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. No. 27,529 


Saturday April 8 1978 


Je Reviens 


The essence 
of feminine /f\ 
elegance _ ' - i 




H\ 





LES PARFUMS | 

-WORTH 


^ iJWt ! _ PRICg; AUSTRIA MtCIUH Fr^St DENMARK KfJ.5; FRANCE FrJ.Oj GERMANY DM2.D; ITALY 1.500s NETHERLANDS FU.O; NORWAY KrJ.Sj PORTUGAL EjcIO; SPAIN Pfittw4D; SWEDEN Kr.3.2S; SWITZERLAND Fr.2.0{ EIRE 15p 



1NERAL 


nrho tones 

^ eveal 


BUSINESS 


Spillers’ decision Carter seeks 


Zi 


Equities to end baking 
!r 43; costs 8,000 jobs 


Soviet deal 
over N-bomb 


lose 


• EQUITIES drifted Iowfer after 
Conservative Part}-, un- news that Spillers was 'to pull 
filing its proposals to curb out of balking breads FT 30- 
nmigration, came out with ^ 
hat Mr. William Whitrlaw, 

; shadow - Home Secretary, FT IndUSffi&i 

; -tiled a “tough but fair” policy. ’ ^ftrrfniarv r “ - 

- A quota system and other IfllUHSaJ 

‘ . easures to control the entry of . - •• fanbir - ■ 

- . Natives and male finances are -- . ■ 

v.-jefuded. . • WM »y aWBa BnsC^\ 

■ The measures were presented : ‘ nief CZl^. ' 

..v Mr. Whitelaw to 2,000 dele- ® ef pi ‘ 

.. utes at the Leicester conference ~ |7 

f the CoDseravtive Central .. 

Clashing head-on with the-. - — — 

abour Party’s immigration - f-l n5«in : -fi — — 

... olicy, as set out by the Govern- 4$ / ~| r T^T | — ” 

- . ~';ient this week, they guarantee m ~ — 1 | ~ 

. -hat the subject win provide a . .ft ... J, , .• 

- ashpoim between the two APRIL 1B781 

.arlies until a General Election. 3 4 5 6 " 7 

;. -lack Page i ■ ' * 


.MufttyMDvaffln; 
. ® ■wsrs cusE' 


7:7. "'dueri lias attack ®}?\ e closed « off at 

Thodesia hotel 

Nationalist guerillas attacked a •- ' ' . I 

• iotel on the Gwal River 90 miles • GILTS at the short -end had 
mrth of Bulawayo, killing one. losses ranging from. 1 and at 
tt..v^ ac ^ employee and wounding the Jong end to which left 
'••wo more, it was announced in the Government-' Securities 
. \ Salisbury . At Chredxi, Mr. index 02 7 lower at 73.96. * 

\ _ .'imon Chengeta, a black • ....... 

neraber of , the Rhodesian f STEELING traded quietly 
; Parliament, was killed by aad dosed at 3L8745 up five 
-merillas who forced his son . .to mixta. Its trade-weighted Index 
. ‘ r? a ^ h S t J 0 *■*' county ^ ^ed at 6U. Ws 
-orces, stated. , trade -weighted' depreciation 

S 240,000 more narrowed to 6.42 (649). per 

for Royal Family 

Tivil' -List allowances' to- the ** .$179,373 

— -loyal -Tamily are j lo be raised ($I»0.1»). 

; Ty £240,000— an increase of 95 407 

wr cent-rm the coming year. •- ■*’£“. STREET was ■«£: 4.0< 
Hie total allowances, inclodnnr aft.76&iJ2 near the dose. * . .. 

• he £L82m.. charged directly on . ' • 'V 

. ‘ he Consolidated . Fu'iitf. will be • BARCLAY^. BANK MnMgrc* 
2*2.86m. AWoc^ti^r a f6' ti #^diridtiAF sneni- with the 3Q.000 
' Tiembers hf- tlie ^Royal- Family association Vo experiment , with - 
ire expected to be declded witb- flexible working, including: -late- 
- ■ »n a few weeks. Page 3 .. . 1 night and :eaxly opening hours* 

- ' ’ _• : new bureauxde-ehanges and co- 

- New moves likely operation • In a - . review of 

in murder probe ■ **«* f 

- New moves are expected early • MANUAL Workers at Leyland 

- •' 'next week lo the police investl- pars vo^d fay more than - to 1 
- cation of the alleged plot to.kUl reject the company s planned 

■Mr. Norman Scott; a mdJe model, incentive scheme which offered 
: Senior detectives are studying up to £S a week bonus. Backpage 
■ • c statements 7oade by Mr. TJajtnd. . — aibwavs in piupa. 

' ?e°r?m e v’ Vh^ 

■ • ^uSS lerder^nd^-Jobn^ W-HjafilTS? 

- Me«nirier a Welsh businessnam,- 10 . buy; JiP.; to 30 Boeing- -737 
in ^onnecflon : vStK- the allega- shorf-haul Wtliners. seatmg up 
« ons ““00 ."^^™;^ '» of more 

seems likely that .more men- are- than £100m. Back Page 

to be questioned at-^engt^: . •; ^ ASTEBN AIRLINES’ deal 

- • ' I IN PAfKOflf - will give renewed impetus to the 

; — UM reircax. . : - argument oyer whether the U.K. 

Norwegian peace-keeping troops should/ rejoin the Airbus In- 
abandoned a southern. Lebanese dustrie group on a formal Gov- 
, village when ' Palesttnian- ernment basis, rather than con- 
« cuerilfas fired at -them, the UN tinue ils association solely as a 
-vT/lV said in- Jerusalem. - sub-contractor, as at present 

II |> DetaDs of the incident are. being .Page 4 
Iv^ 1 studied by Israel, whose- forces 

are scheduled to .begin iaJirolted' V./^:^ , -.4-ill 

^ ,-»cC withdrawal-fronr; ftir region- on- l^ODfrlO SU11 

Tuesday. Lebanon, Page 2 - 

Genoa shooting • after SUITS 


\T 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 

Spillers is to poll oat of the bread industry after six years of mounting 
losses. It is closing 23 of its 36 bakeries making almost 8,000 workers redun- 
dant The remaining 13 bakeries will be divided between Ranks Hovis 
McDougall and Associated British Foods. 

The two companies, Spillers' Spillers, the smallest or the tougher stand with the retailers, 
main competitors in the baking “big three” plant bakers with This could in turn lead 10 
industry, are buying the bakeries 16 per cent, of sales, has lost higher, average bread prices, 
at their asset value and so £2Sm, on bread over the last six though it should ensure that 
almost covering Spillers' £I6m. years. supplies arc maintained through 

redundancy bill. They will keep ’ 1 v _.._ ,i n n P a ft pr the the c° untr y and the plants are 
t „ , bread' s.X .nj W Sp* ^lieed more elT.eien.ly. 

K,. ve f ^-sl a - ‘yL! 0 U P «>f the discount war. the com- Last night. KHM. which is to 

buy some of their flour from p nv lost mofe t h an £9 m . on spe nd £10.74m. on buying seven 
Spillers which will continue to {, read bakeries emptying n.ooo people, 

operate its miliins division as , warned thd iithnu-'h the V-iol 

well as retaining its cake-baking company yesterday pub* wwmed^ to u. aitnou h the ^ 

and other food interests lished its unaudited results for sures n . .. L Indu ® tr y 

The 1 CoreS5.S77i .m-pW >hT .o J-moBry ,R. The S , ,7™^,^, 
the deal as hetn n oreferable to s h° w lh: *t for uroup us a !“ a t , ou J“ - n *-it»jr> 10 qei 
the wholesale closure of all jvholc. P/e-tax profits had fallen Jr^ack to a sound profit posi- 

SpHlers’ bakeries and the conse- 19 ' 6 ^ 7 t0 n0itrcr Farther increases in the price 

2nS n poSmv Ct hrcad^ifpres 00 ' ^i h^ drop come ,n the of bread^iow standing .at 2S-ip 
No P written job guarantees second half of the year when the “^"]j d e(1 c nev(led ,f 5r,,lal,on 

are being given but AB Food and ^re^U The finul Spillers' is io raise another 

RUM have given- the Govern- increased. As a result, me final £4 .,£ h s ,.ii. n ^ ^ ix hakeries 

|ment assurances that the baker- ij to ABF. the largest of the^ig 

ies being acquired will stay open L«0-5p per share to 0.5-5p. bakers Ahom 2 .00,J workers are 
at least a year. f-j employed at these plants. 

Ministers were informed of the ^1*01113016 On top or the estimated £l6m. 

p, an only on Monday and would for redundam-v payments, 

undoubtedly have preferred to Neither of the other two com- Spillers may have to make 

delay an announcement, until panies is at present making any further provisions for writing off! 
after next week s by-election in money on bread, though their th e assets of the bakeries which 1 
Scotland where 750 jobs will be losses are far smaller than those are t0 b e c j D3eC j 
lost .... °f Spillers. Both have profitable James Prior. Opposition I 

ni K Ve was immediately milling divisions, employment spokesman, des- 

mfLiJinv All the companies suffer from cribed Spillers - decision as □ 
hS tll ff X |iS5 Cr S a, JiiIw B lhe same problems, namely over- “further blow fo an already 

for wmSiltations with the ca P acit y in industr >'- famil S ‘Ksastrous unemployment posi- 
r« demand and the pressure from tion.” 
unions m ' retailers to increase the size of Mr. Jackson Moore, general 
°The ifnlnns Tierp tnld nf the thpir trad ® discounts. secretary of the United Road 

decision only yesterday after- The closures will cut the total P n r Lirv' ” no hVv^" M r Rov 

noon. The Bakers Food and bread-making capacity in this « Sterslov^ PrSS HeOfeSrv R for 
Allied Workers Union is to hold counto' by about ID per cenL JSf'SUJJJl P s Seurelar y' for 
an emergency meeting next and may make it easier for the Lae “ ' 
week. remaining companies to take a Feature Fagc 15 


Living standard 
highest since 
early 1975 

BY PEtElt RIDDELL, ECONOMICS CORRESPONDENT 


STANDARDS • 


Real personal 
disposable income 
at 1970 prices 

Personal 

savings 

ratio* 


£jt». 


1975 

41.703 

15.4 

1976 

41.609 

.14.9 

1977 

41.038 

14.5 

1976 1st 

10.458 

TS.8 

2nd 

10400 

14.7 

3rd 

10.498 

15.4 

4th 

10.353 

13.8 

1977 1st 

10.312 

15.1 

2nd 

10.035 

13.9 

3rd 

10.126 

12.8 

4th 

10.615 

16.1 


105 



The Red Brigades -struck again: 
in Italy yesterday when two, 
masked ' gunmen shot .'and 
wounded Sig-. Felice. Schiayetti, 
50. president of the- Genoa Indus- 
trialists' Association. - Page 2 . 

Lloyd’s Inquiry 

Lloyd's- of London -launched an 
inquiry into allegations, made in 
the Commons by Mr. Jonathan 
Aitken that pressure had been 
brought on its underwriters to- 
settle a fraudulent claim. 

Rain in Spa! K . 

More rain will fall un Spain, 
mainly in tbe plains bf -the north; 
western Valladolid, province, if 
a doud*seeding experiment Is 
successful; the World Meteoro- 
logical Organisation - said- in 
Geneva. . . 

Briefly.. V. 

New York • dealer . Martin 

Breslauer paid. S212tn. at 
Christie’s for a Gutenberg oiBJe 
on behalf of the The General 
Theological Society. . 

Sir Charles Core, 73. is to seU 
his 2.000-acre estate at Style near 
Hun^w«d.-:Berk& Bids' of at 
Jcast^SSfr'are- expected. 
Employers .. should segregate 
smokers in the interest of* effi- 
ciency, a York psychological cou- 
f ere ace is to be told to-day. 
*age- : 3 . . , 


f» LpNBHO decided to go over 
the heads of directors of Scottish 
and UniversaL Investments who 
voted to reject its bid approach 
— which - values- the company at 
f39m.— and put .the same offer 
direct to SUITS’ shareholders. 
Back Page ^ 

% KELLOGG is to change its 
system of trade discounts to re- 
late - -them more closely .to. de- 
livery costs. Some big super- 
market groups, such as Fine 
Fare and Tesco, probably will 
have to pay a surcharge for 
deliveries even if these are part 
oTjarge quantity orders. Page 4 

-• SHIPPING ‘ investment of 
£30Om. may - be .jeopardised by 
-moves within the EEC to limit- 
the amount of New ZeaUnd 
lamb imported -into the uJL 
say shipowners -whose vessels 
serve the trade. Paige 4 

COMPANIES 

#. STAFLEX International pro- 
pose to dispose, of asseis worth. 
SZ 3 ia, 16 ■ reduce short-term 
borrbvnags. Page;l6 
♦ NATIONAL Enterprise Board 
is- -tip step up its holding in the- 
votiuE '-./Capital -of Cambridge 
Tastrumeat— which already has 
received.' . about £7-Bm. of public 

funds— to gbout so per cent- 
after - art increased pre-tax loss - 
of £KMdl to last June by the ; 
company. Page 16. . 


LIVING STANDARDS have been 
rising sharply as a result of 
income-tax jcuts and higher real 
earnings, and are likely to be 
given a further significant boost 
by Tuesday’s Budget proposals. 

Official figures published yes- 
terday- also show that the finan- 
cial position of industry im- 
proved substantially in the 
second half of last year to its 
healthiest state since 1972. 

In the final three months of 
last year, average living stan- 
dards. as measured by real per- 
sonal disposable income, were at 
their highest level since the 
beginning of 1975. 

This followed a rise of 4.8 per 
cent, compared with the July- 
Septemher quarter to £10.6Ibn. 
<at 1970 prices, seasonally 
adjusted). Over 1977 as a whole, 
real disposable incomes fell by 
L2 -per cent 

The late autumn tax cuts and 
rebates coupled with the uprat- 
lizig of social security .benefits, 


have exaggerated the underlying 
rale of improvement. But a 
further rise in real disposable 
incomes is likely in the current 
half as pay rises come through 
and the rate of price inflation 
slows, leaving aside any further 
tax cuts. 

The initial response to the 
increase in living standards was 
a sharp rise in the percentage 
of income saved. Consequently 
the personal savings ratio 
increased from 12.S to 16.1 per 
cent, between the third and 
fourth quarters. The average 
level .was 14.5 per cent last 
year. 

The expectation among 
economists is that the savings 
ratio will fall from the except 
tion ally high fourth-quarter level 
and that most of the rise in 
real incomes will be reflected in 
higher consum.er spending. 

These figures are disclosed in 
the national income and expen- 
diture statement published by 


•Saving as a percentage of dis- 
posable income. All seasonally 
adjusted. 

Sourer: CriMrflJ Statistical Office 

the Central Statistical Office. | 
which shows that in the second 
half of last year industrial and 
commercial companies had a sui> 
plus of undistributed income 
after financing tax. dividends, 
capital expenditures and stocks 
for the first lime in five years. 

This amounted to £lS6m. 
(spread between the two 
quarters) compared with a 
deficit of £1.94bn. in the first 
half t>f 1977, and a deficit of 
£1.03bn. in 1976 as a whole. 

The turn-round occurred in 
spile uf a significant slowdown 
in the rate of growth of profits 
during 1977 and was mainly the 
result of the impact or the lower 
rate of price inflation and a 
reduction in the previously high 
level of physical stocks. 

Continued on Back Page 


BY DAVID BELL 

THE U.S. was deferring Im- 
mediate production of the 
neutron bomb and would be 
watching closely to see whether 
the Soviet Union was prepared 
to respond to its decision, Presi- 
dent Carter said to-day. 

Mr. Carter said after a week of 
intense speculation about the 
future of the controversial 
weapon that be bad consulted 
closely with America's NATO 
allies and bad instructed the 
Defence Department immediately 
to begin work on modernising 
the Lance missile and the eight- 
inch artillery shell that would 
carry the neutron weapon. 

Administration officials said 
that it would lake about two 
years to rc-design both these 
weapons to the point where they 
would be ready to take the 
neutron bomb, which is designed 
to kill people with large doses 
of radiation while causing re- 
lativelv litlle damage in Drnperty. 

Thereafter, the U.S. would 
still have the option to produce 
lhe neutron weapon “ without 
undue delay." 

But the officials made it clear 
that lhe administration is hoping 
that American “ restraint ” on 
the weapon may induce the 
Sovipt Union to respond in kind, 
possibly by restricting produc- 
tion of the medium-range SS20 
missile shortly to be deployed 
in the Warsaw Pact countries. 

Summit hope 

The President is clearly hoping 
that by deferring a decision on 
a weapon that has been bitterly 
attacked by the Russians he will 
demonstrate to them that he is 
negotiating the strategic arms 
agreement in good faith. 

The American hope is that 
this may he enough to get these 
negotiations going again and 
that it could lead to a summit 
meeting of some type between 
President Leonid .Brezhnev and 
President Carter as early as next 
month.' - ' 

The President said that the 
ultimate decision to deploy the 
neutron weapon "will he in- 
fluenced by the deqree to which 
Soviet Union shows restraint 
in its conventional and nuclear 
arms programmes and force 
deployments affecting the 
security of ihe United Slates and 
Wr«!tf»m Europe." 

Officials insisted that to-day's 
decision was m>t a la=t-niinute 
chance of heart by the President 
caused by the furore after re- 
ports earlier in the week that 
he nlanned to scrap lhe weapon. 

They said Thai the reports were 
“simply erroneous and hail re- 
porting. alheit in good faith." But 
no attempt was made to denv 
the f act That about two weeks 
aso President Carter was at least 
leaning Towards an outright ban 
on the weapon. 


WASHINGTON, April 7. 

However, the officials said that 
his discussions with Dr. David 
Owen, the British Foreign Secre- 
tary. Mr. James Callaghan, the 
British Prime Minister, and Herr 
Hans Dietrich Genscher. the 
West German Foreign Minister, 
all of whom have been to 
Washington within the post two 
weeks or so, had played an im- 
portant part in influencing the 
final decision. 

It was pointed out that the 
Russians can now be in no doubt 
that if the U.S. does decide to 
produce the weapon it will have 
a “ unified alliance " behind it. 
and it will also be clear that 
production of it follows the 
failure of the Soviet Union to 
show corresponding restraint. 

The officials; would not be 
drawn on what would be “ appro- 
priate '• Soviet concessions in 
return, but they referred on 
several occasions to the SS20 
and also to the question of 
weapons systems that are in-' 
volved in the SALT talks (which 
the SS20 is notl lmt which are; 
targeted at Western Europe. 


‘Indecision’ 


It remains to he seen whether 
Congress would necessarily agree 
that concessions of this kind 
were an adequate return for 
giving up the neutron weapon, 
which has come in the last few 
days to be a symbol in -the minds 
of many of the need for the U.S. 
not to give away real advantages 
in return for empty Soviet con- 
cessions. 

Margaret Van Hatten writes 
from Brussels: The U.S. an- 
nounced President Carter's deci- 
sion to its allies within NATO 
at a meeting of NATO Ambassa- 
dors here to-day. 

Dr. Joseph Luns, NATO Secre- 
tary-General. said afterwards 
that the allies “ expressed under- 
standing’’ for the decision. But 
they reiterated concern at the 
increasing offensive capabilities 
of Soviet 'conventional forces 
and^rihe^ aamtinuing .expansion 
and improvement - of offensive 
Soviet nuclear force.-. 

• In London, the Government 
said it supported President 
Carter's decision, which rightly 1 
set the .issue tn the context of 
arras control and the balance of 
forces on both sides. 

The Downing Street statement 
said the Soviet Union “should 
now respond to the President's 
decisioii by measures to 
moderate the threat which we 
see from the scale of their build- 
ContinueU on Back Page . 

£ in New York 


Leaders 
of EEC 
agree 
election 
dates 


By Guy de jonquires and 
David Buchan 


COPENHAGEN. April 7. 

HEADS of the nine Coincoun 
Market Governments agreed 
to-day that ibe first set of 
direct elections to the Euro- 
pean Parliament should be 
held from June 7 to 10 next 
year. 

Polling day in Britain will he on 
Thursday. June 7, and other 
countries will vote on the 
week-day «»n which their 
national elections arc tradi- 
tionally held. Votes will not 
be counted until polling is 
completed in uil nine 
countries. 

The date uf the elections has 
technically heen agreed only 
in principle, and must be con- 
firmed after legislation has 

• been approved by the nine 
countries. But none nf ibe 
Government leaders meeting 
here for Iwn-day European 
Council “ summit ” to-day ex- 
pressed doubts that this pro- 
cess would be completed on 
time. 

Most of the EEC leaders would 

■ have preferred to bold the 
elections in May next year, 
hut bowed to the wishes of 
Mr. James Calluohan. the. 
Prime Minister, and Chancel- 
lor Helmut Schmidt, the West 
German Chancellor. who 
wanted them in June. 

The future parliament will have 
410 members, of whom SI will 
be British, and wilt replace the 
existing 196-seat assembly, to 
which memhers arc nominated 
from national legislatures. 

Declaration 

Decisions have yet to be taken 
on its future site, the salaries 
of directly-elected Euro-MPs. 
and on the powers of the new 
narl lament. 

.EEC leaders aljm approved a 

I 'declaration rc-affirmlm: com- 
mitment to thp principles ef 
representative democracy and 
human rights. 

The statement aims to underpin 
democratic systems, bnlh in 
thp existing members of Ihe 
EEC and in Greece. Portugal 
and Soain. which are seeking 
tn join the Community. A 
reference lo it is to be included 
in the preamble of the acccs- 
sion treaties tn be signed by 
states on entry to the EEC. 

The declaration defines democ- 
racy in general terms, empha- 
sising the need to “ insure 
that the cherished values of 
(the nine’s l legal, political 
and moral order are respected 
and to safeguard the prin- 
ciples of representative democ- 
racy. of the rule of law. of 
social justice and of respect 
for human rights." 


IlieW% When, Where 
and How of Hine Cognac 


Linfood bids for Wheatsheaf 


' BY JAMIES BARTHOLOMEW 

LINFOOD Holdings, the food 
wholesaler which dominates the 
Spar voluntary group of Inde- 
pendent . shops, yesterday made 
an agreed £34m.’takover hid for 
its rival, Wheatsheaf Distribu- 
tion' and Trading, which sentes 
moat of the shops in the VG 
group^ the other main voluntary 
group in the grocery business. 

- Wheatsheaf is one of the 
pioneers of hypermarkets in 
Britain through its association 
with lhe French Carrefonr group. 
If and Linfood control 26.4 per 
cent:' of the cash-and-carry 
grocery wholesale market .and 
1U& per cent. o£ 4he delivered 
wholesale market. The com- 


bined companies estimated share 
of the grocery market would be 
more than that of several well- 
known supermarket chains. 

The merger is designed to 
buttress defences against what 
Mr. David Linnell. chairman of 
Linfood, described yesterday as 
“the fundamental shift in the 
food retailing business." The 
price war started by Tesco was 
still going strong nearly a year 

The battle was not just on 
price, bul also on advertising. 
The supermarket groups had 
increased their advertising 
dramatically and the main whole- 
salers to the “symbol" groups, 


Spar and VG, had to merge to 
be his enough to fight back. 

The merger was also intended 
to improve the buying clout of 
the companies ' and produce 
rationalisation of the distribution 
systems. The savings made are 
not likely to get as far as the 
consumer. They will remain 
mostly with the wholesalers and 
retailors. 

Both companies forecast yes- 
lerday that their profits for 
1977-7S would be down on the 
previous year, although they 
were “confident that the worst 
effects nr the competition are 
now being contained." 

Lex, Back Page 


CONTENTS OF TO-DAY'S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


$ (Prices UApenca unless otherwise 
£ . indicated)- 

j USES ■ 

r Assoc.. Britr Foods 61 + J , 

Austin (J.) 8 

Bertrams , - 26 + 6 

Black (A. &..G). — : .£3 f 7- 

Dowty 181 + .4 

. Edbro 146 + S. 

- Haden 'Carrier 101 + 7 

Helical Bar 33 + 8 

“ Maynards i« + e -• 

Olives -Paper Mill-... 3S + • 

’Bathers ' 101+4 . 

Feed (Austin) 

'Sale Tfiney 212 +• 7. . 

SharnaWart • 80-+-O 


Taylor Pallister 
Turner Manf. ... 
Wheatsheaf — 
Weeks. Nat Res. 
EZ Industries .. 
Tas mines * 


FALLS 

Exchequer 10i% 1995 
Bass Charrlngtoa ... 

. 

Glaxo — 

GUS “A" 

ICI - 

•Sotheby 

Spiders 

4 t«flex'*v— ' 

Afrikander Lease — 


S* + 3 ' 
109 + 6 
194 + 26 
120 + S 
190 + 5 • 

55 + S . . 

£90 — | 
I5J - 4 
347 - 3 - - 
327 - B 
288 -8 
358 - 4 • 
251 - l'- 
27$ - 5 . 

33-3 
165 - 305 


Overseas News 2 Leader page 14 Foreign, exchanges 21 

Home news— general 3-4 UJL companies 16-17 Farming— raw materials ... 19 

—labour 4 .Intel, companies 19 U.K. stock market .: 22 

Arts ^ Wall Street 18 Week in NY and London ... 25 

FEATURES 


The main income tax options 
open to Mr. Healey 14 


Spillers; Britain's shrinking 
stomach for bread 15 


Annulment* 

■rttge -•■■■■ 

Chess 

Celk«lW 

Cram** Ml Pnzrfe ... 
Eteiitailc Otanr ... 

EnterUtafliaoi Guide 
EurapflH Options ... 

Flume* « Family - 

FT-Aamrle* ledlces 


Gardening 

Calf - 

How u Spend li ... 

Insurance 

Letters 

Lex - 

Man of the Week ... 

Metering ... ..... 

Pregerw 

Racing - 


Share InfsrmaUea ... 24-25 

Saleroom 12 

SE Week’s Dealings 2K1 

Trmcl 8 

TV Md Radio 12 

U«H Trusts 25 

Weather 28 

Your Savings & Inv. ? 

ANNUAL STATEMENT 
Family Jnv. TsL Ud. 17 


UNIT TRUSTS 

Tyndall 

AriMMimet ............ 

Mac 

Sthleoinger 

Save A Prosper ... 

Lawnn 

Piccadilly . ............... 


For latest Share Index ’phone 01-246 8026 


Hinc (pronounced to rhyme with the English 
‘fine’) is not just one Cognac. There are Hine 
Hirtc VSOP, Hine Antique and Hine OV. 

Other Cognacs have similar designation 
So why Hine? Connoisseurs wail know that 
within these designations, each Cognac 
distiller has his own personal latitude with' 
subtleties of taste and blend. 

Tile best way to discover these in Hine 
is in the simple Cognac snifter. Coax the 
Hine to its tight temperature by rolling 
the snifter gently in your hand. Then - 
slowly inhale the bouquet before releasing 
the Hine to your palate. 

The subtleties of Hine mean that only 
irtek should be used for mixing. Some ■ 
connoisseurs consider Hine kirk too 
good even for mixing. Never mind. Each 
connoisseur to bis own. 

Become a connoisseur. Ask for Hine. 

Hine 

The Connoisseurs? 
Cognac. 

For an informative leaflet on Cognac, send a postcard .to; 

Dept FT , feth Hoor, 1 0.vendon Street, London SWiY *fECL 




H I NE 







OVERSEAS NEWS 


Cuban forces 
reinforced 
in Eritrea 


BY MARTIN DICKSON 


CUBA IS SENDING moretroops involved there. 

‘mo the Ethiopian province of The State Department now 
Eritrea and there is evidence says it has information that “the 
that thev have now been involved number of Cuban military per- 
in fi-iitins guerilla rebels there, sonnei in Eritrea is increasing 
accordin'* to the U.S. State and there is evidence they have 
Department. been engaged in combat” 

The reports come in spite of Calling on the Ethiopians and 
•■concern" over the possibility Eritreans w settle their dispute 
of such a build-up expressed by through negotiations, it added 
Mr. Jimmv Carter, the U.S. Presi- that the imposition of a 
dent last week-end and the military’ solution (m Eritrea) 
strnn* 1 warning bv Dr. David through the use of foreign forces 
Owen, the British Foreign Secre- would only increase the blood- 
tarv. on Wednesday night that shed and suffering, would not be 
Easi-West relations would be durable and would . not _ con- 
ad verse! v affected iF the Soviet tribute to a reduction in regional 
Union and Cuba became heavily tensions. ___ . - 

committed to a campaign on The State Department echoed 
bnhalf of the Addis Ababa Gov- Dr. Owens speech on Wednes- 
eminent against the Eritrean day. but it is difficult to see what 
"lu-rillas. the US. or British Governments 

° In Rome, a spokesman Tor one are willing or able to do to fol- 
nT the guerilia movements, the low up their criticism of Soviet 
Eritrean People's Liberation and Cuban intervention with 
Front (EPLF). said it believed practical pressures. 

Ethiopia was about to launch a Meanwhile, diplomatic rumb- 
thrre-pronged attack in an lings over Dr. Owen s speech 
attempt to regain full control continue. The Cuban Foreign 
of the province, which is largely Ministry delivered a strong state- 
under the control of the rnent to the British charge 
secessionists. d'affaires in Havana in Thurs- 

Thp spokesman estimated that day designed to rebut the 
one attack could come from the Forcisn Secretary's maooropn- 
province of Tigrc. along two ate and uncalled-for speech, 
roads leading from Addis Ababa It said that Dr. Owen had 
to .Asmara, the Ethiopian-held “acted irresponsibly and in bad 
capital of Eritrea, and a second faith by re-echoing all the usual 
enuld take the form of a new imperialist lies” about Ethiopia, 
attempt tn break the guerillas’ Furthermore he had “ also mis- 
siege of Asmara. A third attack represented the position of Cuba 
could come from the sea. with in regard to Zimbabwe fRho- i 
the Ethiopians either trying to desia) and Namibia by creating i 
break out of the besieged city a hypothetical danger with his 1 
of Massuwa or dropping para- suggestions that Cuba will try 
troops inland. to offer a military solution to 

The US. believes there are the problems of these countries 
16.000 Cuban troops in Ethiopia with the participation of Cuban 
and 1,000 Soviet military troops." 

advisers. Last week-end U.S. Dr. Owen, it said, had made 
officials said a few Cuban units these “ grossly untrue state- 
had apparently been despatched merits" despite the faet that the 
to Eritrea" and that there were British Government ’ bad been 
jnchfieHisive indications they made fully aware of Cuba's 
might 'eventually be extensively position. 


China’s ecoaoi 


ic success bodes well for eight-year targets 

OVl/ -if niiKM. .in. ’ - "■ '{+ .. ■■■ '' ‘^_V 1 


BYX K. SHARK* IN PfKJNG, APRIL 7. 




CHINA HAS made impressive 
strides In key . sectors ot the 

economy in the first quarter of 

this year compared with the 
same period or last year. Offi- 
cials- say this augurs well for 
achieving the targets for the 
next eight years announced 
last month at the fifth National ■ 
Congress of the Communist 
Party. 

The major gains have been 
made in steel production, which 
Increased by 20 per cent, and 
crude output, which, west up hy 
10 per cent in the first quarter 


without any additional Invest- 
ment - > * ir 

However, ‘power remains a 
constraint, in spile of the rise 
lb- coal production by nearly 
23 per cent, in the quarter. 

And- transport -i* a worrying 

problem, sin ce iack of carrying goods incre^ed by 33 per rent tea dKST jonunimes “?** Sf « 

capacity tew meant that coaMs - Officials say flat the sitna- and the pS iSa Anp cessioe strides m the test tn*fcy IMS. * 


production has been achieved 
in fight industry. Textiles out- 
put, for example, increased by 
40 per cent in the first quarter. 
Synthetic fibre increased by an 
impressive 170 per cenL, 
while cotton yarn and piece 


u e . S33a 55 * ere ttat ■ the-. ... The Government hopes, that 
pernicious influence ~ rot the - by 1981 a third- of China’s 
Gang of Four remains in man y . : '2,200 counties (the smallest 
areas and that a large number Administrative unit) will 


The mahK agriculture t*r 
fa to raise grain praa^ 
from the present 280m. t( 


of people are V «d 

What are appareufi^^^ g*5. S Jgjf J?!Lg 


accumulating atpTtfaeads. 

- Tn '-spite af v - thermal 
generation...' in ] the quarter 
increased by &5 per cent, over 
the last quarter of 1977 
although January, to March are 
months when electricity gene- 
ration should be at its lowest. 

Substantial improvement tn 


tion is “extremely favourable” 
and that the economy is poised 
for rapid growth. They say 
that they expect agricultural 
production to rise by about 5 
per cent, every year for the 
next eight years and Industrial 


In industry the weak points 
are power, r*w materials, fuel 
and mining for non-ferrous 
metals. Agricultural produc- 
tion must improve, the officials 
say, otherwise the . entire 
economy would be puHeddewu. 


two decades in spite- -of. the 


sabotage” by the Gang of 
Four. 

The “four principles: of 
modernisation.” which were 
eukhted at .the National Con- 
gress, involve an investment In 
the next eight years that, will 


/This will Involve establish 
12 new large grain- bnKhvi 
areas, 120 large indb^tii 

jeets. Including io new 5 
plants, eight new co«n£ 
10 oil and natural els*, 
of the size of Ta35n£* 

Stmp.r miwm- cta+iAnt-' . 


output by about 10' per cent since Odna^ema *«Per power stations, 
in the same period. an agricidtuxir^^ ***** 


Israel plan 
to withdraw 
tf a trick’ 


Pessimism the keynote 
at Brazil steel meeting 


BY DIANA SMITH 


RIO DE JANEIRO, April 7. 


THE world's steel majors are national Iron and Steel Institute 
not thinking of too long range like Sir Charles Villiers, chair- 
plans. Europe and Japan have man of BSC, were ready to voice 
the greatest cause for resigned their thoughts to the Financial 
pessimism; North America is Times. , ; - 

feeling somewhat stronger, and ’ The essence of the world steel 
the' emerging Latin American problem it , was explained at; the 
steel industry is the most confi- conference was the. forecast early 
dent of alL in the 1970s of a steady upward 

* These were the broad "views ^, d lh a de ^^ n " t ' T i nll , r • 
expressed by 30 chairmen vice- ^ 1 of Available 

chairmen or directors of com- , . h _ ino w n Z 

panies like tbe British Steel “£? 

Corporation. U.S. Steel. Canadian ? n I? f uo^r^nr^rntJi 

Steel, Swedish and German “ft 

Steel, who met in Rio de Janeiro JEFSgZ * , 

SCit Ap uJir" 1 ^J££. <lUa ?£S 

almost 'unnoticed P d P rices more fle3dbl * ^an EEC 

almost unnoticed. members, has made matters 

Leading members of the Inter- worse. 


By ihsan Hijazi 

BEIRUT, April 7. 

A SPOKESMAN of the 
Palestinian Liberation Organisa- 
tion (PLO) to-day dismissed as 
a “ bluff and a trick " the 
announcement by Israel that it 
is planning a two-stage partial 
withdrawal from southern 
Lebanon on April 11 and 14. 

The Palestinian reaction is 
coupled with suspicions on tbe 
Lebanese left that the Israelis 
intend to turn tbe area from 
which they pull out over to their 
Lebanese Christian supporters. 

Eyewitnesses reported that 
the Norwegian contingent of UN 
forces to-day came under mortar 
fire at their position at the 
Kbardaly Bridge over the Litani 
river in the south-east of the 
country. 

Yesterday, men of the Israeli- 
backed Christian militia, com- 
manded by Major Saad Haddad, 
disarmed a number. of Norwe- 
gian soldiers in the Khardaly 
area and’ refused to return the 
weapons when the UN command 
contacted the Lebanese, com- 
mander. 

Under the reported terms of 
the - Israeli plan' -.submitted to 
UN command in the Middle East 
yesterday, the Israelis will 
evacuate one quarter of the 450 
square miles they have occupied 
in southern Lebanon. 

■As for the UN forces, about 
half of the promised 4,000 troops 
have taken up positions in tbe 
south. According to reports in 
the Press to-day, the UN forces 
have decided to set up head- 
quarters at Zahrani, about 20 
miles north of Tyre. 


Leading Genoese businessman shot 


BY PAUL BETTS 


ROME April 74- 


RED BRIGADE terrorists, cur- Milan daily “il Giorno.” Christian Democrat Partv meni. -nm- 

rentiy claiming to hold the Presi- Signora More said the family bers, but they are gen2jl£^j, £S$ere are^inporied 
dent or tte- rimng Christian of tie Christian Democrat Pr£i- garded as having .been IwhjSm SSe /or 4S5%ti?«tai 

Democrat Party, Sig Aldo Moro, dent had so far received no signs under the influence of drags or' on humanitarian grounds” 

Eve times Prime Minister^ gun- giving them hope that-SIg. Moro under duress. . . . - The Italian Communist leader 

ned down and wounded in Genoa would return safely home. How- In a television Interview, in Enrico Berlineuer whose 
to-day the president of the city’s ever, she added: “We would like part addressed to the Moro party -is directly supporting a. 

employers association. hm to know that we are close to family, the Secretary General of Christian - Democrat minority 


Vance plea on Turkey arms ban 


Mr. Cyrus Vance, the U.S. Secre- that ending the embargo should 
tary of State, yesterday’ urged not be conditional on reaching a 
Congress to lift its three-year solution to ."the Cyprus question, 
embargo on arms supplies to 


Turkey and warned that, if it does R nrn liQm 
not do so. there V' V every WnUMHl VISIt 
reason for deep concer -■• it the Britain is on the itinerary of- a 
continuing “ effect! vents., of four-nation official tour by Mr. 

NATO's southern flank " in which Forbes Burnham, the Guyanan 
Turkey plays a key role. David Prime Minister starting Tuesday. 
Bell writes from Washington. Mr. our Georgetown correspondent 
Vance said that the embargo has -writes. He- will visit the Soviet 
served its purpose and that the Union for a week, then move on 
Administration remains deeply to NorthiKorea and East Germany 
committed to finding a solution on before arriving in London where 
Cyprus as a high priority. Bui he be will hold talks with Prime 
told -members of the House In- Minister James Callaghan, an 
ternational Relations Committee official statement here has said. 


Internal Namibia 
deai attacked ■ 


AN INTERNAL, ^settlements in 
Namibia (South West Africa) 
would lead to further violence 
and the intervention .Qf -outside 
orces hi. the territory. Mi. Doc 
McErtry. ^deputy U.Sl Ambassador 
to the United Nations, warned 


The shooting comes after a him and living with him, moment the Christian Democrat 'Party, Government for ^the : first rftn» in 

STSi SSnM'Sffi.S i. * 

Bonn terrorism debate- 


Rome and Turin daring the last 
48 hours which have caused 
severe damage to a branch of 
the Banco Di Roma, and a Roils 
Royce showroom. 

Sig. Felice Schiavetti (50), 


BY JONATHAN CARR 


BONN, April 7. 


chairman of a Genoa engineer- West German Bundesrat— hand, is dominated by the ^ countiy. 


vision interview that tbe current 
wave of political violence was to 
.be . expected. It was dear, Sig. 
Berlinguer 'sstid, ‘there would be 
attempts “to . obstruct the . cur- 
rent political transformation" of 


ioq company employing 300 


the upper house of parliament CDU-CSU alliance which is in Eor , par ^ 


-...i. ,.,5rt, -r, Xiie uuuei uuiue ui tiaxx u i m cut v<uu-v,du auwuw; wrncu li iu — “ — , — — .. — _ , — , . 

J,.Lm ?. 5 a n u nn — to-day rejected a proposed the minority in the towerhogse. Brigades mtheir flood of com- 

by s a f5“ R »5S ’fTSS- ”X^3S?!fS.!Bia?S!i2S 

ptone as? * juas * 5 r 3 s £ SE Z M^- the t. **■*»■ 

SSr 1 Sst Sibi ӣ, m f0r to Tto iStmbriim measures , 

attack against whom they alreadv nassed bv the tae— nrohablv next Thursday— dmreted against the— Christian. 

"STse^^rw^^Sh - p j™* ig 

gr, iSSSSSS 3^«SSs^-j*.atsssa; 

ssss. 4 f More ^ ss v„ B te s d gg sjs L^- riS ■Sl*— 

asraar sr «s «£Z^TLZZ 

five policement were assassin- The Bundesrat, on the other means certain. widely held here that the Red 

ated. : — : — Brigades are trying to Induce the 

On Good Friday, the former •• * State to swing back ' to ■ the 

Christian Democrat Mayor of by moment every hour of these Sig. Denigno Zaccagnlni, reiter- reactionary and • repressive 


Turin. Sig Giovanni Picco. was very long days . . . and we be- ated the Government’s attitude policies of the 1920s. 
seriously wounded by Red lieve, after so much suffering, of no surrender to the terrorists The so-called' “alternative 
Brigade extremists in Turin that it is still passible to have but added: “This does not change left n has reacted angrily against 
where the “historical leaders” him back with us." the human tragedy that we are the mass police and army round- 

of the Red Brigades are on trial. Sig. Moro is purported to have all suffering.” up of suspect. Red ..Brigade 

In a related development, written a letter from his cap- But although the r uling party, sympathisers this week, and has 
Signora Eleonora Moro, wife of tivity to his family saying be together with tbe country’s other announced its intention of r faoId- 
the Christian Democrat Presi- was in good condition. Other let- political forces Including the'iug a series of protest demon- 
dent, addressed a letter to her ters apparently written by Sig. Communists, have rejected any strations this week-end in Rome 
husband published to-day in the Moro have been sent to leading possible deal with the ultra-Left despite an official ban. ' 


U.S. employment expands 


BY JUREK MARTIN fc - * 


WASHINGTON, April 7/. 


yesterday. Quentin Peel writes 
ha 


from Johannesburg. In an appeal 
to the parties involved in the 
Western intiative for an inter- 
nally-accep table settlement, Mr. 
McEnry said the proposals were 
not perfect, but were an effort 
to reconcile differences and over- 
come the_ * alreadyp unbelievable 
mistrust " present in the territory. 


ANC sentences 


EMPLOYMENT IN the U-S- con- represent 6.2 per cent of the ture. In fact over the last- 12 
tinued significantly to expand in labour force, fractionally up on months up until the end of last 
March, a development that' over- ^ ® i P er ce ° t rale ? l February month about 3.5m. new jobs have 
... .. but below January s 6^ per been created, 

shadowed a slight increase in the ^he percentage difference Among the unemployed, there 
number of people out of work in between February and March, tbe were no changes in the principal 
the month. Labour Department said, was categories, with 4fi per cent, of 

The civilian labour force crew simply due to the “ rounding adult males, 5B per cent, of adult 

U P " of the women, and 17.3 per cent of teen- 

by about 3-0JJ00 in tlie month to Thg 0 f ^e labour agers out of work. The only sub- 

.99.4m, wiui the number of markqet reflects the underljing stantial demographic shift 
people in jobs rising by about vigour of the economy. The occurred among black adult 
260.000 to 93.3m., seasonally severe winter and the coal strike women, whose unemployment 
adjusted. gnnpar to have had very Liiie rate went up to 1L4 per cent 

Tbe 6.1m. left unemployed impact on the employment pic- from 10.1 per cent. 


Six men convicted of acts of 
terrorism and conspiring to. over- 
throw the South African Govern- 
ment were sentenced in the Pre- 
toria Supreme Court to-day to 
jail terms totalling more 70 years, 
but a~ prosecution request for the 
death sentence was overruled by 
the judge, our Johannesburg cor- 
respondent reports. Hie six. who 
were found guilty of furthering 
tbe aims of the banned African 
National Congress, gave black 
power salutes and • shouted 
“ amandla ” (power) a ter they 
were sentenced. The cry was 
echoed by blacks in the gallery. 


New trade demands on Japan by U.S. 


PAID QUARTERLY 




| .ESTIMATED ANNUAL GROSS YIELD 


LAWSON HIGH YIELD FUND 


* The aim of the fund is to provide a high and increasing income, which is 
paid quarterly, and the fund now exceeds XI 2 miffion. Initial accumulation ■ 
. unit investors m June 1974 have seen their capital increase substantially, 
'in fact more than doubling by September 1977. And that’s equivalent to 
over 30% p.a. 


* Current Portfolio 42% Preference Shares, 29% Equities, 29% Investment- 
Trust Income Shares. The price of the units and the income from them carr 
go down as welt as up. Units should be regarded as a medium to long terra 
Investment. 


A wider ranga trustee security authorised by tfw D epa rt m ent ofTrade. A 5% initial charge la 

uKludedminepFiM An annual lee of V ■ plus WAT <s deducted fromgrass reotne. Comma- : 
sion Co agents. Trustee Ovdesdala Sank Lid. (Member of Mkltand Sank Group) Managers: 
Lawson Soaxaies Ltd 63 George Sweet, Ednburgh £H2 2JG. Td. 031-236 am.- 
Registered m Edmtxirgh 55 135 During anofler. unts mey betnughtarsoiddaiy— otherwise 
weeWy on Fridays. Swtement tor units sold lofcjwswiitwj a tow days. 


Income Units 5Z6p. Accumulation Units 72.4p. 


FIXED PRICE OFFER UNTIL FR1 APRIL 14 1978 ron daily™** if lower) . 
The Managers reserve the right to dose the Ofler tf the true price nses by more than 2!fc%, 
Units first Issued June 1 974 at 33Jp. 


INVEST BY 30th APRIL 1978 

FOR NEXT QUARTERLY PAYMENT. 


APPLICATION FORM mm mm mom mm-m 
To Lawson Securities Ltd FREEPOST, Edinburgh EH2 0DB (nosamp required) 
or Tel: 031-2263911 (5 lines+2*t-hourAnsaphone Service) 
r enclose a remittance payable to Lawson Securities Limited to be invested in units of 
Lawson High Yield Fund ^ applicable to Eire. 

For accumulation units man- 'X □ 
For unll-lytfced Savings Ran please mark 1C □ 
For shamexenange details please mart. X □ 


£ 


MtN 

£600 


I dec hr** that I am we ate r»3l resident outside the scheduled territories nor . 

.VjJiiirmq those anils «s Ihe nommeetsi ol any personal resident outs id© the temlonos. . . 
(Tnnse unable tumahe ihrs dBClaratwnshoold apply rhiough men Bam-cr.Sto?* broker or 

sjjiCitot in iheU.K '. •' _ 

Signature. 


iAH joint applicants must sign and attach full names .wd »ldresws) 


..Names in lull . 


iMr Urr-Mtss T ille) 
Address. . , — 


I HYFTa4<T8i 


Swiss prices 

The Swiss consumer price index 
rose by 0.1 per cent, again last 
month and was thus 0.5 per cent, 
higher Qian in September. 1977, 
when the inflation index elements 
were revised, John Wicks writes 
from Zurich. 


TOKYO, April 7. 

MR. NOBUHIKO USH3BA, Mr. Ushiba. who is due to leave president. He will then visit 
Japan s External Economic here to-morrow, will hold meet- West Germany, Holland and Den- 
Affairs Minister, is expected to ings from next Monday with Mr. mark before returning home on 
discuss new U.S. requests for Strauss and Mr. Wilhelm Hafer- April 15, th» sources said, 
tariff cuts by Japan when he kampf, EEC commission vice- Reuter 
meets U.S. special trade repre- 
sentativ Mr. Robert Strauss in 
Geneva . next week, foreign 
ministry sources said. 

They said that in the current 

Geneva-based multilateral trade iimmy iuirmc TISROW Anrii 7 

negotiations (MTN), the U.S. has BY J ,MMY BURNS LISBON, April 7. 


Lisbon food prices up 20% 


New York 
pay rise 
concern 


Philippines election 


Polling in the Philippines first 
elections under martial law ended 
without major incident yesterday, 
despite some scuffles near voting 
booths and a noisy demonstration 
last night by opposition 
supporters, Reuter reports from 
Manila. President Marcos warned 
opposition candidates they could 
be arrested if there was any 
violence. He told newsmen, how- 
ever, that he had ordered security 
forces to exercise restraint 


Turkey debt talks 

The restructuring of Turkey's 
large debts and obtaining fresh 
money will be among tbe topics 
which will be discussed at a meet- 
ing between the Turkish central 
bank and six major international 
bnks, tn Ankara next week, tank- 
ing sources said yesterday, Metin 
Munir reports from. Ankara. 


asked Japan to increase Its pro- the PORTUGUESE Government Structural deficiencies in the 
P^ed tanff reductions on about t(K j a y announced a 20.6 per cent, agrarian sector and bad weatber 
500 items. These include com- j ncrease j n price of basic have contributed to a fall in 
puters and related parts/ colour f 00 dstuffs. This meets the agricultural production during 
film, machinery, new ferrous jjgmands of some milk, egg and the past year. It has forced 
metals and chemicals. meat producers who have Portugal to increase food 

They declined to comment, on threatened to cut off supplies imports. Last year 'foodstuffs 
how Ushiba would react to the unless they were guaranteed a made up 18 per cent, of tbe 
requests but said it was likely higher price. country’s import bill and it is 

Japan would be asking both tbe a Government spokesman, estimated that the foodstuffs bill 
U.S. and the EEC to increase announcing the measures, said rose by 46 per cent in value 
their own proposed tariff pits. that a further increase in the terms. 

The sources said Japan still price of food had become The escudo was devalued by 15 
hoped the MTN could be substan- inevitable because: of the high per cent in February 1977, and 
tially completed with a package cost of imports and the diminish- has since gone down by 1 per 
agreement by July thin year. ing value of the escudo. cent a month. 


By David Laueiles 

NEW YORK, April 7. 
MR. MICHAEL BLUMENTHAL, 
Secretary of the U.S. Treasury, 
has written to Mr. Ed. Koch, tbe 
Mayor of New York, expressing 
concern over the city's latest 
wage settlement which gave: a 6 
per cent .pay increase to trans- 
port workersHTidseta precedent 
for paj talks with unioifs reprfc 
seating ; 'thousands ’. " of . ‘.other 
municipal workers. . 

Mr^— Kknnenthal- Says .it -.is* 
u n deaf ^i Tiiin ' ' how - New; Yprfcj 
can stffbrd such ^settlement and 
sttiLremain within, the four-year 
budget which It has proposed as 
a way. out of. its financial crisis. 
It has been estimated that the 
final labour bill could work: out 
at some^flOOm. 

Mr. Bluxnentbal adds, that if 
New YorlCs finances are really 
improving,, as -Mayer Koch says 
they are, the money should be 
used to relieve the debt burden, 
rather than increae labour costs. 
The - -crunch of the Treasury 
Secretary^ letter came with an 
indication- to Mr.. Koch. that his 
dealings with the unions could 
affect Congress approval of his 
financial rescue plan unless they 
were speedy and responsible. 


Australia 
cuts plans 
for bigger 
airforce 


By Kenneth Randall 


- - CAN BERRA, April 

THE AUSTRALIAN Gcmrrm 
has sharply downgraded its* 
for a hew tactical fighter. fi 
The main points- of a new 
force re-equipment progra 
announced to-day are that 
present force of Mirage HT 

airexaft wRl be refurbisher 
extend their service life 
plans for replacement ahi 
are reduced from two 
to one. - 


The hro-squadron project 
expected to cost about $A1 
SAL 500m at current prices, 
reduced commitment will*' 
around $A500m. 


Mr. Jim Killen, the Defi 
Minister, told Parliament to 
that further evaluation of 
aircraft would be confined ti 
air-to-air types; the McDon 
Douglas F15 and FISA, the Ni 
rop F18L, General Dv namuy 
the Panavia Tornado and 
Dassault-Breguet Mirage 20( 

He said that a to help the 
eminent confirm -a short lis 
new fighters for the air-t- 
role; a Defence- Department l 
would make. an extensive i 
seas visit within the next 
weeks. The Minister said 
Government should be abL 
settle on a detailed prograi 
for the Mirage refurbishmen 
the end of this calendar > 
This would maintain the t 
bility of the aircraft beyond 
mid-1980s. 


Our correspondent writes: 
Federal Government gave nt 
in Parliament today of six 3 
which will provide the legisla 
basis for its admhiistratioc 
uranium, development in 
Northern Territory. ...The 3 
will be formally introduced i 
week. and are expected to 
about -a month to pass thre 
all stages of the two House 
Parliament. 


Leakage of details to the P 
has prompted a speeding-ui 
the Government’s timing for 
Bills. They fall into three b 
categories covering safety, 
serration and aboriginal 
rigits. 

Official figures released to 
show a Ml in Australia’s re 
level of unemployment The 
sets of statistics vary in t 
measurement of both ihe fall 
the resulting level of unemj 
xnent, -b ut the figures are 
■first for. several months . to 
the 1 Government' anyencoui 
ment- ahouf tiie state; of • 
Rdboiir market;.' ’" 
According . to the Aiistra 
Bureau of Statistics,, based oi 
monthly -populatioa survey, 
unemployment rate in March 
6.6 per cent (421,000 pe<H 
-compared with 7.4 per cent 
February (477,000 people).' 


FORTHERNEST 

SWIMJVBWGP00LS 

Run/mow 

CHEMICALS AND 
SELF BUILD SCHEME 



Rutherffon 

BATRE SUSSEX ENGLAND ■BATTLE Z 


German air chief dies in crash 


BY ADRIAN DICKS 


BONN. April 7. 


Anti-EEC drive 


The People’s Movement Against 
the EEC is wett on its Way to 
acquiring enough signatures in 
Denmark Co quality to Add . can- 
didates -in the direct elections to 
the European Parliament next 
year, according- to the movement's 
nevwpaper, Hilary Barnes reports 
from.. Copenhagen. A party can 
only put up candidates if-it can 
obtain 62,000 signatures. The 
movement claims that it has 
50,000. 


Nicaraguan probe . 

President Anastasio Soxnoza 
Debayle has named a seven-man 
commission, including the Arch- 
bishop. of Managua and three 
other personalities independent of 
the Government to investigate the 
murder of opposition newspaper 
editor Pedro Joaquin Chamorro 
last January, Reuter reports from 
Nicaragua. 


THE death in a helicopter crash disputed control of those becoming chief executive) and 
in France last night of -Herr portions, such as the modem weapons systems. However, 
Helmut Langfelder, chairman of VFW works in Bremen, of which through its joint stake with 
Messerschmitt - Boelkow - Blohm, it might have made use in major VFW-Fokker in the European 
leaves a vacuum that will be hard joint European aerospace pro- airbus consortium, it has in re- 
to fill at the top level of the West Jeets of the future.' yet breaking cent years gained some ex- 
German aerospace industry. up the trans-national group as it perience in the civil aviation 

hari^e^ver^sMBB'chaSnam same time. Herr Michael Donne writes: In addi- 

anrf La^felder is known to have tion to being chairman of Messer- 

tSdwie^ Boeikovv 1 anlv at the been working for a restructuring schmitt-Bolkow-Blohm, Herr 
o o f ♦ .H,/ v_t he of shareholdings both within Langfelder was also on the Board 

KfnESSi* ot "J MBS and- within VFW-Fokker of Panavia, the three-nation 

nn an that w °u |d have removed as group building the Tornado 

a shareholders the large U.S. multi-role combat aircraft, and 
whnip :0blemS ° £ 1116 mdustry 35 3 aerospace companies which Airbus Industrie, the consortium 
wnijie- _ currently holds stakes in each building the European A-300 Air- 

Specifically, Herr Langfeiaer gf 0 up, and also would have led bus. Also killed in the crash — 
had taken a close personal tQ the selling off by the Bavaria which occurred while the execu- 
mterest in the much postponed and Hamburg state governments tives were being given a demon- 
negotiations. being held at the D f tbeir large holdings In MBB. stration fight in a helicopter at 
“g'fij,}* u? 000 Behind these objectives ap- Marignane. Southern France— 

with VFW-Fokker, and intended pears to have lain the longer- was General Andre Thoulouze, 

t0 t l e . a ?J°, s ?i01 e J orm of a 5?5 J enn , , set , Herr the London representative of 

of at least the German parts of Langfelder's mentor and former Aerospatiale. Reports yesterday 

i?Ii» Dutch ' German wth boss ’ Dr - Boelkow, for making said that Jean -Charles Poggi, 

. . , MBB the centrepiece not only another senior aide to the presi- 

According to industry sources. [>f th e West German but also if dent of Aerospatiale, was 
Herr Langfelder had been possible of the European aero- severely injured, 
pursuing a very tough negotiating space industry in the l9S0’s. The 

strategy in the much postponed company’s increasing strength ■ 

negotiations that would has been gained from military F,^tnL T iy«. putted nan* exopt w 


effectively dismembered VFW- aircraft projects (the division d»>-* »nd hrtimy. u.s. wtompiiMi s:oo.m 
Fokker, leaving MBB in . un- Herr Langfelder headed before Text*™: 


THE AFRIKANDER LEASE LIMITED 

( Incorporated wi the Republic of South Africa; 

. -V-' - PROPOSED URANIUM BEENE 


0® 


In '-October - 1976 the directors decided, upon the rec 
mendation of tbe technical advisers to the company, to proc 
with a -detailed feasibility study to determine whether or no 
viable, uranium min<> could be established within the compai 
area Interest. 

