shares. JJJ1 temSTi 1° recover -from temporary afit- inpanStoS 

although below that obtainable ^Soo imrJ Ch ’ ^ outlay is backs Is a good one. The long '.tiaw* 

on fixed -interest Preference Ft ,_ t performance of ..this fund; tO ^ ‘ iS 'aDow ..tor 

shares. But future dividend TrSt^thw 15 excellent. Minimum monthly 

increases should provide a rising rnnS'Vian'i^^' 31 J^ h out,ay is £i0 - 0D which investors toflatiwi' iort this-' 

income that will hedge again-* S® 0 ™ iSL^ cm claim the IT per cent, , life The S- aod ftpan Sg & Is 

•' ■. 
?-k . . 

income that will hedge against in Z,, yi ti*x ‘ ^ claim toe IT per cent. .life .xngj *-w ^d 'Law '.ls 

Inflation, thereby preserving the mcome assurance tax relief. .. ^^fie^dvan-- 

purchasing value of the income. y,eds 10 ? er ^ — J " n r ‘““ — jtuintlint-w ^ 

TyndaU Group, is the [only drawing- - the,. - 

anagement this week, to >Qlfer aad- 


offers an under-valued. The investifiait variety of 



:V; - 






; xpa "(ist» 

JSltj ., 

V isi'ose 


n> s.i« \ 





Take-over bids and mergers 

Ho^S^arr^ oa e ?f Sid l ry u f Sime Darb)r does not f 0 r m? e shares oE Gedong 
11 Consolidated Plantation T*"* ^h* offer comprises nf 
meats. iErevocaWe / or eaeh 10 * D Gedo "S Invest- 
recelved from holders' of ” S „ to accei>t the offer have been 
Consolidated Plantation* per eent - of Gedong in which 

a 44.57 per cenTS Er.^ assoc,aled companies already have 

Radi^SVecei^i 01 H T y Wisf »" continues - Comet 
^to^7 1 pe^en e L e aTp^Ji Q ^f a l ed accepUnces tD its contested 
claimed J» tha Wtofaif r 1 Which compares with the 45 per cent. 

the offer. By Th^l-f f d "S?* *■ ^ ^osed t» 
improved to S S dose - ^ share P™e of WiRfall had 
S J tUC ^ C0 “ pares with ** bid equivalent uf 

aooui A/op per share with Cbmet Radlovlsion at lllp. 

erocfrs^tn “? 1 ?°^ san Awards, wholesale and retail 
fcSnpr r l cq 4 ired ^ two close associates of Mr. James 

Set ° nel Foods and **“ Fine Fare su P er - 

in tt7?5r*c3 vZZT* RCA which took over 0riel 

in the has been prevented from taking an interest 

sect ° r - Thls agreement expires at the end 
hL h f Edwards deal could be the vehicle for 

Jnt °« 1116 U,K> food business. Subject to an extra- 
orduuy general meeting, Mr. Alistair Grant and Mr. David 

l!?li^ direct0rs u f ****”* hidings of which Mr. Gulliver is 
MsnAf^w 81 v t0 buy ' trough a new company, Avunmiles. 
Sn’Snn v W sha * es JQ Mor gan Edwards at 21p each and a further 
450,000 shares frnm the Edwards family at 20p per share. 
Avon mdes also has an option to buy a further 200.1)00 shares. 
The bulk of the finance for the deal is being provided by Noble 

Acceptances to the latest offer, equivalent to 70p per share, 
for Graff Diamonds are still short of the necessary WO per cent, 
to return the company to private status. The final acceptance 
date has once more been extended, to April 12. 

The 28p per share cash offer for 472,610 Ordinary of Dbcor 
is now closed. Acceptances were received for 25,943 shares and 
a further 6,000 were acquired during the offer period. Bidders. 
Mr. Michael Dinsmore and others, now hold 60 per cent of 
the equity. 

Brown and Jackson is diversifying out of the construction 
industry by the acquisition, for £jm.. of the Leeds-based asso- 
ciated companies Harris and Benson. Combined 1977 turnover 
was £5.85 m. with Harris, wholesaler of toiletries and household 
goods, contributing £5m. Benson Is a wholesaler of toys and 
fancy goods. Harris and Benson had combined pre-tax profits 
last year of £319,276. 

Booker McConnell is adding In its drinks interests by acquir- 
ing Italvini, the leading U.K. distributor of Italian wines. In the 
year to June 30 last, Italvini produced pre-tax profits o[ £262,610 
from a turnover slightly in excess of £5m. The £1.3m. cash 
deal is due to be completed on April 6 . 


Company Year to 

Pre-tax profit 
(£ 000 ) 

per share (p) 

per share (p) 

Loin pa ny 

Pre-tax profit 
Year to (£600) 

per share (p) 

per share (p) 

bid for 


El a key’s (Malle- 
able Castings) 
Bar)' & Masco 
Cray Electronics 

Dawson (James) 
Gcdong In vs. 
Cordon Johnson 


Ham I (borne 
■ •nckbart (A.) 
Lund. A ust. In vs. 

Lond. Aust. In vs. 

London Sumatra 
Prop. Inv. & Fin. 
Reyn i lids ( W. J.) 
YVc&Ln. Canada Inv. 
Whiley (C. 111.) 
Wifrfal! (ID 

Value of Price Value Final 

bid per Market before of bid Acc'fce 

s hare"* price** b i d I£m's)** Bidder date 

Prices In pence nlesi otherwise Indicated. 

A. P. Cement — 


































1 711 






































Allied lnsulatrs. — 
Scapa 12/4 

Spey Invests. — 

J. H. Fenner 5,4 

Cons. Plants. — 

Simon Engrjr. — 

Ferguson Secs. — 
Irish Ropes — 

Colonial Mutual 
Life 2tJ. 4 

Hooker Cnrp. JO. 4 
McLeod Russel/ 
SipefSA 4-4 

Castlmr. Props. — 
Oaks lone — 

Seol. Kst.lnv. 30 3 
Assoe. Paper 30/3 

Radiovision 1/4 


Young Austen 

"All cash offer. fCash alternative, i Partial bid. 5 For capital 
not already held. ? Combined market capitalisation. j! Date on which 
scheme is expected to become operative. *" Based on 30/3/78. 
tt At suspension. & Estimated. SS Shares and cash. 

APV Holdings 
Assd. Book 
Aurora Hldss. 
Barton & Son 
BBA Group 
H. Gram me r 
Brent Chemicals 
British Mohair 
Bronx Engrg. 

Bran tons (M.) 
Brown & Jackson 

A. F. Bui grin 
Deso utter Bros. 
Dorada Tfldgs. 
Equity & Law . 
Eng. Propy. Corp. 
Eritb & Co. 
Fothcrgili & Hrvey 
J. Hewitt 
Home Counties 

House Fraser 
House Lerasc 
Kode Inti. 

Lad broke Group 

Laird Group 
Percy Lane 
Legal & General 
Ldn. & Manchester 
M. Mole 

Pearl Assurance 
Pye Holdings 
H. & J. Quick 
Rerkitt & Colman 
Re lyon P-B.W.S. 

Dec. 34 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. SI 
Dec. HI 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Nov. 30 
Dec. 31 
Dec. 31 
Jan. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Oct. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
■Ian. 28 
Dec. 31 
Dec. 31 
■Ian. 3 
Dec. 31 
Dec. 21 

16.645 (12.607) 
2.610 (2^90) 
-2.5102 12.390)5 
3.620 < 3.260 > 
7.000 (7.48S) 
767 (940) 

11.611 (1SJS3) 
4.670 (3,137) 

2 434 

36,200 (27,680) 
1.014 (1.393) 
864 (603) 

24,281 ( 15.321 1 
9.090 (8.060) 
1,246 ( 904) 

Dec 31 37.400(13.900) 
■Ian. 31 3,112 (2.522) 
Doe. 31 1.692 Cl .373) 
Dec. 31 607 (459) 

Dec. 31 1.200 (1.1S0) 

Dec. 31 104 ( 62) 

Dec. 31 5.620 M.720) 






























Dec. 31 31,900* <24.400l*F 10.7 
Dec. 31 3*: [350 jL^ 16.0 

Dec. 31 059 (511) 8.0 

Dec. 31 57.910(51,430) 53.3 
Dec. 31 1J90 (1,150) 9J» 

Dec. 31 3.220 (3.1S0) 20.3 





( 11 . 1 ) 





( 2 . 0 ) 





(4 2) 






( 8 . 2 > 


( 102 ) 





( 12 . 1 ) 



5.707 (5.161) 
4.018 (3.65a) 
5.28 .(6.435) 
3269 (2.955) 
2 .383 ( 2.156) 
6.676 (5.977) 
6.143 (6.11 1) 

4.2 (3.093) 
2.836 (2.354) 
2.718 (2.46) 
1.572 (1.424) 

7.004 ( 6J25) 

1.0 (2J2) 

1J15 (1.1SS) 
5.52 (5.0) 

4.57 (4.13) 

6.687 (6.079) 

2.3 (2.3) 
5.494 ( 5^44) 
6JS11 (5.561) 
1.032 (0.924)* 

4.5 (3^) 

4.767 <4J£6S> 
3.921 (3.537) 
4.7 11.469) 

7.0 (4.56S) 
2.937 <2.63) 

Royal Worcester 

Dee. 31 







Slough Estates 

Dec. 31 







Solicitors' Law 

Dec. 31 








Dec- 31 

14,427 115.609) 





Trans. MRt Trust 

Mar. 9 






Utd. Newspapers 

Dee. 31. 

- 5,570 






Dec. 31 







Ward White 

Dec. 31 







Wine, Wright 

Dec. 31 







Wilk. Warburton 

Dec. 31 




(11 2) 



Winstob Estates 

Dec. 31 








Dec. 31 











Pre-tax profit 
(£ 000 ) 

Interim dividends* 
per share (p) 

A. Beckman Dec 31 

BPM Holdings Dec 31 

Bensher (Furntre) Sept 30 
Ingall Inds. Dec. 31 

Lucas Inds. Jan, 31 

LWT Jan. 22 

R. P. Martin Dec 31 

Paterson Zothouis Nov. 30 
Ricardo & Co. Dec. 31 

Sirdar _ Jan. 14 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

" Adjusted for any intervening scrip issue, f Not given, t For 

12 months. * " " ~ 

L Loss. 












(— ) 

' 102 




















• 407 








““j .i.iinciiuiB mi 1)1 imuc, f ivui ijivrn. trer 

8 For IS months. fNet a For 28 weeks tiirouehout 




6.4S1 (5.15) 
2.69S (2.441) 
3.194 1 2.86 > 
0.413 (0.375) 
6.648 (6.01) 

3. 568 ( 2.0) 
1.65 (L032) 

10.615 (9.586) 
4.095 (3.667) 
2J7 (2.113) 

Rights issues 

Brent Chemicals International: Twn-fnr-five at 2ftp each. 
London and Manchester:' One-for-ten at 105p each. 

Scrip Issues 

Barton and Son: One-for-fire. 

Dunlop Malaysian Industries: One-for-five. 
Laird Group: One-for-ten. 

Joseph Shakespeare to maintain progress 

Year of consolidation for Alexander Howden 

INDUSTRIAL confidence was March 31, 1978, a conversion dale, pany will bo left with a 40 per ln« of £519.440 in the previous MR- K. V. GROB, chairman of tors stale that in the current half 

weak towards the end of 1977. to convert their stuck into 3,226 cent, slake after the transaction. 14 months. Alexander Howden Group, says in trading has continued to be very 

Mr. Jack Shakespeare, the chair- Ordinary shares of 2.»p each at Necessary consents have not ANer tax or £24,520 (credit his annual statement that the satisfactory overall, although some 

man of Joseph Shakespeare and the rale of £1 of slock for two yet 

Co, says in his annual statement. Ordinary shares. 


and there are. as yet, no reliable 
signs of any improvement, but be 
is satisfied that the group will 
maintain its relative progress in 
the industry. 

As reported on March 11 pre-tax 
profits for 1977 rose from £768.591 
to a record £845,529 and the divi- 
dend is lifted to 1.9239p (1.739p) 
with a final of 1.20S9p. 

The chairman, says that despite 
a drop in demand in the latter 

at £0.52m. 

Power . sales by Nigerian do with the money. 

yet been given — in particular £422.187.1. slated earning.-: were current year will bo one of con- units are still experiencing very 

for the repatriation of proceeds 7.83p llo** 11.25p) per £1 share, soiidation in the U.K. competitive conditions, 

in the U.K.— hut the Plateau There no dividend compared The company has largely com- The interim dividend is lifted 
Stale Government hut, said that with U.fip net. In the la*4 period P'picd the disposal programme of from 0.4p to 0.44p net per 25p 

it wants NESCO (Nigeria) to there were extraordinary debits offices no longer required and share — last year's final was 

continue to be run on :i com- of £382.902. with the present number of em- i.J4798p and profits came to 

merciai basis and to preserve its There is no turnover for the Prices they are well placed to £508.375. 

close links with Nigerian ycar (£ 4 . 76 m.>. The directors 5 an 5 Ue increasing volume of AH branches and subsidiaries of 
Electricity Supply Corporation. exp iam that in the past turnover business they are already seeing eroup contributed to the 
Once the sale is completed and represented net proceeds of sugar throughout the group. _ improvement, the directors say, 

the proceeds have been re- arLt j molasses received by the 7 . overaos operations, parti- including the associate company 

patriated the Board will tell company's subri diary after mating i' ular] y ' n the «» budgeting j. and j. Makin (Metals), 
shareholders what it intends to certain statutory contributions. for 8°°P erowth and will have a Trading profit advanced from 

nart of the vear the sraun's w«inaiy aupptjr uiwpi»i«uini 
factorv at Old Hill 'was again the improved from £1.05m. to £1.28m. 

I g !!i and taxable profit increased by 
ih? r win«th3n k £121,607 to £518,984 for the nine 
J t months to November 30. 1977. 
nrn^h : r !^MB^nii n m iS Th e directors state that pro- 
P r0f ! ^ visional arrangements have been 

Baker, the group s horse shoe ma( j e f or the sales of shares in 
manufacturer, worked well below a subsidiary company, Nigerian 
capacity for most of the year, but Elec iriciry Supply Corporation 
made a valuable contribution to < Nigeria) to the Plateau State 
profits, he says. _ _ Government in compliance with 

loan for 

for good growth and will have a _ 

Foa'ovv iri" U 1 h sale" or "its 7uga r continuing programme of acquisi- £92,0^’” to "'057,807' and” other 

a>*eis in 1976. the subsidiary has fc4k . . income added £15,840 (£26^44). 

had no receipts in respect of fft -‘H Q ^ P ? ! r , t 0 ed f . > P r «™ After *“ of n6B * 740 WW 

sugar and inofcasses relative to f . 0r 19< ' vas ^ 136m - (£18J7m.). available profit came out at 
jJrr A current cost statement shows £150,197 against £65.487. 

Profit before tax consists ma-inly K 

or interest on short term deposits aod „ ch arge resu iUi, K 

and dividends from investment. from ^ hoJdj f t monctary 
The extraordinary item for 197o- assets 
1876 reflects the loss on the sade ' For ' ^ year yiere was an 
of assets of the subaidiar>' and niMm. (£20.04m.) increase in 
a terminal expenses which foUowed working capital. 

„]■ t'he sate, also she tax adjustment* Meeting. 14-20, St. Mary Axe, 

. . . v.v.« — — ^.i — Golden Eagle Indonesia. 

Marginal increases in demand ^ Nigerian .Enterprises Pro- v.'hollv owned subsidiarv - 

will significantly improve profits mot ion decree. 1977. Under this Ultramar, . has arranged a seven- consequent thereon during 19/6. £.C„ April 27, at noon, 
at all of our factories, be adds, arrangement the state government year $75m. Eurodollar loan. The 
A statement of source and purchase a further 33 per proceeds will be used to repay 
application of funds shows a cent interest in Nesco (Nigeria) shorter-term debt and for 
decrease in bank borrowings at and m addition a- 5 per cent genera! corporate purposes, 
the year end of £128,000 c om pared interest will be acquired by the Interest will be paid at 12 per 
with an increase of £32o.OOO. sta g Provident Fund of -Nesco cent, above London Eurodollar 
Br’tizmmc Assurance Company (Nigeria). inter-bank rales. The loan is 

and TrC Pension -Trust each, hold - Proceeds of 'the . sale before being provided by .a syndicate of 
7 - 7 ft ? enL P f .. tt,e Msned equity., expenses will amount to about banks headed by Morgan 
Activities of the group inchide Respective -sales have yet Guaranty of New York and 

Breedon & 
Cloud at 




Earnings Tor the half year are 
shown as 2.71p (2.07p> per 25p 
share on increased capital from a 
two-for-one scrip issue and the 
interim dividend is stepped up 
to 12p net compared with an 
equivalent lp. Last year’s final 
was adjusted L2194o. 

A. Herbert 
£0.2m. loss 

advanced from £1 4fim. to £2.1 m., 
at the pre-tax level. Alfred Her- 
bert, the machine tool manufac- 
turing and distributing group, in- 
curred a turnround from £685,000 
surplus to a deficit of £236,000 
for 1977. Sales expanded to 
£54 .3m.. against £49.42 m. 

The loss was struck after in- 
terest charges and exceptional 
debits of £736,000 (£513.000 

credits), which refer mainly to a 
provision for redundancy costs 
and the effect of exchange dif- 
ferences on overseas assets. 

After tax of 196.000 (£169,000). 
there was a net loss of £332.000 
(£516,000 profit) representing a 
1.35p deficit (2.12p earnings) per 
£1 share. 



ID 00 





Trading proflr 



Exceptional loss 


Interest charges .. .._ 

- 1,574 


Share at assoc, loss . 



Loss before lax 





Nct loss 



Extraordinary credit* 



Minority loss 


Attributable profit .... 



• Refers mainly 

lo provision 


redundancy cons and effect or currency 
exchange differences on overseas assets. 
♦ Profit, t Arising from properly trans- 
actions and revaluation of an investment. 

new peak 

Shntfe 1 c^tti?g3. a Sal?‘aKPem- Nlgeriw V WtwpriSj°Bwr<L f The me^ 1 " ^ ** ^ ^ RO £ ^ D 73S ^jM^hT'the 

biles. Dressings and “ nsent of ^ Treasury and Bank The loan is described as a ^ondhalfbv BreedonTndCiouri ON TURNOVER up from £1 65m from £249 - 56fl to £357,974. A final 
partifor^car^commercial of Englan d has b^n sought, con- -limited recourse” Eurodollar SuS? B °SS! lo ™ pil-ta p«fii of SStoTtJff. 'ZPai 

__ .i ...... , n , total oi n^op iJ.aattpj per alto 

Blantyre up 
£lm. to 

ON TURNOVER of £S.45m, against 
£6.69 taxable earnings of 
Gaskell and Co. (Bacup), the car- 
pet underlay, floorcovering and 
non-woven products group, ex- 
panded from £509.306 to a peak 
£620,794 for 1977. At midway, pro- 
fit was up £38,359 at £338364. 

After tax of £282.820 (£259.737) 
net profit for the year increased 

. .. . limited recourse , 

vehicle tiartor. railwav and ce ming these sales; Which will financing based on the Badak Sifit to? the year to January 31 Blantyre Tea Holdings for the “■* 
peneral engineermg mdu-rtries reduCB interest of the enr- Field oil and gas production. JJ?* to I 059 Snst’ yTrio £l«te JO W7 share - 

The sroun 's also engaged iftsfee 1 poration in Nesco (Nigeria) to Golden Eagle Indonesia holds eras 557 wtb u d SSm jSiped from S?m lo a record 

stock^hoWing and the manufacture io per cent an interest in a production bales were up £0 - 28m - iixSr,5|tiied Mdend is Ufted 

of horseshora. A second interim of 8.118p sharing contract covering 3.116m. r SeDteraber the directors said to 50p (23p) with a final net pay- 

ma n m DUdIey ’ ? el ^ r£l ^T„^ g m% 75 n a 3Cres in EaSt KaUMantan Ind °- the? ftFSE tt? SEE men^ofl^.^r hsZlT ™ 

April 2o at 12.1a p.m. for the year Jo J3J^J^375n) nesi^ especially well placed to take 



has already been .announced. The 
directors say they do hot intend 04. 
to declare any further payments l51» 

* in respect of the year ending 
Edinburgh. American . Assets _Fehruary 28. 1978. 

Trust announces that during the . For the previous year pront 
period beginning an Frhruary 1. was £0.58m. 

1978 and ending on March J5. The Corporation is to sell 40 _ — W1 . 

19781 holders of £ 1,613 8 per cent, per cent, of its operating sub- (London) Sugar Atier tax of £380,974 (£361^14) 

Convertible Subordinated Loan sidiary m Mger a NESCO SL ■ Kjtto the net balance emerged at 

Go^;° f o^/rTbeS *** . — «««»■ 

After tax of £989,254 (£344.493), 

Sugar in 

advantage of any upturn in trad- of which £855.128 ( £283,597) is 
inn activity in the construction overseas, stated earnings are 

industry. more than doubled from 74-4 p to GROSS RENTALS at A. 8s J. 



Stated 1 earnings per 25 p share 152.2p. 
were 8.97p (8.07p) and ihe net 
total dividend is raised lo 4.89p 
(4.37S5p equivalent) with a final 
of 3.705p. 

Fitzwilton returns to profit 


J. & J. Makin 



Mocklow Group rose from £0.93m. 
lo £L16m., turnover was down 
from £2. 09m. to £L9fim. and pre- 
tax profits were lifted to ,£l.llin. 
against £0.86m. for the six month/ 
lb December 31. 1977. Mr. Albert 
Mucklow, the chairman, says that 
he expects the second half profit 
to show a further improvement. 

Profit for the 1976/77 year was 
Pre-tax profits of J. and J. £i.9m. 

Watmoughs (Holdings) rights Makin Paper Mills for the half He adds that there has been 
issue has been taken up as to year lo September 30, 1977, more some improvement in the trading 

1074 - with £419 770 after a halftime lead acquired last year. Profit of Brid- 96.8S per cenL The remaining than doubled from £154,455 lo conditions of Die company’s 

FOR THE FIRST time since 10*4- witn £4iiM *u ancr a 1976-77 year was Ordinary shares have been sold in £319.037 on turnover up from housebuilding and reconstructed 

1975. FMxwIfton, the Dubtm-based jJEJ**, {r6m a £851,000. the market. SAMm. to £A25m.. and the direc- stone activities. 

t^^^?o^332 oolf 1 for T °ow are" shovnl^ tif^be ^ p*? ronT GArTfo RESULTS AND ACCOUNTS IN BRIEF 

Si? vS^ to* December 31. 1977, 9.55p per 10p share and witii vnvImheri^richtT Issue The berry pacific (sterling) fund nn.-m ana aec profit was bum crease* br m.m awreiwi 

tnV nF flSR 000 Treasury consent the dividend Is «wt Novembers rignts issue, ine _ Dl5 | dcnd of up per lp share for period Itss.asi after ta* of J»7JS» tasw«i. In- aiauTOM sees no reuon why company 

struck after tax Oi il3S.UUU. increased to 4 p (2.4178p) with a directors then forecast a total for Mardl s , 197J ,. payable Mar 5. rinded in profit is fitmxJus et.on ««2.lS3i should not increase profit in current 

The result compares with a I0S& “J “ ' J f =„ HP, Also the year of 2.1p, with Treasury city and foreign INVESTMENT anmiw from property sales by dealing pear, bnt total benefit from changes 

of £331,000 for the same period float payment ot «.3P ne». onsenU ^ they now say they COMPANY-ResuUs for 3977 already juibshhary: Net anrotas by holding com- no*- uw« place Win lake 10 

of 1076 and with a £2i*2in. deficit proposed is a onc-for-10 scrip ^ nn nM . PSR itv to varv this Known. Investments listed at market pany £71,020 iJSO.lSli to reservos. Earn- show full. A^rcar ond^Ian^ Tales 

?or the corresponding part of issue. 


value: U.S. £2Jta». if2.54m.). U.K. tiU .011 inss per 30p share jB. 8 a> U7JWp>. Din- held 7.84 per cent of equity Meeting, 

E. C. Gases 
falls to 

by Elys 

m, - - .U„* U.IV. AliJ.VIl jllgb JUT OW tkUdl L' JO.Pd 

TbBy State that there are now /n5747Bl . Nft current Uabnidea £172Jbl5 dend 5.C95q f4^etpi POL Siodroort. April t2 at 10.30 a-m. 

— ■" — — MILL— Results for 1977 TATE OF LEEDS— Results for roar 

Fixed assets tSO.738 1977. reported March 2L Fixed assets 

current assets £783.908 fl-jlm. ifLlm.i, net current liabilities 

_ ; thau m. revenue stra^ut, itiea.mi tor isr/. i£TD 1.S3 Si— overdrafl C3S.233 >C!93.7S3i. JESS.HOi U247.2S4) tutd sbarehoMen hinds 

anu proflUClion comroi. tney ex Revenue after charges £307,116 t£88.091». Tbe company has maintained Its position n. 13m. >£0JS4m.i. Chairman says borrow- 

poet to imnrove' profit margins. Tax £38.178 i£ffl.l£0i. Break-up value o£ in the Industry as an independent menu- Inns win be reduced and financial status 

although this can be achieved Ordinary shares 107 .SO i34Jp>. Final faemrer. Improvements planned and of company Improved. Meeting. Leeds, 

nnlu nipr thp Innepr lerm dividend 2.5p makina 4J73p i3.73pl. L-ompleied lor 1978 nive directors confl- April So at noon. 

thi «Umnal nature ELSBURC COLD MINING CO*-ltesiilis denre In ptoup's abnity to bold the posi- TRANSPORT DEVELOPMENT CROUP 
secdusp 01 me ' ML, . for 1877 already known. Investments non and secure a foil share of expansion — Results for 1977 already known. Croup 

of many Of tne group s marKPis. iKamti. current assets Rl.4Sm. nf demand which musi Callow a general axed assets flC-HPni. ifSLSira.i and net 

profit in the second hall is norm- isamei, current Liabilities R1.42m. tsamc>. recovery m the world's economy. CCA eurreni assets 18J9ni. ifT.DSm.i. Adjusted 

allv significantly creuler than the MectaiR. Johannesburg. April S6. adjusted pre-tax profit for 1977 fUB.MO pre-tax profit on CCA basis n2.Wm. 

firef TVi ic firtor ‘innlics also to EVANS AND OWEN ilashloa bouuquesi after cost of sales adjustment £1.000 1 j 3 . 3 m. 1 - hiatoncaJ 118.06m. 1 £14. Venn, 

lirst. in IS I rfC P P R 1 . — Totdovlt lor six months to September 1 IIM.OOO 1 . additional depreciation £30.000 cash resources decreased .by 10.68m. 

Ihe recently acquired erownweu M ^ mn™,, pre-tax oroflt '£»».000' and gam wi net moneiary liisam.). Meediw. Great Eastern Hotel, 

companies the directors explain, x.m.443 tn.TBSi and ns.sso loss for i&rs- iiabiuues rss.ooe ifaO.esai. Meerirg. E C ApnJ 2 S_ a , 

“ Crosa Uwel - u - 15 P- m - on UNION CORPORATION— Results Tor 
. nnB . M1Blllr . rnuDiuv 1 B~ already known. Fixed assets R283.Un. 
Earnings o.045p imli per 25p _ PA “ A , . company— , R2ir.7Sm.i. mvestmenu RlU.iTm. 

shore. No interim dividend. The direc- /®!T IfiL Sill" 1 ?',, . Gr SJiS iRlfl7Jfim.i, c nrrenl assets TCSa^Sm. 

lore announce that a contract for sale ■' ««* “J-Mm. tRMS.OOm.i. Net ,^ 30 ^ 3 ,,,.,. current liabilities Ri77J6m. 

or a substantial pan of freehold property “SSL jBSSjjySrii ^ U ' Meeting. Johannesbarg. 

in Bath has been exchanged. The com- ^ *%fiS *’J!S!E2£$ S&’ - ^I.T 8 - April 28. 

Pleilon dale Is Aortl L1B7S. The proceeds ,^ El rr ™ i,? UNITED STATES DEDENTURE COR- 

of sale amwmting to IU 8 . 0 DB will be ‘^“«“yJmowii. Nrt cumnt poration— R esults for year to January 

used to dlscharxo the bulk of mortgage M. IW 8 . rewted March 2. Uwestmeats 

of n 93.28 1. The balance of mortgage la * “;! s ?:V„ pro gfSf^ ^ ” 177.55m- (£77JJ9m.). net assets employed 

secured asoitut Ow remain] tiff freehold cr7.S8m. i£78^8m.i. Balances at banks 

property which is currently let and pro- amI £275.028 'IB40,4)7m.>. Meeting. Austral 

activities, the directors anticipate 
that net profits during he current tiirer. 

Sfmon&s will be higher than 
those now reported. For the 
whole of the previous year, a 
£533,000 pre-tax deficit was 

profit advanced from 

£195,000 to £468.000 for the half fit 7 

ye 5 r a 2L.iS itoSf Jhe 9 U ' lih4< n-rw «■■— I— « — — ^ — .a kw a™ ,or 

and extraordinary ueros. “ « Excluding results of subsidiary The croup’s cash position re-. ibt 7 year. Tax ra.rei m.Baoi and extra- charms 

available balance emerged at Mully g ej: OMC) pre-tax profits of ma - ins satisfactory, they add. ordinary debit c.i 10 tnui leaving ne.:«2 April w. 

£361,000 (£260.000). Cases, softwood products - 

An interim dividend of Lap net manufactureri fell from a re- T\> Ilonl 

is to be paid on April 17. I^t £ 293,786 to £104,812 on limi- UlOLKlC JXcCI 

year a single payment of 0.3T7oP over u „ from £4.11m. to I4.5m. . . . 

per 25p share followed a total of Including the same subsidiary pre- j-re 

4JB301p for the previous year. tax pre £ t . j s shown as £110.i 78. At 1 15C3 ivf 

halfway, Pr^ 1 bad fallen to 
£59.984 against £157.473. jTJ -t 4 71/ 

Earnings ^r 10p . share are mnm, jl ZBraSTWJSSr “ ““ ^ SSST wTKT m' ‘ sSSTEk' 

shown as 1^7p C?-»0PJ ' a, J“ pre-tax profit of Dmkie ITed express services— T urnover lor six mu vaal reefs exploration and 

directors say that in the 1 merest s Company for 1977 rose from months 10 September m. 1977 . oaon.sie f'CH»40ND park laundry com- M | N ||| G coMPAMv^Resnits for 1977 

of conserving the company s re- F1K r ^into a record £233^12 on ffl.W7.W- Pro-tar profit (5.0J5 (fst.i57>. pany-F™! i*r°re already known. Mmjpg assets R30ta, 

thprv is no dividend pay- Interim n» n larmei. iCKAIOi. Net profit EB.SW . £43^-. <R2MJnL1 . N et current asseis RtS.Bfim. 

tt 7» Ll„ sources there is no ojv « turnover up J>om £0.76m. to f a lC 0NBRIDCE NICKEL MINES— After ra.UTS retained by sob&ldiary. net Meeting. Jobannesburs. on 

Wimbledon ment for the year. Usr year uiere £t08m - am} the “ diTrdend -is in- ft^ts already’ -Known. Current assets profit £M«o ir4!LEi7i. u.k. tax diarced Aprfl ; 7 , 

TT 1111 ^ a jingle interim payment ot crease d from 0.704p to O.TSffip net janjsm. iscs3j9m.i. current liabflities t stunt. Adding brought vlak forte in cold mining coh- 

Pr e-tax profit of Elys (Wimble- o net _ vvith a final Of »U9.97m. WM-SUr.i. properu. olant and forward and tiantforifig w C*Bv»l pany ta member of ihe Gold Fields 

dnnl rhp deDartmentai Store and °-^.t a v m-ofit for 1977 was ® p A L n n m„ ns J ic a two- equipment S455.l3m. «PC3.B7m... oilier senr JEMB9 iMWi. aratiabk baiaMv Rro up>-ResulTii lor 1977 already known, 
don), the deparim . f . Pre-tax . pront nayments 9- 41fi2 P- A ^° 15 a assets ssa.esm. uwtJSSm.). Long-wrm i- £39.3= Preference dividend on Fixed asseis R3S8m. ■nuim.i. Current 

drapery group. JUJTipeo^ struck after redumi 3 ncj |iaym is for . ono 5crip rssue. dcb , * 20139 ®. hsmui. 1 . MoeUng. isamf- inierim Ordinary at :.Ean asseu R4.47m. iR4J7m.i. liabmnes 

£8Sj02 to fl.o7.61o f® r amounting to £32.665 (Oo-^W»; fit emergcd ^ £U3 t 4l5 Toronto. Apnl tL -samel. B.B7 isamai. ProPMed IM« Ri.esm./RLMm.i. Meeting. JohannKburg 

tn TsTiiiflrv 29 197S. Oh higher .... 0 f £Go, 629 Jgainst rtCl * fl „ _ r crIQUALAHD EXPLORATION AND 1.4»P per share rsamei, £21.850 isame'. 0D April 13. 

to January . ^ £459m. ‘STL1« nmfit was £39.183 apamst f >6^4 rffter IBS or F|NA '^£ co^— Rmhs for 1977 already Carried lorwird ES.TfiS. Land and build- V0GEL5TRUISBULT METAL MOLD- 

f* n renortine a £ll3.»03 ,_ s an es tra- £119.797 (£89,Bo6). The company Flxrd mlnlnc assets Rifl.iara. liws professionally valued at pec.ynb«r 31. incS fmnmber of the Cold Fields Cwopl 

At halfway- 'Vhen repori e ,£183,083). There was .1 rnanufRClures safety toe caps for iRis.rtm.i and net enrrenr' assets Rj.78m. 1S73. Tin rcsnlls or Dus ■ sbowine open -Results tot 1977 already known. Jnvest- 

reduced loss of r-.u nrflinary debit of nrnfprriv^ footwear, and produces CR3.0lm.». Mneunc. Jotunnesbnrn on market value exceeded book volt 

; of ordinary debit of ■ p rGtect jv e footwear, and produces rexoim. 

the directors an,3 l ® ipa [f d J tIl 5i im. vear.'ivhich is the ,osS a ® J and supplies components for (he Ap" 1 "*: 
year profit would show an un- w u ]tyfl« T '/^ n y«r ^ w ^f hoe repair trade and motor ^ 
provement over ac debit of JS q» GmWjossjame ^ w 

over it(b-'»- . debit ot - 7 -- rftnair 

FuU-year earning^ ^5 Jurat £852230 . compared with a ap 

huh -year eanungo out at 

a m ss?£ 

2.49p to 2.75P net, with a 2.08p the yea r-end was ^7,i 

Xii ™ struefc -r ««- <“- 3U ' 6S5) - - utn 
of £100.107 (£124^47) and depre- -p* A. Unlf f o|| 
oiation £ 45.467 <*£&)-,*&£ rllSl UAH Mil 
Subject to tax of £54,637 (£44^ J Deirltinfi 

A valuation of the cob bp" 1 ^* BriUpOH 

Properties reflects n 

£1563^45, which will be incor r n «rjfV 
Porated in the accounts. \jUiitii j 

R. Cartwright 

value by meets RS.ft&m. iRiP.DSm.i. Current assets 
approx imai ely HOC. (M0. RLSTtn. fRlifim.i. liabilities R713.000 

H. and J. HILL CROUP «nw lowers. SALE TlLNEY ilndiBUial and food!— IR 7 IB.WKH. Xet asseis RU.«ra. 

iron cortina. eic.l— For 3977 sales Resnlia for year to November 38. 1977 lRU ^ 5 nj.). Meetinfi, Johamefibore. 

I2*lflJ39 ffl.9nJMl. pre-tax loss IfflJIO known. Croup fixed . assets £U7m. j^rtl tt. 

t profit I0.8R3V after drurerialion £36,978 (£2.02M.». nd current asseis £4^1601. WEBER HOLDINGS 'foolwear sellinR 
mi.433>. overdraft and otber short -term r£ 3 J 6 tn,i. Meclinfl. 28. Queen Anne’s Gale, IEen tsi— Results for 19T7 already known, 
loan Interest £3fl.«39 i£23jl3>. etc. Tax S.W.. April 26 at 12 JO p.m. Group fixed asseis £1M.«0 < £188,2711, 

credit £21.232 (chanw £20.4481. Loss per SOUTH AFRICAN LAND & EXPLORA- Nct correm assets £315.982 (£3flSJ4B). 
lltp share 1.78 b learnings 2 Jtp i. No dlvi- TIOK C0-— Remus already _ anown. WOTkjns capita] up £337.fltt f£l.7S4i. 
drnd for rear. Company msdu a trading Min hie assou RJ7^9m. i Rj8.7Uxn.j. ueec- j_ and Co. bolds 40.9 per ceni. of 
profit of I2SJ73 in the seroud half. inn JohanueabnnL April 27. _____ equity. Meeting, to and 85. Piccadilly. 


Results for 1977 already known. Working 1 NG (M) BERHAD— Interim dividend, m WESTERN DEEP LEVELS— Rendu for 
capital SCttJiffl. (S34.49m.i, total assets, account of year ending June 3fi. 1*73. 73 1377 already known. Mining assets 
After investment income, down less emreut liabilities 3173.37m. cents per share, less Malaysian Income- R29fi.89m. (R239Jflm.i. Meeting, Johan- 
r „ PTAconn tn *500 Pifco excess of assets over tax at 40 p®r cent, payable on Mar — oaoburs. April 27 

from £106,900 to £51^uo, rileo ia&™ ^ SOUTH VAAL HOLDINGS— Results for H. YOUNG HOLDINGS (motor (JlKtrlbn- 

Pifco slips 
by £19,500 

Pre-tax r _ 
Gundry (ffoidiags) 

i-, tnir MaWIWes »89.l3m. (tflJIm.). Meeting. SOUTHVAAL HOLDiNcs-Kesiuis tor H . YOUNG holdings imotor qiatnuo- 
Holdings shows a decline in tax- VaDcouver _j Apr u 20. 1877 already known- Net current IiaWli- ton— Turnover for « mootbs 10 

able earnings from £492.500 to monument securities (investment tie* KaLO#). umu Kcfijufii- Mceuns;, November tt, 187 ^ fsjai jis _t n.738^5i •. 
. Rrirtnort- £473.000 for the six months to holding company*— Turn 
profits ot **' n»*inhf>r tl 1977 mootits lo September M. 

SlW). thf_ nettoge October 3 . 977 d h , 0 ^. 800 , - — J 

MONUMENT »» ttp-g „ AprU *7. ^ -profit C3.7« lk» fltt. 4 dl). Tax 

. 1877. w si t ana SQUIRREL HORH tSUBW eonfee- nfl (samel no Interim (same). 

^ . .. ... - in jts nni ana prom £84.090 t£38.0Mi tianery. toffee and chocolate manu- YULE CATTO AND CO. (rubber and 

ti unary »««•»■«— -o--- , _| n „ r>rnup. The net interim dividend is ’ Ia . £ 33.000 (£ 20 . 001 . Board states factureri— ReaaMx for 1977 reported on palm cultivator. eic-V—Resulrs year 
and cordage tnanuia f or raised to 055p (0.762p). Last year ^, a{ cecond half trading pattern has con- February 24. 0n_ cca basis, historical io October tt, tt77. reported _ March 19 . 

feU from 31. 1978. a final of 1.937p was pat 

m0 " ,hS ‘h"m M 

ihe six 

i ^! U ?f n fhe X «rowri^S £246.000 1 £256^00) leaving a n 

SS £ SS2Tffi.S? \r*f£ were «n*» * 

for 1877-' of £669,383 compared companie- 

net ' municipal PROPERTIES— Rmip rp5 i £0.98111. •. nei current assets £0.89ni. fnnds jl.Rn. j ^Mee ting. 1, New 
CL-rvabic for 1877 ro» from nK.812 10 i£B.77nu. Cash and bank balances de- Bond Slreel. w., Apru J) at noon. 


IN JANUARY, readers of INVESTORS REVIEW, the City'* fort- 
nightly magazine, were told to get out of blue chip shares, put 
some of the proceeds into Krugerrands and the rest into second-line 
equities. While the FT Index h still well below January levels. 
Krugers have risen by around 8%. and the three shares recom- 
mended in the Trading Portfolio in January are all showing gains: 
one, W. j. Reynolds, doubted in value in under six weeks. 

This is the kind of performance readers of INVESTORS REVIEW 
and the weekly IR MARKET LETTER (for whom takeover stock 
Property Investment & Finance has just registered a SO*, gain 
in six months) have come to expect: hard-hitring buy and sell 
recommendations backed up with lively coverage of markets and 
the people who make them. 

AH in ail, a Joint subscription to both magazine and letter — costing 
just £20 a year — is the kind of value that's hard to beat. 



ORDER FORM. Please send me Combined subscription i year 
investors Review for i year £20 post paid. . . . 

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!R Market Letter £)5 post demand, 

paid .... 




To INVESTORS REVIEW, 100, Ffeet Street, London, E.C.4. 





" the aim of the fund Is to provide a high and increasing Income, which is 
paid quarterly, and thefund now exceeds Cl 2 million. Initial accumulation 
unit Investors En June 1974 have seen their capital Increase substantially, 
In tact more than doubting by September 1977. And that's equivalent to 
over 30% pjL 

'Currant Portfolio 42% Preference Shares, 29% Equities, 29% Investment 
Trust Income Shares. The price of the units and the income from them can 
po down as weA as up. Units should be regarded as a medium to tong term 

A wider range uusloe socunty authorised by ftawnmera gf Trade. A 5% inWal charge ie 
Included In the pnee. An annual lee of V® pks VAT fa deducted homwoss income. Corms- 
sion to ogams. Itustto Oytfssdatei Bank LM. i Member of Mufatcl Bark &m| Managers: 
Lawson Securities. Lid. S3 Geage StreaL Edfabwgh EH?2JG- Tel. 031-226 3911. 
Registered in Edlnbutfi 5513S Dunng an (ties, unis may be bought or sold daiy— odwrwtea 
weekly on Fridays. Senamem lor unis add Mtows wrthm a tew days. 

Income Units 52.4p Accumulation Units 72.3p. 

FIXED PRICE OFFER UNTIL WED APRIL 12 1 978 ion duly »ce if lowebi 
T he Managers reserve me rant to dose the often! the trua price rises by more than 
Lkvts Bret issued June 1974 a 33 3p, 

INVEST BY 30th APRIL 1978 


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HYFT 1/4.78 


Financial Times: SatordayrAptii: 

Lower in light early trading 


NEW' YORK, March 31. 

v.'FRE broadi' lower in 

?i 2 n-r early trading on Wa!J Street 

to-day. , , 

.V 1 p.m. :he Dow Jones Indus- 
trial Average was down 3 1*9 al 
7 ,-sAiB and *fce NYSE .11! Omnim 
•docks index showed a loss of IS 

cents to «y.rr. 

Closing prices and market 
reports were not available 
Tor this edition. 

to combine vehicle production in 
the r.s. and Canada with Renault 
and consider eventual manufac- 
ture or Renault cars in AMC's 


On ihe AMERICAN SE. prices 
were lower, with the index falling 
0.23 to I2*»i3 by 1 p-m. Volume 
to! fiilc-d l.BSm. glares ll,SGm.). 

Reliance Group Warrants, the 
volume leader, dropped Si to Sj. 

The decline was in pan due in 
continued institutional liquida- 
tion of some hish-prieed stocks 
an this last day of the quarter. 

Volume, at 13.36m. shares, was 
do? n 1.44m. on yesterday. 

Sears Roebuck topped Jbe biq 
board active', steady at S22-- 
Other actives included Erven, 
down at S44J and Lockheed, SJ 
loner al SIB?. 

Pan American fell SI to S5;. 
The company's annual report said 
that its problems were not over 
and that the debt load was still 

American Motors was halted at 
M’. pend ins a news announce- 
ment. I; said later that it planned 


Canada edges up 



SincKs CJn'ins "A 
iradtd pric*? day 

Frtr* Ktetmi* I'M.OM — 

A.r;«i Inc. . . . 2JM.TI30 40T -31 

Sear* Roebuck ... _ jM.OM 
A.r;«i Inc. . . . 2.M.T0D 

Rv+an . 'Ji’i.COO 
Meir>jm«Iu .. TTiT.Toa 
did v Maraia:ian .. !4'i 5H0 
Tesas ti!i:iUc-‘ .. . ISSJWn 
in..- ino.rno 

2U!h CcA-ury-fii”*i 
A hi A". TeJ. and Tel. K3.2M 
Iiko Ltd. i~ ona 

Real estate issues led a 
modest advance in early trading 
on Canadian Stock Markets res- 
l erdar- In Toronto the slock ex- 
change index moved up 1.6 to 
1.053.9 while in Montreal the com- 
posite index rose D.1S to 18Q.75. 

Golds advanced 13.4 to 1.3Q&3 
and Metals 2.9 to SS5.S, but Oils 
and Gas fell 4.2 to 1.59S.5. 

PARIS — Lower in late trading 
to close mixed. 

Com pan me Fran raise de RaT- 
fmage. MU MM and DBA were 
among leading stocks io show 
gains of 5*6 per cent., while Val- 
lourec. which announced a 
sharply lower 1977 dividend, its 
parent company Denaia. and 
DollTus Mieg lost similar amounts. 

BRUSSELS— Mainly higher in 
quiet trading. The stock 
exchange index closed at a 197S 
“high" or 94.60. 

Asturienne. Viellle Montagne, 
ElecLrofina. GB. UCB. Tessender- 

loo. CBR and Vagons-Lits rose, 
while llainaut Sambre fell 

Pelrofina fell BJTrs.lO to 3.S40. 

AMSTERD.UI— Narrowly mixed 
in dull trading. In Internationals, 
Akzo. Philips and Unilever 
gained, while KoogoTens dropped 
40 cents to F1&23.60 and Royal 
Dutch 20 cents to Fbs.l2S.90. 

GERMANY— Firmer, partly on 
hopes of an agreement soon to 
end the German metalworkers’ 

SWITZERLAND— Prices ended 
the week barely steady in listless 

Swissair shares showed practi- 
cally no reaction to the group's 
report on Thursday that earnings 
rose slower than costs in 

MILAN— Selectively higher in 
quieter trading. 

In Industrials, Pirelli Snia VJs- 
cosa and Olivetti Privileged 
gained, while Fiat and Pirelli 
Spa were unchanged. 

AXIC, Montedison and Olivetti 
Ordinary were marginally lower. 
1FI Privileged lost in firmer 

OSLO — Industrials, Banking and 
Shipping quiet: Insurances steady. 

COPENHAGEN — Irregular in 
moderate dealings. Commodities 
were lower with isolated firm 

VIENNA — Steady, with only a 
few stocks showing bigger changes. 
Go esse r rose on renewed demand, 
but Schwechaler continued lower. 
Leading Industrials edged lower, 
led by Seniperit — down 5 to 94 
per cent 

MADRID— Stocks maintained 
the recovery begun on March 21 , 
the general index closing at 92.99 
for a six-day gain of 5.11 points. 
Ail sectors advanced, with in- 
vestment trusts again above par. 
Gabrias Preeiadots moved up 151 
to 72} and Union yel Fenix 17 to 

HONG KONG— Prices resumed 
their rise, after easing slightly on 
Thursday' due to profit-taking. 
The Hong Kong index closed at 
a 1978 "high" of 449.44. Volume 
totalled SHKS225m. (SHK52.28rn,), 

There was considerable interest 
in second-line and leading 
property shares, Hong Kong Land 
advanced 28 cents to SHK7.3D. 
after announcing on Thursday a 
higher 19 u dividend and profit 

TOKYO— Sharply higher in 
heavy trading to a new post-war 
high, led by incentive-backed 
issues. The market average 
gained 36.45 to a record 5.447.75, 
with volume' totalling 740m. 
shares (530m.). 

across the board in fairly active 
trading. Golds extended earlier 
gains with modest overseas 

Asbestos shares gained, follow- 
ing annual reports. Industrials 
were steady, underpinned by 
fairly substantial institutional 

AUSTRALIA — Prices advanced, 
with higher institutional and over- 
seas buying producing strong 
gains in leading' mines and 




I 197B 

u*if. ; Mur. : Mar. 1 Mar. j 

SO S3 23 2 7 ! High I l 

Rises and Falla 

> Mar. 3ft Mar. 29, Mar. 25 

Issues tnut&l 1,840 I 1.886 • 1.862 

. , 19TS 'Since ■Jompilat'n 

Mar. Mar. ' Mar. - Mar. * Mar. i Mar. 

50 . 29 } 23 ; 27 ! 26 } 22 High ; U>w J Hitfb Lew 

49.85 50-07 <&M 

49.63] 51.89 48.57 

{ loll) i6(5) 




New HLjrha 

New Ixrwa. 

861 906 
511 521 
494 453 

ItdwiB Leba».._.: 

vMrraKr^iafii mm m 

Serna I+srA Can 1 
Si? Ptoluda.M.,' 

Aireu M «mJ l 


Alvna ... 

Aiimhecy Lwii.j 
VUied Lk»ermcal„; 

M .ted Store. 1 

rtlh Cfaaimew—! 


Amende Hen ; 

Amer. Airline.^- 
Araer. Brand* ... 
As/cr, Broadcast.; 

Amur. Cao._. 

.Uner. Cyansmid 
Atner- Elec. Pm*.: 
Amec. Express -.1 
Aater. Horae Prod' 
Auer. Medical -j 

Amor. Motors ' 

Ame-% .Nat* GmJ 
Amec, s+anrUid J 

Anier. Stores ; 

Amer.Tei. tc Td.i 


AUK : 

AMP 1 


Aa'Han Uivkian.! 

Aruiuu Sif-pi. ; 


.Vuraera. Oil • 

AaarcoL- ‘ 

.WitaodOil 1 

Ati.UichfieH 1 

Auto Data Pro.— j 

Av&O Prc-JixU! ] 

Ball Gsa Elect — : 
Hank Amenta—' 1 
Rankers fr JV.l'.l 

tiartier Oil 1 

Uaxter Tw r cool-* 

Beatrice FooJ [ 


Belli U/iwaii 1 

Beodjx ..... 

thsu^m U'jtw "B. 
tietiaiehero Steel. 
UHaub A Decker— i 

aoeftxjj — ; - 

<M.Hse Caso^ie ! 

Woolen — 

Jon: Warner ■ 

iraniff lui 

untacao ‘A - ...— - 
dnttw Uyen. — , 

dm. Pet. AUK..; 
drmfeiray G law*.., 
Bniasam-k [ 

Co.tun^(i!&»s 47 47% 

CPC IntVtsooai ( 455( : 45^ 

Lome -i 285a 1 28^4 

CrHserNau ; 2Sas ‘ 25=s 

CrowfiZe'lerhacfa Blsy . 3He 
ComnilB- Kngtat: ■ 36H • 36= 
j Cnct-Wricbl 1H, ; 17:3 

| Jcina ManvUle— ■ 
; Jobnmi Jnhovm; 
1 Jotnsoa Comxnfi 

Dart lnriunr«a.. 


Dei Monte 


Demeuly Inter-. 
Detroit Edwoo^. 



Dranej 1 Haiti 

lkmer Corpus... 

Dram .. 


Do Root 


Hagte Ptoner — 
boatman Kodak.. 
Eau n — h^.. 

} E-Mar t 

J Kaaer\Hnninfgi, 
j Kaiser Isdnuhesj 
, (uuser Sieet ! 


3 Kev— ‘ 

) Kemra-nt — 

j Kerr Mctree ; 

i Al-Vte Wa.te r \ 
j KifflUftiv Clarke . 
; Kuwier- ,,, 

ttonu Dutch 39 3 s 

iMU M 

weger t.-i_ 

Leri Sii air* 1 

LUwOn.Fwxi— J 

B.G.AL j 

El fM Nat. Gsv 

Li Us ’ 

bnreraoo El&-trt» , 
tmm An+Visriii 1 

Emlmt ; 


fcOaeilaml ; 

bnntt — — . 

Etbyl. — — 

uuca — — 1, - * 
Fauvhiitl LsEuen- . 
Fed. Dept. Siom, 
Firestone Tire.—; • 
t at. .Nat. tSoaian. 
Fiesl Van.——; 
FUatiore..— ..— 

Florida (V«rer 

Fluor. ; 

tjggen timnp ...i 
Lilly (Elii..^ 

Lbu» Imiutl — ; 
Lockheed .Viia^tu 
Loce^iarlmK— ] 
lout IsiaodLtdj 
Louisiana TamL-.] 

lateapi [ • . 

Lrasky SuJre»__l 
L’ite&Fuqgst'sn! . 
1 MacMillan J- 

;te-B.a 1 

1 Jno- SaiMirer— : 

I Mcpto -j . 

j Maim boo Din > 

l Marine MuUand.' 
i Marshall FieM-Jj 

U*> Dtp. slqrevj 

MLA — ■ — -■ 

McDermott ! 

UcUOaoett 1 Douai 

f McDOnaeit 1 Dous] 
^ UcOnK ffilL_q 


Furd Moiur— . 

Foremoet Me» ' 


Franklin Mini 

Freepwt Miners .' 
f ruehanl 
Faqna lad.-—... j 

21 ; 20r a 

453a 4538- 

17 5 3 ; 17lj 
33 t 33 
«» 763 

Iftifl 1912 
26 : 2553 

1(K; 10=4 

Uemorea — — - ' 

Mack — 

llemL Lynch-..; 
Mas Pettouwm. 
hom ~ I 

W rttwwTff _ » 

M-jryan J. P— .1 

Mmwp'A. .- I 

Marpbvtlil—— . 

Sakx> Chemical-] 
National Can I 

f iHustnal 759.62 781.78 753.84 755.21 75848 757^4' 817.74 • 742.19 , TOl.ltf 41^2 

• . t8Mfl «1.1.73i; i57i32j 

HmeBn-is*; 89.72 £5.89 89.85 88.77. 98.04 88.88 30.86 , 83.55 ] - « - 

1 *4; 1 1 123.1) 

Transport.... 287.28 207.73 M7J8 208.81 20743. 287.54 215.77 ; 19S.5I 278^3 ! 15.23 

<5 1. writ a/ltti - isrrJSi 

Utilities. 105.72 106.06 105J5 103.72 105.85 105.72 110.98 ’ 102.84 i 165-32 10^8 

: - . • ; 1.5 It V^i'41 'Z0/4i69i (28/4,43) 

Tra.tma v.u • 1 ' ; 

0.0 's T . 20,460 S-450 21.600. 18.870 21.290 21.950 — ; — ! — 


dtnyrnis Erie — J 

duda — — — —I 

dulovs Watch....; 

HurUngton NU»a 

Uurmugbs I 

L'ain)<be)i Suup-.l 
fa nart lan Pad tic.) 
IJ anal Uamloipb-J 

Carnation 1 

Carrier A Genera-] 
farter Hawley— 
Uaterp((>ar Tiscta 

f te> ,1 

feiautsie Cor pa...] 
.anus, a & W...| 

.ertaintee. 1 - I 

^evna Ain.iMt..] 
JliaweManbattali 1 
. l uiim i Bk.SY 
Jue^be^li Fr-n-i I 

.'beuie ny-iein. 
Jhkseo UrMut— 
JUnxnaUov...— . 

fluysier — 


J Inc. Miitcron...) 

Uid&s derive. —I 
, City lnce»t i as—] 

Coca Coin— ; 

fdgt falm 1 

! .01 m Ailunau..) 

'Joiuntbta Uas 

Jolumtaa Pu-r.... 
fom. I n-fo.ol.4ju 
U'lutuiation Equ.' 
j/imlNi»i 10,1 Eq.,.; 
w'm'w'tb t-iu—n' 
-mu* w'lh On Ke- - 111 . SitWIltif^ 
/•imwir^rS •tmi.-e 
Count. life In*... 1 


ww. tilison A.Y.J 
J-ICBOl F<wl«.— ... 
Jom^i Sat. Gas . 
wonsnmer Power 
Ccmtinenta. Grp. 
fonttnentai Oil.. 
ConOneniai Tele-' 
Cimtitn Data — .. 
foi.iper Indus. ...j 

Mar. Mar. Mar. liar. 
50 29 2B 27 



173-39, 172.011 172.1ft 171 JK. 174.68 (afl) 
1B0J7. 180.241 179.67] 178.51 180.64 i3/i) 

162.90 H6!& 
170.62 toOi'L 

TORONTO Umtpoole] 1056.5; 1056.4; 1052.7- 1045.6.' 1058.5 (SOtf) | 888.2 10 O/I 1 

jOJELLNMESHORti , _ , . 

Oiiiit 1 1BQ.5' 203. li 205.4 1 — 

Initu-tnair | 202.7i 198.6| 197.S ; - 

HaM- m inner “tun^en frutn aile<i<n >« 

Mur. 2* 

1 Mar. 17 • 

Mar. 10 

: Tear sro (apvmx.) 


! 6.06 





7>ince Compdlat'n 

| " SO " : S3 ] " 28 * 27 } 2a 

I Hi r nifa ; \43rs i High I Ixnr 

• in luairvus] 38.24 98.41 9BJ»' 97.651 88.19] 88.34 103.22 ' 95^2 j 154.64 i 332 

®<6i ( 1 1 tdiTil, 130.^/52) 

SCotnp-sne ; 89.41 89.64 89.5ff 89.87 89.3E : 88.47 93.82 ; 86.J0 ; 125.85 j 4.40 

i6.'5) HlllWSi 1 1,6/52) 

I Mar. 29 ! Mar. 22 Mb o h IS Tear ago mppon.) 

!nt. tlT. cieid < 

In 1 . P-t Kmc- 

, ilar, Prec- | 19T8 | 1978 
31 ■ kws ' Higb 1 L"»r 

Angrra liai* 1 454.90 4jL 64 ' 479.43 1 44L19 Spain 
I liill , (1/3) 

Bflleiom >i> 94.60 84.40 64.60 9it*3 Sweden 
j |3lr3l 112,1) 

CDenmark**: 95.74 1 95.87 98.13 1 94.0u Swittei 
, i (9/1/J i l6l2i 

prance (ttl 61.0 ■ 6L4 1 t>L a i 47.6 111 1,1 11 

] (20/3) I (5i2) Indice 

German y't:) 7953 7693 1 B12-7 i 7B6J1 loo ex 

7 , ' (10/2) Will Standun 

Holland (Sir 77 j 77.o es.i ti.o aoo-i.ewi 

’ , no/2) (30,3) ■ t£xdui 

HongSoiur 449.44. 444 .08 '.449.44 S63.44 S 400 Id 
^ i«, r (31/3) ! (15/1) 20 Jt. 