As- stated in an announcement published on December 
1977, the detailed feasibility study and pilot plant testwork n 
been successfully completed. Your directors are, howp 
becoming increasingly concerned about other factors which co 
affect 1 the viability of the mine which, unlike other South Afru 
producers, does not have the backing of a proportionately lar 
gold output- When the feasibility study was considered late 1 
year we, in common with many others, were hopeful that 
inflationary spiral had been contained and that costs wo 
stabilise. The spate of price increases in the first quarter of l 
has forced us to modify our views and to take another Jook 
inflation insofar as it would affect capital expenditure and work 
costs. -In the latter area the rapid increase in power cosb 
particularly Worrying as the mine would he a heavy ronsu® 

We are, furthermore, concerned about the additional inflation: 
impact -of the general sales lax. While it is not yet known wueu 
there will be relevant exemptions, there is a fear to at the cap; 
cost could be increased by several millions of Rood and u 
operating costs would be significantly higher. We theret 
intend, to negotiate with government on various aspects oi 
project. - ' . - - 

In all these. circumstances, and.. as the. company has-snma' 
cash resources to delay a decision -on whether or not to esfa P* 
a mine, the directors have felt it prudent to suspend.t«nporai 
negotiations .for. -the.- sale of- ’■ the -major portion orjme^mm 
projected uranium output, until talks 'wito gorvernnwnt j 
concluded and a general review Of the fearitalaw Agg in 1 
Light of 'the inflationary factors described above has 
Shai^ioBdefB will be notified in the. annual r^ort,- y d ach. wtu . 
issued before the end of Septemb^of anypiraEJBaJBade . 
negotiations with government and of any decisions taran » . 

result of the review. ' 

Copies of this anhouheement are' being sent to. all 
shareholders. . « 

The interim report for the six, months ^ en ded Dec^aher * 
1977 wiR he published in. the press ou -AprB ,5®L c0 *i M -.’ ' 

this report wtH be posted to aU registered aharriioldera. 

Johannesburg. '. •• • • : . ;• ■-. rr- 

7th April. 197& ^ ■ /- • ‘ % U 


u 



r 



i 




home news 


.-r 



^Elnancfar Tfines' S'afuraaji April gl.jgrs . - 


a 




r t 


^ Cameron and 

■* j./.Padme Qaric 

- " 



‘BDfATO. DORMAN -LONG, 
iiistructioiial engineering . sub- 
* the British Steel Cor- 
s proposing to make 
9,000 workers redan* 

proippsals, announced yes- 
. ‘would mea'n ihe'closing 
j? Jdf the Redpath works at 
ICl* L* reurchy,. Wales, with a loss of 
*^1 IJlfeW JObs. 


’’ TjS 


- s Teesside 'works -and. a 
lyrther 50 at Scunthorpe. 

•s^ Last October, 400. redo infancies 
'ere announced at the Teesside 
;• ^-'•••:.orks, so ft the new proposals 
-I- *■.<?> through, the total there will 
1 : e 850. 

* . /\ Redpath said the redundancies 

ere necessary because of the 
~ loptfall on the home market 
-- ad the difficulty of breaking 

- - ' • ilo overseas markets at a time 

' ../hen the steel industry was 
.offering a world depression. 

‘ . .•%%. Mr. Douglas - Jeff els. district 

Kretary of the Transport and 
leneral Workers* Union . ' in 
• ..'eesside, said that the plan was 
. : ■. ' diabolical." 

• V !; - •' The union side rejected the 

- :.;-vTopQsals and was not prepared 
" discuss the issue with local 

’■* ^ .. ompany representatives. In- 

stead, unions were seeking top- 
r <?vel talks with the corporation. 



wins 



. BY THIUP BASSETT ' 

BARCLAVS- .BANK^has won The bonuses will be paid Mr. Eddie Gaie, the associ- 
agreement with "mem- monthly, starting with this ation's general secretary, said 

oers of its Gronp.Steff;^usocia- month’s pay packet, and the that as bis association had by far 
non to experiment with flexible whole scheme will be renewable the greater number, of members 
worfepg, including late.-: night after 12 months. in the bank he did not see any 

tote*™' D c£ fl 3 b "* iu ™ ft™? S“ ltieS ^ imp,craentins * e 

opera^a n • in the • hank’s branch nQt beyQ ° P d 5”* in ° on’ Fridays. The union has negotiated a 
•ACTeement lias- not been *S«enient £0 the. opening Of separate productivity deal for its 
reached - with the National Union bureaux de change at week-ends 5-500 members in Barclays Bank 

a °d in the and co- International, which wUI give 

deeidned to aunly a nro- ^ration in the Barclays review them extra pay rises of 5.4 per 
fdKtivfty deal' to ' Sifc staff— Df *t s branch network, which cent, backdated to August 1 last 
S condition? cnu, d le *d to a large number of year. The payments will he re- 

SSbngW SStoout^toU SUB ensures. viewable each month, and con- 

backing. unuc unl ! June 30w 

The decision, which -will be Assurances ~ ln j ad ( dill ^ r V. bas 

regarded -as a test case toy- the • ... - acreed to hold talks with the 

kothep ' : ^major clearing 1 hanks, Barchsyfi Group Staff Associa- bank on Inc possibility of nexi- 


; Another 450 employees would feoaW lead to diVjftiffis within tion has. assured the bank that bility in-.-weekday 

* made redundant at the com- bank branches between staff its members will honour the and nn the introduction. 01 

association and union .members, agreement but the union, which bureaux dr change, 

and cause jeonfusion for rejected the deal three weeks An inquiry into the future of 
customers. aco, said yesterday that if staff representation and negoti- 

The deal will give” a 11 hank Barclays tried to implement It atfon procedures in the major 

staff extra pay increases' of four in any branches without its London clearing banks begins 

per pent, for the .period August- members’ agreement the bank next week, chaired toy Dr. Tom 

December last year, .and six per would have to lake the conso-'.Tohnsion. head of the Scottish 
cen V for Jahuary-June this year. quences. Manpower Services Committee. 

Civil List allowances to Royal 
Family to rise by 9.2% 

BY . PHILIP RAWSTORNE 

CIVIL LIST allowances to the In a Commons motion, he outrage If a penny of this in- 
Soyal Family, are lo be increased called for the estalbisbmenf of crease goes to Princess Mar- 

hv £240 000— a rise - of 9.2 per a Select Committee to examine saret." She should be paid for 

cent in the coming year. Royal finances and suggested c:i'-h public engagement, like 

t Mi-,.* YmhUchrd that members of the Royal fading pop stars. 

that the^srant Family should be invited to give Princess Margaret’s alln war 



friTfir iluiniWincs 


irn- ;; ■ '^LT^' yertenlay show -.that the grant 

11 was- not -just the jobs that ru> the Royal Trustees has been 


. were at stake. Mr. Jeffels said, 
--'he country was losing a once- 
• ‘\*~‘..ighly efficient, operation whose 

: .Vi.- etivity would be cut by. about 

. V • '.8 per cent!, under the plains. 

' -•= . Unions had agreed to the loss 
-f 1.300 jobs at the Teesside 
: .:-_-r;/orks over the past three years 
' - • .a the interests -of efficiency.- * 
- >. “ Management has got its sum* 

.-‘L/rong each time — overheads are' 
- 'till ton high and we are tired 
fit” 

-' I OKN is to nu)ke abont 240 
... mployees redundant at two of 
•Vito Dartaston factoriesL The 
- Toup intends to cut 145. from 
_ /he manual workforce of Gar- 
.'^/ingtohs, one of its subsidiaries, 
•: -- ilus 30 from the staff. 

I Mr. Robert Scholey, chief 
- *■» ;;r-ececutive of British Steel, said 
— --ast night that it was difficult to 

- • “ee how the. contraction to the 

. . .. .- ".teelmaking- resources of Europe 

:.:« s to he brought about, John 
VJoya writes: • * - • :. • - . 

. . - v Mr. Sholey : tolct^ '.the - 'Ltocoto- 
■ hire Iron 'diitf ' Stfeef 'DWfit&te 
- - "hat tbfc r^tnu'ettrfrng prdtess 
- - ~<ihich caMed f 

i'e suberiVo the. Svetriding taC' 
.. .. : ' or” of natibnal pride." 

“We are told that Europe must 
. .-on tract its steelmaking, capacity 
.. . .‘ “jy 30-50m. tonnes a year;. How 

'../.ire the shares involved to this 
* . -eduction to be nationally deter- 

- ' nined?’* . . 


raised from £800^100 last year 


The Royal Family 


• . .rii! 


U'i 




Small Companies 



.■‘Jr.SiSasi 

zrj SL\y2- m - 

Uuth®* f 


! lM 



I Piling 


The Piccadilly Snaall .Cbmpanlea Fund as placed top of all 
nnattmstsfor the la^t ymr,as published by Kahncd Savings’*. 
The Fund -fr ***»«» for capital grawth -wilh an above average 
income by investing mainly in small, efficient British com- 
panics Wbich tlw 'Mnn^m beGe ve yiil eaepand in sue of 
business and profits. The Managers will nevertheless retain 
investment flexibility aud may invest in a limited number of 
larger companies. - v - • 

Remember, the ptrice of mnt^^and the income front them, 
may go down as vyellas ^ip. , . . * ' 

Your investment should be regarded, as long term. 

*Ftpunfar tto paid eaM flit Aimi w& 


ance 

last j'ear was £55,000. During 
should the year she caried out 115 
rwm urnt-m appear before the committee to public engagements but in the 

to ii.iyim ipr justify increases they seek, just first three months of this year. 

The total allowances including as tbe ^ ra ^ e unions have lo has fulfilled only 12. 

(he £li5m. ch a rsea directly on justify (heir pay claims or com- Apart from the Queen's own 
the Consolidated - Rind, will panics have to justify price in- civil list, which last year 
amount to £2B6m. .' creases.” he said. amounted to £1.9m., annuities 

Allocations to individual mem- jje would press for publics- of £155.000 were paid to the 
p>ere. of the Royal Fampy are ex- turn of the individual allowances Queen Mother: £85.000 to the 
.peeled to be decided; durjpg the which will be derided in discus- Duke of Edinburgh: £50.000 to 
next month. ....... •-• sions between Mr. James Cal- Princess Anne and £25.000 to the 

The increase of nearly £5^000 laghan. Mr. Denis Healey, and dowager Duchess of Gloucester, 
a week came amder immediate Major Sir Rennie Maudslay, the Payments to other members of 
attack from Mjf. . William Hamil- Queen's Treasurer. the Royal Family were met by 

ton, Labour MP for Central Fife. There would be “nation-wide the Queen herself. 

G. M. Firth chairman to stay 

THE CHAIRMAN of a. Bradford company's subsidiary. G. M. rnent on the Board's derision, 
group of steel. stockholders is to Firth (Steelstock), with 30-40 or the future of the other 

Sei^fraud Those charged are Mr. Lead- Humberside police, who led the 

facing fraud and forgery charges. beater| W ho is also- chairman of investigation, into the issue of 
The Board' of G. ®f- .Firth g. m. Firth (Steelstock >- r :Mr; alleged forged -British SteelJI 
(Metals) ■ met yesterday, and Geoffrey Brown, sales director? certificates, said that all five 
issued a 'StlicR ““ExtSaJSfir? an- Mr. Michael William Edwards, men had been remanded on £500 
nnu ncement ’ savins and Mr. David MifcbeJl. sales- bail with £500 surety each in 

CO, feVSlSgS a U rJSSf ,) 

„ - T .. i^r nf and. conspiracy to utter forged months ending September 30 

Mr. Leadbeater is one of five dochm ents. last year. In the year ending 

mra ctorged^th conspiracy to yetterday. Mr. M. A. Butter. March ?H. 1977. there was a pre- 
srii . foreign steel as British Firtbte secretary, would not coni- tax profit of £198,543. 

Steel. The <*arges relate to the \ 

Report accepts disposal 
of toxic waste on land 

.. BY KEVIN DONE, CHEMICALS CORRESPONDENT 

THE CONTROLLED dumping of Earth is still a very powerful and 
poisonous wastes to tips is an effective neutralising agent, cap-, 
acceptable practiced according. to . a *® absorbing^jrithout -Gl- 

a. repirt produced by tbeDeparf-^' 3 . 1 ’ but thc most tatructebie 

He hoped the report *ould 

The study was commissioned t. a i* raD ifj deriine in thi> 
to give waste toposal authorities J JtotablewJst? 

torirti^stoTdutiefS the ^ roved for Ufie by aQthori ' 
of Actl974. and The report says that there 

to find, out wbat sort of sites are have been very few documented 
most safe. cases in the U.K. over a long 

It says that the sensible dis- period of significant ground- 
posal .of toxic waste on land is wa t cr contamination due to 
realistic. An- J ultra-cautious waste disposal on land, 
approach: to landfill or hazardous The study does point out, how- 
ana other types of waste is eV er. that the suitability of a 
. , . , , particular site for the disposal 

The report has understandably 0 r a given waste will depend 
been given a ready welcome by very much on local ground for- 
the waste disposal industry. Dr. motions and water levels and 
David Davies, research and the proposed rate of disposal, 
development director for Red- Co-op<?nrtire Propromme of 
land Purlr, which operates 15 Research on the Behaviour of 
tips around the country, said the. Hnamiof« Wastes in Landfill 
report showed “that Mother Sites, SO, £7. 


KCS D 

The top performing 
unit trust for the 
last twelve months 


pb— g ^ « ....p . Pkn- W„ r mwM rr that It imow dig rirfit ifaui tor bold er * 
artUShMUtoabe Kdvnwce rfllw KecaOIr bolidei 
to pgrebue aaatn ha this toad witbpui incurring ^htawnul Muuc ew*to- 
If «ta vriA to invest by, way of abort; 
invtummtf wUch rWwA » cxchanfr * 
brocifxm. ■ 


list ol tl»o 
coupon, or ask Soar our 


Applications ami cheques irifl tie acknowledged with the- issue of * con tract role, 
and voo 'rill receive jour certificate far lb® number of uoh* -alkta led vrilhin four 
tKCU of receipt, of vourflpriie*** 00 - tiniuuiU betosoed at tbs vSer nnce niluig at 


Income dwcribocum. The mcomc, act oT tw a rlho ba«tc nUc, « payable iinnii.iUy 
on 15 th April, The lust dtstriZtaiMn trill be made «x (Ala April i gw in respect at 
lijtuppCa l i w . _ 

VjLhmooTO. T3te.fund is trained daily-toil the currenl jnace and yidd pubTohed 
daily in the national pre*.' T.. • . . 

Th* darn*. A oner only charge <jT S it incloded iri the offer price to ewer 
Initial catm-evtaelodiair cwnirww» of «Mwt 5 ri*eri imjTtsnoaa) aJrwi*. 

' i+ VAT) oT the j-Jnc of the Ew>d u deducted- w cuver . . 

nmn jprm entaad . idni i Tii-i tnttioatgpama.. ,-k. 

C«Im Tu. If you *rc a baste rale taxpayer v« -win generally incur no 
tax liability w!«m yon k-U your udh If jrou nre eoj-sar a Eijtber rate of tax at urn 
time of sdliqr yw will be liable to Captlal Caun Tax. Jor tbe top rate taxpayer 
tkfreii » maxi mum l^bUi^oi only Ja*.»sjig»msi.ihco»aTiaJ tnlcoi 30 °w- 

Bow to B*dl nnlta. You may realitc part or aD of youi SuvreUaent at an^ time by 
rinrine the back of th« Ortl&eaic mdkaantr ihr cinnbcr of aorta you »»h w . 
sSdrwuming U to tbe Manage**. You. will .aonnaUy recdw -your Cheque t*iUua_ . 
1 4 days. * . 

Ilia nain 1 PiccadlUy Unit Tnrsl ManajKxocnt limited' (Manbea qT the umt 
TrtJit Aimriatiool. Rrgafcrtdm Kn g fonri no. 75523ft. .• 

tfartt- hr.Snoflftnd.'TheMrttinri.tidaibarBbEHJtyZ. 


To: 


IML 


W’mtow^im^^f^odSWan.LtodmECSiMallATd.Mrfi^tor . 
T/vVewjshtoinvfst Jl (mmimmu 400 -BniisJ.in the fecadHly SmaU . 

(j,^j^F^andeik3owaxiemttta«*tothi^aiiwootpHyB^wP«Btdillr J 

Jiyjl j Mw ilttolaM/we Mitf naidenl tnuddc die Scbcdiiled Territories and - 1 
,w.» T crti,>iu»> mnnoi acmariaC die ttbo^ menimued tmia as the lUH u Tno K 5 ! of 3X1 r I 

W j and the | 

| 


. | orsoliatwmtimlJK). - 


I MglWlLU' -- . 

Snmiino{MrJdi*-Mlss)_ 

I 


JbaiL. 


Addm- 


! PICCADHJY J 


Phillips clears way 
lor Maureen oil field 

-. BY RAY DAFTER, ENERGY CORRESPONDENT 

THE Phillips offshore consortium this basis peak production rate 
has cleared one of the major might be about 35,000 barrels a 
obstacles to the development of day. 

Its Maureen oil field to the North This .oil could be transported 
Sea.; ;.. * 'ashore either by tankers, loading 
The group, whieh is testing an * ! tethered close to 'the 
oil flow from the latest evaluation Jj “f w P x P e M° e 
well on the structure, has signed which would almost certainly 
a State participation agreement |l? ve t0 - tD other new 
with the Government and British 

National Oil Corporation. „ ?' e] r Sg. 1 fs,s ^ 

- ■ . . ^ Maureen Field, discovered in 

The agreement will hernme 1973, are: Phillips teProleum 
fully effective when commercial Exploration (33.78 per cent.); 
development of the field is mill- Fina Exploration (28.96 per 
ated. If the Phillips poup is Pen t): Agip (17^6 per cent): 
satisfied with the results from Century Power and Light (9 per 
the latest well drilled on block cenL ) ; Ultramar Exploration (6 
18/29 it could annnunpe a per cent.); and British Electric 
development programme later Traction Company (5 per cent), 
this year. Under the participation agree* 

The field, some 155 miles north- merit .British National Oil Cor- 
cast ■ of Aberdeen, contains an poratlon wil] have an option to 
estimated 120m. barels of re- buy at market prices np to 51 
coverable oil, acording to stock- per cent of each company's 
brokers Wood, Mackenzie. On share of oil production. 


Lloyd’s 
suspends 
Armour 
Hick 

By John Moore 

ARMOUR HICK AND PARKER, 
a Lloyd's insurance brokering 
firm, was suspended yesterday 
by the Committee ol Lloyd's 
from placing any new business 
and from renewing existing busi- 
ness at Lloyd's pending investi- 
gations into possible financial 
difficulties. 

Armour Hick, in which until 
two years ago Armour Trust held 
a 70 per cent, shareholding, lost 
submitted accounts to Companies 
Bouse in 1975. and showed pro- 
fits of £11.600. Its holding com- 
pany. Armour Hick and Partners, 
showed a £27.0no loss. 

Armour Trust, a publicly- 
quoted confectionery-to-property 
investment company, sold its 
stake back to the directors in 
1975 for a price equal to book 
cost. "The disposal ' was part of 
our retrenchment programme, 
said Mr. Christopher Lam bourne. 
Chairman of Armour Trust, yes- 
terday. 

Mr. R. M. Hick, chairman of 
Armour Hick, had no comment to 
make yesterday. 

The British Insurance Brokers 
Association said: “It is a Lloyd's 
matter at this stage. When we 
have further information and the 
details are clarified, Mr. Barry 
Gibson, secretary of the Lloyd's 
Brokers Committee, will be look- 
ing into the matter.” 


win 
‘vital’ for 
N. Ireland 

By Philip Rawstome 

A LABOUR victory at the next 
General Election would put the 
Union of Britain and Northern 
Ireland at risk. Mr. Airey Weave, 
Tory spokesman, said in Belfast 
yesterday. 

The Labour Left — many of 
whom were already lukewarm if 
not actively hostile to the Union 
— had become a considerable 
force, he told the Ulster 
Unionist Council. 

Though Mr. Roy Mason, Nor- 
thern Ireland _ Secretary,, 'was 
determined lo " stand up for 
Ulster anainst these people of 
the Left," Mr. Neave feared the 
attitude of the Labour Party 
after a General Election. 

** A Conservative victory is 
vital to Northern Ireland, to its 
economic and political future 
and to the protection of its 
people from civil strife." 

In a speech widely seen as a 
renewed attempt to woo the 
Ulster Unionists back into a for- 
mal alliance w*th the Tories. Mr. 
Weave called iv the Govertmeni 
to outlaw the Provisional Sinn 
Fein. It was virtually indis- 
tinguishable from the Provi- 
sional TRA. he said. 

Mr. Weave demanded that the 
Government should “ sneak 
firmly to Dublin ” and make 
clear its resolution to restore 
order in Northern Ireland. 


Fresh food 
price index 
down 6% 

By John Edwards 

FRESH FOOD prices fell during 
the 12 months to February 
according to a Price Commission 
report issued yesterday. 

- The commission's index- of 
retail prices of'fresto fodds was 
cut by 6.1 per cent 
This was in sharp contrast to 
the previous 12 months to 
February last year, when the 
fresh food price index rocketed 
by more than 21 per cent 
because the drought cut supplies 
of vegetables and meat. 

The resultant fall In prices was 
due almost entirely to cheaper 
vegetables, particularly potatoes, 
which were in good supply. 

The report notes, however, that 
over the past three months there 
has been a general rise in fresh 
food prices. 

■ This is attributed, in part, to 
normal seasonal influences, par- 
ticularly for vegetables other 
than potatoes. , 


‘Segregate smokers to boost output’ 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 

EMPLOYERS wanting speed, con- office air, according to research Bill where non-smokers are in- 
ceritratioD and accuracy from by Mr. Murray Reid, . 21, the dispensable, strict apartheid is 
their staff should segregate Welsh young psychologist of the the most productive policy. Mr. 
smokers from non-smokers year. Reid says. He. has the occasional 

behind floor-to-ceiling fume-proof Indeed, if utmost output is the cigarette while working for his 
partitions, the British Psychoto- only aim, It seems best to employ BSc finals at the University 
gical Society conference will be only smokers and confine them in College of Wales, Bangor, 
told in York to-day. their own exhalations where they The title of his conference lec- 

Bven when they have not lit tip, generally work better than do ture-~to be delivered this after- 
people who smoke work better in non-smokers even to impecabJe noon— is Smoke gets in your 
a nicotine 'fug than In' ordinary atmospheres, eyes" 


Two examples of horse-powered 
transport arrive in London 


TWO contrasting examples of 
horse-powered transport were 
on parade to London yester- 
day. 

A grey boa nd bus which, at 
£165,000, is believed to be the 
world's most expensive, 
arrived from New York via 
Southampton to be exhibited 
at the Annual International 
Gas Turbine Conference, at 
Wembley's Conference. Cen Ire, 
from Sunday. 

The reason for the. high 
value of the bus is its revolu- 
tionary'. gas turbine engine, 
manufactured by the Detroit 
Allison division of General 
Motors. Designed to minimise 


pollution and maximise on 
fuel economy, the bus has a 
310 hp engine. 

While to Britain,, the bus 
wil! toe taken (0 provincial 
cities and towns to promote 
Greyhound travel. 

The Gay Gordon Stagecoach 
'—built in 1832 apd originally 
used on the Edinburgh to 
London run — arrived ' in 
London yesterday after a run 
from Ripon, in Yorkshire, to 
inaugurate a series of stage- 
coach trips to the capital. 

The trips, organised by 
Famel! Touring, based in 
Yorkshire, are to start on a 
regular basis to May. 


Present day passengers will 
be insulated from the rigours 
of early nineteenth' century 
travel, because a luxury coach 
will follow the stagecoach for 
those wanting a spell of com- 
fort. 

The journey takes five days, 
but Farnell are building it 
into a nine-day holiday. 

The Gay Gordon is palled 
b,v three teams of four horses. 
Out of town stabling is being 
provided by bloodstock and 
livery stables along the route, 
with accommodation for the 
horses in London being pro- 
vided by the Royal Mews. 




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HOME NEWS 


LABOUR NEWS 



Kellogg brings 
in tougher 
trade discounts 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 

KELLOGG, which with its corn- goods which are ordered is bulk 
flakes has one of the strongest are not necessarily delivered in 
brands in the grocery business, bulk and making small deliveries 
is to change its system of trade to individual stores can be ex- 
discounts to relate them more pensive, 
closely to the delivery costs At present, Kellogg gives “ best 
involved. terms " on orders of LOOQ cases 

The new price list will mean or more. The smallest order it 
that some P big supermarket '«» acce P t a distributor is 
groups such as Fine Fare and 100 although it is pre- 

Tesco, which still run many P^ed to deliver as few at 2o for 
stores which are too small to a surcharge of 50p- 
take big deliveries, will probably , From May 1 when Kellogg is 
have to pay a surcharge for to introduce its new discount 
deliveries to these stores even if structure, the minimum order 
the deliveries are part of large requirement will remain at 100 
nuintitv orders cases. But the smallest 

i,™ I,™.. a f a delivery the company will be pre- 
The change comes at a time _ are( j j 0 make goes up to 50 
when the 3Ionopohes Com mis- *, __ f nr 

sion is considering the whole m a kf n2 ?mal l^deliveSs wi 11 *be 
question of trade discounts with fJE “ be 


a view to deciding whether 


"“ntS* ™ q JSS Sr S 

American example and limit dis- terms w -jn change. In future the 
counts to costs savings by law. best price be given onl> . t0 

rt^inn fh^nnw ^cVpm * hSn" retailers who accept deliveries 

hfrenHurmf nniv of 500 cases— about a loriy load, 

mtroduced only weeks after the Thp fact lhat supermarket chains 

™ UJS!* often order 1,000 eases at a time 

” i" si ff ” o e ^, a[,p4ientiy * iu make n ° 

discount structure. some tte „ is X|(ni , ;tll 

Fvnpncivp groups are not happy with the 

change. They are pointing out 
Traditionally, the big super- that although their customers 
market groups are able to buy on may insist on them stocking Kel- 
*' best terms'* because they order logg’s cornflakes, they do not 
goods in such large quantities, need to stock all the company's 
But the problem from the tnanu- less popular brands. like Special 
facturers’ point of view is that K. in all their stores. 


Shipowners oppose EEC 
bid to cut lamb imports 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT 

BRITISH SHIPPING investment perhaps by as much as 70 per 
of £3O0m. may be jeopardised cent if the retail price of New 
by moves witbin the EEC to limit Zealand lamb were brought into 
the amount of New Zealand lamb line with French prices. New 
imported into the United King- Zealand lamb is already subject 
dom, according to shipowners to a 20 per cent, tariff, 
whose vessels serve the trade. i n the past five years the lines 
In a submission to the Govern- j, aV e spent £200-£300m. at replace- 
ment and members of Parlia- me nt cost values on refrigerated 
ment. the New Zealand Tonnage si ji ps , containers and port 
Committee, says that. Brussels facilities at Tilbury. Overseas 
plans, as yet unpublished, to Containers has only this month 
impose quotas or mcreased duties bee n able to take full advantage 
sbeepmeat fan- of its Tilbury facilities, after a 
ports will harm trade relations labour which TOSt ^ 

between Bntain and its Common- comDanv fi vm 
wealth partner and raise the , . 

price of mutton in British shops. 

The British shipowners SbJS" 1 ? 
affected are the consortia of ^ ^ * N t w 

Overseas Containers and Asso- 

dated Container Transportation trad * and asncultare 

(Australia), which have about 90 p0 "p y \. „ . 

per cent of the trade, the rest The lines revenue from sheep- 
being taken by New Zealand meat is about £34m. and con- 
national lines. tributes much to tbe surplus, but 

The shipowners say that, until the shippers say that any reduc- 
recently, they assumed there tion in the meat trade will affect 
would be no sudden EEC policy associated traffic, such as wool, as 
move, but fear that a paper to be well as industrial exports from 
discussed by Ministers at the end the U.K 

of this month will suggest action EEC policy has already affected 
that would rapidly affect their the lines' trade with New Zealand 
business. by almost abolishing cheese 

Such a development should be transport and cutting traffic in 
resisted because it would force New Zealand butter by 25 per 
up mutton prices in the U.K., cent 


More jobbers deal 
in mining shares 

BY MARGARET REID 

TWO more London stock-jobbing market la welcome as providing 
concents, Akroyd and SmFtliers, additional competition. The 
one of the big five firms, and “° ve has „ been encouraged by 
o,*tu the recent abolition of the pre- 

the smaller Harold Battle, have yj 0US exchange control requ ir e- 

SSin?* e Jnd he ^!?nin? Bl, iS. Jnder which 25 pirXSt 
S?,!"* d m n8 flnance of the proceeds of sales of over- 
ZJ ' t „ seas stocks by British Investors 

The two are taking on 29 such had to be surrendered without 
® t ° c * 5s - alD ; Mt ^ South African. obtaining the investment pre- 
Hitherto, for some time. Smith niium 

si“ n £His 0 ? rr 

ass raj -ssJSi 

trades in certain of them. f"™ dealing In South MriSn 

_• The entry of the two further gold raining shares was fore- 
jobbers into this part of the shadowed in January. 


Thom plans further 
1,000 redundancies 

BT JOHN LLOYD ' 

OVERCAPACITY In the colour to shed a farther 1,000 jobs in and the company hopes that most 
television and audio markets is the division over the next three of the 1,000 jobs will be lost 
forcing Thorn to plan more years. through natural " wastage and 

redundancies in five factories. W nefaa* ' from a bar on further recruit- 

Earlier this week, the com- TT asid b c meat 

pany said that its colour tele- The jobs will 'be -lost at the Thorn has about 26 per cent, of 
vision factory at Bradford, York- colour and monochrome tele- the UJC colour television max- 
shire, and a sub-assembly plant vision factories at Gosport and ket, which totals L6m- sets a 
at nearby Windhill were to be Enfield and .at plants in New- year. It is working to only 60 per 
closed, -with a loss of 2,200 jobs, haven, Ghigwell and Nottingham cent capacity. 

The redundancies will bring which manufacture audio equip- Its audio factories have been 
the total -labour force in Thom's ment record players and cassette almost as badly hit by foreign 
consumer electronics division to recorders. competition as the televirion out- 

about 10.000. It is not expected that any put especially in the music 

Now, the company Is planning further factories win be closed, centres field. 


By-election 
dates for 
Tory seats 
announced 

Financial Times Reporter 

BY-ELECTIONS will be held 
in the safe Conservative seats 
of Epsom and Ewell, and 
Wycombe on April 27. Writs 
for the contests were Issued in 
the Commons yesterday. 

This brings the total of by- 
elections to be held this month 
to four. Polling takes place in 
Glasgow Garscadden next 
Thursday and in Lambeth 
Centra] on April 20. 

In Epsom and Ewell, where 
the vacancy has been caused 
by the creation of a peerage 
for Sir Peter Rawiinson, 
former Attorney-General, the 
Conservatives will be defend- 
ing a majority of more W«n 
16,000. 

Liberals occupied second 
place in the constituency at 
the last General Election, gain- 
ing 4.000 votes more than 
Labour. 

The Tory majority at 
Wycombe of 9,079. secured in 
1974 by Sir John Hall, whose 
death has caused the by- 
election, appears equally 
impregnable. Labour took 
second place at the General 
Election bnt the constituency 
has a strong traditional Liberal 
vote. 

One other by-election is still 
pending in the Scottish seat at 
Hamilton, held by Labour at 
the last election but under 
strong pressure from the Scot- 
tish Nationalists. 


Scientists attack 
windmill scheme 

BY DAVID F15HLOCK, SCIENCE EDITOR 


the 


Shanks named 
to advise 
managers on 
EEC relations 

THE British Institute of Man- 
agement has named Mr. Michael 
Shanks, National Consumer 
Council chairman and member 
of the National Economic 
Development Council, as its 
adviser in a review of its re- 
lations with similar institutions 
in the other eight member 
countries of the European 
Economic Community. 

The institute said the object 
was to see how it could be better 
informed about developments in 
the EEC which affected man- 
agers and bring greater influ- 
ence to bear. 

Mr. Shanks was director 
general of social affairs of the 
EEC Commission from 1973 to 
1976. 


Sport leaders 
probe violence 

Financial Times Reporter 
A STRONG stand against all 
forms of discrimination in sport, 
including apartheid, was agreed 
on by Counpil of Europe sports 
ministers at a conference in 
London which finished yester- 
day. - There will also be an in- 
quiry into the problem of 
violence. 


SCIENTISTS working for the tbe consumer against 
Central Electricity Generating vagaries of the weather. 

Board say that they have found The Generating Board scien 
a flaw in the case for using tists, reporting in the magazine 
windmills as part of the elec- Nature, examined meteorogical 
tricity supply system. data for eight windswept rites 

They have examined meteoro- they believed typical of areas 
logical data to determine whether where windmills might be 
an idea put forward last year located, 
by Sir Martin Ryle, the Nobel Their analysis showed ~ that, 
prise-winning Cambridge astro- bad the 150-hour heat store 
nomer, would make largcecaie assumed by Sir Martin started in 
wind generation of electricity the period February-March, 1975. 
significantly cheaper than either folly charged, it would have been 
nuclear energy or wave power, exhausted by February 7. There 
They have concluded that bis would have been a shortage of 
proposals “seem to be based on energy unto February 16, and 
very optimistic estimates of wind further shortages between Feb- 
generator performance on aver- ruary 21 and March 18. 
age sites and his conclnsion on They conclude that for the 
relative economics is probably consumer to be covered ade- 
incorrect" quately against weather changes 

Sir Martin's enthusiastic sup- during this period, the house 
port for wlndpower encouraged would need a 38-day store — six 
the Government to plan a large times the size proposed and a 
windmill project in Britain, with far more expensive proposition, 
an output of several megawatts. Even so. they are still not sure 
His idea depends on having a such a store would cushion the 
cheap form of domestic heat consumer against all contin- 
storage able to hold enough beat gencies in the delivery of wind 
to last almost a week to cushion energy. 


Verdicts in ‘hammering’ 
trial likely next week 

FINANCIAL TIMES REPORTER 

JUDGE Neil McKinnon, QC, who the jury that the Crown case was 
is trying the Chapman and Rowe *b« Chapman and Rowe had been 

“hammering” case at the Old W vency f0r a™? 1 

„ „{«*,* months before it was finally 

Bailey, told the jury last night hammexedm 

that he hoped to send, them out The allegation was that in-con- 
on Tuesday to consider their sequence it had become necessary 
verdicts. ■ ' for clients* stodk to be pledged 

Tbe accused are three former without permission in order - to 
partners of the firm, Alan carry on business. But the jury 
Harman, aged 34, George Miller, would have to decide whether 
aged 38, and Ralph Clarke, aged any of the accused was in any 
50, and their former managing way an accomplice in unlawful 
clerk, John Michael Goodsell, pledging, 
aged 35. There was no dispute that the 

AH deny conspiring to defraud balance sheet as presented to the 
clients of Chapman and Rowe in Stock Exchange in early 1974 was 
1973-74 before Jt was hammered misleading, but the question for 
with a deficiency of about £2m. the jury to decide would be 
During the summing-up yester- whether any of the defendants 
day Judge McKinnon reminded knew this. 


Flexible tax relief on 
profit-sharing urged 

BY DAVID FREUD 

ALL THREE methods of grant- nue proposals, say the acconn- 
ing tax relief for profit-sharing tanta. is that they apply only to 

m ssi ss 

Inland Revenue consultative number of - employees cannot 
document should become avail- participate, 
able, argues a submission !by the Furthermore the employee’s 
Consultative Committee of savings would be committed to 
Accountancy Bodies. the company which employs him 

The accountants believe that with the risk of loss of savings 
the third method— which- en- and employment should the corn- 
visages the setting-up of trusts to pany fail, 
hold shares allocated to era- Therefore, the accountants say. 
ployees — Is likely to be the most the investment should he per- 
favoured by employers, despite mitted in a managed investment 
the likelihood of considerable fund, and if investment is made 
administrative burdens on the in the employer company there 
company. should be some means of pro- 

A defect of tbe Inland Reve- tecting tbe employee from loss. 


omce 
permits 
issued 


THE DEPARTMENT of . the 
Environment issued fewer office 
development permits last year 
compared with 1976.- But the 
amount of new office spaee in the 
south east represented' by the 
permits dropped only ■ slightly 
from. 14.4m. to 14.1m. square feet 
Comparative figures - for 
permits, published in the latest 
edition of the department’s maga- 
zine, Trade and Industry, are 
obscured by the change fo the 
exemption limit for south eastern 
office schemes last year.'- The 
exemption level was raised from 

15.000 square feet _ to 30,000 
square feet from June last-year. 
. For the whole of last, year the 
department issued 165 penmts/96 
less than in 1976: But the 
average area of office’- develop- 
ment for each permit rose from 

63.000 to 98.00 square' feet" 

The department also -notes a 

sharp rise in the number of 
permits granted -in - tbe . ffaqt 
quarter of last year- Permits for 
45 schemes amounting to 4.7m. 
square feet of offices - were 
granted, against 81 permits for 
3m. square feet in the third 
quarter. 


Car bumper 
changes cut 
150 jobs 

By Our Midlands Staff 
ANOTHER 150 jobs- will be lost 
at W. B. Bumpers, the Wilmot 
Breeden division in Birmingham 


over the next fdw months. 

The group, with GKN Sankey, 
is a major supplier pf chromed 
car bumpers. Changes to plastic 
and rubber-covered bumpers, 
multi-sourcing by UJL custo- 
mers and other changes are the 
chief factors. 

This year the 1,000 labour 
force has been reduced by 150 
mainly through natural wastage 
and voluntary redundancies. The 
pattern is expected to . be 
repeated. Talks with the 
National Society of Metal 
Mechanics begin next week. 


• NEWS ANALYSIS— THE SUCCESS OF AIRBUS INDUSTRIE 

A crucial decision for Britain 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

THE SUCCESS of Airbus In- consultancy forth the venture, not European Transport (JET) £200x0.) to cover its share of the JET 1 and 2 airliner pro- 
dustrie, the European aircraft only because it believed in the ventures, the JET-1 of 130 seats, work on tbe new airliners -the gra mm es, 
manufacturing group. In winning Airbus, but also because Airbus and tbe JET-2 of 163 seats, which consortium decides to build. The U.K, though British Aero- 
the 37 78m. order from Eastern Industrie itself needed the tech- are being undertaken at present There will also be the question space, has already made it clear 
Airlines for 23 A-300 Airbuses, oology on wing design that HSA Independently of Airbus In- of a contribution to “historic that while it is participating 
will not only bring good busi- possessed. British Aerospace, dustrie, but which may well be costs” — a type of entry fee cover- with other members of Airbus 
ness to the U.K.— in the shape the nationalised aircraft group, built by it if the project goes ing past Airbus development Industrie in the current world- 
of £lQOra. of work on building on taking over HSA, has re- ahead. costs that Britain may well be wide airline market survey, it is 

wings for the aircraft— but will tained this Interest ^ expected to pay for the privilege by no means committed to that 

also considerably change the Airbus Industrie remains LJeCISlon of getting back into an aircraft organisation, aod would like to 

way in which that organisation primarily a Franco - German British Aerospace is participat- manufacturing club that .is be- have much more edtalled infor- 

is regarded in this country. enterprise, whose members are ing extensively in the prepara- coming increasingly successful In mation about Airbus Industrie's 

The Eastern deal will give Aerospatiale of France and tory design and marketing of tbe its own right As Airbus financial performance before any 
renewed impetus to the argu- Deutsche Airbus, whose mem- JET programme, and has con- Industrie grows stronger, both in commitment can be made, 
ment over whether or not the hers in turn are Messersehnritt- tributed to the team now scour- prestige and manufacturing r t L _ aBainat tuu- haekTOund 
U.K. should rejoin the Airbus Bolkow-BIohm and VFW-Fokker. ing tbe world’s airlines to dis- terms, rejoining it as a full *1,.* fh _ “Eastern Airlines deal 
Industrie group on a formal The. main associates, apart from cover, what interest there may member will become toore most bp vi>wed It reorients a 
Government basis, rather than British ^Aerospace, are . Fokker- be in any of these aircraft attractive, but perhaps also more breakthrough into the U S 

continue its association solely VFW of Holland and CASA of Depending upon how well these expensive in terms of the entry tbafmavwell hp fol- 

as a subcontractor. Spam, while General Electric of studies go, a decision may well fee required. towed by f nrSSr orders from 

When Airbus Industrie was the. UA bpMi the CF^SO be taken later this year on But if the UJK. does decide to L-h r?J SSSes asUnited. 
being set up in the late 1960s. engines which power the aircraft whether to build one, or all. of “go European" and rejoin Air- S he u .t pT^ c s c S 0lll £_west 
as a group to undertake the Apart from its 2 rowing sue- them. bus Industrie, that n realisation ^r?*5s?A* 


group to undertake the Apart from its growing sue- them. bus Industrie, that organisation and twa Outsiito the US 

manufacture of a European air- cess in world markets — there It is for this reason that some will have to be reshaped, to a “ B 

liner for the mid-1970s and are now firm oniers for 95 time in the next few months the ensure that Britain gets a full jjni ™ v buv lo omS“the 

heyond, the U.K. was expected A-30Os and . 44 options, from 12 UJL has to take a crucial de- say in its affairs. There will be &d“l98fc! Airbu^ 

to become a full mtunber, with of the worlds leading airlines— cision— whether or not to rejoin no point in setting up another fndSrtr,- p ma vh*vP nf 300 
a Government stake m the Airbus Industrie is rapidly Airbus Industrie and thus per- entirely new organisation to run itfhLks 

group. But the Labour Govern- demonstrating that it is the manently link itself to European any new airliner programmes vf 3 ” or mor f , on “f °° 0KS - 

ment of the day pulled out, be- logical basts ; around which airliner development for the rest that may be devised in Europe. At the same time, the Eastern 

cause it did not believe tbe should be developed the new of this centmy, or to undertake But it is also clear that by itself greatly strengthens Airbus 
venture had any chance of long- jets that are being planned In collaborative programmes with Airbus Industrie will not be able Industrie's credibility as a pos- 

term success. Western Europe for the next 20 either Boeing or McDonnell to cope with tbe expanding A-300 sibie basis upon which to build 

.As a result when Airbus years. Douglas of the U.S. . programme and several - other * future European airliner 

Industrie was finally established There are at least three of If the decision is in favour of new ventures besides. manufacturing programme, going 

as a basic Franco-German these, in addition to the A-300 a European venture (and tills Is It is probable, therefore, .that tar beyond the existing A-300 

organist at ion. Hawker Siddeley itself- One is the B-iq, a smaller by no means a foregone con- Airbus Industrie may be reorga- aircraft. 

Aviation Of the UJC remained model of the Airbus, seating 200. elusion at this stage), the UJfc nised into divisions, with one It faces the U.K with a 

associated with it as sub-con trac- on which Eastern has taken will have to pnmp a substantial looking after the A-300, and dilemma, as to whether it should 

tor, building the wings, and re- options for 25. The others are amount of cash into Airbus another responsible for the B-10, formally seek to rejoin the group 

laming also an overall design the smaller short-range Joint Industrie (probably not less than and yet another looking after soon, or wait a little longer. 


Shorts aiming 
at 3QQ. sales.,:::;: 
for commuter ': 
aircraft 

By Our Belfast Correspondent 
SHORT BROS, of Belfast, the 
Government-owned aerospace 
company, said it expected to sell 
as many as 300 of its 30-seater 
commuter aircraft. 

The company's optimistic fore- 
cast follows record sales of. the 
SD-330 in the first quarter of this 
year. The value of the 12 air- 
craft and spares sold was nearly 
£12m. 

Shorts, which is discussing its 
future financial requirements 
with the Government said there 
was increasing evidence that the 
aircraft would capture a major 
share of tbe world market. . 

Shorts said there was a mar- 
ket potential for up to 1,000. air- 
craft sales worldwide over .the 
next seven .to ten years. 

It expected that 25 to 30 per 
cent of the -demand- would be 
satisfied by its own aircraft 
wbich bad already been bought 
by seven major commuter and 
regional airlines. 

Mr. Philip Foreman, Short’s 
managing director, said the com- 
pany was “delighted with pro- 
gress to date." There were 22 
firm sales and four options. 


Shell bid 
to 

double 
retail trade 


Financial Times Reporter • 
SHELL is to increase- its range 
of goods for sale in forecourt 
shops in a bid to double its retail 
turnover: to £6m. this year. 

A range of sports clothes - Is 
being added to established tee 
shirts and hate, while foreign car 
parts and tight bulbs for the 
home will now be available. 

About 1,500 of the Shell’s 
6.000 service stations will be 
used. A mobile display trailer 
is due to visit all major areas 
of the U.K io the next two 
months. 

The retailing side is intended 
by Shell to boost overall profit- 
ability which has been squeezed 
by petrol price cutting. 


Police guard 
on wallpaper 
company 

By Our Own Correspondent 

THE WALLPAPER Warehouse 
Company of Northampton -was 
closed and under police guard 
yesterday after police had arres- 
ted a numer of employees and 
taken possession of the com- 
pany’s books. . 

Police are refusing to discuss 
tbe closure. ' Det : Chief Supt. 
Arthur Crawley, head of'Nortb- 
hamptonsbire CID,~ /said: “ Our 
investigations will have reper- 
cussions -elsewhere/* 




managers’ union 

’ BY PAUUNE CLARK, LABOUR STAFF - . . 

THE HIGH COURT yesterday “ it underlines the' need ior : * 
agreed with Advisory, Con- Haunt' to look at ACAS^ 
dtiation and ArbitratiorrSemce of discretion and hofrfaT " 
that ft should he allowed to-stand were open to abuse ” • 

-by while the TOC tries .ta resolve Mr. Justice Oliver nun 

u protracted, urter-onroh recruit- dear that the court ffeltit ' 
ment dispute. .... - open to A CAS to defer t* * ; 

. The question of how far AGAS any steps in the julflhuem 0 . 
can use its discretion to decide statutory duties, if it beK 
when if takes up union recognd- that this was necessary toi' 
tion references while unions sort its functions properly 
out their internal problems 4s ; It was not conddwed ar 
already before Parliament*!! the pnate for the court tnl 
Private Members’ BUI tabled fry vene, unless its reasons” a' 
Mr. Ian Mikardo. - deferral were patently unres^' 

Mr. Justice -Gtever wax dismiss- able at the time the derision 
ing, with costs, a claim by the made: ■ 

Engineers* and' Managers’ Asso^ With the inter-onion wra 
elation that ACAS should go still unresolved, AGAS could ‘ 
ahead with tbe union's claim for have known in dealing with 
bargaining rights on behalf of Whetstone; recognition i 
some. groups of senior engineer- whether the union was capab ■ 
mg staff at the GEC Whetstone recruiting there.. The other 1 ' 
plant in Leicestershire. union involved is the white-a 

Mr. John Lyons, genera! score- se riaon (TASS) of tbe Ant " 
tary of the association; said he Union, of Engine* 

was “disappointed” with the "2i? er 5u,,. 

High. Court decision. The union E “ A s , wit against : 

now would proceed with court -. c ®«Ie it clear that 
adtiotiag^thstthe:THC?^aen& dwUengmg .the 

ing the validity of a disputes r 1 ^ ™ e dispntes commit 
committee award a gains t it. °h recruitment by EHa 

„ . _ . ^ “ ' . the court’s view the 

Mr Lyons interpreted the. non-etistence of that K 
judge's ruling as a “procednal" be a matter to be cohsid 
one and not a judgment on the when ACAS reported on Q 
rights and wrongs of the case.” reference to- it. " 


Oil platform deal ‘lost’ 
after craftsmen’s dispute 


BY OUR ABERDEEN CORRESPONDENT 


MORE THAN 700 construction 
craftsmen involved in a 
dispute on Chevron's Ninian 
Southern platform 70 . miles 
north-east of Shetland, have 
been dismissed it was claimed - 
in Aberdeen last night 

it was also claimed that the 
sub - contractor involved, 
W. Wilson Walton, of Teesslde, 
bad lost Its contract for extra 
work in hand which followed 
completion of the - main 
contract. 

After a meeting with Wilson 
Walton, Mr. Tommy Lafferty, 
Aberdeen officer of the Amal- 
gamated Union of Engineering 
Workers constructional section. 


said: “The company have 1 
their contract withdrawn 1 ; 
the men axe finished.'* 

The dispute started wi 
the company refused the me ; 
demand for an increase 
their completion bomu, 
ported to be an extra «$i 
per man, and a change in th ■ 
present on-shore leave systo . 

Main contractor for 
“hook-up** or completion wa - 
Selfrnst Offshore Services, 
Aberdeen, refused to c onun c “ 
yesterday us did Wife- 
Walton. No further comm 
was available from Chew 
last night 


Gas workers 
consider actio) 

GAS WORKERS who con 
pipeline distribution throi 


New national engineerin 
pay agreement signed 

BY CHRISTIAN TYLER, LABOUR EDITOR 

THE FIRST national engineer- more than that. They mil 
ing pay agreement for three ceive the higher overtime, £ 
years was signed in -London yes- and holiday pay flowing from 
terday after ' the Government new ’rates only on the aunl 
exempted thousands ** of the sary of plant deals. • 
industry^ lowest-paid workers ' But’ soxne--of those earn 
from the pay guidelines to enable than the new minima 
them to move ohto new minimum Ee t .' a rise on Monday 
ra tes-’ 1 '. ... ' another in six months, eve; 

The Governments decision had ^gy have already had a ful 
come as a surorise to the per cent Slage Three rise. 

Engineering Employers Federa- : 

tion. which only a few days 
before the decision was 
announced was led to understand 
that there could be no waiving 
of the rules. But on Tuesday, 
the day the-. Cabinet sub- 
committee on pay met, the go- 

mens, as a way of preventing pay an strike 

anarchy in the industry. Fur- _, n _. 

thermore, the two ' senior The request by the pipe! 
Employment" Ministers, m" distribution ‘branch ; in . Nta 
Albert Booth and Mr. Harold -wich, Cheshire, ofthe Natio 
Walker, have close connections and Local Government umc 
with the engineering union. Association will be taken up 
As a result of the agreement, a union emergency commit 
minimum rates rise On Monday meeting on Tuesday, 
from fi42 to £57 a week for skilled An - all-out strike by the pi 
men and from £33.60 to £43 for .line workers seems unlikely 
unskilled. - From the beginning this stage although any wna 
nf October^ they rise again -to. industrial action could disrj 
£60 and £45. ’- contractual supplies to urn 

(lost of the -Jim. workers tries. Domestic supplies woi 
directly covered already earn not be affected. 

Talks at Rolls-Royce fyil 

BY -OUR MIDLANDS STAFF 

MORE THAN 10 hours of talks off. 

failed yesterday- to end the week- The dispute ^ over movi 
old wages dispute that has halted the remaining 330 “*{V 
two Rolls-Royce aero factories piecework to measured oay 
in the Coventry area. No further in line with the group s oir 
meetings are in prospect and aero factories. nr(M i llct i 

occupation ofthe factories is to • Seven thousandproducu 
continue. workers at the PMkins^ me. 

About. 4,000 manual workers engine plant ip peter ?”?, 
have been -suspended at the .are to start a sit-in on April 

Coventry and -neighbouring untoss the company improves 

Ansty plants and 2,350 staff laid latest pay offer. 

Curb on wages opposed 


BY -OUR LABOUR EDITOR 

CONFERENCE resolutions , 
tabled fry branches of two big 
Industrial unions suggest the 
Government has little chance 

of securing any formal union 
co-operation for another set of 
pay guidelines after the end pf 
July.: 

Virtually' every incomes 


Scarborough in June 
opposition to interference 
any kind. . 

That however trill ne 
prevent the Government naw 
ing another earnings target u 
follow the 10 v*t cent .ant 
looking for tacit TUC consent 

Leaders of the two “dons 
which are both strongly. io>w 


VLlUUUtj ■ . V* | ||i ( 

policy resolution for the con- to the Labour Tarty, may 
ferenees of tbe National Union able to agree to more than « 
' general exhortation to “CF 

wage demands reasonable m 
the next round. 


of Ratiwaymen at ' Llandudno 
in July and of the General and 
Municipal Workers' Union in 


RAF and Army officers 



BY PHILIP BASSETT, LABOUR STAFF 
MR. CLIVE JENKINS, general fuJJy mtonWl; n ^ 

secretaryofthe Association tK union was pay- 

Scientific, Teehmcal and Man- Sj^^ySatively badly 
agerial. Staffs, said yesterday that career officer^ 

his union was planning a recruit- suffered a number of Pja®™ 
ing drive' -among middle-ranking, blows fihimcialto.to.rsceutyw?- 
officers. in the armed forces: ASTMS with 

Some -RAF flight lieutenants union of to 1968 

and Army captains were already an income ■atjmiw” r 4511000 
MU*' Mr- Jenkins to 
said at a celebration maricingfrto membera^ith an 
ten vests as. general secretary year of £6®i W“h jjext. 

5 the ■ union.. M. 1 . "believed the, and . . PgW*?., 
armed ftrces eyemmally would be yeSt-ofc ie-om*. 


ra 




*'-!r . • ■ 




V 





THE WEEK IN THE MARKETS 




f *>• 


s = • . a very quiet start to the 

1 ■ • ’ - et account the Stock Ex- 

sprang to life on Tues- 
•glided hyn large investment 
* : • .1 spread throughout the 

ystrial Ordinary Index rose 
.■ [' £t « ahd the Financial Times 
Points. _ Gilts, however, 
V re 3 a late setback follow- 
;-i»e banking figures'll) finish 
■ . . . . ^ a Y little changed.- 1 Once 
’ v this brief rally the maricet 
*'«d back into a state of 
1 . • .yV o with the bid situations 

'X second line stocks attract’ 
- teost interest 

. . jf sinking feeling 

y': hard to believe that just 
ear ago this month our 
- [■’- ping sector index sailed to 
'all-time high. To-day, the 
. ' >r is looking decidedly 

■ gy. Our index has fallen 
)ver a tenth this year and 
----- ■; ‘ iin companies have .per- 

ied still worse — Furness 
Jy’s share price has fallen 
well over a third and 
: unon Brothers’ by over 40 
• cent For some of the very 
V' U shipping companies there 
rirtnally ho market, so a 
11 selling order can send the 
reeling. 

IlIl'J rl^r, I , he problems of the talker 
, e * UvqI * n jstry are well known, with 
*__ ^ * JWtoo many ships chasing too 

iMllPM r l* e hosmesi. But the over- 
. „ »i x fjjr^city there has now spread 

'*JShe bulk trades and -is start- 
f t 0 have an impact on the 
- -j„ f _r business where the big 

V - , shipping companies make 

y real money. . 

_ "" s - : J^his week. Ocean Transport, 
and only to P & O in size,. 
' ^•^P^^-lerlined the sector’s deterior- 
■'*: ig fortunes. Last year 
!' ; ' i . ! 5^1ysts had been, expecting 
..... . ..'_ J c-‘an to- make fSOm. 

' .... .7' y a i;fact it made £39. lm. and it 

.. ‘ ., ‘■'-•'rta as if profits might sink 

. ’ /-?-_vD w £30m! this year. With 

.'•' , y~st of its revenues denomi- 
K ed in dollars, and operating 

' in sterling, Ocean has 

' . *• *jn suffering from the dedine 

' /crthe dollar. Of course, if ex- 
; :mge rates , move tjie other 
‘ _ y, Ocean conld do. better, but 
" :re is no denying that, ex- 
if nnrr^ n mse rate movements apart 
Lf K I Cl I tllgljjff Picture shows little' 


signs of Improvement and a 
yield of ID per cent .emphasises 
the stock markets view of this 
blue chip. -t. 

Hepworth jJRT 

Despite the prolonged efforts 
of Hepworth Ceramlc to reaeh 
an amicable agreement with 
Johnson-Richard T3es its hid 
terms have been. flatly rejected. 

Last month a group of JRTa 
shareholders,, controlling 25 per 
cent of the equity,' stated that 
they were willing to . consider 
an offer over I 25 p’ per share. 
The Hepworth camp feels that 
JRTs Board had its hands tied 
by the minimum valuation put 
on this stake which made it 
difficult for JRT to recommend 


LONDON 


ONLOOKER 


anything -below that.- figure. 
With Hepworth standing at 78p 
the bid terms put a value of 
217p per JRT share; 

The total value of the bid 
comes out at around £25$m. 
which is more or less in line 
with net assets inclu din g 
deterred tax. On the face of 
it this would seem a fair price 
for a company that has Shown' 
limited growth over the past 
four or- five years. . .But JRTs 
has ample scope to make « ■ size- 
able ' dividend increase which 
with the apparent hacking of a 
sizeable holding would seem 
sufficient to' squeeze more out 
of Hepworth. 

Gloom at GKN 

Guest Keen is still waiting 
patiently for world steel markets 
to revive and lift the gloom that 
has led to the widespread dis- 
illusionment with, its immediate 
prospects. Disruption -in .the 
UJC,, automotive industry has 
not helped . either, and this 
week’s announcement that 1977 
pre-tax profits were 26 per cent, 
lower only confirmed that re- 
covery is still som e wap off. 


Certainly the short-term out- 
look is bleak— with steel 
demand sluggish, the directors 
themselves see little change in 
non-automotive and component 
operations. Indeed sales volume, 
which slipped in the second half 
of last year, will be difficult to 
maintain and margins wiU come 
under further pressure. The 
strength of sterling, too, will 
have its impact on exports — 
growth of 39 per cent in the 
first half of 1977 was reduced 
to 13 per cent, in the second 
six months and there are signs 
of ' a fall-off in Continental 
component operations. 

But not all is gloom and 
doom; margrti.Q .will get some 
benefit from recent moves by 
the EEC Commission to protect 
tbe steel industry. Theses will 
set minimum prices and ease 
the competitive pressure .from 
dumping by foreign manufac- 
turers. And if the bid for Sachs 
goes through after all. GKN will 
be able to consolidate itself as 
Europe’s major supplier of 
automotive parts. 

However, tbe outcome of the 
appeal to the German Govern- 
ment to aUow tbe takeover is 
anything but assured and a 
rejection would certainly 
damage the group’s long-term 
strategy. 

Mail order 

The mail order results season 
got off to a ragged start this 
week. Freemans came up with 
some good figures for the year 
to last January, showing second 
half profits growth of 27 per 
cent on sales up by 18 per cent, 
but Grattan, covering the same 
period, looked dismal in com- 
parison. Its second half profits 
fell by 8 per cent, on a meagre 
sales advance of 7± per cent. 

Freemans, . in common with 
the mail order sector, had a 
disappointing Christmas — the 
buying season came too late 
for the mail order companies 
—but even so the overall result 
looks impressive and the pro- 
gressive increase in margins 
throughout the year is good 
news. Grattan on the other 
hand blames a disappointing 
second half on a catalogue 


^ S BILLION" 

m 

Lv< - ; 

rises 
XWk 

■ 15§t*3 




gazmg 


Gold and 
Currency 
Reserves 


1-y-- «: ' 


RSSiifr 


nienr signeo 


MARKET HIGHLIGHTS OF THE WEEK 


: • - 0r »i 

■ Id Mines' Index-,'-, i-.i 
'^hcqu«'Wi% W95’- 1 
V - ?ikand«r: 'tease 
- ; ck (A. & C.) 

- ■ ■■.• )* n & Jackson . 
3wn Q.) 
iristies international 
( 1 11 \ U Q foUen's Storey A • 

. , tyy International - . 

Beers Defd. 

• • -nkie Heel 

‘ - cemans 

. ' ^raset ' . 

•;^-.mdon Sumatra 
' ewarthile 

- - ~ u«ens Moat Howes 
.' : j: atners ; ' ' ■ ' 

• mt. ft Universal Inw- 

- ' ! r/igfall (H.) 


Change on 
•; Week 

■ ■ dr 33 - 

-S.7 

1 

„ — HS 

■ +a 
+n 
+18 

'•" + -8 

. +T2. • 

■ +13 • 

- — 17 

+ n. 

■ +M «- 
+20 
—17 

+15 
+ 5f ■ 

■ +?+ 

: +15 •• . 

-18 - 


Pre-Budget optinusm- - 
Uncertainty <m U3.goki J sales 
Sowdown-in money supply 
Hold-up on maniom devetopmeirt 

Excellent annual figures 

•Bid\specufatfon 

ReyTyed investment demand 

Results due Wednesday 

Speculative demand 

Revived, investment demand 

Profit-taking 

Record profits 

Bette r-than-expected remits 

Bid speculation 

Revised bid from McLeod-Sipef 

Speculative demand 

Speculative bid hopes 

H. Samuel Increases stake 

Offer from Lonrho 

Lapsing of Comet’s offer 


(ilis-Ro.'C* 


a «es oPP®* 


1 Ji' 


M&G SPK1A1TRUSTAMD 


cause. Support for it is wrflfen ltdo we pro- 
grannies rial poffiolpaitte^ .. = i.r 
■ MaBBan aiffeda y; FebnBTylS78. 

’ is r^^nised iaaea^^^+^tbe Eosemraent 
aid fee pubfic. Smaler conpaoes often rdam fee 

deAcalediiHoagesKntoMfttorigBadbwna-wenlie- 

S ireneur, Wddi cm be wy bendica^ and fee' per- 
ai iu nce of fear stares a a rising nwtaf cm be 

ejuxpfotuLN&G Special tsde^ied to pro^capflaJ 

growth by IwKfefi fe.saaSer compares tod tea 
portfolio of dnot 70 holdbBS. ; 

An iovestmaa of 0,000 at fee Fundi launch in 
■SapfeiBbwl967aoiiMhwegroaBlp£3,070,aidudBg 
mcorae festribofems, at fee Iwyk® pice of 153-5p 
OH 5tti . Apri, 1S78. Jbfcs itpreseds an increase of 
2078%, coruparud wtha 1 roe n fee F.X fedurtaal 
Onfirwy Indei o! 2fra%.Tbe cmt& es&nded gross 
jrMd k 448%, and 8» fstAriBd iaaxne tasjb- 




■77^rithcoutstodii«inanagemi 

wasfvvaitlw^M&GfV^iichtad. 

twointbetoplOandtwksstban 


WtVXIQ WHSIVT, 

tbetop 10 andno less than ■■ 
txustshstyeor y / 


InbrMKEKHJP DUTHREEQUAYS.TOWER H1LU LONDON EC3R6BQ. g 


I w||icpaft^ 


of fee smhr JUG funds and is amw^r valued af 
mrestaofiaid act Stfial^a ‘ 


Y5 530418 


kiwstaert (aiaimora E 50 fl. Donatsod ■ 

ssert to yon staling ewdly law (ash you wo. «. 
iato»Ofc«oVsliQrtW ... 


■ I' 1 

•: -v' 

u ', T r c 


i-gtS’ 


tut UIU1IVW IUBIJUH rwiraomnMiiwuv- 

The pnee ot ads and fee incoaftlifflB fteni may go 
down as wed ^up; ■ . ; y, 

■ of 3i%»s included in the^^^artawniaiaijB 

SutaHttl ^u»oeu& iD^m^f^^nDeraod 
3lst Hatch nd of basic rate tar and are remwaedior 

nod dbtnbuimMbte for nar inuestoavB he 30ft Sep- 
tember,- 1978, provided. yen imrest below 7fe /tost, 
1978. feo can bay or set units oo. any fcusraess day. 
Cortractefor purchases orsafewffibeiJuetorseflieffloi 
*2cr3»eeis later hf&owHinssiOTispn^loa^ 
agents. Trustee; Barclays' Bank Trust Comfun’r lunrted. 
Tlw Fund is a vridewange sepintsf and is authorised 
fee Secretary of SKeforBnfa. ' , ■ 

MAG ha nrnnbif rtfee OoSThirt Assocafion. 

TWOWAySTOlHVCST 

Jb an" ateraafife or feadtBoafe hnesfidgacamU 
sum yin can stxt aUegrfff Monfeff SnfaK-raa 
thro# s Heasaumce peScffor y StteasM-i 


I I dMian thai I an not resdent.cwtsde the Wed Kingdom. theOunml Wante, 
the bfc of Mu or and 1 am not tcqul ring Die units as the nWlnce Ot aiy 

te^teltii&omkkl^TenitoKS-tfYiMiareunibktoiiMetoa , 




• • .‘j y 


current rates of £17 for aaefe ££00 pail - ' 

Qn a £10 Ptaa to reW at preseot rales cao bringdown 
yowortM^coafeortyS^^ ^jwtoy - 
u nits usn^y worth codskteraHy more. Rwularimestamt 

aagasiga 

Cost AveraSflg. which gwes yoo a positive arttenetkal 
adwntagebecoBsejwir regdy twvestnieiit tog nwe 
dims when fee price em* and j#r when i msfSp Otoo 
al»BSBfewo/attostl80lwwj!W^^W- 
madthrou^^the period if your aee A .entry a M or 
under ftminenSR and rdher less up te 7fi . „ ■ 

Ryou cadi hi oPrtOP ywr first 

four years there is a paifo ad the tax autbo*es re- 


Ti«nrr«rfmfcand«MinaiaiaiiDmthEnitoavM " (delete as appfcabie or/taRmBb&m nmtsvnff be Issued) affeeMSG I 

I'WalTrastftmdatttepifanififlgOTificeiidofftisspplicatipn. 

, I am not resKiffll outside the Unteri feydom. ttie Ctem d I 

1 nf Man nr GiaaUat and lam nntacqulricg Die units as the nominee Olaiiy " 

DOS0nr^Us<0tasitteIteeTBria<jws.{lfy«iarBu«MeIp™*e»B , I 

1 dectanUmyoustirwIdffPly^^'^huhWiorslKlibroKet) » 

f simwruKE • WTE * 

^ M ffiuilti^Sa'dwg 8 numBij. I 

[iWSHTOSWirZl^^^^^ 1 ^ I 

J (emtoenrei^fortte^iinafe^ | 

I ■ | 

V^^mr^tnia&xnial&oli»amcaiBaa»|dance|iBstKenisSited. ■ 

* wre 'I 

fftacuBuncw ofrorm . — B «j 

^JWffiNfefflHSSSOfUSUiRDOCnRODWbonrdereiwuHytainad^. | 
Bl^tromfc^Uatlhavcooi&inj^jiKiJnessorm^opeTaUoi^l I 

t siowniRf ■ •- ' 

| S£L_— fllHJII! 

* avEngtand WO.10C359. Bag.ate.a8«l»W:_ ■ ■ 


|siciuruRE 


* ciixiiiU MoatMy Sarti*(kiB*miiB £30 a unuth). 

JlWSHT0SW[lZ3^^^ TOS ^' TmSi 

MKhusnAssiffaDce) Gnkd. 

lawte5!^lfiattfcj*ynwd«on)jrpfw?5tonilandJWV»a company viB nr 
I^^^mfltowalMiiflc^lccrgaQxptarahB 

* wre 

fftacuBunow ofctth 

_J(MfE AND ADDRESS OF USUAL DOCTOR (to whom refcrew* B^ft* wW, 


which was a marketing mistake. 
The latest catalogue is receiving 
a much better response, but the 
company has been losing market 
share for some years and the 
signs are not particularly 
encouraging. 

Not surprising, therefore, is 
DATAstream’s analysis of the 
week's share performances. In 
the “ capitalised at over £20m." 
league. Freemans ranks as 
number three in the top per- 
formers with a rise of a tenth, 
while Grattan is in the -bottom 
15 with a fall of 5 per cent. 
Empire Stores was also a strong 
performer with a rise of 7 per 
cent, ahead of next week's 
figures which are expected to 
show pre-tax profits of around 
£7m. (£5.4m.). 

Colour problems 

Thorn Electrical's announce- 
ment this week tbat it intends 
to close its colour television 
factory- at Bradford, and a 
nearby sub-assembly plant, pro- 1 
vides further evidence of the 
parlous state of the UJC colour | 
television industry. 

The industry, with no fewer 1 
than eight companies in the 1 
U.K. manufacturing colour tele- 1 
vision sets, has been beset by.: 
intense price competition. The : | 
situation has been exacerbated! 


~ -*1977 7978 ] 

by teclmalogieal advances which 
Save, ifed^ to increased 'capacity 
‘at a. time when consumer spend- 
ing has fallen — with the result 
that the industry is selling just i 
over half the number of sets ill 
has the capacity to produce. | 

THE TOP PERFORMING SECTORS | 
IN FOUR WEEKS FROM MARCH 9 
% change 

Newspapers, Publishing +17.9 
Motors and Distributors -+- 8.9 

Food Retailing + 8.0 

Contracting, Construction + 7.7 

Investment Trusts -j- 7.2 

Overseas Traders + 7.1 

All-Share Index -+- As, 

THE WORST PERFORMERS 
Electricals + 1.8 

Insurance Brokers + 0.1 

Shipping — 0.7 

Hire Purchase — 1 J 

Property — 1.8 

Discount Houses — 1.9 


RECENT reports have suggested 
that 6ome institutional investors 
are beginning to pluck up 
courage and cautiously start 
buying shares again. The per- 
formance of the market, how- 
ever, implies that whatever 
the truth of his contention, 
and there is some truth in 
it, there are just as many big 
holders of shares who are as 
gloomy as ever, and are happy, 
to keep most of their cash flow 
in the money market. 

It is this sharp division of 
opinion which helps to account 
for some of the more abrupt 
movements in share prices and 
the zig-zagging of the indices. 
On the one hand there are the 
■op timis ts. ‘ Paradoxically -.their 
hopes are founded on the 
belief that the economic 
recovery now' entering its fourth 
post recession year is running 




ImmTlCn 

fimn rtHlllWJ 


mufliimiimml 

iiuiuniniimHLl 
■imranuiniiimiVl 
Kinnammi niufmTI 

■ilinuniHunaiHimnniiiil 

inuiK mmm. luiiMiiiiiinniiauuniiinniual 
niini HP uiiiniiiiiminiiiiiiunamniwjl 
fiitiiBiBHVim2iisiB3iniiiiT*iiiiiftnHunim| 
imiinll u«ii»HiiH»Hii mu n ii »inmim 
liiiinu Tw niiiiiiinnninuiniioniuiiiiii] 

■niniiiii] j mi»< 

■iiiiiiiiiiianiiiiiiiinuiiiiimnimuiuiuiHl 
liuuiiiniiiiuiiiuiiiiinmHimiimnuiiml 


NEW YORK 


Brazil 
hots 
it up 


U.K. INDICES 


Average April 
week to '7 

FINANCIAL TlMBi ■ 
Govt. Secs. 73.99 

Fixed interest 7730 
Indust. Qrd, 467A 
Gold Mines 154.4 
Dealings mkd. 5210 

FT ACTUARIES 
Capital Gds. 203.11 

Consumer 

(Durable) 18724 

Cons. (Non- 
Durable) 19SJZ 

Ind. Group 201^9 
500-Share 22156 


Rnandal Gp. 183.98 
All-Stare 30539 
Red. Debs. 6059 


19571 

206M 

22L70 

H6S75 

20576 


IT IS typical of the twisted logic 
of the coffee market that as 
world prices sank to their lowest 
levels for 20 months this week 
Brazil,- the world’s biggest pro- 
ducer,' decided to double tbe 
support price of its coffee.. .. 

In'* 'surprise move this week 
the Government announced that 
§om July 1 the support price 
will be raised from the current 
1250 Crnzeiros to 2.500 
Cruzeiros per 60-kilo bag. This 
is equivalent to a little ' over 
£1,300 a tonne but once export 
tax and shipping costs are added 
the total comes out somewhat 
higher than the current world 
market price of about £2.000 a 
tonne. The 2,500 Cruzeiro price 
is already offered to coffee 
growers but from July 1 it will 
be available to all sections of 
the, trade, effectively discourag- 
ing exports' at any lower-level. 

Unless pieces rise, therefore, 
there r seem| .little prospect of 
significant" amounts of coffee 
coming out of Brazil via private 
exporters when the new crop 


STEWART FLEMING 


out of steam. A quick end to 
the recovery which would 
reduce inflationary pressures 
that are now building up . after 
three years of sustained growth 
and remove tbe threat of a 
credit crunch next year, leading 
to further sharp rises in 
interest rates, is what ' ' tbe 
optimists are looking for. They 
see in tbe current record levels 
of consumer debt nnd other 
indicators the evidence that tbe 
spending which has been fuel- 
ling the economy is about to 
run down. 

The contrary view which 

season starts in the summer. 
On recent form, however, this 
is not likely to worry the major 
manufacturers unduly as they 
have been virtually absent as 
buyers in recent months any- 
way! 

This lack of buying interest 
has led to a sharp fall in the 
market, hut prices are still 
about three times higher than 
before- the disastrous Brazilian 
frost of 1975. 

The main problem vexing the 
manufacturers at the moment 
is the likely retail consumption 
level during the remainder of 
this .year.- In the spring of 1977 
worldwide' 'consumption was 
estimated to have fallen by 15 
per cent from normal levels; as 
a result of the astronomical 
prices. : ' 

This in turn creates serious 
problems in the producing coun- 
tries, particularly Brant where 
lower prices and reduced sales 
create balance of payments 
problems and make it impossible 
for income expectations built up 
during tbe ** boom ** to be ful- 
filled. 

Yesterday’s Brazilian support 
price move is believed to be a 
direct result of agitation by 
growers in the interior who have 
been alarmed to see their stand- 
ards of living being whittled 
away as quickly as they .had 
been boosted in 1976 and 1977. 
Apart from subsidising their 


New York investment bankers 
Salomon Brothers put forward 
in a recent market analysis is 
that tbe long winter and the 
coal strike have merely served 
to. prolong the recovery rather 
than abort it, that long-term 
interest rates are going to 
continue to rise to around 9£ 
per cent and that this trend, 
partly because of the sensitivity 
of the equity market to develop- 
ments in the fixed income 
sector, will lead to renewed 
declines in share prices. 

-Comparing earnings yields on 
the Dow Jones Industrial 
Average yields on double-A 
rated fixed income bonds, the 
investment bankers suggest 
that on their corporate profits 
forecasts for this year, the Dow 
Jones Industrial Average could 
fall . as low as 660, a further 
12 per cent decline from 
current levels, on top of the 
25 per cent fall so far from 
the beginning of 1977. . 

There are' those who argue 
tbat these sort of gloomy pre- 
dictions are paying to much 
attention to what is happening 
with share prices, tile' stocks of 
the major corporations, the Dow 
Jones Industrials and other busi- 
ness in that sort -of size 

growers the Brazilian authorities 
are obviously hoping that by set- 
£ng an effective “floor’* price 
slightly above world levels they 
can reverse the downward trend 
in the coffee market which has 
persisted over the past year. 

Brazil has recognised the 
more difficult marketing situa- 
tion by making an attempt to 
improve the quality of its 
coffee. To this end the Govern- 
ment has instituted a premium 


COFFEE 

RICHARD MOONEY 


system whereby growers will be 
paid substantially more for the 
better grades 'Of coffee than for 
the average and poorer types. 
Previously the support price was 
offered at a flat rate irrespec- 
tive of quality; 

Yesterday’s move was Brazil's 
second major coffee policy 
change within a week. Last week- 
end the authorities annoiiaced 
reductions in both the minimum 
export price and esrport tax 
(contribution quota! . But in a 
further example of the Latin. 
American paradox the net effeetf 
of these moves was to raise the' 
export price of Brazilian coffee. 


1UYU IV/ / ltTi O J 

More attention it is said should 
be paid to the second line stocks 
quoted on the American stock 
exchange or over the counter. 
These markets have been in a 
strongly rising trend for two 
years. 

Moreover tbe trend of port- 
folio management to diversify 
their holdings has made these 
markets of more significance in 
gauging Wall Street’s mood. 

The argument overlooks, how- 
ever. just bow insignificant in 
total value terms the smaller 
markets are. Thus, earlier this 
week, Interactive Data Corpora- 
tion of Massachussets published 
the results of a survey of first 
quarter share price movements. 
This showed that while the 30 
biggest gainers on the Amex 
rose in total market value by 
8663m., the thirty biggest losers 
fell by $l- 5 bn. Even more signi- 
ficant the first quarter's fall in 
the. share price of International 
Business Machines involved the 
company's shareholders in paper 
losses (assuming they held their 
shares) of $5.6bn. 

Close. Change 
Mon. ' 751.04 — 6J2 

Tues. 755.77 + 4J3 

Wed. 763.08 + 7-71 

Thun. 763.95 + 0.87 

The effect of the export tax 

cut is straightforward. The new 
level of $90 a bag is ¥30 lower 
than previously and has an 
equivalent 22.68 cents a pound 
downward effect on export 
prices. But the reduction in the 
minimum export price by 30 
cents to $1.70 a lb actually makes 
exports dearer. This is because 
the discounts on which most 
Brazilian coffee is sold are linked 
to the difference between the In- 
ternational Coffee Organisation 
indicator prices and the (higher) 
official Brazilian export price. 

A cut in the export minimum 
narrows the gap and reduces the 
discounts — making coffee more 
expensive. The upward effect of 
tbe lower minimum price was 
#! cents so Brazilian coffee 
actually became 7.32 cent a lb 
dearer for export. Much of this 
loss in the value of discounts 
has been made up in the past 
week, however, because of the 
decline in Robusta (mainly 
African) coffee values which has 
widened the gap between the 
Brazilian minimum and the ICO 
indicators. 

But demand remains the main 
influence on the tone of the 
coffee market Supplies appear 
adequate, unless Brazil suffers 
another serious frost this' year, 
and, the main uncertainty is bow 
long -the manufacturers can hold 
off the market before replenish- 
ing their stocks. . - 


Gold Fields fails to impress the City 


CONSOLIDATED GOLD Fields 
is not the City's favourite child. 
Concern about what the group - 
does with cash raised by rights 
issues has seen to that It was 
scarcely likely therefore tbat 
the market would be very im- 
pressed with a 16.9 per cent 
rise in the first half net attribut- 
able profits. 

Despite efforts to project the 
group as _ an internationally 
diversified concern, no longer 
reliant on its 49 per cent hold- 
ing in Gold Fields of South 
Afriea, tbe share price is still 
primarily influenced by the 
movements of the gold mining 
sector. Tins week tbe sector has 
moved uncertainly and the 
Gold Fields price at 176p yester- 
day has tended to drift 

Net attributable profits in, the 
six months to December were 
£l5.2m- against £13m. in the 
same period of 1976, while the. 
Interim dividend at 3.l9l6p 
showed the maximum allowed 
increase of 10 per cent ■ ■ 

While these figures are better 
than those recently achieved .by 
many groups with mining 
interests, a breakdown shows 
that the performance is patchy. 
Profits from construction 
materials have markedly in- 
creased- but a rise is the share 
of -profits from associated 
companies — mainly GFSA — is 
largely due to share dealing. 

,G,old Fields expects that gold 
mining profits will be higher in 
the current half than in the 
first half. Certainly tbe bullion 
price has established a new 
trading range and closed yester- 
day at $179,375 an ounce, blit 
the contradictory reports com- 
ing from Washington About 
possible U.S. Treasury sales 
continue to cause fluctuations 
in the market 

In the event of sizeable US. 
Treasury sales it is possible 
that the market price could 
react sharply and induce heavy 
speculative sales, thus cheeking 
the recovery in geld mine 
profits. 

Where the group has gained 


considerable benefit is in the 
rise ol -tbe tin. -price which 
allowed Renison Tin in Austra- 
lia to make higher profits. Gold 
Fields stated that “ the price of 
tin remains satisfactory” but 
with the London Metal Ex- 
change cash. price down below 
£6,000 after touching £7,355 last 
December, it is less satisfactory 
than it was. 

Of course iron ore remains a 
problem, with Mount Golds- 
worthy in Western Australia 


MINING 

PAUL CHEESERIGHT 


recording .financial losses and 
seeking price rises from un- 
receptiye Japanese buyers. Still, 
this question of prices, not to 
speak of deliveries, is common 
to the whole Western Australian 
industry. 

Both the Mount Newman con- 
sortium and Hamersley of the 
Rio Trnto-Zinc group are trying 
to fend off the effects of 
Japanese demands for cutbacks 
greater than the permitted 
10 per cent, drop from agreed 
contractual levels. Mr. Rus 
Madigau, the Hamersley chair- 
man, said yesterday that he 
hoped his company's shipments 
this year would be at tbe same 
level as 1977. 

But the pressure of the steel 
Tecession on- the iron ore pro- 
ducers is such that Hamersley 
is -expecting a sharp drop in 
profits. 

Hamersley is .54 per cent- 
owned by Conzinc Riotinfo of 
Australia, which .in turn is : 
72.6 per cent owned by Rio 
Tinto-Zinc. . The prospect of 
lower Hamersley dividends this 
year for CRA underlines the 
force of the prediction by Mr. 
Bod Carnegie, the CRA chair- 
man, in his annual statement 
' “Unless there is a significant 
upturn in the economy attended 


by increased metal prices, I978's 
operating results will be sub- 
stantially lower than those of 
1977," he said. 

At the start of this year only 
the group’s aluminium and lead 
businesses were experiencing 
satisfactory demand. The imme- 
diate outlook for coal “is less 
buoyant” than in 1977 and 
there are few signs of improve- 
ment in the copper and zinc 
markets. 

But Mr. Carnegie found Borne 
encouragement in the “ welcome 
easing of cost pressure” as a 
result of the- Australian Govern- 
ment’s anti-inflation .policies. 
In" this, respect the position 
of the Australian mines may 
be improving while that of 
the South African mines 
deteriorates. 

Complaints about rising costs 
have -teen a feature of South 
African annual statements, 
especially the increase in power 
charges. - This week there has 
been a striking example of 
management discomfort about 
costs with the Anglo American; 
Corporation’s decision to 
suspend the development of the 
Afrikander Lease uranium 
mine, on which feasibility 
studies had been completed. . 


The mine may go ahead at 
a later date but that seems lo 
depend on talks with the South 
African Government. The pros- 
pect of a new mine was the 
sole reason for bolding the - 
shares. ' With the prospect 
diminished there has been a 
rush out of the stock, leaving 
the price at 165p yesterday 
compared with 270p on 
Wednesday and 425p last 
August - 

• Mr. Dennis ' \Etheredge of' 
Anglo American commented 
that Afrikander Lease bad not 
been finding it, difficult to find: 
customer^-- iiffieed. there was 
onfe.pie«e of evidence early in' 
the week that uranium oxide 
prices might be starting to 
climb again ' after holding 
around' $42 a pound for spot 
transactions. ... 

Tbe : Canadian Government 
approved a price of $15.42 a 
pound for Rio Aigom’s 1979 
deliveries to. the Tennessee 
Valley Authority. The company 
has a contract o supply 17m. 
lbs between 1979 and 1991. and 
the price is negotiated annually 
in advance of delivery. 

Although the growth of the 
nuclear power industry since 
1973 has not been as quick as 


* KALF-rtAB Ftsvat ■ 4Q 1 , 


once predicted, the confidence 
of the uranium industry remains 
strong. A statistical summary 
presented to the Institution of 
Mining and Metallurgy by Mr. 
Philip Crowson, the senior 
economist at Rio Tinto-Zinc, 
exemplified this. 

At the en dof last year there 
were 64 projects planning, de- 
veloping or under construction. 
This is IS more than at the end 
of 2976 and 19 more than at the 
end of T975. 

Mr. Crowson said that general 
mining investment had ; ‘'not 
dropped- back anywhere -like as 
far- a§ much comment would 
suggest." The burden of his 
argument was to re-assert the 
traditional view that -invest- 
ment patterns are conditioned 
mainly by supply and demand 
factors. 

He conceded that tills might 
he unsurprising, but it was also 
unfashionable. Much recent 
analysis has attributed a decline 
in investment to the so-called 
non-commercial risks which 
cover fears of nationalisation 
and changes in tax policy. These 
risks should be seen in per- 
spective, he argued, and could 
be a phenomenon peculiar to 
the 1970s. 


vi*. 


UBNINfiS 


NET PROFIT 
ATTRIBUTABLE 
TO MEMBERS 


1968 69 ^ TO T1 ^72 73 74 *75 ^ ’77 ■ ®1968’69 70 71 72 73 74 75 76 77 *78 





FINANCE AND THE FAMILY 


vSafeday April. $- 197g 


Trespassing animals 


BY OUR LEGAL STAFF 


With reference to your reply that the claim to a prescriptive 11. In either case the tenancy 

under Trespassing cattle . right would faiL Moreover, any agreement must expressly refer 

< December 17, 1977), in our leak would constitute a fresh to the fact that possession may 

case some goats stray into our trespass and be actionable at be recovered under that Case. 

garden from the neighbouring your suit. We think therefore _ 

paddock and graze there fairly that you should succeed in an A will YlgfoYP. 

often. The paddock belongs to action against the Council. You rr*** 

a neighbour and the goats to a should point out to the Council ffifj Wlfl fPP! 

rather simple young man with- that its use of your drains, even ^ 

very limited means. Our own if continuing for over 20 years t ^ ^ (1) Docs a 

insurers will not Insure us, (which is not admitted) was at oreT ions will still hold eood if 

so apart from patting up a all tunes until U^se-et-ju "elf 

stockproof fence ourselves, tne old Latin phrase used by h will* f21 In the event of 

is there anything we can do? early lawyers It was “ clam ^ airident to 

The owner of livestock which and that no easement is vested 

causes damage by trespassing on ra the Council; and add that 

your land {not coming in via unless they agree to your pro- fhSJwiwn.1 

the highway) is strictly liable for posai vou .-will cut off their 
that damage under the Animals drain. 

Act 1071 Moreover you have a estate pass first to the wife and 

statutory right to detain the Vf/TlPIt JJYohClt G then to her benefldanes? (3) If 

tresnaMins animal and to keen VV prVUUie the husband's previous will was 


rather simple young man with 
very limited means. Our own 
Insurers will not Insure us, 
so apart from patting up a 
stockproof fence ourselves, 
is there anything we can do? 


trespassing animal and to keep # Mr 

it for 14 days and thereafter (if jo TICC BSSClY V 
compensation for the damage •T 


died first so that would the 
estate pass first to the wife and 
then to her beneficiaries? (3) If 
the husband’s previous will was 
invalid because of marriage 
and the accident occurred on 


sausiacuon or uie Claim m r March m what wnnTfl h*> fhra uicic la « iuuiuuiuu umi « 
damages. The Animals Act Jg* *°me of Se «“ be left he f hn *“ d ’ s . 

requires ynti to notify the local aecoun ts were joint? Would estate. How much is this and is 

police station and the animal's nrobate be necessar? only for it irrespective of her own 

owner (if known to you) within thgt nat * oint wealth? (5) It all seems to hinge 

48 hours of detaining the animal re d U cin£ the value and perhaps on how soon a new will 

that you are holding if under presumably the tax" Would can be made after marriage or 

J_ ‘ — J *■“ * ' am I being unduly concerned? 

1. No; unless the will is 


distraint for damage caused by provision a legacy 
its trespass. Coats are within the 1 



■d 


B IV 


BY ADRIENNE GLEESON 


FOR THE PA ST couple of Income scale— though the I 

rmrnfhc Mr' TTmiav her rt I 


months Mr. Healey has been of ' such assistance's «?n . 

stibTprt +n a barrasTA a - 8tu L 


sfibjert to a barrage at advice4~ dear. A further increa& ' 
from interested parties— the allowances looks the^ 
*ape of. his Jorthcdmiiig likely possibility: but the'h ' 
budget: and this Seasonal bast- auction of a reduced wt-v 
tone culminated tius week- wiffi- for; those, just ttar&J ^ ’ 


KL nUeTout 


Chancellor Denis Healey at his desk this week. 


its trespass, floats are within the complicate matters? 1. No; unless the will is 

statutory definition of live- p robate is only necessary f0T expressed to be made in con- 
SIOCK - the property which falls into templation of the marriage 

7 \t ^ • .» • the estate of the deceased, which is in fact solemnised. 


The betting on the Chancellor 


No prescriptive 
right 


Liberal party. Mr. Healey Mm- Chancellor has ccrtainlv 
idf,- however, has had a it plain that there THa-? - 
lot to say ahout the matter, he some rise in public sS,- 
Below we give a brief guide to singling but the Health Sr 
other people’s assumptions, and aiid education as thetW» a ■< 
do some wishful -thinking of Tiur where that rise iZv - 
; owh. For the momenV though, applied. .He has saidSat 
Jet's concentrate on the indica- important that public sew ■ 
tions which the. Chancellor should be properly mainS 
hjiMelf has gives. , . _ even if a programme of so 

- Since February he,. has been ing is to be accompanied • 
pointing out tfiaf it would be tax cuts, 
necessary to - stimulate - the Another area that the sm 
; economy further, with a view to ment bas made it plain tW 
- expanding output and reducing would like to help ii g 
unemployment. ' Conventional businesses, so farther tax- ‘ 
words, perhaps, but Mr. He&ldy cessions are to be ext» ' 
; is, unlike his immediate pre- there. Small businesses, au 
. decessors, in a position to-,- do other? should benefitfirom 

5*g“5« 2 of the very specific me*s 

effect Not the poatton that it promised for the budan 
was thought he might be, how- statement of the position 
evra; and its been noticeable VAT on bad debts. A? 
that the tone* of his pronounce- moment anyone registereiT • 
marts on the _ budpt has VAT is required to actoni, 
tdianged as the date has- come the tax whether or not the* 
nearer. Half way through Feb- paid for the goods or sen 
ruary he was talking in terms supplied, 
of cutting the- level of interest Among the other sn> 


SINCE THE Chancellor has education and school meals. As £2bn. is the maximum that Mr I 1 ®*® 8 *.* furttier: more measures 

- „ ■ 1 JkOOfiltrlW TnA omnhQCic' iini* Ivaam al_ . 


■»«* »»* « **■*• *- tan moreases. they consider Healey can affort to let fte beii 55. .i2“*2 


ig the other- spe L 1 4 

ss promised at s .1 #/// 

re moves to relieve^/ 111 t* 1 1 * 
of capital gains t» : - * ,# 


My mother bought a dilapidated part of ^ estate. The areas valid wills. But it is presumed direct taxation, it’s hardly sur- in so far as there are any, they ing partners, and, in addition, sueWng in a high level of im- all probability, go nearly 

pre-J 900 cottage. Bn ring where difficulty may be en- that the spouse of an intestate prising that this features largely expect a 4p a packet rise in the stocking up a lot of- wage 50 ftt as critics of the work 

renovation work last year i countered are where the legal predeceased the intestate in most of the outsiders’ fore- duty on cigarettes. inflation for' 1979. As to how •° as «f the tax would like. A chi 

\vafer drain from the rold bad ^ sta ^ \ J i int J? Ut ^ er ® . j ? where it is uncertain in fact casts. Stockbrokers Phillips and Grieveson Grant reckon that the money will be spent, the SoS dh^ ^ Noith 

SfSSBJ Drew,h0Wever reckon that the direct tax cu* will be rather brokets are going A in 

under her land, none of these wholly vested in one only of the Smuitaneous emphasis will be on cutting the higher— some £21 bn., partly off- direct taxation by way of an .eased by way of cuts an direct which are less likely to pi 

being shown on the deeds. We j oint owners £ n i aw . what pro- « r™, J «hii wa taxea paid ^ lower incorae ^ increases in indirect increase in personal allowances taxation. He has also made it those affected: moves ttn 

have told the council that we vision is made by way of .,"Lr ® 0 s n ,„ c r a !^ Groups— probably by the intro- taxation, though probably not and a couple of perceirtage plain tha l he plana to help the mushroom growth of 

r r ; T,°, r pe,roL „ ? e pointe o£E CTd ^ 

nor seeking any redress for the before him. The wife’s estate that there will be only a Chancellor^ largesse will, they tax. On the assumption 'that 

settlement and damp caused. would be distributed as directed perfunctory increase in personal reckon, be distributed in. part that will cost- rather more than A 11 i i/7/y//i // 1%-nn ' 

but we do want a proper drain by her will, if any, or on her allowances (£30 in the single to the lower-income group, the Chancellor is -going-.'- to /ill f C rdUdl t/J/ JX.CVdttl£ 

to be hnilt. They have, bow- P/)CvpvV7/)h ilft intestacy, in both cases on be person's allowance, and £60 in where a reduced rate band is spend, they are also lookiiit for ’ .* " • 

ever, refused to pay for this. fOMMWW Ull footing that the husband died that for a married couple), a possibility but not a certainty, an increase in energy prices- THERE ARE three new leaflets deals with the position of 41 

retirement • m t . Between them these measures But in addition they think that with the abolition of file road out from the Inland Sevfenae who f ..fcy reason of their p 

chances of success if we sued ‘ j- 4 ' n , ot ? 3 P® 1 " 5 ® 0 will mop up £2brL, and in addi- the standard rate of tax will fund licence as a sop to the lii® week before the reared either to • 

"■™- ... L'fflSS'JL'SSlSl ^onaCrovi^aThr “nier the^hroKez, e^ct_ small- be cut back to 32 per cent — Liberals— and an increase in | budget of '78. Not that the con- the^nte 

ir a — e : — to leL oendine mv retirement reasonaoie provision ror timer , ... i ^ *1 m - m eacn case, tne lute- 


bequest in the will is of no con- 
sequence in determining what 


nor seeking any redress for the prop ery (if any) falls into the 


settlement and damp caused, 
but we do want a proper drain 
to be hnilt. They have, how- 
ever. refused to pay for this, 
claiming a prescriptive right 
What do yon. consider our 
chances of success if we sued 
them ? 


Possession on 
retirement 


1 have a cottage I should like 


IT the trespassing S inch pipe JriJfJT™*’ W0Me!‘ ttat "»?• reUef for ““ businesses on an absolute basis! this time, corporate taration, by way of tents of the first of tbenu Skttiie^w oTi ^t£S 

a^JoS am not sure How can I do this, spouse may apply to the court — <tirect tax relief and partial rather than conditionally as in some redaction in the present a house of their own within 

a leeal easement could he Jun nuwraniUBOUS, . . . r , , PWTnntifm Ivnm mrani tha Uov r 23). are \ikeW tfV he jrlTei-twV -w~r .... . 


prescription, for which the tn® Kent Actsr it „ ^Pending will be modest-^me economy provided by the an mttodactTon of fax relief on a ver y ^ ple f,T ’ 

dominant owner (the Cotmcil) You canlet the cottage and still • . ... f £400m., spread over construe- Chancellor will be considerably spending on energy conserva- ** er * ax s tand i n g .to the.lsdy Emriowees which is a siin 

must show that the use of the be entitled to possession when posable to make a will before ti0II| health sodal services Iower ^ most people . e3q)ect; ^ whose husband-, has .hitherto SSro Se hooklet^f th^L 

drainage sj stem was made you wish to occupy it under marriage which is expressly - ■ . e handled . all dealings with- the 

openly and as of right. As the .Case^of the 15tii Schedule to made to operate ^ conditionally ’ / Inland- .Revenue: and sb' far -as * 

fact that the Council h&J tied the Rent Act 1977. If you have on ; the solemnisation of an . : it ’goes'* -does the joh adinim ^fav?SS- : 

into your drain seems to have yourself been living in the cot- intended marriage with a A /* -- • f. /» ably', jtn ( particular' it gives a IT 1 iy , ^ 

been wholly concealed we think tage you .ran ako fely'on Case spqdfied peraon. time JOV Wishful thinking V ^SVe"^t?o < ftcSS Stt 

Offsetting losses choice on the Budeet - Sial-SS'J SiHSrv 


Offsetting losses choice on the Budget 

I have a free-lance income in n of Schedule D (not under late to claim relief against your WHAT THE Chancellor will undying gratitude of the Inland achieve that goal to which all with* 6 - 

addition to that from my case VI). That being so, you can 1974-75 income; it is also too dp ’ of course, is by no means Revenue. He could abolish parties pay allegiance: owner iw 

employment, assessed under claim relief .under section 169 late to claim section 169 relief the same a* what he ought to capital gains tax, which is on- Sccupatiom ^ “■ 


£5,000 to £7.500 a year). 


I have a free-lance income in 
addition to that from my 
employment, assessed under 
Schedule D. In this connection 
I have been purchasing relevant 
equipment on which first year 
allowances are given. In some 
years this results in a net loss 


n of Schedule D (not under 
case VI). That being so, you can 
claim relief .under section 169 


The other two leaflets' deal provision of living accommc 


terest Paid is .a supplement to work done abroad, and bee 


iugs, then against your un- facts and figures for each of the Poverty trap, how else might he; widow and the millionaire alike, of VAT, thereby raising some eresL^n oarticSar tois leaflet ahleto matesenSof it ' ' 
earned income, then against years 1975-76 onwards, so it use his powers to produce the! depresses the return from in- £600m. and bringing down upon leattet i aiU& M maKe sense nr ir.. . _ ^ 


in my Schedule D income, part your wife’s earnings and finally might be worth spending half greatest happiness of the dividual investment, distorts the himself the blessings of a multi- 


s savings 


of which is normally carried • against her Unearned income, an hour in a reference library greatest number? market and, again, produces tude of small and serm-numerate Y^l* v ' 

forward against future Schedule Relief against your income of with one of the standard works It is probably no more than very little for the Exchequer, traders. And, finally, he could ' V/mlll/ Cfl )J IStlrt/ilf iV . .... 

D tax liabillt}’. Could such 1975-76 must be claimed by on income tax. wishful thinking, but maybe he And finally — for the time being put a few pence on the price of •*’- . ^ 

losses be offset against my own April 5. -If you had a loss for rr — — ^77; — could do it by simplifying —be could abolish Stamp Duty, a packet of cigarettes- It might 'm^F-Aii'vnTrwhft hnv© a yAwniar fneoMtf- 

or my wife’s Schedule E tax 1974-75, you can claim relief RSLTrtJZ mattcrs somewhaL He rould which is an anachronistic hang deter ron^dmif^fdr a. while; 

liabilities ? against your 1975-76 income ?“ ep A ed JJJ*! abolish some of the multiplicity over from the eighteenth cen- andit might thereby help.keep £^yS i SSSff i 5£JSEST«^?1? bei 

We take it that your freelance (provided your claim is re- coluJms AU inqSrlet ^ S o f taxes beneath which we tury, and a most unwelcome down hospital bills. What’s 

income is assessed under case ceived by April 5). but it is too answered by Post as soon « labour, thereby winning for him- additional burden to those who more he could increase the i 

rven mvre /mnrr^YVne self, apart from all else, th e are stretching ti, e lr rraourcra to dug . , n drink ra we.L Sd^S. ^ 


EXECUnVES/DIRECTORS. 


These benefits 

do not infringe the 
FnCode. 


When the pain threshold is 
extended 


Post ’ Qtece, a copy of a .new -ployed to make .more thajif] 
leaflet vEriun the Department for 1 marginal difference to the' phi 
Nation^ Savings: NdtioBal Sen ?-. of a parent jayipg ^bdre 1ht| 
inqs for Children. days. - - % 

Title: notwithstanding, it pro- „ All in all, however this leaf, 
vides rather more than a simple provides a ' more than usua. 
description of the Department's thought-provoking addition 


with 


Do your pension arrangements provide the maximurp 
benefits allowed by the Inland Revenue? 


1 r§£^Wmtt£1ma waresn-though i there’s that as the reading matter available ^ , 

vewwvlwli'l/||f well; vkoth . details such as the those who must pot up with Pc ■“* ^ r-\ . 

■ _ minimum deposit accepted. In- Office queues. -Only the timh---, . 

| OF THE 188 recommendations non pecuniary loss: the former therefore the full value of all against inflation— but although terestpild, and procedures for exercises my- inihd. Does t v iC \ l ., 1 

for change in our fault-liability- includes the wages you lose, the benefit you receive from the various methods were con- putting the money in and taking Chancellor’s right hand (tU._. ’ 1 * ■ 

injury-compensation rules made medi <*l expenses you incur, the DHSS, whetiier or not atmbutr sid ered by the Commission the it oa t^ again. The leaflet looks, DNS) know wbat . Ms JeC’, . 

. ^ ^ cost nf a Minvalasnant hnlidav «P i e to mat nrsi o mu ulus, recnimnendation is for a “fixed =_ «... Wind {*v,a. 'tvqoqut-vI has nta ‘ • • • r - v. » ; 


by the Pearson 
sion, the first 7 


If not then ail individual pension plan can give you vary P rc ®® nt .* aw “ ™ rt iaeuci 111 and suffering. In the- vast According to present law, estab- agreed pre-fixed annual percen- impKajifionB for its parents' tar infonnatibn in' this leaflet, m 

rous cash sums and/orpe^on at retirement ats and' 1316 a3sessment S3S2 "£ iS IPS. 2*L, Go '"™ t .r.i d . PositioiTfrgora. i«ter* .into ^ 


generous cash sums and/or pension at retirement age and 
the provision of these benefits does not now infringe die 
PayCode. 

Such a scheme is individually designed, often topping 
up existing pensions. Ckintributdoxisfiromthe employe^ and 
any made by the employee, are folly deductible for tax 
purposes. 

But which of the many plans available can you choose 
with confidence? 

RESULTS COMPARED. 

In January 1978, Planned Savings published a survey 
of executive pension plana In a comparison of actual results 
from the types of individual pension plans effected for 
executives in 1957 and 1967, The Equitable Life’s pensions 
were the best 

As one reason for The Equitable’slead is thatit 
doesn’t pay commission to intermediaries, please contact 
the Society directlyforforther details -particularly if jrou 
are studying other quotations at this time. . 

Telephone 01-606 661L Or post this coupon. 


of damages. 


damages 


assessed by as an offset against damages 50 .supplement 


adverse advantages of using National amendment which might becdic 
Is would savings -Certificates to provide necessary. 


should □evermeiess oe re- -“rr“ wnulH roriucp the rural amount *-« — **“^*— — 

tained. Liability in tort should Royal Comm issira pro- " 0ul £ toe total that insurers sjould.be capable 

remain a li.Mi ire in nediaen^ P.oses that there should ;be_ a ^ 5 ^. mpensauon you of setting up the administrative 


nevertheless be re^ they have had to _try tiao - The Commission reckons 


remain a liability in negligence {KJ .«£ SeceiVe ^ J ^ of setting up , 

•except where there are special ^ hl „ h if^vou 0 are an When you are seriously ma ®5i? eiy t? e °f ur ®„ LAST.5EAR 27 per cent of new set .up a special ^stribnb« . 

reasons for imposing strict accident victim vou should not injured, long established legal monthly, paymente (no doubt nf e finsiness • sold was unit- fund, to which the 

liability So far as possible be entitled to any damages what practice— allied with common- the capability is there but the linked/- THs is certainly- one of miiun- bond - can be Jinked. Tni 

the principle of making full ever for pain and suffering. But sense— decrees that normally servicing cost- might well be the grotrth.' sectors . for the life aims to. provide .Investors W*tJ . 


Mew lines in unit- 


reparation for the loss suffered 
should be continued. Damages 
should continue to be awarded 
for pecuniary loss and non- 
pecuniary loss, but changes 
should be made in the method 
of assessment and the method 
of payment” 

This- is why,- if the Commis- 


you wait till you are fully re- high). assuShre industry and a minimum annual net rieJd v 

™.r re h M ( ith S nrnsnSf^Sn tI S! The Commission suggests that traditional life companies are. 5^ -'per cent.- by investing. in £ 

predicted * with reaSSabS it v sht >^ d be ° pe “ “ the parties. no “ .entering the fieia ...in -wiS spread of securities.^' . 
areuracS) before getting your ^ claimant and the wrongdoer, increasine numbers. This week number of unite brid»M. 
damages These are then pay- negotiate a lump sum pay- saw the entry of Crown Life, a reduced. _ Indeed, Jtf 1 - ttwe.- .. 

able in one lump sum, to cover if the claimant prefers, major Canadian company vhich income in excess. of the -5 

« a nAn ii J nwmririari ho rilAurlv iiririarctariife . ^ s s' < t . * - -mi a? La than' fltt 


INSURANCE 


JOHN PHILIP 


all aspects — past and future loss provided he dearly understands has oper ated : ih the traditional cent - to be distributed, than tbj 
of earnings and expenses, pain what he is doing: conversely it Hf e field In the UJC for over '40' mmaiber of units ii increased^- ^ R 
and suffering and so oa should be possible in the case years. :. 


- „ „ _ _ . _ .... . there is an income shoriftR 

are studying other quotations at this time. . sion’s recommendations are 5f t _ p „ worQ , j-_ thp The Commission’s report of less serious injury for the one’s immediate reaction was then tbeinvestorgets a!owei 

Telephone Ol-GOG 6611. Or post this coupon. implemented in whote or in ^ ' 0 f Vr^monto SSS "S 0btSm P "“ ° 

J n ? ? tff “ ntIT '“ e “ wo P .3d, from that time on. be ^ PWnents. ” „g^ne. end tine eSfdd wett edvmrtag of 

I require legal liability cover for entitled to damages, as at fiI ?. app “ r> . ' J So far as insurers are con- have been -the reaction of insuT-.. 35 ' -tte , 

To: The EquitableLife Assurance Sode^, FREEPOST cUu “ s ar,s,n 8 J 0Ut °f “otorong present, for toe remainder of First, damages for pmn and ceraed, these periodic payment ance brokers- But' there is a S -> 

1 T nnrion 9 TT ^ accidents, -and out of non your period of suffering. But suffering (past and future) recommendations 'are perhaps the nroduet range HOt est capital wk 15 ™® . 

LondonEC2B2JT . motoring accidents caused by none of toe CommissioS’s pro- should continue to be payable the most controversial part of " ket .values. are . 

} Td welcome further detail a nn your In dividual PensionPj ans. outselves and our families, why Ppsals bar your right to the rest by way of a lump sum. Then the CommissionV prescription. TOerew ; . , , . ;; investtes^saw captal in y 651 ^ 

I • _ employers will still need em- Jl oss past pecuniary loss should be Depending on how _ one. applies There is the usual single pre-, throu^i wiflrdrawal ^schroi^ : . 

name date of birth player’s liability cover and why “^reshold” 1 neriod 686111 - r 016 calculated as is done now and the yardstick, of serious injury, mHun bondand regular savings er oded duringth6:.dajk_aays.or. r 


London EC2B2JT 

Fd welcome further details on your In dividual Pe nsion P l ana: 


employers will still need em- 


ployer’s liability cover and why ■LG" 

I manufacturers wholesalers and ^ reshold penod - 


also paid as a lump sum. But the recommendations could I contracpsv'ipKed to 1974. -J. 


ADDRESS 


POSTCODE 


TELEPHONE! OFFK 


PTWTSA. 


uaviug lu vumiJciiMit; uur me u.n.o.o, — eiLcer fOt LUc ui uwk wuuiu ue 4U per cent. Oi insurers cl aims — 7 — — 7 , vaiiws. *r r ?_ f j : 

victims according to the law for existing (but augmented). Indus- subject to review by the courts, outgo). It is here that any But' the “inajor innovation -is cult 'ntedia to .undOTtana, sm 
the injuries we cause them. trial injury benefit for injury at to take account of changes in savings insurers might gain by Crown’s decision to offer inves- Grown has;_ produced “ 


| The Equitable Life 

J The oldest mutunl life office inthe W>rid-Totradedl7( 


c uijuiica wc uaius uicui. *vi otuuuuL v« vudugca UI savings lusureia im g ru - g am oy UrOWD S UeClMOU IU UUCI uj.uiuj nut 

At present if you are injured, . p i >0 P 0sed t he victim’s financial state the implementation of the three tors an income fatality witotoe. tereatiflg‘ ; bookletsetiJ^ 


At present if you are injured, r a »<ue tne impiementaoon ox roe xnree tors an rncome iammy wmi mu ^ 

be it on the highway, at work, f or e Sl u 2J brought about by altered months- threshold and.no dupli- single, premium bonds, without very conci^Iy .g^^ ,-JLh*. 

or elsewhere, you are entitled Sie home or at leLiufe 1 ^ 6 medical condition. cation rules could -be quickly the necessity, of casing in offiwefl. ^ 


or eisewnere, you are enuuen the home or at leisure iwmuuu. canon ruies couia-oe quicxiy roe necessny or casimiK m by 

to claim against the wrongdoer Moreover the Commission The Commission recommends counterbalanced.. by increased tmits.,as with the ribnnal wtlh- aS ^-P l ®: I,l ^f'^riySe r ESted 

and through him against his in- says that there should be no also that the level of periodic payments for serious claims, and drawal facility although such a .. 

surers for both pecunary and duplication of compensation: payments should be protected increased administrative, cpsjts.. _ .facility visTavailatole. , Crown Jias. inwOTaycs. .toxr@sffl.ii--.-- 


- i i.T-al-.-t™- -*r--« • ,"siW 

\ ’ ' . ' 






7 


e£3 




Saturday: April 8.1978 




°fit 

ESC, 


YOUR SAVINGS AND INVESTMENTS 


savings 


.1, ’ _ Sf ' 


1Y ERIC SHORT 


get fuJJ tax relief on the contri- 
butions. investment is ' made 


mm 


Vrra THE' end of the fiscal they did nothing.' "The self- !«» tax-esempt funds, and 4ere 
ar thfl 1 > a - jV* • 18 a tax-free cash sum at re- 


employed vSstiU receive only ”•»** «* sum at re- 
;*: ■> ■ landmark _lhis week. Their the basic Art-rate Rendon— at Tranent plus a pension taxed as 
" ational Insurahce contribu- preseirt £37.50 per week for a vaI^ic nc ?” e ‘ d °t i* 

year 197S-7?l£ " {S - * "g, * **; 

r ? 0 ? 1 v, wer ^- a5 y0u ^ ***&»« So I would surest that they $25? at every stafie by 111 
„■* ‘ table. No longer are they use this heaven sent windfall 

•r;;..:eing treated as milch-cows, (there must have been divine Now, you should bear in mind 
pan dug the State : pension •. - - that your National Insurance 

^ . - j .cheme but getting very little •" contributions were not eligible 

; the way of benefits. The new N1 Swing* Grossed-up for tax relieE, but your pension 

■ ‘ontribution structure has been » , ,«»_■» contributions will be. So you 

7 • '■ osted to reflect the benefits re- - ~ -savmpat can afford to pay out more than 

eived, and the Government Pp f ta : ■■ •***> the actual monetary savings, 

- > J- actuary has given a lone ex- ‘ * without impairing your cash 

■: : danation as to how he has done ^ . £££ flow * 

- he costings for this year. Both 5 ’ 5M ■ . w ‘ If you already have made 

“ e wte, class 2 payments, 4#® - IW-w iSiJ)? reasonable pension provision, 


V Je lower. - lower. invest the money that would 

■ What are the self-employed to • have gone into the NI scheme, 

- .-Mo with this increase in their ■ may I suggest that you be more 

. :ash flow? There .are of course intervention for a ' Labour Gov- adventurous this time, and look 
it least 101 Ways in which this ernmentto give money back to at the potential of unit-linked 
: 7 i ' ' --ooney can be spent. But first the self-employed) "to ’ bow contracts. These carry an in- 
; . bo self employed should take their pension arrangements, vestment risk, but the rewards 

' * '•> mother look at the State Though the State will- not itself are correspondingly greater, 

tension scheme, which, entered provide the self-employed with You could take out single pre- 

’ :--‘i new phase on Thursday. This a decent pension, it does mium contracts, varying your 
.". " ! - will provide— when it readies encourage them to make their investment each year according 
_ -maturity in 1998 — a decent own. provision through a life to market conditions. But if you 
" : * ■ ?amings-related pension for all assurance plan.'- . The most are taking action for the first 
l • employed persons. But the plan- provident of the self-employ ed time, then it is preferable to 
''tiers' at the Department of already use ^his facility. stick to a contract which pro- 
■’ -■ - Health and Social Security did - A. life assurance contract is vides secure ■ benefits— a with- 

. not know what to do, in devising the most tax-efficient means of profits or a building society- 

- : . « jt, about the self-employed: so. providing" for a pension— -you linked scheme. 