Italy i .) 60.76 60.63 ; 63.56 , 55.45 *«' Beta 

(6/5) . (10/1) SE L 
Japan ta> 40744 408.73’ 407^4 364.04 IK' Cor 
^ 1 .31/31 • (4/1) 

Singapore 325^6 264^ 2E5J6 263.00 Ban* 31 
|5) . i31;a> i (9/1/ 

218.7 iLiSl 
214.4 (4/1) 

195.0 (21 >5) 
194.9 (13(5) 

I Mar. ! Pre- » 1978 ; 1978 
I 51 j Climb HLjb > Low 

4a 1,64 • 479.43 1 
I (5ii1 , 
84.40 • 84.60 
• (31t3l 

95.87 98.131 
I (9/1/j ! 
6L4 I tiLa i 
) (20/6) I 
7S9J81B12.7 j 

I (10/2) 

77.0 I 62.1 

444.08 ! 449.44 

" (31/5) ! 
60.63 ; 65.56 , 
(6/5) , 
408.73’ 407^4 
1 .31/31 • 
2E4 JS 2S5J6 i 

Spain Mr 92-99 i 9L87 ! 98.90 ] 

i { (ip/ii ; fir^i 

Sweden Id. 303.05 1 360.05 56305 1 325.74 
S (31'3i 1 ti/li 

Switterl'd^ 236.1 296.1 525.7 280.4 

1 ( (14/2) | (10:3) 

Lm : Iri'i’l. •*«i • « le- 

Indices and base dates (all base values 
IDO except NYSE All Common'— 50 
Standards and Poors — 11 and Toronto 
300-1.000, the last named based on ISIji. 
t Excluding bonds. $400 industrials. 
5 400 Inds.. 40 Utilities. 40 Finance and 
20 Transport. ((> Sydney All OnL 
fill Bctalan SE Sl/u/es. <**l Copenhagen 
SE L-1'75. (tt> Parts Bourse 1961. 
(Ki Commcnba&k Dec.. 1853. (54 > Amster- 
dam. Industrial 1970. (fJVHang Sea; 
Bank 31 ■7/(54. C1i|) Milan 2/1-T3. ia> Tokyo 
New SE i i &k (b) Smuts TtaifcS 1966. 
ic) Close. U> Madrid SE 30/13 77— btab 
and low lor 1819 only. id Stock balm 
ladnstrlal 17 38. f/i Swiss Bank Com- 
■ hi Unavailable. 


A prize of £ 5 will be gioen to each of Hie senders of the first 
three correct solutions opened. Solutions must be received bp 
next Thursday, marked Crossword in the top left-hand comer of 
die envelope, and addressed to the Financial Times. 10. Cannon 
Street. London, EC4P 4BY. Winners and solution icill be gioen 
next Saturday. 





Tied Cottage has 
National stamina 



uen. Amer. Itn.J 

Cr.A.l_A ... 

ties. uwe._ 

Gen. Dynanu«_. 
Gen. EiQcino~_ 

Geoeru t-oudb 

General Mill»_-.: 

General Muon < 

Geu. PiiU. L'cll 

Gea. Signal 1 

Gcal I e/.£/6ct_- 

Gen. Tyre -i 

Geneeeo — ' 

Georgia Pacific—! 
Getty Oil j ] 

Gillette • 



Clou M ' 


Gc. Allan (V-lei 
bruAimb Iron—/ 
Gre> bound .— . 
Gull \ Western.. . 
Gun Oi. ! 

Uaiion Mlniog— 
Kama Cut-pa.—- 
Uniu H4 
Ueubiem _ . 

Nat. Dr mI U tern | 

Nat. Service led.; 

\airona- aieei— 

\ ,lnnrt i.. — ,,, 1 

VCU ; 

\e|Kune Imp. — j 
\4vv Lu g iai a l EiJ 
Am Fopl*at Tei] 
Niagara Mohavrfc) 

.Vta^aca dhare i 

N. L. Induanidi .{ 


North Nut-Gsa ' 

Mimcfaues Pwr) 
N lowest AiHUte»| 
.Vtfawest moooip 
Nurtna nimnn __ 
Oacidema. Petrol 
Ogilvy Mather^. 
Gttio Ldbori— 
Ulin - 






Ue«leu Paeltazu- 

Uo/btar Inna 1 


UulleN well 

Hoover J 

Uosp Corp -Vmei-t 
H mi II PbJtiCbm. 

B mum (E.F.) ; 

I.C. /n-fuvrriea.-: 

IN V 1 

lugwvji Kami—.: 
Inland Sieel.~— . 

1 1 

Uvwefc Sbipt- * 
Uweus Com lug- J 
Owens Uiimna_J 
PaoifK; Gaa..—._^ 
Pact he Luluins.^ 
Pan Am World Air 
Parket tUimltm j 

PeatA>Ji- lot _J 

Pen.Pw.A Li J 

PennvJ.C j 


Peoples Dm*..—, 

Pen/iles Das ... 

Pep* too .... 

imperial Oil. 

Ituerconi Enere> 

IBM ! 

I no. J-'/aivum-...' 
Inn. Univenet.~i 
lull. Mini Lbem 
mu. Uuitiiuuis.J 


In CL l^vper..— ... 


lai Rectifier.—— 
rnu Tel. i.Tel.... 1 

Invent..— — .1 

fna-aBeet, ■ 

IU Internauonal.i 
41m Waller.—. ~.J 



Pruet — 
Pbeips Uodae— .. 
Pbi/adetpiibi K<f. 
Philip Morris — 
Phi ips Petwv'ml 

Pi.sbury— — 

Pitney Bowes..... 
Pnistnn— ... 
Ptensev Ltd A DU 

itnsroi-i ! 

PlrtuBUHr bl» — ... 
PPu in.iusineik. 
Pro .-ter Gamble.. 
rt»l- Serve Elfu't.. 

Pullman ^ 


Wj taker Ota. — 
RapM Ameriian. 



Republic bled— 

433* \ 


7J* 1 
•ji. ! 

Rot** liuBC 



Weyerhaeuser..... 846* 

U'e&Lvaco — E26g 

Whirlpool 81** 

.While Con Jhd... 881* 

William Co. 17H 

I Wiruoosin Elect 871* 

ScepcreJt'wiinKM . B;- . 2i| 

■aagrams— 25S*' 881* 

: lien Canada—— loS t . 166* 
sberriRG.MisAi 4^75.- *18p 

siebenv O. G Siftg' 814 

bim/aon-—. 4 >&& . 4>95 

ateei i4 Canada- / 'Kg* 

birep Mock- Iron . 2.36 2SW 

lexaro Usn»u>. -*Oifc -4fl.^ 
I’qronto DwnJU. MU* U »1J 
l ransUao PtfieUi ' 143* » 
.BWlfcUWLUW .-Sfci 46^ 

utoa — , « t i 4*, w» | ,| 

Union Gas - 101* -1LS& 

UtdxiteDOeMijre* 7s*. . 7|* 
Wadwt Ultam— . 38 t* 534-. 

Gwst GoaatXkm-. AS " »% 

WeatonGca— 4, W* 

- - * ■ -4 -T - 

t-BUL (Asked, itrodso. 
INew aroefc 





bian v 

• ["Price* (u'rKv'.’TlA. 
Ms,. 31 Ten J >L *,{ * 


1 Firm goes to Herts town for 
computer equipment <S) 

5 Way a lot, of papers run in 
Beds (6) 

10 Wine for master to study <5) 

11 Coloured musician with large 
juvenile following (4, 51 

12 Poor accommodation at 
Arsenal we hear (4, 5) 

13 Criminal sheltering in safe 
London hide-out (5) 

14 Tenant tbe French notice (6j 

15 Part of car tire (7) 

IS Get into habit again of 
putting set right (7) 

20 Two Frenchmen in court case 
reach their peak (6) 

2 2 Runner gets the distance 
right (5) 

24 Gives too many marks to 
bowling speeds (9) 

25 Woman with loud direction to 
all the runners goes to town 

26 Train one rail union up to a 
point (5) 

27 Laundryinan used to secure 
fastening (6) 

28 19th-century politician writ- 
ing about holiday resort (8) 


1 Ancient and modern collec- 
tion (6) 

2 Advise engineers’ company 
over motor starter repair (91 

3 Weapon for getting cathedra] 
loot (10, 5) 

4 Happiness of being absorbed 
on river- (7) 

'6 Highest form of greeting 

, early in the day (3, 2, 3, 7) 

7 How to make a schoolboy old 
before his time (5j 

8 Ruin fashionable tea-break 
with pickle (S) 

9 Go back when about to give 
up (6) 

16 Investment one tied up they 
say (4, 5) 

17 Game of snooker observed in 
cutter (M) 

19 Demonstrator in rain (6) 

20 Extravagant English poet (7> 

21 Behind bloomer over pole (6) 

23 City is ahead by the sound of 

it (5) 

No. 3.630 

A RACE at Sandown early in 
February, the £7,000 Leisure 
Caravan Parks Chase, could well 
provide the key to to-day’s 136th 
running of the Grand National. 

In that event Master H, ante- 
post favourite for this after- 
non's Sun newspaper-sponsored 
National, had four lengths to 
spare aver the Dan Moore-trained 
Irish challenger. Tied Cottage, 
from whom he was receiving 1 lb. 

On the face of things Master H 
can be expected to confirm his 
superiority here on 1 lb better 
terms, yet I expect Tommy Car- 
berry's mount,, who almost cer- 
tainly found that three-mile trip 
at Sandown too sbai^> for him, 
to come out on toy in tbe final 
stages of to-day’s 4J miles. 

Tied Cottage, a proven mud- 
lark whom Fred Winter saw as 
the only possible threat to bis 
own Midnight Court and to Fulke 
Walwyn’s Fort Devon in the Gold 
Cup race abandoned on March 16, 
will be seen at his most formid- 
able in tbis gruelling slog. And 
in Car berry he has a jockey I 
would prefer to Tommy Stack, 
Jonjo O’Neill and all the rest 
over these exacting fences, for 
which a jockey’s experience of 
Aintree can be all important 

Mr. "Teaxy Weazy" Raymond 
has maintained for a long Lime 
that Rag Trade will again do the 
trick for him, and it is this one. 
Otter Way (a runner hero In 
preference to tbe April 12 Gold 
Cup) and Shifting Gold, 1 see 
as chief threats to Tied Cottage, 
who is taken to outstay Master 11. 

Forty-five minutes before the 
big chase, which carries a record 
£50,000 in added prize money, 

we shall see whether tbe clear- 
cut winner of the Champion 
Hurdle, Monksfleftf. can confirm 
Cheltenham superiority over 
Night Nurse in the Templegate 

He may well do so on only 
5 lb worse terms for the eight 
lengths that separated them, and 
should outspeed Flame Gun's 
Sun Alliance Hurdle conqueror, 
Mr. Kildare, to whom he will be 


2.00 — Vaguely Attractive 
5L35— MonksBeld 
3,20-— 1 Tied Cottage*** 

4.00 — SlubUck 
4-30— Miles Along 

5.00 — Albion Prince* 

3.50— Marjo laine 
430 — Mailabee 
4J50 — Billion 
5.20 — Deed of Gift** 

conceding just 1 lb more than 
Night Nurse. 

Incidentally, Monksfield heads 
the weights Eor Britain's most 
valuable hurdle event, the 
£25,000 Royal Doulton Handicap 
at Haydock on May Day. The 
Irish-trained gelding is set to 
concede 2 lb to Sea Pigeon, whom 
he beat by two lengths at Chel- 
tenham, while Night Nurse 
receives 5 lb. Beacon Light, 
already' being talked about as 
the one they may ail have to 
heat in the Royal Doulton, is set 
to receive S lb from the tough 
little Des McDonogh six-year-old. 

ALU • 

A inu/ Ver-uA-.i 




t»>w Uvpu 

ttatei Veoem-hk 
Daimler Ueur„ — 


DeutMtbe Rant — 
Drectner Hank.... 
Dj cteerhuff Zenii- 
GuMtiuirnuiiu ... 


Uar/jeuw ..... 




■Vdli uthl 'Mil.... 



lYlivkiiw Dm llXi.l 

&HD J 

ani/i|h. w .. n — .J 


Lmweulinuj llW.... 

Ujnlmu~n — ... 




Uuntrhener Kuril. 
Nedremmno ...... 

PreuMBi; DU 100. 


.'if mens „ ........ 

Slid Zucker 

tHy«»eo .US 




I - I W— l-ll 

89 JB, +0.1 1 - 

■wo lua 

225.5 +1 1 8j 
1 38.1 +0.2 ; 1? 
140,4 ♦ 1.1 I 16 
28S 1+ 1 i 2u 

315 ! 80 

183 | * 8 

231.5, + 1.6 18 

77 +Q.6 - 

304.B; 19 

Z66 -2 17 

181 1+8 14 

305.5. + 1.2 80 

B48SI1+1.5 20 
142 +8 4 

198.0! 12 

113.8+8 18 

890.0 + 1.5 <9 

130 +G.8 16 

46.3+0.2 4 

120.3 +0.3 { W 

137 —1 9 

305 +2 j 20 

21 5.5 +1 • 3 d 
94 + 0.51 - 

174 + .s; 
97 . 3 + 0.1 - 

235 + 0.5 16 

1.502 i a«- 

109 + 1.8 1 7 

190.5, + 1 | Id 

167 > 0.6 14 

I 10 

610 1-1 | 18 
113 1 + 2 . 2 , - 

no ) — 

188 1 + 0 . 7 1 16 
242 1 + 3 I JSU 
280 . 5+2 16 

248 i. — -. 17 
187 1 + 0.7 1 11 

174.5 i 14 

106.5 + 0.7 i 1 VS 

306 +1 18 

215 + 2.3 1 1 J 

ileiue -j— — -j 

VinuuvU ■ M‘l* * 
\il Ltqm 1.. 


unuunea — . 



kH.IL. ..... ) 

| C.L1. Annei. ‘1 

I Gie Uanjam 

1 Club JlMfter_... 
Credit L’nrn Fr 1 t 

Urtuac* Loire 


Ki. t'etrrien. 

Gen. UomriMM'tj 

uneOii • 

1iMi/uer Rorei.,...| 
Uiiqe ............ i 

i.’ureai ; 

u-ircuiit ....... — -l 

ilaisHia Pbenix. 1 

Miebeitii "K" 1 

Ui. ei define*-!-. 

Aluuilm-x - ; 

t’lnim* 1 

t’ednuev : 

i'enw.1 Ititair.l — j 
rVu/ieot-Ciiroen . .| 

t'LH.-UIll ’ 

Radio rwbniaup.l 
m> hinie 

idxxie Htmien — | 

rf- Gobaio 

ikK- Rue-wooi 


re-emaiaiuqiie ' 

i bum -on bran'll.! 

ll 'Hair ..I 

•t 2.5 i 41®! 0.6 
-9^ 81.19} 5.6 
-2.9 ‘ 16-& 5.9 

, 24 ? d .3 

440 —12 ;1/-I5| 2.9 
640 + 5 '5 1-5S- 5.0 

415.1 -10.9 ST.BI 9.2 
.586 -12 75 i -.o 
356.5+7.0 27.tfi 7.9 
.115 i+15 .58 21 o.R 
349 >6 18 I 3.5 

433.8 +3J1 [11.89. 2.6 
116 ;+0.B 12 ‘10.3 

63 -0.1 12 119.0 
615 <+20 17.5 ( 1.2 

119 1 1 14. 10)12.4 

156-0 1 j S.'^BJ 4-.5 

59.8+2.4 5^S; 8.8 
102 +3,1 - i - 

160.8 -2 2. 16.77 1U.4 

585 -18 1557 2.7 
.660 ,'+50 31.85, 1.9 
.058 1 + 23 39JJ 3.8 
,340 ’ — 16 42 i* 2.3 
435 -5 12.6 2 9 

lb6.3 -2.7 3,10 

187.1, + 1.1 1».S6.I G.0 

84 + 1.0 7.5 8.9 
236 +n.5 7jj| 5.8 
347 -1 15’ 4.3 

163.9+2.9 — - 

448 1 + a 25.5, 5.7 
B84 [ + 4 24.' 4.1 

70 _1.0 9 '12.6 

147 J! «.»; 9.2 

1.720,-10 39 | 2.2 

266 1-4 2B-& 9.6 

746 [+7 22.75! 8.9 

189 ! + 1J! 15-15- 8-0 
83 1+0.06 ■- I - 

25.5, 5.7 
, 24 1 4.1 

\CSI I L (S) «uit) 

Li-row Auairaila. 

\ imi Mm-l'rrijj. Imlu SI 

tnum hx|« 

\mvu Petroleum ...... 

Aa-oc. lltoeniik. 

amk. P ulp Paper SI. 

Ai+oe.Gc*a. IreluftCrK* 

Aiwl. FuDintattoo Invent/.. 


And iux.t 1 .__ 

Aw*. OH A Gb»....: 

Riue Mere/ J«J 


Uu.'l^a Hill Propnetarv.... 

BH Siutb 

Ganipo Uniteil Brewery — 



l'oob. Gurifieui Au*_....~ .. 

wuiumv lilixlnio I 

Ai«rn« na_... ’ 

Uiuii'-cUulVieHSli -I 

hriUOW.._ .] 

o’llei simtli 

R+C. Indusiries 

Ii«i. Property Tni«l 



i.C.I. Austin Hx 

I u icr- Copper.. 

Jeonin^a Ivtustrin. 




asramn ranBoscnsisg 
0 51 si b a n n a 


li a n n o 
ssmais nranacianEGa 
s § 0 0 a 0 
® n 0 as 
ra^riHEi antarasEnma 
^BHiaRgHsa hbbee 
5 a (9 n 0 r a a 

PUZZLE No. 3,626 

Following are the winners -of 
last Saturday’s prize puzzle: 

Mr. C. D. B. Creasey, 35, 
Southfield Square, Edinburgh 
EH 15 IQS. 

Mrs. M. J. Moss, 12, Ruffetts 
•Way. Burgh Heath, Tadworth, 

Mr. R. J.- Watkin, 33, Morris 
House, Church Street, London 


oj ra m 0 ci g 
wmrm 000000000 
an a 0 a m a 0 
gsssBHHa anHsasB 
a n n n a 
SHgSg ‘ gEggHEGSE 

gagnlaoGg • -30000 
0.0 H .0.0 
gng™ng gciaasga 
a ■ 0 -'9 9 u 0 s c 
000000090 Kcaaaa 
Q. 9 000000 

A bland — 

Banco Bilbao — 

Banco Atlantic™ il.OOfii 

Banco Central 

Banco Extort or 

Banco General 

Banco Granada ilJWOi 

Banco Htspami 

Banco tnd. Cat. <I.AW> 
B. Ind. Mcdltcnaneu... 

Banco Popular 

Banco Santander iC5l)i 
Banco UrquiJo il.CBMi . 

Banco Vizcaya - 

Banco Zaragosano 

Bankradon .... 

Banns Andaiuda 

Babcock WUcox 

C-JC — .... — 

Druwtas „ — 

inmobamf — 

E. I- Aragonesae ..... 

Eapamda Zinc — .. 

EspL Rio Tinta 

Fees* a.oaai 

Fenosn iLBOfll 

GaL Predidox 

Grupo Velaqucz i4M) 


Iberduero ....... 


Pape k rat Kauai das 

Petrollbcr — ... 


Sarrio Papalera ...... 




Torraa Hosiench 

Tu traces 

Union Elec. — ...... 

5725 + 2.75 

126 — 

U(h5D 4- bJO 

U 4-3 

41 +2 

126 - 

W + L 75 

85.50 — 

62.75 - 025 

H +2 


A wiU 

Banco do Biuil.. 

M+U ILAU .'.I... 
Laps lov. OP. 

Peuuoreu PP 

Pireiu DP 

SoureGni2 OP... 
L’rnp Pb m ....~ 
V«»e HU’ LXyvn 

Vol. C^1Q9.!m. Shares 50.4m- 
Suurce; Rio de Janeiro SE. 

notes: Overseas priced exclude $ premium. Belgian diUdenti? are a tier 
vutanidicg tax. 

O BMW dcnvrrt. unteu' etbawtee nahx). V Pta&EN dmom. unless ouemixe 
arated. A KrJ*J dunonu unless oiherwlse stated. 4> KrsLfiOD derunn. unlc^a 
athenmc elated. U Yen SO denom. unless otherwise “suicd. ; Price at tune of 
suspension, a nortns. b achflHnas. c Cents, d fitvtdeml oner peodutg rights 
and-'or scrip issue, e Per share. / Francs, a Gross dlv. «6. b Assumed dividend 
aner sirip and/or rights Issue. It After local taxes. W* tax free. » Fnnca. 
tndudtac Unflac dlv. pNom. 4 Share split, e Dlv. and yield exclude special 
Daymen i. t indicated dlv- u UnoHrial trading, u Vino tits holders only. V Merger 
bending. Ashed, t Rid. f Traded, j Seller, z Assumed- xr-Ez rtabu.- xdSx 
dividend, xc Ex scrip Issue. xaEx alL a InLtrim since increaxeiL 

Janes (DavH)„_........__. 

Lennntd Oil 

Vleuds Rsplopadon 

il l il BiiidlriR*. 

iHeT Kroporinro 


.Nil -bo tan luteriMtionsJ— .. 
Vfftb Broteo 


‘Jit -earcb .... ...... 

•Jiter Rxplnniion.....^ 

Pioneer Gnu w* 

lie mu a 

U. c. 'leij;b - 

xmiuian.i Mining....^ 

1 ‘‘Jl b 


l \ extern 81 min" itD'WHi.1. 
" . Iwnji ||, 

’Vmbk Ubn» 344 - 1 +4 o 

Lknou.^ A&L 

562-' —15 

Cbfoaa. — ; 360 .— V- 

Dxi Nippon Wot -535 —7 : 

Fuji Pboio 563 : ' — 9>- 

Uitncfil i- 839 - -4 

Hoads SloJorv—. - : 888': —26 

HoitrePoori iU8»- -20 

c. Itah._ — — 237 r+7-.-' 

Uo-Yohado : InfiSO* +» 

jsccs — ".645 — 9“ 

JJ1.JL B.T00 : +i— 

Euu«l Rtack Par. 1,140 „• — 

Emn»Umi r - ---4 -'SSQ +15 

Kubcln : 4 '292 

Kyuto-Uereuiic-.' 'S.hflO —90 
Uauusbiu Inrt_.F710.- . — V 
Hitaubjsbl HsnliJ ;278^ — 2 *. 
MluaibJaluReavyl 140, 1-^5 ' 
Miumuwiil Corp-I. 46Q +35 

Mliaui JtCo J 357 

Uiuuhidhi ^ 536 +4- 
Nippoo Dedro — (UE30 , — ..- 
iNippun abint»ui-.| . 698 +11 
X'bbsii Mow-.- 798. +5 
Mooeer.._— _.—.jl.S50_. — SO 
>suyu Kiertriri_J 248 . . —1 
OTgiMii.Pi«iab— j '.875 . +29 

ahls«r|n__ l^il,130 — 2U 

Wuy.„ 1,69 J +20 

l^uafau Marine—. +4 

UiKedaGbeiiiM*!- 390 ~rB 

IDE .-_.-4l.B50 . It-BO 

v<npn XWl+S: 

I'oJtlniltvrtne-..- .-533 +8 . 
Stikio EiMX-Pvw'f 1,100 -■■■- 

toxyoosnjo '34-1 +-13. 

CukyodhRisuMU- 146.. —2 
t'orsy._„ .;... — j 197 - +5 
Toycm Mew— '914 ; ^11 
- - SoaraTfilkka Securities^ 

: .14 sj) 

- isi.ut 
2B U 

- 20 28 
18 -L 7 

. 15 18 
- 12 28 
. 18 18 
55 1.4 

12 2.5 
'.30 1.1 

13 1.0 

' 10 44 
18 | 2,6 

.. 15 2.6 
35 04 
20 L4 

10 W 
12 42 

; is ,w. 
14 13 
80 W 
- IS 06 
12 0^ 
16 U> 
48 1A 
12 2.9 
30 1J 
20 OA 
40 L2 

11 22 
= .15 t9- 

30 tOB 
■ 10 AM 

11 LO 

12 1.7 
10 3.4 
10 3.9 

.20 1.1 




»**edu- — 

^etaptu li — — — 
-*t*y r u*im *• 
Vrii Mnentwv-.. 

5501 L„~~ W 8| 
260 (-—■ & 5.4 
5 77 I— I 48 8Jf 
•’. 94 jr+5 ■ - 7 . 
182 J-4 5.8 

M4 rfS 14 ] 5.7 

Pricn i + or I IHvjSid. 

”*■ — * 7 * 

Price ff ■+' |Dlv. 1 u 
Uiur — iwiai. 

+ Q.Kto.l2 8.46 
+ O.Ofl]d.l7 S.59 
.— id. 16 15.15 
+ 0JUII.12 6-32 
|U-20 8J9 

-a.eeo.i8 ms 

+ UJ)tfD^3 [5.64 
+ .iajO.Bu 2.76 
+ 0.07/0.13 T.3e 



A3IEV (FUQ).-^ 
Vairatank tFI^O) 
iV>uh OWmfF.IU 
K1BPVI& (M^y> — 

Ennis N.V.bestei 
UeuieV+niF J»j.. 
Huntei U.(P..UOl 
h-L.ll. (t .100)-. 
mi MuuertLu).... 
AasnJeu (F .Kn... 
.iul»i Irar,(Pi.lO 
.^eil MnlL-MPiXiCi 

D.* (Fl JO) 

Van Dm mere n-.. 
fhkhoed (PlJSS... 
Philips (PUiOJ— . 



Kunsuo (PlitJL~. 
Ratal DutcbfF i^j 


I'OSJO HaeJiirls.S 

uuumer (PijMl-. 
' ihineKes.InKSl 
"'whn'da Hms 

108 L b21 3.5 

23.4 + 0.4 — — 

3473U-0J AM.B 6.8 
79.9 -05 is44 5-fi 
73.7«t+0.1 23 M -6/1 
80.8, — 0.7 23 5.7 
106.61-0.2 70 6.6 
64.71 + 0.1 25 7.7 
373 ! + l 321 1.6 

137.0, — 0.5 3JL6 4 Jt 

62 1 94.E 5.6 

36.1- 22 6.0 

99.5!-0J 14 I 3.5 
23.6f— 0.4 (M.SfiJ 8.7 
8l.4|— 0.1 13 5.6 

127.4U1A - - 
30.91+ 1.6 18 .9.0 
36.31+U.3 10 2.9 
lOa.a+OJ 46.2 AM 
56^1 + 0.4 31 .7,6 
187 ! — 0.5 32 5^ 

152.0 234 AM 

151.0. 18 B.l 

55.7 -0.7 I 31 IV.B 
25.6+0.4 21 6^- 
72.0 —0.3 16 — 

1G9U1 —0.5 AZBt 8.0 1 
117 —0,5 - - 

150^—0-1 14 5.4 1 
128.9 — 0^ A80 7.7 

245 19 7.8 

136A-0.4 974 4.1 1 

106.0 30 -0-7 1 

119.1 +0S 1 AdlJ TJOl 
38.0+0.4 £0 1.3 1 

414.5 2.8 33 MJ9: 


' HIRES.. ., 
UCRft 31 - '• - 

Aogla .Antedcatf.CdrpiLiJf*; ■***. 

Cfcarfer OoqsaajjTred — 

Eaat Drfetomala,- r--. ■ . 

BMwrg ^ 4 -^ — n '■ 
Hamuny — «—■ 


foocf -+ — .’■£ 

ft. Helen*' — W-w 
South vwa J™ 

Gold FWU»-SA.'~~— .-:^5 
union. Corporation : 

De Beers. DeftsriSd;--- 

BlyvooniHzfdnF . 

East Band W. 

preside^. 3trtn “S 

StRAUHrifl Jw' 

WeSnun . ...’•«—■+* ^ . 

Wes ' DririWteafl , r— + 
Weatarn Holdings — ----- a a ■ 

Western Deep. -.- — 

-• hio wmilALS^ -J-r 


OotKr ..FteangFj -jja. . 

Edgan ' pmrtl toto t j®! 5 : _ ; 

Edgars £Uu<* ■■.■vr ,w T~"r *i«t . 
Brer S£4dy SA-..+ v" T w .' 

Greateoiiwis Sul ™; , "«A'i tSS - -' 
Guudlut -Asrorwua . 

i&dris; — "-rrr" "~. ' 

LTA, Vrf ; 

idcCaxUW. Rodwy. “r^T 1 TC . 
Nedsaxde ■ 

Pranler Miffing ■ 

Rand ^ . 

.BeartrB«K'Civu9:""‘T sst ■ 

Baico m 

Sag* HoWlnSS ; ;-ri"^‘“ Vr ,+Lt3- 
SAPPT - - + H r:U "— - ' -ftlft ~ • 
c. G. .-fSJS- - 

Sorsc •. US. 

sa^ -B tewtifc*; 'i&'Tsmerto* ■ 

■ftaH-jQPK V* fft "T. . JiW _ 


14 5.4 
LAW) 7.7 

l Prtar j + or Dir, YET 
»i«- 31 [Kronurf — - %. 4 . 

uw-iwi Uatia 91 1 9 ,9J 

orffanianj ... 52.5,— 1 - -4. 7.3 

-•nMItb&nk 106.5— 0^ 2JL 9.4 

1 tw- 272J,...„..u .20 - 7-3 

hrediLLas>«a — 104 + ‘ ll 10; 6 

-»«M 1 Hyrirofcr.K 166JB,-2.7S rl9 62, 
’sunotiffaml 87Jn-8^B 9 10+1 

April 1 1978 

" ,Jt *2%. 


19 (i 

Lasses at 
rise to 

Reduced net loss from | Vallourec 
Dutch shipbuilder the red 


bhilhelor AMSTERDAM. March 31. 

SIJN-Schelde-Verolme (RSVl anrt fioauu . nn j nAA . . — PARIS, March 31. 

sHSvrS sisSS 

stantlallv in rhp Sub " nearl - y Fls.lbn. and lhe state will other divisions. iSVr.Tc , r holdll,g company 

Manually in _ the red- Prospects acquire 40 nor rent nf rtu* nnm- ,, . . . , Dollfus Micg has slipped into 

for the traditional shipbuilding pany’s capital (Th 0 remaininc thI f c hM Se Mri CapaC1 y - evc I s i? thc rcd by n,ore 1118,1 ^s^On 1 - 

and repairing industries indicate aid will go to ivo oiheJ ihio £ sh, P blJ! ! din 3- repair and off; <€.5ra.j for 1977. while steel 

mmin«e” S,deral,le could >>""««»• “^Holland Va" ™5Sj,™b“o"" M."wi7™nti™2 mu SIS' «“ 

has therefore been forced YMpt'ork W Sd ?o “ profiM^976 o; 

To seek government aid in nrrior icw e T 3 , ? ° , up ‘ , ror a s needy decision on the Ev_e ail -, 

]“ “KffiEi th f bea d ithy Parl3 or SS^,™ Urin2 Uf lbC ,n ‘ DollVus will record a group 

nJt 1 T5ZJL"* in 3 Male - Pftred with 8 IW of Fls.73.lm. it had orders in hand worth I °P cratins *■■» for !•” of 
d/n,i nn P ^S® S t, pay i nsnod ! vl - ,he year berore. The net Joss about FIs 55b n ut iht- end ah °ux Frs - Tl0lH - ‘he same as 
FLO <? n nr !h! af . ter lf J?| l P a y ]n 3 afLer lax and participations was 1977— evcludin" repair contracts lhe prelious J’« ,ar - Bat net 
tJ. ^± re,in 1S75 - , Fls.49i6m. This compares with a but locludin- Kls lbn of orders ,osses w,n hp after 

* urrentl - v hold - net loss or Fls.34m. in 1976 and at its Brazilian vard ° Of this increases b the amount for 
and unions nwr *5 government a further Fls.30.lm. which were FlsJ.2i»n. had already been car- Provision and depreciation. 
p?au for SS^ Ct ^ n3 transferred to reserves as a pro- riod out leaving Kls.3.3bn . in- make* it unlikely that 

p u for the Dutch shipbuilding vision for reorganisation costs. eluding Flsj2.6bn. in Holland. fhere be a dividend for 

1977. For 1976 thc payout was 

" - — * Frs.4.50 gross. 

Amic lifts Aid for shipbuilders £ p S r “°3LT eIc ^ 

dividend as byjohnwaucer snmouuMa. ESgSrt'SzsrsZSS. 

ITALSIDER, . one . of Europe's 

MMbn_ tie prevl011s ,, 

+4 1 Pi~+ COmpfl J iy ’ s *eel Produc- 
tion. last year fell bv six u ertZnt 
Controlled by the sKJiS 
Ilalsidcr ^fl iSlVr 
' £££ ° SSeS by ***** on. 

Jflf ' September Italsider. 
#«*. : 1S , responsible for more 
ban half yf the steel made in 
Italy, put forward proposals for 

ESA7Sil b ““ pita] - Ir ™: 


Sf 1977 Wr S fDr . the half 
L300bn. ruflnmB at around 
. Steel production Last vear 
TetJ to 10.2m. tons com- 
pared to 10.85m. Turnover rose 
by 213 per cent, during the 12 
months, and depreciation moved 
up from Ll66bn. to L20Qbn. 



By Our Own Correspondent 

tar t T 7.YT-I - B OME. March 31. 

IN LINE with thc general trend 
in the Italian banking system, 
two of Italy's major banking 
institutions have reported a 
modest rise in profits. ~ 

: Credito Italiano, one of the 
four commercial banks controlled 
by the State IRI holding com- 
pany, posted a profit of LS.4bn 
f$10.3m.) last year compared to 
L7.9hn. in 1976. 

Cassa di Risparmio delle Pro- 
vj'ncie • Lombarde . (Cariplo), 
Italy's, largest savings bank, 
reported profits of L14.2bn. 
(SI7.4m.) last year against Lllbn. 
and an increase of more ih?m 
L2.000 in deposits. 


RIJN-Schelde-Verolme (rc 

AMSTERDAM, March 31. 

two major French companies — 
textile bolding company 
Dollfus Micg has slipped into 
thc red by more than Frs.30m. 

and uniems^over ^res^ruetunv' ? rur . thcr . F,s - 3 '°- In> - whi ‘* were jh.oSbn. tad“»iSSy been car- 

^ w.^’siaasi tom rsas^ 

Amic lifts 
dividend as 
profit dips 

Aid for shipbuilders 


STOCKHOLM, March 31. 

nrnf it rime: SVENSKA VARV. the Swedish owners whn place orders with P aled r ecovcry of Provision for 

** state-owned shipbuilding com- Swedish yards. p ^fiT incrc ? ses- 

B, Richard Rolf. pany. i.. to sc Kr.2 b n. ,S440m.. D tos"for tte lior Js F^“ n'.T^ SSt 

JOH.ANNESBLrRC, March 31. rj ,[ state aid 10 earry 11 lhr °ush flilure L . a p 3cilv of P the S Swedish datpd turnover is likely to 

ANGLO AMERICAN Industrial tt3e P resent financial crisis. shipbuilding ‘industrv. It is reach Frs.7.6bn. and cash flow 

Corporation fAMIC>, the indus- J n addiUon Kockums. the only expected that there wiil be some some Frs.l 20m. A payout of 
trial arm of the Anglo American. ma J° r private shipyard in thc capacity cuts and some redun- Frs.7.50 gross per share Is 
Mining group, reported lower CDUn try is to obtain a loan dancies in addition to the envisaged, 
earnings .after tax in 1977 des- amounting to Kr.340m. to relieve Eriksberg yard at Gothenburg. * * * 

pite a rise in turnover from O'* company’s liquidity problems, which is scheduled for closure. TIIOMSON-CSF has bought 
R3ISm. to R362m. (S420m.). Earn- Some Kr.250in. will also be Earlier this month it was back the Pcehincv Ugine 
ings per share declined front ma ue available by the Govern- reported in Stockholm that Kuhlmanns holding’ in LTT. 
160c to 15le. but the dividend n } enl for Die development of Svesmsku Varv had incurred a Following various regrouping 
was raised from 65c to 70c. alternative projects in the large loss for 1977 of Kr.2.26bn„ or operations. Thomson-CSFs 
AMIC is essentially a holding >' ards - there are to be credit some S470m. The company did lRIT subsidiap now holds 75 
company, with a R65m. portfolio «» uara nlecs ror Swedish ship- not deny the reports. per cpnt . Q f LTT's capital. The 

of quoted investments and, more 
important, four main operating 
subsidiaries, engaged in 
engineering, mining, tools and 
timber. The largest of these. 
Boart International, made a 

Marrickville turns in a loss 


SYDNEY. March 31. 

The FirstViking 
Commodity Trusts 

Commodify OFFER 38.7 
Trust BID 36.8 

Double OFFER 83.0 
Option Trust BID 79.0 

Commodity & General 

Management Co Ltd 

8 St George’s Street 
Douglas Isle of Man 
Tel:. 0624 4682 

THOMSON-CS F has bought 
back the Pcchincy Ugine 
Kithlmann's holding in LTT. 
Following various regrouping 
operations. Thomson-CSFs 
LMT subsidiary now holds 75 
per cent, of LTT\ capital. Thc 
remaining 25 per cent is con- 
trolled by the TAG group. 

Thomson-CSF claims that 
this gives if a pre-eminent 
position in the field nr trans- 
mission s> stems. LTT’s tele- 
phone cables and line equip- 
ment will supplement the com- 
pany’s calaloouc of transmis- 
sion equipment Tor microwave 

Through its holding in LMT 
and Ericsson France, and Us 
enntrolHn® interest in LTT. 

H1 ?^ rn Rn net pr ° fit r !a ^ . ye ? r : MARRICKVILLE Holdings, the Board control there was a w'hole- phone cables and line cquip- 
nearly oU per cent, oi wmcn was f 00c j group in which there was sale re-organ isa lion involving ment will supplement the com- 
ouisule Alma, and contriDuted ;| rccen t change in control, has staff retrenchments, sale of some pany’s caialocue of iransniis- 
over 40 per cent. oE AMLLs pro- declared SA3.1m. tSU.S.3.4m.) assets, and a vigorous price sion equipment Tor microwave 

at fr , ... ... _ loss in the December half, com- cutting war in the margarine links. 

bcaw Metals, wnicn nice Boart pared with a SA461.000 profit in activities. The new Marrickville Through its holding in LMT 
is unquoted, made R16m. net last ^ g ret jj a jf 0 f 1976-77. Board said the results for the and Ericsson France, and Us 

year out 01 its activities manu- Marrickville was the centre of latest six months oartly reflected i-nnuroUin" interest I11 LTT. 
lactunng rolling stock, steel pro- a controversial struggle late last the difficult market conditions Thomson-CSF savs it will rank 
aucts and grinding media for y ear w hen Southern Packers, a experienced in the fats and oils a $ one of lhe leading inter- 
S 1 e .v n i? 1D 4® u cei ^ e °}- ■ ustry ’ com P an y controlled by several and grocerv divisions. natioiialeontenderslmbetele- 

Melbourne businessmen, picked A significant factor was the communications market. 

nto losses,, ma m y because of up j ust over 50 per cent of writing back of SA1.94m. of 

the ■ deci uung volume of residen- Marrickvi lie’s capital through future income tax benefits 

.* dJn 8* ‘ sharemarket purchases, foiling because Marrickville was in a tax UllCrff gTOWth 

The investment portfolio in- the prospect* of bids for the loss situation and cannot there- wwucciri .2 o, 

eludes important stakes in High- en ti re capital by other Interested fore satisfy the “ virtual cer- BRUSSELS. MarcJi 3L 

we d * J?* •*,* Ulc construction parties, including the Sime Darby taintv ” test in relation to the UNERG, the Belgian power 
group LTA, Stewarts and Lloyds, group. bcn#ifits. and gas company, reports 1977 

the^ sugar group Tongaat and Although Southern Packers The trading Iocs for the half net profit of B.Frs.l.49bn„ up 
motor traders McCarthy Group. agreeti to extend an offer to year was SAUm., despite a from B.Frs.l.3bn. in 1976 when 

1 remaining holders within six slight increase in f*rouo sales thc utility was created through 

WARDGATE COM modity months, the episode was one of from SA48.5m. ($US55.5m.) to the merger of Esmalux. UCE 


K 3 tic Mirch 1978 £10.01 -Cl 0.42 
P.O. Box 73 
Sc. Hell*f. Jenejr 
0534-20591 f 3 

- Next derlmei 28cli Ap/il 1978 

several atound that time which $A49.2m. 

have prompted the State govern- Apart from the declared loss, gaz SA. 

Linalux-Uainaul and Electro- 

ments and stock exchanges to Marrickville made a capital profit Announcing the results, 
tighten up the existing rules on of SA2.44m. from the calr of its Unerg's Board said it is propos- 
takeovers. pet food division to Spillers of ing a net dividend of B.Frs.112 

After Southern Packers took the U.K. per share. 


Laenderbank decides on 
ABECOR membership 


Jbank. one of Austria’s “Big 
Three " reports at 12.3 per cent. 

■ rise in its consolidated baJance- 
i sheet to Scb.73.6bn. (about 
I U.S.S5.04bn.L 

I Announcing this. Dr. Wolfgang 
Erndl. chairman of the Board 
and Director-General, revealed 
that the bank has decided to 
move from associated status to 

I Full membership in the inter- 
1 national ABERCOR banking 
i group, which also includes Bar- 
clays and a number of leading 
i banks in other European coun- 
tries. A formal decision will be 
1 announced by the steering com- 
! mi t tee of ABECOR next month. 

| Including affiliated institutes 
I such as OCI, a provincial bank 

and hire-purchase institutes, the 
Laenderbank group, as a whole, 
had total assets to the tune of 
Sch.92bn. in 1977 as against 
SchJ82bn. a year earlier. An un- 
changed dividend of 10 per cenL 
Is announced. 

Gross cash flow was down from 
S eh .542m. to Sch.530m. last year. 

The Laenderbank group oner 
ates ISO branch offices in Austria 
and the opening of a further 40 
branches are planned. Turning 
to foreign activities. Dr. . Erndl 
revealed that the share of foreign 
business bas risen from 26.1 per 
cent of the balance-sheet in 1976 
to 29.4 per cent, in 1977. 

He added that saving deposits 
of the bank were un by 72 per 
cent, to Sch.16.3bn. Laenderbank 

VIENNA. March 30. 

bond issues were up Sch.l.4bB< 
to Sch.3.6bn. As a result of the 
credit squeeze. commercial* 
credits expanded only by 14.6 per 
cent, to Sch.36.9bn. compared tt> ; 
a growth rate of 24.7 per cent 
a year earlier. 

Turning to the industrial hold- 
ings of the group. Dr. Erndl said 
that Lenzing. the man-made fibre 
producer with turnover of 
Sch.2.5bn., Is faced with probable 
losses of Sch.l40m. this year 
after Sch.50m. in 1977. Perl-) 
mooser, the cement producer, is, 
likely to repeat its dividend of 
11 per cent, for 1977. The 
Laenderbank has recently in- 
creased its holding from 60 per, 
cent, to 95 per cent of Stuag j 
Building Company. 

Pan Am problem 
‘not over’ 

NEW YORK, March 31. 
wayss problems are not yet 
lover and the company is still 
carrying a heavy debt load, the 
chairman Mr. William T. Sea- 
well said. 

In the annual report, he said 
the company is negotiating with 
lenders and banks to amend 
institutional loan agreements 
land its secured credit agree- 
ImenL There will be no change 
:in interest rates but repayment 
J of institutional debt will be 
jacreleraled by £5.5m. a year. 

; The company expects many 
) restrictive financial covenants 
;will be removed, certain mort- 
gaged assets will be removed 
Ifrom lien and a portion of pro-, 
ceeds From sale of aircraft will ' 
no longer be applied to reduce! 
institutional debt. | 

At end-1977 Pan Am’s long- 
term debt totalled S755.55m. 
against S727.3m. the year before. I 

Debts due within a year 
totalled 329.63m. against S25.87m. 
in 1977. 

The company said it has to 
repay S35.32m. in 1979 and some 
S32m. each year thereafter until 

In 1977, the company made a 
net profit of $45m., its second 
successive annual profit after 
seven years of losses. 

Mr. Seawell said it would be a 
mistake to think the company's 
problems are over. Competition 
continues to increase on many 
routes and fare structures are 
changing, he said. Pan Am con- 
tinues to curtail its charter 

In addition the company can- 
not be certain what the govern- 
ment will do. nor can it always 
accurately predict economic 
activity, he said. 

Lockheed clarifies 
earnings projection 

its annual report projection of 
lower operating earnings for 
197S does rot mean that total 
earnings will be lower, but the 
company predicted a poor first 

Lockheed, In a statement last 
night clarifying the projection 
made earlier yesterday, said total 
earnings this year are expected 
to include an extra-ordinary gain 
from the sale of Hollywood- 
Burbank Airport. 

Therefore, total 197S earnings 
■will be “ fairly comparable *’ with 
last year. 

BURBANK, March 3L , 

In its 10K annua) filing with 
the Securities and Exchange ; 
Commission, included as a 
supplement to the annual report, 1 ! 
Lockheed said earnings for the ! 
first quarter will be substantially 1 , 
reduced by the effect of the aero- 
space workers’ strike on near- 
term aircraft delivery schedules. 

That strike, in last year’s 
fourth quarter, adversely affected 
3977 earnings of Lockheed’s 
major operating companies. 

Lockheed said production rates 
now arc being accelerated to 
recover delivery schedules. 

Shareholder critics 

resolutions at the April-May 
annual stockholders’ meetings 
that have little to do with profit 
or stock market performance, 
but not as many as they did in 
the past 

The Investor Responsibility 
Research -Center in* Washington, 
which monitors public policy 
issues, thinks that by its last 
count, 122 resolutions are 
appearing on the proxy state- 
ments of 9S corporations this 
year, down from the 170. resolu- 
tions filed against 121 companies 
last year. 

As usual, religious groups are 
leading the way. The Premon- 
stratensian Fathers, a Roman 
Catholic order based in De Pere, 
Wisconsin, is joining 17 other 
church denominations in asking 
American Home Products to 

BOSTON, March 31. . 

establish a committee to review 
the company’s marketing of in-' 
fant formulas. The churches' 
contend that especially in Third 
World countries, the formula is, 
being sold to low-income mothers 
who are just as well off breast, 
feeding their children. Other 
church groups are filing a resolu- 
tion asking Carnation Company 
to report on its marketing prac- 
tices for infant formula. 

Resolutions on perquisites and 
loans have been filed with Bank- 
America Corporation, Citicorp, 
Manufacturers Hanover Corpora- 
tion, J. P. Morgan and National 
Bank of Georgia. At most other 
companies, the issue of execu- 
tive perquisites is expected to 
add fireworks to the question 
periods that usually come after 
the stockholder meetings have, 
considered the formal resol u-' 
tions on the proxy statements. 

COMMDDITtES/Review of the week 

Zambian sales cut lifts copper 


COPPER PRICES were boosted t 
to the highest level since last i 
July this week when Zambia ' 
announced it was cutting back 1 
sales on its long-term supply 
contracts by 35 per cent, effec- i 
live from May shipments. It t 
blamed transport and production 1 
problems for the decision. i 

It is known that some 50,000 ] 
tonnes of Zambian copper is held 
*up at the port of Dar es Salaam, 1 
and there have been equally 
serious delays affecting imports 
of machinery and materials for 
the mines. 

.In fact, the 15 per cent, farce 
majeuve declaration by Zambia 
was somewhat less than the 
market had been anticipating for 
some time. It was thought that 
a cut of up to 25 per cent, might 
be necessary. 

However, a firm undertone was 
given to the market by the 
renewed currency uncertainties; 
a strike at the Hoboken Olen 
refinery in Belgium; and a rise 
in the U.S. domestic copper price. 

* News that Duval Mining, a 1 
medium-sized tf-S. producer, had ; 
nut up its domestic price from i 
60 to 65 cents a lb. gave a sharp < 
boost to the London Metal t 
Exchange when it re-opened after 
the Easter holiday. Later other 
U.S. producers decided to lift i 
their prices to 64 cents. I 

A small rise in London Metal t 
Exchange warehouse stocks— 
after nine consecutive weekly j 
falls— is forecast, and the mar- i 
ket is still waiting to see whether j 
Chile will agree to cut its produc- - 
tion in line with Zambia, Zaire i 
and Peru. * 

There is also some caution d 

after a rise of nearly £100 in the 
past month. Last night cash 
w.. rebars closed £23.25 up at 
£702.5 a tonne. 

■'Lead and zinc followed the 
upward trend in copper. How- 
ever zinc was given a further 
boost by news of more produc- 
tion cutbacks by leading 
European smelters. It is felt 


240— CASH METAL , Hi 

1 977I i : W78. 1~~ 

“U g^jp Qc; Mew Oac Jan Ffb Mar 

that there is common agreement 
among producers to make a 
serious, concerted, effort to re- 
duce surplus stocks by cutting 
output significantly. . . 

Tin prices were higiicr on 
“hedge" buying following re- 
newed currency fears, which also 
gave a sharp rise to silver and 
other precious metals yesterday. 

A new wave Qf speculative 
buying- boosted London cocoa 
futures values by over £100 on 
Tuesday but this was followed by 
an equally dramatic ' bear 
reaction which pushed the May 
position down to £1.995 a tonne 
at one time on Thursday. 

This fall prompted another 
swing of the see-saw and by yes- 
terday lunchtime May cocoa was 
quoted at £2.150 a tonne. But 
once again the market reacted 
sharply and by the close the 
price had slipped to £2,058 a 
tonne, up £74 on the week. 

In the absence of any signifi- 
cant fundamental news dealers 
attributed most 0/ these move- 
ments to technical factors, par- 
ticularly the decline in the value 
of sterling. Russian price-fixa- 
tion. higher U.K. cocoa bean im- 
ports and scattered U.K. manu- 
facturer buying were other 
factors heloing to boost the 
market. Yesterday’s late fall was 
blamed chiefly on profit-taking. 

A similar rise in London 
coffee futures prices was also 
generally attributed to technical 
factors. Dealers said “bullish" 
chart indications were mainly 
resr-.nsib]e for the rise, which 
lifted May coffee by £75.5 on the 
week to £1.454.5 a tonne. 

The recent rise in sugar 
values continued with the 
London daily price climbing to 
£103 a tonne but this was trim- 
med back to £102 yesterday for 
a rise on the week of £4. 

There was little fundamental 
news to affect prices, which were 
mainly influenced by chart indi- 

At the EEC export tender 
35.000 tonnes of whites and 5.000 
tonnes of raws were authorised, 
for export at slightly lower re- 
bates than last week. But this 
was broadly in line with market 
expectations and had little effect 
on prices.. 


Lnleat i 

I inlceu ICh'ue j 
•i*r lounc ( i'i» .• 
unleva jwwk i 
I BUttwl | 

J Latetl 



per tvttlie 

nn i 
week ; 


■R IJ 

High l Iaw 

. ^iloA Bed Spring-i ££»-60 
Am. Haiti 1 

Winter.... 1 1 J 
Kng. Milling (new crop) “ 


Pflwwr. White.,.. 82-90° hSO.v 

SSTl!.—.. S2.WS * lfl0 - 


Coeoout(PhUipTm) »g° T, 

Un*ed, Crude — 

ftim Malaysia. 8& 70 + “*° 

£100 j £W 
£4.6001 £*£ 00 

Beads ' 

SqyHtmu (O.S.J.— 

S422.6 -72S 
ftPKS — f-60 

Other . , 

GOamwrtiea „ llV , 
Lena* {Shipments-.] 

i*Fi4.0 • £2,K* 

3SKK.. ! j irSIb 'LtSSb-'wjsw 

Obffea Future* lUy, flfi S&.-. 69-^*-! 

Oottun Index i , 4 mrw I £7»'| 

saS5 W<*. 
8301.9 63a* 

, 13.155 i 



£85.5 Aluminium..-- •' 


• Anlunooj i99.tiv-- 

£W Free Market i98j35i 

£4^00 CafffwireUnre.— 
S2,E£0 3 mills Du. Do.— 

ci 97b Ca«b C*atbt»lra—— 

j niuDi b Du——" 

5632.6 Golil per « ■ 

£687 LeadCaxliJ 

S2bd J months 4 

•US3 Mlrhcl — 

Free MarkeU-.i.UW. 
Platiuntn tier tw. .. 

5372.6 Five iter ket per at* 

£»*0 - i 

. SKtfwa) — I 51033-50 

.1 £1.826 - I 

i!g2,2lfl-Zaa — ,83060-100 

J £702.5 1+35-351 £8ft*.b 

: ilK® I 

j saw 
I £1.926 I 
] 5£:,222.S| 

£715.25 1+23.! 
£694 kZS£ 
£707 J5 +33-’ 
£3 IB WL 
£3223 w\o: 

1-23.6 falO.76 
Zhte £676 

33.75 £9UIJ> 
h 4.26 5149-125 
lift £378 JH 

10.76 £389.5 

£612 1 

£624.76 , 
£tffc.o I • 
S 166. 125 


’’ "ft- CosniiL 



Sign Pori ..— 

,®5i aSfcSL— .....j 


•^JUoenMo- 1 ! 

«a (quality! kHo...| 
' ' (Plata). Iain: ! 

£645 I - 
a#oa I — 
48.&P 1+0^5 

£1*7 “ 

«2D|«0 +2.0 
£JU2 +* . 
£1?2 ’ — 
i — 
t — 

£750 1 
SuyO I S437 
49p to-bf 
£190 1:117 


j-n* • £9* 

£iso ! fVi 2 

Q„lcV«l' ®r (78|t»..7 

S'iher iieriw 

3 munllia ]# tM - 

Till ensli 

i iiuiulli? [ 

Wiilfmm i22.04 lh.K, 


j in, .mil" 

Pn»li«ew 1 


Grains • 

Itarie.t kM 

Home Fiilurt * | 

Mal/e *■*! 

51A2.04 - 

Ail 17-50 1+3 

f £120.75 1+5.1 I 

I S!30-55 1 + 2.0 
287-Kjp I+8J3 
29£.fi&p J+8.8 
I £5.882.0 1+76.0 
I £5,W1 j+ttlAJ 

; S 14743 1 + 1.0 
I ££90.25 !+ 13.75 
! £294^5 1+15.0 

; *®o i - 





S 165-170 I 






I COPPER— Recovered on the London 
Metal Exchange aficr early fonvard 
I prices or £716 to 1720 had been cut to 
mu by a hedge selling and a reaction 
1 10 Thursday's rise. Bui praleclive U.S. 
buyliiB linked 10 thc dollar's weakness 
and the trade deficit pushed the onto 10 
£7 is before lhe hlcncr pound led to a dose 
on the Kerb of 1716. The act sain on the 
week was £2X5. Turnover, 8U.175 tonnes. 

u n KK | CDical | - j L-DnflbiBl i - 

. 1 * 1 * 1 t r £ 

Wirebars , ! 

U*aJi : 696 -.5 '-14JS 702 3 -1.5 

i ■■■•nit J in.. 709.5 10.5-16.25 718.5-9 |-2J 

Sen I'm' in; 696.5 —14.5 — 1 

Cathodes-] ! 

Civic. ; 666.5-7 -14 1693.5-4.5 I— .5 

i mull Urn.. 700 J-l 15 : 707 8 '—1.5 

Setil'rii'iit! 687 ;-14 i — I 

U.3..dint.., _ — - 1 6 1.5-65 J 

Amalgamated Metal Tradlnp reported 
thai in lhe niorrune eash vn rebars traded 
at r696 . 96J. three months £714. 13.5. 13. 
IX 11. 10. I7UB. B.o. 10. Cathodes, eash 
16S7. three months £700.5. Kerb: Wircbars. 
three months 1709.5, 9. H, 8.5. 9. 0.5. 
Afternoon: Wirehars. three months £713. 
12. 12.5. 13. 14, 15. IS. 16.5. IS. 17. IS. 17.. 
lfi.5. Vi. Kerb: Wire-bars, three months 
i £718. 1S.5. 17. 

TIN— Little changed on balance alt hunch 
Forward racial tell Initially from 15.590 to 
15.365 in line with copper. Heavy borrow- 
ins or cash steadied lhe market to £5.S90 
and the close on the .Kerb was £9.579. after 
the pound had sained ground. Tlie net 
gain on the rack was £91. Turnover. 
1.939 tonnes. 

I n. in. |+ or 1 't4<'r 

orri.-uU j — i L'in-iffieiai | — 

High Grade £ £ j £ I £ 

t^3i_ 5870-5 6BB0-6 4-15 

4 trumrhs. 5866-80 -14.5 5882-7 +7 

Semtui'i. 5875 — 


ChsIi 5870*5 5880-5 Y 1S 

6 iiKKitli-' . 5865-75;— 7.5 5880-2 +B.5 

Sectlein't. 5875 I — 

aintit* K.. 151519 U9 — 

New York _ — _ — 

Morning: Standard, eash £3.563. 69. 70. 
three months X5.5W. 70. Kerb: Standard, 
-three months £5.870. Afternoon: Standard, 
cash 13.450. three months XojSO. SO, 55. 
Kerb: Standard, three months £5.b73. 

LEAD— Moved higher arter early falls 
when protii-iaklns and the irend in t-opper 
look three months from nil to £315. A 
steadier irepd emerged in the adernouii 
as all m artels recovered and the close on 
lhe Kerb wan £321. The net gain ou thc 
week was £10.75. Turnover. 52150 tonuea. 

! s. Ill, 1+W; ;+ or 
Lb'.Ml. I Ulfteim , — , l ; Dulfiaall -* 

hi-tt'lni'iilj 311.75 .'-6.2§f — : 

Ljd. 5|a«-.| '• j 33 ' 

Mariititc : Cash £311.3. three months CIS. 
17. lo.5. 15. IS. 15 jS. Kerb: Three nionUis 
£113. 16- Afternoon: Three tuoDlhs £317, 
17.5. IS. Ii.5, 20. 21, S!J5. 23, 22.5. 

Kerb: Three months £22. 23. 22, 21. 

ZINC— LIUlc changed despite u mdcplna 
coDtanco as the market moved with the 
trend in lead and copper. Forward racial 
started at £290, touched £2S5 and closed on 
the Kerb at EM . Thc net pain on the 
week was £15. Turnover, 5,850 tonnes. 

[ a.m. |-|- or[ p-m. i+ <»■ 
-ZINC- OITietal — lUnoBldai — 


Silver was hxed 5.7p an outac hishcr 
for spot delivery in the London bullion 
mart.-l yesterday, at -'S7.03p. l ! .S. cent 
eiiuivalenis or the tixlng levels were: 
spot 534.5c. up 3J3c: three-month 543.1c. 
up 4.Se: six-month 553.7c, up 3.2e: and 
12-monih .777.1c. up The metal 
ouc-m-d at> ijJ2J-o34ci and 
closed ai 2921-2331 p i5tfMk>. 