Now, you should bear in mind 
that your National Insurance 
contributions were not eligible 
for tax relief, but your pension 
contributions will be. So you 
can afford to pay out more than 
the actual monetary savings, 
without impairing your cash 

flow. 

If you already have made 
reasonable pension provision, 



LAST WEEK I discussed clip- 
board sales, and how. publfq. 
opinion had forced the end x>i 
this dubious practice. This week, 
Mr. Stanley Clinton Davis, the 
Parliamentary Under Secretary 
of State for Companies, made it 
dear that the Govenrment in- 
tends further to protect lie con- 
sumer in the insurance field 
from all types of dubious sales. 
He is going to clean out the 


insurance 

sales 


to damp down on agents with 
a high level of abortive con- 
tracts, because they cost them 
money. But is the Government 
going to stop there? Not on 
your life, if you will excuse the 
pun. Mr. Davies has a further 
host of measures designed to 
protect the consumer from him- 
self. 

The Government’s plans in- 
clude limiting insurance sales 


Trading in the new Amsterdam options market. 


Eyes 


Investing in a 


currency 


& by Re « 


on 

Amsterdam 


AMSTERDAM’S newly- 
opened traded options market 
handled a total of 14-99 con- 
tracts in Its first two 
shortened trading sessions 
this week. Turnover rose 
• from the respectable figure of 
531 contracts on Wednesday 
—compared with a turnover 
of 600 contracts on the open- 
ing day of the Chicago Board 
of Options Exchange In 1973 
— to 668 on Thursday. The 
European Options Exchange 
(EOE) has the advantage 
over Chicago in that traded 
options arc now an accepted 
investment form. Bat there 
remain question marks as to 
the willingness of the Eoro- 


RIGHT AT the -Start of this have a very different situation, into the Swiss franc without in- 0 f Options Exchange In 1973 

.. ; ■ series I said that one of the Thus the 37 per cent decline in curring Chose penalties. — to 668 on Thursday. The 

" striking facts to emerge from Capital terms which, the Lloyds It has to be said, however, that European Options Exchange 

: • :r7. any study of offshore funds was International Income Fund is these two funds in particular are (EOE) has the advantage 

the vital importance to the in- showing over five years, as not for the man of modest over Chicago in that traded 

- " Investor and fund manager- alike measured in Swiss; francs, means. In each case, the effec- options arc now an accepted 

.Jof the currencies through which emerges an dollar terms as a rise tive minimum investment investment form. Bat there 

-".7 ... 1' his investment was to be chan- of S.9 per cent, and: such has accepted is quite steep, and remain question marks as to 

neHed. And two of the funds been die depreciation of the although some form of assurance the willingness of the Eoro- 

under consideration this week pound within that 'period, that link-up is under discussion, the 1 

« J) illustrate the point the fortunate sterling investor management is in no hurry to tie A 

• ilcl'fl The two - funds run. .. by. will have seen a.-iise,Qf MJ per it up. So there is no access to /M VW fhTtfl fill 

Lloyds ’International Manage- cent, • the funds by way of a savings AM. I* 

.... ment, a wholly-owned subsidiary - It's true, of course, that we scheme. ... 

. - of Lloyds Bank International — ; have recently been, through a For those with sizeable funds v 1 

•itself, in turn, a wholly-owned period of unprecedented mone- to invest they do, in addition, T/j /j ffjr 1/ 

- subsidiary of Lloyds Bank— are. tary upheaval, and there’s no provide active portfolio manage- ^ ^ 

-’'•‘--amongst the very, very few to saying that other currencies will ment, tailor-made to individual t 

: be denominated in Swiss francs, continue weak against that of reQuirements. OVER THE PAST three weeks 

•• -.:Now the Swiss franc has over Switzerland. On the other hand. Finally, a word about Lloyds I have been looking at the gen- 
the past ten years been, one of the omens for monetary "stability Trust Overseas, which is run by eral principles underlying the 

. r the strongest currencies going, could hardly be described as a subsidiary of Lloyd Bank introduction in London of a 

: and that, can, for an inter- promising: But those who want itselfi This is an offshore fund market in traded options, and 

' - national fund, be something of to play safe by investing through insofar as it is run out of The its relevance to the people who 

• a disadvantage. It means that wbat has, traditionally, been Channel Islands, and carries would like to buy call options, 

' any attempt to invest in cup one of the strongest currencies certain tax advantages: but it and to those who would like to 

. rencies other, than the. Swiss around, "have something of a isn’t really designed for The write (sell) them. This week. 
' franc is all but certain to shbwnp^iom to overcome in doing it overseas investor, it’s a fund for let us take a look at how the 


pean investor to undertake 
the risks. 

The; EOE’s dependence on 
rapid, and reliable informa- 
tion on the movement of the 
underlying stocks was 
apparent from the first. Prob- 
lems fa getting up to date 
stock prices from London 
hampered dealings in the 
three U.K. options— BP, ICI 
and GEC — for most or the 
first day’s trade and prices 
were coming through much 
delayed on the second day as 
wdL. 

Traders reported that in- 
terest In the first two sessions 
was split about 60/40 between 
professional and public orders 
with the institutions so far 
showing little interest. Much 
of the business came from 
Holland where the EOE has 
naturally received most pub- 
licity. Some Dutch banks 
have been more active than 
others in seeking out retail 
business hut they are confi- 
dent the potential market is 
there among their clients in 
Holland and abroad. 


Augean stable of insurance sell- panies seem opposed to the idea to certain defined channels and 
ing. on- cost grounds. In the spate dealing with doorstep selling of 

. . . • t of annual reports now appear- insurance contracts and- mis- 

The first attack witi be by j ng> chairmen . are describing leading advertisements. 

■way of the introduction of a xooves as a waste of time Mr. Davies wants the insur- 
cooling-off period for potential amj" moneys and cl aiming that ance salesmen to regulate 
policyholders. The Government they provide no protection that themselves on the lines that the 
hopes to introduce the neces- does-not already exist. insurance brokers have adopted, 

a di^S^d r ^th ^ There U no denying tbM ouch anff lie warned the insurance 
We na\e oiscussea suen -p™- s /vwrfinff off neriod vail add to companies that if they were 
posais before, but to afresh ^ Siting new busi- slow to act upon their responsi- 

readers mmds. this w Q] mean existing policy- bilities, then there could be a 

that any pohcyhol der tak ing out ho j d ’ ers>w j|j jj ave to pa y f OT jt system of direct Government 

LwiSh But a Prespa* pXbolder control. The Life Offices’ Asso- 
dajs in which to decide whether . . . ^, en necessary ciation has made it clear to the 

He thne 10 ' refi ° ect on whether the Government that sales methods 

tiract. He can change bis rmnd doefi raeet are’ the responsibility of mdi- 

dunng that penods abd ^ ne eds •• He should know that vidiial companies, and it is not 

e n ?y ?aw he can rofif^take the role of the Association to 

out i0Sb ’ up the proposal and not suffer interfere. And which company 

The Department of Trade has financial loss. We ere- usually is going to discipline the 
sought the views of the life reluctant- to make a- fuss unless productive agents for high 
assurance industry. Some linked we know that we have the law pressure salesmanship? 
life companies already operate behind u4. * Mr. Davies gives the irapres- 

a cooling-off period, and provide By itself, this proposal should sion that he is determined to 
a document setting out exactly be sufficient to stop dubious stamp out high pressure insur- 
wbat are the benefits and con- selling. - The agents ■ axe not ance sales. 1 have always con- 
ditions under the contract, in- going to waste time selling con- tended that the best solution to 
eluding surrender penalties, tracts that are not going to be such salesmanship is a high 
But the traditional life com- takes up. Companies axe going pressure boot. 

Money left to the care of the courts 

THE PUBLIC TRUSTEE Office Fund, and a Gross Income Consols. Since then the Capital 
put out yesterday as manager. Fund: and what they are is Fund, in particular, has done 
its report or. the Common straightforward unit trusts with well tor its beneficiaries- 

r nnu rtichnofiAn* nnlir " tnn^A \Mrtn o m fhneo honofioion oc) 


I Investment Funds. 


distinction: 


Who are those beneficiaries? 


whose money is under the care In the main minors whose assets 


ought to be familiar to those 0 f t j, e courts can invest in them, have been left under the care 
who have funds under the care funds were created in of the courts: but they might 

of the courts — or who have con- 39^ to reflect the slow realisa- also be people with mental ill- 
nections whose funds are so dis- t j 0n -within the judicial machine nesses or — increasingly — those 
P° sec *- that inflation was playing havoc who have received large sums 

There are three of them: a with the real value of monies in compensation for injuries 
Capital Fund, a High Yield invested in War Loan and received. 






US.G 




3 


Translate ti»at performance in- based fond', such 1 as the two run ,( ^ ns ra 1 
to a currency other .than the by Lloyds International Manage- m V nt . v 
Swiss franc, however, and. you ment, is the only* way of getting Premium. 


rather than, an invest] ^change, arid' 4' will operate 
through the dollar under the control of the Stock 




ADRIENNE GLEESON 


Institution/ , - - • 

fund , . Curren c y Listed Valuation 

Lloyds Bank- (CI) Unhr T rmt Itongto 

Uoy ds Trust Ovetwas - .. ;Wonthly 

Uoyds International Management SA . ' 


Minimum 
purchase 
on issue 


Annua) 

charge 

% 


Asset growth 
over 

7 year 5 years 


Lloyds International 
Growth Fund 


— • Weekly 10 units* 


Uoyds 

International 1 Income - 


.Sw.Fr.- 1 - — Weekly • 10 units* 


| -10.7 -37 


• No stated minimum, but this is the effective limit 


suvinss 




A stake in tibe World’s richest economy; 

-5je A chance to benefit from today’s strong £. 

^ An opportimity to invest when US shares are cheap. 

jY5 an v shrewd investors seethe stood sense of Important Details 


10* 


Manysbrewd investors seelhe good sense of 
■ " '• b avrng a part of their investmen c m th e US now. 
,.V> ' T}TidaU believe that the economic facts 

• y • justify a higher level of prices for US shares, 
which today siand at ama c tiv ^y lowprices, 

. : : .■ . and that a change of mood couldproduce - 

, ' ; substantiidgakisfOTtoy«fcors. ... ; . 

Economic StrengtH ' . 

On such fundamentals as profits, dividends and. 
assets, American shares.arencwdieapcr than 
1.a they have been for decades. YettheTJS ’ 

. /fllflp economic indicators are strongly fevourable, '. 
wiihaninflaQooxarcof6.7%iBtyeafarida . 

^ rise in GNP of 5% in real terms. Corporate • . 

profit too continue to grew at a sustained pace. 

This is why Tjncfetll belicye that now could. • 

: - be a good tiroe forin\-estc»rs to put some of their 

money im» America. • ■ •-. - • 

Benefit fromTyndaflexperieiice . 

.. ’f.' For the first time investors can benefit from a 

unit mismanaged by TyndaU.the Lxtodop ; 
Wall Intematicrial Fimd, which isnow . .- 
investing esclusivelv inAmerion shares. The 
Tsndaii Group have extensive oqierience in 
- . : :■ American investment &om their subsiannal 
.. :• r ;‘ overseas inveivement over thepast 10 yeais.; 

TFeportfofioof fiwestments^ will consist of 
those leading US slareswludiTjtodallbdieye 


■ * *y , > 


through the premmm currency pkxri- ' 
Today’s strong pound means that British 
investors cer more dollar stocks for their 
sterling. You rake advantage of this favourable 
exchange rate by investing noto. Fotyour • 
information die estimated grass c omm encing 
.yield on 4th April 197S was 3.32% and the 
offer price.29.Sp; - 

• Remember, that the pries of units and the 
mcomefromthem can go dowrias well as up. 
You ^tould r^ard your investmenr as long 
ter m- ... 

Bow to imnest 

You im , est from £500 upwards ui the . 

I^donWaHImeimnonalFundby ; 
complecmg the coupon below and sending '. 
it with your cfaequci 


Uoiiswhi^ are dealt in dniJy, jwicnimnlNmlKait, 

- niU be allocaieUartbc offer • .WnnihuUcnn'CimiJidr 

. price prcvulUngwfcenyiuir Ufcn*Mi«MS«ifu*»ib«k*jc 

cOOTPlelcd application is *"*«»•" W.Ma> anJ 1 ji 

1 N.M3nber. Investor- on will - 

recaved, uni^pricet and reedve ibrir luv: tfcjrib.uk*! in 

• yields arc qnot edm most KjrmbcrKrTX. 

national daily newspapers. The Anenal DJaumum aircfcap. 
miolminn In w itm eaiitPOlL efS56b«itluWiaii*lB5wg 
To invest, fiD in the coupon 

a^-iser without delay. Ttartinrane. 

AppEcoaonsvnllbc ThcTnm is g ntwri ed by the 

acknowledged and your SecmxiyorstsieIdrT>3dc«odit)e 

certificate soxtwitbin 35 days. mbiwca"vida:im ^ 

awtunns isxfcr tfaeltease 
IfMsiwiili rowUroorniiia, ]m6aae>HsAa]961. 

-deMttwetsn&imSMeiteiiK Tbe Royal BtnkaTScaimd 

the bid km 'sunTdealbs dun' TinetdaUrTroKeepoilbcidian 

Pjnoa}ctf-fflnc«™»flybein»de IicT>nB^cajhj|ndim-eWnaMon 

sfenaei dsysaT d w wetfu ir thennkboUers’bchalt 

APPLICATION FOR UNITS 

; Applies boos should be sent to: | 

The Tyndall Group, I 

IS Canynge Road,Bristol B5997UA. I 

f jecfwcr. J.NVs Enrt»dJ I 

i r . iforinvestnantinLoudoa I 

I enclose . ;. VaB International Fuad, B 

ar die offerprice ruling on the day you receive this | 
appUcatron. Mtoianim Investment £500. Cheques j} 
should bemade payable to The Tyndall Croup. 
Canansuon of 1J% is payable torecognisedageiBS. 

Scnkamt • _.* ••. l _— 

(Mr.Mn, Afiaoi^fc) 

' 1 . _ 

- (inMD 

.1 rnlledtfre* ' ' ' - ■ I 


^/^jrfl^tlMewJg.mdamrictreadoilftaialtlkaUKir 

S/AohdedTimieriaatli]talnt>icifetquriaeiSfiaa$iaVKMM 

atppcnofiraidBilbmiialhat Tbrilana. 


Exchange. It will be possible to 
deal between ten in the morn- 
ing and half past three in the 
afternoon: not at other times. 
The investor who wants to deal 
must put his order through his 
broker, who may — or may not — 
be a clearing member. If he is a 
clearing member he will deal: iE 
not, he must go via another 
broker who is. 

The broker who is to execute 
the deal needs the following de- 
tails: the name of the class of 
options (that is, in what under- 
lying share); the series within 
the class (what exercise price 
and expiry date); the number of 
contracts in which he is to deal 
(each conferring the right to 
buy 1,000 shares at the exercise 
price); whether he is to buy or 
sell those contracts; the pre- 
mium (the cost ot buying the 
option): whether the order is to 
open or close a position; and 
whether, if the order cannot be 
executed immediately, it is to be 
left on the board for execution 
later. If so, it must be desig- 
nated either good for the day 
(GD), or good until cancelled 
(GTC). 

Armed with all this the broker 
who is to execute the deal 
will come on to the dealing floor 
and make a beeline for the 
option pitch at which th a t class 
of options is traded. At the pitch 
will be the board dealer, a 
jobber appointed to act for that 
class of options. He is the custo- 
dian of the public limit orders — 
orders which cannot be executed 
immediately and have been left 
on tiie board. He is responsible 
for ensuring that there is an 
orderly market. 

The board dealer is allowed 
to trade for himself, but most 
deals will be made amongst the 
croud in front of his pitch. The 
crowd will -consist of market 
makers, who will be doing busi- 
ness on their own account— 
they will, in toe main, be 
jobbers; and brokers who have 
access to the market either as 



Following the further deterioration 
on Wall Street since the beginning of the 
year, the present level of share prices has 
in our view created excellent buying 
opportunities. 

While no*one can doubt the significance 
Of certain unsettling factors, notably the lack 
of confidence in the Carter administration and 
the continued weakening of the US dollar, 
more optimistic observers would argue that - 
they have already been largely discounted in 
the present level of share prices. On a historical 
basis, shares are selling at very low levels in • 
relation to companies' underlying assets and 
earnings. 

Supporters of the market at current levels 
are also encouraged by the reduction in the .. 
yield gap between fixed-interest investments 
and equities and, on the broader economic 
front, by forecasts of 3-4% economic growth in. 
1978 ; thus must be considered very satisfactory 
compared to that of other major world 
economies. 

If, like us, you take this more optimistic 
view and maintain that these positive factors 
will, in due course, be reflected by a strong 
performance in the equity market, we believe . 
that-you should consider investing now in Save 
& Prosper US Growth. Fund. 


UnitedStates Growth Rind 

For the private investor this itmd offers a 
practical and effective way of taking advantage 
of opportunities in the United States. The 
objective of thefundis to provide a portfolio 
invested in shares of US companies and as such 
provides a far wider spread than you could 
readily achieve on your own behalf. 


Past performance 

Since the launch in March 1064, the fund's 
offer price has increased by 91%. This 
compares with arise of 14% in the Standard & 
Poors Composite Index (123% when adjusted 
for exchange rates and investment currency. 
fluctuations.) 

— "While currency management is provided 
within the fund, changes in exchange rates and 
in the investment currency premium can affect . 
the value of your investment as much as stock 
market fluctuations. An investment in this 
fund should be regarded as a long-term one. 

Remember the price of units and the 
income fro m them can go down as well as up. 

About Save & Prosper 

Save (STProsper Group was founded in 
• 1934 and in-addition to being Britain’s • 
largest unit trus t-grtiupls a major force in 
the life assurance, pensions and annuities 

, 

-j ^A£lskttouaryl^7Sfbegroup - L '' 
mahagfed £875 million on behalf of more ■ 
than 700,000 investors. 

Howtoiffirest 

_ To make a lump-sum purchase, please 
Complete and return the coupon below together 
with your cheque. You will be allocated units 
to the full value of your remittance at the offer 
price ruling -on receipt of your application. 

The minimum initial investment is £250. 

On 5ih A-pril i.978 the offerprice of units 
•was 7L6p xd giving an estimated gross yield of 
£2.90% p.a. 

If you require any further information on 
the fund, we suggest you consultyour 
professional adviser, or contact our Customer 
Services Department at the address givenin / 
the coupon lielow. 

Advises requiring further details should 
contact Save &Prosper Services on 01-831 7601. 


access to the market either as 

members m their own n^ht, or in the than* -p t US companies. Incwno is not a 

through another member coiuiJeratian in managing theflimL „ 

mrougD auuutet tneuuier- Units Are easy to buy. Units may normally be 

The broker Who wants to bomibe and sold on any working day. However, in 

deal, haTio-r readied the rale- 

for the pnee Of the option Iron remastered holders, free of cnmmiwrion. at 

series tot his client vraats. 

The board dealer will give him formula approved by tha Department of Trade. ITiay 

n Quotation hased on the nub- may also I»«ld back thnMub an aathertsedagont 

a quoiauon--asseu on uie pun ^ j, entitled to charae commimon. Payment j* 

lie limit orders left with him, normally made within seven days of our receivina 
or on his own account If the 

market markers in' the crowd ofs»»ftffTra&.andioB*wiiioE-iszi«a , tovertB«Bnt 

WHUt tO d6u St & better price, ig Scotland >zho bolds Lhe titlfi to the tras^a 

they promptly join in with an investments on behalf?? tbe unithoWara. , 

/ * V , Charges. The ofibrptka currently includes an initial 

OUtCTy, While the Others brokers service dwego not exceeding 6%. and a rounding 

might alsg offer 1c deal 

through tile hoard dealer. apulfcabl*} wiU paid to banks. Stockbrokers, 

if tha kwaVaT aubr, /n«r.a sobciwcs. acco wnbuita and qualified insurant* 


Sjgtmnc 

'» ananabUtfitBaiti thn •ixlwvucm.it jfeniiix 

OflcriwiavatSaWe taictidcm9(feim 


FTW7SLW1 


1 

I 


LoddqiiWhll 
International Fund 

A Tyndall Group Unit Trust 

Memberqfihe Umt Trust Association 


through the hoard dealer. appa«bi»j 
Even if the broker who came bearimr their stamp, in. 

in to deal doesn’t like toe prices addition, a ha^yeariychanra.c>utofwhich i Maiiayers’ 
tot he is offered, to crowd can 

deal at the prices named. But £ioo wi wtuen 8 % vat is payable making a total 
public limit Orders take prece- Xncome- income are mode on 

deuce over a 21 Other business at afith April; each year. Tbaw «» b» wimwted in 

their price. So the toestor who SSf.aSS'T-S'S 
ha* placed a public limit order 

and then repented Of It, . must member Of thB unit Tmat Afrcnrf« innj t 4 Ciest Sb. 
withdraw it straight away. £jtien3 ( LMdflaiiC3e3EP. - - 


i Application for a lump-sum purchase of 

l US GROWTH FUND UNITS 

I Save* Prosper Strides Umlad, 4 Gr«ai St HiUana. tendon EC3P SEP. TaL:01-SS4 8899. 

| Rofliewed In Enqtana No. 788738. Reabtered office es above. 

1 To purchase imta plean um&ia and tenim Wle {own, tfflwt dlrealy or thiotigh your bant stodcbmfcw. solldtor. accountant or 

I outimeainBHSM»bmkor F »^lbefwWyomrenUtmiiefcmwMacuw*tad8B tsc«pt oj ywr appbcailon and Hanlranc* wilt 
noouHvdesHttna cenffleeto to> ft» ona* woMn 1* nay.. cbequBditMld be man* payable tt “Sava & PnunaSeciuUas LMMT 

I Tbfe attar is not avrfabtg to Mrfdfffit, of flu RexibScet imtaflO. (flgarr awowtf ofitataaocei ■ 

f^wsanwbwmoUiiiladSWaegibwihftBidurtbrto.itiavNiiaof ) C' ' ' I »alcull«ed*tllMaB«rniSet 

mBna on MOUHOlthkaiHltoaSoO. fM hlmnw iWlhl P T*m fT?" fwieftoiguHm nutamaS\ A amMueaiMaClOWrt. 

I JWMS/Mfco .. - Aoanr* SBop " "" _ 

I FDD Natmfsl 

| BLOCK CAPTTALS'PtJ=AS'£^ . ~ " 

I MM _• 


tower of 1 % ot L«p. i ItiDdmMtbttevarfSanilannotntidaiiDutsltlaihoUKoroiiitfSeiiNUedTanttDteandlhst! ■mnotKqoftbtB thaobova ! 

i% tplua VATwbma i MteM a» Miid<u»oImnwnnRsldaffltMiiAlBUianT«ntUMte.(irY&t>^ ■" »*»“• to make this ntidaKtiU boetanaioa tt shouM I 
j tbetonatodaotf i(HotiBhYOiBUKbaiis,3»ckhnifcaioi80fflcliorJ | 

■inj? their stamp, in- I Sara _ rut* > 



J Etisbog Unttd Swob Gnrnih Fund uaiiiialdan tick, hem 

I U v«i would IBW (finribuuoittol income lo be nkwaitd jn (aitticf 
j unit* pleasant* ham. 

1 It yon would BkadaaKs of the SfiBiaEKdianoaTtaojileaR tick hen. 


Pete 

Foi Office Uu Only 
415/FT/l 






8 


i 


MOTORING 




Aston Martin Y8 


The high power game 


BY STUART MARSHALL 


WHEN YOUR tank is full, the 
roads seem to be lined with 
superfluous petrol stations but 
when the needle is cm zero, 
you can drive for miles without 
seeing one. To make it worse, 
the tanker drivers were work- 
ing to rule when the Aston 
Martin's warning light began 
flashing. 

After tip-toeing along at 40 
mph for nearly half an hour 
I found one that was open but 
the blackboard propped against 
the pump said: Sorry — two 
gallons only. 

Feeding an Aston Martin two 
gallons is a bit like throwing 
a lamb chop to a starving lion: 
they weren't even enough to 
stop the fuel warning light 
from flashing. Still, with the 
bottom of the 25-gallon tank 
moistened. I made it to the nest 
station with supplies. 

From which it is clear that 
the Aston Martin remains a 
thirsty beast even if recent 
modifications are said to have 
cut its consumption somewhat 
as well as boosting power by 
15 per cent. (The actual out- 
put remains a mystery. Like 
Rolls-Royce. Aston Martin mur- 
mur “ sufficient " when asked, 
but it is probably a shade 
over 300 bhp.) 

If you can afford to buy (and 
insure) a £19,000 supercar like 
the Aston Martin, petrol con- 
sumption in miles-per-gallon 
terms is a matter of academic 
interest How often you have 
to stop to tank up is what counts 
on a long fast journey. On the 
autobahn at 120 mph, a gallon 
would probably go every ten 
miles or live minutes, giving a 
hard-driving range of a little 
over 200 miles between flil-ups. 

But my third test of the car 


since it appeared more than 
eight years ago as the DBS VS 
was in Britain, where for a 
mixed bag of town and country 
motoring I scored a little over 
14 mpg. And that means a 
full tank would take the car 
over 300 miles before the warn- 
ing light began to flash. 

Each time I drive the Aston 
Martin 1 get on better terms 
with it It is almost deliberately 
old fashioned in some respects, 
like a man who persists in call- 
ins airfields aerodromes and 
who speaks of gramophone 
records, not discs. For example, 
the pedals stick up from the 
floor instead of hanging down 
from under the fascia and the 
handbrake is of the “fly-off" 
kind, like a pre-war Riley 
Nine's. The styling is begin- 
ning to date, too. 

The suspension was softer 
than I had remembered when I 
last drove the V8 around four 
years ago. The power steering 
(still razor sharp) was lighter 
and the brakes even heavier. 
Compared with newer supercars 
like the Porsche 928, the Aston 
Martin feels rather a blunt 
instrument and its ride qualities 
and noise levels hardly stand 
comparison with those of the 
less-expensive Jaguar XJ-S. 

All that having been said, 
however, the AM V8 is a car of 
great . character that gives its 
best in return for skilled treat- 
ment People who buy them 
tend to be motoring con- 
noisseurs of mature years; it is 
not a pop singer’s or a whiz-kid 
asset stripper's kind of car. 

It is, of course, very fast 
indeed. Aston Martin claim a 
maximum of 150 m.p.h. for the 
manual gearbox version, and I 
believe them. The automatic. 


which remarkably is £1,000 
cheaper than the manual, is 
marginally slower but, for me. 
a nicer car for everyday driving. 
A clutch strong enough to 
transmit 300 horsepower can 
feel disagreeably heavy when 
you are inching your way home 
in the evening rush-hour. 

At low speeds the ride is 
knobbly and you feel the great 
fat Avons reacting to every 
bump. On the motorway, 
though, the Aston Martin is 
extremely comfortable. The 
tyres grip exceptionally well in 
the wet. which is more than 
could have been said of the first 
AM VS I drove in the early 
1970s. Then, if the accelerator 
was more than tickled in the 
lower gears, it led to instant 
wheelspin and tail happiness. 
Very high-speed tyres have 
come on a lot of late. 

Alas, the lock is still so poor 
that I had to take two bites at 
some of the turns in a City 
multi-storey car park. The 
sheer width of the car can also 
be embarrassing in town traffic 
or narrow country lanes. And 
the huge bulge on the bonnet 
top over the carburettors does 
nothing to improve forward 
visibility. 

The front seats are ideally 
shaped and offer club armchair 
comfort. They have enough 
adjustment to deprive rear 
passengers of any Iegroom. 
While superb long-distance 
transport for two, the AM V8 
is at best a cramped four- 
seater. The boot space is far 
from lavish, too. Air condition- 
ing is standard: so is leather 
upholstery. If you are worried 
about shining your suit, you 
can have lambswool seat covers 
— at £122.85 each. 


Speeding up the slow-coach 


IF ONE subject plagues my post- 
hag more than any other it is 
irate club golfers complaining 
about tiie inordinate amount of 
time that the tonring profes- 
sionals take to play the gam e. 

They claim, with some justi- 
fication, that the bad example 
set at the top percolates right 
through golf so that the local 
hacker imagines that the only 
way to hole a putt is to perform 
a kind of histrionics that say, 
Lee Trevino goes through before 
settling over the ball. 

Slow play is the subject -of 
more bar boredom than perhaps 
anything else. Everyone has 
their own instances of how 
the fourball in front lost a hole 
and a half in only five holes, 
and it is .also a truism that it 
is always the fourball in front 
never the fourball one is 
actually playing in that is losing 
its place on the course. 

People who play slowly have 
been accused of many things. 
They spoil the enjoyment of 
amateurs, they retard the 
chances of professionals trying 
to make a livelihood and they 
could, it is alleged, even kill 
the golf boom by making a 
round of golf a day-long affair. 

All of those things are true 
to some degree, particularly 
here in America, where nine 
holes before and after lunch 
have become a commonplace. 
Tennis, it is skid, owes its own 
boom to the fact that you don't 


have to spend all day on court. 

That being so, Deane Be man’s 
announcement during the 
Masters at Augusta this week 
that slow players are to be 
identified, penalised and fined is 
particularly welcome. Beman, 
the U.S. PGA tour commis- 
sioner, is a man surrounded by 
controversy but his latest i'deas 
seem certain to be welcomed. 


GOLF 


BEN WRIGHT 


in the first place by about 90 
per cent, of touring profes- 
sionals, and ultimately by 100 
per cent of club golfers. 

Beman has evolved a method 
which, he hopes, will bring the 
slow players , to heel. The time 
taken for a threebaH on the U.S. 
tour had soared to nearly five 
hours before he issued a series 
of warnings which brought the 
time down to four and a-balf 
hours. But recently this has 
crept up to four and three- 
quarter hours which has 
prompted this latest blast The 
time must says Beman, come 
down to four hours. 

Beman commissioned a con- 
sultancy firm, a type of time 
and motion study team of 
experts, who were sent out on 


the tour with stop watches to 
time players from the moment 
it became their turn to play a 
shot He came up with: some 
fascinating figures. Over a 
period of nine tournaments it 
was found that it took a player 
27 seconds to play a second- 
shot; 30- seconds to play chips 
and bunker shots, 38 seconds to 
play a first putt and 14 seconds 
for a second putt. 

This, they decided, was too 
long. In an attempt to cut the 
averages they have decided -to 
continue the timing exercise 
for a further nine tournaments 
and, at the end of that time, 
work out the individual 
averages for every professional 
on the tour. These will then 
be sent to the individuals con- 
cerned and also to every- other 
player on the tour. In turn 
that will mean that every- pro- 
fessional will know whether he 
conforms to - the required 
averages and also whether or 
not his colleagues do.' The 
guilty men will be both known 
and named. 


the institution of penalties, 
particularly the financial ones. 
He says: “The player who is 
being slow is often taking' a 
lot of shots. A two-shot penalty * 
when be would- have missed 
tiie cut anyway wouldn't bother 
him. But If he thought he 
might have to miss the next 
three tournaments that would 
be e ntir ely different .. 


AUGUST. GA-, Aprt 


*T think that what Beman 
wants is to change, the routine 
.of players. So often you play 
your own shot,, turn around and 
find that the man whose turn it 
is next hasn't even put his glove 
bade on, or worked out hisyaxd- 
-ages. If you are in contention 
yourself this can be extremely 
irritating and I have often felt 
tike playing out of turn because 
Tve been- ready, long before the 
man who should be hitting. 


“It’s a relatively simple 
matter to go to work on your 
own shot while walking to it and 
while the others are working on 
theirs. The time saved should 
be enormous." 



Tom Watson: on form in Aii'r- *!•>* ‘ 


If they continue to infringe 
the new rules, fines will be 
instituted. For first and second 
offences there will be. a $200 
fine but for the third this will 
rise dramatically to $1,000 and 
a three-tournament suspension. 


Hopefully Oosterhuds Is right 
and hopefully the youngsters 
now being . indoctrinated with 
slow play will be rescued be 
fore it is too late. 


Peter Oosterhuis who in his 
European days was frequently 
accused of being slow welcomes 


The leaders board at the UJ>. 
M a s ters had a slightly unlikely 
look about it after the first 
round. Of the seven players 
under pay only Lee Trevino (70) 
has won a championship and the 


general consensus is iha ' 
likes of John Schlee (68) „ - 
Inman (69) and Billy Kn^ 
(70) will wake up shortly'' 
realise that they are at Auj;.- *' 

There was, however, ai>*' * - 
pressive array of talent t 
group on level par, 72. ; 

Pate, Gary Player, H 
Green, Tom Weiskopf, : ' 
Nieklaus and Gene Little'’ “ /.* 
know what it is to win a it-". • 

while on 73 Hale Irwin f 
menacing look about him..-'’' 


— i ■ 

l; -* 


T 


rV- 


Outlook 


divided 


the W.S.C. has added a touch 
of unintentional farce by want- 
ing to call in a politician to re- 
solve . the difficulties— David 
Owen, perhaps? 


ALTHOUGH THE sentiments of 
"play-up play-up and play the 
game" are, rather sadly no 
longer fashionable, cricket has 
largely remained a civilised 
sport, almost a way of life, 
played and administered by 
people who' love the game pas- 
sionately. It is. therefore, sad 
to find the chaos, uncertainty 
and division in first-class cricket 
at this moment, a direct out- 
come of the Kerry Packer world 
series in Australia. 


In Australia, Greg Chappell, 
who deliberately resigned the 
Australian captaincy and joined 


In Britain the issues have 
become even more confused 
than in the rest of the cricket- 
ing world. Following the 
inevitable defeat of the TCB in 
the High Court which forced 
the counties to give their 
Packerites contracts for this 
summer, the professional 
players themselves have swung 
heavily in favour of positive 
action against those under con- 
tract for World Series Cricket 
This move has been spear- 
headed by members of the 
England touring party, who had 
already indicated their views 
when threatening not to play 
against Pakistan, if they in- 
cluded Packer players. 


the meeting of the Cricketers’ 
Association on April 13, which 
seek to bar completely 
Packerites from domestic, as 
well as Test cricket Another 
proposition, rather Btrangely 
coming from Hampshire, who 
depend so much on Richards,- 
Greenidge and Roberts, wants 
to limit the number of players 


the WSC represents a serious 
threat to Test cricket 


CRICKET 


The attitude of county com- 
mittees. members and 
supporters is very divided. Kent 
have informed their four 
Packer players that their con- 
tracts will not be renewed after 
thi s summer, while in contrast 
Somerset, and presumably 
Gloucestershire, will . want 
Vivian Richard and- Mike 
Procter to continue playing for 
them. 


TREYOR BAILEY 


Proposals are to b.e put to 


in a county eleven to. only one' 
who is unavailable for England 
selection. 

Whether these resolutions 
will be passed, or indeed are 
legally enforceable, they clearly 
show that the players believe 


The Kent decision underlines 
one aspect which saddens me, 
because this will be the last 
summer when Derek Under- 
wood will be available to repre- 
sent them. The game and the 
county must be the poorer as 
not only is Derek a great bowler 
who has never given less than 
his best for his county and his 
country, but they also do not 
come any nicer. 


Sussex were certain!, 
favour of including B 
players, as they showed, 
they re-appointed Tony ’ 
as- their car«tain. Subseqi 
they have taken the cap! 
away from him because ( 
caustic comments on Bo 
For the same offence. Ton 
been banned, from e 
cricket, for two months , ) 
is rather ironic when 
fe members that if he 
wanted, he could still have 
captain of England, alt! 
with less money in the to 


The attitude of the c 
professionals which is s 
to that of the Establish 
would seem to suggest cob 
isolation for the 
cricketers as soon as it L 1 
sible. This cannot ] 
Packer, who must want his 
to be in practice and ii 
limelight 


Cities worthy of a 
longer look 




CONTINUING its own tradition 
of concentrating on specific 
aspects of the wealth and 
variety of art and history in 
Belgium, the Belgian National 
Tourist Office is trying to focus 
attention on a particular work 
of art in each of seven cities, 
Brussels, Ligge. Namur and 
Tournai and the three great 
Flemish art centres, ' Antwerp, 
Bruges and Ghent. 


Antwerp was very much in 
the news throughout last year 
when visitors from all over the 
world attended the celebration* 


TRAVEL 

PAUL MARTIN 


marking the 400th anniversary 
of the birth of Rubens. Although 
the major exhibition, gathered 
together from sources as diverse 
as the Ashmolean in Oxford and 
the Hermitage in Leningrad, 
now belongs to a very recent 
past, a great many of the 
painter's works are on perman- 
ent display, many of them in the 
settings from which Rubens 
originally conceived them. 

While 1 he will always be 
Identified with Antwerp, Rubens 
was an early example of com- 
posite European man, a painter 
and a politician. Although we 
tend to think of him as Sir 
Peter Paul Rubens, he was born 
in Germany and, following a 


long period in Italy, usually 
signed himself Pietro Pauolo. 

Last year’s celebrations have 
already produced long-term 
benefits and a welcome restora- 
tion fever in Antwerp. There is 
now a pleasant pedestrian pre- 
duct around Rubens' house 
just off the principal thorough- 
fare, Meir. More masterpieces 
can be seen in the Plantin- 
Moretus Museum and the 
famous triptyehs are in the 
splendid cathedral. 

Rubens was buried, in accord- 
ance with the instruction in his 
will, in SL James's parish 
church with his own master- 
piece “Maria with the Saints" 
set above his last resting place. 

When in Antwerp last sum- 
mer. I heard this delightful des- 
cription of Rubens as a 
diplomat a major painter and a 
shrewd businessman. When a 
commission came in to paint a 
royal person a ge— the lady was 
over-generously endowed with 
chins — he diplomatically “ lost " 
two of them, painted a master- 
piece and, of course, charged a 
fat fee l 

Ghent with its superb skyline, 
is best seen from the castle of 
the Counts oE Flanders. Make 
the climb towards sunset The 
grouping together of the belfry 
tower, and those of the SL Bavon 
cathedral and St Nicholas 
church, all three piercing to- 
wards the heavens, quickly 
transport the visitor back to 
the Middle Ages. 

In the days when private 
patronage flourished, the 
wealthy of the period commis- 



Antwerp 


sioned works by the great mas- 
ters of the day and a likeness 
of one sponsor, a wealthy tex- 
tile merchant can be seen in 
one of Ghent's great art trea- 
sures, the Jan van Eyck polyp, 
tych. The Adoration of the Mys- 
tic Lamb. 

Our own history is closely 
interlinked with that of Ghent 
and Bruges as two major tex- 
tile centres in mediaeval times. 
An early spinning jenny from 
Manchester is among the exhi- 
bits in the splendid and impos- 
ing castle. 


Ghent lies at the heart of the 
Flanders flower-growing area 
and the city gardens and the 
huge nurseries in the surround- 
ing countryside provide a wealth 
-of colour in spring and summer. 
Ghent's own flower, the begonia, 
was originally brought back to 
the city by one Michel Begon, 
an ambassador of Louis XV to 
the French Caribbean terri- 


tories. 

And so to Bruges, certainly 
the best preserved mediaeval 
city in northern Europe. 

Enchanting at all seasons, I 
infinitely prefer Bruges in the 
winter months when there is 
room to move through the count- 
less art galleries and when, with 
day-visitors fewer in number, 
their own lovely city belongs 
once again to the people of 
Bruges. This is the time to stroll 
along the canals, to wander 
through the gardens of the 
Beguinage with the autumn 
leaves heavy on the ground. 

Bruges is a place to which I 
have returned frequently, each 
time with a heightened sense of 
pleasure and appreciation but if 
you do not know this lovely 
city and feel like a spur-of-the- 
moment visit I can thoroughly 
recommend the individual pack- 
ages available throughout the 
year from Time Off. 

Antwerp was in the limelight 
last year and now it is the turn 
of Bruges. The city is staging 
a major Arts Festival from May 
21 to May 28 with visits to the 
principal museums and to the 
surrounding countryside, includ- 
ing Damme, where Margaret 
of York was married to Charles 
the Bold, Duke of Burgundy and 
Count of Flanders. There is 
also an excursion to Ghent and 
a whole day is spent in 
Antwerp. Kuoni Travel are the 
exclusive booking agents in the 
U.K 

If you are passing through 
Belgium, you may not find time 
to see all The Seven Marvels but 
do try and make a short detour 
to take in the wealth of art to 
be found in the three great art 
centres in Flanders. 


Yaur wMfc-Md E: Austria 3 *.», Belgium 
58.25. France 841, Italy U95, Greece 
7025. Spain 146. Switzerland JJB. UJS. 
IMS. Source; Thomas Cook. 


Addresses: Belgian National Tourist 
Office, 66 Haymerket, London SWZY ORB. 
Kuoni Travel, 33 Maddox Street, London 
W1R 5LO. Time Off, 2a Chaster Close, 
Chester street. London SWLX TOIL 


Plumbing murky depths 


THE RICH red soil of Hereford 
and the Welsh border is fine 
for hops, fruit and cattle, but it 
can play the very devil with the 
fishing on the Wye, particularly 
the lower Wye. The river starts 
clear crystal on Plynlymmon 
and in a dryish time will run 
pretty clean to its mouth. But 
once it reaches the better lands 
below Hay, it is subject to an 
increasing load of sediment 
washed from the fields into its 
tributaries. 

The more arable lands that 
are drained, the greater the 
risk, particularly in the spring 
when the crops are not yet 
covering the ground and the 
run-off is all the faster. The 
degree of colour is infinitely 
variable, ranging from the 
deepest chocolate to that of a 
fairly thin whisky. In these 
circumstances the fishing varies 
between hopeless to the just 
possible. 


. Unfortunately the Hereford 
depth gauge while giving an 
indication of the weight of 
water coming down, has not 
been programmed to describe 
its colour. The only way to 
avoid a wasted journey is to 
have an informant in the 
immediate area of the beat. 

Some weeks ago I was fishing 
just below Ross, and while the 
level was rising it was clear 
and very fishable, although I 
found no co-operative fish. In 
fact they were all being caught 
above Hereford at that time. 
On my way home I drove down 
the river from Monmouth to- 
wards Chepstow and found the 
river here a deep chocolate and 
not a rod in sight; a few miles 
upstream there was an optimist 
every few hundred yards. This 
pollution was caused by river 
Monnow contributing its quota 
of alluvium. 

T have always assumed, 


because you can never be really 
dogmatic in these things, that 
salmon fishing becomes impos- 
sible in murky water because 
the fish can’t see the bait. Or 
perhaps like ourselves they are 
blinded by the impurities in the 
water as we are by a sand 


FISHING 

JOHN CHERRINGTON 


storm. But there are degrees 
of discolouration, and it is 
worth while setting the rod up 
and having a go if things are 
not too dreadful just in case. 
Especially if you have made a 
long journey to reach the river. 

The other day I was fishing 
mainly for the sake of practice 
because the water was colouring 
all the time and I could only 


see my Devon Minnow when 
retrieving it from the water. 
During this exercise F caught 
a pike which must have seen and 
followed the bait through 
depths that must have had the 
consistency of pea soup. . This 
heartenqd me, and I kept it up 
for some time. I eventually 
booked something which took 
me slowly and inexorably down- 
stream for about 50 yards 
before the hook came free. 

I like, in my dreams, to think 
it was a mammouth fish, 1 which 
apparently behave in this way. 
But In honesty it was most prob- 
ably a log or some other jetsam 
being carried along the bottom 

I had a day below Monmouth 
on some beautiful water where 
the colour was about right but 

the level, was too high to hold 
the fish. This was in the second 
week of March, and enough fish 
were showing to keep ones in- 
terest According to the ghlllie 
the river should have been 
about two feet lower and then 
the fish would have stayed and 
allowed themselves to be 


caught. 

This raised my hopes for my 
regular beat about ten miles 
upstream which I can enjoy on 
a Thursday. I was going abroad 
so arranged with a friend that 
he would fish it for me and 
give me. half the fish caught. He 
kept in touch with a local in- 
formant who told him there had 
been a big run of fish over the 
week-end, some of which were 
staying. 

On the Monday the rod 
holder who had never fished for 
salmon before cauhgt three, the 
heaviest 25 lbs. On Tuesday two 
more were caught and two 
lost On Wednesday there was 
a good deal of rain with melt- 
ing snow, the river rose swiftly, 
became unfishable and at the 
time of writing still is. 
a great many fish were caught 
in the area, far more than at 
any time in the last couple of 
years, and thanks to the high 
water the river and its, 

tributaries will have received a' 
good stock of fish eventually to 
spawn. It’s an ill wind. 


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UPLANDS HOTEL. Mellow and. moder- 
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BROADWAY PARK HOTEL. ' 3-Star and 
excellent. 7 acres or beautiful grounds. 
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TheBM$S520 is an expression of BMWs 
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The handling technically complements the comfort 
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sense of quahtyso tangible that one can, literally, 

The 520 embodies BMWls concept of 
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Sian the best Many who decide to drive BMW are 
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Specification resume . 

Engine: six cylinder, OHC, 199 Occ producing 122 bhp 
at 6000 rpm. Performance: 0-60 in 12 secs. 

Maximum speed: 112 mph. Source BMW factor figures. 

Prices 

518: £5,249. 518A: £5,639. 520: £6,099. 520A: £6 489. 
525: £6,999. 525A: £7,389. 528i: £8,128. 528iA: £8,518. 
Prices correct at time of going to press. 

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PROPERTY 


Financial Tliilgs Saturday .April' 8 1978 ? 

- • r : ... — 1 * 


,|l 

**l 


Buying is not enough 


BY JOE RENNISON 

THE THING that most interests 
most people about houses in 
general and a house in par- 
ticular is the price that should 
be asked or sought The sort or 
question one is most often 
asked is “ They want X number 
of pounds For it — what should 
1 offer? ’’ or " How much should 
I ask for my house which is in 
Anyiown. is in a very good 
position and has recently been 
rewired?** To ask such ques- 
tions is almost the same as 
asking how long' is a piece of 
string. . The only way to solve 
tliis conundrum is by shopping 
around locally about current 
prices and — as either buyer or 
seller — putting forward a price. 
Conditions vary so much from 
town to town and from street 
to street that to seek the advice 
or an outsider is virtually use- 
less. 

But there is more to owning 
a house than the amount you 
have to pay for it: that, after 
all, is a decision that has to be 
faced only once. After the 
purchase the p.ther problems, of 
an almost infinite variety, seem 
to occur every day. Here at least 
a correspondent can point 
someone in the right direction. 
Recently a book was published 
which is ftrH of sound advice 
about' many bT the problems to 
he _ encountered. I can 
thoroughly recommend it to 
young couples ■about to take the 
plunge older . established, 
owners can -also -learn a few 
things. Indeed' I am thinking of 
presenting my copy to one' of 
my female colleagues who' is 
thinking of having the inside of 
her house torn apart and in her 
girlish naive manner thinks 
that it will all he finished within 
the price quoted and the time 
suggested. 

Richard Ball and Andy 
Pittaway have produced an' 
eminently, readable book, the 
first with a well .considered if 
at sometimes caustic text, the 
second with some' well chosen 
and witty illustrations. Take for 
instance,, going back to the 
question of money; the comment 
about building societies. 

The standard source of hous- 
ing finance in this country is 
Inc building society. From 
humble origins in the Golden 
Cross in 18th-century Birming- 
ham. Richard Ketiey’s original 
building society has spawned 
one of., the country’s largest 
capitalist institutions. . The 
societies -operate by borrowing 
money frorifthe general public. 


in much the same way as the 
high street banks, with whom 
they are in competition for the 
famous small saver's funds. 
They then lend this, money out 
to house buyers.- who . pay in- 
terest on the capital. They are 
in a sense specialised . banks, 
with the same conservative 
strengths and weaknesses as 
banks. 

Anyone choosing an unortho- 
dox road to- house ownership— 
and this includes such unlikely 
candidates as buying a pre- 
1314 house— 1 will find the large 
societies far less impressed 
than the smaller ones. The 
larger and more established a 
society grows, the more it finds 
solace in the rule book. Policy 
guidelines arc drawn up at head 
office to help the flummoxed 
branch manager who has to sift 
through the applications ■ with- 
out the benefit of a daily 
motivation session from the 
chairman. Size breeds caution, 
and an unorthodox venture is 
unlikely to go through without 
approral from the chief sur- 
veyor. All this takes time.” 

When it comes to the subject 
of redesigning your existing 
home the following advice is 
probably not ofren thought of 
but well worth remembering. 

If you design your own home. 


A year 
for 

Camellias 


I CANNOT recollect a year 
when camellias have been 
better. On many bushes it 
would seem impossible to cram 
another flower and that after 
the worst winter in my part of 
south-eastern England since 
1962-63. When one recollects 
the admirable way in which 
camellias endured the unprece- 
dented drought of 1976 is really 
does entitle them to be con- 
sidered among the very best 
flowering shrubs for English. 
Welsh and Irish gardens. 

I omit Scotland from this list 
mainly from lack of local know- 
ledge. I know how well camel- 
lias grow at Logan, on the Wig- 
town peninsula but I- also know 
what difficulties Sir -James Hor- 
lick -had 'with' .the " japodica ” 


people are going to see it when 
it's finished, so why not show 
your plans around and ask for 
reactions. - Your friends could 
notice the omission of a front 
door on your plans, which it is 
better to note, now than later. 
If yoiir friends spot a whole 
series of basic blunders, per- 
haps you should call in an 
architect If all admire without 
reserve you will feel your re- 
solve strengthened. Or your 
friends are not very bright. A 
compromise well worth consider- 
ing if you have time and some 
money is to take your ideas to 
an architect and ask him/her 
what he/she thinks of them. The 
architect can also have the 
plans drawn up for you without 
committing you to using his/her 
services for the rest of the 
project. 

Alternatively you can tele- 
phone an estate agent and tell 
you want to buy a flat in a con- 
verted or modernised house, if 
that is what you plan. Seeing 
how other people, including 
professional property men. have 
solved the design dilemma in 
similar houses should give you 
a few ideas. 

The Whole House Ojnnibus by 
Richard Ball and Andy Pitta- 
way: Astragal Books; price 
£5.95. 


varieties on his wonderful little 
islet of Gigha off the coast of 
Argyll. The ” wiiiiamsii ” varie- 
ties, and particularly the incom- 
parable Donation, did well with 
him. flowering as freely as they 
do in more southerly gardens, 
but the “ japonicas ” grew with- 
out flowering much, apparently 
affected by day length, though 
whether it was the short Scot- 
tish nights in summer that 
inhibited bud formation or the 
short Scottish days in winter 
and early spring that prevented 
the buds opening. I do not know. 

I suspect that it was the former 
and that it Is really weather and 
day length from May to Sept- 
ember that is critical for many 
varieties of camellia. 

There are two other limiting 
factors, one soil the other the 
frequency and duration of frost 
during the camellia flowering 
period which may be anything 
from autumn for the early 
“ sasanqua ” varieties until quite 
late spring for some of the latest 
flowering “ japonicas." The 
peak period over much of the 
country is mid-March to late : 
April and if your garden is not 
tbb; fro st y - then ymrxan plant 



tsts. 

rn on the 3- N-B3, p-K3r-4-P-KNS. 

Poisoned £ P-Q4, 0-0. (if ExF r . 8 Jiip* 

iHia Wfmo’c Inner. Vt «. • * 


Mann and Co. are opening another new office 
this week at Horseil, on the outskirts of Woking. 
It is part of an expansion plan by the firm, 
which is the largest firm of house agents in 
Britain. The Horseil office will compliment 
those already operating at Woking and KnaphiU. 
The aim is to serve the thriving and expanding 
community of Horseil which is renowned for 
its own “ village ” spirit, although less than a 
mile from the centre oF Woking. The new 
office is to be managed by Mr. Craig Bourne, 
a senior negotiator from M ann and Co.’s Woking 
office. The Weybridge office of Mann and Co. 
have the above attractive “family” house not 
far from Camberley town centre. Cringlette in 


London Road, Camberley, has no less titan 
help to fill it. One of the most impressive 
features is the 19 ft. by 16 f L reception hall with 
marble fireplace and carved marble surround. 
There is also a gazebo off It The drawing room 
is nearly 33 ft long and the dining room over 
21 ft long. Other ground floor facilities include 
a servety, walk-in larder, kitehen, separate 
breakfast room, utility room and large cellar 
room. On the first floor is the master bedroom 
21 ft long with en suite shower and dressing, 
room. The same floor has three more bedrooms, 
and bathroom. The second floor has five more 
rooms, two of which could be used for play- 
rooms if required. A rear courtyard leads to 
a second cellar. Price: £70,000. 


many camellias, baftiot neces- 
sarily the very large flowered 
varieties, with confidence. The 
hardest frosts and most biting 
winds are unlikely to do more 
than singe the leaves a little, 
marring their shining beauty for 
a few weeks, but even, quite 
moderate frosts lasting for a few 


GARDENING 


ARTHUR HELLYER 





TY 


hours will completely destroy 
the open flowers, leaving a 
brown wreckage which must 
either he endured or removed 
by hand. 

Camellias are also lime haters', 
which really means no more 
than that if grown in alkaline 
soils, they are unable to gather 
the quite large amounts of iron 
and manganese they require. In 
this they resmble rhododen- 
drons but they, are much more 
tolengit than most of the wild 
rhododendrons -and, .in. this 
respect as well .as in general 
hardiness, are to Tfe cotrifiared - 

. - *r‘ V t '. :■ 


with the justly popular Hardy some plants so difficult on' chalk 
Hybrids. If only a race of or limestone formations.. ' 
camellias could be produced to Plants are drinkers not eaters, 
flower in late May and early Everything they require from 
June, as- the Hardy Hybrid the soil most be dissolved in 
rhododendrons do, there would the soil water and if, for some 
be no stopping their rise in reason, a particular - essential 
popularity, which, could well chemical has become insoluble 
rival that of roses. it might jost as well not be 

My own soil has an average there are far as the plant is 
pH (the scale by which one concerned, 
measures the acid/alkaline re- Camellias are particularly 
action of the soil) of 6.5 which good in town gardens and in 
puts it very close to neutrality open woodland and coppice gar- 
at pHT.O and 1 can grow all dens where they get. a-little, 
kinds of camellia without diffi- but not too much, shade And 
culty. Even on limey soils I have some protection from cold 
seen camellias grow well in tubs winds. They will also grow fully 
of a moderately arid mixture in the open with the sun blazing 
sunk to their rims in the native down on them in summer and 
soil. In time, no doubt lime they nearly always flower most 
would seep in and it would be freely in such places, though 
necessary to lift and replant In they grow more slowly and 
a fresh mixture or to feed with their leaves may change from 
chelated iron and manganese lustrous green to a rather sickly 
(sold ready for use in various yellow. I think that the “wil- 
form illations) in which form liamsii" varieties are more 
they are slowly released for im- tolerant of this than the 
mediate use by the plants and "japonicas" and certainly my 
are not quickly locked up in in- own best bush of Donation is 
soluble combinations by fully. in the open with no shade , 
chemical interaction with the of any kind and no hint ibat it * 
lime. That is the central thing is ';^ythlng:\.but Jcom^letfely ’ 
that makes the cultivation of happy. . T * £ - : -■ " ' : 

- - •: , 


•• • 

V CH twtfaaaient 1 

- LEONARD 

— practical -testS^^ch ultimately 

decide; such chessboard smm- 

. .j&MMits: . -. . .. . .. . - 

SOME OPENINGS are based on ^ White: M. QuinterOa - ( Atm,, i 
definite, tactical . play ' where tma). Black: ^ G. Tringjhr (Bui' 
threat and countmMhr^aiter- fjgjai- ' 

nate m quick rfchw - 1977% ■ - ■ 

mainly -from 1/ F-K4^.ihayJ are JSnfe , 

often- capable of preow^an^s:.^B4;-htKB3Aa«S&"|^ 4 1 . 
;asq thus impose a burden on the 3-N-B3, . P-K3r, 4 P-&N5L-NB/S 
memory as well aa the risk o£ 5 
surprise.. This month’s poisoned HJyZ; 8 P-Q4, 0-0 . (if Exp-. p 
pawn sacrifice can become next White's long diagonal bi&han i« 
m Birth’s unsound gambit.- - strong >; 9 P-K^ 1 - . 