' Biniion 


\ I.SI.Ii. i+..r 


, fixiliK 1 

d»e i — 

t my ,*a. 

; pni-ing ] 


DarP Northern Spring No. 2. 14 per cent., 
transhlomeiit East Coast. Rest unquoted. 

Maize: U.S. -French »P0I D04.50. April 
£103.09. 31 ay £104215 transhipment East 
Coast sellers. African Yellow May £76.50 
uu»ied. Re"t unquoted. 

Barley: Kenya Grade 3 June-July 
5122.50 quoted fob. Rest unquoted. 

H GCA— Location ex-farm spot prices: 
Feed barley: Kent £72.80. Lancashire 

The U.K. monetary coefficient for lhe 
M-t-(k bi-clnnlns April 3 will remain 


| 2S7.95p '+6.7 Z90.4p I- 4.S 

3 iiiuntli-r.. E32.65p l +5.6' B95.5p +5.15 

Fniuntli^.. ' 2yB.B5.. +6.05 — 

l2ifi..nihr.:312.Z5t- +B.S5 1 - 

LME— Turnover 193 1 192 ■ lots t>r lu.OM 
nimns Murnuia-. Three month:, 'JVi, '1— - 

3.4. 3. 3i. 3.X 3.1. Kerbs: Three mnmhs 
2932.'. 93J. Afternoon: Three months 
293.1. 90, 95.5. 5.0. 5.8. 96. 95.S. X9. «. 
5 9, 5.S. 5.U. Kerbs: Three months 296. 

6.5. 7.3. 7.4. G.7. H.o. 621. 6.3. 6. 

UNCERTAIN opening on the Uindon 
physical market. Ouiet thruushout the 
day. closing sllchtly caster. Leins and 
Peat report that thc Malaysia podown 
price was 204 t samci cents a kilo (buyer, 

1 ; Ye*!e»,lay'* Frevtuus £ii»U>ea» 
h.o'.^. i i-liiMf ; ehw done 


As spot March cxpin-d in art orderly 
manner, heavy long liquidation pushed 
prices sharply down from the hiihs lo 
dose n ii h link- net change on the day, 
reports UiU ai:d DuQus. _ _ 

ti-ii-i-i,, ,. t >«■ Uir-nieo 

Mbv....! 48.75-5O.O0- 
June....' 4B.25-50.5a 
■li»--^e|... 50,70-60.96 
U'-i-Uc . 52.20-52.25 
I b ii- M r.' 65.BO-55.95 
A|i--4in-. 55^0-55.40 
Jiv-s'ei>-i 56.80-59.90 
t.M-Lto-: 58.15-58.20 

49.DO-4B.75 — 

•?3.4ffl-50.15l - 

50.96-51 JlBl 51.10 
62. 4 5-62.5 ft 52.80-52^0 
64. DO-64. ][+ 54.40-55.90 
55.50-55.BDi 1 65.70 

68.95-57.00l BG.B0-5B.7b 
58.25-58.501 59.40-58.15 

L'Ol-( • A 


j — 

I Lli-iie 

N«. 5 Cm r 






2150.0 £055 


.. to65.071.fl 

-25.0 L6& 

.. 1910.015.0 



..114 1.044.0 

— 5J.0 

1540.0 1640 

ALiivIi .. . 

.. I7B0.O-BS.O 

— 67.S 



.. IBOO.01795 


1825.0- 1815 

Sales: 5. 

,206 >6.106; 

lots of 

10 lonncs. 


R0RU5TAS traded in a Kahl ranee fur 
must ul a quiet day. Dn-sel Burnham 
Lambert rcporis. After threaleainp lu 
break downwards in laic murnlny, values 
steadied in lhe altern<>un due to lasi- 
minuie shori-euvcrinp tn thc spot March 
pusiifun. At an Irregular close lhe 
market was about unctaaused on the 



i + of 

j Unilinear 

£ i*t tonne ' 



f 1500 1432 




1 14501430 



15S5 1M9 

?n;|«tpiii)H'i .. 


+ 6.5 

■1344 1310 



.1621 1294 






+ 14.5 


51.97 51.3G- 

£ LI 7.3 £95 

£L»JO £96.4 

5132.5 S125.5 

aSSj. 2b0p 

£6.43a £5.766 

! 5172.& ^ 142.5 

oxi a Icsstca 

£295.75 £257.75 
5600 $550 


- wonUnpi^B Warp. | ZfOp kiln. 1 t 

m 3? S&H 

£77.90 +1.15 

£104. h> +3 

Cash- I £ £ 

{ 285-. 5 1-1.75 290 . S M-* 6 
£ hi.. 290 .5 ,-.25 89A-.5 i+3.6 

ifmcnl 285.5 ^2 - | 

Prni.Wcsij - ‘ I 29 i ... . 

•Ceniit per pound. . TOn previous 
unnilli'iat clwn* r SM ner uieul 

Morinn-j: Cash ca». thr« ntoiutts £290. 
sn. Mi. 3. uit. Kerb: Three months EMU, S9. 
SK.5 Afltrnuon: Three months £192. 93, 
W. JK5, B.7.5, M, 95, 94.5. Kerb: Three 

mouths EH. 95, 94- 


LONDON PALM OIL— Uloslim: April 
Xffl.ufl--I3tl 06. Mnv. June. July. Aug. all 
3U9.0D-4I3D Oil, Kepi. LWI.IHMDO. W, Ufl. 
390.80-tl0.tHl. Nov. 2H0.D0-315.U0, DuC- 
I 3s0.00-3lu.Q0. Sales, OIL 

Salrv i.J49 ' 3TB07 '« lois'of 'j timnch. 

ICO Indicator prices fur .Uarcfi 30 iU.S. 
cent.-, per pound •: (>ilumbi:<n Mild 
Arablcas -ws.dfr- -- uo washed 

.\rabiL'a+ IGti.Ou isainec -other mild 
Am busts 179.57 tsainet; HttbuMas 154.00 
i133.30i. Daily average 16T-.N4 il67.IWi. 

ARABICAS Were quietly liesllam. 
reports Drexcl Burnham Lambert. At 
the clii<e valuer, were ab>.ui unchannOd 
from thc previous day's levels witli bulb 
dealer interest showing. 

PRICES i in order buyer, seller, chance, 
business,— April 204 .00-07 .OU. +1.73. 

304.00; June I77.73-7S.25. — 0.SS. 179.U0- 

77.00; A U£. HS0IM3.30. —1.10. lfcS.00-67.00: 
Oct. 133.S0-5d.IW. -2.38. i57.U0^5jO: Dee. 
llS.IMWe.00. -1.75, Feb. 

14U.UIM3.0a, -‘-OjO. nil; April 135.aiHU.00. 
same. tul. Saicj: 13 i lftt lots of 172150 


market opened M-23 points higher un 
old crops with further good country hu>- 
Inc forcing values up by 40-30 poinlS 
despite ginid speculative and commercial 
profit- taklnc. There . has been Rood 
demand again Tor spot material. New 
crons were generally neglecled but closed 
steady between I6-+5 higher, Adi reports. 

Sales: ITU '2iS' I»ts «-f 15 tonnes. 

Physical closing prices < buyer i were: 
4S.3p iJf.Ta,; May 49.5p 1 49.73 1 ; June 
50p 1 49.01. 


A'nirnla.v + «■,' ; Huvinesa 
IW — j Dune 


A, tiI Il2 1.00-24.0 *0.15 122J0-22.00 

June - 123.00-23.5 + 1.85 ' 124.50- 20 JD 

A uk, lsI 123J1B-2S.S +1.35 Il24.50-19.60 

Ik-loUr 119.0-121.7 +1.30 M21.50-1B.60 

December ...’IW-WHS-O+tAO .It6.00-16A0 

Fef.ruarv 115.00-17.0 1 1E.S0 

April : 1 15 .00- 19-5 +0-75 1 - 


LONDON DAILY PRICE for raw sugar 
£102 i neat a tonne ctf far April-May ship- 
ment. White sugar dally price was fixed 
ai £106 t same •. 

The market was 100 pdoLs easier 
initially and remained fairly depressed 
until nnd-ultcnwon when a combination 
at arbitrage buying and currency un- 
certainties snarkud off a rally which gave 
final quota Lions small nett gains, reports 

C. Czarniko w. 

.r<iU!nr | I j 

I’rel. IVeBientayV Prevloui Rnsiuess 
O'lmit. I’liwt I Cltihe • Dfilio 

£ per Itumu 

.11 ay. ... 105.25 4)5.40 100.55-06. 60 106.75 -04.25 
Aiil;.... 110.00-10. 10M 1 1.50- 1 1.70:1 11. 50-09.00 

IU1 - 1 1S.2IL 1 14.60- 14.75 1 14.25-12. 15 

LH.t, 1 1 6J5-16.50‘1 17.75- 15.001 17.50-15.50 

Man-b . 122.50-22.55 124.50-24.40 132.75-21.25 
May. ... 1 25 .50-25 .75' 127.00-27 .05 1 25.75-24 .75 
Ail".. .. 128. 10-28.50, 129.75-30.00 127.25 

Sales: 1.962 <1.7561 lots at 50 lunm-s. 

Tale and Lyle M-refinery price fnr 
granulated ba^s wlnte sugar was £242.00 
■ Sainu: ■ a mn fur Iwmc trade and £162.00 
<£!Im. 00< for expert. 

international Sugar Agreement: Indica- 
tor pnccs 'L\S. cents per pound, fob and 
stowed Caribbeao pom for March no: 
Dolly 7.S1 iTJOt; 15-day average 7.57 
1 7.5$ ». 


LONDON— Dnll and featureless, reports 
Eacbe {falser Sraan, 


MEAT COMMISSION— -Wcrase faistock 
prices at representative markets on 
March 31. CB canto ST.SGu per ka.l.w.; 
U.K. sheep 13S.3p per ks. rt.dcw.: 
OB pigs 61. Ip per kg. I.w. England and 
Wales: Cattle, average price ST.Mp: 
Sheep, average price 133.1p: Pig 1 ., 
averse? price 61 . Ip. Scatland: Cattle 
numbers up 41.J per cent., averaac price 
60.13 d t + l.76i: Sheen up 32.0 per cent.. 
isa.3p I+3JI. 

No England and Wales number or price 
changes available due to thc holiday last 

CO VENT CARDEN— ( Prices in sterling 
pc package except where otherwise 
staled >. Imparted produce: Oranges— 
SpanJa: Navels 3-20-3.60. Bloods 2.00-2.30: 
Cyprus: Valencia lanes 15 talot 3.40-3.60; 
Jaffa: Shamouii 3.65-4.03; Egyptian: 

Valencia Lares 2.60; Moroccan: 2.7M.20. 
Lcmcru — IvaUan: toe 020' s s.oo-s.w. 

Cyprus: 2.404L2O; Spanla: ?.60-*S0. 
Grapefruit— Cyprus: 15 kilos 2.30-2.60: 20 
kilos 3.004.40; Jaffa; 20 kilos 3.00-3.73. 
Apples— French: Golden Delicious ?0-!b 
M's 3.40-2.70, 72's 3. 7041. 00 : 40-lb 3.40^.00. 
Cranny Smillt 20-lb Cat. If- 1 JS0-2.10. Gol- 
den Delicious, jumble pack- Per lb 0.11- 
0.13; Italian: Rome Bcauiy. per lb 0.14. 
Golden' Delicious ' OJl-O.14; U.S.: Red 

Delicious 7.6n-SJM). Uacintoah 7J0-7XQ: 

S. .\frican: Dunn's 6.00. Jonathan 7.30. 
Starting Delicious 7.30: Danish: Spartans 
per lb 0.10: Chilean: Granny Smith 7.R0- 
6.00. Pears— 5. African: Williams Bon 
Chmlcn 6.20 j Italian. Passtcrassane 
Trays 15/M>Ib 1.60-1.70: Dutch: Conrer- 
enoe per lb 0.14; Chilean: Anjou 7.00. 
PackJbam's T.00: Argon line: PartJtam's 
Triumph 7.00. Plump— S. African: Golden 
King /Song Old per lb 0.43+1.50. Bananas — 
Jamaican: per lb 0.15-0.18. Melons — 
Chilean: White 3.00, Green 6.00; S. 
African: White 3.00. Avocados: Israeli: 
Has 16^24's 3J263.34: Kenva: Fuenc 
14 'SVs 7JHM.00: S. African: Fucrtc 4J!0- 
4 JO. Strawberries— Israeli: 0 40: Cab- 
fornlan: 0.90: Spanish: 0.40. 

English Produce; Potataos — per 36-lb. 
Whltes/Reds 1.60-L90. Lettuce: per 12’S 
1.10-1:20. Beetroots-, per 26-lb 0 90-1.00 
5praiiU; per lb D.1D-0.12. Turnips: per 
2S-1b 8.96. Carrots: per baa 0.70-1.20. 
Parsnips: per 26-Ib 1J20. anioni: per 36-lb 
1.40-LSD. Swedes— per 28-Ib n. 4541.58. 
Rhubarb: per lb. outdoor 0.UMI.14. 
Cucumbers: per tray UWs 1.BW.40. 
Mushrooms: per 1b 0.45dii0. Apples: per 
Di ErainWs D. 12-0. IS. Cos's Oranpr- 
Pippins 0J£2r4L2L Laztons 0.0541.12. Pears: 
per lb Conference 0. 1141.16. Tomatoes: 
uer lb EnsUsqh 0.37-0.40. 

LIVERPOOL COTTON— Spot and ship- 
ment sales amounted to 779 tonnes, brir.s- 
Ina tho total for Uto week m 476 tonnes, 
against 1.580 inunes Iasi week, reports 
F. W. Tailcrsall. Some slight Improve- 
nieot occurred In demand, wiihout users 
being particularly anxious id supplement 
stocks. In a quiet irading week bnsinevs 
mainly centred on Middle Eastern 1 

HONG KONG — Raw Cation Futures. 

Prices fell about 80 points over (he week 
tn routine trading. Friday's closing prices 
teems per pound t: May 57.00-58.50. July 
3S.R0-5S.63. On. 3fl.0Ml.25, pec. 60 -25-62.10. 
March G1.0M3.25. Week's hhh-low: July 
SO. 83-56 jo. Turnover 112 ti97j lots. 

U.S. H/Iarkets 


YeatanTii. + « 


Greasy Vtwl 

Close — 



221.024J1 ..._. 


23fi.i)-i8.0 +0J 






Mar.30 iMarTalllonth liuol’Year aeo 

238^8 1 237.52 j 2 27.88 I 2 76.45 
(Base: July l. MBI=183J 


Alfif- 51j Mar. SQjUonlli agej Year ago 

M34. 6 1x435.8 j 1386^ ! 17 36.1 

(Base: Soot ember IS, 183X-100J 


IYcs.1 entay^ 's 1+ or , Y«t enlay>| + •+ 

May 90.40 +0.40 77.90 ' + 0.50 

Svia. i bS.OO 'I -r 0.45! 78-BO + .50 

Nov. . 87.45 -rg.U 81.40 ■ + 0.20 

Jim. b9.9& +U.40' 8J.9o -U.2Q 

RusIik-ms dime— Wheat: Mpy 08.30-00.23, 
Sepi. Si.uo-s4.jiS. Nay, 57,40.87.23, Jan, 

U9.534lB.Tj. Barley: May 7S.1W-T7,S3. SeM. 
7SSO-TS.T5. Nov. si. 40-81 ;W. Jan. S3J3- 
10.75. Tutal vies: Wheal 149 lutv barky 
l'j; lut.. 

IMPORTED— Wheat; CWRS Ne. 1. 13* 
&cr cent., AprU-uay I9u jfl Tilbury. U.S. 

December... 2s5.U-37.Ci l+OB 235.0 

.Matvti «+ 1.0 — 

Mur 2i8.O-42.0 +1J. - 

Jm.\ 236.0-45.0 |+2^, - 

' Sales: Two mill tols of 1.300 kilos. 

SYDNEY GREASY un order buyer, 
'•eltor. bil'ines*- mtiesi— Micron Contract: 
May 339.M40-0. U0>339^. 22: July 345.0- 
313J3. 34fl.lH45.3 L _lu; Oci. 23O.O4I3L0. nil. 
nil: Dec. 3ai.(VAn.3. 337^^7.0, 21: March 
362. 0-032. 5. 2»3-2-362 31: May 367.0-387,3. 
3117.7-357.0, 24; July 370.0-371.0. 570^-370.0. 
14 Total laluv 123. 

Intcmaiional Cocoa Organisation <u.S. 
cents per pound i— Dally price March 30: 
163.03 ■ 165.371. Indicalor pnccs March 31: 
13-day average 137.04 tlap.SSj; 22 -day 
average 132.M 1150.31J. 

1 M«r- 1 




l SO ! 




?pot _„563.42 365.33265^426.43 
Putures|352.B7 l 35 3.10i333,3 6JH8.70 
i Average i9244254»=70«j 


M«r, ilur. \ Mouth 
Munlv*> 50 59 ; u«p *■.«• 

■'pie Omiini vjMa.S SQ4/7 1 896.0 945.6 
(December 31. ilsi=lMi 

GRIMSBY FISH— Supply* fair, demand 
good. Prices at ^hip'b bide tunproce.'scdi 
pur alone: Shelf cod £3.60-f4U2O. codltos-* 
£3.00-14.00: large haddock £4.40-14,60. 
lucdiuin £3.40-£4,20. small Ejfl-£3jo: 
medium dugfihh JS.fio: rockfita I2.60-C1.00; i 
reds £1.60- £2, 30; sailhe HX0J2J0. I 

cocoa; ease 
by coffee 

NEW YORK. March 30. 
COPPER finished on an easy tone on 
mixed profli-taklne. Cold dosed steady i 
on Commission House buying. Silver } 
eased slightly on Commission House sell- 
ing following soyabeans. Cocoa cloud 
lUnit-up bid; trade arbitrage buying 
attracted speculative short- covering. 
Coffee eased on a lade of roaster interest. 
Sugar was lower on mixed selling and 
tired long liquidation, Kachc reports. 

Co css— May 167.25 (163.60). July 1BD.7S 
(15SJ3), Sept. 157.50, Dec. 152.00, March 
148. DO. May 147.20. July 164.75. Sales: 

003 lots. 

CalTqe — “ C ” Contract : May 170.08 
M 72.511, July 133.00 '153 Sept 140.60- 
140.75. Dec. 127.00-127.75 bid. March 

126.00, Mai 122.75. July 12LD0-122.OO bid. 
Sales: 755 lots. 

Capper— April 60.58 ( 60.60 1, May 81.10 

■ 61.101. June 61-30. July GCL10. Sept. 63.10. 
Doc. 64.50. Jan. 63.00. March G6.00. May 

67.00, July 68.00. Sept. 69.00, Dec. 7030, 
Jan. 71.00. Sales: 6300. 

. Conan— No. 2: May 564J5-57.15 '37.55i, 
July 5S.70siS.73 158.721. OCL 80.0060. 10. 
Dec. 6O.75-U0.82. March U2.18. May 62.60 

62.50 bid. July 03.4010.75 bid. Salei: 
435JWI bales. 

’Gold— April 280.70 (17930). May lSl.ft 
1 lsO. 50 1, June 1S2.BQ. Aug. IS3.40, Oct- 

183.00, Dec. 190.70. Feb. 183.40. April 

296.30. June 19930, Ang. 30230, Oct. 
20520, Dec. 206.20. Feb. 21130. Sales: 
10.500 lota. 

ALard— Chicago loose 23.75 (25.50). 

New York prime btcam 2735 traded 

I Matte— May 2511-2515 i23l«». Jnly 2320 
2524 > 2524). Sept. 253. Dec. 2541-255. 
March 2 62. May 283. 

{PlaUnnm— April 2IS.2021S.7O (21B.S0), 
July 223.0022330 (22330 >. OCL 22630. 
Jan. 230.70230.90 asked. April 234.702*1.90 
ashed. July 238.70238 S» asked. Sales: 
1328 lots. 

fSllv or— April 53130 1532.40 1. May 534.50 
(535.90). June 538.10. Jnly 542.20, Sept. 
550.10. Dec. 562.30, Jan. 566.40. March 
57430. May 5S3.JQ. July 591.70. SepL 

600.30, Dec. 61230. Jan. 81730. Sales: 
10.000 lots. Handy and Hannan spot 

532.70 < 532.501. 

Seya beans— May 671-675 non. July 670 
679 ashed >709). Aug. 670671, SepL 621. 
Not. G04-606. Jan. eu. March 619, May 

Soyabean Meal — May 171 .05-1 77. 00 

■ 179.201. July 1 75.00-174. 5Q (181.30). Aug. 

1 7330173.80. Scpi. 169.00170.00 bid. Ocl< 

166.00, Dec. 166.00 lBjO, Jan. 166.00 

166.50 bid. March 170.00. 

Soyabean OK— May S3 J5 asked (2B35i. 
July 25215-25.35 ashed i28J5». Aug. 24.40 
24.55. Sepr. 23.60, Oct. 22J5. Dec. 21.75. 

Jan. 21.60. March 2l.55-21.60 bid. May 

Sugar— No. ll: M>y 7 Ji (7.9t), July S23- 
9.24 iS+4). sept. 8.49. Oct. 8.62. Jan. 9.10 
6.15 aifted. March 0.37-9.38, May 0.53-3.59, 
July 9.709.50 bid. Sales: 4.S1S lots. 

Tin— 5JJO-5.DS asked <5.04-5.10 nxkudl. 
—Wheal— May 300304 iSSJii. July 304- 
305 (29 j£i. Scpl 319. Dec. nsi. March 
323-3232. May 325. 

Winnipeg. March 30. rt Rye— May 
11L30 bid i ill JO asked). July 1H.70 
(109.00 bid). Dcl 107.86 bid. Nov. 106.30 
bid. De0 1U7.O0 bid. 

rtOau— May 7S.90 bid (79-30), July 76.70 
bid 177.00 asked), Oct. 73.70 bid. Dec 
74.40 asked. 

74 Barley —May 80.90 bid r8O.40.i, July 

86.70 (80.10). OcL 7950 bid, Dec. TS.4S 

liFiaxsecd-MAy bid (S36.00 bid). 
July 235.00 bid 1335.00 bid), OcL 284-00 
bid. Not. 230.59. Dec. 232-00 DOttL 
^SWbeat— SCWRS 13 j per cent protein 
content df SL Lawrence 160.77 (16ILS3). 

All cents per pound ex-warehouse 
1BU--S8 otherwise Biased. * 0s per troy 
ounces— 100 ounce lots. 1 Chicago loose 
ss per lOO lbs— Dept, of Ag. prices pre- 
vious day. Prime Steam f oil. NY bulk 
lank cars, t Cents per 5B lb bushel ex- 
warehouse. 5.000 bushel lots. f!s per 
troy ounce for 50 ounce units of 99.9 per 
cenL purity delivered NY. 1 Cents per 
troy D inter ex-wa rehouse. II New “ B ” 
cuDtract in js a short ton for balk lots 
of 100 short ions delivered f.o.b. ears 
Chicago. Toledo. Sl Louis and Alton. 

** Cen is per 69 lb bushel In store, 
tt Cents per 24 lb bushel. 2t Cents per 
4S lb bushel ex-warehouse, si Cents per 
56 lb bushel px- warehouse. LOO® bushel 
tout. BSSG per lonpo. 



London Sumatra 

bid raised 


_tc bewscer *». '383 e3‘:«iO >«A -ie® 
Z (3 ■« ’ :t *» ‘li 

! <K [aciiMiiff VJc. 19S1 96*n *• .*» 

E »'-■>*% i.trr |!t. 19S3 96<e3 «»® 

S.^.eems ■« I ■':« 

9 : i»s E«"n/* 1982 OfiCO -J&O 

“S 7 , '0 * i'l*. *« tj 

9 -r; Eiciecjrr sA. 19B1 M-'i 
l3-*at EK.'KWf *fk. 1995 89>I > ■’« *>« 9 
!3:x Ext-KMr ilk. 1997 90 -*0 I'mO 

90 •- 'e <« ’•* 

!; <K EaikOSLW >!*■ 1992 IS1‘: 2U b 

12 : ac E^LWtuer VM. 1998 103*: 4 
!2\K Sec-wuer Kt 19B1 108;# '.i;* 

13 a; Eariiceirt' stt- 1980 107 »:»# SI 1 ;; 
5::sc Fu^flffg Ln. 1978*80 95 ‘a® 1 i#0 ■* 


>lcL«d-Sipef Plantations has 
increased its bhi for London 
Sumatra from JiOp to l.iOp per 
share in cash. 

The ne*i' offer, worth £23.9ni.. 
v. [31 he considered by the London 
Sumatra Board and its advisers 
Robert Fleming on Monday v. hen 
an announcement v.jIJ be made. 

McLcocl-Sinef states in the offer 
docamen: “ V.e cannot accept the 
value of nearly £5im. placed on the 
Indonesian estates l equivalent to 
t!Mp per share i. This represents 
a multiple of more than nine times 
1977 net Indonesian earmnRs." The 
price tag of Him. was put on by 
Mr. Samuel Nice, an independent 
valuer commissioned by Robert 

McLeod-Sipcf makes no criticism 
of the Harrison and Crosfield 
group (h is time, in contrast to its 
original offer document. But 
despite the more polite tone, 
McLeod-Sipef does worn that in 
three years, H and C group com- 
panies coufd niefc lip enough 
shares in London Sumatra to 
obtain legal control. The share 
price would probably fall anyway 
iT this bid fails, says McLcod-SipeL 
but the prospect of H and C soon 
reaching 50 per cent. “ will further 
significantly undermine the share 

Last night, however, the share 
price was remarkably strong and 
had the McLeod-Sipef camp 
slightly puzzled. The shares went 
up to 142p on the announcement 
and then fell back. But in later 
dealings they were not far 
beneath the new offer at 145p in 
the middle, up I3p on the day. It 
is not thought that speculators 
would be sufficiently confident of 
the success of this offer to bid the 
shares up to this level. 

Attention now falls back on 
Robert Fleming as the indepen- 
dent advisers to London Sumatra. 
The merchant bank has to com- 
pare the high estimated net assets 
of 27Gp against the below average 
yield of 4 per cent, at the new 
Offer price of 150p per share. 

Last year the group fold off its 
piumber.-- merengnts subsidiary to 
V.'oise’ey Huuhes for £375.000 in a 
bid to reduce debts which in the 
fa.-: accoanrs v. ere shown as 
£l.S49m. compared with share- 
hoidrrs' fwh of £1.62n?.— giving 
a gcar:r.^ ratal of S3 per cent. 



Clcvrland Bridge and Engineer- 
inn Company has ' purchased 
Robert Stevenson for £150,0110. 
Slevenson is based m Norwich and 
special L-ea in the design, fabrica- 
tion and erection of steel frame 
works for multi-storey and portal 
frame buildings. If produces some 
S.OflO tonnes of steel w ork 

It is intended that Stevenson 
should continue to trade as. a 
seonrnte entity and to provide 
continuing employment prospects 
for its existing work force. 

The receiver and manager of 
Stevenson. Mr. C. Morris of 
Touche Ross and Co. has been dis- 

3 -cc Fi-M-iB iiV.. 1999-2008 (Reg.) 40i*a ] 
Jn *o . «, v ’* 

S Fii'e.rg . *k. 1982-84 87!*® 'i# • 

Tre»*arv Iff. ’MS-SB ML 3’« *i \ 

7 Vac T-easurv L.i -9E j- 88 86® 5 t 6-; > 

TSS- T:CWf In. 331Z-1S 71 *«® 1 ( 

Sss Treasury Lr. -2002-06 72*«0 

a : ipe Treasury Lr 1 93.-90 as"* 4b. 5 j 

8 l-k Treasury Lo. _ 198*82 97 W 6V*j 

Z‘:9e Treasury Lr„ 1934-36 93 1 * A ’« »■ 

B'lsc* Treasury !-n 1997 *0® 79U 9 

9oc Treasunr Ln 1994 B3:o 6'«0 Sb® 
4-'j- S'*u® S A~i S*» *V - SU 

9 pc Treasury Ln. 1992-96 82'*® 1 80 a 



R. JL Wilson (Builders). Ronald 
-Wilson (Properties) and Wish- 
bourne Investments, wholly-owned 
subsidiaries of Westminster and 
Country properties announce that 
negotiations have reached an 
advanced stage for the sale of ail 
their residential development 
properties, together with their 
office premises to French House. 
Construction o? houses already 
commenced will continue as pro- 
grammed. A further announce- 
ment will be made as soon as 
possible giving details of the out- 
come of the negotiations. 


Shares of CreDon Holdings, the 
electronic components distributor, 
were yesterday suspended at their 
overnight price of 23p a* the 
group revealed that negotiations 
expected to result in an offer for 
the whole of its issued share 
canital were now in an advanced 

At the suspension price the 
group is capitalised at 


Alexander Stephen the ship re- 
pairing and engineering group has 
now received court approval for 
the renayment of Preference 
capital m full and for the reduc- 
tion in Ordinary capital by the 
payment of 24p in respect of each 
25p ordinary stock unit. 

The Board is advising holders 
of the reduced Ordinary stock 
that the residual value in the 
company could be in the order of 
top per stock unit — exclusive of 
prnnerty which could be of “ con- 
siderable value" if an interested 
buyer could be found. 

Close finish to 

Comet offer 

The predominant view in the 
stock market last night -was that 
Comet Radiovision's energetic bid 
for Henry Wlgfafi, which closes 
finally at 3 o'clock to-day. will not 
succeed. But the uncertainty will 
remain until the last minute. 

The proportion of acceptances 
plus shares already held by Comet 
has been gradually creeping up 
and at 43.7 per cent at mid-day 
yesterday was much greater than 
most people expected a few weeks 

The seriousness with which the 
Board of Wigfall has been forced 
to take the offer may be refiected 
in the purchase of 80,000 shares by 
a directors' discretionary trust on 
Thursday. They were bought at 
237p per share, most of them 
being nan-assented shares but 
13,000 assented. Notice of re- 
vocation was naturally lodged in 
their case. 

It - is thought that further 
acceptances came in yesterday 
after the 43.7 per cenL level was 
announced. But advisers to Comet, 
Kle inwort Benson would only com- 
ment "it all depends what is in 
the post bag to-morrow." 

Wlgf all’s shares fell 7p to 223p, 
reflecting the growing belief that 
the bid would fail. 


Provincial Laundries is not 
to proceed with its bid for D. M. 
Lancaster the Manchester based 
textile group. Provincial said that 
Lancaster had failed to meet Lis 
requirements: that the bid would 
proceed only it unanimously sup- 
ported by the Lancaster Board. 
The Board had indicated that its 
support would not be forthcoming. 

Provincial is seeking legal 
advice as to its rights following 
tbe withdrawal from the merger. 
Provincial is understood to have 
proposed to offer five of Its shares 
for every nine Lancaster shares. 
Last night Lancaster’s share price 
closed jp down at 5p while 
Provincial's share price fell $p to 


The merger negotiations 
between Hanson Trust’s UB. food 
subsidiary, Hygrade Food Pro- 
ducts, and Bluebird Inc. have 
broken down. If the deal had 
been accomplished, Hanson would 
have finished up with 50 per cent, 
of a company with sales of nearly 
Sibn. and a Listing on the New 
York Stock Exchange. 

Agreement in principle for such 
a merger was disclosed last 
December. But after protracted 
discussions the two sides have 
failed to reach final agreement. 

reduces its interest to 1,447,000 
shares 157.SS per cent). 

Macdonald Martin Distillers 
Scottish Northern Investment 
Trust has purchased 124,000 "A" 
Ordinary shares 1539 per cent). 

Assam Frontier Tea Holdings 
Caparo Investments has acquired 
a further £20.000 Ordinary slock 
thus increasing its interest to 
£71.000 stock 7.35 per cent 

Amalgamated Stores: Inter- 
European Import Company has 
disposed of l.OOD.QOO Ordinary 
shares (6.16 per cent.) and no 
longer has an interest 

Daily Mail and General Trust: 
The Hon. Vere Harmworth has 
acquired a further 43.000 Ordin- 
arv shares. 

Eleco Holdings: IUr. F. Webster 
(chairman) has disposed of 

100.000 Ordinary shares. 

Change Wares: Mr. Joseph 

Eieer of NY has disposed of 
5(1? ,000 Conv. Preferred shares 
reducing his interest to 340.625 

Lesney Products and Co.: 
Temple Bar Investment Trust has 
purchased a further 111.000 RVO 
shares making a total of 233,000 
(11.73 per cent.). 

Toye and Co.: J. B. Hayward 
and Son (Medal Specialists) has 
increased its holding and is now 
a beneficial holder of 169,000 
(7.31 per cent.) shares. 

Hovering ham Group has been 
advised of the following changes 
in directors' interests in Ordinary 
shares resulting from a re-organ- 
isation of Needier family trusts — 
9,049.765 recorded as shares held 
in trust for the benefit of the 
family of Mrs. H. Needier reduced 
by 550.000 to S.499.763; 60.500 re- 
corded as beneQcial interests of 
GHC Needier increased by 

530.000 to 610.500. A further re- 
duction of 950,000 Ordinary shares 
held in trust for the benefit of 
the family of Mrs. H. Needier has 
also taken place as a result of 
distributions to other beneficiaries 
leaving a balance of 7549.765. 

The dealing subsidiary of Scot- 
tish Northern Investment Trust 
has disposed of its 900,000 shares 
(22i per cent) in Crouch Group 
which it bought only a few 
months ago. 

Electric and General Invest- 
ment: Tbe post Office staff Sup- 
erannuation Fund acquired a 
further 260,000 shares on March 
22 bringing the total holding to 
2,803,375, 15.5 per cent. 

Thermal Syndicate: Britannic 
Assurance is beneficially inter- 
ested in 400.000 Ordinary shares, 
7534 per cent. 

A, G. Barr and Co.: Industrial 
and Commercial Finance Corpora- 
tion now holds more than 5 per 
cent, of tbe issued share capita) 
as follows— ICFC 300.000 Ordinary 
shares and Income Investments, 
a subsidiary, 48,600 Ordinary 


Agreement has been reached for 
Unifier Holdings W acquire from 
Tube Investments its subsidiary 
company T! Pel. 

The merger will give Pel, a 
major manufacturer of school and 
office furniture, access to con- 
siderable wood-based furniture 
technology, as well as to other 
related specialist expertise. Its 
turnover in 1977 was £3$m. 


Acceptances received by Scot- 
tish Eastern Investment Trust 
amount to 80,620 Ordinary shares 
and 27,483 Preference shares of 
Western Canada Investment Com- 
pany, per cent and 97.2 per 
cent respectively. Eastern now 
holds a total of 99a per cenL 
Ordinary and 99B per cent. Pre- 
ference shares. The offers are now 
unconditional and remain open. 


Trust Houses Forte: The non- 
benefidal interests of Sir Charles 
Forte and Mr. E. Hartwell in the 
Ordinary shares of the company 
have been increased by the pur- 
chase of 25,000 shares on 
March 13 and 25.000 shares on 
March 16. 

Home Counties Newspapers: 
County Newspapers has disposed 
of 10,000 Ordinary shares, which 




Foot weeks ended 
March 8. Ket>. fi 

Risdan Works— 

Zinc - 

Wert Coast Mines— 

Ore milled — 

Lead niocentraie ..... 
Zinc concentrate 
Copper concentrate u 




11.657 tiviro 






2 :SS Amt. 2t..g 

J.*: r-acssnre 1C». 1 978- S3 fi5'<* 

«■» V* 4 : S'* •« 4>. 

2 :s- Cast. t'fc. »2<«* 1 ,0 I'm ,~a 2 Hi 
4 k (tn It. 34 *0 *J|*0 '» V> 'it J* 

* *sc C»'UM» Ln. £S'*0 6 '« ■: 1 

bx Calmer ift. *.978.75 99 : ‘u'.e E < i ' 
■ 1'iK £act!3aer Ln. 1936 1l3‘<4 HO ‘ 

;x jer Kfc. 1981 S7i-'w® °I. : 

This week’s SE dealings 

Thursday, March 30 5JH5 

Wednesday, March 29 - 5,«I 

Tuesday, March 28 

Monday, March 27 ... ... 



Thursday, March 23 

tfe Salta SSihSS?* a " SrCStefd * TS mtMasa “ d ** «**■»«* tele* the week at w Stare nt b yaterter. Tie letter can toe AstinsubM far 

S 'is; Fu'-I-ng t-i . 1987-91 67-': ’« •"< 
to t f .mii'S LP. 1993 65H© >■ 4 ‘j t & 


E :K FsiHPre !."• 1965-87 BTH U !•! 

The number si deaUnss marked la cKh cectlen feUotn the name of the 
•eetioa. Uniss otherwise deaated shares are El (oily ptW and stock Q8D folly 
paid. Stock Exchaese »cwlttes are mreted Id p o uads and fractions ot posnde 
nr m pence aul fractions of pence. 

TIn 1 Usx faoiow gives the prices at which bargain* daw by members of 
The Stock Pwi k nwe have been recorded In The stock Exchange Dally 
Official tin. Mcmfaera are a at o&Hsad to mark bargains, except to special 

me*, and Jf* list tnrffrt. fereferc, be regarded as a complete recant at 
prices at wUcfa toadnets has brat dene, tarwatux an recorded to the Oradal 
Use bp to 235 Mb oafar. hat later iraMactnns can be included to the M (swing 
Omdal UsL Hi ft tf ca f to a ts anitofalo as to wfteOer a bargain nmresoots 
a sate or p a toa fa y tnttototw of tfat paVa. MmkhOT are tmt oeceesarfly 
fa.nt de r of cy a o fliea. ao 6 aafar eng bargain to any one security at any an 

Financial Times Saturday April .1 1978 

- toPcZJWPt 

vafS&ift&v .qp'si 

Norton ON. 83 (HofiOiwb tSsl « 

NtSSghra WatwfKtartna n 

Nora Oatrrt" 'Kiitt <200 22t -esnm 

j'- Friday, March 24' Closed 


l to reams at Special Prucs. A Bargains Cow tnifa or between HHM&cmbers. * Bargains done previous lay. i&vgatas done wlt& me mbers of a recanteed Stock 
Efiliancc. * S*rtains donr fqi tfciascd delivery _ or " no baymz-a “ Sa— SA uvrxIan: SS-SBafiazoiaa: SC— JCtrnjttnj; JUS— SHonx Kara: sJ— SJamaleas: flte - 

SHaJjyaa: SiSe— Ucricafl; SX2— S.New gealanfl: IS— ssinaaporc: sus— SDaiad Stairs; *WI— IWetf uwiaa 

i Dinar (Spt 44 (29.'8t 

„ , --- < Oowoa ppm lads, nop] 7 so SOU* 78 

, gawped (IJtoi 140 (28.-3J I Donda Holdings f2Srt 78 

Met! tm. tics/ B6 ;za.3‘ Don ? Us (R. M -1 KMdtoss (ZSpI EStg 

gejaa ,3. F.i 'HUakl us: 158 15 -i ! DawSulq and MiHs (Spi 24^28^1 

Sant 208 (29 31 . lO-tacM. ; Downie&ae HcWtags -lOpl 29 3P 129131 
•C*rmuaa W. H.J f BOf» 2D7 (291X1 

9 Vi Treasure Ln. 1999 86 : :« V* SS u 

I2sc TnMSurr Ln- 19*3 i07‘iO u* 

ir : * Treasure Ln. 1993 105UO 6's® 

T Z 'oc 5 TrcaiJr* Ln. 1992 Ifff'hS* S*?* 
12'*?C Treasure Ln. 1995 1041® 8 •» 9U 

Is'ls^Treassre Ln. 19°7 111-4 I0»i910 
I3'*pe Treasure Ln. 1993 108‘iJA* 15«® 
14!..pc Treasure Ln. 1994 S ’ 6j-* S ** !; 
15'.Sc Treasure Ln. 1996 120^0 19 «« 

1 S--3C Treasure Ln. 1 998 1 WiM 3 VS 

2 -2c P Trea*i-re sifc. f«M.) on or after 

!K Treasure s»« 2SSO _ . ^ „ _ , 

3sc Treasure stfc 19T9 96*»* >*« ' ■* 

'i ’:t 'a ■ '■* 

5 p- Treasure stk 1982 BS'i-i* S u iwp -■« 

3|.M TrMSare 'vlkT 1977-80 CBeO-1 94*>© 

3 -sc treasure stk- 1986-89 67’a 8 7?« 

5 •Voc ?I Treasure stk. 2008-12 S24> 

s\x Treasury sfr-W 9S"®’W '« 

ovac Treasure Stk. 1983 99U S'* »: *• '« 

9 :K Treasury Uk. 1980 16 1 ® l 00 ^ 

Treasure stk- 1981 100 rt> *. 
iQac Tn-amrv 5*k. 1992 90 , ieO 69’: 

1 0 :uc Treasure stk- 1978 1 01*-® 18 u , 

TO -dc Treasure Stk. 1979 103»i* 3, 

frown Shipley Hldgs. S\ccLu. 570 < Bereii inns 7 ^kDS. 71 ij -.28.3) 

Can. Imperial Bank Comineree (3C2J 1 7a Bestotell i2Sai 140 (30 5 

09 21 " ‘ ' 

Catar Ryder 293 £28 31 
Chase Manhattan Cpn 22 (30 3) 

Cli«e Discount Hlass, (20 p) 7'® 

Ccm-nercul Banklno Sydney 143 (30 35 . BS-O 

Deutsche Bank AktlcngtsellKhalt Bearer silurcated CoolneerinB C25ai *9 . _ 

>us 148.65 t29 31 Bit am J.J rIOel 44 '29'3i i Dowty Grots <50 pi 172 

Fraser Ansa«hcr n0»J IVa® ' BXd '.ftlnai :28pi 13 ; 771* 

GjinnoiPtti GroinJ U_5u3 ZlS® 10 _ • 20 tSO.’Sp Dnbitlcr (Spt I6tj 

i B'atk Eng ms ton tsoa) 93 101 2 Ductile Steeb (25 pI H28 V 

! Black Arm* Group iSOoi 319 3 > Pofre n opi lao s 

1 Donbee-combexrMarx (10 pi 137 

. Olhre s-Pape r M IU BOpTw i caus 

la no ■ 

j Downs Sury»crt (10M i2^ ^ 


Hambies Shs. 1 2 Sol 173® 5 70. 7PtSub.Ln. 

(30131. . 4.2pcPf. 

H £, Sl ? Cfoufl 12501 M* ? 6 9 -'- * Black !Prter» Hifla*- i25p: 132 „ ... L ... 

"anr 8 ‘ nk,n " 801 ; K™ H S5W , .?S. ■ ^ la - “ a>,s ': BssrtLi i mu-tt i 

l&ser T u°.^sr HlJ^. ®25pj : ® 3 ,S 2 3> ^MnrtM^Sons^'HldSS.l t25p» ! CltftoB HohW (SQp) 81** SO 2 111 Wg 

King and ShSson TMoi sT 60. Cum. Pig 1 „ „ - . c . ; 79. V*PC «£4 5*c. - 4>ocDb. 197242 

Pld. 4G - i30;33u SacPI 39;-; Li 130.31 ) s (MaUeaWe Casxlnftsl <2SP1 51 ! SZMS. 6'rpcDfc. 59® 

Ktetnwort, Bensan. iSisdalo ('25pj 9fio* . B'°60 ,, ‘6 Santee: innery MUtes. (ZBpi 1S5® J Dpote International (5 p> 13U® 12i> 13h 

Lloyds Bank 275® 5 2 3 6 . 7: ; ptLn. 91 1 « _? . _ _ ... Drnmrt {25 pi 670 6 * 3 - SjxPT. 40L h-\ 

Mercury Securities (25o) 117 20 IB 130-3). I B.uwnd Bros. .2501 6 j-4 . (28 3) - 

6 ocLn. 72 f5C3i BluideC-Pennoaiate H.'iSrt. >2SbI 64 OmapiDr (nferaationai (25 o) 102®- 

Midland Bank 360® S7 S 2 50 5 50: 8 B. ! (2931. TtrtKLn. 63:, «0 Si ! sSSl 47 (30130 

New 358® 5® 3 <30,31. lO'+PCUns-UL ! Boycott ISjjBlI. (25 pi HO . . Dwek Croon (70p> 9*j (30131 

92 CS013J, 7UncUns.LT. 81 tio : : BO>: Bultoe T«Jle Mill (Sol 10b 9 003) Dykes O.) (HnJdtags? rap) 23:; • 

Minster Assets (2Sn) 57 1 - 8 '- 8 j Bonser Engna. ( 20 p» 23<; (28'3I [ rwm M l.s ( 2 sS) SIB. NV A (ZSn) 

Morgan U ,P -1 11US2-50)- 31re <2B 31 ! BooLfer M?Cwinelt (SOP) 224® 5 S 4 52 

Natl. ComnU. BkB. Grp. r25W 72:- 1 l Boosey and Hawlces C25p) 207„ 1 _ 

•toil- Wpstmtosiw 5k. 275:® 7 5 2 3 3 ; Booth (iweray. W«si (25 p> 62 1 JJ — F 

6 U 8 . Wrnti. 92® 1* 2 90. 7«Pf. i Boots (25oi 215:0 14 : : 13 14 16 12- . 

63 : 60?. 9PCLn. 83U 80: 1 T'wsUosecXn. 691^ . „ _ .PC Cases HOpI 14S f3K3) 

Ottcman Bk rar.l 39>e t BorthwicX iT Mmu l I50p* 657 8 6 ^ ' E ID- Parry (Indial (RplOl a® (3013) 

Roya’ Bk. Canada (SCZ) I9<(lt 'll® -»SO | Bouden (WilUami ( Group I (toot 19U® h®:EMI CSOol T49:® 8 SO 49t, 7. 

■: 1 18 - ■: • ' spcLn. 41 i 2 S'h. a>«cu. issi bbw 

Scnrcdere 364 . Bourne and HoUmgsworlh (25p) 79® d g. SncLn. 41 «2S'3r 

Stmc Darby iHWas.i i25o1 66 i30'3^ : (30 3«. 6 UncUraecXn- SO rt8-3« • ERF (HaMtnul *25 pI 112 (ID'S! 

Sid. Chartered Bit. 397: 400 S 395: 8. Bowater C(^pn, 1M® si® 6® ««• S« East Lancs. Paper Group (25p) SO (28131 
13'iPcLn. 105=: 4i, S 1 29.' 3) 8 6 7. Z^Cony.Unsee.Ln. CL:® 1® kast Midland Allied press A LV (25 p> 

Union OliTDimt London 4000 395 ! Boreihorpe HUQs. CIOdI 540 — 

WInindJ .20o> 63 Bratiy Leslie (10M 82 00 31 

mru-rmpr ’ Braham Millar Group CIOdi 35® 

BREWERIES (17a) ' Braid Group C5o< 38 (30 31 

Ail ed (25 p< 88>^ 8 9 8':. 5 1 .-CLPI. 50 i ,1^, ‘I??. 1 124 

(20 3i. 7(tpe«. 69 (j (29 3>. dLocna. li 

1979-84 74la »29:31. 6>.PCDb 1984-89 > Mtifirt * (TOW 200 

i°-pt^ 3 M^°- 1967 ’ 92 63,j ,293, "£5St wSS?1sirs3rrso^ *■ 

“.yR?: ,n ■ BrteUiovse Dottier Cl Obi 36 

ggg l -- Pj*! | te!L_" PdS-.. t 10pi_39__ K Br.doend Processes (5u>_i1^ 

, 71 (2BI31 
Bastem Produce (Kdtdines) (S0p> 82 

EdMorood U. B.) (5d! 85 7: 

[SdBro (HoKJmuSi I25pl 140 (2S.’3> 

Cdwar^| «- C.1 Sons iManOiester) C5p> 
Elbirt i5p) 14® 

Electrical Indnsti. Secs. (2 pO\ ill, 4h 
29 31 

Td'-ae "treasury «t. 1999 9rt:® *•* 

T1--9T Treasure stk. 1979 1 041,-;® 4 31 ,» 

it Voc treasury s*k. 1981 A?* 1 ** b 
iii'wr stk. i®*! 101*1 *s 'w. . 

1 Treasury stk. 1995 10l h J 1U 

1 Soc^Treasure s*k. 1990 110“»® 9 1 : . 

liSe Treasure stk. 1M2 112'.- W ® ** w 

9BC 6 Treasu'o- , Cn^ 9, Jk 0 V980 101 «»a® »*® 
lOO'i »»«* ‘‘h. ! s (’'s 
V ariable Pate Treas. stk. 1981 (6.1 1 83oc> 

3 ^oc’ vrar ’lln. 3S : i *» u J.. f(i ^ *» H 
H.* 5 *■« 

British G?*' 3pcGW.stk. 1990-95 47*,® 

North of Srotland Hydroelectric Brd : N 
rf Sect. Electricity 4pcGtd.stk. 1971-/ 8 

3 pc Redemption stk. 1986-96 *6':® 



London County 3 PC l*k. Spc *2® 1 
S:.pc 89 l*. 5-iDC 

Coro. London SUPC 94>2. 7«sPC 92 <*8.31. 

Creator 9 ^. ondon 3 6*,oc 87V 7'*pc 93'ia- 
g”c 981* § i, pc 975. 12t^C 1982 105«J- 

8j?iiet C 7 $5? 90^® (30'3I 

Brighton 6'iK 98 «3Q 'jl. 

Bristol (Cltyi 13>«pc 109® BU 
Bristol Con. 7 -SeCDsti 93*: t29 3r 
Cam-fen 6 :0c 98*, (29I3> 

Cardiff C.ty Hoc 991* (29‘3» 

Cardiff Con. 7 or aa>r (30 3» 

Crovdon 6Uoe SOU 128135 Q 

DvT’Wrton B-'apc ibO't® (30131. 9bPC 99 


SnMC«ttianM Thearres HIM 53 ? m 

■r.tHb Dredpino i2So> 27’- , Eporand ij. EJ Sons iWomnatoes tsnl 34 

6-'*pcDb. | Brtt. Elere. Tract. Dfd. (25nl 103 2 
10‘VCLn. I 6otP1. 63>; (30 3 


Bodd 1 091011 $ 




BurtonwDod (2Spi 143® 1 
City of London Dfd. !25o> 5 BO 9 
Clark /Matthewt Sans (25 o’ 12 B® 

C our* Be SUoCOb. 29 fZS/3!. 

890. 7-lpcLn, 60 (2913). 

88 fJO 3» 

Davenports Brewery (Hldosi ( 2 Se> 

Distillers >50pi 179':® 80:, 78 

7 7S ~ 



Grecnall Whitley (25 p) 110 ® SVO 9 10 B. 

Bor Pi. IDO:® 700; 700. £(f Unsec. Ln. 

61® . 

Greene King (2So) 230 (29.‘3) I Printing Conn. i2Sp) 47® S 6 V 

Guinness (Arthur) (25m 172 4 > 4 2 pcBPf. 4 3® (30 31. 5.2 5 oc PI- 550 

Mrdr and Hanson 4ocfstOb. 26i- (30,3' { 13031 B':pcLn. 66 (30(3*. S-’«pc(jt- 
Highland Distilleries (20di 140 1 I C 6 -- I3Q‘3I 

imeruiN'don Distillers (Hldgs.) ( 2 Spi 86 British Shoe Csrpn. 6 ':ocPf. S7'iO. 7 PC 
Macalian-Glenlivet (25p] 298 (29 3) 1 Ln. 65 

Macdonald Martin Distilleries B <2 Sdi > British Steam Specialties Grp. (2001 75 

J. B. Hldgs. (5p) 56 „ „ 

Jadtscn (J- H. B.) t5p7 26’i 7 128 31. 

IObcPT. 112'-:. 7UpcDb. 67® 1* 
Jamaica 5upar Estates (25p) 15® 14 


James goho) (ZSpl 45® »a 

Junes (Maurice} Industries fZOo) 141 *® 
Jenlcs Catted TOpcPf. 103 
Jentnue Hldgs. C2Su) 24 ‘ 2 ® *30(3) 
Johnson. Matthev 400 

U lg 

Jonnson-Rlehards <H. ,R.) Tiles (25 b) 
1121® 10 13J 

Jourdan CThorMsl-flOpl 36 <3W3) 
Johnson Firth Brown (25p) 62® ';® 1*9 
- 8 * - «0 1- UOSlK-y 1*- 30.3). 

.Johnson Group Oeaners 125p) E7h 
fa 1GpcUns.Ln. 94 2>) (30 3). 1 1 pcUll5j.ll. 

83^ (29-3) 


j English Overseas Invscs. *I0P) 25** <29t3) 

Ti Bi ; : sot- 77ii. SDCLn 4O'(30!3) ! Br,M«h‘ Levland iSOo) 230 60 7® 19S®j 
PcLn. 67® 6>ri 7. IO.SpcLiu 86 • 190 1 8t® 201 18$ 2* 19 195 { ^Mlllai 

Motor Cprpn. BpcLn. 38 »?® 

| British Leyiand N — — - - . 

9=r®. _7*-pcLn. 341;®^ BpcLn. 52® 3® 

3 7>4bcLn. 6*0 60 
'Br : iish Horthiop tSOp) 91S *30 3) 


Regional 10 '*pc 981* 
Greenwich fi'.nc 99«- <3013* 

H-rtMrdsWTt Si-on 80 ’-® 

Islinunn inoc 102 (29'3i. 12»*pc 110® 
Kenton. Chelsea 1D«pcRd. I 1985-87) 
100 '-® 

La narks. CC 9«;pcRd. 0976-78) 100i» 
L*™*! CItr 13>PC ' «9Bl» 105® go-3) 

Livrroooi Cora. B^PcM. M980-M) 99-r® 
— 11978-BOi 95i« 

N-SniHlnd. CO- 7pcRd 

IW\' Coro. 6VocRd. (1976-781 99\ 
■29'3i. Water Anns. 10H •aBW 
St. Helens (Met. Bar.) IIUpcRd. CI98S! 

S = lre-d "CoS. S'jpeRd. *1986-88) 68 

Slpuoh’corp. 8?*oeBd H979-P0) 97«»® 
Srhur-k. Corp- 6'*ocBd. »)9h3-pfi> 83 *® 
U 00131. IIUpcRd. (1984-85) 100’* 

St'irlhw " CC 7VpcRd. < 1 977-74 » 99 »29'3) 
SD'derlnd. Coro. S'jpcRd. (T979-8II 89-’* 

Surrey ^Co- 6oeRd. (1978-80) 93’.® 

Wi j®. 

W«^ M Brlin. SO c'orp. SUocRd. ' 1977-79) 

West HrefS. Main Dralnao- Authv. 9'*PC 
Rd. I19B1-81* SBi- *2813) 


1 00 .250® 100.253® 

9'<PCBds. <3 5 '71) 

100‘|- '2 

9 >*pcBds.'<14 6!78) 10g«.» (29J3- 
8 hrPCSds. >30 8 781 100.568 (3013) 

f3t?;Sl Mil ».» a> v 

7’iPCBrfs! <3 2 1 74) *99^962® 99.966 (30:3) 
TirecfWs. flO'lfWW 90s,t. 
i-*ucBf»s. 124(1 791 98UiJ_t30 | * 1 
••pcBds. i7 2‘79) 100 '. (2831 
oPCBdS. (21 279) 100- 16 ! 7PI3) 



i4ths® ’t® 


toSac'toOB. MB..SKZXP 

1 0 '.orBdS- RMI- J 1 6, ^83) ’ 1 = ° _ 3 ' 

Variable Rate Ms. R«tt. OK3M3) lOO^i;* 

7 -64th s® 


Agricultural Mort. Cpn. * W 1 977-82 
81**®- Spc 1959-89 B3*a- 
(30 3 L 7J*oc 19»l-6* D " 6, 3 | _^5. 3, ‘qPS 
1991-93 70’*. 9PC 96 *29^>. 9'W 

1983-86 90 4® 90 (30 3). ?*»PC 93 Js 

s. : 3 aoi. ioi«pe 89 'j®. 141 * nc noil 

Finance for Industry 13 kUmJ.ii. t05*»® 
it. 14ocUns.Ln. 11 3’ a '28 3) 

Forth Ports *“thy. 3i*DCFunded0b. 23 
Metrop. Wfr. Brd. 3 bciA) 31 • S"?®’ 31 
Port ol London AothY Shoe 56 1 30 3) 
Scottish Agile. Sec. Cpn. 10 ««pc 83® 



A?lt?alu G< (CoPunf> ^JpcRcq. QJ 7 *® 

?^V\pc ^^bi '^VH’pciS? 

East 'Afrtc ^ 1 High Commission SJaPC 704 
(29)31. fRIvs Harbs.> 5t,pc 75 (29(3) 

Kenya 5 dc 771 129 3) 

Nw Zealand 4 DC 98-*j (3013). 51«OC M®. 


South Auatrahact 3 pc 26*4 J 28 3» 

Southern Rhodwia Ztjoc 57®. . 3pc 62 
>29 31. 3 Ipel 967-69, SB . Ms* 

19B0-BS 56 *2B:3t. 4li»c 1977-82 69. 
4 'ipc 1987-92 56 (28 3* 


Calcutta SpcDbs. 19231-10000 50 08/3). 
Do. 1-10000 50 (2813) 



Chinese SpcGoldLn. 1912 Sh 2 * (29131. DO- 

Drawn BdS. 7 I20I3| _ _ ■ 

Japan 6 pcStlg.Ln. 1983-80 85*:® (30l3) 

Russian 5PCLI1. 19QG iwtth blew Coupon 
Sheets' £24, 3 CZ9 3« 


Babcock Nederland BV 7pcBds. S4-'*® ISO'S) 
Beecham Fin. 6**pc6ds. 96® < 3( N 3 ' 

Barman Oil ShaeBdS. 93 *:£ 4® (30/3) 

(Cl InL Finance 6JuPc8ds. 870 >30:3) 

Rank Ore. 4i*pcLn. SB® (30f3) 

Shell lot. BUPcGM.Notes 87 ) 1 ^ 

Finance tor Industry 9*ipc8ds. 97(*® (XO.'SI 
FlnancJeting Maatschappl^ 1 0UpCBds. 97);® 

Sears'll ml. Finahce 10 '*PcBds. 966® *a® 

Canadian Pacific (SC5) ll°i» f S0f3/. 
Ob. 36L, CIO’S), 


BANKS (229) 

Alexanders Discount 220 >29i3) 

Allen Harvey and Ross 450 
Allied Irish Banks i 2 SP) T 68 (2f>3) 
Arbutlmot Latham HI dm. 155 (29/31 
Australia and New Zealand Banking Gni. 

2371® B. Do. 224® (30/3) 
Bank or Ireland 350® 50. 

7ncLn. 156*1 

(30/ 3). IOpCLil (30/3) 

V Montreal HCJ) 12.72 12.80 

Bank' of New South Wales (Lon. Reg.) 


Bank at Nora SCO ha 12,75® 12-80 (3013) 
Bank Scotland (Governor) 282® 78® 5 8 

flanuuc Canadlenne Nationals 

Barbara ^nk 332o 30® 2fl$® 31® 6® 

Barclays Bank Intnl. 7‘2PCLn. 71® 

Direct labour 

force cut 

THE direct-labour force at New- 
castle-upon-Tyne, which 'bas lost 
£575,000 on housing contracts in 
recent years, is to be' cut from 
170 to 70. 

A committee was set up yes- 
terday to try to find the men 
alternative -work with tbe 

250® 2® (30'3I 
Maraton Thompson and Everehed (25pi 
5B l30/3t 
Morland 4450 55® 

Scottish and Newcastle Brews. (20pi 65'*® 
6':® 41; 60 6 . 5>-pcPf. 50 1; (30 3>. 
6 ’iocDt. 73 5 (30 3* 

Smith AMcan Brews. (PO. 2 O 1 75 4)-. 

7pcConv Pf. (R 1 ) 42 (2S/3) 

Tometm D'ltWws f35ol 104® (30)3) 
Truman lOUnrOb 861*® 

V*u» *25n 106. 6 l -oc APf . 55 

6 >30i3) 

British Sugar Coren. (50o) 112 (28'3). 

Do. New Ora. 'SOn> 114® 

British Svnhon Indust. (20pl 60>: (30!3i. 
7pcPI. 47 

British Vending Indust. ( 10 p> 32® 
British Vita >25pl 81 ^ 

Brittains ( 2 Su) 23'r <:■ IdipeDb. 8 S'i 
Vrorkhanse '25u) 5E<r® 

Brty-kS Grp. ( 10 ol 69 

Bromsgrevr Casting and Machining (So( 

Electric SfepeOfa. 1979-84 79** 

(28 3V 7pcDto. 730 
Epicure Hldgs. >5o* 11': 11 1303) ■ ' 
frith Co. 'iSoi 77 

Esoeranza Trade Transport (I2>:e) 141 
Eucalyutus Patp MBs '25o> 66® 1303) 
European Femes >25p) 113»-g 12 *3 
Eva Ind*. <ZS-ji &8 

Ever Ready Co. (Hldgs.) (25 p) 145® 5® 7 

Evened Co. Hogs. < 2 S») I4i^» is : 2 15 : 
Erode HUBS. : 20 o) rzto Si ) 30.31 
Ewar rGno.) ilOni 27® 6 
Err aim nr Jewellery <Sp) 151* (3013). 

1 1 -Spc P f. 11E 17 (283) 

Exchange Telesrwh Co. (Hld9S4 < 2 Sp) 

ExoiV^ed Metal -25p) 59): 

FMC (25o> 68 

FPA Construction I25p> 231; <30JS> 
Firtaim Urin (2SPi 54 2 
Fairc/uugn Construction (25pi 72® 68 
| Fai-view Eaates 1 Col 108': 

I Farm Feed (25ul 34® US (30-3) 

I Eldtin, r..u.l l« 

General Inv estmen t (5 p» 110 

■in 31. XNpcTxvpt. ‘35 'T0 3i. S-rKI 64>~ (Ffl'S) 

**">- '30 31 . 6 HorDb. 6 t* A 7 >*prre, 1 Tao l e nq . iHIdoS.' 12501 221? r30'3l 

7'»oryns.Ln. i«»xn.oi F— . | nrofherhood -P-ien fSOni 126 (29 3) 

.30 •*.. 7<i0cUn< Ln. 1005.09 61 ! Orown and Packson (20tn 52 

'30 3». l 0 )-o<U"S.Ln. R7« 8 ’:® '««. : 3-tjwn and Tawse (25 p> 92 129 3) 

'.1 •-rrm. Uns.Ln. 1 36 *30 h» ' Crown Roveri Kent (25p) 44 (30 3' 

Wk'Nireaif |mr. f'Fnl 82 '*0 3J ) frown Bros. Coo. HOP) 22‘«® •* rSO’S) 

Wo , v»rh»n-— * 0*1 D'-^'ev '75*»( jorex )••-* - 

Yo«-n A *500) 167®. Non.V. (SQD 1 1320 


Bristol Channel Ship Repairers ( 10 p) 6 '* 
(2Q 3) 

Manchester Ship Canal 2009 (30<3). 3', pc 
IStPrp-Db. (Reg.) 23 (29 3) 

Mersey Docks and Harbour Co. Combined 
Units (each unit comprising 95p nom. 
Red Subord. Uns.Ln. 1 Ord. Share of 
lOp) 21 i a -'*- 6 kipcRed.Db. 1996-99 45U 

A— B 

AAH. (25p) 939 

A.B. Electronic Prod*. i25o) 96 0013) 

A-pV Hldgsf t50p) 197® 5. tOiiBcCm. 

A^p^Pruuv 7i,pcDb. 72 ) 2 ® 

Aaronson Bros. HOP) 61. 4 

Atrercom Invs. (R0.30) 89 (3013) 

Aberoeen CarmructKm (25p) 869 6 
Aberthaw Bristol Channel Port. Cement 
eiSp) 156 (30/5) ,, „ 

Acrow A (ZSp) 81® 3 I's 2 

A (Jams Gibbon i2_So) 74 

Adda Inti. (lOp) 33b:® <«® 2b_ b 
Adwcst Group i25p) 246 

9rewn (John) 2530 2 '30’J*. ShPCln. 46 


■(running Gro. (25o) 61® 
hruntons )Mus<e>burah< >25 p* 105 130 3) 
Rreanf Hldm. C2So) SZ9 SO® i*X 
lulaln (A. F.) A N-Vto. (5 pi 25 3b 
--I'n.-nn r20p) 143 >30 3 1 
Bulmer and Lumb iHldga.) ( 2 Dd< 43® 
Buntl Pulo and Pacer I2 Sp> 100® (30'31 
Butcd Dean (250) 63 
hurndent Invests. (Spi 13U 
Burnett and Hatlamshrre Hldgs. (ZSoi 158 

Bums Anderson OOP) 38b® >30:3> 

'■-T-ll (So) 13b® °ia )- (30-3) 

Burroughs Con. Shs. <SUS5i 46-‘*S ’a 
Burt Boulton Hides- 170 >28.3) 

Burton Grp. A N-Vtg. (SOP) 107® 10 8 . 

9)*pcIb. 70 f28’3» 

B"(Hin’s 6 ':PcisfMt.Dh. 72'.® (3013) 
Butterfield Harvey f25P> 67 X't 

, (28 3) 

f Feb Internattoaal a tiop) 19 (Z9 3) 
Federated Land Building (25p) 46® 5 6 
F rosea (lOoi jiq 
F enner (J.H.) (25p) 132 (30/3) 

FerB-Jion Industrial 25o) 93 

Fem Pickering (10p; 72 i29/3i 

►eroeman (8.) Sons iZop) 31b (28,3) 

FidcITv Radio OOp) 75 

Findlay LAndrew. R.) C2So) 24 

Fne Art Developments (Sp) 45b® 5® 

Finfan (John) (10p) 260 7® 

Finlay (James) >sopi 296 7 
Finlay PaCkaeing - (So) 18>- 
Flrtii (G-M.i (Metals) (10p> 23 4 (3013) 
Fwpns 3350 9® 8® 40 32 30 5 7 3. 
jy«R^pb. 652,0. SbPCLn. 470 3b® 

Fitch Lovell (20p) 65® 6'a® 5 3b 4 47 
hi 3. 7l*pcLn. 59 (30l3> 

Flmwiiton I25 p» 47 UC 2o 2 
Fletcher (E.) Botiders 64® 130 3) 

Flight Refuelling (ZSpi not lit 
Fluldrlre Engineering f20o) 72 
Feeen* (5op> 5S® 

UWii) Hefo.tSpi 231,. Non.V. ram 

C— D 


Ln. 1 58® 60® 
African Lakes, 30 

^ 5 (2013) 

Alrfla Inds. i20t>) 4**2. Wareants » sub. 

8 *r i2S/3). 7 'y>cUiis.l-n. 64 (21131 
Airflow streamlines (25oi 71® i30i3i 
A lbion «20 p) 9 (2813) 

Albright Wlison USeJ *15® 17® 15V 

AMan AluminjjUm 'U.IU ' 1 •>%£?£ 

>29131. 9PcCiw.Ulf.LP. 150 49)* (29I3J 

tiexanoers Hldgs. jSp) 2j® 2 

B (ZODi 94® 

Allda Packaging _H0 pJ .84J: t30 13) 
Allen. iE.) 

Balfour (250) 57 Bi29;3) 
“ T. (10P) 

Allied Colldl® Crp.O Op) 64® 3® , 

Allied insulators (25 p) 62® It® * J 

AWed 5 Retailors 110*1 '202 3 
Alpine Holding i (SOI 44’.'®J 5Js 
Amalgmtd. industrials 10 .6pcrt. 90 


X fsattgsgb 27 .28,3. 

« so. 76PC 

AngllaVelevK^on Grp. A (2|P) 75® ^0 3) 
Anglo-American AspMdt USm 43 Ja.,9 
Anglo-Swlss 'WOgs. (25P> 35 >30.5) 
Appieyard Gro. (25p) 82® 

Aouascutum a c5p' 34 3»a 12M> 

A reason (A.) (Hldgt.) Opp» 35 
Armltage Shanks Gro. U5p) 64, 5. 

ArnSrenfl^ Equipment (1 Op) 60 
ASMBm. W!da,.> 4>;pc1«Mt.Db. 30 

( t^ro-N l lc'ho1ai 5)*pcC«»m.Pf. *6H '22' 3'. 
Assoc t). Biscuit Mtrs. «20p) 74 (2913). 
3.65pcCum.P» 46 <30 31 . SpcDb. B2. 
6'jPcCnv. Uns.Ln. B4»* «29 » 

Assocd^ Book Publishers (20 p) 

Awed. British Engineering H2‘:ol 

As sued- British Foods >Bp) 54® 3':. 6 ‘:p< 
Ob. 79>: (29'3). 7 '.'PcCny.Uns.Ln. 155 

Assoco. Dairies C25P) 224® 17 IS - 1 - 


Auocd Electrical Industs. 6pcDb. BO 1 ;® 

As-ioc/ 5< Eng'n’wing*'2Su) 112';® 10® 9 

Assocd, Fisheries (25®) 44 
Assocd. Leisure iSo) 52® SO*; 50 
Assocd. Newspapers Grp. >25 p) 140®. 

AssMdV "paper ^ndosta. '25 p) 4B0': B 
Assocd. Portland Cement Mfrt. “J® .5$ 
4?® 3 2 5'; 1«r 4 6. S4«PC2noDb 49® 
0); (3013). 9ncDb. 77 ‘*a i30!3). ^ Viw: 

□b 91-** (28/3). 6**PCU(lS.Ln. 48 *28'3' 
Assocd. Scr.-ers |1») 31 lj ,, 

Assocd. Tetreii/on A '2So) 111® 13® ^ 
Astbure and Madelcy iHIdgs.) (5 p) 39 

A^Sa^Indurt. Grp. *10p) 20® Jr® 

Atkins Bros. (Hosiery) <2Sp> 52® (3013) 
Audio Fidelity (1 Op) 29 
Audlotronir Hldgs. 11 too : 52 
Aurora H'dBS (2Sp) 93® 3 5 6 
ABSHn (EJ Sons (London) (2Spi 68 <« 

A*wB(n*(F.)' (Leyton) OOo) 11’* ^8 51 
Aotomated Security (Hldg*.) ( 10 o) 59); 

pSrtomoriye ?rodiicts '25ol 109 <30/3) 
Arana Gro. (5 p 1 28<*® >: 9 *k 
Aram <25B> '*50 

Ayihlre* " moSi Products (25 p) 46® >30 3i 

CH Industrials «10pi 30>: (30 3). 

(top* 30 ZB-'ti lit 
CaWeform Gro. (5p) 62 1 , 

Cadbury Schweupes (Z5p> 53^8 3 i 31 
a',ocLn. 6 B < 28 . 31 
Caffyns iSOpi 105 (30 3> 

Cairo (Dundee* (2Sp) 12® (30 31 
Cakebnead Robey A (IDpl 22)j. S'-pcLn. 

1 0 'liPCCnv.Uns. j Camfort Eng'p OOo) 6 -: 

Camoarl > 20 p) 108 7 6 . 

Ca.-nrax (20 g) 68 
Canning iW.) > 2 Spi 60_ 

Cape Inds. 7’*pCDb. JO -2 »28:3i 
Caplan Profile (10pl 80 
Cap per- Neill HOP) 61 >:® (30 3) 

Caoscals iSdi 41* 

Caravtns IrternaH. (20o) 84 ; 51 -; 

Carelo Eng'o >25pi 63® (30 31 
Cartess Canel Leonard *25ol 32 1 SO 
Carlton tnd*. f25pi 155 'SO 3) 

Carnets mternatl. i50o’ 39"® 

Currfirafon V)v«*lla (2 Sot 38®. S’.-ncW. 

52. SpcPT. 65. 6.25 DCLn. 52<z® (30 3) 
Carron >25pi 45® 

Cartwright *R.« <10 d) 65® (30 >3) 

Casket (S.> -10 p) 431* 

Catalin C 20 d) 47 ^ 

Caaifon >51r Joseehi <2Spi 14)^ 
Cavenham 1 0pel si Pf. 93 2:-. 9-*PCLn. 
70 ij (30>Si. lOPCLn. 72)- 34 
cawdaw IndustL >25p) 28 (3013) 

Ca woods Hldos. C25P) 128 
Celest/on Inds. (5p> 30>; (28 3) 

Celtic Haven >5o) 14 
Cement- Roadstone (25o) 132 
Central 5heerwood 'Sr) 46® 7 S'a 
Central Mfg. Trading (10 p> 66>i®. Spc 
L n. 66 

Centreway (50o> 210®. llpePf. 108® 

rftvm’wrlaln f7*nj 46*r 

Chamberlain Phlnps (lOp) 39 (30 3) 

rhanae Wares (lOpi 17i« 

Charringtoni Indl. 8PcLn. 65*-® )<• 
Chloride (25o) 94 5'*. 7 wocOn. 71 '*« 

ChrJsttelnternvtl. (I0o) 82 4 3 
Chrrstle-Tvler iIOd) 73)j ■»! )’3) - 
Chrl«r Bros. <25o' J7 <28/3* 

— uho Son (20 p! 125 
Chiirrh Co. (75n) 163® . 

Clre Hot- Is Gronn (2Qo) 95 (28IU 
Civil Service SueoW Assn. 4',pcOO. ctss67 

narke (Clement Hldos ) *?5 p> SB (2813) 
Clarke (T.) riOrn 26 (2B/3) 

Clay 'Richard) (25al 59 
Clifford (Charles) Industries 83 *3013) 
Ci-fford’s Dairies (2Sp) 48 (2813). A 
Non-Vtp. i25o) 39 B _ 

Coalite Chemical Products tZ5pi 72® 2 

198® 2 

BAT Ind. (25P) 3053® 293 3? 72VQM 
302 285 8. Da. DU. Ord. i25n) 250, 
GO 56 7 56i B 

Bicc §o'p)]l04® «® 4 5A. 3 5. apere. 
531 ,® *30*31. 6>;l>cDt). 77'*® 7pcD6. 

Btlrw. 'ZSoi 59* 5® 7i; 8 T W 
8Ai: b: 9. 9 pc Tcnnage Db. 86** f28i|) 
BPB Ind. <5001 222® 20® 2- ,3 JL5’: 
lOLpcDh. 86 't i28‘3). 7*«PCLn, 129. 

BPM * fPcttS. A (25 Pi 52 *30,3). NV 8 

BSi: FMtwear 3 5PC0b. 36 t30‘3l 
B5G Inter (IO 01 371*0 9 1*9 
7 19-64ths.1 B** 9 >*: «* l2<)PCLn. 

100" Ih 100 . 

HSR (10pJ 88 ' r® 90^-8 88=1 92 90 1 
B7T? >25p> 2500 48tS2 
Babcock and WAleox >25 pi 114® 1*., 4**pc 
□b. 37® *20‘2l 

BN lev <Ben) Construction jlCni 14 129^3* 
da nay cc.H.1 OOP* 6 ». B Ord (10m Si; 

Baird tWHUami 148 <3D3) 

Baker Perkins Hldgs. I50 p» 93 4ij 
Bakers Household sm« <1 Opi 24 (28 3 
Bimbereers i25pi_ 46® 

Bairlords tlDp* 45® 7«s 21*: <30‘3) 

Sank Bridge Co. fSp) 5 >iw» 4 

Banro Cons. ind. '20d1 61 60>* 2 t i28'3) 

Hareet (2So> 25i;« >; 

Barker and Dobson rtOpI 12*a® Is 13 I*. 

IZbcU*. 87 (2W3I 
Barlow Rand 'RO.lO) 218 17 
Barr (A. <3 ) (2$E>/ 73 .2to3) _ . „ 

Barrett Do* <Tqpi 1)2® 119 8. New 
nooi 109® i30;3) 

Barrow Hepburn Go. (25 d) 35 4 
Bassett <Geo.i Hldgs. 45p* 154? s: (30:3i 
Balh and Portland Gp. <25oi 680 b® 7 
Batlevs ri Yorttshlre '1«pj 50 >30 31 
Beat&on Curie *25p* 1B0 S8 <29'3i 
Fertile Uames) A Ord. ptts. V 19 O t2So) 
98 ,3Q'3) 

Beaser >C. H.i (Hiags.i rtOpi 57 i29.’3) 
Ececham Group >25 p) $400 3® 39!® 40 
38 5 42. 6KLn. 81 b«. 6<*OCLn. 

SacLn. 24D 

Beech wood Construction (Hldgs-* HOP) 25 

Brian! Group (10n* 60:,® 50 1 SB 7 
Belflrara fBlacUieatfi) (25p) 34® 1 - (303) 
Bcmrpse Crp. <2501 64)* 

Benrcrd Concrete Mechlnere OOoj 
Benn Bros. :25ol 59. 

B :ntal la >10 p) 28 i3to3' 

Berger Jenson lOocLn. 02 1 3013 1 
- I Inds. ta&pt 27-: '3Q'3‘ 

d CS- W.j (Z5pi 220® 1.3 20 19 

Coals Palons (25o) 71 bS® 4^pcLn. 
40 (29131. 6**peLn. 56*i® 's (3013). 
7>:ocLn. 66® >. (30-31 
Cole (R. H.l (2 Sp) 117 (30-31 
Coloafe Palmolive Co. (JUS*) IS*/* 

Collett. Dickenson. Pearce InB MO»l 59* 
Collins (William) Sons (Hldg.) (25o) 
118<i:®- OTO. A (Non-Vtq.) (ZSp) t18>»S® 
Calmore Invest. (25 d) 34ii® 

Com ben Croup (10p) 29'- (3013) 
Comblred Enollsh Stores Group (2SP> 77. 
7J*pcP1. 52*: 

TomeAlr (250 97® 6 , 

Common (J.) Sons Webb (Hldgs.) (25 p) 
27.* (30/3) - , . ^ 

Conicntr-r ( 10 **) 40:® li® 1 * *s 
Cone Allman Internatl. (5j) 57® »s® 5ij® 
6. 7)iP«UnseC;j-n._78j; (30,31 


Cone Sportswear itOp* 84 (28i5l 
Copyde* *10p* 27 (30.3* 

Cora? Leisure Group (10 d) 113 15. 

iiOpi 111 S 

Corngrcroft <20p* 55® 9 ISO:® 

aa.'ffis'),'*’ <*»■ 

CPUrtaufas (25b) 115-t® ) 5J® 14® 14 15 
13 IS. 7pcDb. 7S)y>S 4*® * *2 5, 
7 J.oiDb. 70)*®. Si^xUnsecLn. 50*2®. 
6-ipcLn. 56*i® J*»® (30:3). 7upcLH*seo 
Ln. fill-® 1. 7 **pcUnsec.Ln. 61 *2 2. 


Courtauids Knitwear 7‘ipePf. 56® 

Courtnev Pope (Hldgt.) (ZOpi 63® 8 i3Q:3i 
Courts iFurnishers) A (258) 54 
Cowan fle Groot >10p) 62 (3013) 

Cowle T. i5p* 41 *j 
C rad lev Printing flOp) 16® 

Craig Rase SeePt. Jl« *30 3* . 

Cray Electronics (lOpi 25 (29i4) 

Crellon Hidgs- nopj 24® 
Crest Nichols® 

.son (IO 01 78® 4 3 

Croda Pood Ingredients Group SbcPf. 

50*2® (30. 3) 

Croda Inrcrfiatl. Cl Op) 54 I; 5 3*2 (30131 
Crgnife Group <250/ 34® 

Crosby House Group 124 
Crosby Spring interiors OOp) 15»; >30 31 
Crossley Bldg. Products (2 mi 52 (20 3) 
Crouch Group >Z5Pl 72 (28:3i 
Crown House rzso- 49*:® >: SO 
Crowther (John Edward) (Hldgs.) 5-cpcPl. 
35 (30/3) 


Crests late (Hldgs.) (5pi_ . 

Cullen's Stores SpcPf. .38® 

Culler Gaud Bridge Hldgs. (25P* IStjO h 

Currys (Z5 pI 184 1 

Customaglc Mfg. OOo) 17 >j 17 


Dale Electric OOP) 1 34® 4 
Danish Bacon 116 (28)3) 

Dank* Gowerton (25P) 700 (30>3) 
Dartmouth Invests. *5pi IS*: 19 
Davies MetcaKe OQpi 39t A OOP) 

Davies Newman (25p) ISO® 27® 

Davis (Godfrey) izSbj 80® 77 1 5 a*a 80 

Davy Intnl. (25P* 214 

Dawson Intnl (2So» 1021* 1 

□e La Rue (25pi 273 S 

□ebenheins (25oi (06‘:® 4® 6 5. S'roc 

Db. 80': (28/3). 7UPCLn. 591* *1 (3013). 

7iOKLo. 65®. llPcLn. 116® 

Drcea i25p) 413 130 3). A >25p* 400:0 
Delta Moial (25DI 730 2 >1 5. 7t*pcDb, 

731?. lOJipcDb. 94** (28'3i 
Oenbvware (25p) 71® 

Oerrltrm * 1 Qd 1 17>- 

Desouiter Bros- (25n> 130® 28 

Dewhlrst (1- J.l >100) 50 

Dewhursr Pttrr tlOp* IB'j. A (10pi IS 

DeWhursT D«nt I20p) 18 (29'3* 

Dickinson Robinson i2Sp) 1229 39 1® 1. 

7-’*pcLn. 71 >; >29r3i 
Diploma invests. >25o) 1351® 9 
Diian (Da*ld* Son >2Sm 68 
Dixons Photog. (IQpi 144 

2lij® 2 ® "a® 

F 99^«r Industry immstment C25o) 59 

Ito 5] 

F fn fl C * P - ***■ M>a. 71*pc 

Fortio B-1pcDb. 59 (28/3) 

Forevar d. Technology ludostnes (SOp) 100 
Foaeco Mutsep (25p) 129® 31® 1 30*3 


£°5* r ffrochere ciotfung (ZSpi 85® •* 
Foster (John 1 Son (ZSpi 27 
Fothergil) Harvey r2Spi 87 ISO 3) 

&& ,2 ?S?, 57 t3 °* 3 > 

Francis Parker u Dp) 14 ® 

reS£Ji an 5-' Lo ?SteL S ''3J *25 p) 2704 1 
French Kier Hldgs. (2Sp) Si 

G— H 

G *£ A nzomation 6.?pcOb. 1981-86 

• O kiU. 5) " 

?0o»nii°p rt 84 ’ .IS?, 0 " 4 - 1 -"* 6B *‘ 

GR (Hldgs.) (SOp) 4 So 

1976-81 85 'a®. Do. 1B83- 

(303 IS,. 

Gallenkamo <A.) 6 pcDDl 
G aHlford Brindley '5(0 55 
fia rnar-Sc otbla I- '2501 96 
Carton Eng :iop) b 6 
G»t« 'Frank G.l (2So) 53 (29 37 
Geere Gross Mod *S; iSOS). New (too) 
42.'*ffl 3 ® ** (30 3) 

in. Elec. (25 p) 2511® 47 53 46 9 8 SOt 
fS 50. 6pcLn. 1979-84 7a'.®. 7**PC 

Ln. 66® 8. 7-'.pcLn. 68®. Floating Rate 

Nts. 99;*® 100'* *• 

Gen Eng. iRedcliBW flop) 79 (300) 
Gertetner Htdgs. A (25o) 170^ IQacLn. 
115 >30 3} 

Gibbons Dudley (25a) 58® *: 97 
Grbbons (Stanley) In ml. (25p) 1«4t (30/3) 
Obbs D.ndv MOn) 35. A N.-yta. OOp) 
29® (30 ’3). 7pcPJ. 42 130/3) 

Clews Gro. 'ZSP) 989 7 
G/luate Hldgs. OOo) 6 *- 
Glll Dirffus Grp. r2So) 222® 3® 3 1 65. 

EncPI. 46':® <30'3) 

Riftsuur >10pl 501; 

Glass Metal Hldgs. MOo) 63 3: *3013) 
riieaa Glover Gro. *501 24 (30 >3) 

Glaxo Grp. 7t*pcLn. >S0 p) 340 

Glaxo md^s. ^SOp) S33®_ 2«_28® 7® 

7 30 3. 7’:DcLn 117 19 >30/3) 

Gleeion (M. J.) iContractors) >1 dp] 45 
Glynwed I2SP) 112^0 12» 13't 12 11 
10>l B'j. 7'yjcDb. 74 I* (30)3). 10*<pc 

Gbidbarb 1 ?A.) rasp) 67^ 

Goldman (H.) Gtoud COP) 19® f30>3) 
Com me Hldgs. (25p) 82 >29/3) 

Goodman Brothers and Stockman (5P) 10® 
11 >30 31 

Gordon and Coren Hides. (25p) 81 >30*3) 

Gordon M-oiS) Grouo ifOP) 17 20 
Gough Brothers >20 d) 44 

G 01 Ch Cooler (2rin) .85 4 

.Idas. >25p) 52 (30’ 3 » 
Television N.V. A (lOp) 


>29 3) 

Granada Group A (25o) 92 _ 

MetTOMlHAfi ISOo) TCS® 3 4*} 4 5 
z:. wrts. 12 :- (SO'31. 6 HpcPf. 
9UpcLn 98V ■* (28/3). IOpC 

Granada Gr 
Grind M«tt 

BtoLS». a 

Ln. 86 

Grattan Warehouses (ZSoi 125® >,® 7 4 5 
Great Universal Stores iZ5p] 300. A (2 Sd) 
294® B® 2® 301® 292 3 4 5. S*|pCLn. 

40®. 8(*PCLn. 720 
Greateraians Stores A (R 0.50} IOI (29>31 
Grsenbank Industrial Hldgs (IOd) 55 (28'3) 
Greenfield Mllletts (lOp) 47 6u 
Grip p er rods Hldgs. (1 Op) 41 (30/3) 

Group Lotus Car Companies OOp) 49® 

Grovebril Group (Sp) 16 ® 

Guest Keen and Nettlafolds 27S® 146 

.5 7 1 : 3 7 2 80 6*>PcLn. 84® 

Curat Keen and Nettiefolds 01. K.) 7>pcDb. 
75': (29*3). lOHucDb. 91 U (30/3) 

ttA.T. Group (IOdi 33® ■■ 

H.T.V. Grouo N-Vtg. USn) 125 
Hag gas (John) (10 p> 105 _ 

Hall Engineering (Holoingsi (SOp) 95® 
Hal) I Matthew) >25c» 192 I2A3) 

Haima (I0o) 6o*>® . 

Halstead (Jammu (Holdings) (10 p) II 


Namilbonre (12*zP) 47 <29/3 j 
Hampton Industries CSp) 11 'a (28/3) 
Hanger Investments nOo) 28 7»a 
Hanson Trust (ZSP) 1 34 S® 7 8 6 5. 6*aPC 
Ln- 1988-93 79 «>• 

Hardy (Furiushers) A Ord. (rest, voting) 
Uap* 279 5 'a 

Hargreares Group (20p) S4® 

Hams Sheldon Group (25 p) 47 ‘;© 80 
Mamson (T. C) U5 p) 102® 

Harnsoos Crosneld £3'a> 6'yscPr. 55 
Hartle Machinery International (ZSp) 240 
Hartwells. Group (ZSP) 84® 3 
Hawker Siaoeiey Group izsnj 2079 6® 
199 7 20 4 196 8. S*arxP1. 48ij® 
Hankins and Tlpson (25 p) 710 
Hawiev.Coodall Grouo I5 p) 10i a ® *: (30.'3> 
Hawthorn Baker (2 Sp) 37 
Hawtin (Sp) 9-'* 101* 

Hay (Norman) ilOp) 35 (28/3) 

Heathcoat (Johol 4MtlstDb. 19S1-81 88 
He/eire or London (to p) 1S\ (29>3) 
Henoerson-Konton (ZOpi 70 (2S-’3) 

Henlys «20»* 119® liO.’S) 

Hepwarth Ceramic Hldgs. (25p> 79’a® 
810 2® 79 > 1 . 7J*pcDb. 72 b® (30131 
Hegworth tj) Son OOp) . sa. 7pcAPi. 
95ii® (30)3). lODcBPf. ISOpi 39*3® 

Kerman Smith (lOpi 7*j (Z9'3* 

Heron Mtr. Grp. (25 p) 1109 ’a. 10pc 
Uns,Ln. IBS >30/31 
Htttair >25 p) 112b 12 „ 

Herts lr Consumer Prod. 6pCUn*.Ln, 451 , 

Hewden-Stuart Plant (JOp) 55 ' 2 ® *1 J® 
Hewitt U) Son i5pl 23 

Hey wood Williams Grp. (50p) 74 <28/3} 

' !W 1 5 Op) 

Horixon Midlands <5»l 48® 90 88 tj 
House of Fraser (2 Sp* 1439 3 2 4 40 SS. 

BpcMtS-Db. 73ii, SUdcUOSXiu 68b® - 
House ot Lame (25Pl 56® Z*st 
Hover insbam Grp. (ZSp) 72 (30 S. Res OL 

(20b 1 27*z (29&) . 

Howard Macbmery t2Sfi) 30®. 2 1 30 11* 
30 •* 

Howard Tenens Services (25 P) 28b® (30,' 31 
Howden Gn>. (25pi 58i z 8 F 29 L 31 

tornDteies^lSn! (25b) 1S<z 14 
Hone Voscrgp (Middleton) IS 01 2&*t 
Huntiergh Gro, (IOp* 87 6 i 
Hyman (I. and J.* (5 p) 29<z .■ 

I— J— K 

I CL 2300 2 1 (30 3> 

Ibstock Johnses ;25P»147® 6 
I King worth Morris (2Qp> 30. A (Non.V.) 
(ZOpi Z9A* 

I amen*] . Chemical Inds. 357® 6 50 57 8 
9 S St 3, SbpeUns.Ln. 49®8b® 50®.. 
7UneUfiS.Ln. -70® 69b® 1* 70*1. BPcUns-. 
Ln. 73® 1 iz® b <a >£> 2 1 V 1 0)«peUns. 
Ln. 91 1* f30*3) 

Imperial Gm— <2 Sp) 75® Ji2® 5 b 7M 
"Mt 6*2 6 77 6U. 4acUns.LB. 87UT®. 
5VPCUPS.U. 741 * (3031. 6.9PcUns.Ln. 
502 3*j. 7.5t>cUns.Ln. 59<« (28KS1. 10.S 
pcUns-Ln. 83® :> 4'z- BpcCpv-UdsJji. 

73® 2b 3 2 S*i 
laT Metaf. ' 

I mow-la) Metaf "inds. (ZSpi 6 <Ha 1 60 . 
BHarfl—J «. 46®. 7irtcUnsJ.n. 69 <29/3) 
Inca aam A NPV £t2® 'w® U - . 
inoafl, industries ( 10 o) 22® 

Initial Services B':pePf. 64 ' 2 ® 
fnrer^Jty (20P1 9® (30>3) 

International Business Machines (MISS) 


International Paint <25pt 84t 
Irt cr r rati onal Stores 7bacUns.Ln. 62t- 
International Timber (ZSoi 116® 14. IOpC 
Uns.Ln. 122 1 - „ 

lnvnresk (50 p) 690 70 tt- aJtpcPt. 46 

K Shoes *250) 47 l* 8 7t Ut 
/Cakud 100 

Kalamazoo flOol 29 -it . _ 

Kenning Motor Group (25ol 71® 70**® 
69 h.. SpcLn. 93® *7 T ■ 

Kent (M. P.) ilOO) 43 • 

Kershaw (A.) Sons (5p) £9® P905 

Khtimn (Rdbmi Taylor 11 Op) 49 

-E-Ze Hldgs. (250) 6«® 
Mm Hktos. nqj» 1® 
Intnl. (25o> 106 

1*7® (3 Of 3) 


Fif (Tv reyT Hldos. >1 Op) 52 
Kwik Sara Discount Group (IOp) 781*1® 

Kynocf* <G. G.) (25o* 50® 00(3} 

L — M 

LCP Hldgs. (2 Spi 87® 80 
LRC Intnl. /' ~ __ 

(10o> 37*» 8 7 lj 

LWT (Hldgs.) A non-vto. >Z5 p) 127® 
6 71 , a 

Lad broke Group (IOp) 1831*® 76 7 


BoeLn. 69 

7¥. " Warrants 93is 41»; 

Ladies 1 Pride Outerwear <20o) 55 Mil 
Latng (John) Son >250) 132. A 125P) 

Laird < Group (25PI 84® 3® 2. «RCLn. 
85 (293* 

.ir_ cin„. • 

Lake Elliot (2So) 480 
kamant Hldos. 6pCW. O0®> 16 <30/37 
Lancaster iD. M.i '.5pi 5'}# *1 5 
tSr^ey) Grp. C10P) *«• (30131 
Laporte inds. >Hldos.) (SOp) »3® *a® 
Laurence Scott (25p* 1 1S Uh 
Lawtex (ZSP) 60 (28>3) 

Lead Inds. Gro. (50 p> 129<2® 9 30 
Leaderflush (Hldgs.) >10 p) 11 »i C30/SI 
Leboff rs.1 IF obeli (IDs) 45® H 
Lee Retrioeratlon f25p) 680 . ‘ 

Lee Cooper Grp- (25 d> 1180 19: (30)3) 
Leeds and DHt Dryers Finishers <Z5p) 43 

Leigh interests (So) 156 
Cannons Grp. <10p> 32® 2 1 
Lep Grp. MOP) 240 >30 '3) 

Lesney Prods. .(5n) 55® 6 
Letraset Intnl. (IOP) 118 20 ‘1 
Lena (Sp) 1SH (30 31 • 

Lewis (John) 7pcPf. 56 (ZVS) 

Lewis's Invst- 6>fPC2mtOb. 663,0 
Lex. Sendee Grp. (ZSp) 73*: 3 2%. S>zPC 
Ln. 69® 

Ler land paint and Wallpaper (2Sp) 60®- 
Ley's Foundries and Eng. <2 Sp) 64 (2913) 
Lklen (HldasO (IOp) 23® 41,1 (30.-3) 
Uduone (Sp) 73 (30 3) 

L II lev (F. C. J.) (ZSp) 72 1 
UngjotNao (ZSp) 133® 3 «a 4. 6ucPI 

Lirrtood Hldgs. (25pl 145 3 
Llnread asp) 33® 


U ?‘^d/l5^1S*”^“ 1 ' LM'31. 

A lap) 15** 15 

London Midland IndsHS. (25 p) 77 

Lunddn Northern Group (ZSp) is>! 5 4b 
ProvfnaiU Poster Groun <50p) 213 


London . . _ 

London Brick (25p) B3*i. 

Ln. 132*:® ... . - 

London Cremation lOpcPf. 62 i29/3) 
Longton Transport- HWos. i25p* 56 *29131 
70 3 1 ’ -■ 

Lookers OSW 56 *28/31 

V r ) *25p) 32® (30 >3) 

Lovell (G. . 

Lovell CY. J.) (Hldgs. ) QSp) 80 (28137 
Low >mr Group (SOp) 173® 5 (3013). 
3'?0c3rdPf. 36* *30/3). 12iy*cCnv.Uns. 
. Ln. TOO:® >3013) 

Low IWm.) (2007 700 
Lugs. Ind*. 272:® 2® 8i® 6® 70® 5® 
66® 73 6 7 B 3t 4 ; 6 St 80. 7*«pe 

Uns.Ln. 75. 6 iiucCny.Uns.ln. 1T2 
Lyles (S.J > 20 p) 59 
Lyons <J.) 94 3*- 5 3 -7. 6 PCtJns-Ln. 
49** *28/3). 8 )(pcUns.Ln. 63® (3013). 
7 i 4 PcCnv.Uns.U 1 . 83 (28/3) 

MFI Furniture Centres (lOo) 70*. 
OOP) 71 (.2913) 

M.K. Electric Hkhn. OSp) 164® 3 2 


M.Y. Dart .fi Op). 66 '^09/3) 

Macanie ILoodoru 
7i-pcUns.Ln. 51i® (*(® 

18)3 (28>3 J. 

Macartfeys. Pharmaceuticals <20n 95 

L'Amie Grouo (25p) 11® 101*® 

McCorouodal* 231 » *30)3) 

Madcay *H.) *2Su) 43,(29/3) 
McKecTinie Bros. (25p) 89 (2J 

r — - I25P) 89 >28/3) 

McNeill Group (25p) 48 >a (29/3) 

Macphmon ID.) Group (25p) 58 (2813). 
7>tPCCnv.Uns-Ln. 62® 2 . . . ... „ 

Magnet Southern) i25p) 178 6 (C9*31 
Mali! reon- Dcnnv (25 p> 44'j® 5. aipePf. 

44 * 2 OO 13) _ 

Management Agency Music OOb) 74® 
Manders iHIdgs.* (Z5n) 98® 

Manganese B route H'dns. *25o) BOM ta 
Mann Egerton BpcLn. 65 >28/37 
Maple (Hldgs.) «10 p> I5»a. 10‘iOCLn. 

Marchwiel Hldgs. (ZSp) 272® 

Marta and Sneneer (25p) ISO*;® 1 50 49 
51t k 3 50'*. 7 dcP1. 66 ® (30'S). 10»c 

Pf. 9 S»j® >30>3) 

>25p> 78',® 9);® 8 

Mariev . 

Marling Industries OOn) 17*» (30*3) 
Marshall Cavendish (IOp) 5S*i 2>i 
Marshall (Thomas) >25n) 474. A Non-Vot. 
■250) 46® '30’Sl 

Marshall's Universal >2So) 150 47 
Martin /Albert) «20oi 83 '2 
Martin-Black >25p> 52® 1 * (30(3* _ 

Martin the Newsagent i2Sn) 2S2® 4® 
(30 3) 

Martenair mt. >20pl 152 45 (28/3 ) 
MasseY-Fnrouson 670 (2s,3) 

Matthews 'Bernard) >Z5 r) 145® 40 
May Hassell <25 a) 60 
Mean Bros. (250 25 6 (30 3) 

Medmmster oopt Z4 (30/31 
Melville Dundas Whitson <2 Spi 39® (30|3) 
Mnetmore Mfg. (5pl 1 1 '2 
Memdes Uohnl (HidOO C25p) 313 *2813) 
Metal Bov 2951® 302 ® 300. lOLucU/rs. 
L*. 86 (30*3) 

Metal Closures Grp- >25 d> 85 130-3) _ 
Metalrax iHIdss.) (Spi) 45 H* 6® ( 30137 

m error (25o) aoi . 

Meyer rMontsgue Li (2Sp) 75. 7*spe 
Noa-Com Pfd. f30o) 16 (28/3). 7**pe 

UnfcLfi. 74 (2 d/3) 

Ml chav I (John) isavlle Row). (10s) TO 

Midland Indurts. (5o) 40 39 1 * <30137 
Mllbury (2 Sp) 70 -28/3) 

Miller fFJ (Textiles) OOo) 39 8 , 
Miller 'Stanley) Hldgs. 11 0»* 10® 9Si® 
Mi'ln Marsters Gro. (50 p) 160 
Minina Suepl/eS IlOp) 56® 7*4 
Mlvchen Cows Gro. f2Sp) 441* 

Mitchell CottS Trans oort >2 So) 54 *3013) 
Mfftficlf Suntere ftoo) BOh -30/3) 
Minoncrete (Hides.) (25 d) 60 
Mole iM.) Son (20p) 24Hb 3 (3013) 
Mol/ns >25 p> 11 7® 19 f30.'3> - 
Monk >A.) >75P) 81 (2B!3) 

Mivisanro Chemical -Shs. or Cckn. (3US2) 
36 (30/3) __ 

Monsanto 6erOb. 84'* (Z8/31 SpCStfiJ 
DonarCny.Gtd.Ln. T07U® B 5 
Monument Securities (toe) B 
More O’FurieU II Do) 970 6 
Morgan Crucible I25p) 121 20 

Mnn-an Fd~->rds fOo) 32® 

Morrbun fWm.) Sueeemlrrt. (IOp) 195:® 
Mm* Bros. rTQo) R4 >29 "3* 

Moss Enn'n >25nl 70 >2 8 ‘31 
Moee (Rato.) flOp) 321a (Z9'3 
Meriwtare >10 b j 156 4 
Mount Charlotte invs. nnai is 
Mpwlum (Inhnl >2Shi 129 
M mi-bead >25 pi 176® 

Mvson Cl Op 1 68 '3 S 

N— O— P 

NSS Nawngautc (Kto) 108® 

9 B. 

NatL Carbonising . 

Need lets (25p) 37 

Negrettl Zambra (ZSpi 80 (30>3i 


3l BdcW. 37® 

Hickson Walti) (50pl 158... New 
1610 59. B'rDCURS.Ln. 661- 
Hteid Bros. >5 p> 11 (Z8f3> 

HlBhams (25P) 47 __ 

Hi gfioate Job Grp. (SOp/ SS 1 30/3) 
Highland Elects. Grp. >2 Dpi 21 to *3013) 
Hill Smith «Z5 p) 50 (29 3* 

Hillards (1QP> 2020 6 5 

Hinton >A.i Sons (TOd] 700 130/3) 

Hirst Malllmon (ZOp) 30 '3 
Horchst Aktlensascllsehaft Carts. Warburg 
DM5 SUS5-S0 

Hoecnst Fin. IQpcGtd.Una^o. ilgij 16>i 

(James) <25P1 91 2 13 

in David (5p) 73 (29 3) 

New Equipment bOp) 12 (2813* 
Newey Group All® B>* 13015) 


'•'s'- • 


Dime DereHH*n#c*3 (I bnJ Si 
□tijorn (Samuel) TZ5pi_86® 6 

T^88^3'<«0''' , " * 7 P c1 «to>: 


PRfttO (PJ (100) 24 X50)3) . 



BawpMsnfcw - -* 

Peak to*, (ion W5® 12® rn, 

'SESC •’ 

JS.I Son (2501 1 DZ9 "87 90 ig 

■*?. l‘\. 

f. [ . . 


V 4/ 



79® h 

Pennine Motor 4Sroap. tlOol 3J* QSLn 
Pent! and Industries (IOp) 21® - ' * 

Pentos (IOp) SO 70. 15 pcL*. 130 - 

towy (H.) Motors C25p> l65 o B: 3 « 

..■> ■ 1 

(30/37 ... 

Pan Baker Ira ' 25- 



V.i' ' 

Peters Stores (lOpi SO 39>z 9 


Petrocnu Group <12 tip) 

Philipp Finance- SVncUv S 8 *i 
Philips Lamps Holding (fLlD> off * 5 

& Patent* (HOl^irtaSP) 1 3(KJGs 

'iSm 14*TC50/3) 

Phllil , 

Pi lk inert on Bros. 

Phoenv Timber- l2Sp) 1 

Pf'^aX (lOTdOnO) -(25p) 42 CM.^. 

P fcfl Holdings (20 p) 90» U 

Plastic Constructions New.n Opr 38 (28/3) 

irV- - 

Platon'*. CSairhqrouDhl ^|3p)' fi fS)jJ 

Plessurama (5n). 70® . . 

Plrsscy > 500 ) 10 a R 8 9 712 } 7 91k 

_pb. 66**® *j® .7 (SOISV" 
BO® *30/3) 

7*iPC ' .Jf* .4 

Plrsu flop) 

Polly Peck (Holdings) (IOp) 8'. (30/3) 
Polymark International (1 Oof 47 «B/s> 
Pork Farms nom 432 C29J3) ^ 

Portrt* .HofdfnU (25rt 216 17 C29/SL 
SpcPf. 460- BpCLn. (39)1 C29/3) 
Porter Ehadburn i2Dp) 105 08/3) 

(SOpl 166® 3. 4to>e«. 

t V EraWerlng Corn.- (25 p) 72 

3^f / «3b/3l!* ,,,eLn ' 6 °- 
Press Tools lion) 22 (29F3) - 
PrTO^CWm.) (5 p) 19 * 1 ® 20 * 3 ® .1 9*x L 2 fl 

Prestige, Gro. (25 p> 151 

Print OL) Sons (Hldgs.) <25pt 74 lj " 

Primrose . .Industrial HIB 91 - (RO.IO* 71 

( 30.-37 - “ ... 

Prince at w*le* .Hotels QSei list* (293) 
Pritchard Sendees Gro. C5p) 33>t« 4 31 , 
Pfoorhwrt Key’s Wharf- 136®. 2 1 Z7L 
6 *IDCPL 55 (30 , 3V SWUL 92 (28® 
Prorinrta/ Laundries (Sol 10® 

Pullman (R.J .1 (5M 85 (30/3) 
pye Hldgs. (25d) 99 3 00$ 98 


■j i~. 



Q- R -r-S 

Qdeans Moot Modaae >50) 300 21*3 7Tj I 
Quick iH. Jj Gtp. ISO) 52. . 

RCF Hldgs^ (25p) 38 (28/5) -... 

RFD Grp. (TOP) 54® 

RKT Textiles (1 Oft) B 8 . 

Rural. .. Electronic* (25o> ZT5® .. 12U* 
13U$® 10® 12 10 8 16 . 

Radiant Metal Finishing (12*20)24 (29/3) 

Radio Rentals 6 lAKt*. 54 

Radley Fashions Textiles (25n) 49* 

Paine Eng's, inds.- <1 Da) 13 b* <30/37 
Ramar Textile (5p) 1 S>sO - 
Randan (J. L.I M Op) 60 (301) " 

Rank Organisation (25p) 247® 2* 31* 
5® 30}® 44 8 2 6 . BltPCPt. 53*i (2S 3L 
SpcPf. 71 (30/3).. 5>WCUi. 321* C03L 
8 PCU 1 . 71® 130/31.' ■ 1.0*SPCUL. SB's* 
Sill (30/3) .. •• • V-. ., . •: 

Ranks Hovls MCDougal) (25n) 49U g 
b 8 * 3 . BpcUtPf, 52® aa'3i ' G'tncLe. 
45® (3031. 6 >ipcLn. BWit® 14*. 71 *bc 
'L n. 77% <28/37. fftoi cLlt. 73 — 
Ransom (Wm.)-Son (TOpT 38)6 . 
Ransom* Hoffmann Pollard 4Z5p) 

7® 6% 6. 7pCPf. 54® 13Q/3L .. 8 bcUl 

Ransom es Sim* Jefferies 138 42: (30.3J 
RatdWe iFvS.) Inds. (25n) 66® Q0/3I 
Hainan Urn waDani IlOp) *9 (30/3) 


j.r. •- ■ 

:• - 
.7.T . 

Reybeck OOpi 71 h® 

Readlcut intnl. t5o) 32h« 3 

Reedy Mbced Concrete (25W Hi? WH. 
8>>PcLn. 101 (29/3) 

Reckttt Cofman I50p) 420 - 15 T71S. 
5ncPf. 44® 

Record Rldgvmp ' (2Spi 77 09/51 
Redfearn Nat. Glass <25o) -2506 
Redlffuslon *25 p) 96 . . - 2 

RedOj^mt Trie-S.gSocpf. 74%® (iOBl 
Red lend <Z5pl 140 t . ■ • 

Redman Heenan IlOp) 51 * 26 ■ 

Rend (Aurtlni (25ol 78 (30I3>. r A (Z5rt 
80* 776 6 

Reed intnl. Ill}® 9b* 9 TH* VUs 14 
10 IS 12 11 10b. SlTOCPt- 41b*. 71*9* 

77. ' * 

-J -• 

i-T: • 

Db. 199045 

es-. . 

v •• 

1 - j 

— ._ <30/S». -TncLn. 59*4. 

7bPcLo.. 1995-2001 SBhtO %t® 7V 
>30/3) tOucLn. 7-1S®)->. > 

Rcea Publishing 4pcPf. 28S >30)3). 8 ecPL 
sgbi -pQ/3)i 4bpctn. 283 33b. Vtoe 
Ln. 65, 9 ■....*■■ 

Reed (William) Son OSp) 80 b* 

Reliant Motor raw 7 sir • ■ 

Renold 124® 3 ' -■'••• 

Rentokll OOo) 48b' 


Remwlck 0|p^ 43® 40 


Restmor aso) 118 (29/sr 
ReynoWs (W. j.j (Sp)- 43 -*■ 

RJOrnrito WaJUngton nOn) 80. 

761* >29/3) 

RKhartfai. (IOp) 18b (29/3K : 

Riwlln II. 0. S.) Cl Op) 14b 
Rfa* (Ollven >5p) 6b b. TSmcDl 
Robertson Foods U5P) 1450 2* 3* 
Rockware Gro. *25ff) 104® 5* 41*. Shoe 
PI. 50 (28/3) . 

Rolls-Royce Motors Hldgs; <2Sn) 83b ,2b 
3bfc BpcLn. 97 HP 
Ronncr Hldpi. A 05a) 34 (28(3) 

'IDS 4V 

Rotanex iGJJ <10a7 47 ■ • 

Rothmans intnl. u L12bp) .44 
Retork »70o) 113b • 

Rowan Soden «25 p) 26 (28(3) , 

Rowntree Macklptosh 150 W 385 92 88 
Royal Worcester asp) 1076 9 T 8 
Sorco Crp. >2Spl.'38bA 51 , 9 B . 
Rhberofd *250) 33b (30T>. „ 

Rugby Portland Cement I2S#> 78b* ti 5b 

5 5b. Pig. iNy-rtg. tSn> 50b. 6mcia. 



S and U Stores (12bp) -10 (3013). Z5ac 

£/d- (IZbP) XSb9 7 1_ <30*37 
SG8 Grp. (25ft) UL 

BApcLd. 142 

Saatehl Saatchl nOPl'IIS HO^ •• 
Sabah Timber nort 32®-CSWS) 

Sana Holidays > 20 * 0 .118 21.18 20 

Sadnsbuty U.) (Z5p> 167t® » > J. « 

Saker'f ^Finance fP(L3m_l3bO (3831 


Samortson-Fflm (Z9W 

Sandeman (Gm». GJ Jons__ 

Sanderson Kavnr I25n> 81 - „ 

Sanderson Murray Elder CHVo*J » 

>3or3) ' 

., J" 

*2* (. 

Ravnle Coition (JJ Gro^D'OfiJ 01 ^' 20 * 
A rift 

savoy Hots) A TlDp) 75 (29^1 
Sraoa Gro. (25o5 90, , ^0(3) _ 
Srhlmnberoer rtUSI) SU»7*-^BI3T 
sehote > (George - Ri > 2 &o) 260 . 
Crorrros fZSol 70. ffoeLP. 56f 

FrnfT Robertson >35of 36 >30C) . 

Srottlh Agricultural Inda. IkaeU** 1 * 
61 ® 


^Ort'Sh unti BW 

Scottish E nullah - 

•40'. rjo - 3i 

1 30 3' •<* ST fS03l 

SeorHsh Homes lm. (25ft) W'lPg. 
erortlsh f-levl*mn'N V. A 
Sears Hldg*. t25el .Wb-,-1 ft ' J*'- \^T. 

&s?&. vses»Sh-4wv 

SeriurttY r Sm%M ’ 90 ‘ * 

Sellnconrt (Srt 23J*» 3 It,. ffbPcUns^'' 

'n^^ssssSSf'M. Amz- 

M 3 - as« IB*. 


rtlrartoSSMSSteWl W> • 

Simon Eng.(MP)Z°*4 ... 

iiS?ifr ^a rggiSgg«S':»' •“ 


ii ia ti? s 

>N i 



Ik " 

- 7 ^.*yo ”■ 



!((«/"• € 

Hoftnuno iS» >Z5 p) 73® 2 <3013) 
Holden >Ai Sons < 2 So/ 63® 

Hollas Gro. <5 pi 54 >3(^3) 

Hollis Broi. ESA 12501 62® 

Holt Lloyd Intnl. MOpi 1Z8L ' 30,3) 
Heme Counties Newsnaners *25p) 70; i x : 

Homlray <75 p) 44 

*30/31 J25: - * «SP> 3350 3 

Hopfcinwns Hldgs. (50p) 82 (2813/ 


Terms (years) 3 4. 2 5 ' 

Interest % . 9* 10 

Rates for larger amount on: , 

information from The 

Limited, 91 Waterloo Koad, .1 

“ • — . ■ Cheques payable to *" 

ie holding company fur 

Ext. 177) 
FFI is the 


^Knaneial Times Saturday April 1 1973 

®7**w d5p) 9s aani 
Tr-U— V 

‘ *%« (Wp» 29IJO s 

lopf 2a Tsoilf” * * a*® New 

5>'SV"*. 4 6 3 «■* *** 

JSSJSSfS. ?■?& ^ W 7 1=9,3, 


TrieDtiun* Rentals (2 Sot i?ka c ■» 

Tenn«o Inc. lOocOiMe^Ln A7 

«e i^s^^aw (5 °' «• 11,8 

11 °R* S3 ht 

I"*SfTS? Jerapv nopi 2sug,3j 


<25o) 360 SO 
• 4i® 30 S 60 

W nw^TdBSrSEW^ af s' 
Thurgar Bardex dOpt 14 1 ," iiaiii 

ff? Q W3jp , -d l 5 ®«a*s 13 u 

»•—-■»■ “- z 5«Pf. 67®. S'lPCUm.Ln. 

Toothlll (R. w.l (25b> «' ( 2 a- 3 ) 

Tovo <2Spi 450 *:30*3I 

T *dO ^ Kemairy Mlllbonm (Hldgs.) (2Do) 

Trafalnr House (20p) 142'- S9« 40 * 
BDcUns-Ln. 65 1 »® 5 ®. oi-kUbs lA tSa 

f25pj Vb raosf- 746 

T 7jdfSln D *B4? 1 P o menl t250J 699 **■ 

Tramv6od fSpl Sh® 

Travis Arnold (25al 141 
TVjcovHle nop) 52 r 30/3) 

Trldytt Television A (top) 53 ® 

™JS 20pcPf. (25d) 39* {30 3 ) 
Kg??*.. **!— C25p) 75 (28 3) 

Trust Houses Forte (25p) 1940 BB 90 
6» ^ t28;3). 1.fTS*t 

T %£jfi2P^. T m 80 ® 76 7 70i - 

RopcUni.Ln. aSh 8 Si* 1303 ) 

Tunnel Natans. (e»Od> 238 ® 5 4 
Turner Newaii i&4t® 3; 5 4 3 B 

^•ifi’csoii?' 1 ai * t30,Sl - 16BeUna - 

Turner Manufacturing (25p) 97 ( 30:31 
Turner IW. E.) (1 Op) 36 7 i28)3» 

Turriff «5p) 60 <29.31 
Tvuns EConirectors) <10pi 21 
TviptK riff. A.) HQpi 22 (29 3) 

B SM Cm, (25P) 700 «9<iO *: 

DS Grp. (25pi BB 7. 5>< 51 
*if°l n «*rnat. i25o> ISb 
U9 **C ♦ , 5 e TS_ 9p ^-"- 1982 ,w «*> »ar- 
subscribe for Shs. of Som. stk. 

of Emhart Corp.i 11 E i 2 S 3) 
u.u. Tonies now 5- u 130, 31 
M r ^ STO" «*5pj SB 
Unicorn Indust. I25p> 930 3 >« 

U JL B, ‘SK a 5 a. 5 « l 3 lj - bDcPf - 50 l28!3l 
34ipcDb. 67lj (2S/3). 7-UncDb- 7 5 
8g£! -"4. 48 Jl— l3a/ j l - bijpcLn 1991% 
|BO 71* (30, *3). BiyJCLn. 1992-97 620 

<25p) 5050 20 5000 30 500 
Tsi® 7 *? 0 ? ASft 505 498 - GUpuTn. 
II I ■'** **« ’2 130:3). 7- ;KLn. 66, ( jii 

S"£pi. &^Xcr?. PC 7Gi 44 w 
Unit*®, <iOp> 101 

u ssSb. ,25p ’ is °- 

U 5! te A»S tv J!?* r F hJre l1 0p> 480 9. 6 pc 
. 1 0pcLn. 48 9 12B/S) 

K"K2 .Engineering Indust. nqp) 34 -* 

£** '"dust. (2Spl 55 5 128*31 

UWted nEJSSE ,5dJ 15,1 130 31 

Newspapers fipcPf. 48 U 1 - t2Bi3) 
Mnihj SclentiSc Hldss. (25w 279 8 
United Sprlnj, and Steel Grp. (top) 250 

United Wire Grp. (Z5p) 54 3 i 2 g’ 3 i 
Unpchrorne Internals (fop) 11 1 * 3 
JJ«on JEO A (25 p) 27 129/3) 

*J»JW Hide*, (ffi) 46 (29 3 1 

Wor (25pi 39>:0 90 5S 40 39 f30,3i 

^QSV.% ffi. 11 “■ 49pcPt - 

vSSS'V.fe’oSWi.fiV ”* “°' 5 ' 

WbroplaiMHWBS- G5p» 1 60 
y.gynITT'sO 1 . SpcLn. 90 'i® -'ibO 
Pr ? t, i^ 5 S Wallsend) (25 o) 94 

15 » »“»>■ 

?a& u f 7 V° 51 l!3,s 

W— Y— Z 

Wiee Grp. Cop) 36 (30:3/ 

W « ft'ai 011 ’ 1 iaSo> 2141,9 1S - 8 pc 

Potterlto ilQp) 3S>* 
wades Departmental Stores (20pi 35- 
iW 50 ' 391* (303) 

Walker (AJtrctfl CTDp) 4 >i A 
wauter and H&kt 1 (5p» T5U ‘SSS. 