The queen's side and fianchetto double pawn advance at 

openings— 1 P-Q4 and even -more 5?®*es 8 and. . 9 clearly indicate* 

1 P-QB4 or 1 N-KB3 — are in Yaite’s strategy^mobiUge tte 

general better choices for those pawn . ' advantage ‘ _ as’ I 

who prefer a slower pace. The g^kly ay pos sible. In F ortisch- 
ebsence’of direct threats allows ; I973i? White 

more possibility, of improvisation 

and . strategic development: 11 EsP! but this 

getting away from routine post 0^1“ neutralised by 10 . . . 
tfons in general favours the ^'q 1 M .1, 
better player- Of course, such pJL W K? w 
games of manoeuvre • "JjD. 32 N-K5 and 

some- stage lead to a more three t n c ““ tr ®l. ou f w © I fihs 

clash , of opposing . forces, other* StmV' lO^Sl PxP U fBlS‘f d 
wise: the result is shadow-boxing L deveton hi>;’ rm aPiro* ^ 

“deblocked P° siti ' ra or.atan^ a a-ldiaSl 

pawn majority for an eventual 
*. The current image of these .endgame. If at once P-QN3. then 
hypexmodem style openings. -is H P-Q5 is . strong); li p^p 
that the real battle starts around. P-QN3; .12 B-K3 (now this ia 
move 15 or 20 after a very more precise than 12 P-Q5, PxF; 
delayed build-up. But’ this need 13- PxP, N-N5 and . . . B-R3), ‘ 
not be so; there are some lines 13 R-Bl, .N-R4; 14 Q-Q3: 

in the English <1 P-<2B4) wher& ^RxR, QxR; 16 K-Bl, 
a bade white idea is to exchange : }‘ P-Q5 1 . 

his flank QBP for the opponents .Again tins typical break-, 
central QP and then quickly to Jr 1011 ® . ^ "“ Ite “exchanges” 1 
occupy the centre with pawns, the static advantage of a pawn 
- This type of plan appears one of - 

increasingly popular. While against Blacks king. An - 
chess openings, like stock n . ow ’_^ ven 

markets, are susceptible to bnU So? is^S-NS ui^tjvi* 
and bear fashion swings, there .£&■ 
be a special logic tt this 

case - . . \ P-N4 followed by Q-K3 mate. 

A few years ago, Larsen caused 17 . . . PxP; IS PxP, BxP: 19 
a stir by suggesting -that 1 P-K4, N-N5, BxN; '20 BxB (Q5), Q-Oi- . 
P-QB4; 2 N-KB3, P-Q3: 3 P-Q4 in 21 BxB, QxB; 22 R-B7, P-R4 {if 
the Sicilian Defence might be Black tries to hold his QRP by 
unsound on principle because it P-QR3, then 23 Q-K^ threatening 
voluntarily exchanged a central HxBP followed by Q-K& mate); 
'pawn for a wing pawn. That was 23 Q-KB3, Q-N3;.24 RxKP, P-R5; 
his justification for - playing 25 JC-N2, PtP; 26 KPxP, Q-KB3; 

2 N-KB3 and 3 B-N5. Partly 27 P-N4, QxQch (or Q-N3; 28 
because of Larsen and other W51); 28 KxQ, 3R-Q1; - 29 BxP. 
“ non-theoreticar' grandmasters, ^ K-Bl; 30 R-B7. 

avoiding 3 IM24 against _the Matenal is much simptified,. 
Sicilian is much more popdlar. White's . remai n ing men are 
and successful now than a decade much more active than their 
j eo black counterparts, that White 

' J . ... • - has an easy win, ■ The game 

So this leads straight to the ^ed: 
converse of the. argument, that. 30 . .'S-Q3- 31 P-N5 N-B3' 
systems with . . . P-Q4 against the 32 K-K4, P-N3; 33 B-N3,’ N-K2; 

English are even better for 34 P-B4, R-Q7; 35. R-N7, R-03: 

White, who is left with a 36' K-K5, R-QB3; 37 B-K8, N-B4;-' 

majority of pawns in the centre 38 R-B7 ch, K-KI; 39 B-Q7 ch, 

as well as the extra move. .- Resigns. 


POSITION No. 210 
BUCK(Hman)- 


ESTATES AND FARMS: INVESTMENTS: 

COUNTRY PROPERTY: OVERSEAS PROPERTY 




if & 

m 

f^iti 

i 



** 


a ■ 'wrSI 

r- 

' JPp 1 

• 

‘.'Pt ' 



PROBLEM No. 210 

. BLACK (6maB) 


■ 1 :IS1 


WHITE! Ilmen) 


Min KENT 

M oidstone 4 miles. Main Line Sin. 2 miles. 

}.. M2 0 motorway H miles. 

EXCEPTIONAL xy century hall house 
3 fine receptions, kic., ucil. Cellars. • 

3 dble beds.. 2 baths. (1 en suite). 

FULL C.H. 
also 

• PERIOD GUEST/STAFF COTTAGE of 
3 beds., bath., full y fict. kir./break. Siccing room. 
Garaging for 3 cars. I acre.. 

£70,000 

.Apply: Hobbs Parker, Maidstone. Tel: 50971. 


YORKSHIRE — WHARFED ALE 

THE DUNKESWICK ESTATE 
• HAREWOOD. NEAR LEEDS 

; The Auction Sale of the above Estate advertised for 
_5lh May, 1978, at the Prospect Hotel, Harrogate 
WILL NOT NOW TAKE PLACE 
Further Enquiries to: 

. DACRE SON & HARTLEY 

Chartered Surveyors. The Estate Office 
. Otley, W. Yorkshire (Tel: 3321) 

When you look at a 
solar heating system, 
look at the technology 
behindit. 

ItwiH tell vou alotabout theeffiaencyofthc system. 
And it wifi also tell youalotaboutthe viability oftlie 
company beliind die system. And tbatsjustasimportanL 
-. sjUit’s: no useliayinga tea year guaranteeif the 

company won tbearoundlOT tenyears! ' 

: _ , §peo cec Solarise is a subsidiary ofapublidv qu oted 


deep3yicferoLvra in. heat transfb: tedinblo^y-tiie technoJogy 


1 'Atompany^vMdiistxjdayaTVofkifcaderinthie 
designand proddetion otlaundry, dry-deaning and textile." 
processing equipment. And has been honoured with a 
Queens A\v3m To Industry. . * 

'Solar heating may be comparativdy new to Britain. 
.. Bii theiechnology isn’t new to us. 

1 K-v. triH ii, fi-w-ni .i t in nnrtfi'ar solar heating system. iHi in di^i^>ui'wnJi , Klsgnd it tp: 1 

I Spqnccr Satirise Lnl^LcuhcdKad, SurreyKT22 7AJ,w tdq)lwncI>arJKrhGui 7544! . I 

1 Name •• "■ J 

I Ad&eSS- ■" — 1 

'- 8 :^ ■ -Tdrio:- • • • ' . . 

I @SPENCER SOLARISE ! 

I have the tedhnobgv I- 


CANADIAN 

RECREATIONAL 

PROPERTIES 

BROUGHT TO YOU BY-THE' •'>> 

■ -CANADIAN ESTATE LAND COMPANY. SINCE 1964 ?- 

52,245 ' buys 10 acres in Nova Scotia with 800.. feet of road,', 
and access to private beach. , . . 

$2,966 buys OA acre lot on Lake Huron. 

53,995. buys 15 acres with river arid..rbad frontage.. J . 

S4.4Q5 buys 551 acres on river in Western Canada. 

$5,395 buys 70 acre hunting property in Cochrane with, 
frontage on Trans-Canada Highway. 

$13,500 buys 162 acres in Northern' Ontario with f ran cage oif' 
siream and Trans-Canada Highway. Close to Dryden. '"/• 

$16,195 buys 392 acres with river frontage and mining rights-’, 
in Northern Ontario. 

These are - CASH prices. Easy terms 
available with low downpayment. All 7';. 

properties guaranteed. 12 month exchange 
privilege. 24 hour answering service for . 

your convenience. V ' 

FREE CATALOGUE: CANADIAN ESTATE LANDS 
286 Lawrence Ave. West, Dept 9C, 

Toronto. Out. M5M 3A8 v 

(416) 789-4536. 

Te/ex: CELCORP 06-22599. 


KING & CHASEMORE 

Chartered Surveyors 

WEST SUSSEX — Pul borough 3 miles (Victoria 70 mins.) 
PART MEDIAEVAL COUNTRY HOUSE 
3 Recep- Large Kitchen, 4 Beds. 2 Baths, Central Heating, Many 
Outbuildings, 1} Acres. 18ch Century 2 bed roomed Cottage. 
AUCTION — 3rd MAY, 1978 in one or two lots 
Details: Puiborough Office (07982 ) 2081 


RESIDENTIAL PROPERTY ADVERTISING ! 

Only £2.00 per line (minimum three fines) 

* 

Return this coupon with details of your property - 
together with your cheque and publication will 
take place next Saturday.. 


CLASSIFIED ADVERTISING DEPARTMENT 
FINANCIAL TIMES 
10 CANNON STREET, EC4P 4BY 

or telephone 01-248 8000, ext 390 


STRUTT & PARKER 

PHEASANT SHOOTING 
. Oars to let tor 1978/79 Season 
Bor Parties oi 7'8 Gum hi Nor.l 
Dec./ Jan In the following counties: 
Esse* ........ 2 days. Expected 

_ , baa 200 pheasants pot day 
Oxfordshire . . 4 days. Expected 
■ taB 400 pheasants Per day 
Hampshire .... 2 days. Expected 

, „ hag, 700 pheasants per day 

Hertfordshire . Z days. Expected 
. bag 200 pheasants per day 

Norfolk S davs. Expected 

bag 300 pheasants per day 
Sussex . . . 2 days. Expected . 

baa 250 pheasants per day 
Apply Hef. JHHI 
13 Hill Street. W1X SDL 
TeL: 01-829 7282 


STRUTT & PARKER 

SALMON FISHING TO LET 
Rimer Tweed 

Junction beat: '0-1 S April. 1978 
17-22 April, 1978 
Sprauston beat: 10-15 April, 1978 
17-22 April. 1978 
24-29 April. 1978 
River Tby 
Upper Scone beat: 

17-22 April. 1978 
„ . 24-29 April. 1978 

Stanley beat 24-29 April. 1978 

Please apply London Office 
„ CRef. J.W.) 

13 Hill Street, WTX bdl 
TeL: 01-829 7282 

SUSSEX/KENT/SURREY 

BORDER 

14TH CENTURY FARMHOUSE 
■ Well modernised with about 15 acres 
(rounds/ paddocks and range of out- 
buildings Including old Sussex Barn 
and many tooee boxes. Quiet but not 
Isolated position with splendid views. 
Accommodation totalling some '3,000 
sq. ft. comprises 3 line reception 
rooms all with inglenooks. new pine 
kitehen, utility room, playroom. 4 
large bedrooms, dressing room. 2 
modem b a throoms. 

Offers around £120.000 

Tel: East Grfawtead (0342) 24679 

FOUR FLATS overlooking OiametlVentnor, 
Ifo.w. £10.500 each. RLC, 93. Short- 
heath Rd.. Faro ham. Surrey. 


OVERLOOKING 

HELFORD RIVER 

DEEP WATER MOORING 
. Rear opening co GbJf Course 
Gentleman's rcsidenco with 1 largo 
heated 48ft. x 24ft 'swimming pool. 
5 bedrooms. 2 bathrooms, drawing 
room, sitting' room, dining room. 
beautiFul kitchen w/aga, breakfast 
room, sun lounge, cloaks w/h. & c. & 
w.c. Oil fired central hearing. 
Garage 2ZfL x 18ft. 

FULL ACRE 

Lovely grounds, aerial photo available. 
Freehold £59,750 
Phone 0326-250-456 


OFF KINGSTON KILL 

4 -bed roomed modern regency styled 
bouse. Half acre mature garden 
(glorious surroundings), near major 
golf courses. Excellent condition. 

Price £138,000 

Tel: 01-542 1939 ' 


PIN MILL. Well-known sailing centre on 
River. Orwell. Suffolk. A superbly 
situatod Riverside Cottage. 3 beds., 
bathroom and W.C. Much potential yet 
untapped. Rare chance to buy a water- 
side property. Bv. Auction, Friday. 12th 
May. - Illustrated particulars from Spear 
4 Sons. The. James Abbott Partnership. 
WiCkam Market. Suffolk. Tel.: 746321. 

I AM STILL LOOKING for the Impossible 
to wu_ a cottage to buy. lar from 
the madding crowd. Meanwhile does, 
anyone have one to rent for the 
summer? Newbury^Marfborougli areas 
If possible. Please phone Bridget Bloom. 
01-248 8000. Ext. 703777020. MOMUy- 
Frldav. or write Box T.4B59. Financial 
Times. 10. Carman Street. EC4P 4 BY. 


Spiridonov 
Odessos 1977. 


v. Yanakiey, 
White, (to move)- 


WH1TE(4 men) - 

White mates in seven moves 
at latest, against any defence ’(by 
S. Gruber). - Mate- in; seven 



has considerable pressure and sotmds «ough-^nt this purtie is 
i „ . , . -really logical deduction from 

now finished tiie game cleverly, white's first move. • 

How did- play end? Solutions I^age 12- 

~.l' - ■ • ruffed and returned his- single- • 

• . . . . ton club, but this was 1 won on v 

BRIDGE the table. East's trumps "were • 

: ' picked up by finesse, and II 

E. P. 9. COTTER _ - tricks were made. ; 
^ == ___ a= —^ ak=s==s ^ = . It does not help East to dis- 

card his club 1 , on the fourth 
heart South .merely runs his 
THE Guardian Easter Bridge clubs. East will be forced to- ruff 
Tournament, .which this year the fourth round,' if be has not 
included the British -heat of the ruffed before, .and. one 'trump . 
Philip Moms' European ; Cup, trick iy all that he can make, 
was held . over the holiday week- - West dealt ^ nex t hand with 
end at the Europa Hotel. As b oth sides vulnerable: 

usual this popular tournament ; ; 

attracted ar-large entry from the w . 


Continent,; .and sad to relate, 
British names tild not figure 
prominently in the prize list 

Of the many interesting 
hands, I have chosen this as. my 
first example: 


..■N. 

8 -2 .../ - 

10 6 - 

■^I(k5-a ■ ■■ • 

+.J fr& 2 .. 

- e; • -• 

• >.A10.7-6: 

-.to & x 5:3 y; 

J3-3 - O A 9 7 6 4 
4&1 * 7 • 

• $ 5 4 3- " 

CfK Q J 4 

4*4. K Q5 


. .. W. 

* Q J 8 7 
V K 8 52 
0 K 5 
+ A Q 4 


w:- 

* Q 

0 9 8 2. 
O K Q J 

* 10 6 4 


■N. 

* A K' 10-4 . 

«?9 3 ; 

OA'10 6,.. 

* J 9 7 5 - 

• : E. ' ' 

7 >86 2 

2 V 7 4 . 

- 0 ji9 8 7 4 

* 8 6 3 . 

*.5.3 . : 

V A Q J 10 fi .*'. 
OQH ; ; 

* K 10 2 ' - 


FACTORIES &T 


Ring John Case 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 4J50 

Residential Property 2.00 - 

Appointments 4.50 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Businesses for Sale/Wanted 535 

Education, Motors, Contracts & Tenders, 

Personal, Gardening 4.25 

Hotels and Travel 2.75 

Book Publishers — 

Premium positions available 
fMInlmum size 40 column cms.) ‘ 

£1.50 per single column cm. extra 
For further details unite to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4F 



single 


column 

cm. 

• £ 

£ 

4.50 

14.00 

2.00 - 

8.00 

4.50 

14.00 

535 

16.00 

4J25 

13.00 

2.75 

10.00 

— 

7.00 


o K O A SI T 6 4 ^: West opened the bidding with 

£ 20 6 4^; * 7 . one club, and this was passed up 

jSv’ s. ; to me in -the South seat. .! re- 

vfeff 9 *5 4 3 •• " opened with - two hearts; _to 

yHt (i J 4 : -which my partner made the 

a*—' excellent response of three 

K Q S clubs, and 1 bid three no 

tntinps. 

West d&alt at a love .score* West led the spade Queen, 
and after three passes Soiith- bid which did not help b4S ; cajWft ' 
one spade, ! . to which Nonh and I won witii ' dummy’s 
replied with one no trump— ^wq The nine of hearts w/ °n tne 
spades is 'j*viou£F alternative , second 'trick, .stud -another hea^r 

— and Sou®* rebid two hearts., finesse Iost, as respected. 

With a fit for both hispart»er , s - West -now Ted- 4he nine of:. 
suits. North’s hand . had grown spades, which was taken by Oie • 
in stature^ an.4 30 he gave jump '^en, and' I returned the nine of . 
preference .with three' spades,dubs^ This was aDowedto win,-,' 
which encouraged South -to Tnd and .a second ^club went to’ th» 
the spade game. ’ ;l;,ten -and Queen...- • ' 

West made his natural 1 -lead .After cashing. the club ^Ace,' . 
of the diamond King, and this West , led the Knavfe.4ff,|pades.; 
was ruffed vin hand. A - low 1 took wlth-duminy’s and at 
spade was Jed to the- table, and . once;' retifrned the Taur, 1 ailow- 
when West produced the Queen, fng West to - make another. ' 
the declarer roai&ed that loss "defensive trick, but at the same 
of trump ■ control was fbreat-iime subjecting hini lo an . 
ened. Dummy’s .. King : wax play. A lead.-from either. red.- • 
played, and th.fi Ae'e - wait' ' East : suit would glve me acces^i to my ; . 
returned a^diamond, and South' own band.- and. enable -me -.'tot- 
had to ruff again. ‘ . - make, the rohtract- ;'> '- 7 ' . 

When the ; defenders adopt. In the iourrardjindipg WSt 
forcing tacticSi it Is often' bffitihad two' : hearts: 
to play them at their 0 vim game -five, of • 

and force them to ruffi- And s'o Ace, Queen of hearts. and Chjeen. 
it proved here. The declarer three' of dmfflbadS- 
affied all his heart wim.era. play, lef^e. 

discarding*, dummy’s: last ? dla* King, .and -^e rest of ti* - -- 

mond on the fourth round. East, were? min A - T ^ 









LLLlL^'Wv: I Him K | 




TilwiK 


i 


\mm m&-A 

UiSSffi: ^ ^ 


' ' : f.;^: '■’ KVt *' 1 ; ■; ■ ■';* 




: .»* .***'■"'< .Tsps* 1 ??». "tri'fft' :: 


: >*''■ 

W&i* •»• 





: > t? 


-••!*■• LV- 
* >• ■ ' -v -:.. i*. 
I • I '.I.V 


■ma: t;, - ;mr&;?y.%z. ■■■?.- -r </■;■. ■■. 

illi-'lpll M-m&eM 

Ipp: 


infeh w sfyfc- 
with handsome’ 
and sxcmve 
: designs from 
Nto Dimension- 
OuMrdinin 0 
mehasafflart 


1 t> ,^'VV' • 




■: •' The first time l evee hears t>f' way of sktocane, -S#*£"1k? m J£ e 
>;-Enio Laalo was when a col- _£yice_ they . ®* 


-_ uiuu JJOJiiU mras WUCIi • - tuj- ,.,ill 

y ^ague ^ho married a beautiful; ^tee'SKS rtSS'VpS? whole 
: - American told me that every 0 | Europe 
p/Ume he went to the; - United This exclusivity seems a de- 
. ;■ States (which, luckily for. bis liberate part - of J- lb® Laszlo 
■^.-.■.wife’s peace of .mind, was .quit® charisma: In bit' heydsy. Dr. 
■:: ’often) -he had to buy up large Erno Laszlo was reputedly more 
■ : /supplies of her Erno liaszlo: skin difficult in W^^^Stfik^States 
'f ar * Products. She couldn't ever. 5obiSv house- 

■-.. envisage changing to ^anything £to * store and 

■■•* -else and in spite of the mean- stegle product. Every- 

venience (for the bottles’ are & ^ho would Bfcdo tty the 
. quite large to transport) and the o method has first to have 
expense (and they are expen- w[Sr fStlSt mgtterhis: some 
... : ave) she had to have her LaszjQ eKS ififa*. are 

- regime., .... members)- skip mated, become 


to America where he soon started 
converting the rich and famous 
to bis soap and water pro* 
gramme. For the real basis of 
his system is cleansing — be 
believed in perfectly clean, flaw- 
lessly healthy skin and the twice- 
daily ritual washing that is the 
hallmark of the Laszlo follower 
is as sacred to his disciples as is 


Ramadan to the Moslems. 

Every single member of the 
institute, no matter what the 
skin-type. is given a soap 3nd 
water regime. Every single 

member has, twice a day. to put 
on the special Laszlo oil. fill a 
basin with steaming, hoj water, 
wash the face with soap and 
then rinse it 20 times in the hot, 


sudfiSfc soapy water .and ten 
times In hot. clear, running 
water. This sounds a lot and 
it was .only my curiosity about 
the results that kept me at it 
•1 can only say that you find you 
can do it mui-h more quickly 
than .you imagine at first 
.Nonetheless, I agree with the 
American wife of my colleague 


Since then I’ve noticed Laszlo a mei jjber of the Laszlo Institute 
• being mentioned everywhere- la. have' recommended a total 
•-American .novels the Laszlo- beauty care progwmaf-. 

.-. regime crops, up oftext-in Joan, ^vnies shv that ties is all 3«st 
:Didion’a “Play It As It Lays,” you - vym.es say every . 

. : <:<*n tell the heroine, a* cracking * iSrfteeir products. 


: : ri famous ■ blade soap is. part fewest products will cost 

: ..-you’ve guessed it— tee Laszlo ^ ^at ceding most 

: - • .regime. - ■ -• ^nii eos t about '-fiBSyamt remero- 

It’s the beauty/ care routine w throttles are large and last 
■ ' • * ■ » that is followed by the great and- Jgr mon ths!/ •: ' 

• :: )itfae famous— Jackie .Onassis ^ out 

:f5 (rumour has iT that when she ^ ’ et ho?f or^P^t fmir 
;• -• was in the White House she ?£5? T cm ceriain® say *at It 

- asked if Dr^ LaKlo the^un- me that 

ganan ^“der ° f Si the product* >*me to be 

' ; regune, would come round te see mt-. which 

: ..hJTEit was politely «Md« tt»- tte 

great man- didnt make house ■ an«i +hp <jfeeret of- which 
..-"calls) the Duchess : of' Windsor . carefuHy. 

Greta Garbo, Audrey Hepburn— with the 

- 'the list Mari«.h the 

and star-studded. ■ <^in f eelhiE cl^an but not too 

. Until now those who were t . ™ “Jr® ^ , TWe ‘only pro- 
addicted to -.the Lasslo regime . fh a t I hould possibly en- 

■ '- ^LVeTLm ^ ° f thC 

Pu.i‘1 V r enrol customers into .tee Lawlo gaxian who, in wen 


3i 13 oa 


Not so much 

make-up 

more 


.. 1 


,N ; A 





way 

of 

life 




•• -1 : - 

r>^¥ 


..4 . } 


who says that eveD now, after 
three years of being a devoted. 
Laszlo follower she still dreads 
that twice-daily wash. She finds 
it a chore but she does It. why. 

“ Quite simply, if ever I stop 
I find my skin doesn’t look so 
good. I have tried other tilings 
but I notice the difference imme- 
diately. Laszlo is not a system j 
you can play with. You have 
to keep to it and then you really i 
do find a big change in your-, 
skin. Although my mother and j 
two sisters had been using it 
for years I’d always refused be- 
cause of the expense. I was 
finally persuaded to try it when 
a friend who had a poor skin, 
very oily and spotty, found her 
skin transformed within a fort- 
night. Since then. I don't feel 
1 can ever use anything else." 

Besides tee soap and water 
regime, which cleanses and pre- 
pares the skin, there is teen a 
light astringent lotion and after 
that comes a very light, natural- 
looking make-up finished off with 
powder which Dr. Laszlo recom- 
mended should ibe patted on 
liberally and teen buffed with 
cotton wool to give a healthy 
finish to the skin. Dr. Laszlo 
believed the skin should be pro- 
: tented at all times and even the 
night-time regime, which differs 
sMghtiy from tee morning one. 
calls for a protective, bat totally 
non-greasy, flnash. .. 

For those who are thinking. of 
i trying out the Laszlo regime I 
j must warn you that discipline 
| is essential. You really mustn’t 

■ chop and change. Once you've 
} decided to try it and bought the 
i total programme do follow it 

■ and give it a fair trial. Once you 
. have become a member (which 
! incidentally costs nothing: it is 
jj only the products you pay for) 
I you may then buy individual 


Photographed, above, is the 
.full complement of products 
prescribed for my ; skin ■ — 
in Laszlo termteologyi an 11 
o’clock skin, that is* a skin 
that is slightly on the dry side 
of normal : 

products as and when you need 
them. The oils and lotions are 
about £9.00 each, the soaps £6.50 
each, i certainly have found my 
skin to be "cleaner and healteier- 
looking since I started on my 
“ Laszlo." 1 can’t say Tan trans- 
formed, but teen I’ve cwpe to 
terms with the fact that 1 never 
will be — improved, perhaps, 
here and there, but not 

transformed! 

The products have a lovely, 
subtle, natural smell to them and 
. tee aid n certainly feels good; As 
far as Tm concerned tee major 
disadvantages are -firstly that 
my wash-basin is permanently 
greasy (from all teat splashing 
about with oil and soapy Vaterl 
so I feel I’ll have to do 1 what 
American beauties do: that is. 
travel abont with my own little 
bottle of basin-cleaning lotion. 
The second one - is that on a 
recent visit to France I simply 
. couldn’t pack up all the products 
■ —the -bottles are beautifully 
simple in shape, are light and 1 
made of some unbreakable 
plastic but they are large and 
'-numerous. 

If any reader wants to know 
( what happened to the elusive* 
t exclusive Dr. Erno Laszlo him- 
s self— he died about six years ago 
t and just before that he; sold the 
L .company to Cheseborough Ppnds 
i who have continued to run it in 
i the identical way, selling the 
i identical products and. offering 
I the same simple but demanding 
1 regime. 



GOOD TASTE FOR ONLY £89 i 

rmim looker 
meafc wrfVi a- 
■touch offtmaend. 
iqp eoen/fh 'no 
frmrtn mkslp 
hijiinourrncmC 



9- 

j usimeofour 

am ii^rawa 
nmrndim 
VmrMitpMn 

mrmStmSn 



— r n — likA th fiellte 

; else, it's dot easy ita give the ’ right wfore ; *3 “ 

, — , . F i much depends; Qpim tee ’KOfUtay ; -and- tfift;' know? 
ledge of tee jeweller you go to._; ... 

r Richard Ogden, the, JaweUw 

■ Arcade, London* Wi, have tot upqp ^ s: ^. ^ 

“ P" which seems to. me to have the ^great 

• • being entirely open and above /board. Richard 
Oaden, as most people, will already know, has a 
.fTE 4ne mQgt ^gautiful jewellery- shop^nL 1 the. aroade where 

• - : be not only seUs as large and Selectable a sdej> 

- tion of engagement and wedding rings 
: found almost anywhere, but he also has a lovely 

- ■ — coUection of antique jewellery,- .... • 

- : Realising how difBcult it te fw thofewho wish 

•■to sell their own pieces ^ J®. „ 

■.zrt#' eetting good -and honest advTce.’Rjc&ard -Ogden 
dedSfd Soft er cHenta a etnWteimM JJJJt 

- '■ age deaL Tto means teat it. is not in hK interest 

■ - t^offer them as low- -a price as he* thinks he > qin, 

. g°t away with - (which is hoW humreecondhand 
' - i-i.' jewellers operate). : • - . 

Hp tries to" offer teem genuine advice on what 
: - a Se^l worth and he wDlr'aaU it Jor -JWfJf : 

• : oo^per cent, commission; -if. the P^ce^ up- to 

• ' £2,000 or 15' per cent for stqp? oyer £2,000. 

- -■-? Very often it .is/ 

- • " unskilled person to know the genuine_ worth ^ 

• :• - eiven-item and sometimes it -is' very difficult even 

: f? T xteTuSZxt Recea§y RWard- pg^ ,.was- 
•-> presented with wfiatTldokefi Hke a 


"■ W- 










Typical of the antique jewelleiy that Xbcbard 
Ogden is seHtag on behalf of a client Is the late 
Victorian bracelet of r(tt V_P e 5^^ 
diamonds set in sUver - and 18 et gold, £8»- 
Boltom left is an old cut diamond “S* * 
sUver and 18 et gold, £875. The brooch w Victoria 
with while, and cinnamon-coloured old cut 
diamonds and a reai pearl drop, £1^50.- 


her £3,500, less 15.per.cent, commission. ■ 

worth ^correspuuuiiicij' »=«/ " So. if you have anything you want to seu 


Lights of * 

London ~ 



- 

£: "\\ & 

- 

jZ* 






ONE OF the smaHes*. but best, 
lighting shops In London: is tej- 

London , lighting Company^ : 

Fulham Road, London, S wX . 

Most of the top: li^ihW teas 
have their .produc6 ’te«^-‘ 
firms like Axteluee, Axtemsde, 

Concord, Flos andao on are an 
sold through., .the .London 

Lighting Co. ' . . . . , . . 

These names/we the. pwj-.- — Ml - 

classics amoniT modern.; hghv ■ 

teg firms and they seem to me - . : >£cq; \ l 

to be those which have. ' 

managed to combine true efflcL- - • . v^A 

ency with 

tee late 

1920s. Whether yOT^want . - ^ 

he abifto S^metWng^that - ^ 

fite the bffl. ^ ^ • kfZd&S 

almdt fteteop Is 

yotf askteenSite : I, fZ- 

kind of service ^ "... ■ 1 . 

routine abroad bnt seems to be t - ^ Efetonn Above: Less suitable for 

■= aSr-'vSStet sst MaLftig 

-■ ttfssassMat-ss 

opened at 37/39 George'Street, £49 J5, . £5 eaeh for these two- 

London-YBL 


NOW THAT carpeting has 
become so expensive that one 
almost needs a second mort- 
gage to pay for it, ifs not 
surprising that the average 
customer has become much 
more concerned about what 
exactly It is that he’s paying 
all this money for. How long 
It will wear and. how long It 
will continue to look good are 
the crucial questions that any 
potential carpet . buyer needs 
to have answered. 

Anybody interested in the 
subject who happens to be in - 
London between now and 
April 21 would do well to go 
along to Wool House, Carlton 
Gardens, where a special 
exhibition ciiled “ The Great 
Survivors” is now. open to the 
public. 

The International Wool Sec- 
retariat has'-' mounted • an 
exhibition' of - old, but not 
antique carpets (naturally, all 
made from - wool) which is 
designed to show just how well 
these particular wool carpets 
have survived years of hart! 
wear and, often, of ill- 
treatment. 

There’ll, be a piece of carpet 
taken from one of the ones 
used In 25 . of London Tran- 
sport’s Silver Jubilee buses for 
seven months last year" (a 
period of time which the Inter- 
national Wool Secretariat 
de'ems .'. to>bU equhralent": to 
; Seven years in..a busy bank .or 
hotel foyer). . .. . " / 

;. .Though the: Carpets originally 
- - became dlxtiqr than- anybody 
' had envisaged (the summer; as 



no doubt you remember well, 
was exceedingly damp) once 
washed— during which process 
each 'carpet shed about 5^ lbs 
of dirt^-teey looked almost like 
new. Proof is to he seen at- 
Wool House. 

There are also carpets that 
have spent years- in a school; 
carp e *s teat have been used in 
top hotels; In aeroplanes; in 
trains; on ships; at airports 
and In stores. Each has its own 
case history and a piece from 
each is shown both soiled and 


cleaned. 

Two specific carpets seem to 
me to be tee stars of the show 
— one * Is a tiny piece . Qf_ 
Brussels carpet which was 
made in 1897 for Queen 
Victoria’s life in Osborne 
House, Isle of Wight and which 
is soon to be replaced by a 
modern version, woven as near 
to the original design, as 
possible, by Crossley. The other 
fra*, no particularly glamorous . 
history— but It Is 87 years old. 
It was given as a present to ap. 


employee of .James Templeton 
in Glasgow on- her marriage to 
a Mr. -Brodte. It was made 
from 10tfSie$|knt. pure woirt 
on a Chenille loom and it 
stayed io her bedroom until the 
day stef di^* io ' 1953. Hfr 
daughter then presented it 
back to Te^tpl^ton Carpets as 
she tho ug^tj tojy might tike to 
have it u a fine example of 
how well one. OF their carpets 
bad worn. It still looks good, 
with just a, slightly frayed 
selvedge.- 


v-i / 2 SEAT 

\v* ; \ jS SOFA £33 

6 r&t , 

asditimsioom 

EALING Manor Rd, West Earing, W13. 
FULHAM 654 Fulham Road, SW6. 
ISLINGTON 53 Essex Read, NL 
TEDDiNGTON 180/194 High Street 
BIRMINGHAM Brpadgate House, 
Broad Streefc 

BR1GHT0N 65/66 London Road. 
BRISTOL College Green, Park Street; 
CHESTER 30 Pepper Street 
EDINBURGH 112 Hanover.StreeL 
IPSWICH Tower Street, 

Tower Ramparts. 

PORTSMOUTH London Rd, Cowptein. 

SEVENOAKS 74 London Road, 
Ffiveihead 

ST. ALBANS 89/95 St Peter's St 










the WORD Kilfler has become 
so familiar -that It h»s ; almost 
- tieeome synoQym.Oas with preserv- 
ing jars.- rather W the way that a 
certain famous- brand has come ■ 
io be used for all vacuum 
cleaners. In fart,, the Kilner in- 
vention did belong to a mt. 
Kilner and has since been bought 
by United Glass, which, through 
one of Its subsidiaries, Raven- 
head. goes on bringing Kilner 
jars to tee great British "public. 

Basically the great discovery 
of the original Mr. Kilner was a 
unique sealing . system that 
ensured a much more airtight 
way of storing food in jars. 

Ravenhead still produces jars 


based on much the same original 
principles, but due to the inven- 
tion of plastics, have been able 
to improve the system recently 
..by replacing the metal top with 
a glass lid with an orange plastic 
lid over the top. ■ ' 

The new, improved Kilners are 
stackable, and have wider necks, 
which makes for easier filling. 
The newest Jars are trickling into 
the shops now, but will be avail- 
able in large numbers at shops 
’■'like Boots and Timothy Whites 
, when the preserving and bottling 
: season takes off iu early June. 

The jars come in three 
’ sizes. 500 mi. (6Sp). 1 litre (79p). 
i and 1-5 litre (93p>. 


direct ngniing 
source or additional liglit in a 
room is tee table lampjsbaped 
rather, like 4 glass globe, tedy 

* •_ .. ... .... MU «n VhAV 


WHEN writing about Plfco’s 

mini-boiler last week Tin afraid 

a misprint crept, into the copy. 
I indicated that tee mim- 
boMer was suitable for both 
British and Continental voltages. 


n tlur like 4 glass RlflW. «»my emwi. auu uihiui» u «. 

In white, It cSis £2430. .They but- described the voltage range 

»« b fr^‘ ow 


read between 12(1 and 240. 
Besides being available ■ by 
-post from Biliks and Tiggs 
(£4J5. 82. Water Lane, Wilms- 
low, Cheshire) ’ it can also , be 
bought from most- electrical 
shops and large stores like 

Lewis’s, Debenhams and Wool- 
worths. 




New Dimen sion ^ 

iipSlfl 


• > 




„ New 
Dimension 


ife- 6 estesf#rce 
in famishing 






12 


t 


THE ARTS 



I Among the trolls 


Peer Gynt and the Prime 
; Minister are ih« stars of radio 
■ jhis week. There was a somewhat 
unnerving resemblance between 

Question Time broadcast live 
.yrom the House of Commons on 
.Thursday afternoon (Radio 4. 
•April 6 1 and Peer Gynt (Kudin 3, 
April 2i: the scene where the 
eponymous hero is entertaining 
.his cronies at sundown on the 
‘foast of Morocco: “Drink, gentle' 
" rnanl Man was made for plea- 
sure. What's done is done; what's 
past is past concern." This was in 
.fact said by Denis Quit ley as 
■peer hut the same nonchalant 
disregard of the trolls (or polls.} 
and ail that they portend save a 
.‘Somewhat hectic sound to Mr. 
Callaghan's performance in the 
House. 

The P.M. had the expected 
(Clash with that Aase of the Tory 
Tparty. Mrs. Thatcher, over nat- 
-JonaLsation. The motherly lady 
3tried none too subtly to pin hun 
-down to a commitment but the 
'pimbie word-spinning sunny - 
3ype was off down the fjord in a 
yflash pointing to a not too 
^distant electoral future when ius 
'intentions would be published. 
Several other members tried to 
embarrass Mr. Callaghan by 
■daring him to comment on a 
: speech by Mr. Berm. He refused 
to be embarrassed just as be re- 
fused to comment. 

If the art of parliamentary 

•question time lies in the skill 
frith wbicb the person ques- 
tioned evades the issue then this 
session was a fair specimen of 
:tbe art as performed by a prac- 
tised hand. It was ably presented 
frith helpful unobtrusive voice- 
over comments by Brian Curtois. 
.It did not do anything to detract 
'from the dignity of Parliament; 
•on the other hand it did not do 
'anything either to enbance that 
dignity. It merely served to con- 
:firm the impression, no doubt a 
misleading one, formed by a 
Casual visitor to the House of an 
tmruly. ill-coo trolled, under- 
graduate debating society. 

It is 150 years since Ibsen was 
•horn. The RSC got in first last 
year with its production of the 
rarely seen The Piliars o/ tfte 
Community; in May the National 
Theatre are countering this with 
a brand new production of 
.Brand. .Meanwhile Radio 3 pulled 
out all its stops last Sunday to 
give us Peer Gynt in the verse 
translation by Michael Meyer, 
directed by Martin Jenkins. This 
^translation is a notable achieve- 
:ment. The diffioubJes of finding 
■equivalents that are speakably 
English an<i u<\t preserve the 
heightened tones, the poetic eol- 
.roquialisms of the original 


much as he is a figuration of the; 
self; a sort of Playboy or the. 
Nordic World, and he thinks it- 
makes a nonsense if the play’s! 
words are spoken with a standard ; 
English accent fas he explained! 
on Ka/eidtMcope.v He therefore' 
gave Synge as the modeL It was 
a bold throw, bat it paid off in 
terms of atmosphere, Irish gaiety 
shrouded in the ever-present 
threat of eternal damnation. 

Kate Binchy in a heart-break- 
ing performance as Solveig bad 
the advantage over her colleagues 
in that she is in fact Irish; but 
Pauline Letts was just as effec- 
tive as an earthy, anxious Aase 
and Sarah Bade! as an elusive 


RADIO 

ANTHONY CURTIS 


' Watching Sujanne in the grass,” by James Collins 


James Collins comes home 


Anitra. John Woodvine seemed 
to go to Belfast for his Button- 
Moulder, to give him the uncom- 
promisingly broad vowels of an 
Ian Paisley which served 
admirably to increase the terror. 
Robert Eddison- in the role of 
the Thin Person (a euphemism 
for the Devil) needed only to 
be himself, to speak with" his 
usual fastidiously inquisitorial 
enunciation to send a whale 
string of shivers down the 
listener's spine. 

But ail these performances and 
several more, which for fear of 
wearying the reader l will 
refrain from mentioning, would 
have been nothing without the 
sterling work at the centre of this 
remarkable mosaic of sound 
(David Cain's modernistic music 
was the replacement for Grieg) 
by Denis Quill ey in the title part. 
He was as skittish as an tmbroken 
foal at the start, modulating to 
worried gravity as his time - ran 
out. His Irish never faltered 
nor did his understanding of the 
subtleties oF the text. 

Radio is the ideal medium for 
this work with its shifts in time 
and space, its vast canvas yet its 
constant inward-looking. Three 
and a half hotirs is a long 
'stretch to be listening to a single 
play but the time seemed to pass 
easily in * a festive dramatic 
experience. 


To return home after many 
years, even though the exile was 
self-imposed, can be tricky en- 
ough at the best of times, biit 
especially so for the' artist who 
was and remains obscure in his 
native land, and yet has acquired 
in the meantime a certain repu- 
tation abroad; it is a case of the 
prophet being not so much un- 
honoured as genuinely unknown 
in his own land. In such circum- 
stances our own natural courtesy 
and curiosity on being' presented 
to work new to us will be mixed 
inevitably with a degree of scep- 
ticism: for such ah artist must 
expect to prove himself by more 
stringent criteria than we would 
apply to a true debutant. 


occupations of the . painter, to- 
wards photography. His exhibi- 
tion now at the I.C.A. (until May 
11 after it moves to the Arnolfini 
in Bristol), his first, in this coun- 
try, consists of a number of 


ART 

WILLIAM PACKER 


James Collins has spent most 
of the past ten years in America, 
in which time his work has 
moved away from painting, 
though he would still claim for 
himself the sensibility and pre- 


RSC plans 


iNorwiggian must be very great 
1 Kr. Meyer seems consist- 


and 


ently to solve them with stylish 
•ease. 

SpeakaWy English, did I say? 
;In the event on radio it was 
speakably Irish. Southern Irish 
.at that. Mr. Meyer sees Peer as 
A Norwegian village hero, as 


The RSC's 1978 Warehouse 
season opens this month with 
three productions — a new pro- 
duction of August Strindberg's 
The Dance of Death on April 20 
('previews from April 111; Paul 
Thompson's The Lorenzacan 
Story on April 13 (preview 
April 10); and John Ford's "Tis 
.Pi*H She’s a Whore on April 17 
/preview ApriJ. 12V ... 


large photographic works, each 
made up of many panels and 
sometimes two or three distinct 
images, and also the colour films 
from which the particular refer- 
ence is mostly derived. 

It is all highly seductive, and 
most enjoyable. Indeed, it could 
hardly be otherwise, for his sub- 


ject essentially is the eternal 
theme of the Artist and his 
ModeL which is really to say 
Woman regarded by Man; and the 
girls are beautiful, the treatment 
elegant Bat a few misgivings 
creep in, nevertheless: Collins’ 
self-consciousness, his emphatic 
celebration of himself in the 
work, is intrusive and, in the end, 
limiting for being so specific, his 
strong personality standing guard 
over the work, and inhibiting our 
imaginative entry. 

And there is the technical prob- 
lem of the surface, upon which 
each pictorial medium imposes 
its own constraints. As with a 
watercolour, so the photograph 
may be made too large for its 
own surface to carry, awkward 
and out of scale. An image that 
may be projected comfortably on 
to any screen sits unhappily on 
so vast an expanse of smooth 
emulsion. It seems to me no 


accident that , here the most suc- 
cessful work is the latest, which 
is not only the smallest -but, 
more importantly. . has been 
worked up hot from Collins 1 en- 
gaging home movies, but. from 
carefully set up and meticulously 
executed still photographs. The 
work Is changing, perhaps, grow 
ing more impersonal, calmer, 
more formal and composed, and 
returning to the traditional 
painter's subjects: the pictorial 
space, the figure, stiU-hfe^ land- 
scape, colour and form. We see 
work in transition, more interest- 
ing than convincing as yet, but 
worth seeing again before too 
long: 

The New Galleries upstairs are 
occupied (until April 30) ' by 
Robert Mason and Alexis Hunter, 
artists who also use photography 
in their work, though in very dif- 
ferent ways. They deserve 
separate consideration. 


The Brandenburgers at Hurlingham 


OPERA 

ELIZABETH FORBES 


text from his librettist, Karel 
Sabina, in February 1862, 
Smetana completed his score in 
about 14 months. 


The Brandenburgers of 
Bohemia, jprhich was given its 
first British performance by 
Hammersmith Municipal Opera 
at Hurlingham School Theatre on 
Thursday night, was Smetana’s 
first opera. The composer re- 
turned to Prague from Sweden, 
where he had been living, with 
the express Intention of writing 
an opera od a Czech historical 
subject that would be eligible for 
one of two prizes offered by 
Count Jan von Harrach, and 
which could be produced at the 
jnewly opened Provisional 
Thqatre. Having received the 


After various delays. The 
Brandenburgers was eventually 
produced in Prague oh January 
5, 1866, with the composer con- 
ducting. It scored a great suc- 
cess, winning the Harrach prize 
and paving the way for a new 
school of Czech Nationalist 
opera, as well as for Smetana's 
own subsequent career in the 
theatre. The text imposes a fic- 
tional plot oo an historical basis: 
when Otto V of Brandenburg is 
made Regent of Bohemia after 
the King has been slain In battle, 
his army of mercenaries 
oppresses the local population, 
and the peasants rebel. Jira, the 
leader of the rebellion, is 
accused of abducting the three 
daughters of the Burgomaster of 
Prague. 


The girls have in fact been 
kidnapped by Tausendmark. a 
burgher of German descent with 
the aid of Brandenburger troops, 
and it takes three acts for Junos. 
the young Prague burgher in 
lave with Ludice. the eldest girL 
to extricate Jira from prison and 
with his aid rescue the Burgo- 
master's daughters from the 
clutches of Tausendmark. 

Smetana, though a tyro at 
opera composition provides lyri- 
cal opportunities for most of the 
dozen characters. There are 
dances in the style now f amil iar 
from the Bartered Bride, and 
pathetic choruses of exile as well 
as the fervent nationalistic ones. 
The three sisters have two very 
prettly trios, while Ludice and 
Junos express their love in a rap- 
turous duet. Jira (tenor) and 
Tausendmark (baritone) are the 
best drawn of the characters, and 
in Adrian Brown’s stirring pro- 


duction they receive the best 
performances. 

Edmund Bolian makes a 
strong, proud Jira, and sings his 
grateful music with style and 
panache. John Gibbs, as . the 
vil lainous Tausendmark. . brings 
conviction and good, solid tone 
to his portrayaL His momen- 
tary repentance in the last act 
is parti ciularly effective. Eliza- 
beth Lane, though strained by 
some of Ludice's highlying 
music, makes a determined 
heroine, and Michael Burch 
gives personality to the rather 
pale figure of Junos. Marian 
Bryfdir (Vlcenka) and Sonja 
Nerdrum (Decana) languish 
prettily as Ludice's sisters. The 
Chorus, drawn from Beaufort 
Opera, sings with real involve- 
ment while Joseph -Vandernoot, 
conducting the Fulham Mimici- 
paJ Orchestra, transmits his own 
enthusiasm for the score. — ■ — - 


ADetective’s Wile 


TELEVISION 

.^;CHRiS' DtWKLET 


. AU'marmer ef r outo&n vril£be r -: By r mcfvrafc- Sift© 'area 

expressed after -' - Thuredkyx-erimerprogramtit-fes'bimsclC hn^ 
broadcast . of the ■‘first pkrt-of - c^er. ^Garnett 'bas^bbwe how 
Ufo/ohd Order; - “ A- 'D«*tiu^ 1 shbri^'bis demaifiSn^rianda^r 
Tale’ -.on BBC-2. Ca^fingtr^dptibt^even-lfie bejrt‘poli6e* 5 fefdsramm« 

are : still' widespreadSre ' 

after^all *he - revelations-' -A 11 ®*# 

wholesale police corruption in .have ipneed managed 
the. last few years. . ?2Sf39 r - ¥*:'**&„ wthe 

So -although the . senes ought much ..police., work evidently 
to . cause exclamations of .plea- takes place. But more "import aS 
sure and praise over just abbutv - . ' • 

every, aspect of the production ■■ 

— completely fresh writing from 
G. F. Newman on what seemed to 
he; an' exhausted 'subject, marvel 
laus acting from yet another cast 
f -of virtual unknowns (Britain 
seems to . have an . endless 
supply), and an assurance in 
Leslie Blair's direction' which 
works with the acting to achieve . :v; , 

a sort of super-natutaHsm — What theu-mam. ptot has about it a 
will actually be heard across the ^>dre honest ring than has ever 
land, - no doubt. -wilF.be -the- before beep achieved in either 
leathery rustle of blinkers- being the be-on-yoor-best-behaviour" 
fitted as the self-appointed more- documentaries about the police 
lists prepare "for the Hypocrisy or even the grittiest of the 
Handicap. . • Z Cut style dramas. 

i What the producer. To oy . Gar- This emerged most staftimelj 
nett, has done with “A Detective’s when the time came for the 
Tale,” is to throw ifnto the right- corrupt detective (magnificently 
hand scale one tiny. but superbly acted by Derek Martin) to be 
well fashioned counter weight to investigated — as usdal in every 
weigh against the _ massive police series since each has a 
accumulation of cops-ana-robbers token bent copper — by the force'i 
nonsense which is dished out to own A-10 
us week" after' tyre-squealing week nnlv . ... 
in such entertaining series as' 2^!? -Hi 18 * 67611 A-lf 

Kojak. The Sweeney and Target h * ve a corrupt 

In doing so he has enhanced 6r \ ®°_ .“ e .first time 

a reputation (earned with Cathy 

Come Home. Up the Junction, absurd British system of allow 
Days of Hope, and so on) of “8 the police .force to ravesti- 
being one of the very few pro- 6 ate lts 6W11 misdeeds. All 
master craftsmen of television, manner of outrage will be 

- V QmraccarV - -Kir thnea utUa .i.i 


master craitsmen or television. ““**“*’* ■ « 

It was Garnett as much as any- expressed’ by those who claim 
one who set the fashion for gritty programme showed all police 

. .1. . , I r rm on- nnrninf llinil>n nf nnnrra II 


one wno set ine i asm on zor gniiy - — a >i 

reality in the heyday of The a ? corrupt, which of course it 
Wednesday Play. The makers of dtdnt 

the police series took "their cue r But .with a bit of luck the 
and to-day it might have been series will win enough interna- 
thought that We are All Garnetts tlonal awards to protect its plact 
Now. in the archives. 


Theatres this week . . . 


SHAW: Chicken Solxp with 
Barley; Wesker's early autobio- 
graphical ■ piece comer up ‘ as 
sharp as a razor. Reviewed 
Tuesday /Wednesday . 


Ayckbiourne, . but , very funny 
none ;the less. Reviewed 
Thursday/Friday - 


ROUND HOUSE DOWNSTAIRS: 
Ramdance; Pretty comedy by an ; 
unfamiliar American writer, well 
worth the journey. Reviewed 
Wednesday/Th ursday. 


. . ... and next 


THEATRE UPSTAIRS: Bleak 
House; Dickens's noveL in four 
parts by four players. Needs 
patience but worth it. Reviewed 
Thiirsday/Friday 


GLOBE: Ten Times Table: 
AycHbourn's-eye-view of a small- 
town festival committee; -Miner 


Tuesday, play from the Japanese 
at the Riverside Studios, 
Hammersmith, and a sci-fi 
adventure at the ICA, Wednes- 
day, David Hare's Plenty at the : 
Lyttleton. Thursday, The Un- - 
uamisfced Truth - (“about -love-: 
and death ’)’ at the Phoenix, ahi. 
The. Lorenzaccio .Story at the- 
Warehouse from Stratfordrupon- . 
Avon. . .. - 



flndfcates programme 
in black and white 


BBC 1 

8.55 a.m. Playboard- 9.16 The 
Oddball Couple. 9.35 The Record 
Breakers. 10.00 Indoors Outdoors. 
IMS Bachelor - in Paradise." 
starring Bob Hope and Lana 
Turner. 19.10 pjn. Bugs Bunny. 
J2.28 Weather. 

; 12-30 Grandstand: Football 

; Focus (12.35); Flat Season TS 

■ (1.05); Boxing (1.20 J; Racing 

I From Newbury ( 1.50, SL23, 

; 3.05); Basketball (2.05. 2.35); 

The Guinness National Cup 
: Final; Squash Rackets (3.15) 
; Avte British Open Champion- 
- ships. Final; Rugby League 
! (3.50) Rugby League Chal- 

; lenge Cup second semi-final:’ 

■ St. Hriens v. Warrington; 4.40 

' Final Score including classi- 
' fied football, rugby and 

• racing results. 

" 5.10 The New Adventures of 
; Batman. 

; 5J15 News. 

• 5.45 Sport/ Regional News. 

; 5.50 Fish. 

• 6.15 Rolf on Saturday — OK? 

“ 6.45 Saturday Night at The 
; Movies: "The Savage,” 
starring Charlton Heston. 

• 8.15 The Val Doonican Music 
‘ Show. 

. 9.00 Kojak. - 
. 950 News; 

.10.00 Match of the Day. 

•11.00 Saturilay Night at The 
Mill. 

All Regions a * BBC 1 except at 
the following .times: 

: Wales — 9 .35-10.00 a.m. Teleffant. 
llJO p.m. News and Weather for 
Wales. 


Scotland— ISSilO pjn. Score- 
board. 5.45-5^0 Scoreboard. 10.00 
Sportscene. 10J0-U.00 Falkirk 
Folk from Falkirk Town Hall. 
11.50 News and Weather for Scot- 
land. 

Northern Ireland— 5.00-5 40 p.m. 
Scoreboard. 5-45-5.50 Northern 
Ireland News. 11^0 News and 
Weather for Northern Ireland. 


Gymnastics from The Palace 
of Sports, Moscow and Motor 


Cycle .Tumping— The Eddie 
Kidd Stunt Jump from Rad- 


BBC 2 


p.m. 


Open 


7.40 a.m.-1.55. 

University. 

3.00 p.ra. Saturday Cinema: 
*' Forever Darling." star- 
ring Lucille Ball and Desi 
Arnaz. 

6.05 Planets. 

7-05 Open Door. 

7JS0 News and Sport. ' 

7.45 Network. 

8.15 Ashkenazy plays ' Mozart 
9.35 Second CUy Firsts. 

10.05 Orders From Above: Robert ' 
‘ ' Vas’ film 

patriation 
the USSR 1944-47. 

12.00 News on 2. 
t-12.05 a.m. Midnight Movie: "The 


lett Airfield, Hertfordshire; 
3.50 Half-Time Soccer Round- 
up; 4.00 Wrestling; 4.50 Re- 
- suits Service, a 
5.05 News from ITN. 

5.15 Happy Days. 

5.45 Logan’s Run. 

6.45 Celebrity Squares. 

7J30 Man from Atlantis. 

8J0 Sale of The Century. i 
9.00 Enemy at The Dooc. 

10JO News. ' 

1U:15 The South Bank Show. 
11.15 The London Weekend 
Show: special oil London's 
young male prostitutes. 
12.00 Stars on Ice. 

LL25 a.m. Close — Heather 
J.Emmapuei reads.), sayings 
.and teachings of .Buddha.. 

. All IBA -Regions as Loudon ex- 

aoour the re- cepd at the following times: 
of Russians to . ; ... 

; ANGLIA, 

. 9 DO ajii Undersea World . of Captain 
Nemo. 9 JO Tfanras. MJ8 funky Pham am. 


GRAMPIAN 

4 J0 Scene on Satmdaf, in eluding Birth- 
day GreeUruES and The Lone Ranger. 
9.25 pan. SMppy. 9J0 Splderman. UU5 
?9ie One Club. MU* Island .of Adventure. 
1130 Space 1BB9. 535 Logan's Ron. fol- 
lowed by area weather 'forecast , High- 
land Leacae and sbiiuv results. 60S 
Celebrity Squares. 7.00 5a lo of I ho Cen- 
tury. TJo Enemy at Ihc Door. fS.30 
Feature Film : ■■Due^,' , starring Dennis 
Weaver. 1 1 35 within These Walls. 1235 
a-ra. Reficcdonfi. 