“ > 3j 



Ward Hldgs. (low 37<> (29 si 

Ward Whue Gro.^, 1 ^’ 

I51»*0. BpcLn. 81 (29 3i 
Wardle (Bernard) (lOai 18® 17 U 
Waring and GUlow (Hldos .1 (25p) B7lj B 
Warner Holidays (10p) 25 l 30 3). A (ioo» 

Watheoii iaj 
Watts Blake Bearne 
Wearra Grm 

213 1 

16 iSO/lt 1 * 

(250) 146 

) 810 HO 

roup OOpi 24to ht 

>0) 31 1 2ft 3/ 

tions (Sp) 

?0P) 340 30 

Webster* PutW 
Wedgwood l 
Weeks Ascot— 

Weir Group 1 = 

xs^rKSisr^.'^i 2 ’ ■?* 3> 

WesHnghouse Brake Signal i25p) S2hO 
Westland Aircraft i25pi 44 h® i* 4 . 7,oc 
Ln. 66>*0 Oft 31 

Wostmlmwir Country Props. t25p) 15,0 

Westpn-bVMU Group (20p> 62 3 (28(B) ' 
WhatHngs <250) 44 (30*31 
WhMtSbeaf DtstrlouMon Trading (25m 
1480 8 50 

Whewav Watson HHdgs.i <5pi 160 (3ft3> 
Wiritecroft (SOW 1770 
Whhehoose 1 George i ('Engineering) llpcPf. 
103'* 128(31 

Whites ^Timothvi 8PCtn. 75 (30T3I 
WhltUfigham (Wm.i iHIdgs.i !l2ijpl 4.1 
Whitworth Electro 'Hldgs.1 (5w 150 170 

FtWhQS (20p) 1260 130U) 

1 ?*5l7 ' 20 nryJ ^ ,ZS *“ 23 O;* 10 15 

Wrains -ieap. BUpcDb. 1790 
W*lkes (James) (Z5o> 57: 73 
W.iklnc Mitchell (Z5 p) 390^ 

■WsarJWb 18 * w B * 74 3 * 

jXa^' 05 '' ,2B - 

w Kon Peck (25w 10 

a 1 ”" Walton Engog. (lOpi 690 700 

"“tfiWSS'S!, 125 ” 7M “ »• 

W}nn Indus! r1« (20pl 44 3, 4 b 
Wi»er (Thomatt (ZSp) 431 . 3 

<*■« 199 (30i 3 1 

( 3 o” hDl ™ 0rDnzc P 0 "dd« (25 p. 1800 
■Wombwe,, Foundry anp Engog. (lOpi zoi: 

?K??2 n-onouort) (5pl 31 (29/3i 

w££ W' 12501 86 5 (28'S. 
wood (5. W.) Gp. tZQpi 350 
Wootfheao (Jonas) <25pi94« 50 
Wool worth' IF. w.l (25pl 631 ? s 4 t, 
W Ln. B 4 S® Walker and Atklmoh 9KUrisec- 

Vorkshlre Chemicals C25W 850 i*. I2i'nc 115 (2s,3i ' mtK 

39?. io^? 013 (H ' d9i 1 <25 *" M ® 400 

tetters Croup (5p) 43‘; 4 


C ^ u j l | gjj^g 8 Su Pt ,l » Corn. 890. 6 * 


Akrgva Smnners (2 Sdj 2250 (30.31 
Amour ilQn) 70 7 1 . 

Omnmua SijpcPi. 46 (29 3) 
Boustead (ton) 29® 13013 » 

Brtooewaler (lOpi 7® 

Britannia Arrow Hldgs. (25w 23i r io 21 - 
?. f — J 3 i*. 1 J 1 - Wrms 1 A 1 # 4 
rl? J*-* ■k30/3 J ■ B-'iPcPT. 49, 50 <3U3l 
fparterhouse i25w 570 6 »i* 6 7 
City Aberdeen (50 p> 67 

tSrfc BraWiS TtStf* 

J50p) M 2 a 8 , oS*7 n t? , 7 tSOW 2a ° ,!9 ' 3 ’- A 
Daigctv 238 9. 6ijpcDh. 85-95 59i- 
Gawcs (G, 8.) Hldgs. (2Sp) 700 6B® 90 
^a«”(29 D |, V 33 " "0 = “ S .U? 

lulr£. Ur S n Hw 9s. tt 2 'jp) 19,0 I* (30,31 

l^ndI n |W’, , 2 ,MW 930 ,30 ' 31 

EkploratlDo (Sp) 23 

^’^u^fr'al (1 Dp) 17 <30 3» 
F w?„.. N *, tlon . a ,L /‘nance (low z , s : . 
Wj, n “ '» -.203). 9i.pcUns.Ln. 20 - 
.«.6,3i. 9'iDCUns.Ln. 92-97 HO 
Gresham «25p) S9b 
Grlmshawe Mldg*. (20p« IQ:® lOi 16 
Hawraton (So) 7 ,30i3). docLn. 9V 128-3. 

flawA esr- 8 « l " 73 « 93 '- 

"^Db^BO^fMVsiPS^IiADb. ' liB9-' 

1992 EB'.O- Do. 1991-94 64U®. 9nr 

iftLnTfefj (28 3)' 10IWt “- 98 ‘>®- 

Kwahu MOW 19 <29'3) 

Lamps secs. (! 

Lloyds Scottish 

London Auocd, Inv. Trust (10p. 5, (29'3i 
London European MOW 15'. 

London Scottish Fin. MOW 39 
Manson Fin Trust (20p) 44 .30 3) 

Martin (R. P.i i5p> 60 
Mills Allen Internati. (50w 172 60. Wts. 
22 (3013). IstPf. (sow 740 
Moorgate Mercantile MOpi 12 i30:3) 
N.MC. Imr*. (12i*P> 14i- ,30'3l 
Parambe MOd) 14 13 (29,5) 

Provident Financial C25p) 91 
Ship Mprleage Finance SpcRd.Db. 74 bO 
*»0 (30 3) 

Sime Dartav Hldgs. MOW 131. lOpcUns. 

Ln. (Ldn. Reg-) 216 (29 31 
Smith Bros. -2 So) 56 (2»'3) 

Sierllng Credit Grp. 11 Op) 23 '2B/31. New 
•10P) 23 (28 3) 

Stock Excnange 7 <idcMi Db 64 , (2813) 
Unlace Grp. (RO. 2 O 1 63 (29/3) 

United Dominions T*t. <25ol 39>;® 40 
38'-: dot; 3" 41 S 39. l&DCCnv.Sub.Uns. 
Ln. 131 (29'3) 

Waaon Finance -25p) 9B: (30/3) 

West of England Tst. (25W 44'- 5 (29 3) 
Western selection and Devot. (20p) 230 
Yule Catto iIOp) 80 ; 

GAS (13) 

Imperial Continental Gas 3430 40 2® 40 
1- 7pcLn. 142 129 51 


Bowring iC. T.) (25pi me® 12 : 12 

10 11. 1 DocLn. 159 b (30/3 J 

Brent nail Beard iHldgs.) MOoj 47® 

Britannic Assurance :5m 169;® 9 8 7 
Commercial Union I25m 1 53':® SOI® 3 

50 I 2 

Eag'c Star (25nl 149® 6® 7 
Equity Law Lite t5W 1 52® 60 2 
General Accident Fire Life (25pi 224® 
1® 5® , 20. 7<:0CLn. 68,. 7,ocL<l. 

67': , 

Guardian Royal Exchange >25 p) 226 4. 
7ocLn 66b® 71 

Hamoro Life Assurance :2 Sp> 287 
Heath -C. E.i , 2 Op) 263® 6 
Hogg Robinson Group (25 d> 192® 89 90 
Howden .Alexander, Group OOp) 174® 

2 4 

Le^i^Gen. Assce. Soc. I5W 159® b® 60 

Leslie Godwin I1DP> 94® 

Lndn. Man. Assce. (5oi 132® 40 38 
Lndn. Utd. Inv. (Sp) 1J5® 

Matthews Wrtgticsan Hldgs. (2Dp) 210® 

11 15 

Miner Hldgs. (2 Op) 176 9 

Moran 1 C 1 Gro. <2Dn) 54 bt St 

Pearl Assce. iSp) 244 

Phoenix Assce. (25m 256 

Provident Life Assoc. Lndn. B i25p< 120 

Prudential Assce. (5p) 159® 9 B 60 1 

Refuge Assce. (5 pi 1 32® 30 (3013) 

Royal Insce. (25p) 382®. 76® 9® 5 a 7 
Sedgwick Forbes Hldss. HOP) 385® 5 
Stenhse. Hldgs. (25 p) 100® 99 (3013) 

Sun Alliance Lndn. 545® 5 8 2 40: 
Sun. UfC Ante. -SOC. (Sp) 97b® 8 
Wills Fa her (25m 283 5 


Aberdeen Invs. (2Sp) 52 (2613) 

Aberdeen Tst. (25p) 122 (30131. 4ncPf. 

AlNa inv. Tst. I25p> 101 (30131 „ M 

Alliance Tst. (25p) 203t 6 3 4. 5pcPf. 



^^“■•nttfniUonal Jny. Tst. (25u) 44 

Anglo- Scottish Inv, Tst. (25p) 38b® 
Arthlloets Inv. Tst. Canltal Slu. ISAai. 

(So/Sr* ,nw ' Tst ' c * p "*' »“■ is °p» 

xissn&is - U5rt ,13 - ^* Cw - 

Aflantle Assets 1st. '2 Sp 1 780 7 b 
Atlas Electric Gen. I250J 54 b®. 5ncP>. 
42b '28131 

Australian inml. Tst. iSOp) 78b® 8® 

Bankers Inv. Tst. (25 d) 52 
Bishops pate Prop. Gan. 7 b 
Border So “ - 

(SOoJ 25 1 29/3 1 
ih (20p) 95® 

a *3»j 12813) 

fund cap. Shs. (50») 152 49,C29/3> 
Ambrose Inv. Tst- Income Shs. '25P> 58 
(30/3). Capital ih*.(2Sp) MM» W» 
American Tst. (25o) 39'^-C* 40# 39(1 40 
Anglo America n Seta. >25p) 89b®. 4bPC 
Pi. 38 b®. 4ocCnv.Uns.Ln. 8Bbi 9 

Bishops pate Prop, 
oraer Southern Stockholders ISOp) 2530 
Cnv.Ord. i25n) 122® liOiJ) 

BrttiSh American Gen. i25p) 37.** 8 7 
British AactS Tot. IZSp) 68® 7 b 6b 8. 
SKA Pi. 42 (3013). SpcCnv.Ln. 127 6b 

British Empire Secs. Gen. (Sp) 9b 
British inv. Tst. 125W 145® i30l3/ 
Proadstone Inv. Tst. iZOW 128b (3013). 
4bpeCnv.Uns.Ln. 83 129/3) 

C.L.R.P. Invest. (25u) 5BO. Warrants to 
Subscribe 13 129 31. 7pcDb. 59® >30-3) 
Caledonian Trust i25pi 68 U0:3; 

Canadian Foreign invosL (25p) 97® b® 
b *»-3> 

Capital National Trust >25 p) 113b 
Cardinal Invest. Did. (25p, 97 iZB-Si 
Carliul Invest. i25p) 100® '* (30/3i 
Cedar Invest. 9nrLn. 101® (30/3) 

Charter Trust (25p) 50® b® 

C>ty Cml. Inv. Income (25p) 2fi*« b- 
Capital 93 

Clrv Foreign Invest. )25p) 58 (29 3i 
Cltv IntCrantional I ZSp) 91® iSO’St 
Clavcrhouse Invest. rSOp) 77 
CIKton Invest tlOpi Bb® '30/31 
Clydesdale Inv. i25n) 6i'n 5 «29 3), 
(25p) 62 'a >30;2).. abpcPI. 41® iSO.3) 
Colonial Securities (2Sw 217 i29/3i 
Continental Industrial (25w 175 >30'3> 
Continental Union (2Spi 98 t3D 3) 

Crescent Japan iSOpi 1490 84:® 9 51 : 
'•*. Warrants to sub. lor Ord. 57 b® 
6'4 Bb 9: ’at 
Crossfriars Trust i?5o) 71® 

Cumulus Invest. r25pi 23 i30'3) 

Danae Invest. C50W 39'* 130 3) Caoital 
hop) 40. Warrants to sub. 6 -*i >28 3i 
Debenture Corp. <Z5p) 78b 
Derby Trust Capital /50o) 147 r30.3> 
Drayton Commercial (25o) 113 < 28 ( 31 . 
BliPCLn. 91® S'a 

Drayton Consd. '25 p) 130. 4LocDb. 7QJ.® 
b (30 31. 4 bpeOb. 35b 130/3). 7'jpe 

Ln. 105 '» b <2{K3) 

Drayton FUr Eastern (2501 26b <29:31 
Drayton Premier C25p> 169. S.SpcCum. 
Pf. 42b (28/3). 7bpc A Ln. 101 b 2b 

Dualven Inc. Shs. I50P) 61 '30‘3). Cap.Shs 
19b® 1 ^ 

Ed'nburah American Assets >25W 06. 80 c 
Ln. 194 3 (30 31 

Edinburgh Imr. Tst. DU- 196. SecDb. 90 v- 
r2P-3>. 5pcDb. 38 TIO'S) 

English New York t25u) 69 
Equity Consort 101 100. Did. (50pt 106b 
'ZD: 3) 

Equity Income 7UpcOb. 68 (30 3) 

Estate Duties 270 130.-3) 

External 135 3 

F. C. Eurotrust <25w 43® ': <30 1) 

First Guernsey Sets. 123® '30:3) 

First Scottish American <25n) 82. Sue 
Ln 74<t (29/31 

First Union Gen. IA0.251 44b >30/3) 

Foreign Col- rZSui 139b 9 

Funolnvest Ins. Shs. i25p) 37'.. (30 31. 

Cap.Shs. (25p) SB 
Gen. Com ml. <25m 131 >30 31 
General Funds Inv. Tst. Cnv Ord >10 p< 
105 (30/3) 

General Investors Trustees (25o> 93® 
General Scottish Tst. iZ5pi 76 
Glenuevon Inv. Tst. l25w 82 5 . Warrants 
(a sub. 34 (29.3). B i2Sdi 76t. ,2B 3> 
Globe inv. Tst. L25w I 02 'i T :•. 5 "PC 

Uniec.Ln. 79 'j (20 3l. 6 UPtUnscC-Ln. 

Gunn European Tst. (25 pi t>5 
(•range Tst. I25p> 68'; 

Great Northern inv. Tst. (25pt 95 4b. 

4UpcPt. 40'; (30.3' 

Greenlrinr Invest. i2Sw 69 r2B/3t 
■jresnam House Est. i25m SS 129 3, 
uuardian Inv. Tn. t25m 72b 
Hambros Inv. Tst. i25pi 83b |30.3>. 6 Upc 
do. 7j-*a® b® '30.31 
N>ll iPnillpi inv. Tst. 168 
Hume HlAs. A i25pi 74 (30 3i. B <25pi 
72b. 59pcUnsec.Ui. 106‘j t29,3i 
Inoustrlal General Tst. 125m 46b- 3 ';pc 

DU. 1960-60 30 1 JO 3i 5‘-pcDb. by 
.143 31. 4'lPCDb. 94b '30.31 
Internati. Inv. Tst. I25w 68 ® 7>- i30i3i. 

, Warrants to sub. 29 (29. 3r 

investing in Success Eauines (25w 112 


Inv. lit Can. t2Spi 163>u 5 
/nvcnws Capital 1st. i25o> 70 69 U. Sboc 
PI. 4S*i® 130.31. 7bPCDQ. 65 l2d'3i 

J,Dan ,l "'' 7s, ‘ ,25 ®' ,u 1 2 
■-....side Invest. I25pi 461- *30. 3i 

i 250 ' 791 -' <3 °‘ 3 '- 

Cpn. (25m 92. 5>;PcPf. 44 

London Lomunu (25m 61 '« (29 3) 

Lonuon Provincial 1st. USD) 97® 

London Invsi. Tst. i5d) 3'a u 

Merchant Secs. iZow 76®. Cau. 
ans. l25oi 72:® 

London Tst. Dio. (25p) 179® 9 (30.3' 
6ocCrw.Uns.Ln. 96 iZ6 3) 

M G- Dual Tst. Inc. Shs. tIDW IBB 
<30.-31. Cap. shs. iiou. 107b® 5® .30 li 
8 ^l'g^ ( n8 j^-^* ton 4 Dual Tst. Can. Shs. i4w 

MancheMer London i50p) 21 (28 j. 
Mm-wnole L2SPi 35'; 6. 4bPCCnv.Db. 

Merchants Tst. i25w 66 
Monks 1 25 c 1 44 ;« 

Montagu Boston (lOpi 
Ord. 34 b J28.3; 

TnfoBmorton Tst. 

19**. Cap.Ln, 91 
New York Gartmore i25ui 35 ® 

Db- M ,2O3'f’ , ' E,0h * ' 25o » ,B9 ’ 

North Atlantic Sets. t2Sw 82b 

S ceana Devpt. (25m 20 (26. 3 ' 

I I. A sspctated (25m 52 b 
ujrtwlcli__lnv. (25pi 47 (30<3). 6 pcPI. 

55. Wns, sub. 
Inc- Shs. (25pi 

M. and G. Recovery Fund Inc. Units 77 9® 

M, and G. 5pccial Tst. Fund Inc. Units 
1 52.0 


Bertrams (25W 14 (2913) 

Brail hwailc Co Engineers 140 
Broken Hill Proprietary ilA2) 515® 2® 
2b; 15 

Dun! ord Elliott B-'jaCDa. I9E7-92 73® 
Hawthorn (R, and W.l Leslie (50a) 63 4 
Hunsler (HoldlnasJ (25pi 136*; iH>3) 
MasLullan >P and W.> (ZOu) 17b 16 (Z9'3> 
Neepsend (25p) 45 1 - 4 

P.D. Fuels 5 'a PC 1 SI Du. 1980-85 73 l. 

Richardsons Weslgartn 6 ocLn. 1976-61 

Swan Hunter Group 130 
Union Sicel Coni. 101 S. Airica) (RO.SO) 13 
ward (Thos. W.) CSPI 60 * 2 ® 60*. 71- pc 

Ln. 1997-2002 66 41- 
WheSsoe (ibo) 850 i30.'3). 7 , .pcDb- 

1 988-93 66 (26; 3) 

Woodtiouse Rixson (Holdings) (12 '.t> 1 26® 
Yarrow (50 p) 267 


Australian (10) 

MIM HldBS. OAO.bOl 167 6 
New Guinea Go'dfaclds (SA0.3S' 10 (29 3' 
North Broken Hill Hides. UAO-bD. 9i 68 
(2B 3) 

North Kslgurfi Mines iVAO.30) 10 i29>3i 
P arlnaa Mining and Exoloration (5pi 14b 
i29 3i 

Western Mining Cpn. (SAQ.SOI 106® b '• 

Miscellaneous (88) 

Beralt Tin Woitram .250' 52 
Charter Coma, meg .1 125 6 b 9 8 6 
Consd. Gold Fields < 2 Se) 103® 5:® t 2 
BOb 4. 6 >:pcUnsec.Ln. 60b®. 7'*DL 

Unsoc.Ln. 62 (30.31 B'.pcUnsec.Ln. 
71'.® 130.31 

Geevor Tin (25m HO. Do. New '25 pi 110 
Idris Hydraulic Tin HOB' 80 129:3' 
Northeate Expln. i.SCIi 295 (30'3I 
Rio Tlnlo-Zmc 'Reg.' [25p> ZOO® 196® 
UT® 2® 202 3 5 1 200 199 7. Atcum. 
’ i25m 190®. 3^peBPr I Reg . 1 44 (28131 
5amt Plran (25w 46 
Selection Tst. (25p'. 390® So 
Sllvermmrs < 2 >;pi 29® 9: 30 
Snutn Croltv (10p> 50® 1 
Southern Klnta Consd. iBerhad) (SMO.SOi 
142 (29.31 

Sungei Bcsi Malaysia Bemad (SMaii 1620 
Tronoh Malaysia Berhad fSMal) 170 

Rhodesian (7) 

Botswana RST 'Pu2i lib I29'3i 
Falcon I25pi 188 <28/3> 

MTD <Mangulai *25p> 37* 40 (301S> 
Minerals Resources (5BD1.40I 143 (29)3) 
Roan Consd. B iK4i 70 (29/3) 
Tanganyika Concessions <50p' 124® Sb 
6 7S. Prt (9pci >80pi 78 lSO'31 
Wankie Colliery iSOpi 38 <30.Si 
Zambia Cooper (SBD0.24I 11 b® 11® 

South African (67) 

Anglo- A men can Coal 1 RO.SO 1 4BB |29:3> 
Anglo American Con S.A. IRO ICi 304 
Anglo American Gold Invs (RH 1700 

ill 6 «• 

Angio-Tramvaal Consd. A (R0.50) 640 25 
Blwoorultzlcht (R0.25i SUS14.20 
Bracken (R0.90i 82 b 
Consd Murchison (RO 10> 252 
Doornlontem Gold >R 1 i 283 t29>Si 
East Rand Consd. HOm 18*- 
East Rand Gold CRO.SOi 334 (30(3* 
Eastern Transvaal Consd (RO SOi 17C-9 
HMUirq 153: 

EJangsrand Gold (R 0 . 20 * 219 23 |26 3t 
Free State Gcduld (R0.50« 1650 
Free State Saaigiaas *RH JUS0.90'- 0.91 
0.91 b 0.92 

GoU Fields SA 1 R 0.25 1 1100 <30131 
Grootvlel Prop. .R0.25* 102 5 (28<51 
Harmonv Gold (R0.50* 341® 
Hartebeesriontrln Geld (Rli 1096 
Johannesburg Consd. Invest. >R 2 j Lil'a® 

Kinross Mines iRI 1 370 :28'3i 
Klou/ Gold 1 RI 1 43S® 50 1 
Leslie Gold Mines (R0.6S* SUS0.53® 39 
«L)S0.S4 4 DUO 39 
Llbanon Gold (Rli 502 !30<2i 
Lvdenburg Platinum *R0.12b> 61® 56 

'30 J 3‘ 

Mar/eva/e Consd. rRD.SDi 82 *2a'3t 
Messina (Transvaal' <R0.50.' 85® 

New Kle/n/onieln Proas. rR0.25> 4 (30'3i 
New WRwatersrand Gold 'RD.SOi 94<; 

President Stevn Gold iRO.501 SUS9.401 

Rand Mines Props. (Rl> 100:® 100 

Rand/ontern Ests. Witwatersrand (R2> 
SUS44 >® 

Rustenburg Plat. Hldgs. (RQ.lOi 77 8 9 
80 76: ISO'S) 

SI Helena Gold Mines -RH P375 . 
Southvaal Hldgs. (R0.50> p 440« 4 
StUlonleir* Gold Mining 1 RO.SO) 219® 

• 30 31 

Transvaal Cons. Land and Exploration 
*R1 > 120 

U.C. Invest. tRli 225 
Union Corun. (R0.6'-1 SUS3.G7 p290 
Unlsel Gold Mines 161 '29l3i 
Vaal Reels Expldratlon and Mining 
iRD.50) 12'- <30-3i 

Venterspost Gold Mining iRI' 196® (30/3' 
Venters post Gold Mng. (R 11 1960 I30<3« 
ogelstrulsbult Metal Hldgs. «R0.2'd 
vUSO 53 

Welkom Gold Mining (R0.50I SU53.50 
West Drielonteln Gold Mixing iRI) 
pi 7Q0® 1825 40 i30'31 
Western Areas Gold Mining (Rli 190® 

3 90 1 30 3) 

Western Deep Levels IR2) 719® 17 (30'3) 
Western Hldgs. IRO.SD' d17S5 i 30/3I 
Wltwatersrand Nlpel mRO-25) 43 

Warren Plantations Holdings (35 p) i960 I Woodslde Pets 65 
(30 3) _ ! Yukon Cons. 145® 

Williamson Tea Holdings 160® (30/3) 


Anglo- Argent ine Trams (Sni 12 i28/31 

Bnt, Cprnm, Shlpulra ISOp' 2750 3 2 
jiodonia rnvesis '2Em 227 

Furness Withy 245® 4 2 7 i30 S' 
1GQ* 1. 

Gram Shipping 1 GQ 

51b (26.3/ 

Pendand (25o) 107 
ProHnctof ClUe* Tst. (25ol 23 

R 30b S (2B < 3) Ml1 ” ln *' T * t ' lncome l2sp * 
River Mercanttie (25m 1 54 
River Plate Gen. Tft. Dtd. (2501 128 
Robeco Sub-Shs. (Reg- name 'of Nat. Prov. 

Bk. tNom/naesi ( 558® OS (30 3l 
RO/IIKO N.V, (FI.50. 40V (29 3). Drd. 

. Bh - 

R So nfci?* {2SW 82 *‘ 4A<DcCnv>Un5 ' Ln> 




(telephone number in 

Barking (592 4500) 

Barnsley Metro. (0226 203232) 

Heading (0734 592337) 

Redbridge (01-478 3020) 

Southend (0702 49451) 

Thurrock (0375 5122) 

Thurrock (0375 5122) 



Interest Minimum Life of 
payable sum bond 








10 ‘ 

























6 ‘-pc 

l 3 2 lp 3 c’cnv.Pf. 

-It. Andrew (25P) 110 130-01 
«W Prosper Linked Inc. Shs. 162b (29:3 1 
Caplul ,:0pi 59‘; 

Scottish American (50p> 61® 80'. • 60 79>; 

3-iPCCons.Db. (1902i 26 (30 3 1 
Scottish Continental (25pt e6 
Scottish Mercantile ;2 Spi 102 .’30 3' 
Scottish Eastern 1 25m 124 ;30 3) 

Scottish European (25 p< 35*i (28 31 
'Throgmorton Tst. (25p) 66 (29 3). 

Db. 82-87 63 !i 4 (28/3) 

Tribune Inv. Tst. >50p) 627 B 
Trial ev est Inc. Shs. >50 p) 63 (30/31. Cap. 
Slis. 1 37 

Trust Union '2 Sp) 92'r® 

Trustees Corpn. i23p) 121b 
Tyneside Inv. Tst. SpcCum.Pf. 12 12913) 
United British secs. Tst. (25p) 111b* 11. 
5ncCnm.Pf. 42b (30.3) 

United States Deb. <25pl 83b® b. 3.85pc 
Cum.Pf. 46 

Viking Resources Tst. (25 d) 81® 80® 79 
Wemvss Invest 278 

Wntdool Inv. Tst. 5PCConv.Uns.Ln. BQVP 

Whan ImrEstmeiu CZSp) 750 b 
Yeoman Inv Tst. -25P) 152 b 
Young Companies Inv. Tst. Warrants to 
Sub. for Ord. 15 (29/3) 



M. and G. American Gen. Fund Inc. Units 
44.4® (30;3) 

M. and G. Dividend Fund Inc. Units 116.8 
112b (3CL-3) 

M. and G. Extra Yield Fund Inc. Units 
82b® 60® £30/3) 

M. and G. High Income Fund Inc. Units 
100.7 '30 3) _ „ „ _ . 

M. and G Midland Gen. Tst Fund Accum 
UnlU 237 


Ahbey National 

Alliance 5.25% 



Bradford and Bingley 

Bristol and West 

Bristol Economic 5.75% 






Cheltenham and Gloucester 

Citizens Regency 

City of London 

Coventry Economic 1 

Coventry Provident 





Hastings and Tbanet 52o% 

Heart of England 5 - 5 % 

Hearts of Oak & Enfield 


Huddersfield & Bradford 

Leamington Spa 

Leeds Permanent 



London Goldhawk 

Melton Mowbray' 


Mornington — 

National Counties 


Newcastle Permanent ... 

New Cross 

Northern Rock 



Peckbam Mutual 


Property Owners 



Sussex Mutual — 

Town, and Country 

Woo lwich — 

* Rates normally variable in 
















































• 5.60% 

























































— • 































































































5.50% +10.00% 






•Term Shares 
3 yrs.. 6.00% 2 yrs. 

3 yrs., 6.00% 2 yrs., 5.75% 1 yr. 

3 yrs., 6.00% 2 yrs^ 5.73% 1 yr. 

3 yrs., 6.00% 2 yrs.. 5.75% 1 yr. 

3 yrs.. 6.00% 2 yrs„ min. £500 

3 months' notice 
3 yrs.. 6.00% 2 yrs. 

3 yrs.. 6.00% 2 yrs. 

• 5.80% over £5,000 
6 months’ notice, minimum £500 
3 yrs., 8.00% 2 yrs. (£500-£15,000) 
3 yrs. over £5.000 
3 yrs., min. £500 

3 yrs., 6% l yr, min. 3 mtbs. notice 
3 yrs. 

Up to 8% 3 months' notice 
3 yrs., fi% 2 yrs„ min. £500-£lo,000 
6.45% 3 mths.' notice, minimum £1,000 
3 yrs., 6.00% 2 yrs. 

3 yrs* 6.00% 1* yrs, £250-£la,000 
3 yrs ^ 8% 3 months' notice 
3 yrs, 8.50% 2 yrfi, 6.25% 1 yr. 

6 months' notice, minimum £2.000 
3 yrs, 6.00% 2 yrs., £100-£1 5,000 

2 yrs. 

3 yrs., 8% 2 yrs., min. £100-£15.000 
3 yrs„ 6.60% 2 yrs., min. £1,000 

2 yrs., min. £2,000 

3 yrs.. 6,00% 2 yrs. min. £250 

G months 

3-4 yrs., min. £500, 6.00% 2 yrs. 

3 yrs., B.50% 2 yrs. 

3 yrs., 6.00% 2 yrs-i min. £100 

2 yrs., minimum £500 

3 yrs., 6.00% 2 yrs, min. £300 

3 yrs., 6.00% 2 yrs,5.75% 3 mlhs. 
3yr&, 6.4% 2yrs., 6.15% 3mtbsjioL 
6JBD% 3 mths. not. KL50% to limlld. cos. 
8-4 yrs„ 6.00% ,3 yre. 

3 yrs., 6.00% 2 yrs. 

3 yrs* 6.55% 2 yrs., min, £500 
3 yrs* 6.00% 2 yrs. + Max. £250 
2 yrs.. 6.50% 3 yrs. 

line frith changes in ordinary share rates. 

West African (3) 

Amalgamated Tin Mines ol Nigeria 
i H lews. i HOp) 23 130-31 
8l»ld» Tin ilOpi 6 130/3) 

Gold md Base Metal Mines <12':P) 9a 
Jantar H2bOi 11 (30/3) 

Diamond (18) 

Anglo-American invest. Tst. (R0-50> 36U0 
De Beers Consd. Mines D/d. (Reg.) iRO.OS' 
347® 3ft VJS4.49 p350 1 4 48 BIT. 
BjecPf. (R1) 33 (29/3> 

Griqualand West Diamond Mining (R20l 
127 (29.3) 

OIL (238) 

Attock (2 Op) 67 0 
Britisn-Borneo (TOpi 1420 
British Pet 777® 9£« 6 70 S 2 3: 70: 
S ; 5? 3 „. 5 4 -. OPS'SIF*- T2 (30/3). 9PC 
l l10 £L- Ji*' 5 1 130 3 >- Socl«Db. 100. 
BocQb. 90 b 

Burmah Oil 464.10 5;o Sift SO 6<slft 
7 5 8 6 Sr’l 6'. 4. 7UpcPI. 47b® 8 7b 

LJft3>. 7bPCLn. 64 3 b. HbPCln. 58® 8 

S Century Oils Grg. (10p) 55 (29 3) 
nartcrhall .5u 2j--« iv 2 ■. 3 
ucknam lAlea.) 7 pcDU. 66 
Ism Pit. SbPCIstDb. US': 1 i2S/3i 
KCA Intnl. (2up) 2B* •• 5). o . 7 
Lonpon scattish Marine Oil (25o) 1S1* 50. 
Oi} 7 Production HOP) 331ft. 14pcLn. 

°10l? >, ( , 29,3) ,<,8S ' > ,10P> 20 “® 150 * 6 

P 1^ n i < 3l- C ° , * i ‘ OMWas <Srt 14>.stft 1-3 
Ranger “oil (Canada) n.p.v. 2 dj- 

R 6^'iUSsK PBL ,a^ ' , ,,: ’' 20, 45 ”'* ; ® 

S R £9J '2501 5270 
50 9 7 8 5. 30 25 4 6 9b. Do. iBr.J 
555ft,b C3a3'. SbPClSlPI. 46b 
7pc2m#Pf. 621 

temana tBrlt.) 6oc (25o) 141 

■ 30:3) 

Texaco IntnL Fin. Cpn. 4-'-pcLn. 60 (30.3) 
Tricenirol i2Sp) 1570 60 56 61 
Ultramar (25s) 228bO 300 260 7® 7 
b 31 30. 7pcPld. 1350 >30/3) 


Alliance Prop. Hmu. 8'aocDu. 76b (30/3) 
Allied Lonaon itvp) 53*40 bO 
Amalgamated Stores iSpj ID*- (30i3i 
A quis secs. iSpi idJ-o i. 

Argyle bees. 12 pc Do. B1 
Avenue Close Mdpi bS 
Bank Commercial HloflS. Li Op) 3 b 
Sell way I2bpi oS. capital (25p) 67® 
Berkeley nambro iZSoj 97 5 
B*(ton (PerLV) i25p* 162 (28/3) 

Brcdiord (25p> 2240 2 
British card l2Sn* 32 bO 40 3)0 2 b 2 2: 
lb- 12pcLn. 133 

Brixton EsL (25p) 98 13013). 6bPCDU. 
64 U *s 128/3/ 

Capital Counties i25p> 510 50 *-. 

Warrants 0i a i 30I3>. 9bpcLn. 72b b 

(2S.ii - 

Carding (5 pi J7 i29.'3i 
Central Dist. BpcLn. 521 3 
Centronnclal Ests. (20 pi 72 
Chesterheid C25p) 305 i30/3) 

Uiovrn Secs. t25pi 12b t28j3) 
uitv Oflices (25 p) 56*; (2B/3> 
control Securities >.10o) 29 (29. *3) 

Corn Exctunge *10ni 173 (30 3* 

Country New Town Properties "Op) 23 
county District (lOpi eift (30 31 
Dacian Hldgs. (25pi 86 bo b 5 4b 
Dares Estates (10p) 135»® 14 (30 3) 
Eogar 6PCDO. 55^tO (303/) 

English Property (50p) 37 '-ft i«; 

Jacous U'onn ").i tS6o>"aOhO t.°*30'3i 
London Overs. Freighters (25 pi 310 1 30 b 

I23 S (30^"i B ,Z5 ®* T23,? 130 3 '- A f25D ' 
Kt.« Transport Trading (25u' 123 4b ui 

Pcnmsular ^Oriental Steam Navigation 5oe 

'i; D '^ 36:® no i : ® co 7 

b B 6 9'; I 6';. SbpcDb 90UO *>0 

R |9©7 , |) S ™‘ , B tln * fS ° P1 ,00 ®’ A l5DDI 
Rtinclmsn (Waller/ '25ni 99b 
Stag Line 120 i 3 


■gyrwnouth District 2 Sue (fmly. 4 pc] 

PI. IU J :w 

Bristol 3.5 dc I/mlv. Spei pi si (in t . 
3.5pc /Imlv. Spc* Pt. 95'. (293i t3 ° 3 

C pf S 3Z-'^2 l a3i 0rkJ 3,1 Sbc amW - 4,:DCI 
6 (30 3» , * ll,n * ,8Bt {,m, F- 4 Pf J Cons 31b 

H^DbriMo!l92V- 5B£M - 39!l 120 3 '- 

M (28.S) 

5£f' t C? ■ 5 fl. l 5S n% Dra - 5W >30 3). 

T'lPcDS. 68 'SB 3) 

Mid Southern S-5PC 38® i30'3i. 3.65 dcPi 
1980-81 84 *30 3.. lOPCPf. 108 *28 3) 
Mid Sussex 4.025PCPI 69 . 3 335 k 

lrod.PT 32 /26 3'. lSocDb 112 

N S«Df e 3 a Ca K d 35PC 3ft * ' 303, ■ 
N ^ Th 1 |rT r .73V3 , ^'■ 2 § B 3^ 3o3, 3 - 85bc 

Ponsmouta : locPero.P/. 23 ijdsi 

tt? n ,n P, sWr 5 3.8 5oc (irnly. Sboc) Pf 
375 130.3'. 4pcDh. 30 i30,-3i 
York llocDb. (£25 Pd } J50 
Scow's*! Invest. (25 pi 92® I.® 89'. 
Scottish Mortdagv (25 di 102*. 1001 - 2 . 

SlipcPr. 44 i30'3) 

5COTWh Natl. Tit. i25d) 129« 9 9T 
Scottish Northern rnvest. Tst. (25oi 9f. 
4 jccpf. 40 '28 3). 3ocDb 23(* '30 3 1 
3MDh. 1970-80 Bf-ai 70. '4KDh 
(1985 or aHerl 30 (28 3i ' 

,2Sd * 83'!® 2b 3I-. 

5DfrT. 43 ':D (30 3i 

Scottish Western invest csul B4 'ub 3 '. 

5 : 'VocO B ti. , |!l , a 3 | S, * ,K00 - 28 f303,: 

Tst ' 25pi i ' 2 -- -■* 
S /2 9 r 31 Gt N,,I,,n ‘ ,n * M < Tst. (25DI 72', I 
5enirt>es Tst. Scotland (25 b* 164 12931 
(S 02 ” 17 ! ® <50 3> - 7otDb. E6b 

Sohnra Invest T«. *2501 05 *.® 
Ctockhalrlerj Invast. 7«t 'JSo. R 71 . 4 
Temole Bin Invest. Tst. *25o* 1700 
Throgmorton Secured Gth. Tst Cap Ln. 


Business done in securities quoted 
in the Monthly Supplement. 

MARCH 31 (Nil) 

•MARCH 30 (Nil) 

MARCH 29 (Nil) 

MARCH 28 (Nil) 

RULE 163 (I) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stork Exchange. 


Afrikander Leases 305; 

Ampol El. 1 ; 7 

Anglo Utd. 870 900 90 8 9 102 
Atlantic Richfield £5S ,® 

Atlantic Ricnhem £35 ‘- 1 - 
Australian Foundation 73 
Barymm 47 

Bougainville Copper 106; 

Canadian Pac. inv £i 2 i b ® 4 

CJba G/ear BpcConv. £95. Tt-pcCon 

Hooker Cpn. 61 

Hudson's Say Oil Gas £30'-: 'i| 0 : 
Hungenord Hill 55 

Hutchison Whampoa 77'., Do. 7i--pcPf 
16 b 

Jardlne Mattheson 2260 30 
Ku/im Malaysia 44 L® s'- 
Matneson Inv. 7bpc 1987-92 £93 bt 
Metal £ 1 . 1 ? 1 , 

Microwave Assc. £25‘, 

Mnt- Lvell 16 
Mver* Emporium ISO 
Dakhrldgo Secs. 14E 
OH Search 5 
Pacific Pets. £27’-: 

Pancontinental 925 


Pechiney Frs 64ft 
Petrohna SUS121':® 

Pltstp-e *U522 ! s£0 
Rembrandt Gro. 206 6 
Supron £19':0 
T/uess HldBS- 171 
Trl Continental SU519^ 

"ill Mires 270 
Wheelock Marden A 37 bO 8b 
Whim CreeL 45® 

Woodside Pets. 65'.' 5 6 
Wool worth Hldgs. 190 


After six 56oo 
Alexander Fund 468 

American Tel. SUS61V 
Ay din £11 -<i 
8. H. South 70 

Anertoyle Li. 6B 
Allied Stares 5US20O 20.05 
American Tel. and Tel. SUS6l% 

Ampol Ptrts. 62 bO 2 3 lb 

Anglo Aloha 510 
assoc. Manganese £.17 i.® 

Assoc. Minerals Cons. 500 
BP Canada 9700 
Brutal Meyer SUS31:0 
Com. Gold Fields Australia 225 
Cosmopolitan Props. 280 
Enco Coron. SUS26U 
Endeavour ResmirtM 12b 
E2 industries 144 
Hong Kong Land 11B 
International OH Ltd. 40 
Jardlne Matneson 2180 bO 26® 3® 

Land Lease Caron. 200 
Maont Lvall ISO 17 
Nestle (Br.i SUS17D00 1702 
Dakoridge Secs. 144 
Palabora 420 
Patino N/V £11 la 
Pec/wnev FFB7 
Phillip Morris £44*1 
Pioneer Concrete 12 a: 

Sabina inds. 35 
S-kati 23® 

Siemens SUS1 36.15 
Supreme Coron. 65 
Swire Pacific A 104b# 4 
Thomas Nationwide Transport 84# 

U-S Steel £19'iO 19.76 
Utah Mining (AusU 2600 1 
Wcstheld Minerals 62 
| Winthroo Imr. 50 

i MARCH 28 

.Acme* HI oss. 9 
Allstate Ex. 4® 

American Eagle 205 
Arnool Pets- St 
Anglo Utd. 43 
Argo (nv. 114 
Australian Cons. Mini 
Australian Guarantee 

Australian Paper Mfg 

Bank of New South Wales (Aim. RegJ 

Beatrix Foods SUS 23 U,„* 

Bougainville Copper 95® 101 96 

BriEiSA Controlled Oilfields 16 
BH South 70 
Colortone 4 

Consclidatcd GWd Fields (AuSL) 21 E 
Conzlnc RIO Tinco 172 
Ccsmopalitan Props. 28® b 
Endeavour Resources IS t 
Finsider 71- 

Gold Mines Kalgoorlie 60® 

Hawker Siddriey Canada A 405: 

Hong Kong (nv. 300 
Huiemson Wampoa 71® b® 

Jardlne Mathesun 2180 27 5 
K a Ora Gold 5® 

Kulim Malaysia 43'. 4 3U: 3 
Litton Infls. £12: 

Metal Es. 10 :0 
Mvers Emporium 1430 
New Metal Mines 20 
Nicholas Intnl 710 70 
North Flinders S® 2 

Oakuriooe Secs. 147 
Omega 011 9® 
o**demeester 24 1 , 

Pac. Cooper 32 
Pakhoed £12: 

Pn.Ulps Pcs. tuszgij® 

Seleact 25® 

Swire Pac. A 105b 
Target Pets. 120 
Thicas Hldgs. 1570 
Tooth 1440 
Vullan Minerals 10‘» 

rats 'aft 

12pe (31/12 01) 


Una-Ln. 65 

WeSlmex 5® 

Wheefock Maritime B Ui 
Whim Creek 550 

RULE 163 (2) (a) 
Applications granted for specific 
bargains in securities not listed 
on any SiocK Exchange. 

Aran Energy IMP Pa.) ISb 15 
■British Steel Constructions (Birmingham) 
UbPcCnv.Db- 1961-06 £1 
Cedar Hldgs SpcRd.Cnv.Pf, 23 b 23 
Cedar Hldgs. S'- S 4 3 
Coult 7bBtCum.Pl. 39 
Cluff Atlantic Petroleum 45b 
Clvde Petroleum iso 1 3d 131 
Eldridgc Pope A 182 
Exehem Hldgs. 26 25 
GRA Prop. Tit. 12 11. > lib If- 11 
Gretidun Tst. 1lptSub.Uno.Ln. 1976-31 

Irish Marine Dll 33 
Kathleen Inv*. (Aust.) ISAOJOl 95 
'.(feguard Assurance 26 
Moscuw-Wtndav.Ryblnsk Railway ipcBds. 

1999 £1 b 
Paiuwatto Hldgs. 2 
Queen St Warehouse iHldgs.) 3 
Riley (E. J.) Hldgs. 12cieCnv Ui 

Roc son ijonni 'Shiolev) C 

Southern Newspapers 21 B 

Star DRshorc Services 1 15U 115 

ivlhedde Raoalla Invs. 6 

Thames Valiev Bruad^stloa 150 146 

Tnrentrol Wrote. 1972-78 SO 

United Friendly Insurance B 69b 69 

U rugate Invs. 5fi-*s 

-a 0.1 161 160 156 
Western Australian Caoital Invs. 15 
Yeiwrton Invs. •» h 

‘Denotes li*"™ trmnnra-iiy suspended. 


British Photographic I no, 7 6b 
Caledonian Onshore 11 16 
Cedar 5 

Cedar 5ocRed.Conv.Pi. 23 
Cluff Atlantic Petroleum 45 
Clvde Petroleum 130 

Cunningham's ana T. W. Thwart es aoclst 
Pero.Murt.Db. £33 
Darting Fund 12S 
□art Valiev Light Railway 30 
Debar Land 17 16 
Ferranti 360 

G.R-A. Prop. Trust 1-14- 11 hi ii> 3 111 - 
lib 11b 11 

Grendon Trust ucSuh.Uns Ln. £49 
Lifeguard Assurance 28 25 
Mid Southern Water 5ocRed-Db. £35 
North Sea Assets BIO 802 800 775 
Norton Villiers 4i; 

[oeen St- Warehouse 3b S 
. -obson 1 John) (SHiplev) 650 
Star OPshoro Servlecs 1151- t15 
T P G. Inv. 31- 
Tea Coro. 7 b 7 

Veiny-ton Inv. »i- 13'75thS Pe b 
United Frlendlv Ins. B69b 
Uronate inv 58 
Vlkmg Oil 161 160 

Wessex Water Aurh. 4arPnra.Cons.Ob. £22 


Ann Street Brewery 610 
Aran Energy 15b 15 
; ..lar Hldgs. 7 4 3 
Channel Hotels and Props. 19 17 
Dalhcrth iCeylom Ob 
Dlmbuia Valiev (Ceyloni Tea 66 65 
Dollar Land 17 15 
GRA Property Trust 11b lib 11 

General Ceylon $b 

Kagera Invest 1US0.70 

Mid-Southern Water SatPern.Db. £40 1 

Norton villars Triumph 4 1 

Oldhiin Estates 113% 113 

Queen Street Warehouse 3b 3 

TPG Investments 4 3 

Tunnel Holdings A 215 214 ' 

Yelvelon investments b I 


All England lawn Tennis £50 Dt>. 1976 
1980 £4300 
Aston Villa FC £14* : 

'Brnish Steel Constructions (Sirmlngham 
BborPtlv.Cnv.Db. 19D1-B6 Cl 
Castletown Brewery 185 
Caledonian Airways lObocCnv Uns-Ln 
1990-95 £65 b £65 
Cedar Hldgs. 5 
Contra I Equipment 8 325 
Clalrmacc 30 
Clyde Petroleum 132 

Cunningham’s and T. aid W. Th wanes 4p* 
lstPcrp.MLDbi. £32 
□eltcnne (Hides.) 7b 6 
Doioswella 26 

Flight Snares 28'- 28 'a „ 

Greenhavcn industrial Prone. BJ-ocDb 
1982-06 £68 £67 b 

HarveV and Thom Dion B '/UC Uns-Ln. 1997- 
2002 £38 

Harvey and Thompson 130 
-‘elm Equity Trust (SAQ.50) 148 S1.BJ 
MartHidalc ( Ralph 1 1-SpcPf. 120 
North Sea Asses 860 766 
NMW Computers 99 98 95 
Petroleum RevaHles ol Ireland 210 240 
Portsmouth water 4ncPero.Do. £27 
Southern Newspapers 222 220 219 
Stylo Barralt Shoes 7ocCum.PI. 43 
Tea Coroo ration 7b 7 
United Friendly Insurance B 70 
Urogate Invs. 56 50 
wood Street Mill 14 

RULE 163 (31 
Bargains marked for approved 
companies engaged solely In 
mineral exploration. 


CCP North Sea Associates 950 942 937', 


Ctuff Oil 404 410 375 

Gas and Oil Acreage 85 b BS 

SJchcns Oil and Gas 1 U.K .1 273 270 : 26S 

268 267 266 


C.C P North Sea Associates 981) RS2 940 

Cluff Oil 400 

Gas and OH Acreage 85 

Slebcns OH Gas 1 U.K .1 276 75 73 70 


CCP Norm Sea Associates 9.50 9 75 

Gas and Oil Acreage 8B 37 

SieueM Oil and Gas (U.K.) 272 274 270 

269 268 266 264 265 260 


CCP North &ea Associates 950 
Cluff 011 412b 

Slebens 0*1 and Gas ill.KJ 244 245 
248 252 260 

1 Bv WTjnuMKin nf the SlPCk Exchange 
Council 1 

900 : 10 : 837 b:# 


Bougainville Copper 102 S 
Bridge Oil 60S® 

8S'*sfs;te s .." s »*»s. 

£93 b 
Cons. Gold (Aust.) 223 
Dunloo Rubber 'Australia* 115ft 
Exnon Coro VU544 
Honda Motor 1U526 1 - „ „ 

Hutchison Whampoa 72. 7'aPCPt. 16'« 
Jard-ne Matheson 224 200:. 7bPCConv 

Kuiin Malaysia aai. 

Madison Fund £106 

Maoellan Pets *7 

Matheson lev. 7bpc 19B7-92 £93® s 
Metal Ex. 11 ® 12 
Mvers Emporium 146 
Nicholas l"t. 71® 

Northern Mhung 40f® 

Oil Search 64. 7 . 

Owen) Com. Fibreglass SUSSB’w 

Pacific Copper 32 

Pancontinental 825® 

Peko Wall send 478t® 86ft 
Rembrandt Group 1R7 
Selcast Ex. 23® b 3 
Salango Coconuts 66 
Swire Pacific A 1 05 
TriContl rental £’4J»® *« 

Thless Hldgs. 156® 

Union Carbide £30 . 

Wheelock Marden A 37b® 8b 
Whim Creek 55® 


_ . . 6 . 


6bucUns.Ln. 92t *30 3). 

94 (3D13> 

Estates Property (25pi 960 
Evans Leeds (2Spi 81® 

Great Portland Estates (50p) 3009 
9 r «^i IR ' Properties (lOp) 40 ,30.3) 
uulldhall 6 dcP(. 40':® (30/3) 

Hales *25P) 35 (2B.-3) 

Hammerson A (25 p 1 570B 
Hasiemere Estlaes UOpi 236® 
ItKcrMiropgan Hldgs. iIOp* 28® 9'2i 7b 

Laganvate Estate iIOp) 11 s29r3> 

Land Investors i25p* 125 
Land Securities invest. i50o) 214® 13 11 
.IS! 2 .. 12 - .1®- BWCIalDb. (78-331 at 
i?'. 9 ‘ M »9 b - . 7Sl » (30 3). BbPCun. 
68b® ') lj. S'spcLn. 164® .‘30 31. b*-pc 
In. 140® 40. lOoCLn. 130 (3C*3) 

Law Land i20p) 44 b® 5 4 * 

London Provincial Shop Centres iIOp) 91 
London County Freehold 6>-PClstDh. 63 

London Shop Property (2 So) 52® 3 (30'3) 
MEPC I25p) 122 3. SpciROb- 50 aD-'S). 
8RfLn. 6041®, 5ecLn. 94 b:® bi® 

Marier Estates (25o3 20 (29/3) 

Midhurst White flop) 41* 

Mount view Estates (So) BO (28*3) 

Mudctaw (A. J.) (25pi lilt. 7pcPf. 51 

Paramount Realty Hldgs. 68 (2BI3) 

Peachey Prooertv i25pi 7«ij G 7b- 64ipc 
l9»h, 74b* CS0 3) 

Prop. Security Invest. Tit- tSOol 146® 3 
Raglan Prop. Tst. I5pi 4b 
Regal 1 an Props. i25pi lib 
Regional prow, (25pJ 82. A (25 p> 67b 

Reunion Prop. 94>ociaMi.Db. 82 (28 3> 
Rush and Tompkins Grg. iZSpt 105® 4 
Samuel Props. i2Sp) 82';® 

Scottish Metroo. Prop, I20D> T08A 1;®. Spc 
Ln. 160 

Stcond City Props. (TOP' 39® 

Slough Estates (25pi 113 12 b. 7bKl$t 
Db. 75 <30-31. lOpcLn. 155 (29:3) 

5 tar (GL Britain! Hldgs. fipdstMi.Db. 61b 

Stock Conversion Invest. Tst. I25 b 1 2360 
Sunlev (Bernard) Invest. Tst. t25o> 198 

Town and Cltv Props, (lorn 13 13; 12b 
1 3 '» 12 1 * b. Warrants 6b (28.3). 8-14pc 
Ln- 89 

Town Centre Sen. f25pi 58 
Trafford Park Estates (25p) 92 87 i29 3i 
United Kingdom Prog. (25n) 21b (2fl'3i 
■niied Real prop. Tst. i25p) 267 (2913* 
Warner Estate Hldgs. (25pi 125b: 6; 
Wamfgrd Invests. (20p) 288 t2B‘3i 
'■Jh IJoseoh' (Sp) 14 (2B'3L BpcMtDb. 


Westminsttr Pron. Grp. i20o» 17 

RUBBER (30) 

Anglo- Indonesian i25pi 93 (29 3i 
Bertam Consld. tIOgi 75 
Castleheld (Kiang) MQp) ‘180 (29/3i 
Chersonese (FMSi Ests. (IOp) 60 :® 

Cons Id. Plants, (top) 1Z9b 8 b 32. Wts. 
50 b® 

Dora ni kendo H0o) 50® 50 rso 3) 
Guthrie 234i® 41. BUpcLn. 65t® 
Harrisons Malay elan (lOpi 73: 2b 2 
Highlands Lowlands Berhad isnu.O.SOi 
90b 89b® 9® „ 

Klnta Kelias (lOpi 67 (SA'Si 

Kuala Lumpur Kepong (SMa.l) 55® Gb 

London 5umatra Plants. riOp) 125: 
MalahoR Berhad (SMa.l) 87 
Muar R'VCf (IOp; 37':® b 
Plantation Hldgs ilOpi 69 ■: 70 

TEA (2) 

Assam Frontier Tea Holdings 282® 3® 9:® 
Camellia Invest. i7 0pi 195 
Jokal Tea Holdings 252 (29/3i 
McLeod Russel 195 (28/3). 5pcPf. 44 

Roma Tea Holdings 330 (30131 


Mar. 30 

o 0 i*J Bull mu. 
u line miDue) 




Mar. 29 

S179l<-180 |S1B034-183 Ik 
; /x;96^aai 


liteni'uiis*!* *F179.75 
1 1 £96. 149) 


'unieii'roi'x 1 

inuternind.. :5184l«.186U;sia63 l .188i4 
.(£99-100* i£99 >4- 101 >4) 

x'lTMr'eii .*554ij^63i (55614-5714 

(£ 2911 - 30 ) 2 ) (£ 2914 . 30 >41 

*1.1 Nw'r®i , 85714 . 593 * -55834-6034 

'(£31-321 , (£31l4-38i4» 


Rise in bill rate 

Bank uf England Minima m 
Lending Rale of fi£ per cent, 
(since January 6, 1978) 

offered were allotted. Next week cent, for secured call loans, bui 
£3 00m. wilt be on offer, replacing closing balances were taken at 
maturities of £400m. under 1 per cent, in places, in 

_. _ .... _ . Day-to-day credit was In short the interbank market overnighi 

Tne Treasury’ bill rate rose by supply j D th e London money mar- Joans opened at 6-6i per cent., but 
0.0030 per cent, to 5.9962 per cenL hgt, and the authorities gave an fell to 1-2 per cent, at the close, 
at yesterday's tender, and Bank extremely large amount of Banks brought forward surplus 
of England Minimum Lending assistance by buying a very large balances, and Government dis- 
Rate was unchanged at 0J per number of Treasury bills from bursements exceeded revenue 
cent. The minimum accepted bid the discount houses and a small payments to the Exchequer. 'On 
was £98.50 J, compared with amount of local authority bills. the other hand there was a sizc- 
£98.51} previously, and bids at This was probably more than able net take-up or Treasury bill; 
that level were met as to about enough to take out the underlying to finance, and a slight rise in the 
93 per cent. The £600m. bills shortage, and banks are expected note circulation, 
tendered and allotted attracted to carry forward surplus balances. Rates in the table below arc 
bids of £67S.26m., and all bills Discount houses paid up to 6 per nominal in some cases. 

Mar. 31 

*4 riepril- 





Lura Aulb. 






l)i« vnm 



Hill- ® 











-' dny. nut ice.. 








— . 




— — 

i (tai> rn.rtH.-e.. 


5T a -t 1« 




&i 3 

514 5-'4 



Jne month 

0 I 4 - 6 ij 


6Tg tij 


57 a -6 

6v 0 5-;^ 



- • 

6t b r I 2 

6a 4 

i- 1# 




Three liinnih?. 

e 5e 

frlu 1 

654 7 

6/a-t 1 * 

6? # -7 


6 >4 



7-7 1 8 

•ix month 1 * — 

7r, 7ig 



7l B 6>4 




7 r ; 71* 


Xme nuatb>.. 


83e ti 








Blfl .814 

si£ ai B 

8 *a 






Ti**' Vriir- 

9*4-9 *# 





Local authorities and finance seven days' notice, others seven days' fixed. Lone- term local authority mortsase rate 
nominally three years 105-191 per cent.: rour years lti per cent.; Eve years 11-114 per cent. ® Bank bill rates tn table arc 
buy ! or rates for prime paper. Buying rates tar four- month bunk bills « per cent.: four-month trade bills 71 per cent. 

Approximate selling rates tor one-month Treasury hills W-3 w u* per cem.: rwo-month ¥'n-y*.v: per cenu: and three-tnonll- 
53132 per cent. Approximate selling rate for one*-tnonth bank bills 51^-84 per com.; two-month 61 per cent.; and Utrec-momT 
B.'-6*ie> per cent. One-month trade bills M-6J per cent.: rwo-month 9*. tier ceni.: and also three-month 6M per cent. 

Finance House Base Rates * published by the Finance Houses Association' 7 per cent, from April 1. 1918. Clearing Bank 
Deposit Ratos 'for small sums at seven days* notice' 3 per cent. Clearing Bank Rales for lending 6i per ceni. Treasury Bills: 
Average tender rates of discount 5.9W2 per cent. 


Star, ol 



Market llatn* 





The announcement of a record index, as calculated by the Bank 
US. trade deficit for February ° f England, fell to S8.5 from 89. 

pushed .he US. do/ler dawn «? dEV 3JZ2 , 

sharply in tne foreign excnange against the dollar, 'even though Nf«’ V*ri... 6ij 1.8626-1.8685 1.8623- 1. 
market yesterday. This followed it remained depressed against J \ 

a larger than expected rise in most other major currencies. J si \ \ ! sb.m-smo 

the money supply, and left the Sterling opened at S1.8575, and Uipeuimirraf s [ io.ii-io.38 ,10.36 ;■ 10.37* 

dollar very weak on the day in touched a low point of SI 5525. *, 1 , 

terms of the stronger currencies, where the Bank of England gjg"--;-; liSSiS&iSSiSSo l 

The U.S. currency finished at intervened I to prevent a further j| t|J||1 iu x l 1 . 678 - 1.697 1 1 . 686 . 1.686 ! 

DM2.0085 against the D-mark, decline. This was during the osk,. a | 9.81-9.98 j3.9WJ.82, 

compared with DM2.02574 previ- early morning, and the pound H«n* 

ousiy. and at Sw.Frs.l-S3 rn ivas_then fairly steady at around »e«kiK>i«u.. 

terms of the Swiss franc, com- 81.8550 1 to 51-86, before rising to 

pared with Sw-Frs.1.8810 on a , high point of 51.807o-l.B6Sa Zurich 

Thursday. The Japanese yen after the UJS. trade ' figures. It 

rose to Y221.25 against the dollar closed at $1^62o-1^635. a rise of 

from Y222.50. while the French 15 points on the day. 
franc was also very firm, closing Sterling's index, on Bank of 
at Fr.Frs.4.5B50 in London, com- England figures, fell to 61.8, from 
pared with Fr.Frs.4.61, and rising 62.2, after standing at 61.8 at 
to Fr. Frs. 4.5425 in New York noon and 62 in early trading. 





9): I 8.49-8.55 I 8.49 4 -8JS0-j 

8 | 8.50-8-56 B.B4-B.56 

S': i 410420 41M1S 

Big I 26.95 27.26 1 26.86-27.05 
1 I S. 40-5.60 ; 5.40-5.42 

1 Rates given are fur enverubh- Iranes. 
Flnaudal frauc 5SJO-5S.50. 


fioi'l C'-iin*... i 

tlnu-roai'llyi! i 

Kiugeriiuiil.. |S£84 14 ■ 186 14 S 185>« 1873 4 
i£99-100i (£9834-9934' 

N'n 5i/i'i)!ii> ;S543|-56l4 S55U-5714 

;i£29ifc-30ii) <K29i4-30i4) 
Old 66734-6034 jS583i-6034 

(£31321 (£31'4-33Ul 

S20 Km Iff- .. S292S,.895!4 S295 23B 


tin'. 31 -KiHiikfiirl 

Xew Y«tk 



Loadou J.tiiihlM’ifi : Zuni-ti 

Km 11 k lun ' — 

.NewYurL* 1 49^3-36 

l‘«ri« 1 aejo 60 

Himsel*.... It*.' 6 61 

Luii'1-ra 3.736 746 

A m~i '*i*ui.. 

Xnni'Ii 41 236961 

i01S5-l 1 200 

1.6746 865 
31.50 » 
1.8625 35 
2.1 62; 4 t 

44.06 SO 

a. 49 .; to; 

47 Si 36 


3.170 175 
14.51 15-755 

5.8348 8702 

3.767 767 H3.4»60 1 li* ft>35 
Lfc660 8W5 46.U7-I4 1 63. 25-3 u 
£.493-513 £ 1 1.53 2.03 344.83 r 35 
68.43 59 1 l4-.-b-.-s 1 lfi£3 90 
- o.OOOl “3.40 42 

4.0146 96 j - 

34270 4493' it 3*3 5.51 

l‘.S. S in Tunniiu T.ij. S” 113.29-33 CanaiUan cems* 
faiui.lian S in Xew Y* irk =88-26-86.27 ceiue 1 . U.S. S in Milan 8bl.0Ci-fcM.7D. 


UUi 3 
A in * _ 
“UaK-li Ml I Manrli JiT 

Ora win 

■lertiuii I 

tl.6. iiotiai ... 


\nrl m «.•!» ... 

leiUimi Iran 

•Mnl-Ji krone. 

Jeui* bem'rL 
Jiit.-h yui'ifei 
■W'h (ran . 
ita'iau 'Ira.... 
lapMiie-e yen. 
Vorway knjiie 
■lieu pe-eta.. 


•* ■ 'ran .... 
































shortly after European markets Gold rose S4 to S183J-1S4 in Argentina .1 1551-1535 .A^win'm.-iiMUMoo 

had closed. nervous and confused trading Anxintim Ji.B2i7-i.B580|.vu*.tnH .... 26.3-2 /. b 

The dollar's trade - weighted following the U.S. trade figures. * 5o.M-Si.92 jHefg'um.. ; 58;.oo 

Unbuilt ..... 7.76-7.77 .Um.-u ®5-40 

(ireece jB8.067-B9.749jL'auHibi 2.11-2.15 

HniiK Kona fi-SSJta-a-SW Den mart... i 10.3- 70.5 

Iran ! 128-134 Kran*v *8.65^.70 

Kumtit ....j 0.508-0.516 IWenutiuv.. S.75-5.9D 

Ui*eml**n* 68.50-68.40 jUren.-e B6-72 

Mamixbi.. : 4. 3900-4.403 0(1 txi.v 1690-1640 

N. ZexiHQ.i l.BIOB- 1.B280 J»r« D ; 410-430 

hmtdi Aral* 1 6.30-6.4B I\e 1 hert.n<f 4. BO-4. 15 
s*mj!B|*'iv.;4.»40-4.3070'-\n™ay — 8.66- 10.0 
a*. Afni-a . 1.6003- 1.6!5WriwUi S * ... 72-80 

ti.s T47>-I50) 

I'anai/H -Suii/'ikii.i 5.45-3.S0 

CSl • ;!/.» 1 JBB- 1.BB 

I'.ti. iiiili-.| 86.34-86.37 jl upniaiui; 55-85,. 

Rale given fur Argentina i» a free rale. 

hterlili£ in llilau I,6Ef*JXi-l,)E£*,73. "Itaiei for JUirJi fO mily. 


liar. 31 




U.&. Donari 

rSln>n term... 

61*. 7 



/ -lax ft u 01 ice 

7ti-7S 4 

7i»-vs h 

„ 7-714 


7-7 S 9 


7'a- (to I 

Three monilia. 

7i* "ne 


7sb - 16 a 

six ruiinihft. ...• 



75a 77 8 1 

Uno itar 


77 S 8 Ib ! 






ti . / •eniuiii 

47 B ^l a 


4l e -51 S 
5-6 U 

H >? 

Sa Vg 
l,t 1„ 

Xe» Vmi£ . 1 0 . 0&- . pi n -07r.<( i» 0. 12 -0 .02 1 -.| -in 
UivtiMl . jarO.lO*-. ilia 0. 13-0.23 ill* 
.InibtMani 11-1 r. |*»i 3-2*-. inn 

c. pm-jar .40-25> > . (mi 
i 'up' Lilian .14 1 4 -61 4 cre^lix |14i-16;.«ire itix 

Euru- French deposit ratesr ivroday S24i per cenL; seveiHlay SWl per cenL: jgai7 j’l-l !|'is d!“ 

.-mnnfh O.CU nnnl ■ lhn».ninnlh fU».Dw MF MFIt * OJ J«* nnrtt ■ r? .. _ ZZ ±1 . 

: 3i*-3i a 
I 39g-3is 


■ 3i«-33e 
. 314-348 
I 3M-3ie 

Cue inuiilli • Three mini t ha 

one-month 9-91 per cent.: Ihree-monih 8 u »-95i6 per cent.: Out-mo/ith IK-91 per cent; Aiwlrid .... to-90 **. Jt*i 

oue-year I0'ia-10 > M per cent. 

8-15 lire die 

120-200C-. rin 
;25.32 lire 

Long-lerm Eurodollar deposits' two rears S-fli per cent.: three years SMI per '7U-9U ore (tie 17-19 **rv tlio 

i ■ fmir VQ4W mr nont - fiipft nAirr \ mr rum . -2 . . « 

ceni.: rour years SJ-St per cent.: five years Sfi-W per eem. 

The fnlkni/tna d trail nal rales ware quoted tor London dollar certificates of depot It: 

i’aris 1-2 c. ril> 

MlVklpilm 1-3 "re*lix 

2S1-3V-. ill* 
.4-6 i*re if is 

ane-month T.16-7J6 per cenL: (hree-manth 7.25-7J3 per cenL: sbe-mamb 7.60-7.65 per vieuna ipar- 10 uro *Im i«r 10 -ro .IH 

ccm.: one-year T.30-7.90 per cenL jjnHeli 2i8-lia pni 67 b .St^. 

■Hares are nominal catllnc rates. - — - - - - 

Rates are nominal catling rates. 

Short-term rales ore call tor sierllng. U.S. dollars and Canadian dollars, two 
days' notice tor guilders and Swlas franca. 

Sls-mnnih forward dollar 0.374l'7c pm. 
12-nionlh O.sO-O.TOc pm. 


Sunt tics provided by 
data STREAM International 










Cheapf + ) 
Dear(— )*> 

Name and description 










Alcan Aluminium 9pc Cv. 8U-U4 







Associated Paper 9)pc Cv. S5-90 






10 ^ 

- 2.1 

-10 to 





+ 2.1 

Bank of Ireland lOpc Cv. 01*96 







— 5.0 

-12 to 




- 3.6 

+ 1.4 

British Land J2pe Cv. 2002 







1 S.2 

10 to 





+ 67.8 

English Property 6jpc Cv. 98-03 







“ IS 

- s to 




- 6.4 

— 4.5 

English Property 12pc Cv. 00-05 








40 to 






Hanson Trust 61 pc Cv. 88-93 







1 A 

- 2 to 




- 3.0 

- 4.4 

Hewden-Stuart 7pe Cv. 1995 

0.07 : 






-17 to 




“ 3.1 

+ 10.3 

Pentos 15pc Cv. 1985 





11 ^ 


- 3.7 

- 4 to 




- 0.1 

+ 3.6 

Slough Estates lOpc Cv. 87-00 

5.50 . 







5 to 





+ 5.7 

Tozer. Kera-Oey Spc Cv. 1981 








26 to 




- 7.1 


Wilkinson ii latch lOpc Cv. 83*98 









22 to 






"Number of Ordinary shares into which £100 nominal of convertible stock is convertible. TTbo extra cost of investment in convertible expressed as per cent, of the 
cost ol (lie eoutty In (he convertible stock, t Three-month range, t inccroo on number of Ordinary shares Into which noo nominal of convertible stock is cnnverubh*. 
Tbs income, expressed in pence, is summed from pnesem time until Income on Ordinary shares la greater man income on flDO nominal of convertible or the final 
convention date whichever is earlier, income Is assumed io grow at 18 per ccm. per annum and Is present valued at 12 per own. per annum. *-. Income on £!0u of 
convertible. Income is summed until conversion and present valued ai 13 per ceni. per anmim. (JThia Is income of ihe convertible less income of ibe underlying equity 
expressed as per cent, of ihe vsloe of the underiyinc eoniry. 0 The dWcroDce bciween toe premium and income diffennce expressed as per ceni. of the value of 
underlvlng eqnuy. -r is an indication of relative cheapness. - u an indication of relative dearness. 



Financial Times Saturday ^pril-t-lW8 - 

Sentiment again unsettled by interest rate worries 

Share index down 3.9 at 463.8— Lucas rise afresh 

\cLinmt Dualiii” Dales Su-r'in.: consider;! I lun* prompted ?neciivc!y Marks and Spencer A bearish survey by stockbrokers The low dividend yield an 10 to 3 Q 0 p, while Gffl and Dnffos, 

Uptinu 9 an mills} “--e ;n she imy.vtnwnt juin? up -l Jo J 30 p and House of Grievson Grant Jed to an easier Lucas Industries was no deterrent ac 222 p. retained Hunsday’s-gain 


Xt*. I Mar; l lK 

28 ; I s £8 

Government Sett—,—' 73 . 89 j 74.05 74.44 74.73 ‘ 75.27 73 A4 7055 - 

riwl lateral. ; — J 77 . 38 J 77.77 77.90 78 . 1 ^ T &38 733 * 70.75 

Industrial Ordinary.—! 463 - 8 j 467.7 468.1 460.1 4603 462 . 6 4 &J 3 

Account Dealing Dales 

•Fir*.| Di*rlura- Last Account 
Deuiinas lions Dealings Day 
Mar. i:: !Uar. 5 u .Mar. "I Apr. II 
Apr. 7, Apr. I'A Apr. 14 Apr. 23 
Apr. 17 Apr. 27 Apr. 2 S May HI 
* ■* Kcw lime " ficaliim nwy take 
from 9 72 a.m. two bostocs^ days earlier. 

M'.vr>hDdov.t*d by the conunu- 
i::a -lido in -lorJiny. which in 
Mrn :wu- ri -* 1 to fresh fears about 
the I'hohhood of an upturn in 
<hurM».*r:n interest rates. Siock 
Markvl* made another -ubdueef 
fslnr’irre rs The Ihree-v.eek Ea-ter 
Account dre" ;?» n close yesterday. 
Ttri’ish Fund* Pr: countered further 
‘itrefing-s before rally ins Id close 
*• jtii mode-l losses on halunce. 
S'virl-ri clod issues lizaished with 
fu.'ls of .. tfirr beiny down by 
U v brio fi-ll- «i the lonu end of 
around v.ere reduced to only ;. 
The Government Securities index 
fell O.JG in 73 .SU making a loss 
of L 3 S nu*r the shortened week. 

Seilini pressure on leadin'* 
equities was only liuht. but with 
buyers lowering their limits prices 
ii ere quick in reflect small scai- 
tered offerings. A late technical 
rally left linal quotations a few 
pence nr so above the worst and 
the FT 30 -share index, which was 
show mu a loss of 5.1 at 3 p.m.. 
ci'v-cd 3 .n down on balance al 
4 IM.S Awainsl the trend, Lucas 
continued to reflect satisfaction 
with the half-jearh' lieures and 
rn*e 5 further in 280p. 

Elsewhere, the recent bout of 
mild BmJjel optimism which had 
encouraged selective support for 
.some of the second- line equities, 
raded into the background and 
the oven*! Itrencl was to lower 
level*. Falls were in a majority 
over rises by about 2-1 in FT- 
q no led Industrials. Company 
trading statements, however, pro- 
vided the occasional bright spot, 
but Property shares gave ground 
on interest rate fears. The FT- 
Artuaries index for the .subsection 
fell 1.7 per cent, to 231 . 44 . 

Assisted by the rise in the 
hul lion price. Gold shares staged 
a useful recovery. Gains were 
fairly substantial and the Gold 
Mines index put on 5 .S to 133 . 7 . 

Gilts steadier 

British Fund* attracted a good 
level of trade and ended with a 
predominance of minor losses 
after having shown falls lo S. 
The Iony*a wailed rally began 
around mid-day when ter I ins 

appeared steadier. This led to 
bear-covering and genuine buying 
at the loner levels which enabled 
quotations to end on a mixed 
note, with l!Bil and later shorts 
showing Ihe occasional gain. Wide- 
spread small selling further de- 
posed the longer-dated securities 
by as much as ;• before renewed 
demand clipped the losses to no 
more than i by the close. Falls 
on the week in the Innas 
ranged to over two points. 

Corporations followed the main 
Funds lower but failed to respond 
to the latter's rallying trend and 

showed falls to J. 

Japan 4 per cent. 1910 .Assented 
. featured Foreign Bonds with a 
rise of 25 to £ 360 . 

Sicr'mj tnnsicieru I tuns prom pled 
an mifigJ r:.-e :n Jin* inveaimenl 
currency premium. When ;t 
became ei .dcri }ftj 2 buyer* r.e.-c 
not prepared to chase the move- 
men:, sellers appeared and tije 
rate reacted from 105 per cent, 
in i»!; per cent, before a cioso 
or 102 ; per con*. for a nel fall 
of i: point'. End-year technical 
influences ..!*o played a part in 
market Miniimcnl. Yesterday's 
SE conversion rector was O.USal 

HPs down again 

Fears n f ar. increase in interest 
rates continued ;n dampen senti- 
ment in Hire Purchases. Provident 
Financial cheapened 3 to iiop and 
LOT eased a penny more to 39 p. 
while Lloyds and Scottish and 
Mimrgatc Mercantile also eased, 
to 95 p and I 2 p respectively. 
Lloyds. 6 down at 270 p„ led the 
retreat of the major clenrcns with 
\ at West closing only a penny 
easier a; 2 " 5 p. Foreign issues., 
however, closed firmer throughout' 
with Hong Kong and Shanghai 
S to the good at 262 p on far- 
eastern advices. Despite a fresh 
decline in gilts. Discounts picked 
up in ; -races. Allen Harvey and 
•■■■» added 13 to 475 p in a thm 
market and Alexanders hardened 
5 in 225 p. 

Insurances drifted tower in 
moderate trading. Commercial 
f’nion shed 4 to J 52 p as did Sun 
Alliance to 540 p: the latter's 
annual results arc due next Wed- 

Breweries dosed easier with 
Allied. SSp. and A. Guinness. 1 7 . Ip, 
both showing losses of 2 , while 
in Distilleries. Highland, j 43 jou 
were 3 cheaper in front of Mon- 
day's interim results. 

Contracting and Construction 
issues encountered small selling 
and closed lower throughout. 
Marefawiel. a good market of tate. 
eased 7 to 269 p. while Richard 
Costain gave up 4 to 256 p. BPB. 
213 p. and Tunnel B. 235 p, both 
eased 3 . In contrast, 
J. Flnlan attracted speculative 
new- time buying and firmed 4 to 
31 p and. similarly. J. W. 
Henderson added 4 to 144 p. 
Further consideration of the 
annual results helped F. J. C. 
Litley. 73 . to a modest gain, and 
Brown and Jackson. 33 p, edged 
up j more. Breed on and Cloud 
Hill Lime were unmoved at Sip 
following annual results, however 
Johnson-Richard Tiles were 
further stimulated by hopes of 
developments in the Hep worth 
Ceramic bid situation, and closed 
31 to the good at lZ 5 Jp. 

In quiet trading. 1 CJ eased 6 
to 35 Gp, and Fisons lost 5 to 333 p. 

Burton wanted 

Slbrex were highlighted by 
strength in Burton issues, the 
Ordinary rising 4 to IISp and the 
A 6 to 114 p on buying which 
continued after hours on talk 
about week-end publicity includ- 
ing coverage on BBC television's 
"Money Programme” last night. 
Elsewhere, prices drifted lower 
with British Home and Gussies A 
both 4 off at 175 p and 292 re- 

Gold Jltaea 158.7 15219 156 A 

Onl. Ibv.Yirfd , 6.81 5.77 5.77 

KamiiigmYTdXttuUK*), 17.07 * 17.04 17.05 
tVKkMiofoetjFtL..- 3 - 33 . A 84 

156.41 167.7 

5.77 . sie 

17.05 17.32 

Secondary i-'suc-: had a firm spot Reasonable trade developed in peels, the price gained 5 more to son Zochonls issues, however, feR ; 

Oealinjt marked... 6 . 498 | 6 . 045 ) 5 . 0611 . 4 jS 33 j- 

J. 6 . 498 ) 6.045 

Sqatty nmaver£m_..r — ; . 72.87 79 . 85 j 5 I. 34 j . 62 . 0 S B 5 A 9 'i 69.46 
Sqoity taqftim — \ 19 , 2321 19 ^ 031 . 14 ^ 26 ( 14 . 7 &t(l 4 ^ 8 J|. 5 . 7^75 

ID a-m. 46i8. 11 a m. 48SA Woon 405. I DJH. uw .gj ' • ■ -■ T. 
2 p-m. 462.4. 3 iun. 40.8. - 
Latest Index 8B*. 

■Based oq S 2 per' real, corporatjon taxi t NU=S, 17 .’ ’ ‘ - 

Basis MB Govt. Sort. 15 / 10 / 20 . Fixed IbL 1 S 3 & toi OnL l/T/BS, Crfd 
Mines E/ 9 / 55 . SB AOIfiUr Jnly-Dec. 1942 . . .. . - . 

19 ^ 051 14.52 

l 66 Bj 158 ^ lteJl 
- 6.86 - 5,83 -- 5 .BI 
17 . 29 1 1723 : 1747 • 

aiav eia ; airf 

*M 62 5^26 ^ 6 i 542 , 
. 62,05 B 5 A 9 , 6 Bj *5 

The Henrv Wigfall/Comet respectively. Satisfactory annual ally, investment premium influ- A slightly softer tone in Textiles 
Radiovision situation commended results failed to stimulate interest ences took Dana Corporation up was mustrated by losses ot 2 in. 
much .ittpniion in Electricals and in B. Matthews which eased 2 10 to £t 7 J. Distributors suffered open Ccmfrrolds, II-lp. and Not- 

much attention in Electricab and *n B. .Matthews — . - . — — . __ ... — . — 

although both sides claimed virtu- UOp. Northern Foods half-yearly end-Account profit-taking and ytaBti*ttarni& n 4 p, 

ally equal support of around 45 profits increase prompted h rise H. Ferry supped 4 to 161 p. v/hile .y . wjp..-.«ed_- ahttfe 

highs and lo ws 

197 B ISUjcsi. CumpUatiMf j 
. HujU I l*.'w RlRh I | 

S.E. ACTIVITY of over 50 per cent- closes cased 4 to 192 p. In Hotels, Grand which, at 03 p, retained the pre- 1 (Redacre) which, ui a 

. . _ _ . vious day’s gain of a. restricted market. Jumped 9 to 

78^8 | 73.89 | 187.4 49-18 rTiSuLft/ keBn 

tad) loam SSJS’^.gJ. 

Ptxedlitt.^. 81.87 77.14 160.4 SOJS 5 ^peoubolve^ ., 47^1 f 5a.* 

cd/ii otv 3 > ia/iL- 47 ) tiiiiHsi room* 125.1 Thab 

IbL OrL- 497.3 435.4 649 ^ 49.4 oSSijS*? • 

< ia ' 9/T7 > «*« -SSSCr iSI \?d 

Ootd Miaet. 168.6 130.3 44 SW 43.6 3 p»t««lv 8 -. - 4 S^ ,. Jl 2 

tBtS) ( 5 / 1 ) < 22 *i 7 P'’H( 2 feJl 0 l 7 t) J T(*»‘ 11 &^ hjjj 

OoM MiSft-J 168.6 

1 m 

300 ,^ 

600 : Standing a few pence easier . 35 P- • , ' pt*edint.^l ai.a 7 77.14 i 6 o. 4 t.soA 3 SpwutaaWI ■. 47 a sJI 

i immediately in front of the re- Primrose Industries steadied | mi CBuUfnwiRt 125.1 rii 4 A 

_> . suits. TTiomson picked op sharp/y after the recent reaction on'fears i'»ConL._ 497.3 435.4 649 A | 49.4 ’ 

T? r r TTVTTVr TQfT'RT AT 1 and closed 10 higher on the day tha 1 Tongaat might withdraw . \ mi m Gxmoi .HHSSlr 170 ? i?i'k 

fu at 2 lSp in response to the better- its offer and the dose was 3 ffow Mio& j 168.6 130.3 44 SU 45.6 sjwcudreL'. 5 lI 

sool- ORDINARY INDEX _Pu , - than-espected annual profits, better at Sip. Elsewhere in i 8 / 3 ) ( 5 / 1 ) < 22 iSu 7 ti^( 26 itoi 7 \) mjj - 

500 AiWJJA jE|U Associated Book Publishers, bow- South African Industrials, Anglo- - ■ • 1 _ ‘ ' - _ • •• - 

t. pj; ever, relinquisbed S to ISSp on American were raised 65 to 525 p, 

450 r JIM' 1 ~l/ * further consideration of the pre- while S.A. Breweries improved . . . 

! . ? liminary figures. Lfverpoof Daily the turn to Top; the letter’s price of the higher bullion pnee. which suspended at BOp fa front of news 

__i Jan g/ r . t 1 . r — ^ Post at 132 p, recorded a Press- in recent issues has been was finally 84 better at $ 183,625 of a possible uranium find in the 

400 T J R - ^ . : .T T r -h inspired improvement of 2 . incorrect Per oimco— a week’s improvement Republic of Ireland. Noribgate, 

Aj -hFM r—~ t~ Among Paper/ Printings, a further Plantations paraded a couple of of $ 4 £ 5 — in front of next weeks which has _a - direct 24 per cent* 

3 S 0 r- III : \ . - Ej=q — j ' bout of profit-taking prompted a firm features. London Sumatra International Rffonetary Fund, gold interest m Anglo. rosa another 15 

kl IH- l ■ ■ v - ■ , - —j fresh reaction of 7 to 170 p. after rose 13 to I 45 p in response to the auction. -- ahtgit. of 325 p— a week's gsaa 

An _ tinU P— ^ — ~*t— . -- ■ - ItiOp. in Mins and Allen taking increased bid terms of 150 p cadi Rnndfontem attracted a good ot . ^ 

300 ,-^^\ ffl, —Of*: net decline on the week to per share offered by McLeod deal of suonort and dosed X 3 i sip- - .... — — ; — ' - ■ ' 

tt . - ■— , z=zz t] 22 . Eucalyptus Pulp came on offer Russel -'Sipef SJL. while Blau tyre at £ 381 . The U^ 5 . buying spiLed U ni*rrni ; 

rrf1 — J — Z — : 1 HTj— . at flip, down 5 . jumped 70 to 500 p on the doubled over into South African Financials 'uuii mLI AV tKAuES 

r ~ ZZ r • .Fears of increased interest annual earnings. with Anglo American 16 firmer at OF STOCK ‘ INDICF^ 

^ ~ — ■ ~ rates unsettled Properties and. . . .. _ a high of Slip and Union Corpora- -■ 

2 00 ^zzrrrrr Trzrrrtrrr = z - m a continuation of the previous Australians eo ahead tkm s to the good at 292 p: in the ” Feb - 1 *•».- j ^ 

= ir .-==;=7 3 wre rerorfe^^^eadeS In a generally cheerful mining 2 BC ****** ***».. _ ' ’ . 

150 riff p :-p= 5 ■ English Property, still reflecting sector Australians ended a good tiSTS&b SitTof a SwiSS ™ SB EB SS 

~ ! — ■- ' r r- preliminary results, eased 3 to week. Further gains reflected .the «S»h ^ S SS 

i J- - . J — 334 p. while the 1998-2003 Con- continuing buoyancy of overnight oT otipn* ■ OoWM&wu.. uSd i «3 

1974 1975 1976 1977 1978 vertible fell 8 points to £ 81 . M&PC. Sydney and .Melbourne markets neienR - i wun<m mw. 4 .a^i fcjj&l B.Ttn 

„ I . “ ...... ... — I22p, and Land Securities. 212p, despite the initial downturn in . De Been were 5 better at a F-T. Actuariro - • 

to-day. Eod-Account technicalities Metropolitan, ItHp, and Trust both eased 2 , while Stock Con- base-metal prices on the London high of 354 p following the unposi- indaat. ism. 

tended to confuse dealings yes- Houses Forte, I 80 p. eased 2 and version, 22 Sp, closed 6 lower. Metal Exchange yesterday. tion, at this week’s “ sight,” of a bW-sb&re 

terday in Wigfall, which felt to 3 respectively. Elsewhere, Town and City eased Business in Australians was also 40 per cent, surcharge on rough FLuj^aar 

206 p before recovering to close vj_.-a_._w. Himiirv dmvn slightly to 13 p followhiR news ot on a much higher level than of gem prices and a reduction of SO JJggf ^ 

a net b lower at 222p. wh/le shares -DlmpOrT laUDuTy uOlVu an arrangement with Barclays and late. Outstanding were Uraniums Per cent, in the supply of stones. ~ 

assented to the Comet offer were Miscellaneous Industrial leaders Prodential Assurance which is 3 nd Coals. Amonc the Former. HWi . law 

quoted at 228 p. Comet put on opened sligtttiy easiet and ^a- aimed at acelerating the com- Peko-Waflsend advanced to a 5977 nSSSS^l <J£S*a r : — 

p ass to w r s . sa sssrascs? — ’s-. 

Electrical leaders often eased a modes t losses. Unilever at 498 p. Secondary Oils dull to dose 19 higher on balance at 

shade but other issues were occn* sustained an above-averaEe Tall of , oi , , 440 p. while Pancontinental climbed — — — 

? 10 4 ? 8 P and Trafalgar House lost , af ^ 73 to 923 p and EZ Industries NEW HIGHS AND LOWS POP 1 QTfi 

lOJ 13 ao 
6.181 5 J 5 Q 

and Coals. Among the former. Elsewhere, AngJo United I- - ^ ^ 

f^’+h^nn^for kJI 1 >« v e* 01 *l n *“t jumped 9 more to inriunriaVOnt «S 8 .L{ 29 th» AK.<KJhift 
huh of 44 od. ex the one-for-five Md; on Tuesdav the shares were AU-shaw — 336 .B 8 < 29 tti> MLisffi 
scrip issue, before easing a shade 


> follow! no securities avoted hi the STORES tJi /’ 

ana urcuoo were sus<>enueu auis hed 3 to 540a as did Glaxo rPl y ■ noyeiuis. » .. hase-metal nro- The WIomw securities ouoted hi the 

23 n on news of a bid approach. Hu/snea j 10 wup as aia uiaxo prominently easier among the « m ong rne nase-mecai pro- information Senne* cesteau-, church 

op ° *, 1 . to 5 o 0 p. Bowater showed late |. r . pr *»-*>r»/nn Rtnlni-illnn rtnwn ducers. rises of 3 were common attained new HMIw end Lows tor 1978 . 

Ahead or next Tuesdays pre- resilience, rallying from 186 p to ro at Zt&i and sK % ujl> t0 ^DI Holdings, at a high of vEwnrrH-r/Kit - 

liminary figures. CRN cheapened finish a penny harder on the day JP hi S „ n P ’ SiSJ? 166 p for a week’s improvement 3 ? GHS ( . 61) .™* 

3 to 274 p among quietly dull a t 189 p: the preliminary results takin" reacted 14 to 258 p P arter of 16 » and *orth Broken HIM. 97 p F aSi ericas oaV 1 NlW 

Engineering majors. Hawker are due next Thursday. Elsewhere, 254 p. & ’ CCP North Sea Associates while Western Mining gained 4 CA B/?i&s , <fiV 3> Mownt 

NEW HIGHS ( 161 ) 

touched lSbp but closed only 2 a resurgence of speculative buying i ost 50 t0 - 900 p in an extremely to lllp. 

easier on balance at 200 p, u ntie on bid hopes helped Dixor rise tjiin market but Lasmo "Ops’* Continuing speculation over the 
Vickers closed a similar amount g to 52 p while Letraset Inter- came in far scattered sunnort and Ashton joint venture, which is 


off at I 73 p. Spirax Sareo were national encountered 

UJIer_ came in for scattered support and 
good rose g to 334 p. 

searching for diamonds m the 

BANKS <111 

FOODS 12 ) 

firm among secondary issues, demand and improved 4 to 125 p. Oversea Abased issues featured Kimberley region of Western ‘Insurance til * 

rising 8 to 276 p on buying ahead Hutchison International 77 p. Trusts with fairly numerous small Australia, saw Northern Mining new?pa pliil fs) 

of Monday's annual results. Jcnks Jardine Matheson. 231 p and Swire sa j ns which largely reflected jump 6 more to 36 p. after 3 fip, PAPE 5 top«T?v n ?, c • 

and Cattell added 4 at 67 p and Pacific. llOp. all improved around currency and currency-linked anf l Conzine Riotinto. the matority south Africans a* ", 

R. Cartwright gained 3 to fiSp. 5 on investment currency and far- fluctuations. Argo. I 22 p, and holder in the venture, harden 2 nSsrs^smi 

while rises of 20 and 50 respec- eastern influences. News that bid Jardine Securities 109 . both put to I 92 p. cm.s r«» . 

lively were seen in Tbyssen. OOOp. talks with D. 51 . Lancaster, i on about 5 . while renewed firm- After losing ground for the ov 6 B *fuM«« rn ™ 

Granges. S 50 p. Glynwed. an the easier at ap. had been terminated ness left Robeco sub-shares 11 at previous two trading sessions. te«s ui 

other hand, gave up 3 to UOp and left Provincial Laundries a sbade 373 p, Rotinco sub-shares 10 better South African Golds staged a mines 11 si 

Percy Lane were a like amount easier at lOp. B, rid port G undry, at 423 p and London Australia strong recovery which enabled NEW LOWS ( 46 ) 

lower at 56 p. on the other hand, fell 5 to 29 p, Investment 4 higher at 130 p. the Gold Mines index— up 5 B at brttish funds « 7 i' 

Morgan Edwards continued on acute disappointment with the A- broker's circular advising 158 . 7 — to show a L 9 gain on the x TtSJfsZ? 02 ' 06 

prominently in Foods, rising a interim results and. still reflect- portfolio changes was held re- week. , _ , ««i. Soc.- 86 - 9 s_ consols, sm* 

further 31 to Silp in response to ine the annual proflts-iethack, sponsible for snitching in Over- Fuelling ' the rises m Colds was t ««. blpc wai ■ ‘ 

Avonmiles proposed share stake. Bridon gave up 2 more to 97 p. seas Traders. James Finlay rose renewed U 5 . buying in the wake Lawrence rw.j ano* Developments 

NEW LOWS ( 46 ) 




, HOTELS (t) 

Mount Charlotte . 


Srltfon p MJ\»- 

Brldport-Gondry ■ "'Sc*w.‘ 

. E.G Cases stanex imernaH.' 

Norvlc Secs. Wilkinson Matt*. 

. . INSURANCE Ol- - . 

Equity & Law • . Moran tt> . - 

_ . _ MOTORS ( 11 . .. 

Assocd. Eng 0 -r .. 

. PROPERTY T 5 > ■ 

Rllton *PJ Mldbohst vmite 

-Gt. Portland Ests. Stock coBveafn 
HK Land 

sumnniDtNa ctf •; 

Swan Hunter - . 

SHINING ( 2 r . 

Common Bros. Furness Wttfey 


Garnar ScotbUlr 


Bfeckwood Morton Corah v 

CourtauMs 7 DC DO. HieM Bros, ' 
1982-87 . Momtray. r.-. 

■ TRUSTS 111 - • 

' oils it". : 

Reynolds. - 

Bortlrwiek (T.t Sena Sugar •. 

1 ■ Paterson 2 och. N-V . • 








197 S 



marks price (p) 

□n day 



RP • 



77 fi 




English Property 



Sii ' 

“ SJ 

47 ! 

33 ! 


fl . 


331 5 

- 5 


.1 2S 












- 3 

2 S 2 

2 fi 4 

Lucas Inds 




+ 5 

2 sr, 


Reed Inti 




- 2 



Shell Transport... 

2 -ip 



+ 2 


4 S 4 

BATs Inds. 

25 p 






Britannia Arrow 

23 p 



“ ) 




2 ->p 



- 1 



Grand Met 

5 Hp 



■ — n 



Imperial Group... 

23 p 



- t 

8 t 

71 ! 

Midland Bank ... 




- i 



Burmah Oil 




- i 



British Funds - 

Corpus. Oemlnlw and 
Financial and Prop. 




Recent issues .; 

Foreign Bands 


On the week 


Down Same 





S 3 










. 1 ® 


47 S 

8 M 



3 .M 5 

7 * 


















S 4 


3 S 

U 4 









4 U 

7 W 

L 252 





These indices are the joint compilation ei the Financial Times, the Institute of Actuaries and the Faculty of Adairie* ^ 


The nhi rre list of act ire stnelut is based nn the number of bargain* 
worded vexterrtup iu the ( illicit it list ovd under Rule 1*73(1) ie) and 
rcijroduccd lo-dan in Stock Exchange dealings. 

ON THE week- 






137 S 




price ip) 

on «crK 

r ic.n 






+ 1 



BP ... 


4 B 


- S 



Shell Transport... 

23 p 



T 7 


4 S 4 


25 p 



+ 16 



Burmah Oil 



4 fl 

- I 




50 p 



+ 1 



Midland Bank ... 




+ 7 



Reed Inti 




- 2 



P ft O Defd 




+ 1 



Barclays Bank ... 



33 ft 

+ 6 



BATs Defd 

25 p 


2 D 0 

+ 3 




25 p 



+ 2 



Marks & Spencer 

25 p 



+ 2 



Grand MeL 

50 p 



- 1 


S 7 





- 2 

2 S 2 


dealing DATES 
First Last Last For 

Deal- Deal- Declare.- Settle- 

togs togs tion ment 

Mar. 21 Apr. 10 Jun .22 July 4 
Apr. 11 Apr. 24 July 6 July IS 
Apr. 25 May 9 July 20 Aug. 1 
For rate indications see end of 
share Information Service 
Stocks to attract money for 
the call included Selincouri, 
Consolidated Gold Felds. English 
Property, Coral Leisure. Pacific 
Copper, Alpine Holdings, 
Burmab Oil. City Hotels, William 

Whittingham, Town and City 
Properties. Comben Group, 
Spilters, Bellway Holdings, 
Hay’s Wharf, Dixor, Cullens 
“ A,” Reed International and 
L and J. Hyman. Puts were 
arranged in Hill Samuel 
Warrants, Grand Metropolitan 
Warrants and Associated Dairies, 
while double options were trans- 
acted in Premier Consolidated 
Oilfields. Mills and Alien, 
Atlantic Assets and Britannia 
Arrow. Short-dated puts were 
completed in Thomson Organisa- 
tion, Burton “A” and Bowater. 



f ii- WTC =Z,. . M ilt: ii 

i-«»» ; r r ~ ~ c M«»* r-i + or k Jr,:;.’: 

friLi' I = — “ „ . ,-S — J ! “ “ 

,. . — | "•*!' t«"» - : ' I j 

lbs ~ T.\‘ 26 j 4 ~ T 31 I lls s«a* n,rfi.i»vi «9 QT 6 . 75 " i^'a 4 la .3 



A.B.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

. Henry Ansbacher 

Banco de Bilbao 

Bank 0/ Credit & Cmce. 

Bank of Cyprus 

Bank of N.S.W 

Banque Belce Ltd 

Ranque du Rhone 

Barclays Bank 

Barnelt Christie Ltd.... 
Brentar Holdings Ltd. 
Brit. Bank of Mid. East 

■ Brown Shipley 

Canada Permanent API 
Capitol C & C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

h Charterhouse Japhet... 


C. E, Coates 

Consolidated Credits ... 

Co-operative Bank * 

Corinthian Securities... 

Credit Lyonnais 

The Cyprus Popular Bk- 

Duncan Lawrie .1 

Eagil Trust ‘ 

F.n^lish Transcont 

First I-nndnn Secs 

First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

* Antony Gibbs 

Greyhound Guaranty... 
Grindlnys Bank t 

■ Guinness Mahon 

HHambros Bank 

■ Hill Samuel § 61% 

C. Koare & Co f 6J% 

Julian S. Hodge 71% 

Hongkong & Shanghai 6J% 
Industrial Bk. of Scot 6i% 

Keyset Ullmann 6*%’ 

Knowsloy & Co. Ltd. ... 9 % 

Lloyds, Bank 6J% 

London & European ... S % 

London Mercantile 6!% 

Midland Bank 6$% 

■ Samuel Montagu 6(% 

■ Morgan Grenfell 6!% 

National Westminster 6i% 
Norwich General Trust 6J% 
P S. Rcfson & Co. ... 6i% 
Rossm inster Accept’cs 6i% 
Royal Bk. Canada Trust 65% 
Scblesinger Limited ... 65% 

E. S. Schwab 81% 

Security Trust Co. Ltd. 71 % 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 6'.% 

Trustee Savings Bank 61% 
Twentieth Century Bk. 7J% 
United Bank of Kuwait 65% 
Whiteaway Laidlaw ... 7 % 

Williams &. Glyn’s ev% 

YOrskhire Bank 6!% 

H Members of the Acu!ptlntc Houses 

* "-rtay deposits 3%. 1-monili depuats 

r 7 -a ay dt-poslia on 30™ or no noo 
and under 3%. up 10 CS.OOQ 3i«l 
and over £5.000 41%. 

t Call deposits over £1.000 3%: 

; Demand deposits 41,. 

V Rate also applies (a SlerUnc Ind- 

= : ! ;3|i' & 

U P! f &! 

rv | F.p. . ^ 

II El I t'.f. * 2 u .2 , 

- r.r. ! 24,2 

I v '<1.2 ! 

JISIOO' — • 
Uddls. ■ 1 5.5 ! 
/ F.J*. 21/4 ■ 
•• I F.l*. 28/4 j 
:luyi K.K.. 

F 1 — • 

* F.P. . 28,7 

F.P.JdUd . 
*r F.P. ! 9,5 1 
f.l- I — 
iU 9 ij Ja «4 
v : r.p. :i 4 i 4 
. F.l*. .20 2 1 
K 98 ‘L -25 1 8/6 , 

521 a 9 Uaj\nial. Jmla. 10 . 6 ® ShL IVt’. 

143 IdtS. I \ounuuted Sas. eft L'liv; Cum. Prel 

Util lOOt ldnLie.'O. id Yorkshire Lll^ Cum. Kre<„ 

HM| rihaUenttcwM lift Cum. I*rei_ 

27 27 fciwJck JUloy. lOJ 1 st. M-rt. ' 85^3 

J jl •MUl'imniiitui II>«. I'Li - 

JQJu lOh-iHwaaU Wlmic.v 4 ft Fn 

103 p IQlU^enlm * Utlril U^Com. PM. 

KXiSe 100 IKHioiiiBbiu 4 L'liCivea U;ft rib-dl 

i ► >« IO 0 (Ok'eMtt I'anadio 1*2 

102 U loe 'Uhl-Mivce^ IVmerTft link I'rf. lUdi 

1 U 4 i 100 L’o»r**\ii i>.) lOiaS Fly. I'm. Lu. lUSi-St., 

llM-lii Dip Call** 111 *? L'nv. l ira. Lu. 7 ?-fc 3 

iOO,ii dfl -b Ceiuv'i.m Vnruime U*vS 

.*>1 q 1 *7 h Du. Itvg JM wa 

llflli 1 ltap W. tbranivli S|irliif> lljtri Prl «... 

|,r i ' NUiaWhildioUw* if, -» lift lum. Fiei 

a> iVurt IM*. 

... 921 a 

..il45 1 


..: 10 BW 

.. 87 ' 

981 * — 



^ loom,- ia 

..' 1001 ,.+ <B 

,.:toaq' — 
..,100 ■ . — 

..:iooi a +i> 

.j 494 , -i* 

..I llBp; 

,J 103 n .. . 

.1 35 I* 





Ftenra* la pecolbaiea show 
auabor ql «oda per mcHoo. 

1 CAPITAL GOODS (179)~- 
I 2 Building Materials ITT)- 

\ 3 r nn tT « fl M i£ pffi . 

I 4 Electricals 051 

I 5 Engineering CMtnetnrcW. 

| 6 Mw’haiihw lfoi lfr npo li^ fn)- 

8 Uriah and Metal FcreangtlT)^ 

12 Z^Eledranics, Radio TVflSt. 

13 HooaelMdd Goods (W — 

14 Jfc 30 *ssndEfatrilwIw 5 ( 25 )_ 


22 Breweries 04 ) 

23 Wines and Spirits ( 6 )__ 

24 Eitetaiiffnerd, Causing ( 17 ). 

25 Food Manufacturing ( 22 ) 

36 Food R^ailiflg(I 6 ) 

32 Newspapers, Publishing ( 13 _ 

33 Packaging and Paper H 5 )_ 

34 Stores ( 39 ) 

35 ' Textiles ( 25 ) 

36 Tobaccos ( 3 ) — 

37 T oys an d Games ( 6 ) 

41 OTHER GROUPS ( 97 ) — 

42 Chemicals ( 18 [. 

43 PtanracHilical Predocteffl. 

44 Office Equipment ( 6 ) 

45 Shipping 11 © — 

46 _ Miscellaneous (Si 

« INmiSrBIAL<gOCP« 85 | 

51 Oils ( 5 ) 

59 566 SHARE INDgX 


62 Bank 3 ( 6 ) 

63 Discount Houses flO) — 

64 Hire Purchase ( 5 ) 

65 Insurance (Life) (101 

68 Insurance (Composite) ( 7 J_ 

67 Insurance Brokers ( 10 ) u . 

68 Merchant Banks ( 14 ). — 

69 Properly ( 31 ) 

70 Mfrcetlaaeouad) 

71 Investment Trusts ( 50 ) _ 

81 Mining Finance ( 4 ) 

01 _ Overseas Tradgn ( 19 ) — 
99 ALL-SHARE INDeU 673 )_ 

EsL I Gross! Ert. 
Eaniags Div. | P/E 






2 fl 



















Highs and Lows Index 

. •: \_Slacet^.; ...' .. 

High: -i.: 

-0.7 17.79 
-0.8 17.44 
-13 18.07 
— (L6 1533 
-0.7 1736 
-03 1931 
-0.7 1928 

-03 18.43 
-03 I&-1I 
+03 16.91 
-0.8 22.45 

-LO 1636 
-13 1435 
-rl_2 16.07 
-13 14.09 
-13 ZL45 
-23 14.75 
+2.6 10.01 
-03 2L05 
-LI 1036 
-03 2L77 

5.81 7.90 2Q291 203.47 200.73 20L0B 163.20 

5.77 838 18266 18282 18089 16122 13785 

4.09 8.25 32247 32L41 317.94 31832 23139 

434 939 43089 43192 42566 426J2 32005 

7.07 7.81 287.93 28063 284.73 284.44 Z1285 

6.44 7 34 16120 16218 16082 16034 147J6 

834 6l96 16338 16237 16089 16153 138.48 

53 5 7.88 186.42 18581 18338 18421 14526 

3-56 8.97 22213 22180 Z17J8 21934 16429 

7.25 8 22 16092 16046 16830 16639 147.77 

6.66 637 11536 11484 113,91 11427 94.47 

5.96 831 196.71 197.48 194.01 19411 156.66 

5.93 10.42 22729 22041 225.77 227.61 17021 

5.72 9.44 254.40 25433 249.60 250.77 16935 

6.96 1031 24836 Z4932 24428 24536 189.93 

588 638 18784 18784 18337 183.77 167.94 

4.90 9.79 29L85 19226 19036 19035 16331 

3.78 14.84 326.95 32934 33032 327.47 24536 

929 6.83 326.91 127.41 12S.47 12584 10088 

4.35 13.92 18536 18633 18205 18187 13497 

7.93 5.69 171.47 17242 169.42 167.86 15L23 

18095 (2/3) 
16630 (33). 

28935 m 
40447 (2/3) 

270.95 (6/3) 
14987 (20) 

15422 (27/2) 

22883 (14/9/77) 
22B84 (2/5/72) 
38933 Q9/5/72j 
48369 0UW77) 
187.45 OW/fB 
177.41 CZW/72) 

50 . 71 ' 03 / 12/747 
4427 ( 13 / 12 / 74 ) 
.7148 ( 2 / 12 / 74 ) 
«71 BSf68to 
6439 ( 2 / 1 / 75 ) 
4 £ 43 ' (KV 75 ) 
4965 < 6 / 1 / 73 . 





5.00 23330 


Z 32.79 




( 16 R) 











10 L 04 



( 24 / 1 ) 


( 27 / 2 ) 

18 S .02 

- 0.9 











JJM 8 



— L 4 



7.01 260 JM 






( 6 / 1 ) 




- 0.7 


4.15 10.97 24539 

24338 24050 24010 



( 6 /D 

228 « 



+ 0.7 










( 23 / 1 ) 







531 } 42621 






( 6 / 1 ) 


( 24 / 2 ) 












( 6 / 1 ) 


( 3 / 3 )- 

- 0.9 




20 L 65 





( 6 / 1 ) 


03 ) 










( 5 fi) 


03 ) 







Z 1928 



( 6 a) 


03 ) 


-L 0 








I 6 fl) 


( 27/5 


- 0.8 










( 23 a) 


( 27 / 2 ) 







I 9 Z. 4 I 






00 / 3 ) 


-L 7 


539 1 L 24 

15 L 01 






020 ) 


( 27/5 









25 L 39 

( 6 / 2 ) 


( 24 ® 


- 0.9 



■ — 







( 60 ) 


( 24 ® 




430 1035 

34 L 6 S 33938 33606 33955 



03 ® 




— L 2 







- 8522 

( 6 fl) 


(Z 7/5 

23 L 44 

-L 7 


' 2.93 6631 23539 






( 20 / 1 ) 


( 27 ® 






10451 110439 110439 



j 0 a 






1 5 . 06 129 - 241 188.72 






( 3 / 1 ) 


( 6 / 3 ) 


+ 0.7 





9 L 70 





( 20 / 1 ) 

. 8539 

( 6 / 3 ) 







Z 7829 




( 24 / 1 ) 



- 0.7 



20688 204.12 



ZI 7 . 99 ' 

( 6 /D 

19 L 15 


173.63 ( 3 / 3 ) 22778 ( 21 / 4 / 72 ) 3839 - ( 6 fl/HV- 

209.01 ( 3 / 3 ) 26172 ( 21 / 16 / 77 ) 4285 , 03 /l? 7 fl.. 

160.54 ( 6 / 3 ) 26322 ( 4 / 5 / 72 ) G.K &fWy: 

104.68 ( 2 / 3 ) lip J 9 05 /l# 9 T M-W 

179.46 ( 2 / 3 ) 22688 06 / 8 / 72 ) 6 L 41 ( 1 ^ 2 BJ 7 : ,: 

204.04 ( 27 / 2 ) 28187 ( 2801 / 72 ) 

229.85 ( 2 / 3 ) 257 . 4 ^ 03 / 7 / 72 ). 

21982 ( 2 ® 32999 - 02(12727 

1753 T- (Z 7 / 2 ) 214 B (Zlfifl/TT) : 50 WOW 2 
17653 W) 244.91 CRPBfJJ) SUS(Ufi 2 fl 4 ). 
26959 03 ) 36082 ( 6 / 1 / 78 ) 5588 W 7 » _ 
11921 < 15 ® 144 a 04 / 9 / 77 ) ,4346 » 
16517 03 ) 20439 06 /WZ) < 5 ®. 

S 488 0512) 33916 0 » 72 ) jMJfQJg'- 
93.79 ( 27 / 2 ) 135.72 060 / 70 ) 

173.08 03 ) 21370 04 / 9 / 77 ) S&B gj . 

23069 03 ) 29510 04 / 9 / 77 ) 7170 

228.41 m 26256 ( 6 / 1 / 78 ) 22 M 1 

117.48 03 ) 246.06 nj 9 TO JJJJ SS 

40816 ( 24 / 2 ) 539-68 08 ^ 77 ) 9 M} - 

178.47 im 25083 05 /jgL 

186.02 03 ) 2Zm-mpm. S*&£mst' 

417.98 03 ) 54380 05 W 77 ) 

M 5.42 03 ) 248 J 2 fl 4 ffl 7 Z)_ _gg^^ 

15385 ( 27/5 24 L 4 KtWra 
17158 ( 27/5 28832 (aWK) 02 fl 2 JJ> 

189.43 ( 30 / 3 ) 23333 mm £ 5 [ 2 -. 

139.48 ( 27/5 43374 ( 4 / 5/75 JOgOJg^' 
12045 ( 24 ® 19446 05 / 3 TO 44 » 

12025 ( 24/5 36 L 7216 WW 5 
3 QL 20 ( 6/5 3715305 W 7 ? 

7180 (Z 7 ® 27057 Offm 

223.99 ( 27/5 » 7 ««S 2 ’JSSSSi 

9981 (P /a . 

17648 m 24579 ( 25 m 

8539 (6 13) U 5 .»( 28 Wg , 

MU, om 297 . 0105 ^/ 77 ) 

leHi Ifrt! 2281 T 0 / 5/75 


ym kll IN TEREST 

Br. Govt At. Gross Red. 


c _ 


5 = 


1313 ■ j 

• 1 ■* 

HU!h f Lun 

/u P.H, | 13 ( 3 ' 4/4 1 90 I 78 bMumunL Pniputua. 

35 : F.F. I 50/4’ 13/4, 31 29 U. H. lodtt-inai* 

jo El'.! 174 * 7 i 4 ! 7 r> S 3 M il.iiry 

63 F.P. I 89 ( 3 : 1 U /6 514 76 W«im«eh* 

; Pn« ; + ,rt 

— 1 — 4 - 

I B 7 . 

I 301 ; + ij 

72 ; 

1 83 1+1 

British Government 



31 . 




xd adj. 

xd adj. 

UT 7 B 
to date 

I Under 5 jean 

2 OS 15 

+ 0.01 



2 5-15 years, — 


- 8.07 



3 Over 13 years 



_ — 


4 Irredeemables 




L 78 

5 AH stocks. - . 


— 0.07 



1 Lav 

2 Coupons 


4 'Medium 

5 Coupons 


7 1 High 
8 Coapona 

5 years— 
15 years- 
25 years... 

5 years.., 
15 years.. 
25 years.., 

5 years... 
15 years- 
25 years... 

267 110 J Irredeemables 

- Kri. . 














10.45 . 

























; High* . J 

19 . 48 '"#® 77 j 
3236 ( 4 / 1 / 77 }. ' 
1356 ( 7 | l? 77 i • 

13 . 32 . VtiVTh 
13.89 1 * 1 / 77 y 
14.27 ( 40 . 77 * _ 

1427 mm 
14.99 ( 4 / 1 / 77 ) 

is88 mm> 1 
.1407 ( 4 / 1 / 77 );. 

5 81 1 51077 ) 
;■ 876 ( 30 . 9 - 7 J . 
yt 3 f 30 flj 7 7 ) 


-*9 TiwaS 

r HJE 

.-ibM ■OUrffT) 

, . 57J ■ (38/50) 

ReDUnclatlou dole usually Iasi day for dealing free ul slump duty. 0 h lcures 
based on prosDecius estimate o Assumed dividend and yield- a Faroes si dividend 
cover based on prevlnos year's eartlinss p Dividend and yield based un nrnsoecrus 
or other official estimates for 1879 . d Cress, t Ficutus assumed. : Cover allows 
(or con version of shares not now ranking (or dividend or ranking only lor restricted 
dividends. 3 placing price to public, pt Pence unless otherwise indicated- 1 1 ssued 
br lender. II OtTaced co haliers of Ordinary shares >s a " nshls." ** Rights 

by way of cdpluUsation. t+ UiPtmum under price. 3 ? Reintroduced. IS Issued 

In- connocuon with reorganisation merger or lata-owr. ||]| Intreduction. ■ fj issued 
to former Preference lioldere. ■ Allotment letter* (or lully-patd/. • Prwlsfofu! 
or panb’-nald ?lln n™pt letters, ★with warmiia. 

1520-yr. Bad- Deb. ft Loans (15} 
16 Investment Treat Profs- (15) .. 

17iComI. and Indl- Prats- (8Q? ~ — 

Section nr. Group Base Dale 

Pharmaceutical Products 38 / 12/77 
Other Groups 31/12/70 

Overseas Traders 31 / 12/73 

Engineering Contractors 31 / 12/71 

Mechanical Engineering 31 / 22/71 

Wines and Spirits 16 / 2/70 

Toys and Games 16 / 1.10 

Office GqolPOient 16 /I/TO 

I Fri. Mar. 51 ! . 1 j 

1 , Tliur. Wed.,Turt. |Thnr. 1 Ve»l. 

! lades; Yield Mar. • Mar. 1 31 b r. } liar. Mar. 

. .\o. ! % ! 30 1 23 ■ 28 ( 23 2 B , 

...E 085 ; 12 - 20 E 1 .D 1 BJ.DI ; 5),07 ;FJ.W 161,05 
...SUB 12.78 55.«9 55.79 65 -ES b&.ng S 6 .J 7 
■ - 78.66 112.45 ,».I 2 74.16 74.211 74.2 8 174.67 

Base Value Section or Group 

2 U.T 1 Indnstriai Group 

61.75 MIsccHskobs Financial 

1 HUB Feed Manufacturing 

153 .&S Food Retailing 

I BM 1 (isa ranee Brokers 

164.76 Mining Finance 

LH .72 All Other 

I2SJ0 f Redemption ylqld, a 

Tiies. Moo. Year j 
3lsr. ' liar. . ocu f- 

2 l { 20 apprx.; 

TlJ3 ,61.M .55.06 | 
<56.35 G6.12 4980 
■74.49 (7485 S8.92 1 

Hlgla* ; 

.65.67 <23/1/ 
57.71 illfli 
78.80 Ill/ll 

- tiffin 

• • ra w*- 

Base Date 
31 / 12/70 
21 / 12 /M 

Base Value 





10 QJM 


new list «T the censtituests 

h avaiiabio frw tin? -P^afron. 

Bracken «#«» Caaaoa SmgU 
13P," by post 22P. A 


since X962. vriU. qum«f» 

indices, fc obtaloaMfc b $£ 

» -Bolt. Cnart. Londaa.v.-^-^^S^ 


5 ~ ,J ViTv 

j^^Sg ggial.Times - Saturday April l i 978 
S^fe'TTVTCJ¥ m -a ■». -r-^rx* — — — 


~-y ■SZ+M*:* 

v'T’.^r^ Assurance Co. iirf, 

i! *S0^ 

386N* | 

ftl&e * § 

5*9 lM| 

S«9 StS 

Goard/au Eoya/ Exchange 

ifori Ex change. E.C a. 01 Mn -«w 

^ *"»* — WM 178 ft 3 Bf 3 ! 

?2S** me Assara « ce Limited V 
lr~^ art Lane. London. Wi oi -its obi 


• g^ wCBSClfiE J3si ■■■"I ~ 

.Jffiiahy life Assurance Co. Ltd 

'WRSSffi 1 aa-^ 5862 

WtiiUMiwRI Ay - n J 1 -■— 

rdLAcm) 10ti® 

- —icc. iota 

Lav. Are. mfc 


&3QEV life A«n ranee L id.* 

. AMEVPrqn.Fd.__ kb 


Fiend plan. 97^ • 

__ "W|l. 

= ySSar-: - SI 

ft n.Pip.ipAa;.- MAS 
Pra.&op.Cop L — 200.5 

PBn.ftop. Acc.^__ 25tl 



ppn. as. cap! „ ia? 

Pwi-B-S. Actv __ iaj 

Pen. D JlF. Cap. __ 

Pda. DAP. J/-p 

374 7 



129 .0 ..._. 
* 133.4 4flll 
154.4 4-0.4 
mj 40J 



X0L4 +0.7 

Norwich Union Insurance Group 

PO Bo* i Norwich NR 1 3NU, otm^aon 

Manatwi Fund [204 1 214* 

KrjuiLV Fund Jla 4 jssT 

J 123 6 .1303... 