GRANADA 

930 Ttswaa. Including Dynomot, The 
Dog Wonder. UM7 Tiawas. 1135; -Ele- 
phant Boy. 1155 Ttewaa. 535 pan Logan's 
Ron. 635 Celebrity Squares. 7-00. Sale of 
the Century. 7 38 The Big Film. Van Hellin 
in “Tanganyika." JUS House of Horrors: 
"Countess Dncula,” starring Ingrid Pill. 


ULSTER 

liUffl pan. Saturday Mormng Movie : 
"Hoy There It's Yogi Bear." 1130 Sesame 
Street. 5J0 p.tir. Spins Resolts. 535 
Logan’s Run. 635 Celebrity Squares. 7J0 
Sale of the Century. 730 Enemy at the 
Dour. 830 The Big Film : "Tansannka." 
1X35 Police Woman. 

WESTWARD 

9J0 a.m. The Lost Islands. MS Fan- 
tastic Voyage. 930 Children’s Feature 
Film : ’Treasure island.” 13.30 Gus 
Honey-bun's Birthdays. 1X35 Island of 
Adventure. 5.15 pan. Logan’s Run. 6-15 
Happy Days. 645 Celebrity Squares. 730 
Man from Atlantis. 830 Sale of the 
Century. tU3S The Mystery Thriller: 
•• Vine Own Executioner ." ' srarriug 
Burgess Meredith. 1240 aan. Faith (or 


Life. 


YORKSHIRE 


HTV 

9.05 u-m. BuDd Your Own Boat. 930 
Tlswas. 1035 Batman. UMSTiswas. IMS 
Westway. I1J5 Tlswas. 5-H5 p.m. Celebrity 
Squares. .630 Logan's Run. 730 The 
Streets of San Francisco. 1135 Within 
These Walls. ' 

HTV Cymru /Wales— As HTV General 
Service except r 5J&6J0 pan. Cartnon- 
tline.x 6J0-6JQ Cannfan. 

SCOTTISH 


9J0 ajn. 7%c Rolf Harris Show. MS 
Toil Can Mahe It. 9-50 Saturday Scene 
Action Adventure : - “Climb an Angry 
Mountain.” 1130 Funky Phaiuom. 12JD 
Hun Joe, Run. 515 pan. Logan's Run. 
635 Celebrity Squares. 7J0 Sale of the 
Century. 730 “Sergeant Byfcer,” starring 
Bradford Df liman. -Vera Milas and Lee 
Marrin. 1135 The Outsiders. 

RADIO 1 24701 


1. 10J2 Tony Brandon (S'. 12J2 p.m. - 
Two’s Bear IS). L02 Pnndrfdne/ 13D-5J5 
Sport on 2: FA Cup Special (130. 2J0. 
230, ,3.00. X4S>: Racing , from Doncagter 
run. 2.10. 230 1 ; Squash (130. 2.80. 230,* 
3.001 ; Avis British Open Squash Cham- 
pionships. plus Golf— reports on the U S. 
Masters Tournament : 5.00 Sports Report 
classified football checks at 100 and 5.41 
6.05 Non] ring Roundabout. 7102 Windsor 
Davies Presents. .739 Radio 2 Top Tones 
•S>. 035 Don Innes at the piano (S>. 
030 victor Silvester Jr. at the Radio 2 
Ballroom (Si. 930 Saturday Night with 
the BBC Radio Orchestra i5». 1U2 Sports 
Desk. 11-10 Peter Wheeler with The Late 
Show IS) Including 32.00 News. Including 
Golf — U.s. Masters Tournament t report). 
2J0-2J2 a.m. .News Summary. 

RADIO 3 464m, Stereo & VHF 
Medium Ware only 
17-55 jun. Weather- *J0 ;News. 0.05- 
Aubade fS>. 9J0 W*wb- 9.05 Record 
Review Ihciuding Bunding a Library (S3. 
1035, Stereo Relnade, of nmia. by 
Schumann fS>. 1U5 Hoimboe . add 
Tchaikovsky (5). 12J2 pah. James GalWay 


pregehta music .on records /Si. 1L» Neug., 
U0.. Heritage. 145 Bach and Sdmhfrt 
piano redtal’tSJr ’235 - Man uf rtcttotiT 
Christopher Driver.- chooses -records :fS>. 
335 Music of the-. Masters fSi. 5J0 Jam 
Record Requests (Si. 5J5 Critics’ Forum. 
635 The Classical Guitar '{Si. 730 The 
Garden in ApriL 730 British Choral 
Music, part 1: Parry. Rutthr (S). 6J5 
Turn of the Screw (talk by R/’W.' Burch- 
field). M5 British -Choral Music parr !: 
Mathias (S). 9 JS Italian Suing Trio fS). 
9.50 Amon gthe Witnesses. 1035. Xenakis 
music for ratio (Si. 10JS Sounds Interest- 
ing iS). 1135 News. 130-U3S Tonight's 
Schubert Song on record 
Radio S VHF arty 6JO-9JO aura. Open 
university. 


RADIO 4 

' 434m, 339m, 285m and VHF. 

(Q) Qumfraphonic broadcast.- . 
630 ajri, "News. 632 Farming To-day- 
630 Yours Fatt&ftrfly. Z635 Weather pro- 
gramme news (VHF) Realonxl News: tjo 
N ews. 730 On Your Farm. 740 Today’s 
Papers. 745 Yourr 'FalthRtlly. 730 it’s 


a-. Bargain.-. 173S- Weather; pnjgnmfai- 
news (Wi- Reghmai-Newa - 

aie Sport on 4. 045 Yesterday in Patt*-’ 
mem. 9 JO -NeWa J9J5- lntcnuufairaL- 
Assicnment. 4030 - The Week In Wwt-: 
minster. 7955 News Stand. 21035 Date. ‘ 
Service. *1030 Pk* of the week. *H3r 
Time for Verse. ZL30 Stienca Now.JZJO. 

■ News. 12J2 pan. James Galway fS) '<« 
HadlB 3>. 0235 Weather, progrumne - 
news fVHFi (except London and SBI 
Regional News. 140 Mews. 135 Any . 
Questions? 32J0 War and Peace. BJi - 
Nows. *U5 Does He Take Sudsr? tSJ5S 
Music of the Masters (as Radio. 3). 5JI. 
Kaleidoscope Encore. 530 Week E nding. - 
JS35 Weather, programme news (VHF) 
Regional News- 6.00 News. 635 Denrt 
Island Discs. 650 Stop the Weew with - 

. Robert Robinson. 73# . These Yoo Have ; . 

■ -Loved fSl. 030 Samrday-nlgjit Theatre : 
-"The Tale of the Knight, the Witch and.-- - 
. the Dragon.'’ by J. C; W; Brook tS:ani\- 

Q>> 938 weather. l»J0 News. W35 On - . 
The Town. UJ0 Ugh (on nnr .Daiknera. - 
1135 Nows. •••• 

Open University (VHP tt!y> 9J5 » 
TZJfi and 2.003.00 p-m. . 


Weekend Choice 


"a*"™®:? 1 * ss T, ss 


James Mason 
Bennett. 


and Joan 


LONDON 


8.35 a.m. Funky Phantom. 9.00 
Sesame Street 104)0 Our Show. 
11.00 The Monkees. 12.00 Spencer's 
Pilots. - 
12 JO p.m. World' of 


Squares, b-00 Code R. 7J0 Sale of the 
Century. 730 Saturday Film: "A Boiler 
is Waiting." starring Jean Simmons and 
Rory Calhoun. 1135 Within These Wails. 
1235 un. At the End of the Day. 


A TV 

9J5 a.m. Mum's the Word. 930 Tlswas. 
plus Dynomutt the Dog Wonder and The 
Lone Ranger. 535 pan. The She Million 
101 =; nn tho rtnii. inn i DoLlar Man. 635 Celebrity Squares. TJO 

12.3a Cm the Bail. 1.00 inter- oh no. it’s Sefwyn Froggltt iR». 730 
national Sports Special (1) Sale or the Century. &J0 Tbe Sweeney- 
Motor Cycling (John Player R*** Mafl - pwa Man - 
Transatlantic Series from ! RftRDFR 

C /ff c ire r- 3n 5 ,JB aLm - Bu,u vam «*" B 081 - 5* 15 »»- m - 

Motor Radns (IJLS. Grand Logan’s Hun. 635 Celebrity Squares- 7 JO 
Prnc West. from California); Sale or the Century. 730 FUm: 
1.15 News from ITN; 120 The “Destmaiion GnbL" 1135 The Outsiders. 
'JTy Six— 1.30. . 2.00 and 2.30 PHAIVIVF! 

■ 32Ji pm ‘ p ulRn’s Plaiiicc. 54S Logan’s 

- a3 from Doncaster. 3.10 In- Run-635 Happy Days. tll35 The Mystery 
lemational Sports special (2) Thriller: "Mine Own Cxecmiooer.’' 


9 JO a.m. Bulid Your Own Boat. 930 
Tlswas, Including Batman and Adventures 
In Rainbow Country- 5-15 Logan’s Ron. 
635 Celebrity Squares. 7J0 Sale of the 
Century. TJO Feature Film : "Sergeant 
Ryker-". starring Lee Marvin. 1133. Lain 
CalL 1130 The Sweeney. 

SOUTHERN 


030 am. Weekend followed by regional 
weather forecast. 9JB Sesame Street. MJ1 
Dor Show including U.M Code R. U35 
Weekend and 12J5 pan. Happy pays. 
5.15 Celebrity Squares. 6JH Six Million 
Dollar Mon. 7JQ Sale of the Century. 
730 Columbo. 030 Cartoon. 1L15 Within 
Tbese Walls. 1235 a.m. southern News. 

TYNE TEES 

945 Solo One. 935 Action Adventure 
Film: ’■ The Spanish Main.” starring ;P&u! 
Henreld and Maureen O’ Rare. 1130 Run 
Joe, Run. 12- DO I Am the Crca lest— The 
Adventures of Muhammad Alt. 535 iun- 
Losan’s Run. 635 Celebrity Squares. 7 JO 
Sale of the Century. 7.30 Saturday Nlgbt 
Film : “Sergeant Ryfcer.” starring Lee 
Marvin. 1135 The Streets of San Fran- 
cisco. 1235 a^a. Epilogue. 


(S) Stereophonic broadcast 
5.00 a.m. As Radio 2. 8J6 Ed Stewart 
with Junior c twice (St. UL00 Kid Jensen. 
12JJ0 Paul Gambaecini- 131 Boric On iSt. 
230 Alan Freeman iSt. 531 Alexis 
Komar's Blocs and Soul Show (Si. 630 
In Concert « S >. 730-2.02 a.m. An Radio - 

RADIO 2 trSOOm and VHF 

5.00 a-m. News Summary. SIB Tom 
Edwards (Si with Tbe Early. Show, in- 
cluding 3J3 Racing Bulletin. 8.D6 As Radio 


CHESS SOLUTIONS 
Solution to Posltiou No. 210 
1 RxB! RxR (if QxK; 2 RxN 
ch, BxR; 3 BxP ch, or if PxR; 
2 QxR); 2 RxN ch, RxR: 3 QxP 
ch. Resigns. If QxQ; 4 BxQ ch 
and 5 BxR. 


Solution to Problem No. 210 
1 K-B5. Q-Bl; 2 N-N7 ch. QxN; 
3 B-KS ch, Q-N3: 4 BxQ ch, PxB 
ch; 5 KxP. P-N4; 6 K-B5, P-N5;. 
7 PxP mate. 


SATURDAY: If you missed this 
year's Christmas lecture series 
from the Royal' Institution on 
Planets. BBC2 start a repeat 
showing to-day at 6.05: not a 
boring academic talkathon, but 
a fascinating series by Prof. Carl 
Sagan, the young American who 
has enlivened many a dull 
science programme. Supposed 
to be for children, but suitable 
for anyone intelligent 
The other worthwhile BBC2 
repeat in Orders from Above, 
the “we only did what we were 
told" story of Britain’s 
despicable repatriation of 
Russian prisoners at the end of 
World War □; even more topical 
after Tolstoy’s recent book than 


when Robert Vas made the pro- 
gramme. - Alternatively Tbe 
South Bank Show on ITV looks - 
interesting for . once:-. Paul ' 

MorisseyiS; comedy version of. 

"The Hound Of The Basker- 
vtlles” with Dud and Pete is the . 
main subject (10.15), 

SUNDAY:. Best programme of 
the week-end : will probably be 
BBCls final qf Young Musician 
of the Year’ (8.05) since the - T' 
heats have been so breath- 
takingly Impressive. And if 
the Lawrence Durrell pro- 
gramme on Greece was any 
guide, then BBC2s Spirit Of 

Place with Diirrell returning to a much disguised Dudley Moore in 



the sites of the 
quartet should be 


Alexandria 


mar vel Inns. 


LWT’s South Bank Show to-night 


ENTERTAINMENT 

GUIDE 


CC— These iheaires at-t-eiii cerum credit 

’urds br telepnone or dt the oox office. 

OPERA & BALLET 

COLISEUM. Cjed't Curas, u I -J40 5258. 
; Reservations, 01-U36 JiBi. 

* ENGLISH NATIONAL OPERA 
.Toma hi 7.5U Don Glcwanm <hnal pert.): 
lues. A Fri. next 7.30 Jullcuu; wed. 
--7.au Carmen; Ihurs. 7.00 f-orce of 

DMlnv ihnal Deri.). 104 balcony seau 

■aiwavs available day gl performance. 
-Now Booking for May peris. 


CUV t NT GARDEN. CC. 240 1065. 
■(Gardencharjje credit cards 836 6903< 
THE ROYAL OPERA 
‘Toniqht A Tues. 7.30 pjn. DaaUi In 
‘ Venice. Tnur 7.30 p.m. Def Fretslmfet. 
I THE ROYAL BALLET 

.Mon. 7>30 P.m. The Firebird S, Song 

-of the Earth. Frl. 7.30 p.m. Romeo & 

Juliet. 55 Ampin 1 scats lor all perfs. on 

■sale from 10 a.m. on day ot peri, 
COVENT GARDEN 
SUNDAY CONCERTS 
Tomor. 0.00 p.m. 

’ ILEANA COTRUBA5. 

• Tickets £)-£S. 


SADLER'S WELLS THEATRE. Rosebery 
Arc., E.C.1 . BS7 1672. 19 Aorll Id T3 

May SADLER'S WELLS ROYAL BALLET 


THEATRES 

A DELPHI THEArne. CC. 01*036 7611. 
lErBS. 7.50. Mats. Thurs. 3.0. Sat. 4.0. 

THE BE5( MUSICAL 
or 1976. lOTT^and 19781 

- "LONDON'S BEsI NIGHT OUT.'* 

- Sunday People. ■ • 

-ALREADY SEEN BY NEARLY ONE 

■ CTiiTnu H 9 PDV THFATRE. GOERS. 


■MlixiQN HAPPY THEATRE-GOERS. 
CREDIT CARO BOOK I NGSS 036 7bll. 


. 036 370S. Party Rates. Credit 
‘card bkgs. B36 1071-2 (from 9 a.m.- 

:?.4i”ir. &. angf.oo; 

:-a thousand ne t.m^ h welcome IS 

-MIRACULOUS MUSICAL." Fin. Times; 


with ROY HUDD and JOAN TURNER. 
-CONSIDER VOURSEL-F-LUCKY JO BE 
ABLE TO SEE If AGAIN." Dally Mirror, 


THEATRES 


AMBASSADORS. CC. 836 1171. 
E»gs- so. Mas. Tum. 3 . 0 . sal 5.0. 
A Rock Revue 

LET THE GOOD STONES ROLL 
“LOUIS Selwyn gyrates brilliantly as Mick 
J. a 395T'" “■ JW. Raw excitemcnL" D.MI. 
Audience Cheered, s. tci. 


APOLLO. 01-437 2663. Enmlngs 8.00. 
Mats. Thurs. 3.00- Sat. S.00 and 8.00. 
DONALD SINDEN 
■Actor of the Year. E. sw.) 

" IS SUPERB.'' N.o.w: 

SHUT -V.OUR EYES AND 
THINK OF ENGLAND 
"WICKEDLY FUNNY.'' Times. 


ARTS THEATRE. 01-636 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

“HKarioiK . . - see it. ' Sunday Times. 
Monday io Thursday 8.30. Friday and 
Saturday at 7.00 and 9.15. 


ASTORIA THEATRE.' Charing Cross Road. 
01-754 4291. Nearest Tube: ToRennsm 
Court Road.- Mon-Thors. 8.00 PJn. 
Friday and SatlJ g^J' ls B-«*0 and 8.4S. 

Instant Credit Card Reservations. Eat in 
our fully- licensed Restaurant and Buffet 
Bar lunchtime and be I ore or after show 
"ikabie in advance. 


BEST . MyS l£AL _OF_ THE. . Y EAR 


EVENING STANDARD AWARD 


CAMBRIOGE. 836 6056. Mon. to Thur. 

S.O. f ru. SaL at 5.45 and S30. 

in TOMBI 

Exciting Black African Musical - 
“ Finest dancing t m London. Sheer 


dynamism/ Dally Mall. 

THIRD GREAT YEAR 
Dinner and Tap- price seat L8.25 Inc. 


COMEDY. „ 01-930 2570 

Eveninfl S.D TTuJrs. Sat. 530. U30 

MOIRA LISTER TONY BRITTON 
Margaret COURTENAY. Dermot WALSH 
THE HIT COMEDY THRILLER 

MURDER AMONG FRIENDS 
■’ Blackmarl. armed robbery, double bluff 

and murder." Times. "A good deal at 
• fun." Evening Nem. 


ALDWYCH- 836 6404. Info. 836 SHZ. 
ROYAL SHAKESPEARE COMPANY in 
repertoire, opening, perts. of new London 
season. Tomgnt 7.30 red. once preview 
HENRY Yl FART 8 
"magnificent." Guardian. 

With: HENRY V* Part S iMon) HENRY V 

iTuesl HENRY VI Part 1 (Wed mall Part 

2 (Wed evei Part 3 (Thurej. RSC also at 

THE WAREHOUSE tlrqm Mon) and at 

Piccadilly Theatre in Peter Nichols PRI- 
VATES ON PARADE. ; 


ALMOST FREE. 485 6224 Limited Season 

Only 1 Wolf ManeowlU S SAMSON A 
DELILAH. N.B. Nightly at 8 p.m, mcl. 
Suns. No show Frit. 


CRITERION. CC. 01-930 3216. 
EwMnngs 8-O.JatL S.3O.BJ0. Thurs.34. 

" Impeccable . ^ ■ a mM ter." Sun. Times. 

~ HILARtOUSLY FUNffi. ’ N~ of World. 


DRURY LANE. Ol-fiSB BIO A Every 

Night B. 0 0 - MJ«?K , w «1 • 3 rid Sat. 3.00. 

A CHORUS LINE 

"A rare devastating, toy bus. astonishing 
stunner, Sunday Times. 


THEATRES 


DUKE OF YORK’5. 01 -836 5122. 

Evgs. B.OO. Mat. Wed. ana SaL at S.O. 
JOHN GIELGUD 
in Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brilliantly witty ... no one should 
miss it." Harold Hobson ( Drama r. Instant 
credit card reservations. Dinner and 
Plica seat £7.00. 


GARRICK THEATRE. 01-836 4601. 
fcvgs. 8.0. WO. M4L 3.0. Sat. 5.1 S. d.30. 
JCLL MARTIN. JULIA SUTTON. 
ERIC FLYNN and ROBIN RAY 
In the 

"BRILLIANT MUSICAL 
. ENTERTAINMENT." People. 

SIDE BY SIDE BY SONUHtIM 

-GO TWICE." om Morley. Punch. 

"GO THREE TIMES." C. Barnes. NYT. 


GLOBE THEATRE. 01-437 1 592. 

E*gs. B.15. wed. 3.0. Sat. 6. «.«0. 
PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WHITROW In 
, ALAN AYCKBOURN'S New Conteov 
TEN TIMES TABLE 
This must be the happiestJauBBter maker 
• In London. D. Tel. "The master of 
comedy has done It again.' Evemna News. 


THEATRES 


KING’S ROAD THEATRE. 552 7488. 
Mon. to Thur. 9.0. Ft... SaL 7. SO. 9-30 
THE ROCKY HORROR SHOW 
NOW IN IT'S 5lh ROCKING YEAR 
THE GREAT ROCK 'N' ROLL MUSICAL 


LONDON PALLADIUM. CC. 01-157 7373, 
April 17 th. Two weeks only. 
LIBERACE 

IN HIS LAS VEGAS SHOW 
BOOK NOW 


LYRIC THEATRE. CC. 01-437 3S86. ErS. 

S. Mats. Thurs. 3. SaL 5.0 and 8-30 
JOAN PLOWRIGHT 
COLIN BLAKELEY 
and PATRICIA HAVE5 In 
FILUMENA 
By Eduardo Eiiippa 
D, aS. e F. hv FRANCO ZEFFIRELLI, 
"TOTAL TRIUMPH." 0. Mirror. 
_AN k VENT TO TREASURE" D. Mirror. 
"MAY IT FILL- THE LYRIC FOR * 
HUNDRED YEARS." Sunday Times. 


GREENWICH THEATRE. 01-B5B 77SS. 
Evening 7.30. Mil SUL don 

juah. a comedy by Momere. (il recom- 
mend it warmly." f. Times. From April 
12 ARMS AND THE MAN. A Comedy 
by Gcarae Bernard 5haw. 


HAY MARKET. 01-930 9832. Evgs. B.OO. 
■ Mats. Weds. 2.30. SatL 4.30 and B.OO. 
INGRID BERGMAN 

WENDY HILLER 

DEREK DORIS FRANCIS 

GUOMIEY HARE CUKA 

WATERS OF "THE MOON 
"Ingrid Bergman makes tn*r stage 
radiate — unassailable charisma. Dally 
Mall. "Wentfy Hiller IS superb." Sun. 
Mirror. 


DUCHESS. B38 8243.' Mon. to Thurs, 
Evgs. B.O_ Fri.. Sat. 6.15 ana g.oq. 


OHI CALCUTTA! 

" The Nudlw B stunning." Daily Tel. 
BUi SENSATIONAL YEAR 


FORTUNE- 836 2238. Eygs. 8. Thurs. 3. 
Sat. 5.00 and a.00. 

Murid Partow as MISS MARPLf In 
MURDER AT THE VICARAGE 
Third Great Year. 


HER MAJESTY'S. CC. 01-930 6606. 
Evenings B.OO. Mat& Wad. & Sit. 3.00- 
BRUCE FORSYTHE 
in LESLIE BRICUSSE ana 
ANTHONY NEW LEYS 
TRAVELLING MUSIC SHOW 
. with Derek Griffith*. 

Directed by BURT SMEVELOVE. 

" >t il packed to bursting point with the 

S ersonautv and sheer energy of Bruce 

orsvihe." Sun. Express. "The audience 
cheered," Sunday Telegraph. 


LONDON PALLADIUM. 01-437 7373. 
April 13 and .1* « B.O. April 15 at 6-15 
and 8.45. 4 PERFS. ONLY. 

THE SUPREME5* MARY WILSON 


Karen Jackson ana Kaancn Ragland 

Box Office Open- book NOW. 


LONDON PALLADIUM. CC. 01-437.7373 

FROM MAY 25 TO .AwG- 


19. 


THE TWO RONNIES 
BOOK WITH EA5E on the __ NEW 
EXCLUSIVE. TWO RONNIES HOTLINE 
01-437 2055, 


MAY FAIR. CC. &29 3036. 

Mon. to Frt. B.O. Sat. 5.30 and 8,45. 
GORDON CHAFER. ’■ Brilliant." E.N.- In 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 

... oy Stem J. Sacars 

. corn nassu unate runny nereciy clonuenl 
ptay. Gdn. "Hilarious." E3td. "W laced l v 
■musing. E. News. "Spciipinding.'-Uns. 


MERMAID. 248 7656. Restaurant 24B 
2835. Tom Ccmti. Jane Asher in ■ 

„ WHOSE LIFE IT IT ANYWAY? 

THE NEW SMASH HIT ACCLAIMED 
e BY EVERY CRITIC 

Evgs. 8.15. Frt. and SaL S.15. Until 
_ Anrll 15. Reopens April 24.' 
ALEC MeCOWEN't ST. MARK'S GOSPEL 
April 16-23 and erarv Sun. until Mav 


14. Sun. 7.30 ev^.^B.li April" 19 


- 00 ). 


NATIONAL THEATRE. 928 2252. 

OLIVIER (Open stage). Today 2.45 & 
7.30 THE CHERRY ORCHARD by CtKffi- 
ho* traits, by Michael Frayn. Frl. next 
at 7 Brand (red, or. prev.) 

LYTTELTON 'proscenium stage) TOdir 
3 & 7.45. Mon. 7.4 S PLENTY a new 
play bvDayio Hare (red. B r prev.) 
i.miTEsLoe (small auditorium), today 5 
& B Mon. 8 LARK RISE written By 

Keltlt Dewhurst from Flora Thompcon'a 

book (prom, peris. >. 

Many onto l lent cheat) seats all 3 theatres 
day of pert. Car nark. Renurant 928 
2033. Credit card bkgs. 928 3052 


OLD VIC. 928 7616. 

The Old Vic Youth Theatre. April 10-15- 
The .CaocasiBB Chalk Circle, the Winnere- 
Mtasino Persons. 

Prospect at The old v tc. New Season 
starts April 20 with Twelfth Night and 
Sint Joan. Phone Box Office lor detain. 


THEATRES 


PALACE. Credit Cards. 01-437 6834. 
Mon. -Thurs. 8.0. Fri.. Sat. 6.0 and 8A0. 
JESUS CHRIST SUPERSTAR 


PICCADILLY. 437-4506. Credit card bkgs. 

536 1071-2 9 a.m. -6 p.m. Evos. B. Sats. 
4.45 and 8.15. Wod. Mar. 3.00. 
BEST COMEDY OF THE YEAR 
Evg. Standard Award and SWET Award 
Royal Shaknspeare Company In 

PRIVATES ON PARADE 
by Peter Nichols 
■ Not Suitable lor Chlldrcni 
"HUGELY ENTERTAINING 
EXTRAVAGANZA." S. Times. 

RSC also at Akiwrch Theatre. 


PRINCE EDWARD. CC. (Formerly Caslno.i 
01-437 6577 Previews Irom June 12. 
Opening June 21 . EVITA. 


PRINCE OF WALES. CC. 01-930 8681 
, Monday to Friday at 8 P.m. 

Sat. 5 jO and 8.45. Mat. Thur. 3,00 
"HILARIOUS COMEDY MUSICAU' 1 
--The Sun. 

1 LOVE MY WIFE 
_ Starring to April 8 
RICHARD BECKINSALE 
and Irom April to 
.. , ROBIN ASK WITH 
_ Coniesslons ol " film tame) 
CREDIT CARD BOOKINGS. 930 0846 


THEATRES 


ROYALTY. Credit cants. 01-405 8004. 
Monduy- Thursday Evenings 84)0. Friday 
5.30 anO 8.45. Saturday's 3.00 and 0.00 
London's critics vote 
BILLY DANIELS In 
BUBBLING BROWN SUGAR 
Best Musical or 1977. . 
Bookings accepted. Major credit cards. 


SHAFTESBURY. CC. B36 6595. 

Enos, at 8.00. Mats. Thurs. Sat. 3-00. 
JOHN REARDON and JOAN DIENER In 
KISMET 

"A SMASH HIT. THIS MUSICAL HAS 
EVERYTHING." S. . Mirror. 

SHAW THEATRE. 01-1118 1 394. 

CHICKEN SOUP WITH BARLEY 
by Arnold Wesker. 

Opens Tonight 7.00. Sab. Evgs- 7.30. 
Mat. Wed. 2.30. 


dUEEM'S THEATRE. CC. 01-734 1166 
Eienlngs B.O. Sal 5.0 and a. 30. 
ALEC GUINNESS 


BEST ACTOR OF' THE YEAR 
ty Clu~ • — - 


Variety Club of GB Award 
n k. TI S 0t0 COUNTRY 
ft, 5 1 ? 1 " P |a » b * ALAN BENNETT 
DlrOctM by CLIFFORD WILLIAMS 
JEST PLAY OF THE YEAR 
_piavs sing Flaws London critics n*ra rd. 


R a. Y y ,< 2 f lP l JPn jEIBi i 1 ?' CC ' 01-734 1593. 

At 7 P PAUL 9 t?Av'Mn , NR' m - l0p * ,, Sun3J - 
p AUL RAYMOND presents 

THE FESTIVAL OF 

Fully Air Conditioned. You may 
drink and smoke In the aamtnri..m 


ROUND HOUSE. 26? 2S 6d. Evoa 8 

°*KATER W *' 

present Hi^lasjBj. c Prmelere ol 


ROYAL COURT. 73a -, 7JS 

E.» 8. 5at. 5 and 8 JO. ,745, 

CLASS ENEMV 
.... _ , fiy Nigel williams 
JBmft* "" ■■■*•" F. Times- "Blares 
with llio ana lore*." Gdn. See also 
Theatre Upstairs. 


OPEN SPACE. 01-387 6969. Evgs. 6034. 
Triple Actions. ORPHEUS- 


PHOENIX. 01-936 0611. April 13. 
TIM BROOKE-TAYLOR 
GRAEME GARDEN 
THE UNVARNISHED TRUTH 
A New Comedy by Rome Rvum. 


SAVOY. 401-835 B888. 

Nigthly at 0.00. Mat. wed. 2.30T 
_ Sat. 6.00 and 8-00. ' 
PATRICK CARGILL and TONY ANHDIT 


STRAND. 01-836 2660. . Evenings 8.00. 
MaL Thurs. 3.00. 5au. 5.30 and 8.30. 
NO SEX PLEASE — 

WE'RE BRITISH . . 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


ST. MARTIN'S. CC. 836 1443. Ers. B.OO. 

Mil Tubs. 2.45. Sals, s and 8. 
AGATHA CHRISTIE'S 

THE MOUSETRAP 
- WORLD'S LONGEST- EVER RUN 
26th YEARL' 


TALK OF THE TOWN. - CC. 734 505T. 
8.00. Dinlne. Dan cing. 9.30 Super Revue 
RAZZLE DAZZLE 
and at 1 1 am. 

MADELEINE BELL 


THEATRE UPSTAIRS. . . 
Tuesday-Sunday 7-30. 

SHARED EXPERIENCE 
In BLEAK HOUSE 
by Charles Dickens 
(In 4 parts. In- Repertoire I 


730 2554. 


VAUDEVILLE. 836 9988. CC. Evgs. at 8. 

MaL Toes. 2.4S. SaL 5 and 8. 

Dinah SHERIDAN. Oolcie ORAY. 
Eleanor SUMMERFISLD. James GROUT 
A MURDER IS ANNOUNCED 

THE NEWEST WHODUNNIT HIT 

by AGATHA CHRISTIE 
*' Re-enter Agatha with another who- 
dunnit hiL Agatha Christie Is stalking 
the West End yet again with another 
of her fiendishly - mgenloc® murder 
mysteries.” Felix Barker. Evening Nam. 


SLEUTH 

Tnc world-famous Tnrilier 
bv ANTHONY SHAFFER 
"Seeing the play again IS. In fact, an 
utter and total for.'' Punch. 

"II will run and run again.” Sun. Tel. 
Evenings £1 to £4. Mats. £l to £3. 


VICTORIA PALACE. 01-834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

_ A NEW MUSICAL 
BROADWAY'S BIGGEST HIT 
Prevs. from April 25. Opens Mav S. 


WAREHOUSE. Donmar Theatre. Covent 
Garden. 836 6808. Royal Snakespeare 
Company. From 10 Apr. Paul Thormnon’s 
THE LOREN ACC) O STORY. Strindberg'! 

THE DANCE OF DEATH (gold OUtl. John 

FartTi Tis PITY SHFS A WHORE In 
repertoire. All teats £1.80. 


THEATRES 


WHITEHALL. 01-930 6692-776S. 

Evgs. 8.50. Fri. and Sat- 6^5 and -B JO. 
Paul Raymond presents die Sensational 
Sex Revue ot the Cantu rr- 
OEEP THROAT 

Due to overw h elm Ing public demand 
- aa aa on extended. 


WINDMILL THEATRE. CC. 437 6312. 


Twice Nightly 8. DO and 10.00. * 
OPEN SUNDAY - 


VY5 6.00 and 8 . 00 ...-- 

PAUL RAYMOND presents 

THE EROTIC EXPERIENCE OP THE ; 
MODERN ERA 

" Takes .to .BqprtKedentfld limits wtut H 
permissible on Hr stages.:* Ev- New. 
You may drink, and smoke la. the 
- 1 auditorium. - ' 


WYNDMAM’S;- B3« 3028. CredrV caiU 
fakngs. B3S 1071-2 from 9 a.m^-2 . p.m. 
Mon. -Thurs. A Frl. & SaL 5.15 & 8.30 
“ENORMOUSLY RICH . . . 
VERY FUNNY.” Evening News, 

Mary O'MalleVs smainjhit Comedy 
ONCE A CATHOLIC 
•' Supreme eomedv on ae* and religion. 

• .Dally Tele graph. ■ 

■■ MAKE'S'YOU SHAKC WITH 
LAUGHTER- Guardian. 


YOUNG vie wear; Old Vic). 928 8363 

Tonight 7.4S .'Royal Shakespeare Company 
in MACBETH. CTMs Week sold out adY 
returns on doorJ . 


CINEMAS 


ABC 1 and 2 Shattessury Are.. 838 MEM . 

2T C THt d GODSBTE GIRL LA). Wk. and 
Sun: 2-0. 5.1 B. C-1°- - 


CAMDEN PLAZA (OOP- . Camden Town 
shadow Sw.3.10. SAS. ajcs. 1-1.00. 


XASSIC 1, 2. 3, 4, Oxford _st.' tone. 
Touin hi. m cSirt Ro. WB SMB- 

1: Bcrtoinccl’s 1980 Pact 1 OC). -Frags. 
2.15. 5.19. 8.1 57 L«t* WOW T1.1J M. 


^_Hurre.^wTT.' Mjfft noNhi April ! 9.-{ 


THE Him No PLACE lA). SeA._-Perts.- 

2.0. SJH). 8JKJ. ■Late ahow 11 n-m. 
ALL THE' wSiOENra MEN IAAJ. 
SrCeorM -S5- J4M Feed! FUN WITH 
DICKA JiSe' 2.20T.3-45. 9.10- 
“are mm Ajn. «M I 

MURDER BY- DEATH .LAJ. ‘LOO. 7t2S. 
Late shorr IO AS p-m. • 

4: Bcirtol ■reel's 1980 Put 2 OO: FwB. 

B-Litt show 11 .TP pm. 


LEICESTER SQUARE THEATRE K>30 52521 

OLIVER rS). SUSAN GEORGE and 

m * n TOMO&ww rfc «eVEB Mm, Wj ' , 
Sop. orogi. Mun.-Sat. 135. <30. . I S^O. 


uruiiia foinii'GPH 

Sun. 3.45.' 7J5* Late *howPri. ^id Sat 
ius. Scats -dKMe-lqr 8.1 0 prog. Mon.; 


Frl. iVwTTBTDMTjK »«l CMW* 
late Shows. Last 4 Qays, 


CINEMAS 


CURZON. Cureon Street. W. 1 . 499 37T7. 

PARDON MON AFFAIRE 1*1. 

jsuh-Etdes). - A sparkling Neatftw 
Comedy. Dlrcaod' with finesse bv J* 
Robert.” Sunday Express. Progs, at I- 50 
(not Stm.1. 3.35. . 8.30. 


ODCON HAYMARKET (930 ZTSB-ZTJIJ: 

Jane Fonda. Vanessa Redorate in ■ -Mg 
Zlnnemann film 4UUA,(Aj. S® TO; 
Dly. 2-30 5A5. 8.45. Feature m»- JA5- 
6.00. 9.00. Late show Fr!..and Sat-Frog. 
Comm. il45'8m. Feawre I*®?- An 
seats bkWe. at Theatre. - . " ^ 


DDEOH .LEICESTER SQUARE. -C930 61 m 

CLOSE ENCOUNTERS OF - THE JHHW 

KIND (A). seq- .pregL oit-- 08V2 -952 
10.00 (Net Sun-1. 1.05. .4,15, 7j4S. L^r 


, v.iiu rnor aun-i. „ 

perts. Tnea^-SdUL Doors ope n 
All seats may be booked except lo.otr 
a.m. -proas. 


ODEON MARBLE ARCH. (723-2011-24 
-STAR WAR5 ItlL DOQTS_ OPOfl Dll- 1- 
4.3S.- 7.50. Lei* show Fri. andfiat, IT JO 
midnianL All seats bkbie. .oeeeot 
pen. WJts. 


PRINCE " CHARLES. LetC.Sn. 437 #i»" 
■ SWEPT- AWAY «XJ 
Sep. Peris. Dly. (Inc. Sun.j, .SLJO. S^. 
B-4D. Late Show Frt. and. SSL iwa 
Seats BkWe- LKL'd -Bar. 


SCENE 2. LetC. SOirWWdOdr SL£43»44n| 

BOURN l^THE TOJK 
Sun.-Thur. 3.25. 7.30. Fri. a»d .Sat-. 
2JL5. 8.40. 10-80. 


STUDIO 1- 2. 3L- 4. Oxford Clrcirk.^ 4S7 

l5 ANOTHER -MAN. ANOIHER WOMAN 
OAAJ. Progs. 2.55. 5.30. 8ri0. LFW.Show 

S?t ’morning FAMILY -SJlflWS 
MjHL-S ' 


GULUVEM 1&AV4LS (Ul 

•Air ^JigN 

. tzjs* apei.3Pi f >i w 

.S*'a’ SOCIAL '*«■». JSS5£a T «5S ,: 

ftjga 

AND ~ 

SHOW 





ssEE 1 - AijHSSPSS-lsai 






-■ 












Financial Times' Sa®^y'^Ttf 'gr i978 



and ike 


■;V;iW JANET MARSH : . 

- : " THE LAST part of the odHee- was Madama Abada,- whose 

* •_ - . . .tion of Tdulouse-Lautrec Ihho-. spetiatity •. was; *:- dreadful 

graphs formed by the brothers grimaces; Aristide; Bruant who 
./^Erik and Ludwig Charell will opened his own .cabaret, Le 

• "'be sold by Sotheby's on April Mirltton. where; andiences de- 

27. Erik ChareU’s name, may lighted in the ribald insults he 
• well stir nostalgia in older buried at them; and several 

’V XVpoL* readers. His long career in the English girls who had a vogue 
J CL fV i theatre and cinema had two out-; in' . Anglophae/.^aris— Mary 
' ‘standing triumphs, fix 1931 he Hunilton, a; maie^^ersenator, 
directed Lillian Harvey in Ida Heath and' May-. Belfort, 
'-'Congress Dances, . . which who had a triumph with a song 
;■ launched - a whole genre of she had stolen firo&Tvesta Vlo- 
operetta film; and the same year- toria, ‘TDaddy WouJdn’t Buy l£e 
he came to London to direct the a Bow Wow.'- 
i memorable production of White Dressed to baby dothes and 
Clllu ^ JorSe (which he had. hugging a black . cat, . her acti 

‘^already directed , in Berlin) at was a favourite .^object for 
the London Coliseum. ; Lautrec. Evidently .fee took a ■ 

Leaving Germany after Hitler, personal interest hr -Miss Bel-, 
•' Charell’s career never recap- fort’s affairs; In .a letter to a ! 
- : \} tured this brief period of out- friend he endeavours .to make 
standing suceessi As :colleetors, . a jnattai between her. black cat 
1 “however, ; the * Charell brothers . aizd-a Siamese; il &t-ce -que votre 

? ; . . . . :. : ":..invested.fheir, efforts and their chat (iajgiom ^^..pottr io 

'/..^money with briliiance. \3bey chose? Un petit mats.v.p. et 
.... "^accumulated an almost complete fxorw^nous un rendezvous." 

. ; • - -Collection of the 357 lithographs Other subjects were ftonous in 

produced by 'Lautrec : in^tlie,- own rights the kpuperb 
1 - i— i -feeade -fc 

deftth r -ni; 1901»;-.-* Exhibited., in cEne«rfY:-,'i ininTnsaitmist"*rfGissv : 


aeath'^.juo: Exhibited.. m cEngHgfr'-- impr^sionist--^ Cissy 

vs .Tendon 'in. ; 1951 _J>y ; the / Art$ Loffob; .and’- Anna vSefcC- dls 1 
, j. ^‘Council, the . collection was un- ‘covered on - - the.T#ndoir music 
. ^.equalled in Europe and perhaps hang by Elorebz^iegfeld, who 
" ” v ^anywhere in the W 6 rld,.:*hd its m «de her bolhitois wife and a 
. . dispersal is inevitably a cause great Broadw^T star. 

■- • for regret The Charells did .jo capture the effect of the 

" : most of their buying at a. time kaleidoscopic lights- which 
.when these masterpieces of the Htomihatei Loie Puller’s flow- 
... art of lithography were regarded tog- draperies as -she 'danced, 
-as '‘only prints.” Since then ^ i^uhrec -inked his litho stones 
~ however Prices have Restated with different colours for every 
.s‘” ‘■ untjl no. Individual copia afford jmprearion, and sprinkled them 
■ v : — even if he could find— such a with . and siIver tosL 

... -* :1 comprehensive, collection. -The. Mariibe Brandfes of the 

* * : , dispersal in fact began 12 . years ComMle jg.depicted not only. in 

ago during the Qxarell's fife- perfonnince - but in an ud- 

„■ time, when.SofUeb 3 r' 8 ' 9 ol 4 'aboi^.-^^^^ d .--| nomen f ta her bp* 

.,., ha J* 1 116 colI ^? pa ' - • - gaaiug with undisguised dis- 
*■’ 2 ® ea ^ *° approval -at a rival performer.. 

- • • » - ^ attraction of Lautrec for-a man y^- is onJy Lantrec's 

of the portraits that we can still see 

the, comic gifts of Rdjahe (of 
and brothels of Montm^tre, was wh(m Sotheby’s otherwise ex- 

- catalogue relates 

sphere btzajrely Proust was lodging in 

popular theatre.. He . weflt- 20 R^Wj e ’ s bouse at the time of 

her death In 1895 /’ In fact she 

^ iZdaZtie caa ^ [ed to act until 1915, and 
settlement pour died five years later). Evidently 

preferring more frivolous 

V 0 U L^^ actresses, he made only one 

, wtm . mpgTnfiqtie. .The _f rf-p erea t Bem- 

, bac ^ f Sun TWdrc; and even that 

.. . ' | aspect- of the splendid Lender . . ^ from a 


ICC 



i» *«■. * 

* if his Jongest^ ^ series of Btho^phs; -- 5 "^®^^ 1 ..-.: 

Lautrec’s-.very&stU'&ograph 85 ^ s«b3e cts wer ®» 

jMnj was a subject- from 7 the: caS’CQt&. Lautrec s ^technique ww. 
ccrtln 189L with thi'sud&h 

Cm I revival- of intent ih. ,<»ltffir;able rtem m the Charell sale is 

/A Ai lithography, he” designed a a group of fiye.proofs-foarre-. 

WVW * ° t — t - iectedl one anoroved — all firmly 


. tion ships with, .other dancing worK,-rescue<i from tne prmnng 
I, girls did nothing - , to diminish shoii. floor 80 years ago, are 
the public’s, enthusiasm far ; ^ ^her.- estimated ‘.to sell for more than 
acrobatic dancing ^and Hwisk £25,000. .. • 

'*»'■- tf : 5 insolence, is portrayed with hef : . ; For those pf us who can t 
' - lean an£ lugubrious partner compete in such a market, it is 
Valentin-;. le . D6so&s£, ...who. consolation to know that we 


- -.V: Selfnndulgence and the: greed of, French lithographs is chirr 

• • . w hich earned her her nom d'ort renttyon view for first time 

(La Goulue means “The in the exhibition “From Manet 
Glutton”) took. their toU of her. to Toulouse-Lautrec: Freud* 
** ;; .JS-* looks and figure and tatent. She liithographs l86d;l900. , 

' - ;r . . was reduced to exhibiting her- From 'the' pioneer work of 

. V' ''V self in fairs and in a' lion’s cage; Bresdin, CouTbet, MUJet, Corot 

^ a .i. ; * r .; '.;t a nd ended up selling fruit at -and -Manet and the thrilling 
- -7f- fc '■■■- , the Moulin. Rouge - where she eccentricities ot Redon, it 

had once reigned. At the time traces- the development of the 
' of her death in 1929 she was French 1 . lithograph to the 

.. ... ■*-.*'" . v-. living with an 'old mongrel b a : -masterwoite - of - the nineties!— 

. ’ * — u wnt " \n tha- fifwman’s-land of Vuillard.^- BoMardl Pissarro, 


- vn» . r cai'concprts . would ■ have .. been dwarfed, by the cnareJi coueo- 
, i-. forgottetr entirely ' hut * for tion, it included many of *he 
'* *' • - Lau tree’s imnmrtalisatioTL There finest and the best states. - 

mFit _ - • — -- — - — — 


•f ’ TV Ratings ; . . 


UJC. top tmj 

• -‘w/m March » ' 

1. A Sharp louke-oTInuh <AW 

2. ConwaUon Sc CrtoaJ (GrM)»U> 

3 . Tib Is Yaar Ute (TkMntGO 

4. canwatiM SO VUtAUSmaOni 

5. On**m«l«ir OjwnW — 

b. ecaw ud MfWred CTfiws«lJ 

7. duna Straiplrt-OlKC) - 

A Mind. Yanr U«qK jCLWT) 

•>. c»Mt«ad» <Atn — 

IB. cragwwab CTuafci tW V> * , 

3JL M faced Bftnad»ps:«UWT> 

32. Dm AJto .XATVy .^...^ 

12. Wilde AlUance CYnpa J^;. 

12. Armchair . TlujBlar (Thmi. 
fThainM} ‘ *=^«“a ■ 

15. nmraanhde . Farm ■ * (TuU 

(Vorfci.). ; 

16. Robtoj. Hut (ThamwJ 

37. All Creature* Croat' aad Small 
{BBC? . 

It, Mih* Yaraeatf.br Perwa (IBO J 


‘i#. Cnmdi rnwnj. CATV) — 

2D. Crossroads tFri) CATV) 113S 

,• Flcnres* oonwfled toy Audit or Great 
■ Brinln !or?the JoiDf industrial CozmntttAe 
' for TeJoiiites} . Advertising Resaarclv 

UICTAKi. 

U^. TOftVEH (HfiOsen RaUw) . ; 

, W(> Ahrif 2 - 

,. l. Mash, teamed*) (CBS) Wi-? 

Z. Three*: Coma any (comad*) ^ 

• - (ABO " ;28J 

: J. Utberu -smd- Shlrtey (comedy) _ 

A Oaa Day * a Time (drama). 

.(CBS) v— BA 

5. Hawy Daw (eaiiedy) CABO.-;. 27.B 

6. Wihur (drama) (CBS) — --- J5.J. 

7. CBS Ob- the Air (apttClal) (CBS) 3SJL 

*, Alfea (comedy) -'J«; 

* V. 'Soap (owned*) <*K) ;■ 

.U.-60 Mlsotec (news) (CBS) — SAB 
- . a NeSscn jniiine is not s ntunericsi 
. W»L 



HE ART lHV£STMEHr. : GUIDE 


Every year over . £98 million is 
spent on pictures at public 
auction around tfte world. How 
is it spent ? Where is it spent 2 
Who speedy it l On wbat i 
The Art 'investment Guide is a 
24-page quarterly Journal which 
endeavours to answer these 
questions/ to outline the main 
activities and to trace the trends 
in the international art market. 

U.K. £12. Europe £15. 

•Elsewhere £18, USA $30. 



163, Quean's Grove St. Joins Wood 
loo don NWB 6ER 01-SBt 3600 

\ ART IN RELIGION 

. . The dominant Western and 
\ Eastern Faiths 

Expressed by contemporary Artists 





Vo-4, ^ 


_ m v . 





APOLLO 


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 $56 

Apollo Magazine, Bracken House, 10 Cannon Street 
London EC4P 4BT - Tel: 01-248 8000 ' 


ART GALLERIES 


MAcCONNAL-MASON 

14 , Duice Street, St James's, S.W.I.- 
IS, Burlington Arcade. ,W.1. 

Tel: 0IJ39 7A93—0M99 499 J 

Sprinf Exhibition 19th Centaiy 
European and Contemporary 
.British PainthiEt 

Unal I Sth April, Weekdays 9.30 tt 
5.30 p.ra. Sam. 9,30 to 12.30 n.m. 


ASH BAUM now ooen. Spring Exhibition 
qI paiutlnfls and scuioture. i30D works 
inrlutJino outdoor sculpture). Ooen 
daily to-B. Sundays 2-6. Closed^ Mon- 
days- .Winchester Road. Stromh-Peters- 
5Su. Kampstnre. TeL 0730 3662- 




MASTERS- Monday to Friday 10 to 5, 



RICHARD GREEN CALLER V, 44. Dover 
Street. W.l. OJ-491 3277. BRITISH 

LANDSCAPE PAINTINGS. Dally 10-6. 
Sam. 10-12.30. Opens April 12. 


SLOANE STREET GALLERIES, 1SB. SlOane 
SL. W.l, Modern paintinos. sculptures 
and praphles by Interesting International 
artists. Wide range of prices. Tues-- 
Frl. 10.00-S.00. Sots. 10.00-1.00. 


BLOND FINE ART. 33.< Sadtvllle Sc,. W.l. 
01-SS7 1 230. BRITISH FIGURE DRAW 
INGS IflOO- 1940. Until April 29th. 
Mon.-FrL 10-6. Sat. 10.1. 


FIELDBOftNE GALLERIES, 63. QaaeflC- 
grove. N.W*. ART IN RELIGION. 


FOX GALLERY. Exhibition of the paint- 
ings by British and European Artists 
from 1700-1985. _ 5-6. Cora Street. 
London. W.l. Tel. 01-734 2626. 
Weekdays 10-6, Sat 10-1. 


PARKIN GALLERY. 11. MotSSmb St M 
London, S.W.t. 235 9144. Walter Bayes 
1969-1956. A Camden Town P&ltuar. 
Until 9tti April. 


THACKERAY GALLERY, 18. Thackeray 
St.. Kensington So., W.B. 01-937 5883. 
DAVID McLURE until 21 April. 


mmSm 


S King Street, (//%& TeL (01)8599060 

St James's fffjf Telex 916429 

London 

SW 1 Y 6 QX amsriART 


EXPERIENCE AND EXPERTISE ■ 



William Biuke; 

Chaucer’s Canterbury Pilgrims, ~ • - 

eng racing, detail of second state 

On April 18th Christie’s will be selling two impressions of 
William Blake’s engraving Chaucer’s Canterbury Pilgrims. 
This engraving was the cause of a deep rift between Blake 
and his close friend and co-pupil Thomas Stotbard. The 
publisher Thomas Hartley Cromek had commissioned the 
picture from- Blake on the understanding that Blake would 
subsequently engrave it and reap the monetary benefits. 
However, Blake found out that Cromek really intended to 
engage William Bromley, so he determined to carry Out the 
project himself. Cromek approached Stothard for a picture 
of the same subject which Schiavonetti. engraved. This rival 
production was published before Blake’s and Its success 
contrasted with the failure of Blake’s engraving to secure 
substantial, public subscription. Stotbard protested that he 
had been, unaware of Blake’s project but Blake believed 
himself ' to have been cheated. One of the impressions at 
Christie’s is of the rare second state and comes from the 
collection of Colonel William Stirling whose family formerly 
owned, Blake’s original tempera painting of Chaucer's 
Canterbury Pilgrims. For further information on this sale 
Of Important Old Master Engravings, Etchings and Wood- 
■ cuts, please contact James RonndeU at the address above. 


CLUBS 


EVE, 189. Regent Street. 73* 0557.' A Is 
Carte or All-In Mm. Three Swctamlsr 
Floor Shows 10.45. 12.46 ana 1.45 end 
mult OF Johnny HawkesworUi & Friends. 


SALEROOM ADVERTISING 
APPEARS EVERY SATURDAY 

For further inf ormation please contact: 
RICHARD JONES 
01-24$ 8000, Ext 323 
























14 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON ECU* 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01*248 8000 


Saturday April S 1978 


A qualified 
optimism 


THERE IS NO doubt that 
practically everyone, from 
Ministers to taxpayers and 
from pure Keynesians to out- 
and-out monetarists, are looking 
forward to next week's Budget 
with a much more qualified 
optimism than was widespread 
a few months ago. Then it was 
hoped that the success of the 
Government in keeping the 
public borrowing requirement 
and the growth of the money 
supply under control: the 
balance of payments surplus 
made possible by North Sea oil 
and the huge rise in official 
reserves which had accompanied 
its emergence; and the greater 
restraint over pay increases in 
the current round than most 
people had expected would all 
enable the Cbanacelior to cut 
taxes so as both to reduce un- 
employment and increase living 
standards. 

Two things have caused the 
general mood to change. First, 
the dismal outlook for world 
trade and the high level of LUv. 
imports even during the reces- 
sion have made the balance of 
payments prospect Jess cheerful. 
Second, there is no firm reason 
to believe that further progress 
towards reducing the rate of 
inflation will be made after the 
end of this year. On the one 
hand, therefore, attention has 
switched back from the immedi- 
ate situation to the intractable 
long-term problems of the U.K. 
economy. On the other, it has 
become clear that the Chancel- 
lor will have to continue paying 
close attention to the state of 
confidence in financial markets. 


Money supply 


That is not to say that there 
is no scope for tax cuts. The 
latest monetary indicators pub- 
lished this week are slightly 
more reassuring than the more 
pessimistic monetarists ex- 
pected. First, the reserve of 
foreign exchange fell last 
month, after netting out various 
small official loans and loan rer 
payments, by only $280m. — a 
tiny sum compared with a total 
reserve of $20bn., especially 
given the confused state of the 
foreign exchange markets. But 
there was a fall — the first for 
nearly a year— and it took place 
before the fairly heavy inter- 
vention in the market by the. 
Bank of England designed to 
demonstrate that there would 
be no sudden collapse in the 
stering rate. If President 
Carter's coming message on in- 
flation were, to succeed- in 
restoring confidence in the dol-. 
lar,. the fall would no doubt be 
larger. This would satisfy those 
who want to keep the exchange 
rate “ competitive however; 
and on balance its effect on 


control of the domestic mone- 
tary supply would probably be 
favourable. 

The rate of increase in the 
money supply on the measure 
most favoured by the authori- 
ties has until recently been 
rather fast principally because 
oE foreign currency inflows and 
other special factors. The 
Government will be lucky if it 
keeps the growth of M3 for the 
financial year as a whale within 
the stated target of 9-13 per 
cent. But the rate of increase 
in the eligible liabilities of the 
banks suggests that the growth 
rate has probably continued to 
decline in the latest month and 
is now running at a much more 
tolerable figure. 

Tax cuts 

The Chancellor will be set- 
ting a new monetary target in 
the Budget, probably one to be 
revised quarterly or half-yearly 
according to circumstances. 
Since be will have to sell gilt- 
edged to the public in less 
favourable conditions to finance 
the public sector deficit, he will 
have to convince the market 
that the size of the deficit is 
reasonable and his monetary 
target compatible with a further 
drop in inflation. That will res- 
trict his freedom of manoeuvre 
to some extent 

But his overriding object 
should be what the Liberals put 
in the forefront of their own 
Budget proposals this week, fur- 
ther cuts in direct taxation 
offset to some extent by in- 
creases in indirect taxes which 
have fallen below tbe general 
increase in prices. One can- 
criticise the Liberal figures for 
being more ambitious than a 
Government In office is likely 
to risk — and they serai content 
to go on working with this 
Government provided that it 
supports the general lines of 
their proposals. ■ One- Can criti- 
cise the Liberals more particu- 
larly for continuing to oppose^ 
an increase in the petrol duty, 
which would make excellent 
economic as well as fiscal sense. 