155.3 163.4 ... 

i«.6 110T 


Properly Fund .. _ 

Fixed Iijl Kund ...... 

Ijepoin Fund 

Nor. Unix Mar. 15- 

Phoenix Assurance Co. Ltd. 

^5. King William 5 i.Ri'aP 4] I FL 014X0070 
g“hh Aw* ,1107.7 llifl , J — 

®-'- s Sto=|u"^3d = 

_ Khr PhEq.i 

Hearts of Oak Benefit Society 

S^»'{2? BkPta 5S? ttu,9Sa w-awsasn 
H«itsofOok___pt2 38ft +0.1] _ 

Hill Samuel life Assur. Uif 

MLATwr. Addisccmbr Ri. Cray. 01-888 4355 

♦Property Unit* — 11487 156.1] +t « 


Prop. Equity & Life Ass. Co.* 

1 IB. Crawford Street, W1H2A& 014880857 

R.S:HProp.Bd.__J 372 9 J . I _ 

Do. Equity Bd M.O -04I — 

BaFiigy.fld.wJ SiX \ .Z!| - 

Property Growth Assur. Co. Ltd.* 

Leon House, Croydon, CBS LLU 01-6800800 

' “ ' 175-2 

asst? r 

iroi __ 

& :z: z 

8,9 -Ia - 

wzn-u — 

Managed Series A„ 9U 




*.? .... 
A* :z 

10XS ..._ 


347J +4,4 
1544 +sl 
110-3 4DOj 

nsj +0^ 

Prope rt y Fnnd,_..., 
Properly FbwdlAi.. 
Acneuttural Fund. 
Aerie. Fund 1 Aj„ ._ 
Afihpy Nat. Fund.... 
Abb«y N«. Fd.iA). 
Investment FnndL- 

Equity Fund _ 

Equity Fund (A) _ 

Money Fund. 

Money Fund (A) 

Actuarial FumL__ 
Gilt-edged Fund__ 

Oiii Edged Ptt.<Ai_ 

4>ftoi Ire Annuity 

dimmed. Ann'ty 








Arrow life Assurance 

38. Uxbridge Road, w.12. 01-740 Bln 

WMra gfl* jjj“™z 


^•Tclayo uie Assur. Co. Ltd. 
2S3 Branford Rd+ E-7. 
garclaybonds* H383 


properly- [Szi 


Managed 104j 

J^’&ii.'U cunZ 96 9 

l*v Initial 451 

fflUEdglWAm.- 96.6 
Do. Initial 9so 


'H *9-1 

Si 3$ 


Si ::: 


IDO.Sj ..._ 

m*. wmiiM M , 

MfcpyPftjs. Are. _ (98.7 

Do.InUW; 1%_9 

■Current unit value Starch 2 Sl 

Beehive life Assur. Co. Ltd.* 

7L, Lombard SUEC3. 01^231288 

BlsckBOnteApr.i l 13042 |+3^| _ 

Canada life Assurance Co. 

M High St. Potters Bar. Berta. P.Bar 51122 

fifth. Pd- Mar. L I B8 | jT_T^ 

Retmt-Fcd-Feb. 6 _. | mb | _ 

Cannon Assurance Ltd.* 

1. Olympic Wy., Wembley HAflONB 0I-0Q2887S 


2nd GuTp«oBlAecJ92.7 
LtcE filn- . (pit 

L&ES-LF.2 gSO 


raJoe UtoKtiJO. 

Huperial Life Ass. Co. of Canada 

Imperial Bouse, Guildford. 7I--56 

Z£&£bP5fJ:l8i g^tSJI - 

' e- ll 2 lt Portfolio 


SSSSi^~|i 3SL,... 

Irish life Assurance Co. Ltd. 

11. Kintbury Squaro, ECS. 0I-028K93 

Blue Chip Apr l.__plJJ 74 7d +D.« 4 40 

llBungetlFiind «ie8 2303 +0 3 _ 

Prop. Mod- Apr. I— R70.2 17932 +3 3 ~ 

Prop.ilod.Gtli [1873. +6jJ _ . 

King Shaxson Ltd. 

5E. Corn hill. KC3. 01-0235433 

Govt Sec. Bd. (126.78 IBSo| | _ 

Langham life Assurance Co. LUL 
La ngf i am Hs. HolmbrooKHr. NW4. 01-2035211 
Langham* A' PUUL..K4.0 6731 „ ‘ 

VPrapLBond 040 0 3473 

Wiap ISP) Man Fdfii* 773 - 

Legal & General (Unit Assur.) Ltd. 

Klngsumod ^uae, Hnanrood. Tadworth. 

Do, Annua. - , ... 963 

Equity Initial U23 

DoArram 1134 

Fisod initial 115.4 

Do. Areum. 116.5 

Managed Initial 103.9 

Dti.Acrum. 1153 

Property Initial 952 

Do. Areum. 962 

Legal ft General rUntt Peoaiof hi 

Exempt Cub In A - 

Do. Areum. 

Exempt Eqty.Jnil— 

Do. Areum. — . 

Exempt Fixed Inlt 
Do. Areum _____ 

Exempt Mngd. Inlt. 

Do. Accum 

Exempt Prop. InlL. 


Pro^GrowUl Peraletui ft Annul li 




+ 0.1 

a - 

AC. Uia. 


9 All Wralhor Cap..hziu 

VInv. Fd. Via 

Penriou Fd. 

Con v. Pena Fd. 

Cnv. Pmc. Cap. L'U 

Mon. Pena. Fd. .| 

Man. Pcmi. Cap. Fl 

Prop. Pens. Fd, 

Prop. Pen n. Cap. I'lis. 
Brtjjg. Soc. Pen. II 
Bdg. Sue. Cap. Ill — 

- 131.7 






Prov racial life Assurance Co. lid 

222. BiBhopMfiile. E.C*. ill -247tl.'>33 

Frr-V. Managed Fd .BI23 11831 *2 « _ 

Prov. Cash Fd Ro«.l 109 6] +0^ _ 

Gil L Fund 20 [119.4 125.7^ -l2( — 

Prudential. Pensions Limlledft 

Hal born Ban.'ECIN UNH. 01-W5K22 

Eqii'L Fd. M«r. 25- IC22.9S 2 269 

Kxd. Int. Mor.lS__ a9.44 1470 

PTOp.KJHnr.lfl K2459 25. 



Reliance Mutual 

Tun bridge WcUn, Kent- 089222271 

Ret Prop. Bda. 1 1B.6 J+L7J — 

Rothschild Asset Management 

SL Swilhina Lane, Luadoo. EC-f. 0I-daS*U5S 

N'.C. Prop. Mar. 31... [134.1 12lM+02( — 

Npxt sub. day March 31. 

Royal Insurance Group 

New Hall Place, Liverpool. 0512274122 

Royal Shield tfL IU3A 148.7] ._...( — 




114 J 


3 = 


lr-J = 


Capital Life Assurance* 

Con Istou House, Cbapnl Ash Wton 060228811 

Key Invest. Fd [ . 9628 

PBcemnberlnv.Fd- .( XOLffi 

Charterhouse Magna Gp.* 

18. Chequers St^, Uxbridge UB81NE 

C brUme Energy [35.0 36 8) „ 

ChrthBe. Money 29.2 301 , 

Cfarthse: Managed. 368 38.B _ 

Chrthse. Equity 33.4 • 35J .. 

Magna Bid. Sw -124.6 

Magna Mjuugnd 153-6 

City of Westminster Assur. Co. Ltd. 

Ringstaad Bouse. 0 Whitehorse Road. 

Cray dan CR02TA. 
w«it Prop. Fund — .. 

uiged Fund 11704 

rlty Fund _ __|562 

. _ mlflndFDnd [7B-0 

Money Fund 1120.1 

G1U Fund 





62.01 +]_a — 

179.3 +5JI — 

m +11 Z 


175.3 +63 — 

1193 +43 
123.2 +4.7, 

Legal & General Prop. Fd. Mgrs. L id 
U.Queen Victoria SCEC4N4TP 01-2489678 
LSGJ^i.Fd. Mar. ] .1985 1MJJ _J — 
Next snh. day April 7. 

life Assur. Co. of Pennsylvania 

S9L42 New Bond SL.WI70RQ. . 01-4838205 

LACOP Units (1007 10571 ) — 

Lloyds Bk. Unit TsL Mngrs. Ltd. 

71. Lorn bard SL,EC3L 01-6231288 

Exempt J96J* . 1KL6| J 7.96 

Lloyds life Assuranee 

20. Clifton SU EC2A 4MX 

BlLGth. Mar 30 _( X2C55 

Opt-5 Propi Mar. 30. 1122-S 

Save & prosper Group* 

4. Gt . St- Helen ' k. Dadn_ KC3P 3 FT. 01-554 8899 

Bal. Jot. Fd. h»6 ■ 129, M 

ProTimjFd.*. 149.0 • 157.7 

GiJtPd!! UR7 226.1 

JUcp€UitFdt_ 1ZLS 1283 

iTimn Ppm KVt ♦ — 19*0 2085 

Equ&yf^a-Fal___ 1725 182.1 ^6J2f 

Propft n*FW.*__ 2093 7712 _..J 

filli Pens. Fd. 92.7 97.6 -1.4| 

DeptB-PeaaEd.t_.lS-9 102.1 
Prices on ‘March 28. 
tWeekjy Amllwga. 

Schroder life Group* 

Enterprim Bouse. Portsmouth. 

Equity Mar.28_. 

Equity 2 Mar. 2B_ 

Equity 3 Mar. S9-- 
Fuced InLMar.29, 

Fixed InL Mar. 2B_ 

JnL UT Mar. 28 1 

X ft SOB Mar. 28 _ 




Money Mar. SB 

Money 3 Mar. 28 — 

Deposit Mor. 28_, 

Property Mar. 28 


. UIIU ... 

VUanaged Ftmd 
PereonaJ Pen.Fd— 
Equity Pm. Fund... 
Fixed Int. Pen Fd. 
Managed Pen. Fd. _ 

Property Pen. Fd. _ 

▼Protected In. Pol 

. Mngd. Cap. _ 

Pens. Mngd. Are— 

Pena Money Cap.— 

Pens. Moo^' Are.— 

Pens. Equity Cop 06.4 

Pena. Equity Acc.— 47.9 — • 

Fund, currently c osed to new investment. 
Perforin Units — 19JA ] I — 

City of Westminster Assur. Soc. ltd. 

Telephone 01-684 9664 

First Units.-. (1106 IMS +4JI — 

Property I'mls 1543 573) +iy — 

Commercial Union Group 
St. Helen's. LUndershafl. EC3. . 01-2837SM 
VarAnAct'tApr. 1 ( 5L76 MJ3j - 

Do. Annuity D is — I 17.33 I 1 — 

Confederation life Insurance Co. 

50, Chancery Une.WC2AJBE 01-2420285 
VBqurtyFund-.-- R4LX 

““ ” fe 5 ’num - 



CornhiU Insurance Co. Ltd. 

32. CtamhOL E.C3. W-fflB 5410 


Credit A Commerce Insurance 

1 20. Reg*® tSL, London Win 5FE. OJA3S7081 

CftC3lnCd-Fd H?20 132-ft 1 — 

Crusader Insurance Co. lid. 

Viunula House. Tower PL EC3. 0J«M8031 

Clh. Prop. Mar. 7—167.7 74.4J 1 _ 

Eagle Star Insur/MidJaud Ass. 

1. Threadoeedle St_ BC5L ' 01-B88 1212 

BafiJ^MJd. DniU—|496 5L* -D- 5 ! 

Equity & Law Life Ass. Soc. Ltd.* 

Aramham Road. High Wycombe MM33377 
Equity Fd._L. *S5| ”*■" “ 

H-L2 Z 

General Portfolio life Ins. C. Ltd.* 

4D Bart bolomew Ct, Wuliham Crmn. 'V7O1071 

Portfv*ho Fund-. — I IMA J 1 — 

pWiTorioCnpltol.-MlA «3« 1 — 

Gtesban Life Ass. Soc. Lid. 

2 Pnnc* of Wales Rd.. B'mouUi^ 0202 767055 
li L. Cash Fund - 
G.L. Equity Fund. 

U L. tint Fund... — 

L. Inti Fund. — 

G.L Ppiy.Fund. — 

Growth & Sec. Life Ass. Soc. Ltd.* 
Weir Ban b. Bray+W-Thamw. Beriw. TcL 34284 
Flexible Finance.. I I " 

LandlumkSres..... „.,*A3 J — - 

LndbankSre. AccJll62 U931 1 - 

C. &S. Super Fd.-.| E79693 I .... I - 


OpL Hy/Mar, 30. 057.4 

Opt. 5Maa. Mar. 30.552.7 
OptJDepLMnt 30.^4 

London Indemnity A GnL Ins. Co. Ltd. 

J 8-20, The FOrbujy, Reading 58351 L 






71J L 
























Piuperty 3 Star. 28-, 

Mn. Pn.Cp.Mar.SS._--.. 
Mn Pn ArcMar.28_tZ24.7 

Scottish Widows* Group 

PO Box 902. Edinburgh EH185BC. 031-8556000 

— lDvJPty - -S*riaa L— 

— In v. Ply. Series 2 — 


The London & Manchester Ass. Gp* Mgd.Pen.Mar.M- 
The heM, Foikostoae. Seal. 03Q35733S 

9SH . 

.| , 

Mar. 28- [134.4 !40| +1.0 


lov. Trust Fund — ■- 

ProP«ty Fund- 









M fc.G Group* 

Three Quays. Tower Hill ECSK BBQ 014BE 4588 ' 

Solar life Assurance 

lOTCbeapride. BCZV6DU.' 
Solar Kan aged S— .[125.1 
Solar Property S — [110.4 
Solar EssinbrS — — _ [150 J 
Solar Fxd. fin. S — 117.4 
Solar Cash S 
Solar Bias 




81 W. P»5 


InteraaoiL Bond”. 
.ManagodBd**' — 

Vctf. Penritw*’ — 

Equity Bond”—. 
Family 7P- 80**., 

Propob: Bd** [B4.1 

Ex. View Fd. Bi*. 
Reeorery Fd. Bd ■_ 
American Fd. Bd~ 

VBSmssrS^ K'-xir. ?1 

Solar Managed P— 
Solar Propert v P~ 

Solar Equity P_ 

Solar FXdJnL P. __ 
Solar Inti. P. 


K 6 ® 






limited * 
1327] -031 - 

1163 — 

1587 -1.4 — 

123.6 -U — 

105.6 +0.3 — 
1029 +0.2 — 
1324 -0.8 — 
316J _.... _ 

258.4 -24 — 

123.4 -ID — 

105.4 +0 1 — 
1029 +02 - 



b85 6l" 

Merchant Investors Assurance* 

328 High Street, Croydon. 01-6869171 

Con v. Dep. Fd 

Mooev MrfcL Fd. 

Mcr. lnv. Man. Fd. 

Mer.lnv.Ptjr.Fii - 

Sun Alliance Fund MangmL LUL 

SaaAlllrece Bouse. Horrham. 0403 tH HI 

Erp.Ftt.lnL Mar. 8 ..[£15430 164.401 1 — - 

lnt. Hu. March 2D _ | 0237 | . — | — 

Sun Alliance linked Life Ini Ltd. 

Sun Alliance Houae. Horsham onto 64 HI 

% 1 StergS:2 iffif" 951 - 


Equity Bond I 

Prop. Pc 











+ 13 









Property Fund 1035 

International Fd — 987 
Deposit Fluid — — 957 
Managed Fund (M25 

Prop Pens. 

Man. Feus. . 

Equity Peni- 

Corn. Dep. Pens. — 

Mem. MK.PCD5 

NEL Pensions Ltd. 

Milton Court. Dorking. Surrey. 


Nelex Money Cap._|W.2 f »-f 

Tides Mob. AecJ632 » 

JCelexClhlne Acc _ Wl.O 49 

Nelox Gth Ire Cap..p6A « 

Nwt •up- day Aprtl 

Mel Mxd. Fd. Cap— W73 50 C I — 

Nal Mxd.Fd.Acc — (475 SOJfl I — 

Far Mew Court Property are bod** 1 
Rothschild A wet M u n g om rei 

NPI Pensions management Ltd. 

+8,GraerehurehSL.DC3P3HII. 01K34200 

Managed Fund [145.9 152.W *58“ 

ftice* April 3. iMext dealing Mar 1 

Sew Zealand Ins. Co. (U.K.) Lt d.* 
Slailland Rouac. Southend SSt 2JS 07IK162SS5 
Kiwi Key Iny. Pino 1034 6 ' “ * 

Snud I Co's FM. J95_ 

Trehnoloo' Fd W0 Z 

Ev Ira In 1- Fd 96.9 

1 Aircrjean Fd.._. — 195 0 

— Son Life of Canada (U.K.) Ltd. 

— 23.2 EoChspnr Si, SW1 V 5 H H 01-S30 54M 

~ Maple Lf.Grth 1 I9Z2 I I — 

~ Maple U. Man gd. -| 1338 — 

Vaplp UKatv 1213' j 1 — 

PeranLPnTKd. 1 199.0 I 1 — 

® u Tsyget life Ammnre Co. Ltd. 
Target Bouse, Gatehouse Rd_ Ayluaburjr. 

Ayltobu ry (OSBSi 5941 


Far EiuU Fd . TTT. 96 7 
Gill Edged FrL- — MZ 1 
too. Deposit Fd ...195.4 

1388 .. 1 — 
304 7 . — ( — 

102 . 0 1 — 

100.0 1 — 

xnxe — . 

107.5 — f — 



Man. Fund Iuc_— 

Man. Fund ACC 

I>np. Fd. Inc. 

Prop. Fd. Acc. 

Prop. Fd. inr. — 
Fixed lot. Fd. Inc-| 
D«p. Pd. Acc- lnc_ 
Rat Plan Ae.Fmi... 
ReuPtaoCsp. Pcn__ 

Gill Fen. Ace.. 

Gilt Pre-Cap. 

Transinternational Life Ins. Cp Ltd. 

2 Bream Bldgs.. KC-riNV. U1-4D504H7 

Tulip lut’eaLFd — 11^5 1|0U ~...l — 

1097 115S z 







+ 1.D 



+ LC 










-1 (! 





11M . 






Tulip Mamed. I 
Man. Bond Fd. 

Man. Pen. Fd. Cop, 

Mre. Pen.Fd. Ate. .|1164 124 m — 

Trident Life Assurance Co. Ltd.* 1 
ReasladaUowK-.GIfHiccster 046238541 


The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and Important developments in 
the Construction Industry. 

For details of the ad vertising space . 
available on the page each week, and costs, 
vou are invited to telephone 

01*248 8000, Ext. 360 

or write to The Advertisement Director 
Financial Times 
10, Cannon Street, London 

Gtd- MEd— 



Property—!.. _ — 1468 
Equity; American — 7BJ 
U.K Equity Ftrod- W23 

High Yield. 1380 

Gift Edged S-J 

Growth Cap. ——.I 

Grtrwtb Acc. — r 

Pens. Mugd-t. ap. _ 
Renp Shied. Acc.— | 

126.7 “02^ 

157 4 -Lll 

835 ... J 
1083 -Ul — 
146.1 -871 — 
33S.4 -2« — 



PWlAfi td i 

Pen iGld. DepAcc.. 
Petra. Ppty. Cap 

TrdLG.LBnnd — [ 
•Cash value 


; ?4 

i 122 a — . 

37.Q i 

1023 i. 

far £100 premium. 

Tyndall AsmranCefPensicms* 

IKT2 32241 

ft.«a»Mar. W 

EqnilvMar. '«» 

Bond Mar 16... _ 
Properly Mar 111. . Mar. 16 
'.vuni P mi. Slur. lb. 
ii'wanliu Marjfi 
Mn.Pn 3-W Uar. I. 
Do Equity Mar I.. 
Lw. Kreui lUr. I .—. 
Do. Prop. 31ar. i — 





103.B . 




64 6 


235 2 

177 0 

82 2 

Vanbrufih Life Assurance 

4H3 Maddox St.. Ldn. WIR9LV 0I-W94KB 

NMrt M IM8.7 148 % -0 J| 

equity Fd 2168 

SSRffJS = m 

2283 -IB - 
97.1 +03 - 
175J -16 — 

1456 +1J - 

1232 - 

Vanbrugh Pensions limited 
43-43 MaddoKSL.Ldn.WlR SLA 01-4094023 
Managed WJ 


Property 1*5 100 

GuBrinlerd 9* 'lM- »8-« Rales 1 table. 

Welfare Insurtuace Co. Lid.* 

The Lean, Folkestone. Kent. 03BJ 57333 

MoacymakefFd --I WB _J 
For other fuiid*. pJraw: reftT to The Lunaon « 
Manchester tirotip. 

Windsor Life Assur. Co. Lid. 

1 High Street, Winder. . WimJsoreBI« 
Lite Inr. Flao+. ... — 

Futwa.\ssd ElWal. 

FuiotvAasd C.ihib) 


FSbl, lav. Gnttrtli-, 

|863 _ 69.S 



C28J8 . 

15X4 1859 



Abbey Unit TgL Mgrs. Ltd. (a) [t) 
72-00, Goto house Rd_ Aylesbury. 0286 SMl 

AhhayCapliol - — tea 333J-fli| 4JO 

Abbey Income &2 39i|-oJ 5.6« 

AhbeyLn.Tn.Fd.. ^-2 34j(+0l| 446 

AhbeyCre.T8t |434 462] -0.4| 3.90 

Allied Hambro Group (aiui* 

Hmnbros Hat-. Hutton. Brentwood. Eaiex 
■S88 2851 or Brentwood 10277) 231436 

VUUncrtJ Fundi 

.Allied 1st ... (6L5 

BriLlmU PuDii - .. 689 
[firth, ft Iqq. S5J 
Elect, ft bid. Dev. 313 

I Allied Capital 663 

Hamhro Fund 994 

Hambro Are. Fd [113.2 

Imok Fuads 

Yield Fd. 1643 

. Income ... ,—163.4 

Bq. Inc. [362 

llatcrnattaad Fuods 

lOternoUnnOl ... 123.7 

Sees, of Amerie*— .[47.9 

Pacific Fund p&4 

fi*reUUM Funds 
Smaller Co.'bF 8„|32B 
2nd Smir. Ctrt Fd. _ 394 

Recovery Sltt. 833 

Hw.Mlu.&C'dty ... 57.4 
Omtmox Earnlnm. 504 
Expt. Smb. Co's —40978 

Gartmore Fund Managers * (bXk) Perpetual Lute Trust Mugmt* (at 

2. Sl Mnry Art, EC3A BBP. 

/ if.vnencon Tst 243 

British TO. l Acr.i.. 09.8 
resunodiiy Share.. 1331 
< n Far East. Tnua... SO.l 

Klghlocwoe'Itt — MB 

Income Fund. .66 8 
Ins. Agencies — 12.66 

Dili. Exempt Fd B15 

(qlatlTSMAcc-i. (275 

01-2833531 48 Hart SL. Henley on Thames O48U08B8 

243 -02J 8 76 FpenaJOp.Bli. |3U 38 7J — ( 3.74 

l«! +20 1^ Piccadilly Unit T. Mgrs. Ltd.* (aKb) 
324c -»03 076 Wontfie Hse..6fta London Wall EXT 8380801 

li « lafe ?» Dura Income 306 R7]-0^ 

l g Small CO'x Fd B5 9 42An -W.4 330 

Mb L5 6« Capital Fund ft96 53.0 -05 338 

B8Biq -L5| Im. Erns.* / Y»cB.,W55 487 *01 3M 

Private Fund. [34 6 37.4a ..... 338 

Areumltr. Fund. _|606 63-t -0-2 330 

- 59.7 -04 538 

26 ■ r0.‘ 140 

234 +0J 280 



428a -OjJ 


54J ] 


Anderson Unit Trust Managers Ltd. 

ISO Faaehurch SL EC31I BAA 833 0331 

Andaman U.T. (45J 4824 —4 9 JO 

Ansbocher Unit Mgmt. Co. Ltd. 

1 PJpble SL.EC2V 7JA- 014038778. 

Inc. Monthly Fund. [1540 WkOa^ | 93 

Arlmtbaot Securities Ltd. liKcl 
37, QnMO Sl London EOUt LBT 01-2305281 

Rirtro Income Fd._.D00.7 

High Inc. Fund &93 

29fi(-0JS 181 

Gibbs (Antouyl Unit Tst. Mgs. Ltd. 

23. Blomfieid SL. Ei2*M 7NL 01-5884111 

mi A.0. Income* 139 J I 840 Anwneu Fond „ M3 

in) A-C. Growlhrr . . 136 1 M71 _...J 490 „ .. . . „ 

(11A.G. For East* E« 22 91 4 030 Practical Invest. Co. Ltd.* tyKC) 

Dealing -Tuex. TtR'ed. 44. Bloomalniiy Sq. WC1A 2RA <374230903 

Govett (John I* Practlari.MarcJi2*.|l»3 4 

T7. London Wall. E.C.2. 01-588 M520 ^ 

238 Provincial Life Inv. Co. Ltd.* 

£38 222.Biihop3gaW.ElCi 01-2470533 

Praline Units 171.4 786rf -0.4J 

Grieveson Management Co. Ltd. High Income |ic5.z 7 M 

SB Gresham Sl. EC 2P 2DS. 01-0004433 PrudL Portfolio MftgTS. Ltd.* (attbHc) 

Borigm. March 28— 

(Acenm. Units)— 


r Amun. Units! 


(Areum. Units;. 

Grachstr.Mar. 31— 

< Accum Units) 

lAmnn. Units;— _ 

S'hldr.Mar.17 — 1243 13101 J 

Po. Accum. Unit — 148.7 136.7| ,[ 

Next deaUng day April 7. 



' mi 


176. Bo 












87 J 






A«7 Holhorn Bars. EClN £MH 01-4059222 

^gPredreUal |UM Mfcfl-LOl 

7-60 Qujjier Management Co. Ltd.* 
if} The Sit Exchange, £3C2X IHP. ' 01-4004177 




Quadrant Gen. FiL.UnA 104ft — 4 
Quadroon nrtttSe- Si 73 1ZL0| [ 



fieliance Unit Mgrs. Ltd.* 

Rel Inure Kse.. Tunbridge Wells, Kt 080222271 

• 5.71 

(ajj)GaanlhiUTft.-|B42 87J| -051 458 SddordeT.Lx—pU 4LB| -ftl| 554 
Henderson Admiai strati enfaUelfe}* Ridgefield Management Ltd. 

Premier OT Admin. 9 Rayleigh Road. T\j Box 41B. Bank Hse.. Mane hstr. 0812388521 

Hutton. Brentwood. Essex. 0227217238 Ridgefield IhlUT. ^6 0 9£0| .( 272 

U.K. Funds 

Guardian Royal Ex. Unit Mgrs. Ltd. 643-3 

Royal gaclumgc. EC3P3DK. Ol-SSAOQU SettafdsTAAtx.l~W5 -OJ 

(oxl Gnardhill TsL-|B42 8731-051 458 SeHordeT. Inc. — p93 4L8| -Oil 

Of Accum. Unite!—.. p3 .2 

iBV4 Wdrwl Uts.i 

Ptaterenee Fund 

(Accum. Quits i- 

Capital Fuad 

Commodity Fund ... 
(Acenm OnUsi. — 

IMT4 Wdrwl D.j 


Giants Fuad 

(Accum Unusi— 

Growth Fund- 

(Accum. Units) 

S mal ler- Co’a Fd. . _ 

Eastern ficJntl.Fd.. 

(8% Wdrwl Uts.i.._ 

Fimeign Fd . 

N. Amer. ft InL Fd_iZ87 









11711 -0.3| 1057 

425 -0-2 
57i -02 
575 -02 
271 +0.1 
4L2 +01 

183 . _ 
416 -0.4 
483 -0.4 
36J2 -0J 
42.7 -02 


896 ...... 

28.9 +05] 

Cop. Growth II . 
Cop. Growth Acc..... 

Xacotoe & Assets .... 

Ridgefield Income. 194.0 MOJH -Z'] 935 
f jJ Rothschild Asset Management (g) 

649 728O,Goieh<MU0Rd., Aylesbury. 02905941 

n hr Fired— 


834 XC. K . 

■9.10 N.C.Iocsme Fund .. (MIS 
N C. IntL Fd. <lnc-X7B2 

^ '^«FR«.Tsl}96 

?4 « -nil 4.62 N C. InU Fd. (Acc.V782 8331+06 

26.^ .| 239 N.C. Smllr Coys Fdil42.7 15L* — 0.7| 



j i 







Rothschild & Lowndes MgmL <al 

551 SL Kwithrns Lane, Ldn_ EC4. OlgSUM 

452 New Ct Exempt |£115* 122 (Ml 1 3.72 

Price on March 15. Next dealing April 17. 

4 ^H^9ran Unit Trust Mugt. Ltd. 

165 Ci(y Gate Hsc.FinsbtuySq., ECO 01-0061008 

64J +06 231 

5U) +05 *31 

67.7a -0.4 454 

2092 -12 60S 

295 -53 8.46 

611 —0.4 5-M 

753 -03 6 .90 

314 -0.9 6.40 

415 -0i! 427 


Archway Unit Tst. Mgs. Ltd.* (aNc) 

Sn.HlRhHolborn.'WCIVTNJ- 0L4D18233. 

Archway Fund (775 8251 | 5.96 

Prices at Mar. 29. Next sub. day April IX 

Barclays Unicorn Ltd. laHgttlc) 

Unicom Ha 232 Romford Rd. E7. 01J345544 

Unicorn America —729.9 323f — J 1AB 

Do.AJUt.Acc_ S95 

Do.Aust.Iac— 47 2 

Do. Capital 1X6 

Do. Exempt TSL TMM 

Da-Extraincoino _ !7J 
Do. Financial—— 97X 

Do. SO0 695 

Do. General 29-0 

Do. Growth Acc_— 384 

Do. Income Tst. 77 6 

‘Do. Prt. A'nB.TsL- 134.1 . 

Price* «c March 3 . Next sub. day April 2S. 

Do-Recoyexy— B91 42ft - O.l) 530 

Do. Trustee hind., 1080 11551 -La 535 

Do. Wldwide Trust 45X 4&<J-03] Uft 

B’ULln.FdJae WO A2ft -OS 4.94 

Do. Accum [W.4 703d -O * 4.94 

Baring Brothers & Co. LUL* (aHxi 

88.DBWtenhaUSL.E-CX 015882830 

.acc^— p SSSrl « 

Next sub. day April 12 

Bishops gate Progressive MgmL Co.* 

X Btebopsgatri ECX 01-5888280 

B‘gatePt.**Mflr.2»_ [174.9 U63I J 351 

Acc.Ctx.-*MarXB_.B065 220.0 — J 351 

B*gateInLMar. 14-P57.9 168 Oid — \ 157 

CAccumj Mar. 1+ _fl743 165^ j UBT 

Next mb. day 'April A "April ID 

Bridge Fond Managers*(aXc) 

King William St. EC4R9AR 01-5234851 
Bridge Inc.* 

High Income g.f 

Cabot Extra lac — p36 
Sector Funds 
Financial ft JTl’ — 123.8 

Oil ft NolRfs [24.4 


World wide H 
Oversew Foods 
—Austral Lon _ 


Far East— — (685 732J-.0.: 

North America a. ..[34.B 37.' 

ON Jtm. Grsa MarXQlUO. 1 11471 +0. 

BUI Samuel Unit Tst. Mgrs.t lal 

45 Beech SL.EC2P2LX 01-5288011 RwmMm.Mar.28 

lb. Briuah Trust ]M81 15851-1.1 828 i Accum. Uniui- 

735 Xoi 2 JA Royal Tst. Can. Fd. Mgrs. LUL 

30 0 -0.4 4.73 M. Jermyn Street. SAV.i. 015298083 

22-1 -«-6 534 capital Fd 163.7 673+031 359 

-0-2 7 *6 income Fd (M l 72.9| +05< 7.75 

53 ' ^ 2 Prices at Mar. 80. Next dealing April ID 

41 Save & Prosper Gronp 

4. Great SL Helens. 1+ndon EOF 3EP 
«w i li in B8-73 Queen St. Edlnborgh EH3 4NX 
•72.91-141 875 DcBllnga to: 015H 88B9 or 031-228 7351 
Key Fund Managers Lid. |aWg> saw & Prosper Securities Ltd.* 

25, Milk SL.ECZV 8JE 01-5087070. , pl T pZZ 

132 SsmnAm. Mar. 29.(615 
236 RowanSenMarZ8_ 

Rownn Hy. Mar. 30 . (52.9 

wsi 145 

.J tort Thist M3 

(« Dollar Trust 68.7 

<b> Capital TrUA-_ 28.1V 
lb) Financial TrusL 87.9 
(bllocume Trust-, 26 6 
ihlSccurlb'RilX. 49 j 6(S 
lb) High Yield TSt_|2il . 

Intel* (aKg> 

15. Christopher Street, 
Intel, lnv. Fund (863 







Key Energy In.Fd._ 1695 
Key Equity ft Gen_ 623 
ttnEamptl'd.. 134 X 
Key income Pund_ 76J> 
Key Fixed InL Fd... 593 
Key Small Co'sFd. 83 .4 

73ft -0M 3.92 

66.7)^53 532 lt^ 

*SS5u ss«®iw=i 

63jB »w lacreufaiB lneatne Fond 

88.4 -03 7.02 HLgb-Yleld 152.6 

Kleinwort Benson Unit Managers* High income Funds 

2a Fenchurch SL, ECU. Ol^asBCOO ” ^; ^ * curn jg * 

KB.UnltPd.lnc._l803 B73J +181 4 79 

40CB. UnitFdAc [100.2 10B.9(+3.o( 4.79 t'JC. Fonda 

L & C Unit Trust Management Ltd.* 

The Stock Echongr. EC2N IHP. 01-088 2800 Kumptr 

LftCInc.Fd.__. — 0297 13351. I 7% Japan 

lftC InU ft Gen Fd .[88.0 90^ __..[ 2.42 uiZ 

Lawson Secs. Ltd. *(a)lcl Sretor Fm tda 

63Geon»SL.EdiaburghEH£2JG. 031-2283911 

5654 —171 737 



4531-031 451 


Bridge Cop. Ine.t— 32.4 
Bridge Cap. Ace-f_ B2 
Exempt t— 129 

lntl.1ac.f_. 142 

Bridge lad. Acc.T_.p53 
Mres March 29 ft 30. Dealing 

Britannia Trust Management! aMg) 

3 London Wail Kuiiditigis. London Wall. 

London BC2M SQL * 

Assets. [64.7 

Capital Acc. 472 

Cammftlnd _____ 515 
Conunodlty _ 66 9 
D OTert lc_ — 35.9 

Sm^rtimeZZI Si 

Fxr East 18.4 

Financial Secs.. 630 

GoklftGenerol 875 

Growth |7M 

ARow. Materials Q55 3821+064 

*f Accum. Units) 39.9 42.9 +0.7] 

'Grirarth Z^Und ___ 562 613 

■tAceum-Uniu) 613 66.6 

ffGOt and Warrant. 351 3B.3 

^American Ftt 281 2U ) 

Jutflcae 205 226 , 

-High Yield 492 52 A +03 

** (Accum. UnitSI_ (675 723 +0.2 

Deal. AMon. *Tues. rtWed. tThnrs — Fri. 

Legal & General Tyndall Fund* 

18 Canyngc Road, BristeL 027232341 5pSeg«M*«3r 

StrevmUniaCZl75 ILS loo Schleringer Trust Hngrs. Ltd. (a)00 

Financial Seca__ 
yjui BB gMB njnuun Funds 
358 Select InternoL __Ct33 8 
l_90 Select Income _._p89 

2 ™ Scotbits Securities Ltd.* 

10.70 Ecotblts 07.7 

1030 Scoryldd (49.7 

Scotshares 1533 

Next. sub. day April 12 

Leonine Administration Ltd. 

2. DnkeSL. London WlMdJP. 01-4885891 

LeoDisL 171.9 75.71-051 523 

Leo Acc um 1765 805| — 0.7| 

(Incorporating Trident Trusts) 
1 40. South Street. Dorking. 

Am- Gnnrui 




lnc.ftGrowth_ - 705 

Inrt Growth _S52 

InuestTHLS hares— 405 

~~ 345 

Mat. High lne_ 725 

New Issue. 06 

North American — 26.7 

Protessloaal — 4680 

Property Shares — 133 
Shield W33 

Status change 

Unix Energy 




69ft -05 529 

50.7 -05 4A2 

555 —05 45S 
7L4 +02 5.84 

386 -0.4 420 

1002 -03 756 
413* -02 
195* +0.4 

67.7 -0.7 

943 -03 355 
785 -87 431 
75,9 -0.6 722 
593 +03 766 
43J 3.95 

368a -03 354 
77 .9a -12 872 

381 -02 465 

287 265 

4722 -3.7 3.96 
142a -02 260 
463* -03 4.70 
303a -02 563 

322 225 

Lloyds Bk- Unit Tst Mngrs. Ltd.* (a) EtuSto^Tst. . — JO 

RegtetroFs DepL. Goring^j^Sre, w — 296 

Worthing. West Sussex. 014031*88 ffijSSSr - 

«2 513 -03 4.49 lnv. TgL Units.— — Z33 

2 n “S'? MS Market Leaders — 276 

S? B-S -54 3^2 'Nil Yield" 289 

Si Si =06 1% rr**™*™*-^ 

1®4.7 1125 —0.7 

572 615 -84 

B5 682) -34) 769 ujE.Grth.DwL— UB3 

Do. (Aecmn.i — 
Second (Cap.) — 
Do. (Accum. i — 
Third (Income). 

Do. [Accublj 

Fourth (Exlncj. 
Do. (Accum.)— 


205 .... 

287* +03 


304 +03 
418 -02 
322 —02 
483 +02 


29.7 -03 
293 -0J 
25.4 _.... 
273 -03 
281* -03 
238 -03 
197 2qj 

















Lloyd’s Life Unit Tst. Mngrs. Ltd. . * N “* Maret 2 =- 

7^«j. Gatehouse Rd., Aylesbury. 029Q5041 j. Henry Schroder Wagg & Co. Ltd.* 

The British life Office Ltd.* (a) 

BaUance Hae^ Tunbridge Well*. KL 0BBZ 22271 

BL British Lite MSI SDft -0.4] 567 

BL Balanced* W3.7 46.71 i 5.40 

BLDiridend* 4 SJi J 890 

•Prices March 30. Next dealing any April & 

Brown Shipley & Co. Ltd.* 

Mngry raunder&CL, EC2 
BS Units Mar. 21 _gm 
De.iAcc.iMar.21_.. (2639 
Oceanic ‘Hum la) 


General _____ 

Equity Accum. p4M 1SU| | 433 ma»rojpride.E.C2. 

M & G Group* (yHcXzl — 942, 

Three Quart. Tower BUI, BC3R 8BQ. OUD0 4W8 1737 

See aloe Stock Exchange Dealings (Accum Units)— 25L4 
45ft +0.4 362 General March 20— 776 
487] +84 1-02 (Accum Units) .[956 

97ft +0.6 
73ft +0’ 

American— — 410 

(Accum Unit*)- — . 09 
Australasian — — 43.9 
(Accum. Unit*)— 44.7 

Commodity — M3 

(Accum. Units) 69-3 

Compound Growth. 96S 
Coneerrion Growth SL3 
Conversion Inc. _ — 563 

Dividend — 1136 

(Accum. Units] »8f 

European -(46.9 

( Accum Unitsi- 
Eitra Yield 



221ft 4.70 

275 7] J 4.70 

Growth Accum— |4Z.9 
Growth Income- 

_ Income CB.7 

LTTU 4185 

ExmpL Fob. )0_ — 

19.( .. 

381 .... 
312a __ 
296 b .... 
17.7 „.. 
S85 — 

616 — 

. 814 
J 534 

(Accum. Uniw— 1080 

Par Eastern 433 

(Accum. Units) 472 

Fund ol lnv. TbU._, S7.1 

(Accum. Units) W6 

General P583 

Canada Life Unit TsL Mngrs. LUL* 

2* High St, Putters Bor. Herts. p.BarSU22 

Can. Gen DiSL (381 38ft -0ft 4S5 

Do. Gen. Accum — »3.9 48ft -Oft 4S5 

Do.loc.DM_ B46 35ft -Oft 75B 

Do, Inc, A cc u m .. .[433 45ft -OJ] 768 

Cupel (James) Mngt. Ltd.* 

100 Old Broad St, EC2N 1BQ 01-5886010 



Prices on Mar. 

— (25 2 t02aM J. 4.48 

-PU TCftft J , 813 

'. 13. Next dealing April 5 

(Accum Units) 2437 

High Income 984 

i Accum Units)— — 157.0 

Japan Income 1443 

(Accum. Units' 144.4 

Magnum — 1836 

(Accum Units) 2335 

Midland - 1576 

< A ccum U nits) @5.9 

(Accnm^l til tin T75.1 

Second Gen. ■ "189 

(Accum. Units) 

Special ________ 

(Accum Units) ___ 

Specialised Fuads 

Trustee 0382 

(Accum. Unil&l 2603 

Char) bond Mar. 28. 1156 

Charifd.Mar.28 1393 141ft 

(Areum Units) 1693 17391 ... 

Pens. Ex. Mar. 38 _ 0246 130ft . — | 

NannLife Management Ltd. 

Sl Georg*"® W| W. Stevenage. 

Growth Units — _ _|495 

586 +0.1) 
§9.7 +0ft 
1189 +03] 
2204 +0.ft 


112.9 +06) 
45.9b +Oft 

503 +03 
603 +dft 
72.9 +Qft 
3686 +0jJ 

257.9 +08 
102.7 +0ft 
167J +0.« 
1S4J +lft 
1546 +£ft 
3951 -O 
2443 -Oft 

225 Europe Mar. 23 
225 tArctun. Units*- 


423 “Pn Chy March 21 _ 1642 

ret Ex. March 7. 205.0 _____ 

1672 3723U| . — 1 548 












423 -Speri £x. March 7. 

394 «RccoveiyMar.7-_. . 

369 'For tax exempt funds only 

628 Scottish Equitable Fnd. Mgrs. Ltdl* 

8Jg 28 St. Andrews Sq, Edinburgh 03X0580101 

=3 Income Units WJ. 312] | 524 

i-2 Accum Units— — ©.9„ _ 574] 4 524 

JjJ® Dealing day Wednesday. 

2t2 Sebog "Unit Tst Managers Ltd.* la) 

42 ro Box 511 . Bcld toy. Hse_ K.G4. 012385000 

Carliol Unit Fd. Mgrs. Ltd.* (a)(c) 

Ml] hum Hdue. Newcastle«npoivTyne sues 

Cartiol ,1830 856] I 468 

Do. Accum Units —{74.4 774/ | 468 

De. High Yield .09.4 4X4 ,_J 86X 

Do.AccumUnlu._]47.9 soft 4 861 

Next dealing dote April 8 

Charterhouse Japhet* 

1 .Paternoster Row. EC4. 01-S4B3B90 

468 SehagCapktalFd.-W2 364 

6.01 Sebaj Income Fd. -^90 303^ -B2j S JS 

g» Security Selection Ltd. 

UK 1 5-19. Lincoln’s Inn F5 elds, WC2- 01-8318838-0 

127 UmrtGChTK Acc- 1232 »Af / 3JB 

127 UnvlGthTttlnc_p3 236] 4 3.82 

464 Stewart Unit TbL Managers Ltd. (a) 
742 45. Charlotte Sq_ Edinburgh. 031-2X3271 
cm Sunn American Fund 

5.01 StandordUiilts (583 6X61 — J 165 

SM Accum Urdu. .1628 688 1 — J — 

564 Withdrawal Units _ i486 532] —4 — 

4.42 Stewart British Captal 71ml 

462 'Standard 0255 136. Oj .] 362 

Agcum Units — ,— P<36 155.91 —.+ XSE 

Sun Alliance Fund Mngt. Ltd. 

Sun Alliance Hse-, Horsham. 0403 64 1 Cl 

.67 3S 

6-08 Target Tst. Mngrs. Ltd.* (aXg> 

3J.GrcshfunSL.Ed. Dealings: 0288 5841 



. Target Commodity. ®L4 33ft +aft 

5221+0.7] 3.90 Toriet Financial ... W5 85ft +16l 

Mayflower Manageinent Co. Ltd. nis mi ^ 

14/18 Gresham 5L.ECSV7AU. 01-0088009 oDo. Acc. Units 2712 2Blri 

Income March 21_OOL4 1066ft — .| J-?5 «e 9 J^LSlS'ai 

General March 21 _ (875 TZOft 5.13 7teg«Growfli 276 2Mft -ftft 

Mercury Fuad Managers Ltd. nSaSiSruStoC: Si SS ^m| 

30. Gresham SL.EC2P3EB. 01-8004S5S TurfuTtov.-— _MJ( 

CJ. toteraort 2X4 226 +fl.ft 

AccnmUnha MS 28A -Oft 

CJ. Income 336 366n 

CJ.Euro. Fin 256 27 Jw 

Accum Units... 2»a 3US* 

CJ.Ptt.lnv.TW. 262 28* +Lft 

Accum. Units 296 3X6 -Lft 

Price March 3 l 

Neal dealing 

- _ 350 
April 8 

Mere. Cctw Mar. 20-0687 
Acc. Lhs. Mar. 20— _ 2192 
Mere. InL Mar. 3L_ 596 
Accm.Uts.Mar.2S- 633 
Merc-Exx. Fb823_. 197 7 
Accum. Vita. Feb 23. [2X59 

Midland Rank Group 
Unit Trust Managers Ltd.* la) 
Courtwood House. Silver Street, Head. 
Sheffield. Sl 3RD. “ 







358J „ 


19ft -Ol] 








Chieftain Trust Managers Ltd.*(a)(g> 

30/31 Queen SL.EC4R1BR. 01.248 393* 

American-.— — _(uCf!a4D 2X90) .1 165 

High Income MX 432] -0ft 956 

IntcrnathmalTHt— Ibi2240 24S ...J 3.48 

Baric Rexrce. TaU235 253ft . — J 4.94 

Confederation Funds Mgt. Ltd.* lal 
50 Chancery lone, WC2A1HE 01-2420282 

Growth Fund. J396 40.9) +03) 468 

Cosmopolitan Fund Managers. 

3a Pout Street, La ndonSWlXOEJ. 01-2358325. 
Qjamopota.Gih.Fd. 087 18.0ft -06) 532 

Crescent Unit TsL Mgrs. Ltd. faHg) 

4 MeivUleCres_ Ed in burg h 3. 03I-fla8-fl»l 
Crescent Cta>wth_ (286 27,4-83] 430 

Cr*s.lnternart.__B22 58M-0J] OJS) 

Crre. High. DiSL S-7 44.H -oft 923 

Crea-Kreervca — .{38L5 <U| -0ft 454 

Discretionary Unit Fund Managers 
22. Bio ntfleld SL, ECZM TAL. 01-0384488 
DUc Income (J»4 165ft +7.B) 529 

EL F. Winchester Fond MngX Ltd. 

Old Jewr)', EC2 01-0062187 

Groal WiMbealer _|176 Uft | 660 

Ct Winch - er CVjieai|l80 19. ft „ IN 

Eason * Dudley TsL Mngmnt Ltd. 

20, ArilDjtton St. S.W.1 , 01-4607581 

Emoon Dudley Thu. 185.6 785ft +4.9] 360 

Equitas Secs. Ltd.*t«Xg) 

4lBlsbopfigale.EC> 01-5882851 

Pragrasstve |6U 88ft -02J 429 

Equity & Uw Un. Tr. H.* («XbXO 

AmerahrinBtt, High Wycombe. 040433317 
Equity & Low— J626 882ft -Oft 4.40 ... 

Extra Inc. _ 

Framlingtoa Unit NgL Ltd. (a) 

5-7, ireloift yard. EO« SDtL 01-2488071 

Commodity A Gen.. 594 

Do. Accum- 67.4 

Growth 35 9 

Do Accum. 38 0 

Capitol — . — ZS5 

Do. Accum. OS 

Income — wO 

Do. Accum. 54.7 

Interna tlonal J43 6 

Do. Accum _____ *6.1 

High Yield—. 57.9 

Do. Accum 116 

Equity Exempt* 102.0 

Do.Accvm.-_ -PK» 

4.92 Tariff Pr. Mar. 2»_ hjO.i 

4.92 Tgtlnc __B84 

L95 TfitPret B47 

1.95 Casme Growth Fd. ..|U6 

4J9 Target TsL Mgrs. (Scotland) l a Mb) 

IB. Athol Crescent. Ed in. 3. 031-22S 8621/2 

Targe L Amer_EflKJef24.1 »2] +03] X49 

»^Fd.r:l 5 o 

63« t w^ tT 5T3 Trades Union Unit TsL Managers* 

— 6 --a S TS 100. Wood street EfiT 01-0288011 

1 557 

725 *O.C| 

301 -0 a 

43.1 -0-3 
273 +0J| 
294 +0J] 
5X< -0ft 
58 5 -oft 

47.1 +oft 
493 +Oft 

616b -2ft 
656 -0.6] 
107 8b ..7.1 
1076ft 1 

33 TUUTMar.l (45 8 

3.71 Transatlantic and Gen. Secs. Co.* 

3n Oi-ee New London Rd. Chelmsford 03U&165I 




Barbican Mar .30 — 1735 
(Accum. Units 1 — [1106 

5^ Barb. Euro. Mar. 20/850 
Burton. Mar 00 ' n ' k 

HI (Accum Units) [932 

2-2i Colemca Mar. 31 — t 



(Accum. Units) w 

■Prices at Feb. 2d Neat dealing March 3X {j^J^ofulSS 546 

Minster Fund Managers Ltd. GienMar..2 8 . _ — sm 

Minster Hse, Arthur St, E.C.4. ^ OUOaVSO i s$g£u£!«Z “I 

MlnlnerMar 13.__n3 35ft ...._] 522 {Aecura.Unitsi.__. 5X9 

Exempt Mar. 31__ 187 6 9X01 -5.4J 550 vaiUJwth. Mar. 28- (86 

MLA Unit Trust BlgemnL Ltd. — Em 

Old Queen Street. SW I H8JG. QHW073B. y.n|j Tee Mar.2P_teB 

MLA Units. P8X 37.9] 1 4.49 (Acenm. Units.) — K35 

WIchY March 30 [576 

Mutual Unit Trust Managers* laXg) £5 

15. Copthall Ave.,EC2R 7BU. 01-6004803 WldiDiv.Mar.3l_.. M3 

Mutual Sec. Plu*.._ M8 3 518] -Oft 6.89 Do. Accum. [1IKL2 

Mutual Inr TM. |8«B 69ft -02j 7 72 

16 5L2ft-o" 




U86 +i4 

15X8 +3.01 
543 ..... 
MX ..... 


SJ = 
«6 .... 
59.7 — 

449b — 



B7J +28] 
108.9 +3ft 
















lluunl Blue Chip ..V 
High lid. .c 

Mutual I 

National and Commercial 

867 Tyndall Managers Ltd.* 

(flffl 18, Camynge Road. Bristol. 

Income Mar.38 — 

1 Acenm Unitsi.. 

Income Mar. 
(Accum. Units) 
CapLMor, ” 
(Areum Units 1 

31. Sl Andrew Square. Edinburgh 031-5S001S1 capital Mar. 29™ 017 4 

l«ft -J til (Accum Units 1 

203ft .._..{ 6.12 Exempt Mar. 29 

?» fl J® (Accum ITnitei — 

147.81 1 341 Csnynfrt Mar. 29 (924 

National Provident Inv. Mngrs. Ltd.* L__ 

46, Grec«:hurehSt_EC3P3HH O1-8Z3-G00 1 Accum. Units). b5X2 

NFL Gth.ltaTst™j44 2 4751 . — J 360 Scot Csp.Mar. 28- 029 4 

(Accum, Cmur p32 566] J 3.80 (Areum Lmuy .... R5.4 

MET Caere Tran _p46 1215ft ...J 3 « fleet toe. Mar. 28 - 1152.6 
(Areum Unlisr*— 11212 U8ft ..-1 3^ ImIm RoO Cnmp 

—prices on March 30. -'** dreljns Atall 27. Growth “ 

•Prices on March 16. t deaUng April 3. ©p, Areum 

National Westminster^a) me. Growth- |M| 

as nss^sr st-ifl .*5 K-SIt-E 


Arbuthnot Securities I.C.U Limited 

PO. Eu«3W.bL llclicr, Jersey. 053475177 

Cqp. TiO. (Jersey 1 „ J1I9.0 123.0) ..._.) 356 

Next dealind <lAte Annl 1L , 
EjsHJntLThi i(.T>..|lfi&0 U5 0|..._.| 526 
Next .tub. April 30. 

.4ufitrairan Selection Fond NV § 
Msrhct OppnnunillM. c'o Irish Younc A 
nuiliaane. 127. Kent Sc_ Kidney. 

.stare*- _|JL SI 37 - (...ft — 

Net b-ri value March 30. 

Bank of America International SA. 

Xi ftou/ciurd Rqj'al, Luxemhotirg C.P. 
WldinieslIncomc.lSrsUlSI lHft+Q43| 653 
Prices aL March 3U. Next sub. day April 5. 

Bnfc. of Lndn. & S. America Ltd. 
4MB. Queen Victoria SutCL 01-9302313 
Alexander Fund — |SliSSJ8 — I _— [ — 
Net asset value Mac. SZ 

Banque Bruxelles Lambert 

2, Hue De in Rcgenrc R 1000 SmsffI* . 
Renin Fund LF. — P_950 2.010] +1] 8.0 

Barclays Unicorn InL iCh. Is.) Ltd. 
l.CharinR Cross. St Heller, Jrcy. 0S« 73741 

Ovc+Meas Inrutne _GQ5 52.7] -0.8) 1045 
TJn (dollar Trust — pV£lt27 U.J1] ...._] 4.M* 

■Subject to m end vtlbboiding Mare 

Barclays Unicorn TnL (L 0. Man ) Ltd. 

1 Thomafl SL. Douglas. L06L 062448% 

Ecyselcx Mngt. Jersey Ltd. 

PO E<w98.SL Helier. Jersey. 1 Enq 01 -Wfi TOT'D 

'FU.433 U01J 

fe.88 66fl( ...-. 

pTssu? aeg...., 

U3561 1267] — 






Unicorn AusL Ext.. 430 

Do, An PL Mir 253 

po.Urtr. Pacific — 569 
Do. mil. Income— 385 
fta 1. nr Man TV* __ 44.9 
Do. Manx Mutual — 23.0 



4L4s ' 
4&5 +0ft 
24iW . 






Bishops^ale Commodity Ser. Ltd. 

p.i'k Bot4S.DoUCUs.l o3L (WC4-S3S11 

AR»UC*M3r6 . _|SI«08 27 W | - 

I.' AX R HO* *Mar. 6_ K3-M5 L085) ..._.] — 

(XU\T*'M(ir. e_....p.I98_ 2531J —I 2.15 
uricinallv iswtied aL ■SID ana *'£300. 

Bridge Management LUL 

P.<X Bv.v 50R. Grand Cancan. Carman Is. 

N'tiOMhl Mar. 1 I 3T4694 ] ....ft — 

G 1' 1.1. Dot 5W. Hone Kunft 
.VipponPlUUrJS-Bl.G&H liM 0.74 
Eh- Stock Split 

Britannia Tst. Mngmt. (Cl) Ltd. 

:« Ball) St_ SL I toiler. J ■urscj". 0S.nrtrr4 

<:rnuilitu(eNt_.__.|30.1 3251- | 4.00 

lnlnL Fd., 64 5 71 9] -Oft 100 

Jcr«?v Eeeny TsL ,]137 4 1485] + 2ft 150 

I'niwI.DIr.TM fSCft.79 SM-rOJC/ _ 

Unn5l.STJ-SW_..|£20S 2.16] 1 100 

Value March 30. Nmt dealmc April J. 

Satterfield Management Co. Ltd. 

P.O. Box 1B5 l )1 ami) I on, Bermuda. 

Buttress Kqo'ly @68 1.991 t 198 

ButlrossInronio—ROO ._.J 746 

-prices at Mar. 13. Next sub. day April 10 

Capital International SJL. 

37 rue Noire-Damc. Lusembotug. 

Capital InL Vtand—i Si-siS, 93 | — J — 
Charterhouse Japbet 
I. PaienKMtorBow, EL 4. 



Rryroloxlni'l _ 

Kmnelut Enrvpo— 

JupunGth, PUod 


CcnL Amcli Cop.._. 

King & Shaxson Mgrs. 

1 ChnrimjCririj. SL Holiw-Jener.iWWiftSI 
Valley Hw. SL fvrer port. Gruv- iM8t' 24709 
lThniha»S(reri.Licmglaa.LO.>t. _ lOKMiAWfl 
Gill h*undiJer?O7-P0.»l 10691. — .] lift 

UiRTru«iLa» i_.(U3.6 1165ft I U25 

Ulli Fad. UuenLM-)l£U6S U50] I 1100 

loti, fiat Sew. TM. _ 

hirst tderlitlG 12933 — } 

First loti IS1B563 186.07] |_ ] 

Kleiawort Benson Limited 

20. Fenchurcb St_ faXS 01-623 8000 

FairinrreL Liu, K. 1503 _ I . — 349 

Guernsey Inc 585 826 464 

jio. Aceuitt 7U 755 „ 464 

KB Far Ran Fd 5US956 _ — 148 

KfllntL Fund 5 LSI 052 1.90 

KB Japan Fmd — 5MS30.16 053 

K B- LLsTlIirti]. Ftt. r Slfl+» ' - 

Si Cnet Bermuda— 5US4.41 M ... 361 

•Uni funds 1 DM)— 1815 1930] ,8.90 

■KB act en London paying agesta only. 

Lloyds Bk. (C.I.) U IT Mgrs.. 

P.Q, Bot 1» SL Heller. Jersey. 0534=7581 

Uords TsX ti'seas— 1<?9.7 525nf ( 2.49 

Ken dealing dote April 17. 

Lloyds International MgmnL S.A_ 

7 Roe du Rhone. P.O. Boa 179. 1211 Conava 11 
Llnjtts Int.Glh.hUlSfNJI 3UJM 3.70 

LliDitelnL Income. EnMM 315J»| 1 650 

"M 8t G Gronp 

Three 4uays> Tower Hill EC3R 6BQ. oi-SS <5« 
Allan urPn Ma r68. . J51'S2. 51 21 War. 30— 516175 l< 

GoldKx. Mar. =fl — PJS&91 lMJu ..... _ ^ 

1 donri 1096 118 Oft +0_a 43 73 

lAccum Unit-'- 1541 384 0] +0.8) T3. 73 

Samuel Montagu lain. Agts. 