But the Government will 
equally deserve criticism if it 
fails to take maximum advan- 
tage of the scope for cutting 
direct taxation which it now 
commands. The Prime Minister 
made dear his view some time 
ago that lower taxes rather than 
increases in public spending 
were what the electorate wants. 
Rates need cutting, moreover, 
not only £t the bottom but at 
the top r where the disincentive- 
effect is greatest and the cost 
of cutting Smallest It’ is -'to be 
hoped that. the Chancellor wiH 
stand up to his Left Wing. • 


The main income tat 

open to Mr. 


Financial Times Saturday' April 8 1&78 





BY DAVID WA1NMAN, Taxation Correspondent 


R OSIE may not be burning, the taxable category can result 
but the Chancellor . is in burdens against . that 
getting tuned up for marginal £ in the following 
another fiddle with the income- ways: 
tax system and rates.- What ' 
follows is an examination of the income-tax at the basic 
options open to him and what ra t n 

he will say that his chosen National" iiisnnmce 

course is -‘costing" bun. Also Reduction in Family "in- 
come Supplement 

Redaction in Kent 


Rates Rebates (say) 


and 


107p 


how many pounds will end up 
in our pockets. 

An increase in personal allow- 
ances is widely expected. An 
indexation provision was written 
into last year’s Finance Act, but 
is widely misunderstood. It ■ 

requires that the 1978-79 allow- , . 

ances should be increased over ," e ■ f ™ H 

those for 1977-78 by the same 

percentage as the retail price _■ P^ er calcula- 

{ndexincre^ed 6 during *2 

(subject to an escape clause »?-m 35 * m tk® 

allowing that a Treasury Order “J. “ h- T Jl 

can snecifv a lower nerrentaep) statistics in this area are ex- 

"-."ES “ Obt-in-but 

rates of allowances operating at ig-.—p that 6 *™ re ¥°° abl ® 
present which form the blse- assume that a marginal rate of 

line, but those which featured ®°.» er cenL 

in the 1977 Finance Act itself. ““ SSfi 

That is why Denis Healey was ; ^ Supple- 

able to say in his mini-budget “ * h™ a d°hiS «f 

i " d ° * *■* t 

tms year. 02 per cent 

The figures which follow show ^ critician j Ued lt 

changes in an individuals v ,, , , , 

ho chancellors who tolerate the 
position assuming that he is a continued existence of the 
married man with two children 
under 11. 



If Denis Healey thinks that he would have to describe It as 
n with two children ar* ^ is less 01111 totaU y accept- an increase in personal ailow- 

Built into these are f 0 i erat i nE JJ. effective rate of abIe Poetically, then there are ances with matching decreases 
also the increases in child bene- t ^ h .tJ, ■ ‘ n ‘, he other possible courses open to in the levels at which the 
fits, and those in national insur- fh , ha J Trronoiv rfi^enrivif b 1 ™* 0ne 1111211 sim P le approach higher rates began to operate. 

^ cm, miner uiuer man sirungry aisincenuve. u ,. nilIH K _ , cn n#in 


ance contributions assiuning 
that our married man is ' not s 


perhaps overlooks two 
points. There is no statistical 


would be to raise tbe threshold Tbe figures for a £9,000-a-year 
only for the basic-rate taxpayer, man, and for one on £12,000 can 


contracted out of the earnings so as to give exactly the same be seen as in Table A. 

related State pension. benefit to all those at present The cost to the Revenue of 

ing tne aeterrent enect of nign cllffi „ iont , w far „wa that this may be regarded as 

unacceptably high. This is a 
frequently direct result of siiceessive^han- 


are 


_ . . . lUg Ulb UbLCAiCUL CUCLL Ui U1X1J _ - .1 — 

Increases in the married margina i rates, except for an 
man s personal allowance of econometric study carried out “S* 8 .-? 1 - 
£100, £200 and £300 would affect amonE marrie d women in the Politico 
his spendable income as follows: u «5 mmnarinff L accused ° r sa ^ in fi 016 opposite cellors having determined . that 

J of what they intend doing. If both allowances and rate bands 
J?™ 3 Denis Healey »ere “ *° for » should increase less .quickly 

in tkeir own and their husbands Iift ta , he basic . rate threshold, than inflation. More people 


Taxpayer 

earning: 


Increase 


£1,500 

NU 

NU 

£2,000 

34 

68 

£2,500 

34 

68 

£3,500 

34 

68 

£5,000 

34 

68 

£7,500 

34 

68 

£12,500 

60 

120 


£100 £200 £300 net pay. 


NU it seems that fewer workers 


TABLE A 

m ssr ;i 'ssr zxxrs \:z ** »— «■“ mt * ««« 

n n 


102 think in terms of marginal rates 


102 tion. Everyone’s gut feeling to 
102 the contrary, the effect of these 
102 marginal rates is just as un- ” ” ” 

180 proven as is the effect of ” ” 

““ flogging or the death penalty. 22^ " " ” 

Tbe number of taxpayers taken But the second point is that 22™ " ” ” 

out of the tax system would be high marginal rates suffered by " 

70,000 If the allowance was * worker emerging from the * 

raised by £100, while the eost to trap are a transitory pheoom- TABLE fi 
the Revenue would, be around enon — the marginal rat^ reduces 
£400m. A rise in the single afiain to 34 per cent once he 
person’s- allowance- of £100 clears the jaws of the' trap. ' v ' . - \ 

would take 200,000 out of the However, an increase in per- Existing allowances 
tax net and eost £440m. sonal allowances i s of much Increase therein ... 

Below the threshold of tax, greater benefit to the taxpayer 
there is obviously no benefit with a high income, and a high 
obtainable. Thereafter the marginal rate than it is to the 
benefits are level up to the lower or average earner. The 
point, between £7,500 and £8,000 increases in spendable income 
a year at which the taxpayer are progressive to just the same Taxable at basic 34% 


but at £6,726 

„ £7,000 but be raised £1,121 to £7,84? 


£ 8.000 
„ £9,000 
„ £ 10,000 
„ £ 12,000 
„ £14,000 
„ £16.000 
., £21,000 


£ 1,121 

£ 1,121 

£ 1,121 

£2,242 

£2,242 

£2*42 

£5,605 


„ £8,968 
„ £10,089 
„ £1L210 
n £13,452 
„ £15,694 
ft £17,936 
„ £23.541 


enter the taxpaying arena, and 
those already there pay- a 
greater percentage of their in- 
come in tax -each year — the 
phenomenon known as fiscal 
drag. 

But if we really want to hear 
Denis Healey’s pips squeaking, 
what about suggesting that not 
only should personal allowances 
be indexed, but so also, should 
the: higher rate -bands (see 
Table B).- 

On this basis the comparative 
and National Insurance contri- 
bution liabilities less Child 
Benefits, under the old and the 
new band structure — and also 
assuming a £300 increase in per- 
sonal allowances— would be: 

Existing New 
Income liabilities liabilities 


Grow income 


- 9,000" : . . 

L655 ; ‘l Ifi55 




Taxable income 


reaches the higher rates of tax. extent as is the tax itself: 

By £12,500 his marginal rate is 

80 per cent., and it is this per- 
centage of any increase in 
allowances which he finds in his 
pocket 

Af the lower end of the earn- 
ing. scale the poverty trap is 
Sprung by these increases.: in 
personal tax allowances. ’' .An 
Increase of £1 in earnings for 
an individual whose income is 
high enough to bring him into 


Increase in 
spendable 
income per 
£100 increase 
Gross income in allowance 

£7,500 £34 

£9,000 £45 . 

£12,000 £60 

£18,000 £75 

£23,000 £83 


300 


£ £ 
1-5.700 

5.701- 6,700 

6.701- 7,045 


40% 
45% 
50% 
55% 
60% 

Total tax 

Comparing with exist- 
ing Liabilities 


Increase (equal to £300 at 34 per 
cent.) In post-tax income 


1.955 

7,045 


1,938 

400 

155 


2,493 

2,595 


102 


•300 


£ - £ 
I-5,7Hfl 

5.701- 6,700 

6.701- 7,700 

7.701- 8,700 

8.701- 9,700 
9,701-10,045 


00 


1.955 

10.045 


1,938 

400 

450 

500 

550 

207 

4,045 

4,147 


102 


£ 

£ 

£ 

-7,500 

2.154 

2,022 

9,000 

2.762 

2,581 

12,000 

4^14 

3,945- 

18.000 

■ 8,266' 

• '7,932' 

23,000 

12,043 

1L2S9* 


Reverting . to the possibility 
that Denis Healey might wish to 
concentrate his assistance on 
those emerging from the 
poverty trap, and those at the 
lower end of the income scale, 
another possibility is the intro-, 
duction of reduced rate bands. 
The Inland Revenue are known 
to view this possibility with ex- 
treme disfavour, because of the 
additional work it would entaiL 
Understanding how and wby the 
Revenue's workload would in- 
crease is an essential part of 
understanding just what is 
meant by the reduced -rate 
bands. It is easiest to look at 
this in its application to a 
married man drawing the basic 


State pension. With addkw 
ally £300 of aavnipgB gjjtf £-. 
of investment income, his V 
computation would be: 


- im 

300 

-Investment Income 

<SHWS> LOGO 

L _ v. 

. „ *2.TO0 

Age allowance 1375 

- Taxable income ... 735 

at 34 per cent 24S4 

tax credits on divi- 
dends 340J 

Repayment due ........ £gjj 

If reduced rates were to 1 
introduced, the tax liabffi 
might be calculated: 

£300 at 15 per cent ... £45. 

£200 at 25 per cent ... £30] 

£225 at 34 per cent ... £76] 

£725 £171 


This would produce a rep: 
meat of £168.50 (which 
greater than before by the val 
of £300 at 19 per cent, and £2 
at 9 per cent, that is £75). 

However, it is easy to see ti 
the number and amount of 
payment claims are likely to 
larger than under the prest 
system. Secondly, if the bei 
fits of reduced rates are to 
built into the PAYE tables, th 
it becomes rather more diffio 
to deal with the individual w 
more than one employment £ 
mainly the difficulty ari: 
where taxpayers change jo 
possibly with a time inter 
before obtaining the second ji 
and with little regard 1 
prompt operation of t 
Revenue's procedure for obta 
ing a P.45 form from tbe r 
employer and passing it to t 
new one. 

Reduced rate bands do w 
successfully cope with tbe pn 
lent of marginal rates at 1 
mottth of the poverty trap. A 
they are even-handed betwe 
all taxpayers with sufficient 
come to utilise them. If th 
were to be set at the lev> 
suggested above — £300 at.ISp 
cent.— the cost to the-. Riffetr 
would be flibn. 

Professor Ivor Pearce 
cently described the UJC t 
system as a Heath Robins 
structure of such exquisite p 
fee tion that the temptation i 
any Chancellor was not to co 
maud its destruction, but 
adorn it. Mr. Healey will a 
this year, be replacing incoD 
tax with the tax credit systi 
which his officials have be 
examining for nearly a decai 
he will not be moving towai 
a week-by-week, non-cumulat 
PAYE system; he will not 
taking great steps towards t 
goal of self assessment. 

If he makes a great leap I 
wards in the direction of inde 
tion, we shall all be out of < 
tiny min ds with jubilation. 


Letters to the Editor 


1 

/ 


Manufacturing 


From Mr. J. Hartley. 

Sir. — Mr. Ray Horrocks’ out- 
burst against the Japanese 
(March 31) is presumably in-, 
tended to bolster the morale of 
Ley land workers since he must 
know that tbe success of the 
Japanese motor industry has 
resulted in many markets from 
failures of British manufacturers 
to take advantage of opportun- 
ities that were there. Now. the 
Japanese are only a threat in 
Europe because of our weak 
position. 

He says "Britain played to 
the rules ” by which he means 
we did our best to throttle the 
motor industry, j assume. The 
facts are that over the past 
decade or so. Britain has done 
Its best to relegate manufactur- 
ing industry to the second divi- 
sion. Governments, with their 
stop-go measures, and too much 
ill-considered legislation have 
taken away any incentive for 
investment or expansion in 
industry. They have also bent 
over backwards to see that 
industry got the minimum help 
possible. At the time of the 
Ryder rescue of British Leylr\d. 
the Select Committee seemed 
more interested -in ensuring that 
Leyland did not get loans at 
lower than normal interest rates 
than on rescuing the company. 
Presumably, it did not want any 
unfair competition for the 
Germans and Japanese ! 

British management has also- 
failed. It has not modernised 
plant to increase productivity 
nor has it attempted to /tn prove 
working conditions, and the 
British motor industry is alone 
in Europe in not having experi- 
mented on a practical basis with 
job enlargement or job enrich- 
ment. We all know that workers 
on the shopfioor. no doubt 
aggravated by their working 
conditions, have also failed to 
produce regularly or to required 
quality levels as a matter of 
course. 

Then, tbe environmentalists 
have presented the use of the 
economical -40-tonne trucks that 
our competitors on the Continent 
use. and have slowed up -the- 
motorway programme. In other 
words, as a nation, we - don’t 
really want to he dominated bv 
manufacturing industry, and so 


we are not prepared to give it 
any priority. 

Perhaps we are right to want 
to opt out of manufacturing 
industry, especially where high- 
volume rates are essential, but 
to blame those.' who do support 
their industry is surely plain 
humbug. 

John Hartley. 

3 Highwoods Close, 

Marlow Bottom, 

Marlow, Bucks. 


Markets 


From Mr. J. Davey. 

Sir, — I do not pretend to 
understand the “ New Cam- 
bridge” ideas reviewed by Mr. 
Harris; on March 30, but some- 
where It appears to be a plea for 
import controls. Such controls 
arouse very mixed and heated 
reactions, but I can never under- 
stand why we are abandoning 
what seems to be a form, albeit 
mild, of import control, namely 
“Imperial measures." 

I have no figures, but it seems 
reasonable to suppose that a 
manufacturer can sell to, say, 20 
per cent, of the home market as 
opposed to 2 per cent, of an over- 
seas market. So a United King- 
dom manufacturer can sell -to 
10m. people in this country ‘and 
to. say. 10m. of a 500m. overseas 
“ metric " market. So his pro- 
duction line is therefore shared 
equally between metric and Im- 
perial products. The “metric” 
manufacturer can -sell to 100m. 
of - his fiOOm. market -but will 
only sell to lm„ that is 2 per 
cent of the 50m. in the United 
Kingdom, and seeing such figures 
could well say " why bother.” 
When we are all metric our 
overseas manufacturer will have 
no such problem. Can someone, 
preferably not from tbe Metrica- 
tion Board, tell me where I go 
wrong — if I have gone wrong. 

J. A. Davey. 

92, Alexandra Road, 

St Leanards-on-Sea, Sussex. 


to mean but the partial training 
of mechanics. The lamentable 
watering-down of the once- 
respected City and Guilds of 
London standards is further evi- 
dence that the problem of our 
growing need for training skilled 
craftsmen and technicians has 
yet to be seriously tackled. 

There is however a grain of 
sense in Mrs. Shirley Williams' 
plans: a single keen metalwork 
master in a good Junior school 
can enthuse and Inform more 
potential technicians or char- 
tered engineers than could a 
number of science-oriented 
teachers counselling O- or 
A-level age groups. 

G. F. Webb. 

3 Restormel Terrace, ' 

Falmouth, Cornwall. 


Africa 


From Mr. W. Goldsmith 

S.ir, — Major-General R. Mans 
refers to Russian aggression in 
the Horn of Africa (March 30). 
What can be mean? Massive 
Soviet and Cuban aid for the 
regime in Ethiopia was in re- 
sponse to serious threats to the 
territorial integrity of that coun- 
try from insurgent Somalis in 
the Ogaden reeion and from 
invasion by Somali regular 
forces. Does such action count 
as aggression? 

Somalia has laid claim to 
territory in Northern Kenya in- 
habited by Somali tribes. Would 
action by Britain to support 
Kenya In the event of Somali 
military action to secure these 
territories constitute an act of 
aggression? 

W. Goldsmith. 

37 Sularave Road, 

Washington, Tune Wear. 


Money 


Engineering 

Frprrj l .$}T-.G--'Webb 
Sir,— The-' proposal to run 
engineering • craft apprentice- 
ships ln. stsi^ sebodls -need not 
a maze ^ Mr.' W. E. G.‘ Woods 
(April if we consider that 
engineering training has come 


From Mr. H. Irvine-Fortescue 
Sir,— May I reply to Mr. Gray's 
letter (April 3)? I suggest that 
paper money backed by produc- 
tion — say houses would cot 
work. Government can manipu- 
late production in many ways, 
by subsidising housing starts or 
imposing taxes. But Government 
cannot create gold- • 

. Let us not forget that from 
the time Britain went on to the 
gold standard in 1816 she en- 
joyed a period of stability and 


prosperity, without inflation, 
which lasted until World War I. 
Government then left the gold 
standard and paid for the war in 
paper money; inflation was born! 

An effort to return to the gold 
standard in the 1920s failed 
because Government grossly 
over-valued the pound. Had 
Government valued the pound 
realistically and at the same 
time pursued the necessary 
policy of mild deflation, the 
crash of 1929 and subsequent 
depression might well have been 
avoided. Government and politi- 
cians (as now) found it politic- 
ally unacceptable to deflate and 
by so doing ensured the terrible 
deflation later in 1929. 

It seems questionable that 
politicians should be given the 
power to manipulate the money 
supply at all. 

H. Irvine-Fortesce. 

The Old Dairy House, 

Trentham Park, Stoke-on-Trent. 

Decline 

From Mr. R. Musgruve. 

Sir,— Samuel Brittan's “Eco- 
nomic viewpoint from Washing- 
ton” (March 23) is one of -a long 
line of articles by vari.ous 
authors which ail have the same 
deficiency. They point to the 
deterioration in the trade off 
between inflation and unemploy- 
ment. or to the increase 'in the 
natural level of unemployment, 
and then devote the remaining 
paragraphs to discussing what in 
the circumstances is the best 
thing to do with demand, the ex- 
change rate or other macro 
econo mi c/global considerations. 
This is rather like noticing that 
a car Is long overdue for a ser- 
vice and then discussing whether 
it can in the circumstances be 
driven at full throttle. Of far 
more relevance is to discuss 
exactly what has gone wrong and 
set about doing the necessary 
repairs. 

On the assumption that the 
natural level of unemployment 
has risen and it is doubtful that 
it has risen by as much as un- 
employment Itself, may I submit 

a list of possible reasons? Given 
the reasons, there is of course 
scope for argument as to what 
the best remedies are, but item- 
ising some reasons is at least a 
first step. 

The decline in differentials 


has probably reduced the incen- 
tive (particularly after tax) to 
do certain skilled or demanding 
jobs, which will make skilled 
labour shortages a serious prob- 
lem at higher levels of unem- 
ployment than in the 1960s. 

The rise in unemployment 
benefits doubtless contributes to 
some extent, but probably not 
very much. In the case of youth 
unemployment the decline in 
differentials has priced many 
youths out of the market and 
employment protection has in- 
duced employers to sack or not 
take on youths during periods of 
rising unemployment. 

There are also the increased 
number of labour-mobility- 
destroying council houses and 
the decline in rewards, particu- 
lariy after tax, for the people 
who do tbe employing, namely 
the entrepreneurs. 

No point In taking risks these 
days; tbe public sector plus in- 
flation-proofed pensions is much 
more attractive.- 
R. S. Musgrave, 

24, Garden Avenue, 

Framvoellgate Moor, Durham. 


Tankers 

From Mr. W. Purdie 

Sir , — l see that, as a result of 
the Amoco Cadiz disaster, the 
Government is to review proce- 
dures for the transfer of oil 
cargoes off the English coast. 
Mr. Clinton Davis is also to 
investigate the necessity of 
further international measures 
to eliminate the repetition of the 
Amoco Cadiz accident. 

Since the country in which 
Amoco Cadiz was registered was 
not' a signatory to previous 
recommendations, is there any 
reason to hope that new 
measures will receive its sup- 
port? 

There were many years . of 
steady streams of smaller 
tankers from the Middle East 
and, apparently, the only pollu- 
tion emanated from uncove- 
nanted tank cleaning at sea. 
The coming of the super-tanker 
may have appeared to reduce 
costs of transport but only at 
the expense of ignoring tbe 
inevitable hazards. 

These ships do not have suffi- 
cient water under their keels in 
coastal areas. The channels 
which are available are too 


critical for tbe manoeuvrability 
of vessels of this size. As Omoco 
Cadiz demonstrably proved, the 
engineering and structural fragi- 
lity of the ships is of a relatively 
low order. 

Isn't the really sensible pro- 
dure to go back to tankers of 
a size commensurate with our 
navigable waters. 

W. K. Purdie. 

Bryn Denson, West Street , 
Marlow. Bucks. 


Surcharge 


Sir, — The Cbanacelior must 
surely do something for the 
elderly retired men and women 
who, over the years, painfully 
accumulated savings in prepara- 
tion for their retirement and old 
age and now find their savings 
overwhelmed by inflation. 

Very few of the present retired 
pensioners enjoy an occupa- 
tional pension index linked to 
inflation and depend mainly on 
interest on past savings for 
income. The tax authorities 
term this income as “ unearned 
and impose the iniquitous tax 
surcharge. 

If the government sincerely 
wish the elderly to enjoy the 
financial independence from 
their hard earned savings to 
which they are morally entitled 
they must do away with this 
unjust tax surcharge. 

Kenneth Macintyre. 

21 Burlington Avenue 
Kelvinside, Glasgow. 


Exemplary 


From the Publicity and 
Membership Division Director 
The Industrial Society 

Sir, — There was a very good 
piece in Men and Matters 
(March 29) on “Setting an ex- 
ample." The Industrial Society 
was one of tbe organisations 
which was commented upon for 
not opening on the Tuesday 
after Easter. 

Like all good observations 
facts bit borne. While it has 
been practice for the Society to 
give to its staff an extra day after 
Bank Holiday the message has 
been noted and action is going 
to be taken so that for future 
Bank Holidays the Society’s 
offices are open. 

Tina Tietjen. 

3. Carlton House Terrace 

S.W.l, 



"Cftaj gate wie, kfltfe N 
t, fof 




. When one has known . a certain way of life, and risiiig 
costs look like taking it all away, who is therefor people 
like us to turn to ? ' ' ' 

There is tbe Distressed Gentlefolk’s Aid Association. 

: The DGAA is run by people who uxdasUotd. ^=7 

know 1 that we want to stay in our own. homes, surrOTndttt 

by our possessions, and close to the friends of a: • . 

So, they help us with allowances and with dothing p** 06 ^*, - 
Only when we can no longer cope do the DGAA ,see 

they ns a pkee in one of their ijResiderdialatiO 

Nursing Homes. * u - 

• The more vou'can help the DGAA,,the mote J 
DGAA can. do’ to help others. Donations jare»a»®“ 
urgently? And please,, do remember' the DGAA when. 

* ‘ tg out your Will. 



AID ASSOCIATION 


‘ ' VICARAGE GATE ROUSE * VICARAGE GATB 

, KEKSU4GpCQN.I-OWpWW8.4A9 

“Help them grow djd wirti dignity^ 













•• jSatimfay Apr il g -I}37B 




15 ' 





BY ELINOR GOODMAN, Consumer Affairs Correspondent 


*» . 



A: 


tCft 


K^r. 




*' ' J 

**’. r 


tii.i 


** r, 4 _ 


ft. U ... 


UTSIDERS have seen toe -writ 
is on the wall for SpiUers 1 
read interest fbr at least two 
rars. Moanting losses, cocked 
ith occasional, -fee nagging, 
. '.ories aibout the way the 'cons 
*Y ■" . ’ " ; ' •• . “y w as losing customers and 

• -r-. r i^ - eing made to give away, more 
.. .v^ d racrre money in trade dis- 
* made wme major sur- 

"'ueay seem almost taew table, 
he only (question was when 
«d how -vmch;:- Neither of It s 
‘ «> major: competitOEs— ; Ranks 

- I®**® MeDougall "or Associated 
i^ritSsh . Foods— rare making 

. wne 3 r out of bread ■ at the 
loment hut it ,was always Spil- 
■ere which looked the most 
•nluerable. For a start it had 
o shops of its own Unlike its 
>iajor competitors. ... 

, Spiders management; has it- 

elf been otdy too well aware of 
,he problems. In successive 
nnual reports, it has spelt out 
he difficulties experienced with" 
>read. The unions, too, saw toe 
!anger. Although their strikes 
a protest at the mounting level 
■f trade discounts have hardly 
lelped Spillers, the ’ workers 
hared - the company’s fears 
ihout the future. 

* ‘ •_ • 1 
But until toe beginning- of the 
'ear, most of the parties in- 
■olved were still hoping for 
omething less drastic t1h| ai? 
jesterday’s announcement of 
_ -omplete withdrawal from the' 
‘.f iread market .... 

i;- Price war 

•? Cj;; • 

The trigger point came in 
:= a* January, when the Government 
old the industry that it had no 
:l: ‘ mention whatsoever of -step- 
: .-i i-Mn? into the market and again 
I-iif.-aking on the mantle of. referee 
.. ' i ?tween the bread companies in 
-.“ '.'heir price war. What "the 
'^.'jjakers wanted was a re-impbsi- 
.•7 ion of the •" .old statutory- 
.1. discount ceilings removed a year. 
; .^refore, which had effectively 
/ limited the degree .to- which 


i _• 


\ S 1, 


’ !>*. 
f-’l 

■‘'it 


they :conld- , cut fQlhtr's 
.throats by giving tjfra^bigger 
ahd bigger incehtrpes Vto . the 
retail trade. 

.The ceiling. Introduced in 
107$ as part of the bread sub- 
sidy scheme, .was: one of the 
very few' government measures 
la; a long. history. M ^ptorven- 
tion in the bread industry for 
which toe companies had ever 
had any reason to be grateful. 
Generally, as toe Monopolies 
Commission pointed out In Its 
report last year, government — 
and not just this one, hut those 
going hack to the "war— had 
played a. major part in creating 
the industry’s problems. • 

.The discount ;Issue, however, 
was only a symptom- of the in- 
- dustry's problem. ' Even within 
the indiikiy there were those 
who regarded the re-imposition 
of. a statutory eeilin^as little, 
more than a tourniqaet'ahove a 
wound which would ; ultimately 
go ratten.. ■ . • 

• : ’At the heart of the industry's 
problem is the question of over- 
capacity. Since toe. war average 
bread consumption- has fallen 
from- around 50 ounces per head 
per week to . nearer '30 and 
though, capacity haSV been re- 
duced by plant - dqsires^— 
Spill ers has itself Closet. 40 — 
the cut-bafck has not kept pace 
with toe falling rate d| demand. 

" . Since -last year’s br^d strike, 
consumptieh - even 

more rapidfr At. tod mordent it 
Is. running about. Siiffir cent 
btflow lasst year’s levd^tnd there 
Is little expectation of any re- 
covery. If people did not turn 
hack to eating bread 5fl toe lean 
years of economic ■ recession, 
they are. hardly likely to start 
eating more of if bSten they 
have -more money in their 
pockets. . . • 

; It was tots fact of life- which 
lead Grand Metro potitah fo pull 
out of the industry earlier this 
year. It also, partly explains why 
toe bread companies ato so vul- 
nerable to pressure from the re- 


tailers for extra discounts.. Al- 
though all toe big groups market 
heavily advertised brands, there 
Is not much to choose between 
a loaf of sliced, wrapped -Sun* 
blest from Associated British 
Foods and a similar loaf of 
Homepride from Spillers. Take 
the wrapping off and they taste 
much- the same. Retailers there- 
fore do not care veiy much 
which brand they stock as long 
as they get it at a good price ami 
it is delivered regularly. 

Daily delivery 

Fulfilling both these require- 
ments is expensive. Given the 
costs of distribution, daily bread 
delivery— and in many cases at 
least twice daily — is costly. But 
it has been the escalating level 
of discounts -which has really 
added to, losses. 

When the Government 
removed the statutory ceiling 
last year, the three big com- 
panies got around toe restric- 
tive practices legislation, w.hich 
forbids companies combining in 
private to discuss trading terms, 
by publicly announcing in turn 
that they would not give dis- 
counts over 26 per cent. At 
toe time toe companies seemed 
to think they had been rather 
clever in outwitting the Office 
of Fair Trading in This way. 
but the limit did not stick, and 
since then discounts have been 
reported of well over 30 per 
cent. 

The penalty for '.not playing 
the discount game was losing 
distribution outlets, and none 
of the bakers could afford that 
At it was, the supermarkets 
were rationalising the number 
of suppliers they dealt with 
simply because they decided it 
was easier not to have delivery 
vans from different companies 
jamming up the back entrance 
to the store. .Spillers, for 
example, was eased out of most 
Tesco branches although it 
managed to pick up some extra 


THE BREAK-UP OF SPILLERS 

BAKERIES TO BE CLOSED 


Manchester 

Preston 

Blackpool 

Stoke-on-Trent 

Hull - 

Leeds 

BLrtiey 

Middlesbrough 

Glasgow 

Dumfries 

Stevenston 


High Wycombe 
Dagenham 
Wood Green 
Bristol 
Plymouth 
Crawley 
Maidstone 
Gorleston 
Grimsby 
Cwmbran 

Malady Lane, Cardiff 
Livmpool 

BAKERIES TO BE BOUGHT BY RHM 

Nottingham Greenford 

Leicester Croydon 

Barnstaple Eastleigh 

Oxford 

BAKERIES TO BE BOUGHT BY ABF 
Cambridge Bradford 

Northampton Norwich 

Swansea Worn bourne 



business from toe Northern dis- 
count chain, Asda. 

The overcapacity problem has 
also to be seen in the context 
of the long history of govern- 
ment intervention and the lack 
of sufficient iwestraent in toe 
industry. (Some bakers would 
say the two are not uncon- 
nected). There have been few 
years since the war when the 
price of bread — that most 
politically sensitive of food pro- 
ducts — has not been controlled 
in some way. This was bad 
enough for all the bag bakers 
but, given the way the last set 
of rules worked, it was worse 
for Spillers. In effect its prices 
were kept down to the level 
which ABF could justify under 
the Price Code. As a more profit- 
able company ABF could justify 
far smaller increases than 
Spillers needed to break even. 

Beyond the problems created 
by the price controls was ABF's 
attitude towards pricing, which 
made .Spillers’ demise (in 


baking) almost inevitable. ABF 
has not always implemented as 
large an increase as it was 
entitled to under the price 
controls because it believed that 
to do so would only lead to an 
escalation in the discount war, 
and that this in turn could lead 
to reduced distribution for 
bread and so to less consump- 
tion. 

TTie'fact that ABF was more 
profitable than its competitors 
was party due to the amount 
of money it has invested in the 
business. It has ploughed back 
some £62m. in new plant over 
the past five years. This com- 
pares with about £40m. by RHM 
and about £20 m. by Spillers. 

But in to-day's trading condi- 
tions, even ABF is not making 
any money out of bread though 
like' all three groups, including 
Spillers, it does make good 
profits from milling the flour 
which goes into bread. At the 
moment ABF is losing between 
£40,000-£50,000 a week on bread. 


- Mr. Michael Vernon, chair- 
man of Spillers - . . until 
yesterday Britain's third 
largest bread producer, with 
16 per cent of the market, 
but with losses last year 
of £9m. 

Such losses are dwarfed almost 
into insignificance by the scale 
of Spillers’ problems. 

For the year ended January 
28, Spillers lost £9m. on bread 
— around three times as much 
as in the previous year. The 
company had not been helped 
by last year’s prolonged bread 
strike, which cost it over £3m„ 
hut even if industrial relations 
bad been entirely trouble-free 
this year — and with the dis- 
count issue still burning, there 
was a real possibility of further 
disruption this year — there was 
little hope of reducing the 
losses to an acceptable level. 

To have had any chance of 
breaking even, toe company 
would have needed a 5p rise last 
week iutsead of the 2p imple- 
mented by all tod companies. 
But that would probably have 
depressed demand further, and 
led to increased pressure for 
larger discounts. As it is, a stan- 
dard loaf now costs 2SJp — just 
under 6 shillings in old currency 


and 'almost double the “three 
bob loaf ” which became such 
a big electoral issue in 1974. 

At the meeting in January, 
the Government was not un- 
sympathetic to the industry’s 
problems. Indeed it has been 
seriously worried about them 
for at least two years. Although 
it refused to move on <the- ques- 
tion of discounts, it asked the 
Bakers’ Federation to consider 
whether there were any other 
ways in which it could help to 
ensure an orderly reduction In 
capacity— as had happened after 
the war on the milling side. 

One obvious way would have 
been to provide assistance under 
the Industry Act It was con- 
sidered by all the bread groups 
but rejected by ABF. This 
dissension between the com- 
panies left toe Ministry of 
Agriculture without many 
optiom^and Spillers with even 
fewer. 

- By this time Spiiiers had done 
its sums for the year and knew 
that it had to act fast. Its. pro- 
jected losses for 1978 were said 
to have been alarming and it 
began to discuss the idea of a 
deal with RHM- Later ABF was 
brought 1 ' into the discussions 
and the result was the package 
announced yesterday.. 

A total of 23 bakeries will 
close — Spillers’ share of the 
market was 16 per cent.— 
making 7,986 people redundant 
The £l8m. cost of these redun- 
dancies will be offset by £15.5m. 
which' Spillers is raising from 
selling seven plants to RHM and 
six to ABF at asset value. 
Spillers will sell some flour to 
ABF and RHM but even so it 
may have to reduce its milling 
capacity slightly. 

The deal will mean a reduc- 
tion of about 10 per cent in 
national bread capacity and a 
loss of more than 5 per cent, 
of the jobs in the industry^ 
Drastic as this may big, it seems 
unlikely to solve entirely the 
problem of over - capacity. 
According to one estimate,' 'this 


is now running at around 20 
per cent, though it is almost 
impossible to match supply and 
demand for bread. But the alter- 
native was that all the Spillers 
bakeries should be closed and 
this would have resulted in a 
shortage of bread in some areas 
as' well as almost twice as many 
redundancies. Neither were 
eventualities which the Govern- 
ment could afford. So it let 
the deal go through without 
reference to the Monopolies 
Commission. 


Resist 


The Government is hardly 

likely to get off easily. MPs 
were protesting last night while 
in the longer term there is a 
possibility that the overage 
price of bread will rise as a 
result of the deal. With less 
over-capacity, the two remaining 
groups, which already account 
for just over half Britain’s 
bread sales, will be in a 

stronger position to resist the 
pressure for higher discounts- 
from toe retail trade. Both 
groups need to make more 

money on bread if they are to 
get a return on their new 

investments. 

Thus the brakes may be put 
on the kind of arrangement 
which allows some supermarkets 
to cut the price of a standard 
loaf to well under 25p. Against 
this, however, any easing in 
the price war might mean that 
the bakers would not need to 
increase their basic prices so 
often. And there are thousands 
of small shops in the country 
which do not receive large 
discounts and which charge the 
basic price. 

For once, however, the dis- 
cussions between the bakers and 
the Government have not con- 
cerned prices. The question at 
issue over toe last few weeks 
has been quite simply how to 
maintain bread supplies in 
Britain. 




■A* Li. 


Weekend 

Brief 


ill 
torque 



.of- the current batteries, while 
■the relative simplicity of the 
electric vehicle seems 1 to hold 
out hopes of . cheaper ^mainte- 
nance: The British Government 
has recently sponsired-a. Iong- 
• term .test of these ;kfBd : of ve- 
hicles in London -on project 
which involves Lucas," Chloride, 
VauxbaR, Chrysler and' Cromp- 
ton,, the rnfik ' -float manufac- 
turer. V ■ - ■ V-? 1 -’ 

. . By the. time this experiment 

l- - is & 19pJj Jhe mctfctry 

-a«' : ■ J' ?: ' ,m aSi>'WeIl be . j^win^ aijftad • 
‘Ara-- under: toe moraentumAf a' new 

: ■ :The adoption of dectric hars 4s battery'. Borne repbrwsuggested 
• inevitable ’■ .said a. new that the, sodium sfilphur hat- 
• Government-sponsored report tery, which wiliyincrease the 

- _ :ast week. : But if the British' range - oi the. pr^ent lead *dd 
- : - 3ublic were to take toe ’condu- pnit by four tif five times, and. 

iion seriously, it would caused a remain very ; cheap, is only 
ew raised eyebrows in fche car months away. Others, of course, 
iealerships. -Stocks are profit believe that it will never see 
. : ' ibly nil at toe moment, and: the: light, of day as a commer- 
.. there is only one British com-i cial proposition. And some 
- -pany, ElecTraction. r which - is argue .that the battery issue is- 
. 'making any noise at all . about irrelevant .at the present time., 
’•".‘its ability to make _ a, competi- ■ Elecric r - vehicles are coming, 

• ■ "rive road-going electric can- bey say, like it or not, and what 
' ElecTraction showed vbne. Of we sbouldbe doing as a nation 
' '"its open-topped- cars, 'designed- « seeing how. to adapt to them 
: 'specifically for leisure t^Sad - X ? m another. 

■ overseas markets, at toe Motors §£55: fUndS 

- r ; fair show ' in - London, last- British Leyland. 

- Autumn. Tbe-carhas arranged .. 

- not much more than fiO miles,;.— , - - • 

a price of £3^00,-: and a top- tHFO 
speed of only 30 mph, yet Boy 
Haynes, its designer, claims toe .L.a e 
company could sell 25,000 ".nr.: CllaliU ■ 

Britain to-day if it had the pf^ . V- 

duction fadllties. The problem-lStrasbcrurg and its mayor, the 
at the moment is that it can’t -redoubtable. M. Pierre Pflimlin, 
make them. Since.it was formed are already . -preparing for the 
two years ago, ElecTraction' his next stage ol the running battle 
put together just 14 vehlttlefift^of the permanent siting of the 
and is now- searching for ' a^ Eujnppeaa -Parliament which 
manufacturer with the facilities totygs presTUlger-and trade — to 
and financial muscle 'to begin fee City. ~ 'i' 
producing- in bulk. '_ ’* .^'rAirFrance.Ti as been persuaded 

Until someone, somewhere, counter 'one " of 'the more 
begins to put up money tb test telling argiintents. against Strasr. 
the market, no one will know hourg and -in favour of its 
whether claims such as Haynds’ rivals* - Brussels- and r Luxem- 
makes are in any way.aocurate. hpurg. itse-mediocre commum- 
Some experts believe that the cations with -.some capitals or 
electric vehicle will- never get the.Nme, ; incIucting London. A 
any acceptance at - aH. 1 '’ they, much - larger 60-seater Fokker 
deride toe whol£ jdea^of con - ^ ro “* 

verting fuel intq ■ energy, stor- . w,n ' 'PJJJf ' 
ing it in batteries' 'and then re- - > ® i 8bts each% way d aily between 
converting : it as Inherently/ ^ with a 

wasteful. tJthers, like toe stodyj wa j a 
group which . reported Jast- . . 
week. ■ believe 'tlqat ; 

vehicles which . can '. use toe Goyernment-as ^aDxious as M 
power sources of- the .. .2ist F fitoton to keep the Barliaine^ 
century— basically coal. nuriear on^.. French soil--to pay two- 

anfl r^tfral -enerey^wifl Itave' of .toe route’s estimated 
and natural ^energj-wia^ye deficit # tm,W) a year, with 



Roy Haynes of ElecTraction: a call for cash . 


alternating with Luxembourg 
but at a very high cost. - Six 
monthly sessions lasting less 
than five days, the rent is more 
than. _ £300, 000 and as the 
Parliament’s. Secretariat is 
based in Luxembourg all files 
and staff have to be transported. 
To 'many members and cer- 
tainly to Community officials, 
the most logical step would be 
to .transfer toe Parliament to 
Brussels so that directly elected 
politicians could be near the 
Council of Ministers and the 
bureaucrats of toe Commission. 
But this solution takes no 
account of the intense nation- 
alistic feelings still evident in 
the Community. 

The crunch could come if the 
applications for membership- 
from Spain, Portugal and 
Greece are successful. - Then 
yet another new building would 
have to be designed to accom- 
modate a 12-member European 
Community. That could be the 
moment that Strasbourg's rivals 
have been waiting for. &L 
Pflimlin has many more battles 
ahead before the war is won. 


become the longest-serving Chan- 
cellor since Lloyd George. 

The shortness of Mr. Healey's 
speeches is, of course, in con- 
trast to the nineteenth-century 
tradition as established by Glad- 
stone who was effectively the in- 
ventor of the budget speech as a 
major annual occasion — as of so 
much else in* Britain's financial 
and expenditure system. 

11 The Gladstonian budget was 
the rehearsal of that great and 
most popular Victorian morality 
play, with Thrift vanquishing 
Extravagance, ' Industry put- 
ting Need to flight, and 
the customary, concluding 
apotheosis of British com- 
mercial acumen,” according to 
Henry Roseveare, a historian of 
the Treasury. - 

The intensity of moral and 
intellectual deliberation devoted 
by Gladstone to toe budget was 
never shown better than in his 
first great speech of 1853. This 


Pin 

money 


tasks 


PUredous few funds have the - city, . of Strasbourg paying 
go dp into proving the ease 

either Way bo far. The big ,' -A feroup-ofBntish ParU«aen- 
motor companies have a vested 

interest in the internal combus- ■ Strasbourg this week to test the 
tion engine- (so do-many thou- benefits of toe bettercommu^ 
sands or employees! .and have cations 22 

V - plenty o fother problems on renowned hospitality of the 
their plafe right now ia .■aRy.-.aMyor J ..who has been consider- 
case. Battery companies aie ably more- - successful in 
working steadily on: new: bat- -Prianofing' Strasbourg ^ X 
/ ieries. But apart from a Gov- In keeping alive the Fourth 
.4 ernment-backed electric ear pro- Republic. . : ^ ' 

;< ject in"- Japan, only, modest He toe- last Pnme 

V amounts v bf public money have Minister before Gen. de Gaulle 
been committed. ■ ’HayneB," a assMiad power iKaf. ' 
former Ford and Leyland -stylist : Strasbomg has a headstert 
(he worked on -the Marina) be- to Its fight with Brussels and 
lieves that there is a great need .Luxembourg because of the new 
to put ‘adequate: resources be- Counol 
hind the development of new opened-by -President Gisnardm 
components and new kinds of Jannary last year.^ It is _now 
vehicles to put them im ' the .only building m the throe 
Vp to hoK. most of .. tyhat .capgate . with a Chamber, 
money iui heed made available -enough t^ acconimodate the 4a0 
has gone into -: tyises-and com- members -of .toe European 
mercial vAicl^- Even, toe Pariiament due-, to be directly 
critics concede that tobse are elected around June next year, 
suitable areas for. experiment . Fur. the time bemg, toe 
The daily working . range: of parliament is usln gthe lush 
many ^of- these vehicles fafis, -facilities- ; of the Counal of 
within toe 40^. miles or w xa^e; Europe for ojr months a year, 


-■-.i 


$ 




Listeners next Tuesday to the 
first ever broadcast of a Budget 
speech can be toankful that the 
days of long orations are now 
-over-rat least outside toe more 
dour religious sects and Fidel 
Castro's Cuba. Indeed, Mr. 
Healey’s Budget speeches have, 
rather surprisingly for someone 
of his loquaciousness, been 
noted for their brevity.. 

.. Last year, Mr. Healey spoke 
for just 85 minutes, and the 
latest indications are that his 
statement on Tuesday will not 
be' much longer than an hour 
and' a quarter. Them are likely 
to be few, if any, significant 
-concessions In the style of the 
speech to the existence of toe 
wider audience outside the 
Commons. The general 
economic background will be 
Sketched broadly first, leaving 
toe detailed tax changes till 
last • , • 

-■ Mr.. Healeys relative brevity 
could be due .partly to mere 
familiarity, - since Tuesday's 
budget .trill be fais lSth major 
economic statement in just over 
(our years. Indeed he will soon 



Gladstone: Thank God 

was the occasion when he pro- 
posed toe gradual phasing out 
of- income tax, then ?d in the 
pound, over toe' following seven 
years^-presumably the ideal 
John Pardoe has in mind in. his 
proposals. The Crimean War 
stopped : ' this goal being 
achieved. 

Gladstone worked on this and 
Other' proposals almost entirely 
on his own, and presented them 
to the Cabinet in a. three-hour 
.speech. ' This was -a . mere 
preliminary to a four and three- 
quarter hour oration in toe 
Commons— generally regarded 
as one of the great Parlia- 
mentary performances, of the 
century. Gladstone noted in his 
diary, “ ray strength held out, 
Thank God.” 


THE PINBALL machine, deni- 
zen of the sleazy amusement 
arcade and one-time money- 
spinner for organised crime is 
going “legitimate" in the U.S. 

Sales are booming all over 
the country as piniables, up- 
dated with solid state elec- 
tronics. appear in places where 
they have never been seen be- 
fore. The three main manufac- 
turers. all Chicago-based, report 
sales (upping £50m. in 1977. of 
which some £lSm. worth are ex- 
ported to Britain (their biggest 
customer;, Europe and Japan, 
And the graph is going steeply 
upwards at 30 per cent, a year. 

Bal>> Manufacturing Cor- 
poration, the market leader, is 
currently making about 60,000 
pinball machines a year, worth 
more than £30m. Last year its 
share price tripled in value 
from just over £5 to £15. 

Reputedly growing out of the 
bagatelles game referred to in 
Pickwick Papers, the -pinball 
machine quickly fell into dis- 
repute. 

Yet the pintable is now not 
only taking on an aura of 
establishment respectability, 
but is developing into the 
hottest commercial property in 
home entertainment. It is both 
played and purchased (at up to 
£900 a time) by academics, 
professional people, show folks: 
brokers and bankers. 

It was the introduction of 
mechanical “flippers" that first 
introduced an element of skill 
into wba thad previously been 
a soporifieatiy-boring exercise. 
Now it is solid state electronics 
which has motivated the latest 
upsurge. 

It is this development which 
has fostered the interest of- toe 
intelligentsia in the game. With 
It, boto types of game and even 
individual tables can be pro- 
duced with - differences in res 
ponse as subtle and diverse as 
English cricket pitches. 

Contrflmtors: 

Terry Dodsworth, 
Richard Evans, 

Peter Riddell and 
John Leach 


TO-DAY— Second/ day of European 
Council summit in Copenhagen. 
Mrs. Margaret Thatcher addresses 
Conservative Central Council 
meeting, Leicester. 

SUNDAY— Conservative Students’ 
Conference opens, Loughborough 
University. 

MONDAY — European Central 
Bankers begin two-day meeting 
in Basle. House of Commons 
debates National Enterprise 
Board (Financial Limit) -Order 
and motion on Financial Assis-.. 
tance ’to British - Leyland.-- Dr. 
David- Owen, Foreign -Secretary; 
at'* Garscaddettii by-election- -meatr. 
ing*,i Glasgow. -On Kurt Waldheim. 
United Nations ‘Secretary-General, 
begins ' visit to Irish Republic. 
Nominations close for Lambeth 
Central by-election. British Rail 
cuts buffet prices. European 
Parliament session opens, Luxem- 
bourg. Two-day Financial Times 
conference on Business and tbe 


Economic Diary 


European Community Directives 
opens, Grosvenor House, W.L 
Wholesale price index (March- 
pro v.). CBJ Monthly Trends 
Inquiry (March). 

TUESDAY— Chancellor’s Budget 
speech with live broadcast on 
radio. Mr. William Whitelaw 
addresses Federation of Conserva- 
tive Stadents’ Conference, Lough- 
borough • University. • l 'Sir John 
Methven, CB1 director-general, - at 
Belgian Chamber of Commerce In 
Great Britain .. luncheon. 0, 
Belgrave Square, - S.W.i. Vehicle 
production (Marcb-prov.). 

WEDNESDAY — TUC economic 
committee meets. Rail pay talks 
resume. Prime Minister opens 
National Federation of Women’s 
Institutes energy conference. 
Central Hall, Westminster. Centra? 


Government financial transactions 
(including borrowing require- 
ment) (March). 

THURSDAY— Garscadden by-elec- 
tion. National Union of 
Mine workers executive meets. 
Prime Minister begins two-day 
visit to Yorkshire. U.K. banks’ 
assets and liabilities and The 
money stock (mid-March). London 
dollar and sterling certificates of 
deposit (mid-March). Common- 
wealth Ministers meet to discuss 
Common Fund to stabilise com- 
modity prices. 

FfUDAYn-Balance of payments 
current -account and overseas 
trade figures (March). Index of 
industrial production (February- 
prov.). Building Societies' receipts 
and loans (March). Retail prices 
index (March). Usable steel pro- 
duction (March). British Leyland 
extraordinary meeting to increase 
share capital. 


11 - 8 % 


P. A. PAID 


• The new Schlesinger Preference A Gilt 
Trust is invested entirely in fixed interest 
securities which offer the benefit of a high 
predictable income and arc likely to have 
less risk and be less volatile than equities. 

High income-low volatility 

By inviting only in preference shares and . 
British Government Seeurtire* (Gill-), the managers 
arc able to obtain higher levels of income than could be 
expected from a man.wgeJ portfolio of equities. Whilst 
equities would pros ide greater opportunities for 
growth than I’rted interest stocks, ibe latter are likely to 
be less \oiatiItf (indeed, the dcl'ensixeness of 1 lie fund 
has already been indicated by the stability of the unit 
price in ihe recent difficult market conditions). The. 
proportion in preference shares and Gilts will be 
varied at the managers’ discretion. 

Schlesingers also espcci a useful degree of 
capital appreciation front this trust, ns long-term 
interest rates continue to fall. 

Because dealing costs are lower for fixed interest 
investments, and the initial charge on this fund is only 
Sj' n, the dealing spread isnltraetivcly low. 

Investmentin Gilts 

Under current legislation, most interest . 
received in an authorised unit trust from gilt-edged 
securities is subject to corporation tax which is 
disadvantageous to unitholders when compared with 
direct investment in such securities. 

For this reason initially some SO e £of the fund will 
bcinvested in preference shares, and 20% in Gilts at 
'which level Schlcsingcrs estimate any disadvantage 
will be minimal. Should the legislation be cl tanged, the 
fund will be invested entirely in Gilts (sec General 
Information). Your .investment should be regarded as 
long-term. , 

Remtmbcrlhai ihc price of units and the income 
from them may go down as well as up. 

Schksingers’PIMS service 

Investors of £L500 or more wifi receive tbe ■ 
Schlesinger Personal Investment Management Service 
(PI MS) which includes regular investment reports and 
invitations to meet the investment managers. • 


Planned income payments 

In order to help investor* plan (heir income, the 
did ribui ions will be paid quarterly on the 30th of 
April, July. Oaobcrand January, starting July 197 S. 
The table show*, the approximate level of income tnct 
of 34 % basic rate ia\) we estimate you would receiv e 
every three months. This equates to a gross yield of 
i i.{C 4 1 ‘„ at current tax rates and ba-cd <«n the fixed 
offer price of 25.3 p. 




£5000 f 

£592 

£97 

£2500 1 

£296 

£48 

£1000 i 

£118 

£19 

£500 j 

£59" 

£9 


The distribution dates have been carefully 
selected to complement those of the all-equity 
Schlesinger Extra Income Trust, By investing equally 
between these two funds, shareholders can obtain eight 
evenly-spaced and approximately equal distributions 
par annum. 

A fixed price offer 

Units are on offer at the fixed price of 25.5p 
.(estimated gross yield 1 1.84 "„) for investments rc- 
ceived by April 19. The offer will dose before April 1 9 
_ if the actual offer pri« varies by more than 21 % from 
the fixed price. In this event units wifi be available at 
the price then ruling. 

. General liifnniuitiiHi 

(n Hu l mil .*l .i .'h.in^L' In is^slI.'R v hlih k.miU imi.iit the 
ctKadT.niM'.'i’.'f'* ln.juoi.ni '•! rill Ini flue. II P. InirnJtii >fu( iln. n hole 
<<1 till r>il'"ll>.uill ^ i.-inii-wu in Iu-jii ml-MIiie Hi ill»h • ...icinnKitl 

.'Kdiniii'.ViKliJ ih.inia. m-utilN. nujt: ■*nlv li. m ils. mdMiu.ii.il 
IScm.*cT.i«T. i' J T.‘I Ii> un/UU'Wcr. jiid 

'IhcliiNn'u'lwiin'^. ISun.mu -I ih, lru^i n nuh] jisi. Tu .lun-'rd in 
'Schli-.iiii!,i li'li I ru.l". liumm.asi |br rotipon ptmlilMj. \i>niu.in.iii« 
V-IU hv J.'l’i '" 1 XJ-.'ili]. isthIujU- a ill Ik Mini .»iil J nr in 2 M.u. 

Tbemb»lniuiiiiii »* u "’«" 1 ,n 11,1 ►'■niKiSnn. Yht l nil Prirr^nd ncldare 
pni’lidu J <l."iv in ii'admc no, >n jriT-.. la Sell unit, -.iitipli mum \..ur 
«./TiK-Jlc;.i»'»*».iJ’rl4lciv ilijin-old nil the Kl.L - p.l, mi-ni I- nnlmjNv 
nvij. kiihln ' »ui ruii'mcini ■< n. iun.nl ,rfilll«.iir. 

'CMwnbi.kani'i ] | "• mill hv pjld i.i ic. < '.cnra;il .icv'ni' Ourpv-An 
him, I .lucre »! c J w milmltd in iha i*rl« a chane a< .in 
StibujIijIi id : 'Mi»* ' M ■-•I ih. lain. ih. l unJ i' fnnM 

»u,- iriLiinn. I-* jtUs ailnnnpir jii.c t,-tprn\v.. 1 ruMMk: Midland B.mt 
'Iru'lC". I IJ IgAtl,! rui. NLuoKt. MIMidl A <■ Muunn; 
SufiR-Mitcr I ««i-i Mjiuucr. tlj. 1*» Hjniinr smuju. i i>nd<<n VV.f.Kcji- 
faileKil In tKlMiJ.Vii.''iHff. Memt’cT'iil 1 Ik l nil TrwM.v*«ctailcm. 
■TfiK i-lttfi I- not jiisil.ihle In rej idem, uf ihs R<pnW«: I relunil. 


Schlesingers-specialists in the managemcni of prhate.insriuitional and pension hinds: 


1 


To ".Schlesinger Trust Managers Ltd., 

140 South Street, Dorking, Surrey. 

WtektttdoiKl Ereninj .Inuiphooe W. Dorking (OiOoj 86441 


£. 


I wish to invest 

imtnftniun-tifOO) 

in the Schlesinger Preference anti Gilt Trust at.ihe . 
fixed price of 25. J ip. 

I wish to have my dividends roin vested 


J dec lore that I am not resident oubide tbe Scheduled 
Territories and that I am not acquiring the units as a nominee 
Of any person resident ouisidc the Territories, Jlfyou 3« 
unable to make this declaration, it Should he deleted and UuS 
application form should then be lodged through your U.K. 
bank, stockbroker or sofiaior. i Minus ca nnot be regtitered, 
bnt accounts designated with their initials will be accepted. 


I 




Sutniimr — 
first names. 


.(BLOCK LETTtitS PLEASE) 
... (In full) 


Addie*. 


J would like further ihlormaf ion, including .[“ ] 
details of Share Exchahge scheme L I 

A cheque is enclosed in remittance, made payable to 
Midland Bank Limited. 


.Date,. 


Signature 



ynthe case of* joint application all must sign.) p 


gerPrefere 






y 



DIYTOENDS ANNOUNCED 


— Financial" Times, Saturday April 8 '1975? 

f 


More NEB help for Cambridge Instrument 


Amax Inc. 


BY MARGARET REID 


Current 

Date 

Corre- 

of spondunr 

payment 

payment 

div. 

.. 43.755 

June 1 

43.75 

.. 2.21 

— . 

2.1 

.. 055t 

May 22 

0^ 

0J3 

June 2 

0.70 

L 2 25 

June 1 

2.25 

.. 1.41- 



1J7 

.. 1.61 

June 16 

1.46 


Total 




year 


USB. 