Fondii , 

Emperor Fund— |: 




Clive Investments (Jersey) LUL 
P O. Box 320. SL Heller. Jersey. 0XH3738L 
IT jvc Gilt Fd.iCJj ,|9.93 9.93] .._..] 1160 

Clii e Gilt Fd. Uty.l.fl.n 9.93j.-._ft XLOO 

Corn hill Ins. (Goernsey) Ltd. 

P.Ol Bos 157. SL Peter Port. Guernsey 
total. Alan. Fd. (2560 27DJ}| __ft — 

Delta Group 

P.O. Bos 3012. KamaiL Rahama& 

Delta Inv. Mar. 28-^142 169/ [ — 

Dentscher Investment-Trust 

PnMlacb 2485 Bleb ngOaO* 8-10 8000 FrankhnL 

Concentre IDUH20 3JW+H1B] — 

liiLKentenJonds_-|lKIU88 7XDfl| ___] — 

Dreyfus Intercontinental Inv: Fd. 

P.O. Has N37T2. Naana. Bohamas. 

XAV Mar. 30 |SL<SIZU ' 11«| 1 — 

Etnsoo & Dad ley TsLMgUrsyXld. 

P.0. Box 73. SL Heller. Jersey. 053420591 

E.D.I.C.T. 11316 12161 .—ft — 

V. St C. Mgmt. Ltd. Inv. Advisers 

l-S.' Laurence Pmmtscy Hill, BC4R OKA. 

01-623 4680 

Cent Fd. Mar. 22_ l SUS454 {....../ — 

Fidelity Mgmt. & Res. (BdaJ Ltd. 
P.l). Bos 670. Hand lion. Bermuda. 
t-'IdeliiyAm -Us— . 

Fidelity lnt.Fund_ 

Fidelity Par. Ftt 

Fidelity Wrid Fd 


Murray, Johnstone I Inv. Adviser) 

JSi. Hope SL, GJu.^uw. CSL 041-20 A.S21 

•HopeSuFcL _~| SLS2996 [. — | — 

'Murray Fuad I Sl’K9.60 1 _...J — 

■NAV March 15. 

Negit SJV. 

Ida Boulevard Rreal, luxcmbourJ! j 

NAV Jlar. 17 ) 5US10-28 J J — i 

Negit Ltd. < 

Bank of Bermuda Bides, Hamillon. Brtnda. ' 

KAV March 17. {£4.90 — J 4 — 

Phoenix International 

P0 Bor 77. SL l'eter Port, Guernsey. 

Inter- Dollar Fund_lSl'5X21 239] J — 

Property Growth Overseas Ltd. 

SB Irish Town. Gibraltar (Gib) 6160 

US Dollar Fund-ft SUS8B27 | [ - 

Sterling Fund 1 £328.88 l —ft — 

Rothschild Asset Management <C.f.> 
P.OLBrec SB. SL JuiUmt CL Guernsey. M81 28331 
OV.Eq.Fr. Mar. 31_|47J)_ StLOft -2.51 326 


O.CJncJFd. Mar.l ... 
G.CJntLFd, Mar.l 5 

Or.rwiMDi>di)y--_ 112X2 129.9ft ...... 4.97 

O. C.DIr.ltamdri\t-|$2S.l5 26V5| I — 

Price on Mur. U. Next deoHng April 7. 

Royal Trust (CD Fd. Mgt. Ltd. 

P. O, Bo<c 104, Royal TsL Hst, Jersey. 053427441 

JLT.Inl'I.Pd. [SUSUS U221 J 3.00 

RT.lnt'L iJsy.i F<L.[85 M 4 321 

Prices ac March 15. Nett dealing April 14. 

Save & Prosper International 

Dealjne to: 

B7 Brand SL, SL Holier, Jersey 0534-30901 

UX. Dellxe-desMni noted Fuads 

HI rFrdlnn* Uar20 9.48 10J 

Ioiwbiu rt'*t 833 6.1 

Far East era — 3554 38' 

North American t. 3.43 3.5 

Sepro**t (13.15 

St’SIC-W. 1 










Slerllng-den e B i i n ated Funds 
Channel (.'apitalO- 1237.4 228.9 

Channel islandi4>_U42S 150.(. 

Commpil. M+r.30__|117 a 123.7 

XL F\d. Mar. 23— . 020 3 127 jf _...f 10.92 

3*ric« on 'March 38 "March 29. "March 30 
^Weekly Uea lings. 

Schlestnger International Mngt. Ltd, 

4L La Mode Sl. SL Helier, Jersey. 05M7358S. 

4331 -021 4.44 

55ft -Oft 449 

Capital Tut 0042 1 12 . 8ft — 4» 

!ESSJ£h— p SS 

Do. Accum — — — .[996 J05ft 249 

Friends’ Frovdi. Unit Tr. Mgrs.* 

PUham End. Dorldnc. 83065055 

Friends Prov.Uts_W5 
Do. Accum. (515 

G.T. Unit Managers LUL* 

10. Finsbury Circui£C2M7DD 01-8288131 

CT.Cap.fnr —PM 83-3 +0ft 3 JO 

Do Are__. W9 . 100.9 +05 3 JO 

G.T. toe- FdUiL-.. 1517 18X3-0.9 

CT.UAtGen 133.7 «2J +12 230 

G.T. Japan A Gen — 2722 2»2a +26 L00 
*Gt'Pcoo_Ei_F&_. - 134 3 1«L> .... 4.00 

St. tort. Fund 1096 3165+0,1 230 

C.T. FtourYd|Fd__|533 5M _...J 7.10 

*G. & A. Trust (a) (g) 

5. Rayleigh RrL. Brentwood <0277)227300 
QJLA 130.7 32*| -Oft 472 


PoxlAjllo lnv. Pd. _ 86 J 

Universal Fdld) — [53.1 

Inn Hijlb luc. Priority- W3 

ci? International OT.0 

33 Special slm -Jtt 


802 -It 626 
8X9 -LI 828 
38.(1 -02 M.48 
421 -02 1048 
122 -02 467 
202 -0.2 4.67 
626 -BS 833 
302 m +02 368 
31X -02 5.19 







TSfi Unit Trusts ty> 

£1 ChanliT Way, Andretr, Hoots. 0CM8U88 

NKL Trust Managers Ltd.* (aXg) Dcftiegs u> m «M3M 

MQUm Court. Dftklnfi. Sumy. _ W} 

sttisssE:i8i sa aa i.s s 1] 

For New Chart Fund Managers Ltd. tcbsmwST' — *0 

see Rothschild Asset Management (^Do^SrarL [79* 

Norwich Union Insurance Group fb) Bank* (el 

P.O. Bo* 4, Norwich, NRl 3NG.- OflUl cf l DO w urine Street, BaliuB- 
GraupTfitFd 3205 3376ft ] 534 

Pearl Trust Managers Ltd. faHgltel ^ - t T t Accoimt & MgmL ud. 

252 Rich Holbora.WClV7EB 014JB8M1 ^ (Z-WIIL^Sl EC+R S aR 

Pearl Growth F(L_.|2L8 gfl -0ft 61H 

— 7M Wleler Orth. Fnd.IT^7 

KfeZZ 338 £3 la SU Do. Areum — --..pll 

(Accum Unltsi—_KO.O 48ft -0J] 5:u - Wider Growth Fund 
Pelican Units Admin. Ltd. igrfri Ki us wiiuam. slec4R0ar 

81 Fountain st_Manehestt* 081-2383889 income Unitt.. [Z7.7 

Pelican UlUia— -]773 83ft ftlft 524 ■\ccmn.U mo P21 

0232 3S31 
3851-021 5.48 


145ft .._J 469 

*ad is 


I53::::i liS 

Fidelity Slcr Ftta_ 

Series A ilntnl i_ 

Series b J"ac ill c) 

Series D lAnrAiii 

First Viking Commodity Trusts 

8 SL George's SL. Douglas, LdJU. 

0634 4882 Ido. Acts. Dunbar dc fin. 

53. Pall Mali London SW175JR. 01 

— SJlIL. 

— S.A.I7L.. 

p4 79 

D80 U 


Z3J 237 

99 1M 

978 X02i 

e.o 100 S 





Piffiafenga. ftsa=i « 

Fleming Japan Fund SJL 

37. rue Notrc-Dame. LuaerabourB 

Flmg-Mar.m. 1 JUS4824 J — J — 

Free World Fund LUL 
Butterfield Bldg, Hamilton. Bermuda. 
NAVFtft.38— _ — | SH.S16fi.65 — 

G.T. Management Ltd. Ldn. Agts. 
Part H*e_ 16 Fmfibiur Circua. London EC2. 
Tel: 01-628 8I3L TLX.- 888100 

G.T. Pacific Fd. 1 SUKI23W | 1 — 

BaaaaemnU lateruatknial LUL 

do fit of Bcrmufla.Front SL, HamJlir. Brada. 



lull. FttJersev___ 


•Far East Fund. .. . 

'Neil suh. day April S. 
Schroder Life Group 
Enterprise House, Fortsmoalh- 
lnl« ntl(iB«l Fuads 









£Fired Inierest 140.1 

SFIxed Jnteresl— . 103.7 
£Mai]aged__ — __ 1249 
S Mana gml 1093 


1152 — 
1216 _... 




m j 

J. Henry Schroder Wagg de Co. Ltd. 

130. Chcapfiilc. E.C2. 015684000 

riheap $ March 30... 
Asian Fd. Mar. 20. _ 
Darling Fnd. 

Japan Fd.Mar.23_ 


10 82 

, SUS10752 
taUlft II 
sal 74 xast+oftU 
SLttn * 

Anchor 'B 1 V'niU__ Bk'Slft 

Anchor InL I 
G.T. Bermuda Lid. 

Bit of Bermuda. Front SL, >IamJLn_ Bmda. 

BenyHacF. fl|TS4326«) } . 0.92 

G.T.SFd 1 SUSA 62 |+<U0[ 0J6 

G.T. Mgt. (Asial’Ltd. 

Hulchicno Hue, liareonrt 1UL HOUR Kong 

G.T.AaiaF. JSHK807 8441 ...... | L7B 

C.T. Bond Fund — r5SW l+ftOlf SJ0 

G.T. Management (Jersey) Ltd. 

Royal TsL. Hse_ Coloipberie, SL Heller. Jersey 

G.T. Asia Sterling— /C12J1 Uft [ 153 

Bank of Bermuda (Guernsey) Ltd. 

31-73. Le Pol let, Guwnroy. 0481-28268. . 

Berry pac Strip. __p54.0a 766 »ft I 113 

Anctw Gilt Edge- §0.60 10 63 1192 

Anchor lnJby.Tfl_.pZ3 3 24ft I 323 

Gartmore Invest. Ltd. Ldn- Agts. 

i St. Mary Axe, London. EC3. 01-2833531 

Gartmore Fuad Hap. (Far Cant) 111 
1503 Hulrhlwm Hoc. 10 Hatrourt Rd. HJtone 

HK&rac.U. i 2tt.--to{C59 27551 I 290 

Japan Fd. S.5J21M 12.WJ ___] »J0 

tN. .Xiuerican TsL — pTS4 IBS Iflltg ..._.[ 2.40 

JnU. Bond Fund Puatue Uk3^ .| 620 

Gartmore Investment MngL lid. ■ 

IMl Bon 32. Douglas IoM. . 082433311 

Intern aUonjil Inc. ..Dll 224/ I 1X5 

Do. Growth. ]MJ 571] t 5.41 

Hambro Pacific Fond MgmL Ltd. 
=110. Cm nought Centre. Hoop KonR 
Far Eaa Mar. 30 __ f5J£Uf55 11X3 .... | — 
Japan Fund RUS7H6 Lft-oifli — 

llajnbros (Guernsey) Ltd/ 

Hambro Fnnd Mgrs. (CJ.) lid. 

P.n. Box 68. Guernsey IMS1-26R21 


Sl'SllM 39 

ul. Fluid . 

InuiL Bond 

InLKnuiiy SUS]9.94 
InL Sic.-. *.V SFSf' 
tat. Kins, ‘H' StlKJ 

1466 3 90 

107.61 850 

.... 1025 250 

102 1.05 ...... 8.50 

J.0O 1 03| .... 2 50 

Prn-us on Mar. 2a. X«l dealmi: Apr A. 

lien tiers on Baring Fund Mgrs. Ltd 

)■ ».i. tare N4723, Nassau. Bahama-. 

Japan KiL _ JDU1U -«DI J — 

ITicer on March 30. Kent dealmc dale April + 
Hill-SamueJ & Co. (Guernsey) Lid 
8 LeFebiTC Kt_ Peter Part Guernsey. C.I. 
(luertm.-y Tsl.„__|MB.l 1585|-l.ll 3.48 

Hill Samuel Overseas Fund SJL 
37. Rue Acdre-Dome, Xu ccmbaii rg 

1 16.09 17.571-0.03] — 

International Pacific Inv. Mngt. Ltd 
PO Box KJ37. 56. Pin Sl. Sydney. Aim 
Jorelin Equity TsL. fel 88 X«|+0JM| — 

J-E.T. Managers (Jersey) Ltd 
PO Box 194. Royal T*L Rsc_ JerseyOSM 27441 

Jersey ExlmL T«t_. (125.0 333 01 | — 

Ah at Feb. 38. Next rob. day liar. 31. 

Jardine Fleming Sc Co. Ltd. 

Jrtlh Floor Connaught Contrr. Hung KotiC 

Jardlnc KrliLTf*.. | S1IK21069 340 

Jardluc J'.«.FdJt‘| SHW92.00 100 

.(ardineS L..L. __] 5LS1225 250 

Jurttlne FIpm.Int.t.| SHKB.94 — 

NAV Mar. 16. ‘Enui valent 5 IS83 36 
,\rat AJib. .March 3). 

Kemp-Gee Management Jerset' Ud 

1. Flmrmc 1 Irof •-. hi. Heliur.Jer-i-v. 73741 

KViti|i-r6;i-i.'ai<iiaf |S4 0 86.6/ j 

Klmhi^iIw.- 1 11c unie. |65 8 67 M .. I 850 


5 Id 

Sentry Assurance International Ltd. 

PO. An 335. Hamilton S. Bermuda 

Managed Fund |SUM)«1 J.J75| | — 

Singer Sc Friedlander Ldn. Agents 

20. (-'an non SL, EC4 . Ol-MBSGW 

Dritafonds ]WCt9B 363« ] 846 

Tf.kjoTsLMar.28_l SUS33J25 | .... \ lftt 

Stronghold Management Limited 

F.M Box 3/5. SL H el u-r. Jersey- 0S»»-714«0 

(.’ommodity Trust- |90A> 9519} 1 — 

Sarinvest (Jersey) JUd lx) 

P.O. Bov sb, SL Heller. Jersey. 0534 7W7* 

American Ind-Tst J£7_S5 7.701+0 JJ) Ufl 

Copper Triti |O0 86 ll.OSl-O ?l| — 

Jap. Index Tst. _ — |£3J_20 ia.43(+035j — J 

Surinvest Trust Managers Ltd, tx) | 

48. Athol SlretH, DourIba LoM. 0624 23914 * 

The Silver Trust ._[ll».8 1120|+2« 

Richmond Bond 57. 1B7.5 197ft -0ft 10 JO 

Du.PlafiaumBd. — 11X9 227.71 +2 o| — 

Do. Gold Bd. 1024 107 81 +1.7 - 

Do. Em. 97i'Q2B(l — |17&J USft I 10 68 

TSB Unit Trust Managers (C.I.) Ud 

Baflatcl leRd_SL Sari our, Jerser. 0534 73404 

Jersey Fund |438 46.ll I 417 

Guernsey blind _..M3 i 48.3 1 4.17 

Pnetsi on Mar. 29. Nest snb day Apr. 5 

Tokyo Pacific Holdings N.V. h 

Jniimis Management Co. N.V- furoean. 1 

NAV per chore March 28. SUS50 49. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

lacimifi Jlanafiencnt Co. V.V’_ Curacao. 

NAV per -hare March 28. SUS3&81 j 

Tyndall Group 

Pti. Bo* 1256 Hamillon 5. Bermuda. 2-2780 . 

1 H ernes* Mar. 29 _.. Bl'KLU 1JM-0 01] 8 08 

■ Areum. Lnilsi ISL'S158 16n-80lt — 

3 WaytoLMar-ja.-fsislMO 2 W) 1 — 

2 New St_ HL Halin'. . 

£6 65 



00 35 











259 8 

275 4 



113 Bn 





0534 37331)1 

. _ ; ; ;; 8oo 

1 Vi-rum Shan-n 

TASnFMar.CS .... 

■ v-.-ruiu Share* • . . — 

JrrM-i FilMur.29_.|l89 0 300 4(. | 7.18 

•riRFfiiid 1 narltoTTIUli llJflft -08| 1054 

i.Ucum Sharer*. 

Vieuny House. Dongtet. ltl( of Man. 8834 25620 
Munagrrl Mar. 16 _ J127.6 134.4/ . ....| — 

Vtd. lnlnL MngmnL (C.I.l Ltd 

14. Mu leaner Street. Sl. Hriicr. Jerwcy. 

FUnd 1 Sl’HOO J / B2S 

United States Tst. Inti. Adv. Co. 

74, Hue Aldrincer. Luterobourfi. 

L^.TiX. lav. Fnd._( SCS962 [-Ofift 0.90 
Nei aosel March 30 

S. G. Warburg Sc Co. JUd 

W). Greih am sired. EC2. 01-6004555 

SUS9 53 1-flOll — 

- I 

rnv.BHFd Mar30_. .. .... 

Knuy.lnLMar.30_ Sl'SUW 
(5r.S4.SFd. Kl4i.2B _ 

Warburg Invest. Mngt. Jrsy. Ltd. 

7. Cbannu i.’rw.'. Si. Hrlier. Js.v. IT l»S(4 73741 
OI F Lid. Feb. 23. _t 
CMTUd Feb Si.. 

MoIkTm Mar Id 
TUT War 9 . 

TMTUd MarP . — \ 

World Wide Growth Management^ 

Io;i. Kuuli-ijr.l I irti-mliuiiRl 

U,.rldvinle «ilh F»i| SL-M2 99 1-000| — 

C-l si: 37 

17 HI 








E9 52] 


F*ric«'» «(>• ji.< include S iirx-uiiuni, i-m-pl vihi+e i’nrfii-a(rtf i amf an* in (itiwe im/r" iil/ierulfa 
iniJii-nieiL Ylriilt “« (alunro in b>i rnlunuu allira tor all hu> in); oxprnwn a ■‘'ffered pnre^ 
1 niln ill- :,n rtpunm-., b Tn-d.n \ i-ru-r-w c Yield ha-*d on offer pnrr d EMunatPl. 1! Today » 
I'l'i'Hini; |irnv. h 1 tain bub ud firccof L' K. lave:- p IViiurtic premium inauriinee plane t Single 
liivnuum nc-uranee v Offeny] nriiv include- u!l eiprnMi^ except auom e i , nmnie*ion. 
v (Hfered price include*, all e-xpcnxo* li houuht ihroufin manaper; z FnMuus nai .-- price. 
r9 ftet of tax on realised capital pains unlei* indicted by 0- 9 Guernsey trews. « Suspended. 
♦ held before Jersey tax. » Ev -uhdiii^on 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as al 21st March, 1978 (Base 100 at 14X77.) 

Clive Fixed Interest Capital 135,42 

Clive Fixed Interest Income 122.34 

CORAL INDEX: Close 460465 


t Property Growth 7*% 

t Vanbrugh Guaranteed 7.12% 

4 Address shown under Insurance and FTim-ny Rand Table. 

i.C. Index Limited 01-351 3466. One month Gold 185-186) 

29 Lamont: Road, London, swio OHS. 

I, Tax-free trading on commodity futures 

L. The commodity futures market for the smaller Investor 

'fct r. ii 

245- ^ 
M 57 
22s 98 
.2? -. -15 
4t’ 32 
251 228 
291? 24 
38 34 

85- S 

» * 
20 U 
US 90 
64 -60 
385 315 
13. 10 


Nathan (B.&1 

q2.4| 4.9] 12.7 

1.27 U 58 4 

f4.79 2' 
242 3‘ 

£2.06 2 



OcL'.ap.aJp. _ 
Dominion iGea 
Da Cons 

75 ] 64 [Hawthorn L sn 






a p 

4S* 2 15 
M« V* 
63 43 

40*2 33 
93 68 


tier. i.wisoJdW. . J 
General Fund; _ 
Do.Ctim.10p | 

88 Kca Investor; . 

72'; <ien.SMtnsh-._- ! 
72 1 : Gen-SihUr, ll-j. I 
84 !<]li>soi siVldn. j 
Glcnrtevvn ln>'_ f 



Harrrof Tm.lOp 
Hill i Philip' — 
Hume Hid'. "A" 

“* * 


62 168 

41 m 


62 50 

202 17B 
66 57 

19 14 

39 28*i 

275 220 
36 24 

84 74 

190 176 
46 43 

55 45 





a 12 :? 

• «5>* 







OTerr. lOp J 95 





t 5c‘ 2 

?i s. 

73 M 





wj ij 

- 10 

- 30 

- 260 

- 123 

— 328 

— 39 

- 39 
106 139 


BJ 212 
! 9.4 93 
12.8 74 

li 7 33 
50 • 

75 2 





97 . 


.m 94 
20p 73 
i 72 



Portland 5>M ?90 




wp-l z® 



.95 £140 
r_ 441 a 
le- 212 
lflp 91 
©_ 61xd 



120 32*z 



ireweJl 10p 

22 BrerarTsi 25 

6 Bridgwater lD|p, Mi 
34*4 Brit-AmlGeu 37* z 
60 British Asseu — 67 



l nr national financier 



MINES— Continued 


148 68 AttockODp M 

156 136 aitBonieolCp. 138 
864 720 776 
76*; 72*j DoffliPf.U — . 

57 44 Bunnahil 

£62 £56*; PafibLofttti-. 

□. 1*1 875 n<;cPSOLSea£l- 

:e Ft Wrote B 

L\5Mb H“il9Bl-83 £103*5 


tfJI 1 | 1+ oH Dir. 

146 ®6k Iot I ' Sack I Pi* I — I Net 

W 210 155 IFalconKuMr 

— 74 18 

- 73 52 

— 137 122 

- 80 78 

-M 41 32 

5|-5 1Z* 2 10 



Cit Gr'f 


93 I 83 

Sungei Bess Sill — 
Supreme CorpL SMI 


160 {148 ITroDOhSMl- 


96 J 70 [Messina RD.50 ] 88 1+2 |<Q30c| 1.9j * 



Yeoman I nv 


8 0 1 
4.05 ♦ 

FL5 r 
2.56 H 
3 05 L 

£36*4 £29*4 marehonr’n Ett. R2. 1 

178 78*2 (WestBandRl 1 


|| m 

340 235 
152 86 

391 275 
52*2 35 

86 (+1 



L21 25 

147 |+1 [ Q7c « [ 23 


lUm othenriar iadicaM, prices sad aet dividends are i> 
pence and dencarinatfoas ire Sp. Ew j mste d priee/»nmtnj» 
raUat and omen are based on latest annul reports and accauhU 
and. where possible. sre updated an half-yearly Bjtnm. P/Bi are 
akuned n the basic of net distribution: tneWld figure* 
Indicate 10 per cnL er man difference If alnlaM an "nfl” 
distribution. Carers are baaed on “maxfamun" dlatrlhotiea- 
Ticlda are bated on middle prices, are Rjross. adjtuied to ACT of 
34 per ceaL and allow lor value of Mired distributions and 
right*. Securities with denominations other than sterling are 
quoted lacdusive «f the investment dollar prenrium- 

& Sterling denoniinated securities which include investment 
dollar premium. 

• *"Jhp'' Stock. 

Highs and Uiws marked Ihu have been adjusted to allow 
for rights issues lor cash, 
t Interim since Increased or rrsmned- 
t Interim since reduced, passed or deferred. 
tt Tax-free to non-resridenis on applicatio n . 

+ Pi cores or report awaited. 

Tt Unlisted reeatity. 
a Price at time of suspension. 

9 Indicated dividend after pending scrip and tor rights issue: 

cover relates to previous dividend or forecast. 

•• Fhee of Sump Duty. J 

+ Merger bid or reorganisation in progress. 

* Not comparable. 

4 Same interim: reduced final and/or reduced earn logo 

( Forecast dividend; cover on e ar n i n gs updated by latest 
interim statement. 

t t'mer allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

•Jt Cover does not allow for shares which may also rank foe 
dividend at a future date. No P E ratio usually provided. 
T Excluding a final dividend declaration. 

+ Regional price. 

II No par value 

a Tax free, b Figures based on prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on part 
of capital; cover based on dividend on full capital, 
e Redemption yield, f Flat yield. R Assumed dividend and 
yield, h Assumed dividend and yield after scrip issue, 
j Payment from capital sources, k Kenya, to Interim higher 
than precious total a Rights issue pending q E amines 
based on preliminary figures, r Australian currency, 
a Dividend and yield exclude a special payment, t Indicated 
dividend: cover relates to previous dividend. P;E ratio based 
on latest annual earnings, u Forecast dividend: cover based 
on previous year’s earninim- v Tax irce up to 30p in the £. 
w Yield all out for currency clause, y Dividend and yield 
based on merger terras, i Dividend and yield include a 
special payment: Cover does not apply to special payment. 
A Net dividend and yield. R Preference dividend passed or 
defamed; C Canadian. D Cover and R/E ratio exclude profits 
of U K- oeroepace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1P77-7&. G Assumed dividend and yield after pending scrip 
and/or rights issue. H Dividend and yield based on 
prospectus or inher official e mim nlea for 1976-77- K Figures 
based on prospectus or other off! rial estimates for 1978. 
SI DKfdond and yield based on prospeetuy or other official 
estimates Tor 1B78. N Dividend and yield hose It on prospectus 
or other official estimates for 1979. v Dividend and yield 
based on proopectus or other official estimates for 1977. 

Q Gross. T Figures a Stumer). V No significant Corporation 
Tax payable Z Dividend total to dale. M Yield based on 
assumption Treasury Bill Bote stays un ch a ng ed until maturity 
of stock. 

Abbreviations: siex dividend: c ex scrip issue; w ex rights; n ex 
all; tf ex capital distribntton. 

“ Recent Issues ” and u Rights ** Page 22 

This service it available to every Company dealt in on 
Stock Exchanges throughout the Vnlfed Kingdom for a 
lee o£ £400 per annum for each security 


The following ir a selection of London quotations of 'hare* 
previously listed only in regional markets. Prices of Inch 
issues, most ol which are not officially listed in London, 
are as quoted pa the Irish exchange. 

23 I ) shelf. Refrehmt. j 51 1 1 

43 J.._. .1 Shiloh Spina _.| 22 I. l 

24 ...... SindnlZ(Wm.i._| S3 | 

202 -3 

22 .... 
410 .... 


bS ... 
57 __ 

15*4 — 


20 +1 

COR v. 9% * 80 / 82 . £95»j -*t 

Alliance Gas 65 

Arnott 290 

Carroll IP J.»— . 93 -4 

Cloud alkin 95 I 

Concrete Prods- 124 

Heiton itfldgs.* 44 . — 

Ins. Corp 200 

Irish Ropes 130 .... 

Jacob — 58 

Sunbeam 31 -1 

TM.C. 175 -5 

Unidare 75 ...... 


130 ._... 


31 -1 
175 -5 
75 ...... 


3.55 1 

214 1 

19 ' 

tUO til 

il iii 

20 0 

w ii 

U* 2 
■ 16 





J 13 
95 73 

114 105. 


ComaonlOLlP-! £ 12^4 






78 , 
5p.| 105 





C.C Invest HJ 

Union Offpa 625c. 




3-month Call Rates 

Industrial* j Cl-..- 23 Tube In vast.... 30 

A.Brevr 6* z -W’ 7 — « 

A. P. Cement-. 18 T.CX— 20 UttL Drapery- 7b 

B. SJR. 9 Inverts* 7 \ickers -... 15 

Babcock - 20 KCA 5 Wool worths— 6 

Barclays Bank. 25 Ladbrek* 17 

Beer ham— _ 38 Legal *Gen.. 14 Property 

Boots Drug—. 15 Ux Service- 7 Brit land..—. Z* 

Bowaters.— _ 16 Lloyds Bank.. 22 c a p. Counties. 5 

Bjk.T — 24 “Lob -—-—— 5 e_ Pi 5 

British Oxygen 6 London Brick. 5 inlr eumpnam 4 

Brown (J.ii 20 Lonrho— — 7 land sees.—. 18 

Burton "A’ 13 Lncastads. — 25 \TKPC Xth 

Cadbury* - — 5 Lyons iJ.i 13 Peachey ID 

Couitanldc — M ■ Mams'’.. 7 Samuel Props.. ID 

Debenhams— 10 11 Trwn&Clty- 2 

Distillers 13 Midland Bank 25 

Dunlop Sf 2 N'EJ — . M oils 

Eagle Star — 11 KaLVfed.Bank. 22 . , 

E.KLL 18 Do.Wairanta 10 BnLWndJBB- 35 

Gea. Accident 27 P&UDfd. — 10 BurmahOU-._[ 7 


Gen. Electric- 18 Plessey 9 

Glaxo 40 H HJ1 5^ 

Grand Met—. 9 Bank Cite. 'A'- 18 

G.UB.'A* 18 Reedlnu. 14 

Guardian IB Spillcrs- 4 

GJC.N — 22 Tesco — - — 4 

HawkerSidd. 20 Thorn — 2 T 

9 Charterhail— 

5 Shell 

15 Ultramar.— 

4 Minn 

4 Charter Conk 
?? Cone. Gold—. 

House of Fnaer.l 12 lTrust House*,. 1 15 iRioT.Zinc 


3.46 2.6 5.0 1U 95 71 

A defection of 

London SI 

ions traded h given on the 
Exchange Report page 







-Z ! . ' 


• - -• •' - : c>'.; -• ’• ; v ' .-V • ; 

, -•j.-- • i..-. . -*’i -.-j 




Cones, bio cf Wijitt.Tcb Ccvtcs 5621 Telex: E&fl&S, 

Saturday April 1 1978 

Head Office- J 

bds jfi^-ftFarefejsar 

'WH 88 SSS!«*'' 

MKiwitm u ip ■■ 


made more 



THE TREASURY’S well-known 
concept of a generalist equal to 
anv task, though unencumbered 
hv* detailed specialist expertise, 
could not he better illustrated 
than by Mr. Patrick Neill, the 
chairman of the City’s new sclf- 
regulalory body, the Council for 
the Securities Industry. 

Mr. Neill, a 51-year-old QC. is 
not well known in the City. He 
will be the referee nf disputes 
and the defender of the “highest 
ethical standards" in securities 
trading as head or the Council, 
which will oversee City markets 
on a broader, voluntary basis, to 
combat any scandals. He is the 
first to admit to having no vast 
experience of financial affairs and 
he is not a director of any 

Yet he has already gained 
a distinguished reputation in 
several other fields. In the law. 
where he has been chairman of 
the Bar Council, he has made 
a sufficient name for himself in 

\ NEW regime Cor the inter- her Governments approved the IMF officials doubted that the < 

national monetary system will quota increase, on condition that relaxation of restrictions on gold ; 

formally take effect to-morrow the second amendment was trading between central banks ; 

itb adoption of the second passed. above tbe old official price of * 

amendment to the articles of The changes were set in train S35 f about M3) an ounce would} 

-reement uf Ibe International when President Nixon uncoupled prompt a surge m such business. > 

Monetary Fund the dollar and gold in August, Nations have been entitled to; 

Monetary r unn. goJd thei> 5t#fek t0 

The main points of the amend- pot eQ Uallv the most important public at above the official price, l 
mem were agreed on two years ‘ - - - - i ■ —*- ■*- " 

mem were agreed on two years . t ’ he enhanced role of as the U.S. has done. The U.S.j MR. I 

ago, but it took until y^erday ^ m3aa gi n g director in ts considering using its gold to general 

cent, of the weighted voted power P° ilcies - 

in the IMF. r’urrpru'v 

The second amendment greatly currency 

Foreign exchange markets. The 
new’ IMF regime would at least 
increase its freedom 

increases the power of the man- F „ nI j officials shv away from Wider use of the SDRs by! 
aging director of the IMF to su^estions that the IMF head governments, their agencies ir 
supervise national exchange rate ] s being enshringed as the global international organisations such, 
policies. It abolishes the official international monetary police- as tbe World Bank and the, 
price of gold and enables govern- man But an official said the regional development institutions! 
raents to buy and sell the metal IM p s « power of comment” will be possible. But the supply] or a demand for higher over- 
freely. It also makes possible cou jd be used to engage in the of SDRs is limited— 9.4bn. uut-' time payments rrom whole- 
much wider use of the Special “ mobilisation of shame ” against standing at present — and a new j salers — flew from Scotland to 
Drawing Right as a unit of an individual country. distribution of SDRs, which] join chapel and brunch officials 

account and international reserve y or a n organisation such as would greatly increase inter- j at the TUC. 
asset. the IMF, which has prized national liquidity, would have to 

The IMF has announced a discretion* above all things, this go through the usual processes 
change in the basket of curren- ^ f a j r ]v radical, if hypothetical, and would need the approval of a 
cies, comprising the SDR— with talk. * high percentage of the IMF’s 

the Saudi and Iranian rivals The second amendment says a membership. 

replacing the Danish kroner and member nation, while free to The new rules permit the DIF . were also available, 
the South African rand. adopt anv system for its cur- to establish an investment ac-, But It seems unlikely that 

Acceptance of the second rency. may not manipulate count to realise income from the London circulation will be 
amendment clears the way for exchange rales to prevent proceeds of its gold sales or j restored over the week-end. 
the IMF's sixth quota increase, balance of payments adjustments other holdings, which at present | Any proposals which emerge 
enlarging its resources by nearly or to gain an unfair competitive are, held in non-interest bearing; will hare lo be put lo both 

Mr. Patrick Neill 
Defender of standards 

the commercial area to have had 
in all probability, the oppor- 
tunity of a senior post on the 
Bench, had be wanted to be a 
judge. But his career was clearly 
set in another direction when, 
last year, he was elected Warden 
of that institution of top brains. 
All Souls College, Oxford. 

Heading the new Council for 
the Securities Industry, which 
will be widely representative of 
City bodies, will not be his only 
new quasi-judicial task in presid- 
ing over a regulatory body. For 
laier this year he is to take over 
as chairman of the Press Council 
from Lord Shawcross. the Former 
Attorney General who. as chair- 
man of the City Take-over Panel 
throughout its nine-year life, has 
pioneered a venture in voluntary 
City supervision which is now to 
be linked with tbe new Council 

It is probably no coincidence 
that Mr Neill will preside over 
the same two kinds of self-regu 
latory type of body as have 
hitherto been headed by Lord 
Shawcross, who will continue to 
run the Panel and will have 
seat on the new Council. The 
two men are old friends and 
fellow benchers of Gray’s Inn. 

Does Mr. Neill, who has no 
political allegiance, hope to con 
duct the new Council in a way 
that will fend off the widely 
discussed bogy of a legally-based 
regulatory authority like the 
U.S. Securities and Exchange 
Commission? “It’s obviously 
desirable that these sorts of func- 
tions should be performed by 
self-regulatory methods." he said 
yesterday. “Generally speaking 
there is far too much State in- 

Mr, Neill, six foot-plus with 
young-looking face under grey 
hair, is in the mould of tbe 
reasoning rather than the hec- 
toring advocate. He sees a signi- 
ficant difference of emphasis 
between the respective scopes of 
functions which the Council for 
the Securities Industry and the 
Press Council will have. The 
City body will be distinctly more 
than quasi-judicial in that one of 
its most important tasks will be 
to formulate rules and codes of 
good conduct in new areas, out- 
side bids which are covered by 
the Take-over Code. 

Those trying to assess the new 
Council's chief— at present seen 
as the unknown City referee 
much as Mr. Gordon Richardson 
the Governor of the Bank 
England, who has had such a key 
role in his appointment, was once 
tagged the unknown Governor — 
could do worse than consider him 
in his academic context 

It was argued by his supporters 
in last year’s election contest for 
the All Souls Wardensbip that 
Mr. Neill, with his lawyer’s know- 
ledge of the world, would some- 
what shift tbe tone of All Souls 
from the narrowly academic to 
some greater involvement 
public affairs. Yet he was seen 
as distinctly less radical than 
one rival. Professor Bernard 
Williams, former husband of the 
Education Secretary. Mrs. Shirley 
Williams, of whom ir was even 
suggested that he was so forward 
looking that women members 
mieht be admitted to the College. 

It was never more true of any 
chief tban .it is of the holder of 
the chairmanship of the new 
Council that only tenure of the 
top job will reveal the quality 
of the man. But time will be 
needed before the City— and 
Westminster— can assess the 
success of the novel Council and 
its newly appointed. head. 

New rules increase 

IMF chief’s power 


WASHINGTON, March 31. 

TUC bid 
to end 

By Pauline Clark, Labour Staff 

secretary, yesterday 
all sides in the Fleet 
Street distributors’ dispute to 
Congress House . for separate 
pfi talks. . 

! Mr. Bill Keys, general secre- 
tary of the Society of Graphical 
and Allied Trades — whose 
members are refusing to 
handle London editions of tbe 
national newspapers in support 

The Federation of London 
Wholesale Distributors also 
agreed to meet Hr. Murray and 
representatives of the News 
paper Proprietors* Association, 

Sterling is . once again _ the 
bogeyman in the financial 
markets. For most of the past 
couple of montitsthe aeQiioe of 
the dollar, has partly disguised 
the parallel weakness of sterling 
which on a trade-weighted basis 
has fallen by seven per cent, 
since the end of January. .How- 
ever, last week, the financial 
markets finally began to decide 
that an was not welL 
The gilt-edged market, especi- 
ally at tbe longer end, is start- 
ing to worry about the inflation- 
ary implications of the fall iir 
4 the exchange rate since accord- 
ing to the monetarist's Title -of 
thumb a one per cent, fall in 
tiie exchange rate does not take 
too long to add roughly one per 
cent, to retail prices. Mean- 
while, the money markets have 

lObn. SDRs lo 39bn. SDRs. Mem- edge over other countries. 


Barre is asked to stay 
as French Premier 


PARIS. March 31. 

Sogat and Federation members 
before they -can be imple^ 
men ted. 

The Federation yesterday 
made formal representations to 
Mr. Albert Booth Employ- 
ment Secretary, for Govern- 
ment intervention. Depart- 
ment officials .said Mr. Booth 
believed that it would be in- 
appropriate for him to inter- 
vene at this stage. 

SOGAT has so far refused 
arbitration an the grounds that 
normal negotiating procedures 
have not been concluded. 

The onion has complained 
that the NPA has not been will- 
ing to enter into talks with it 
The NPA argues that since the 
wholesalers employ the SOGAT 

Israel still 
hopes peace 
talks can 
be resumed 

$lbn. Malaysian gas 
project agreed 


KUALA LUMPUR, March 31. 

By L Daniel 

TEL AVIV, March 31. 
THE ISRAELI Government still 
appears to hope that the mission 
of Mr. Ezer Weizman, Minister 
of Defence, to Cairo, may bring 
about a resumption of the direct 
peace talks broken off in 

The belief here is that there 
is still room for manoeuvre- 
Israeli officials here were 
reported to have said cheerfully 
that Mr. Weinman’s meeting with 
President Sadat of Egypt “ could 
not have been a complete wash- 

Great significance is attached 
to the fact that Ur. Sadat was 
prepared to meet Mr. Weizman 
at alt Mr. Weianan on his 
return from Cairo carefully 
avoided meeting reporters, and 
there was no briefing on what he 
reported to Mr. Begin, the Prime 
Mi taster. 

The Egyptian Press has said 
that Mr. Weizman took no new 
proposals from Israel, that no 
progress was made and that 
deadlock continued on essential 
issues — Palestinian “self-deter- 
mination" and Israel’s refusal 
to contemplate uprooting Jewish 
settlements on occupied Arab 

Some here reck.m that Egyp- 
tian tactics are aimed at per- 
suading the U.S. Government to 
put greater pressure on Mr. 
Begin’s Government. 

There is doubt whether suffi- 
cient progress was made to 
permit the reconvening of the 
joint political and military 
committees set up as a result of 
Mr. Sadat’s peace initiative last 

The Egyptian Government is 
understood to have wanted Mr. 
Weizman to go to Cairo, and 
his visit took place during a 
session of Arab League foreign 
ministers although in - the 
absence of those from the 
"steadfastness front" including 
Syria, Libya. Iraq, South 
Yemen . and the Palestine 
Liberation Organisation. 

Mr. Weizman is reported to 
have suggested that Egypt should 
submit more ' detailed counter 
proposals because it does not 
accept Israel's, 

AFTER SEVERAL years of pro- At to-day’s prices, tbe liquid 
traded and sometimes tense gas is worth 3700m. a year, 
negotations, agreement has been Petronas will hold 63 per cent 
reached between the Malaysian of the new company's equity, 
oil company, Petronas. Royal while Shell and Mitsubishi will 
Dutch Shell and Mitsubishi to each hold 17.5 per cent, 
build a USSlbn. plant to supply To-day's signing ceremony was 
liquid natural gas to Japan. held up for three hours as 

aarawax state. Internationale Petroleum Maat- 

Tbe plant will be one of the sebappij as technical consultants 
largest in the world. It will take f or jh e project, 
natural gas from fields off Sara- supplies will be transported to 
wak. where Sarawak Shell has a j apan the Malaysian Inter- 
sharing agreement na ti 0 nal Shipping Corporation, 
with Petronas. The first of the five tankers on 

Tbe joint venture company will order is expected to be delivered 
supply 6m_ tons of liquid natural by September next year. But as 
gas a year (equivalent to 140,000 the gas will not be on stream 
barrels of oil. a day) to Japanese until 1983, tankers may ' be 
public utilities for 20 years, chartered to Indonesia or 
starting from 1983. Algeria. 

Continued from Page 1 

Bank eases pressure 

two years ago. This explains 
the official intervention yester- 

■ Tbe view in 'Whitehall 
appears to be that (he pres- 
sure on sterling should be 
Short-Jived. The position is 
unlike that of. 1976. There is 
now a current account surplus, 
a single-figure inflation rate* 
and large official reserves to 
provide a cushion. 

The fall in sterling will ease . 
some of the concern about the 
erosion: of competitive position 
of British goods — and be 
quietly welcomed In Whitehall 
for that reason. It will also 
remove a favourable influence 
on inflation. 

Tbe impact should not be 
exaggerated since the trade- 
weighted index was only above 
65 for a couple of months -aud 
the decline compared with 
average level last autumn is 
much smaller than the drop 
from the peak. 

...The weakness of sterling 
hag b ee n matched by. uneasi? 

ness in domestic money mar- 
kets with increased speculation 
about a possible rise in short- 
term interest rates. 

The Treasury bill rale at 
yesterday’s tender was, at 
5.9362 per cent. ,only fraction- 
ally below the level required 
to trigger a rise in Minimum 
Lending Rate from the present 
level of 6} per cent. 

But with a smaller amount 
on offer next week the market 
view last night was that MLR 
would be unchanged at least 
until after the Budget on Tues- 
day week. 

Mary Campbell writes: The 
priees of -Eurostcrilng bonds 
-fell sharply yesterday morning, 
hot recovered some of the lost 
ground by tbe close. 

The falls prompted a revision 
of the indicated terms of the 
issue on offer for Gestetner. 
When terms are finally fixed 
on Tuesday the coupon will be 
higher than the originally in- 
dicated 101 per cent, 



M. RAYMOND BARRE was to- tion policies. Assembly and the election of its 

night appoioted by President During the 19 months that the Speaker and committee cbair- 
Valery Giscard d’Estaing as the Barre Government had been in men. 

Prime Minister of the new office, there bad been a signifi- The Government will be built 

French Government, after the cant recovery of tbe economy, around the two main political! members, it is not an NPA 
Centre-Right coalition’s comfort- The franc had been stabilised, groups which made up the out-! JS — *- 
able General Election victory. inflation slowed down and the going coalition, the Gaullist RPR 
The nomination of the 53-year- balance of payments deficit sub- Party and the UDF Giscardian- 
old economist, who has led the stantially cut. Centrist Alliance, but it is also 

Government since M. Jacques After his nomination, M. Barre e2 Pf cted 10 ^ lz L de 

M'M", 1 L 3 EE »£— *• 

dent of the Common Market Com- ^conom'S'c^oUdeTwhic^ had^Sd week ™ th ?? leaders . of lhe 
mission from 1967 to 1972, has S°5S?hn?SSSeJt at leit in “““ .Opptftim Parties-par- 
been generally expected for the {{L*}* SSwi fSSre ticuiarly w,th the Socialist 

last few days ™ foreseeable future. . leader, M. Francois Mitterrand— 

There was speculation that the The new Government .would have shown that the Socially 
President might appoint a new have two other priorities- to intend to remain firmly in 
Premier to tike account of dig- achieve greater social justice by Opposition. • 

satisfaction with the last Govern- rising the wages ofthe lowest- But there is an outside chance 
meet expressed in the first round Paid workers and by increasing that M Barre may be able to 
of the election. family allowances, and to persuade some Left-wing 

But the 90-seat majority won simplify relations between ordi- Radicals, previously allied with 
by the outgoing coalition in the citizens and Tne admin is- th£ .Socialists and the Com- 

final ballot worked in M. Barre’s tration. raunists. to join the new 

favour. It is now up lo M. Barre to administration. 

In accepting the outgoing appoint the members of the new This would be in line witii 
Government's formal resignation Government. aEter consultations President Giscard’s policy of 
earlier to-day. President Giscard with the President. But tbe forming a uovernment as 
made it plain that he looked Prime Minister said that be broadly-based as possible and 
upon the election results as an would Dot begin his task until . defusing bitter party conflicts, a 
expression of popular confidence next Tuesday, after the first characteristic feature of French 
in M. Barre’s economic stabilisa- meeting of the new National politics over the past 20 years. 

Both the NPA and the 
wholesalers argue that the 
union demands cannot be met 
within the Government’s pay 

Meanwhile, no solution had 
emerged yesterday . to the 
engineers’ dispute which has 
prevented publication of The 
Times for a week. 

Times Newspapers said last 
night that protective dismissal 
notices would be issued lo all 
staff — including executive 
directors — if production were 
not resumed by Monday. 

The Guardian, whose London 
editions are also affected, is 
printing between 60,000 and 
100,000 extra copies in Man- 
chester with the co-operation 
of its printers there. 

Max Wilkinson writes: The 
Times bas made a profit for 
the first time for more than a 
decade. Its profit for 1977 was 
£23,000, compared with a loss 
of about £900,000 the previous 

The figures are a turning 
point in. a long slow recovery 
since the early 1970s, when 
The Times was malting au 
annual loss of up to £3m. 

Losses so far have been 
borne by the Thomson family. 

Company News, Page 16 



U.K. to burn 
from U.S. 

By Lynton McLain, industrial Staff 

BRITAIN HAS heen choen by 
the seventh largest U.S. chemi- 
cal company as the best place to 
burn 4.400 gallons of toxic pesti- 
cide waste. 

A year ago, the company. 
Allied Chemical Corporation, was 
sued with Hooker Chemicals and 
Plastics Corporation, in a claim 
for 5108.9m. damages for 
alleged failure to warn former 
employees of the dangers of the 
product The action was subse- 
quently settled out of court for 
an undisclosed sum. 

The company has asked the 
US. Environmental Protection 
Agency for permission to release 
elghty’55-gallon drums of kepone 
ant and cockroach poison for 
trial incineration in Britain. 

Tbe work will be done by Re- 
Chem International, a member 
of the British Electric Traction 
Group, with plants at Southamp- 
ton, Pontypool in Wales and at 
Roughmute, Stirlingshire. 

Allied said last night that the 
market for kepone still existed, 
but it had no intention of devot- 
ing a large proportion of its 
resources to the product any 
longer. “We do not think it a 
good business to be in," the com- 
pany said. 

But it has been left with un- 
disclosed quantities of kepone 
and bas tried successfully a 
small-scale test burn in the U.S, 
near the Hopewell plant. 

Allied now felt it had Found 
i in Re-Che m. the most feasible 
and economic way-of-dlsposine 
of large' quantities of kepone. 

The Department of the 
Environment said it could see 
no reason why Re-Chem could 
not dispose of the material 
- adequately” 

to be_paid- later -on. - ft 

Index fell 3.9 to 463.8 .ggSSi 

impuftremerit on.' tiie fir& if 

■ SX - montiis,- .Bud the package .. ! 

could save . aroupd fitei. of u* 1* 
terest outgoings ip- 1978-79. But : ... : 

Tt is stfli. by ~'no means -dear : 

' when tbe group’ will achieve a • - 

■ fiBajor ‘ breakthrough ■ into ' the I- ' - 

bUck, and the shares _eased 4iK-' :: . l 
. to 13p, yesterday,, for ah equity <- T ' 
capitalisation of £33m.- . - ■ . : 

Northern Foods.. - r • 

j. r :* ' Another j safVb" was 'fired" jes-^ • 

. terday by.Northern Foods in it* 
protracted-: battle Vfor brewer 1 ^-' 
James . Shipstone— .the ghrap 
has" produced "estimated ’profit: --.. 
Agntts - f qr its half : year ~ jiiit ^ ’. 
Ended. Not auiptfetogly, tho . 

wnue, u»e money marseis nave mwifl Prejw 

become increasingly nervous oh could earn £30m. But ^real a boott .V 

the interest front Yesterday’s interest in tbe shares. J ' 

Treasury bill tender .came rose lOp to 218p yesterd^ is . lw ^.; h aTO^ risen by -onvtttS - - 
perilously close to triggering a the oil connection. ■ . t0 on tnfaover^rf ' 

rise in MLR and the low level Thomson Organisation ^ will. £i3& ; coiouaS wMr mJ' 
of applications was far from probably exercise it. ^on to the f ®' * 

encouraging. . .control the North Sea oil : to *Cs : r" 

Yet it is hard to imagine .that interests of Thomson Scottish , ' ramparSe th? rise^fe ' 

the authorities will allow; MLR Associates (TSA) later this year j^mmea to atitirfl. ? v-- -r 
to go up next week just ahead and this could add annual eps _ . ' • ... • •: 

of a give-away Budget- far .that of between 30-40 p over the next tore-purchase laterals;-- 

would expose far .too dramatie- few years. Aside from raising ' con ^ue-to-maKeJire?f w *y 
aJJy the potential conflict the dividend Thomson will soon profits still benefiting frorn low^ r ; 
between fiscal and monetary have to decide what to do with interest rates; -while 
policies. Tuesday's banking its rising oil cash flow; but it is cuits. has :made a.jgqpd first tihie 
figures incorporating eligible ^ying little more than that it contribution. Browing;. .has bere ; '. _ . 
liabilities for the March bank- 5ees its future in the informs- held bat^ by d’sJx-Weelcgofilfflt - 
ing month had better be good, tion and communications bust- during- October and November :: 

however. For if they indicate ness, 
further rapid monetary growth 
it will be hard for tile authori- T0WH and City 
ties to keep the lid on the kettle. 


followed by weak sales a^i 
Christmas. Meanwhile, bawOT6t,' TCftsf >* * 

manufactured milk prodatia - , 

“““ ““ J have been selling wefl.- . . _V - . ^ 

The idea behind Town /and For ^ second half thevgroap ' - 

can look .forward to .a better 

City’s 8/14 per cent. Con- 

vertible. tbe first .tranche, of brewing performance's* well' it 
After a decidedly sluggish which was issue in 1974. was a pr jce rise for the miliinfeacH- 
first half. Thomson Organisa- that by 1978— when, the higher vities. So analysts are no£loo*- 
tion's pre-tax profits jumped by coupon becomes payable— the f or £24®. -prero :for : 
nearly 50 per cent, in the second company would be in a .better year ' At 88p ■ - 

six months and for the full year position to pay up. Some hopes, shares stahd on a urtKOedm ' 
— £4. 4m. ahead at £19.6m. * — J — • — * ' 

are £4.4m ahead at £19.6m. for the group suffered pre-tax p/c of over 8, butwitii tbe w ^ L ' 
Given that travel profits are losses of. almost film: inrthe Ability of a 40per cent ^videnf - 
£3J2m. lower Thomson’s growth first half of the year just ended: increase depending bn fioten* 
has come from its traditional hence the decision to persuade ment the shares could — 

newspaper interests. The the Prudential and Barclays, hoki to \ ratoii^ - - 

regional papers bad a splendid holders of £26m. out of -the . , • : 

year, chipping in another £4m, £43m. Convertible issue, to T An firm ^.ajofer; ’ . ■" 
and the national newspapers switch into Convertible Prefer- < - - . 

swung round from losses of ence on which no dividend will M(ie6d-Sipef h^ Yaired "tlaj'' - 
£1.5m to profits of £L9m be paid, before 1982. Hie cash offer for. London Sbnritra 

Since the Sunday Times is still sweetener amounts to a poten- from 110p.tO l5^>,aL S&ir& W - * 

making considerably less profit tial 17 per rent eventual equity r^ponse to'-ft^- recent (jtefeuce - 

than a decent-sized regional dilution. Meanwhile much of document; wtocb dxiii^d a total ■ 

newspaper there is plenty of the group’s bank debt has been net - wortif { qf 278p. Lofidos 

scope for further recovery. restructured into two Barclays Sumatra hasyet_ to ; pronouna 
Jn the current year the travel loans— £50m. due iii 3988. £44m. judgment, biitit'» b?rdly likely p 
business could easily make due in 1981. Interest charges to be in fjarbur.^^at^.flK ttirn 
upwards of £I0m. helped by a on this debt will not imme- the affair into a re-rtlh of tbe 
rise of around a third in book- diately reflect fully any sharp Wigfali Sttug§iey >tith . a tetp 
ings. and the newspaper and rise in money rates a feature minority, (a’tt jger rent-stjire * I}* 
publishing interests, barring also designed to provide some is held .by.'tti& HtorfeonsrAod [ " ,w ‘ ' 
widespread labour disputes, protection for the profit and Crosfieid ■ cam$>) ':lWbddng ^ ■ 
should also perform strongly, loss account But here a gap offer whfdi’iOofcsattrHCtive ft . 

so Thomson’s non-oil interests there will presumably be a outsidmrsf-^ - - ^ •>.' 



OCCASIONAL light rain in most 
areas, brighter later. 

London, SJ^ CeuL S. England, 
E. Anglia, Midlands, Wales, Isle 
of Man, N. Ireland' 
Occasional light rain, drier 
later. Wind S.E., moderate. Max. 
I1C (52F). 

E. and NJL England, Borders, 
Edinburgh. Dnndee, Aberdeen 
Perhaps occasional rain. Wind 
S-E^ moderate- Max. 10C (50F). 
Channel Isles, S.W. England 
Showers dying oat Wind 
mainly N., moderate. Max. 11C 
N,W., Cent N. England, S.W. 
Scotland, Glasgow. 

Occasional light rain, sunny 
intervals. Wind S.E.. moderate. 
Max. 10-11C (50-52F). 

Moray Firth, N.E., N.W. Scotland, 
Orkney, Shetland 
Mainly dry, sunny intervals. 
Wind E., moderate. Max. 7-9C 

Ontiook: Becoming mainly dry, 
with sunny intervals. 






Be inn 








B. Aires 










Class 01 c 


B. Boos 




«C P F 


Mooircal . 

1 New York 
SO j Oslo . 

« Paris 
TOjRio de J’o 
SO Rome 

°C °F 
7 « 

11 52 
S 46 

12 54 
12 54 

7 43 

10 SO 
S 15 .SB 

S 11 52 
4 29 

S5 V8 
21 70 
14 57 
0 48 

50 Singapore 




Tel Aviv 







V It W 
S 2S Kl 
S 17 E*. 
sq 4 -as 
s so se 
II 52 
St t* 
‘5 41 
9 45 

1 ; ai 

25 78 
S 17 83 
C- 7 45 
S 8 4S 
s 20 as 
S 30 89 
C II 50 


Cape Tn. 
Corfu - 

R 11 S 
F 16 61 
C JB 61 
C 5 46 
C 13 55 
F 12 54 
C Id 61 
S IS 30 

Dubroatrife F 15 59 
Faro C W 61 
Florence K K M 
Funchal F 17 63 
Gibraltar V 17 63 
GuernspF C 9 «i 
luuEbruck s 14 44 
Is. of Man R 4 fl 
Istanbul C 7 45 

Jersoy C 10 Ed 
Las Fins. ( IS Hi 
Locarno R 8 4S 






Nlee - 










S 13 59 
S 18 64 

F 16 61 
N 56 GO 
F 12 M 
C 13 54 
f I? nr, 

C 14 57 
5 15 59 
F 16 66 
F 16 61 
C 13 54 
G 14 57 
S 15 59 

S— Snnnr. F— Fair. C— Clondy. D — Dride. 
n Oh >n Sb-^Sdoiv. 

The Rqyal Navy 


The Merchant Navy 

The Royal Marines 

Our Fishermen 

•^35 ! 

" ' 5 Heir, widow*- 


In this Country of onrS, tfeere is iiO’Cme .‘who® f . 

. notconnected with.the sea^ '* ... f ... 

Half the food we eaf comes/roii s®*- - 

Many thousands of ns, our ielatrves jor fegRogi^r _• 
past or present members" oF_one lof the sea-isting 
services, or of an industry ^pen^eat nn&effl; * . • ;; 

There' are' many oha-titiesi^^eaferer5^id^^ .^ . 

famife; One, only dflerhbwbre^ 

- charged with counting mid provide ^°7. s -vkar - ’ 
other seafarers’ charities, and widi.nw - 

the money is distri buted where ltcan betif ^P 51 - ^rv 

\ ’ . That central charity ■* 1 ' - ■ - 

Sailors. Launched in 2917- -\ * 

wish, KGFS distributes funds \ 
service, of rank: or of creed. Tb& sole ffifflffi.rv. > . > V 


■When you want to remanber oiijr for 

•are in need, -remember -King 
Sailors. 'We’U see to it thatnot ‘ one -penny oi y . . . 

. money goes to waste. 'J - j / ^ •*; ^ - ; 

Please send your dona(ion_to>’ ; ; ; 

our donafeonto:- .. . • , ■ -v y t*. 


ReeMercd ai jjto Post Oi Bco.- 


bv ihA K iunc te l Times LhL. Eamc^aa fouso, aBaat-Itf*- 3 *.'.'’