Q£5 

0.13 


THE ST ATE-owned National £4jm. of Government backing Sis months earnings per 2op 

Enterprise Board is to step up its from a merger between Metals share are shown as 6.42p (4.69p) profitability 

holding in the voting capital of Research and 530. an offshoot of after tax of £76,867 (£60.980). They are conGdent that the steps 

- • " - — ’* — ‘ — •- which left a net profit of £70,934 taken to rationalise the com- 


2.4 

2.8 


Total 
last 
year. '. 
175 ' 
2^8 
0.6 ■ 
0.79 
65- 
2.15 
2-5 





Cambridge Instrument— which has George Kent, says sales in the 
already received some £7.5ra. of first seven months of the current 
public funds — to around 80 per year are substantially higher than 
cent., following an increased pre- for the same period of last year, 
tax loss ot £2.94m. by the com- (In the whole of 1976- 1 1 they 
parry in the year to June 30, 1977. were £27.5iil. compared with 
mm pa red with one of £1-Sam. in £15.4m. in the preceding 15 
the preceding 15 months. months.) 

However, the net result of the He adds that, while It would be 
further capital reconstruction wrong to underestimate the dilH- 
nnw proposed at Cambridge, an cullies ahead, the group now has 
unquoted company, is that no the right management structure. 


Directors expect the return to ^ ends_ shown pence per share net except where otherwise stated. 

*£S8£ ^SJSLTTum: to. SS 


Staflex moves to 
cut borrowings 


increased by rights and/or acquisition issues. 
§ U.S. cents. 


tFor 8 Staflex International yesterday 10,000 shares oh April 3 brin 

• ror a months, proposed to dispose of jS-Stn. holding to *= En " *" *** - Dna 


(£56,289). 


fresh money will be put in by 
the NEB. whose proposed in- 
creased equity stake is designed 
lo buttress the instrument con- 
cern’s po>-ition and allow it to 
raise an additional £lm. of bank 


a good product portfolio and the 
technology to generate products 
for profitable growth in future. 

It is believed that a further 
loss, though a reduced one. Is 
likely in the current year to June 


Second half 
fall at 
Catalin 


pany's operations and to expand 
its business provide the company 
with a new opportunity for future 
growth. 

Turnover for the vear was 
£888,722 (£864,878) and the result 
is before a tax credit of £8,578 
(£8.062 debit) and extraordinary 
credits or £30,057 (£6,1151. 

A final dividend of Q.2354p net 
per 5p share takes the total to 
0.3954p (0.357p). 


Winn Industries at 

a best-ever £ 1 . 31 m; 


worth of assets in order to reduce Cakebread 6 ^Ro Iray^H* 61 g* 

short term borrowings. “Such a Groves now owns 118.000 <eh 
reduction is essential if Staflex in his own name and mjSi ' 
Js to -look to the. continuing sup- name of Gentlemen’s Row im 
port of Its bankers in providing ment which is under falls JZL 
sufficient working capital ^ writes John MenzJes (HbUtnnt!!! 
the chairman Mr. .Irwin Bellow. lowing directors have sold a ' 
A- committee is being formed to cent, cum Preference 

ielntk KnKuAan fhn honlrc arul 4hn r ^ 


liaise between the banks arid the allotted in recent 
company and monitor.the.com.- issue: C. B. t 
P fwy*s performance. D. F. Ramsay. 3,33 oTa 


INCLUDING £56,821 on final 
settlement of a consequential loss 
insurance claim, pre-tax profits 
of Catalin, which manufactures 

. _ industrial resins and resin treated 

credit, on top of present bank 30, 1978. An NEB spokesman said papers, was lower at £212,919 for 

borrowings of some £3.9m. yesterday: “The company has a 1977 compared with £232,523 after 

A preliminary .statement about very 1 strong order book and the a rise from £74,000 to £102,000 

the planned revamping at Cam- NEB believes that it's not beyond u, the first half, 

bridge was made yesterday, with the company's capacity to secure Group turnover was also lower 
the announcement of the com- for itself a viable future.’’ at £S.7Sm. (£5.96m.). The net sum 

pany's 1976-77 results, which were The capital agreement provides remaining after tar of £113.754 ON TURNOVER ahead from Tmmror 

hit by delays in launching the that if Cambridge swings back (£127,472) and' minority interest £1Q.S8 hl to £12.9Sm^ pre-tax profits prtsux profit 

new S.150 scanning electron Into profit and can chalk up a 20 £12,121 (loss £278) was £87,044 of Sbarna Ware, the plastic ware. Tax 

microscope. per cent return on capital, before A nog. 328) etc. manufacturing group, jumped Minoritie s 

The NEB is to subscribe for interest and tax, m_two_consecu ; ' FoUmving the acquisition of from £307.046 to a record £700378 

and with more 13/7. 


Peak £0.7m. 
by Shama 
Ware 


. Mr.' fellows reports that losses Stewart^^4iTrar”jr M *iri 

titumowd' , • ; announced in the interim 'state- ue.170 trustee and 34 oas 

TURNOVER for 3977 of Wmn assurance contracts in - 1975,- haa ment have continued and- the but- -sonal and trustee *n 

Iram . to declared its first full reveimonaS turn for the year will show a 103 Ip ‘ AI1 Mlc 

bonus for the three years ended “ very severe trading loss." He British Benzol Carbonising 
December S1 ? 1977 - The nttois£4 refers to a. slump in the. fusible and G. Recovery FimdU^T 
agwnst £0 - 4arn -’ for per cent, per annum compound, interlinings market where Staflex holds 725,(M>0^shares f7jss T 

Ulc IlTSt LUt II_ nut einna v* ie 4tia Jj . MA 0 * a? its UncSnara ' % • A * WU 


_ ,, , but since it is the first' declaration does most of its business; cent.). 

Full-year earnings are given as it will be based on* the - sum The major disposal is to be of - 
Sp (6.1p) per 20p share and the assured 


.. . . J --- --- only, there -Twin* ' mi BeDow Machine to Pfaff Industrie- - HttlTCAI Rad 

dj '!* d ® nd jojaj 13 tifted Onuses attaching. The company masciunen GmtoH for £L4m. Pfaff Helical Bar has m-eh, * ■' 

UOfa^to-MMp net with a final has been paying interim bonus k the major supplier to Bellow approach f£t may ^ad ^ 


of L6071p. 


1977 

£000 

10.37 

UU 

4 S 2 

1 

48 


^ cent for 1975 and £3.75 per cent oner is noi awepieu, une ajsmon- ^ the 11 per ceirtTCoaw 
13.831 per annum m 1976 and 1977. ^on agreemem between the two unsecured Loan Stock. A ' 

1037 rn.„ _,_i companies win be IUC 


rates on death rOntaw 


: of JESjO per-enff has given notice that if its n&a r f/*r ail fhrnriim^ v 
■JS WcSt offer is not aceented.U.0 tBstrita- ■ffi'i ?- ^ 


504 


terminated. 


325m. new Ordinary lp shares in tive years between 1981-85, then, if Tjocin nimg 
Cambridge at par, but the JESJSra. ,H “ " ,n,na "" « h9 ” c ■ 

involved will be used to repay . - , 

the VEB's £2JI5m. secured loan holding will be cut back to o0 per 

cent, provided there is agreement 
on the price of the shares. 


encouraging prospects’ for 1978". At hailfway. when profits stood c . a. Kyme, the chairman, says 
luPJLt the directors recommend a final a* ^ 4 ’ 30 ' , f69 - S14 * ** the directors look forward with 


1981-S3 and its £lm. unsecured 
subordinated loan 19S6-90. Tbe 
deal — If blessed in a vote by 
shareholders in which the NEB 
wJl not participate but in which 
Cambridge shareholders with 21.5 
per cent, of the Ordinary shares 
will vote favourably — will mean 

the NEB’s holding in the com- q -■ *- j 

pany’s voting rights will rise from ftr lVlC£l3rOV 
some 46 per cent, to 79.5 per cent. » 

The State-owned Board also holds 

50m. restricted voting shores in £4.36m. pre-tax profits of EIHm and 


Midterm rise 
atEUis 


dividend of 2^2125p per 23p share directors said that sales continued confidence to the future and the 

net making 2.86 17 p (197C 2.6S25p) to snow a satisfactory increase expansion of the group and its 

for the year. Dividends absorb and prospects for the year were p ro fits. There will be increasing 

£48,059 (£43.027) leaving I3SR85 en ^^fl ag ,^l g '_, competition both at home and 


„ The company has also Intro- Mo^'lirofite are -'wehlT‘d^ announcement is promised 

J Sn 118 ■*— « 4 - sTaifS^T’hSlr 0 ^ 

h £ Sa^g^nuL. 10 ^ ° f ' 

shortly but details were not an- 


(£62,302) to be added to reserves. 
Stated earnings per share were 
5.4 p (6.6p). 

In addition, 
the company’s freehold properties 
has been Incorporated tn the 
accounts and the surplus arisin 


After tax of £370,910 t£22RSM) abroad but he is cemin Sat The 
fuU year earnings are shown to be capture major parts 

“P >VS* of the markets open to it 


a revaluation of ? 0p share and the dividend total MeeUn& Dorchester Hotel. W, 
!S raised from 2.14ap to the maxi- t n - m 

permitted 24J95Sp net with on Alay at 11 a ' m ’ 


mum 

a final of 1.405Sp. 

Mr. Sydney Orchant. the chair- 


£0.2m. profit 
by L. C. 
Edwards 


comment 


AFTER A first-half - tOEntound 


nounced yesterday. - 94NSWI SALE 

Among the other belt-tightening j Hanwn^ Trust has sold its 1 
moves made or proposed are the °f 3S2fi00 Cosalt Ordl 
closure of the coating unit at per cent.). 

Bonfiey, a ** vigorons stock- .re- J* ve Placed 

duction programme,- -the sale of ™aaerwick . Stirling Grunl 
Barnes (which processes, and witl1 msotutional investors, 
finishes interlinings and other 
materials) and the sale of a 30 NO PROBE 

S er cent, interest .in Matflex The Secretary of State 
idustria e Comqrrio - Ltda. Ihe prices and Consumer Protec L. 


;at 


from a pre-tax 16^ of '£21^.779 to extraordinary meeting to, vote on ..has decided not to; refer 


sales of £6. 11m. against of £520 ' 000 has h*** direct man.' and two joint managing Wb1| industries has undertaken profits of £115,240, Loafs C. <*ie proposals istObe-heldon * 


ax pro 

Cambridge which, -if converted, McHardy, solid fuel distribution 


directors have -waived the final 


Provincial 

Laundries 


dramatic rationalisation Edwards and Sons (Manchester) Aim* 26. 


dividend on shares held benefici- during the past 18 months. New finished 19 n with a surplus of 
ally. . management took the decision two £206,640 compared . with a -deficit 

Turnover Increased in all subsi- years a«o that many of its 28 sub- of £144,476. Turnover . was 
diaries of the group Manufactur- ^diaries were too small to fit in. £20. 01m. against £20.09 m. ’ 
ing sales were up from £3.23m. to A total 0 f nm. of assets was sold- 


Pmvlncial Laundries achieved £3. 52m. and the wholesale division 0 *ff ^ast year so the fa test figures, i£^7«g 3 £97£0fi Wreford-B rovvn now holds 26.400. 

M vs. - .1 _ . ■ r^m f7 CO illm . «L. i = ia.ix,iww 


sss&sgam s"« asssms & ssnssta msussss 


dated Biscuit Manufacturers 
. . . L . . . Salerno-Megowen Biscuit ( 

SHARE STAKES * pany to the Monopolies 
Parambe — Non beneficial in- Mergers Commission, 
terests of J. A. Rowlatt have been 

reduced by 170,000 shares. G. D. AMAL. industrh 

Rowe Rudd and Co. annou 


638^00 


per cent car 


would raise this voting stake to group, rose from £117,269 to 
81.3 per cenL The additional £147,821 for the six months to 
bank facilities of £lm. will be January 31, 1978 after deprecia- 
made available when the deal is tion of £48,644 compared with 

approved. £44,131, and minorities. Profit for 

Dr. Michael Cole, who in the the full 1976-77 year was a record a £9.3R8 profit in the second half rose from £<. 60m. to £9.4bm. . - AL 1 ^ ov lluss per 

pa*l year has been sole chairman £235,075 and as known the divi- or 1977 reducing the overall loss The group cash flow position ceTrt . pre-tax on sales marginally 5 _ ghar p Qnce again there is no 407 nnn «hnrmc f0 54 «nt-i =,e — « ; r-. viu 

ard chief executive of Cambridge, dend payment was up from lo £3fcS00. against an £.8,469 profit continues to be strong with yei higher by 3 per cent, are not aU djvidend. The last payment was trosree for^ ^ ^ , s ^ a f es Aa » 

which was formed in 1975 with 2.4385 p to 2-7233p net. previously. another increase in the net lhat meaningful. Unadjusted 07 t f igra *** ** for M and G Recovery mated Industrials has l 

liquid balances at the year end. figure s show trading profits from The directore rtare that reduc c accepteff by tiie holders of 3ff 

The directors are continuously engineering at FL12m. (£053m.) tion s oeSSoned bv ’ toe ' SlK *** Mnt 

seeking to acquire companies and building profits at £fi.59m. 0? e?o*ta?unDrofitable u-' Issued) 

which would expand the present (£0.75m.). For companies still < pacific > of Hong Kong bought The offer has now closed, 

activities and at the same time within the group the pattern was 
are planning to develop new pro- verw much the same with engin- 

REFLECTING THE continuing re- ing company engaged in building to be paid, equal to 35 per cent. fSriSVfnt ' amise .- the raanU ‘ go^aU^ rom^^bSfi ^sS 
cession in the construction mdus- and property development, plant (34 per cent.) gross. A one-for- w Mr Orehant s’* ‘ " snor«**« * . . m 

try and the attendant squeeze on hire, timber products and engin- four scrip issue ‘is proposed and 


Walter Lawrence downturn 


.no 


margins, Walter Lawrence reports earing. 

n re -tax profits down from £585.000 Hair Year 

to £.528.000 for the first half year . jsrr isra 

to December 31. 1977, on turn- im™,.,. l °%5 capital, 

over up by nearly £5m. to £17.74m. prom be Fare tax 52s sss 

All other activities, the directors Tax ... . 
say, made satisfactory progress, p ™ 1 ' 1 
however. ■ ESEE* 

Results for the second half Extraonf. m.'dii 

should not be unsatisfactory, they Making 

add: the group is currently de- Dividend 

veloping several properties which 
are now nearing completion and 


the directors anticipate that the 
present dividend rate will be 
maintained on the increased 


Mr. Orchant says his confidence sidiaries. Meantime the balance 
In the. : group has been fhlly justi- sheet shows a £lm. turnround in 
Red and he again anticipates short-term debt to a cash surplus 


another record year for 1978. 


of £0.4m. Since the year-end Bain- 
bridge has been bought and a 


the other units and operations. 

Mins & Allen JJf* agreement with 
success Chloride subsidiary 


The arrangements by Mills and 


314 

:i4 


133 

3*4 

9 V 


are now nearing cumpieuon ana • 

they should provide a valuable 1^X09318103! 
contribution to profits. ^ 

The group continues actively to 
seek further suitable sites for 
development, and Latham and 
Owen, where performance is in 
line with expectations, will also 
be making a full contribution, 
interest of £59,000 (nil) on ex 


Principally because of the inclu- 
sion of Ben and Co. for the first 
time, sales advanced 85 per cent, 
sst to $160.6m. Operating profit was 
up 60 per cent, to $1655m. 
■90 reflecting a good performance in 
the group’s traditional activities, 
particularly shipping. 

But, after tax and extraordinary 


Family 
Investment 
sees increase 


.z- . - . .- „ . -. — Foil ow mg the reduction, in scale disturbance charge. ~ 

couple of other purchases are in Allen International, whereby tts of its maruxfac Curing cm era tions. The urn visions « 

the pipe-line, so the c^h surpliu small shareholders could dispose Porvair has entered into mi ment include that Porvak*. 

ft Of them holdings through the agreement with Chloride LorivnI, sell and license to CLL rale 



could coine under pressure. At 
46p the p/e of 5.6 and yield' of 


Approximately 41 per cent of surplus space and faculties. 


company's premises - 
King's Lynn at a suitable 


Mr. W. H. Conroy, the chairman 9A ^er otlVs “faTr 'enough the holders of small numbers of _ ^ _ , wm __ cr ^ lB and Jhat the company wflj pro 


SSSMiSISSW'SSS ,0 ai > 


in 


for Straits 
Steamship 


,, .. _ ot a diary Joss in excess of a.r™r to-J^oa^3rii^« 

.... Following considerablyimproved equity. .-. S* y 

teraal finance specilieaily provided seco * 1 ^ - haIf earnings from its - - - -- from Blow So to £268,282. and the 


USe SF Sm h m SI I9 a 76 r **“ ^ eain ° f tg' h ±? ^P ly 

w Trading, rose by 35 per cent from ,jm ' m 19 '®- 

4.7p and the interim dividend is t0 a record S 12.22m. for 

maintained at 2.25p net— last 19 "• „ „ CENTREWAY 


hi^Miiual'statamen t "thatlhe and Warrants (an aggregate total from the^ company’s technology, vice and certain other sen 

le^uiaf diuiuuLduit: fjiuui icu uuiu Kai.eypo that further si rr riificant faring and where its new pur- of 4,954 holders) have taken sste J*®d Hcenslng of which, (such as steam, water and r - 
$l2.0Sm. to S6.73m. due to JS oroereM in^sSfraluS chases are taking iL advantage of the arrangement Jo CLLwfli not in any way affect tricity) on- agreed payn - 

provisions required in Ben for “W!® 4.1,21 - Ordinary *?» company'^ current product tenna. ■ - t - 

legal, claims. emordii^.Jos^ -Sime ' “ : 57056 luSSemaS^ ^ & the -directory - The Board believes that 

- PROVINCIAL; ' Pi^ferencp . ^shares. .r«nd «2^04 S arrangements are benefierti 

for the minority holders . portion . », known nre-tav revetifie-for -x w^r->5i>/%mTXLto Warrants -.to subscribe..-., for exploration. , of certain ^ of toe the i company and sfrohglyj^- - 

ot a subsidiary loss in excess of LIFERON^S’- qS sha^s were Son the compahyV technology, which, the .mends, Sreholders tovote 

Provincial Life, which cbm- market on March 3X 197S at 168p, favour of the resolution , at - 

- - ----- proved) can be -applied by CLL EGM on April 27. . r> 

in dts production of plastic com- fomont (UJv.), which -b - - 
ponents. . _ * _ *.. gome 80 per cent of the Par 


coastal shiDDlne services and oil- Although a further exchange chairman says that the policy or menced issuing with profit life 74p and 19p respectively. 
£L. m *EF! devetopmentii has S s U ^? Stor ta?ab,^nrofit 5^° was re a Jised on Sterling investing In smaller companies. 

5*®“i ® d if d , t0 . the , cost these ofStraltsSteamshio Comaany 5 a Deb enture stock redeemed, it was the principle on which the Trust 
developments, directors state. . -Vr 115 nieemsnip company, a cm ,n flr than »h« ««>!« s« u .. . — 1 .. t — 


Earnings per 25p share are 
shown to be down from 6.3p to 


He adds that the directors’ esti- 
mates of revenue for the current 
year are such that they reeom- 


out development work on a pBot 
plant and to design and commis- 
sion a semi-conmieraal plant 
which can later be extended to 

year’s final was 425p paid from The result was achieved despite TV k, me“Ad ‘Tcom?L-ativelv“ J tolI ‘dis^l- LHiII<UIl Ot lVIUIIilJ fuU commercial .production. 

record pro tits of £I.34ni. an exceptional provision for the Centreway s London brokers bution of last year’s earnines and * ^ t^ e . development is still m ... 

, came out at £214.000 write-down of a residential nnrt p l a , ced ' on , , lts .. behalf ' increased the dividend from 3 15 d BY VALUING undeveloped sites £656.000 and other adjustments, a an experimental stage, there are the purchase of Fidelity Ins 
< £2(3.000) after tax of £314.000 property development and the p^°.000 11 per cent (not) Cumu- t0 3 ^ 5o net __ r 25 0 s h aEe . ' M in its publicly quoted building deficit for the year of £3.95m. provisions for terminating, the ment Company- of Mitch 
against £310,000; minorities took large loss incurred by the group's Preference £1 shares at At the vear end there was a subsidiary, Rawlings Bros., at (£171,000). agreement if CLL does not pro- Surrey, for £163,000, including . 

f? 5 ■^J“¥. li0, and there was major new acquisition. Ben aSd n0i20 P« r share - decrease in liquidJty of £^?foOO lower of cos^and open market ceed to full commercial produc- freehold site In Mitcham. 


£4.64m. deficit for Goode 
Currant & Murray 


It provides for Porvair to carry equity, is in favour of the ag 
J ■ * ~ 3 ~ — ment and will exercise all of 

votes in favour of the resolul 


UTD. SCIENTIFIC 

United Scientific has comple — 


Such shares will rank pari papu against an increase of £53;000. 


an extraordinary credit for the Co. 

period of £135,000 (nil). A dividend of 21 per cent, out in all respects with the existing ‘Meeting! 20, Fenchurch ’ Street loss in Rawlings of ~ £4.636,000, loss before tax 

Lawrence is an industrial hold- of tax exempt shipping profits is issued shares of that class. E.C..' May 2 at 2.30 n m. Goode. Durrant and Murray Group Tax - - . » 

J - • incurred a £4,630,000 loss for the N« i«« 4662 


value and so incurring a pre-tax G lumovor tS Si ■ _ . . . - . . . Fidelity manufactures Bgfo . 

■- — - r p PS7 Accordingly, it is emphasised vehicle periscopes, mountings’'.; 

that the full benefits under the accessories and has also di 
agreement will not; accrue. to the. loped a range of. passive 
2L; company unless the commercial vision periscopes for use 
349 viability? \>£ The -Process Js pro ved .xn Bitary vehicles . ' ' .. . , 

it to CLC* -satisfaction and they it has ■ -been ' purchas^ K J JT T#%l 

^ proceed to full commercial pro- become a division of Hdio MmUyy I (Jp I 11 > 
duction. ... Company, one of Jbe exisl w 1 » ! 

„ debits comprise The-' costs incurred by Porvair members of the USH group- _ 

the minority shareholders’ proper- on the pilot plant and the design United Scientific states that yL| A n 
discloses that tion of losses borne by the group and commissioning on the semi- company is_ profitable^ but «■■■« 
group to Raw- 


ts due next week 

Next week’s Stock Exchange list may be down from £81 3m. in influence the final figures of APCM, U.K. In addition, overseas trading ri^ties U Eut U sh^ho"dVre‘do“gera 

contains two of the big names in 19(6 to just over £7Sm. the world’s largest cement com- and exports should have done dividend of 0.l25p per 5p share F Jtra ordinarv debi 

construction materials. Ready The 61131 composite insurance pany, and RMC. the leading UJ\. weD. against last year’s 0.7875p. thTminorirv •harehoh 

a b n o d th^ WS knftvn^hM^G uardiaQ 9 Roya| U & S TSTtSSS. TS JM ^ *» 3 >tered its accounting rf The Board also di 

are announrin" full vlr n^!n^ change and Eagle Star both report cement price increase from June ?. olicy for th * .^ree interim 


are announcin? full year profits. “vf-L. 

Similar rox..lr e 1 on Wednesday. 


report 

The market has 1977 should 


year to October 31, 1978. com- ,- S 

pared with a profit of £457.000 Sarin* loss -J 3-275 

last year, despite the profitable pret. dividends — *7 

operation of its own overseas acti- Pronnsed ordinary 


no 

3^22 


Lilt: uiaiuutj r’-r-- - — r-y \ V — : ■ . , -. , . • ..i, 

it tion of losses borne by the group and commissioning on the semi- company Is profitable but 
of £621.000 (nil), profit on sale of commercial plant are reimburs- not anticipated _ that it 1 


price increase from June annatincemenV To MondJhffJS ' “totalTe d “ '£3.4 m. But'the properi’^ £45,000 Tf 13^000) ."pro fi t able by CLL which pays an producefcny significant change- 



administration^, handling and the USH group profits. 


-*> - 


„. , Monday. W hich accounts for "ono'fifth* of However^'overseas”^ onprattnn« aT1(1 a figure approaching. flOOra. cojnpany- 

^ «™!!3i Z hft r e " s i. .lL ha . 1 ^'^ ‘Jusiness; ^Here motor ; premiums which account for over ^55^ per ,£S7m - ) for tfie fuI1 ^ r - With Htmeve 


However, Rawlings’ financial 


sid-iary's Swiss franc 
I £88.000 J, and stamp 


UNIT TRUSTS 


Tuesday tofcfct wftoftosfmotnic dul1 . for , ^ company. An under- profits could be between £46m. Bulk antibiotic price 
dow? y furthe? ' SJ 81 wr,t “* L 0SS i i eXfWCted for and »0m. against £45.4m. in 1976. currently very weak but. 

down turtner in th» f ourt h compared with profits in the two At RMC, UJL profits could be UK - P nc « r,ses “ 


P° und Previous years, and a pre-tax profit higher too in line with" 'the in" approved. Also, two antiasth- 


(irnpftfri In nriiiM . p....— gnu a tnc-uu pnui uiyucr iOU IJl line wnin Uie in- mu diiuaai L- 

incs RTZ is o*nP^H . n ^ the 1H7B level of £61m. dustry trend and with its main rnatics are being launched in 

a riopiii^in r ^5°„ rt ®®Sje btar is also expected to re- overseas market. West Germany Europe while there should be a . .. , . . 

' levels, group contribution from the U.S. acqui- developed site^ had been t-alued of valuation continues 


shares, suspended 
September 9, are not being re- 

have been llsted - 

The Rawlings Board states: If 
the land for development and 
work in progress on certain un- 


law! for development which cs 
owned by Rawlings Bros, is valued 
at the lower of cost and directors' 
valuation. In the operating cir- 
cumstances they consider that for 


Smaller companies for 
faster growth 


Just ahead of the budget plenty fro« “minimi 


certain sites the appropriate basis of people are. it seems, bettingon aiming p‘«d" 

US acqui- oeveiopea sues naa oven vtuucu of valuation continues to be the the Chancellor doing something initial mvesime nr p ... 

should also at the cost including interest in lower of cost and . directors' to assist snail companies It looks £a00. The current esuma k 

the' winter certain cases which - applied at valuation as defined in previous a safe enough bet: hut whether it yield on H ana o s opeci ■ 


a decline in naming a,3 . u mpccwd 10 re- overseas market, Wi 

hi 1976 to aboil c-^ ™ dewr «ins loss of about expecLed to maintain . . 

initial estimate of but buoyant investment in- pre-tax profits may rise from tion, Meyer. There 

fore««ct come slM)uJd P ush pre-tax profits £22.9m. in 1976 to £28 m. be some benefit from the Viinter - - - . 

lorecxst ren.otv lower contrilu- up to £44m. from £38 Cm ■> ... . influenza epidemic which should November 1, 19(6 the loss for the years. — — 

-I s ma j° r copper Hambro Life, the only quoted W * anwhlic ' the upward trend in j, ave boosted drug sales ■ year before tax would have been The exceptional item of in which the three smaller com- can ■ ni * d ® (n unum 

n d 1 rjrcil! , ts frora linked life company, reports on 1110 half has apparently con- other announcements to note l° w * r by £3,685.000.” £3.685.000 has been calculated on panies funds - on- offer toa direct bivestaont ( ^ 

Bougainville, Palabora and tons, Friday. New business' w^Tuoyant tmued in the second six months are^l-yeTr^tisfrom Goode Durrant and Murray the assumption that had the pre- are invested remains to be seen, accepted, *00). or by W*. 


a safe enough net: out wnetner 11 yieio on m ^ » «**^*“ '- 
will assist the sort of companies is 4.5 per cenL and mresnne 
lr. which the three smaller com- can be made either by way 

(minimi 


f rnm Mil mess ndj uuuyam — BLi 

J® last year especially in tbe self- at Rowntree Mackintosh. 


After dated Biscuit "Manufacturers Group (without Rawlings) broke 


means Ih-it tha „ - . ' *“*- «».■*- -• , — ...«™uiwau. miei UUKU uiol uii .MdllllUlbiuicis uivup miuivut 1 

1 -»pb B^lSl° J w^*K and execulJ vc pension being up by a third at midway, (Monday), Carpets International even, with the overseas activities 


have fallen 

£I2.fim. This wiw t „, HIWJCU 

to° account^ for P an a unusu-mo ^li dS ' w^ift«* £lrons stock market ana| y sts expecting around (Tuesday). Wilmot Breeden continuing to trade profitably, 

large percentSe of totole^ntoi? n m B. t b S Property values. £40m. for the fuU year when (Wednesday). Empire Stores There is a net £23.000 tax charge 

So RTZ may show better Uanlrf&n W 5 B advanced, results are announced next (Wednesday), Dickenson Robinson (£569,000 last year) and after ad- 

I nmfif^ „ — .:_.Vr" aa . n 7110 toterim dividend was 20 per Thursday, against £30.Bm. Iasi Group (Thursday), Automotive justments balances on reserve at 

time. Volume sates have been Products (Thursday). with October 31 stood at £6.914m. 


the assumption that had the pre- 
vious basis of valuation been used 


0M of th_e Aroothnot -SSJ5S “.i-SS.'S 


at October 31. 1977 all sites Smaller Companies Fnnd. is new mf the PiccadiUy fuJ 

would have been valued at cost. j nto the field, though not itself .a The yieid^on m >nimu 


In their opinion this would not nVw fund: its portfolio has ^ lower, but- so is^^e mimmu 


have been the case. 


KS-frjS* «J5S«d jP — «- 


uranium profit, continued pro- cent higher. 
Ppress by _ aluminium and the in- An b 


tin 


fluence of a higher gold price i Vi ^ i n , the . U- . K - expanding and Rowntree is likely interims frora Smiths Industries (£I0.977m.). 

balance, net attributable Drofits lflrr 2£JSrthLir S lndustr y »n the to have gained some market (Tuesday) and Kwik Save Rawlings shows 
e pro fits is, ( second hair is expected to share in the second half in the Discount Group (Friday).. . £8.7Sm. (£923m.) 


They are unable to say whether name>. changed to reflect a ^LhhvOther meal 

the foregoing items had a convidtiod w?thia the Arbuthnot Tynd: 


material e S' e c t on tb e loss for the cam p tbat thls b where Qh^} nef j_ Sr? reconSendlS^Testment^ 

vuuuueu, . j— *u_ (nrmpr With 


Company 


AxmauDCA- 

nu-iH 

duo 


FINAL DIVIDENDS 

Alva InvesEmwil Tnasi Thnr«( a »- 

AniJlyamawd Metal Cotparatlon wJdncs^y 

Aquascinam and Associaiod Companies .. Friday 
Associated Btecolt NaHhcinii ' Mondw 

Thursday 


AduudoIIw Products 

BeauCord Group 

Benlord Concrete Machinery 

Beni alls . iJ!!”!!!"" 

Henry Boot and Sous 

Bourne and HoUJugsworth 

Bowrtionx* Uoldlnss 

Bristol Siadlum 

Brown Bovert Kent 

Carpets Iruemadoosl 

Cjrron Co. tHoldtogsi J 

Ctiamberlalo Croup 

Uinvties ImemeUonal 

Clarke. N«cfcoUs and Coombs 

Horace Cory and Co 

Crossley Building Products 

Dat, u.i> Bacon Compjny 

1 4 Pewtursi Holdings 

Dlck.nsoo RoOlnson Group 

Dreamland Electrical Appliances 

Eajrl' SUr Insurance Company 

Empire Sinres i Bradford i 

.lonn Ftnlan 

.•aiP'a Flsfler and Sons 

k. Fogarty and Co 

Gen- rat iM (JamraemaJ Invent. Trust 

Stanley Gibbous loternaUonal 

(hymred 

Giv.n's Ecooomisrr Croup 

Guardian Rny.il Exchange Assurance 

llamtoro Bile Assurance 

Hoirdcn-Siiiort Plant : 

Ilonrti-lgh Croup 

S Jerome and Sons (HoliUnitsi 

l. EC Rilngi-ration .... 

London and Provincial Poster Croup 

Lyon and Lyon . 

A-Vn Martin Holdings 

ri|l Esriorarion iHotdiagsi 

Portals Boldines 


Tborsdar 
Monday 
Thursday 
Wednesday 
Thursday 
Thursday 
. Friday 
Friday 
■ Wednesday 
Thursday 
' Monday 
Widncsday 
Thursday 
Monday 
Monday 
Wi-dncsday 
Monday 
Thursday 
Thursday 
Wednesday 
Wednesday 
Wednesday 
Thursday 
Wednesday 
Thursday 
Thursday 

Wednesday 

Thursday 

Wednesday 

Friday 

Monday 

Monday 

Thursday 

Thursday . 

Thursday 

Tuesday 

Monday 

Wednesday 

Thursday 


Dividend im* 


Annonnce- 




rear 

This year 

Company - 

ment 

Last y*ar 

Tfiisyear 


Final 

IQL 


duo 


Final 





Ready Mixed Concrete ... . .... . 

. Thursday 

2 2 


24. 


2.TM 

2J05 

Rbudesloji Cornorailon 

. Wednesday 






5.8 

RJcnardsons iWcsisarUx and Co 

. Wednesday 

1.03 


1.05 


I -SIS 

0.3461- 

Rio Tinio-Zmc CorporaHoo 

. Tuesday 

2.13 




l.Mlt 

1.406 

Rowan and Bodeo 

. Wednesday 

1)4 

0 68 

0.55 


5 . j i4 

2.89 

Rownrrpc Macfcliiioah 

,. Thursday 



2.73 

A B- 


l.D 

Rubcroid .. 

Thursday 

0 7 


07 



1.0 

Geo C. Sandeman Sons and Co 

Thursday 

1.0 


j 14 



0.5461 

Saodorsoo Krnsor 

Thursday 

1.3-1 





— 

Senior Eocdneerios Crouo 

,. T'jesdny 

0473 


04»2t 



2.9 

WlUlani SmdaH Wednesday 







C. W. Sparrow and Sous 

. Tuesdas 

0.772 


0-862 



0.7 5 

Stax Furniture HokUns* 

. Thursday 

3.7 


2.0 

■ 


— 

Taylor. Pallistor and Co 

. Thursday 

0.K1 



_ 



Thors is SOlobar and Copper Company 

. Wednesday 



4.0 


3— >U 

1.05 

Tncemroi 

. Thursday 

0.325 


066 




Triplevest 

. Monday 

S.02S 


2.312 


l.lrft 


Webster* Publications 

. Thursday 

0^69 


0.5361 




WUmoi. Breed on fHoKMngS' 

Wednesday 

1.0 



o.ras 

8.953 

ojoet 

Arthur Wood and Son iLoneportl 

Wednesday 


0.504 



0..TVJ 

0.3437 

York Trailer lloldlnes Ttuiraday 

0.737 


UBSt 


2. Lit 

2.0 







3.146 

3.127 

INTERIM DIVIDENDS 





0.WI 

t.nu 

0.0 

Adwost Group . . .. 

. Thursday 

2 [j 




X!ti 

2.3561 

Ciur of London Brewery and Invest. Tst 

. &J onday 

u d 




1.3=5 

0.3 

Ferry Plekvrine Croup 

. Wednesday 

1.147 



2.ro 

2.TS5 

3. Ott 

Glaxo Holdlnus 

. Monday 

4.0 



1.53 

1.8 

2 22 

Hartle Madiluery lotprnaUonal 

. Friday 

0.9 

1.8F 



NU 

Nil 

Kalamazoo 

. Wednesday 

0.533 

1.111 


0-815 

0.69! 


M. P. Kent 

. Friday 

0.6 

1.46 



2.034 

1.131 

K»lk Save Discount Croup 

. Friday 

0.7.1 




3.1 

2.0 

Smiths Industries .... 

. Tuesday 

3.9S7 

4.26 


1 " 

1.44 

1.5 

Startnte Eaglneoriog Group - - 

. Wednesday 

14 

3.2U6 



4.K5 

:.4s 







2.121 

2.12 

FINAL FIGURES ONLY 






5451 

4.31 fft 

Edinburgh Investment Trust - 

. Hondo? 




4-S 

10.5 

5.4 

SUfcoleac Lubricants 

. Thursday 





0.753 

0.42t 







1.08 

1-17 

INTERIM FIGURES ONLY 





0.457 

24781 

0-5637 

Ptioio-Me international 

Thursday 





1.487 

•■958 






2.88 

6.0 

1W3 

* Dividends shown net. peace bvt share and adjusted for any intervening scrip 


1.13 

2.5 

issue, t Compensating dividend due to 

change in tax 

rate. . 


[nterna . in 


1.815 

13 

. liou of final. S Second Interim of 9.535p already paid during this lo-montb' period. 



— 

1 ineludes second Interim or 0-9p paid 

during this U-monlk 


(aj Second 


4.0 

3.5 

Interim, lUrd Interim expected. 






transfer from deferred 


a turnover of year, the overaU valuation of land capital growth is to be ibe fonne r wxui 

and. after a for development and the calcula- and. . that with their particular Amerira. taera -/ r i n im um 
erred tax of tion of the exceptional item. experience in the field, they ought ^ ] a 

lo be able to secure it - vestment £2ooj. ann ““ 


The other two* PiceadiBy Small with Lofadon 
Companies and -M and G Special, Fund (nutominn 


British Anzani 

;d at contributed lower profits for the ? over a the *PMt 12 ceflent buying opportmity- _ n 

ritish year to March 3L 1978, they are rnonths, and has comfortably out- High, income funds still re® _ 



Companies and -w ana o opeciai, rum juu«hi.u.u 

both have longer pedigrees — and that the economic w m._ 

rpnllv : rather mroud pedigrees: h «her price for US^iares, . i 

puce for. the U^thmIore^pr«enU » e 11.1 I . .... 

still renw . ' * • f *] 


.... r Piccadilly holds first 

ON TURNOl^ER little changed at — — * — **" 

£9. 97m. against £!).S8ro. British ^ 

Anzani incurred an increased pre- confident that the future for all performed the index in every year the bread and butter 

tax loss of £1.49m. for the year the companies within the trading £ ut j#*, -while M and G’s record far as unit trust sales are*. 

to March 31, 1077 compared with group is now more hopeful than ». as been more consistent still, cemed, providing a steaay 

- - The argument is, of course, that of new sales to investors seewt 


CO 


The loss was at any time during the past few <fiie argument is, ox course, ui»l or ucn -f,-, 

- - ■ much easier to grow rapidly . income and stable capital 


xnjjn » small base. Moreover, Lawson-is advertising the 
sma if companies tend to be cott- High Y i«*t 
trolled by their founders — particu- provide a high and mcreasmg 
larly m the case of the sort of come. 


rly m roe case ui iub #vu vi wuue. • .. . . —a, 

iall companies into which A high immediate incoffle js_^ 


Arbuthnot is putting its money: vided by «cvm 

catering and leisure outfits, motor hut income growth comcw irom " 
distributors and other service vesting in equities-Th^ i-aj' 
industries. , portfolio compromises by howuq 

The only problem with a fund about 40 per cent, m preieren 

...j -i -u lo st«» n oearocK v -. 


£0.6Bm. last time. 

incurred after higher interest of years. it is 

£2.0 lm. (£lJ39m.) and exceptional The Board intends to apply for from - a 
debits £179,563 (£299,117). a relisting of the shares at the 

There was a tax credit of earliest possible moment. 

£315,670 (£301,551 debit) for tbe A pro-forma consolidated bal- 
year and after minorities £10,581 ance sheet of the group shows 
(nil). pre-acquisition losses the effect on the group’s borrow- 
£89.580 (nil) and an extraordinary ings of the settlement reached 
debit of £4. 73m. (£562.447 >. loss with Bankers Trust International 
for the year came out at £5.Slm. and the sale at £9m. of property 
against £1. 55m. Loss per 5p share at Ayles ord^to the British Stoel 
is shown ‘ ^ ”” 

again there 
last payment 

interim for ...... 

The group also reports results p^op^d ^new* 11 d™ elopment° E of Sonnatio'?. or the ^ ^ie oefiLafidtoemiiwnuin investmen 

slx “jofitbs to September part of the company’s remaining sensus of views. Arbutbnpt is pwference am - 
3°. pre-tax loss was reduced land a t Aylesford as well as reckons to get over this problem 

x ° £ ^°°° ™ turnover arrangementa concerning further by enlisting tiie regional stock- GUtMumn nbi«L 

of iS^magamstM.fiBm after constAietion and disposals in the brokers' assistance: and-.aU .intw^ .iKOnMS-V ln - 

interest £0.9om. (£1^4m.). There runire.’’ of these smaller companies funds predictable, rafe and r n( . 

is no tax charge (same) and loss j n a move which will subs tan- tend to keep, the number of shares S°me. The^eidj .at fau1 
per share is shown as 2J83p tially strengthen the company's within ..itheir, portfolios. |ow: is areSctive in 

f„.7i2p). trading activities, British Anzani Arbuthnot has a selection, of 40 ^ ^ ctivi ties. tM 

r..r,;..„i: c. into 300. and their, -switching * C . U¥1 “ 7L_ 



Tlie directors say that the 


Construction has acquired Trac- from investigation into 300, and t hei r - wtefang^g inebmi 
tors Hire (Chiswick), M and S’s portfolio is 70 s ^wmum i»- 


it is estimated that they will have at 11 a.m. 


Meeting, Aylesford, on May 3 parties strong:- - k- / 7, 

Arbutitant estihat£8‘ftr<nuTent-ves&renris .£o^ 










irdi-, 


i, . . 

• ■ : .. . ■ : ~ ■ - 



WEEK’S COMPANY NEWS 



17 


■-v; . •* ' _ 


rjjj-j Take-offirp01s and nwrger§ 

^*^5 < I3i& Board of Scottish and Universal : 


. ai^Lsr. 

Investments, on Thurs- 
the 
com- 

_ . _ m .. ^ _ _ $Q24 

-^£per cent. Jaoldii^g in Stilly, and is bidding- 11 of .its nvs^ shares 
1 r " • ‘:'lor every six, SUITY shares .conditSonal^ ^ oa'lPum^ilseceP^P® 
’j”t '•-?.^‘;of 'the SU^Ts Board. The Lomfco Board is donadterii^ the 
•■■* matter. _>•*; j .j 'j • ; • ' . ... •••; : ■; / ; , ; ’ % . 

The bid talks- between Hepworth Ceramic and i& and .R- 
V ' K - ^ VlIohiisoiKRidiards yiles have. broken down. B0W 

y ‘ 'X.- ~ its £2Sin. dfEer. diredt to JRT eSiarehoWers. A^dkosman 

Hepworth said that the talks had broken dowd# pri«- 
■ Hepworttt is .offering’ jme. Ordinary .share plus 39p mi.p gh for 
' ''-.v- -each JET share. - This may', however, he only 'a y&t&M ^ ot 

, r G, ->r. ‘as JRT shaihtidWexs controlling 251 per. emit, of tbe ^ggg have 
/-■*. .:7l' ^already indicated their wiRtogness to consider any ^^ worth 
^ ,Jl ’.^tnqre than. U25p a share. . ... ■■• 
ii I • ... MdLeod-Sipef reacted angrily to the j^ndon-8«ni ^Ba3 oard s 

\{ n lk rejection of its revised bid of 150p per share, statingfffit mey 
»V r^were unable to reconcile therejection with the recor& 5??2r^r < ^ 
; “ ‘pf the Board of Sarcros of an offerfrom Harrisons an^Gcosseia 

. : . .'.• -*•• ... which apparently values Harems’ 10. per cent, stake hatljonaon 
• •• •’ *J;‘ ••' Sumatra at less Than 80p per share; £££ . 

The City Take-over Panel has instructed s ewq^pg rties. 

' : ' ' ir. . :* which it deems to have been' acting to concert on shaswgeannss* 
\ ..' to make a full bid' for London and Liverpool Trust. ™” 
'has ruled that Aschheim Securities and W. and SAgae, ™ uc “ 
tl ' : v recently acquired 750,000 shares at 21p per share, exiena 

;• VSSO\ c., itos offer to the remaining sha r eholders. '• *tv.‘ 

- ‘ ^ ~ ™ Jokai Tea and Longbourne HoWtags. two mi 

i ^jm elli a. Investments group, have started merges 

: Henry WIgf aU has succeeded:. in beating off feggm. b id 
7L from Comet Badtottfw, but only just. 


acceptances which, together- with its own holdings, would have 
raised its stake in Comet to 47,53 per cent. The Comet offers 
have lapsed. 

Terms have been agreed for Banks Hovis McDougall tD 
purchase Swei Foods Holdings, the Lincolnshire-based dried 
vegetable manufacturer, for almost £L5m- in cash. 

A bid may well be in the offing for Ringside Investment 
following the -announcement that the company has received an 
approach from an unnamed party, while, in a new expansion of 
its U.S. interests, Raeal Electronics is. buying the Vadic Corpora- 
tionfor £5^5m. 


preliminary results 


Company Year 


^ Pre-tax. proBt- 
Year to (£000) 


Pre-tax profit Earnings* 

Company Year to (£000) per share t p^ per Share (P) 

Aberthaw & Bristol Dec. 31 1,855 1 1,577) 43-4 (21^) G.757 16.1) 

Appleyard Croup Dec. 31 1.470 (1,870) 12.5 (11.8) 

Dec. 31 1,400 (1,785) 15^ (21/*) 


Ash Si Lacy 
Authorwymvs. 

Kank Scotland 
Berwick 'rimpo 

B1CC ' _ 

Bifurcated Engrg. Dec. 31 
A.£:CBlaek Dec. 31 


Value of Price Value 

Company ' - bid per Market' before ^of hid 
bid for • share"* price** bid (£m s)* 


Final 
■ Acc't'ce 
Bidder date 


SepL30 302 (180)L 6.0. (Nil) 

Feo. 28 27,533 (26.774 ) 39-0 (38.7) 
Dec. 31 WO (BB5) 0.9 (W-i> 

Dec. 31 47^24 (43,484) 

“ “ L397 (14-43) 

314 (152) 


1341 

8J) 

15.6 

84 

246 


Prtcta is pup “■»— othenrisa indicated. 


BCA 


abteC«&iis) 
Bury Sc Masco 


Gedonglms. 
Gordon Johnson 
Stephens 
HanuCbome 
Jhusiu-Rtchards 
(EL & R.) TOes 
Lockhart (A) 

Lond. Austin vs. . 

Lond.AusLInvs- ,. 
Loud. & Liverpool 
Trust 

London Sumatra ' 

Prop. Inv. 8t Fin. 
Reynolds (W. J.> - 
ScoL & Unlv. lnvs. 

Young Austen 

Young 


125t 

123 

53 

1.48 

52* 

52 

48 

L5 

98SS 

89 

80 

688 

26* 

241 

87 

258 

137J5 

130 

125 

0.46 

24* 

23 

18 

1.6 

48* 

49 

43 

0.75 

U7155 

116 

1181 

25.6 

232’ 

200 

170 

1.76 

145* 

130 

123 

10.9 

130*5 

130 

101 

7.18 

21* 

23 

19 

0.52 

150* 

128 

98 

23.9 

110* 

108 

106 

4.74 

45* 

132 

43) 

107tt 

18 

1.75 

41.13 

S3* 

S3 

66 

3.4 


A. P. Cement — 

Allied Insulatrs.— 
Scapa 12/4 

Spey Invests. — 
Cons. Plants — 

Simon Engrg. — 
Ferguson Secs. — 
Hep worth 
Ceramic — 

Irish Ropes — 

Colonial Mutual 
Life 12/5 

Hooker Corp. 26/4 
Aschheim Secs. & 
V/.& A-SAZug — 
McLeod Russel/ 
SipefSA 14/4 

Castlmr. Props- — 
Oakstoue — 

Lonrho — 

Trafalgar 
House — 


Black &Edgington Dec. 31 2,700 (1,800) 
Boosey & Bawkes Dec. 31 JJJBO (2,130) 
Bowater: Dec.3l 87.000(78^00) 218 

British Briattng Dec. 31 5,788 (3430) U£> 
Cadhy.-Schweppes Dec. 31 48200 (46.400) 

CES — 

Cape lads. 

CrodalmL 
James l ido® 

J.E. England 
Freemans (SW9) 


(9.7) . . 

(8,4) 2^16 
7.1) *& 


17.1) 

(7.6) 

(24^) 

(2L3) 

(0 i! 


4.914 (4.44) 
6.634 (5^86) 

Nil (Nil) 
10894 (9.829) 
2.995 (2.681). 
7.05. (6.61) 

■ ,2^48) 

_ .159) 

4.468 (4.0) 
5.075 (4-591) 
9.7 (8J» 

3483 J3.183) 


Scottish TV 
W. H. Smiths * 

Splrax-Sairco 
Sun Alliance 
Hemy Sykes 
Taylor Woodrow 
Ttlbury Cntrctog. 
Unicom lnds,“ ' : 
E. Upton • 

Watts Blake 
Whittington Eng. 
Zenith- • ’• 


- Earnings*: 
per share (p ) 
14.1 . (13.7) 
14.1 (14.0) 


Dec. 31 *1.738 U.406> 
JmT-2»W.l72 (15.627) 

Dec.^fn.099 <4431) 28.3 (2a.l> 
Dec. 31 57,200 '(37,800) 645 (44.1) 
Dec. 31 2,080 (1,780) 11.6 (J0.4) 

Dec 31 22,420(20,997) 42.0 (41.5) 
K. 31 2;il0. (1,942) 01.5 (46.9) 
Dec.3i 6;626 (5,074) 18.8 (11.1) 
SS?31 • 19W (36 lb .1.7 (0.1) 

Dec. 3E 2i670‘ (2^20) 14.S (15.S) 
DetSl - ’169 (154) 11.8 (9.9) 

-Dec. 31 1520' (1^210) - 10.S (9.7) 


Dividends* 
per share (p) 
236 (3.-13) 
2^ - (1351) 

83584 (6346) 
20.154(18.187) 
33 (1-56) 

7.603 (6.8) 
20.041(17317) 
5=428 (4.908) 
235 (23a) 

63647 (3305) t 
4389 (3368) 
4398 (3338) 


INTERIM STATEMENTS 


uec-Ji 4»^uu ito,wuj 8.6 (93) ^-Ml (2.728) 

Jan. 28 4342 (4,613) 12.4 (153) (230S) 

Dec. 31 11357(14304) 3S.1 (38.9) 8306 (7347) 
Jan. 1 13,037b (15.142)a 83 
Dec. 31 397 (403) 143 

Dec. 31 450 (U15) 4.4 

Jan. 28 13,060(10340) 273 


Company. 


Half-year 

to 


' Pre-tax profit 
. ' (£ 000 ) 


Interim dividends* 
per share (p) 


Grattan Whouses Jam 31^ ll’,760.(l^«0) 12.4 


5 «%nd 

7/4/78. 


Greeneoat Props. 
GreenbanfclndL 

GKN 

Grarildan Hldgs. 
Harrisons 
HQtonS Footwear 
Ourles Burst 
Tfaos. Jonrdan 
Law Land . 

Ley land Paint 
' London Brick 
MLacTarfane Grp. 
Robert McBride 
Mersey Docks 
Morgan Crucible 
News Inti- 
Ocean Transport 
Ofrex Group 
Phoenix Assce, 
Provincial Ins. 
Austin Reed 

Richards (Leies.) 
Savoy Hotel - 


June 30 4,73014(239)1 Nil 
Dec. 31 2,000 (1300) “ 

Dec. 31 72300(97,700) 

Dec. 31 1,464 (2311) 

303 (106) 

1,095 (793) 

962 (991) 

500 (608) 

134 (675) 


(93) 

(213) 


Dec. 31 
Jan. 27 
Dec. 31 
Doc. 31 

Dec. 31 
Dec. 31 


213 

13.4 

103 

13.1 

16.6 

8.9 

1.5 


1.727! 0391)* 203 


Dec. 31 12,174(10,521)- 123 
Dec. 31 571 (623) 63 

Dec. 31 1,734 (1317). 41.0 
Dec. 31 4.100 (4,380) 203 
Dec. 31 11341 (9383) 14.1 
Dec. 31 18,150(15.630) 44.7 
Dec. 31 39.077(41304) 29.7 
Dec. 31 3340 (2J90) 12.6 
Dec. 31 35,900 (24,500) 403 
Dec. 31 3380 (2,250) 24.9 
Jan. 31 2,552 (1327) 12.4 

Dec. 31 601 (490) -17.0 

Dec. 31 2.686 (1337) 5 


2.175 (1.9M) 
4.4 (336) ^ 

L42 (L271) 
5343 (5369) 
5.562 (5317) 
Nil (NU) 
L675 (L512) 
15365(12.452) 
3393 (3333) 

4.196 (3.758) 

4355 (£398) 
536 (5375) 

2388 (2.6) 

1.0 (2317) 

7.0127 (4.1)7 
3327 (2J17) 
334 (3.439) 

4302 (4388) 

- 

5276 (4.754) 
S3 (A0) 
8.188 (7.39) 
3.62 (8J9) 

10348 (9345) 

(2L4)19.7a2t(17307)_7 
(92) 4332 (3338) 
(123) 3309 (3.445) 
(5) 1.117 (13) 


(124) 

(03) 

(6.4) 

(44.1) 

(213) 

(13) 

(83) 

(133) 

(73) 

(L2) 

(13.7) 

(83) 

(53) 

(303) 

(213) 

(113) 

(373) 

(233) 

(8.7) 

(213) 


AB Electronics - - Dec. 31 -- 
Wm. Boulton Dec. SI' ‘ 
Burns- And erso n ‘ Dec. 31 . 

Hirfdand DistDrs. Feb. 2& ' 
HghbMt Electmcs. Oct. 31 - 
Maynards Dec. 31 

Mitchell Cotta ' Dec. 81 
peters Stores : ' Dec. 34 

Scottish Met. • Feb. ‘IS- 
Town Centre Secs: Dec. SV 
WomfaweU Fdry.- Jam 31 ■ " 
** W" Ribbons- Dec. 51-. “ “ 
Yantm - Dec^31 


155 
576 
. 257 
1,710 
255 
L27D 
4.580 
3S4 
; '539 

304 

105 

362 

-787 


(S81) 

(495) 

( 201 ) 

(1.445) 

£194) 

( 1 . 020 ) 

(4,640) 

(122) 

(501) 

(150) 

( 88 ) 

(335) 

(944) 


2.0 

0.55 

0.4 

1.0 

L54 

0.655 

1.0 

0.9 

0.335 

33 

1.7 


(13) 
(03) . 
(035) 
(0.S) ' 
(— ) 

(1.4) 
(0.656) 
(0.3) 
(0.818) 
(— ) 
(0.335) 
(0.97) 

(1.5) 


: - (Figures in' parentheses are for corresponding period.) 

. - .- Dividends shown net except where otherwise stated. 
•Adjusted for any intervening scrip issue, i Gm 
-SNot^iveni fiForDa weete.- aFor 53-weeks. bFor 52 weeks. LLoss, 


Scrip issues 


Greenbank Industrial Holdings: Two-for-fivc. 
Pressac Holdings: One Preference for ten Ordinary. 
Savoy Hotel: pne-for-ten.' 

Spirab;-Sarco: .One-for-one. - 
Watts Blake Berne: One-for-two. 


Ml p 



’ROBE 


appointments 


Changesat HaWj|er Siddeley 

”r c ' :%:? . i, I ... . ■ •i-S 1 -' 

SI r John Udbmry, vice-dudr- 

\\UL l\ni> mai1 and .deputy manaMng_dir«c- WB^INSON MATCH- 
;• y l 'Dlfeor of Hawker SiddefeFGroup, - - - * ^ 

... :--.has MMSfULIS 


West Yorks. 
Co-op exceeds 
£774,000 


After 


expenses of £6.41 hl. 
West Yorkshire 


ir.-.m! 




■ - i nas oecozus tnwum* y* r n7T. nt nr ni 

■: Duty Alloys Castings, High Duty 
• ■ 5 Alloys Extrusions, and HStft Dngr 

Alloys Forgings to place, of £■ TURKS’ 

*=-Ura r 4.. a Dick, who js retiimg. Ife. RADIO u r— j ta-' 

•••: .X M. Dnrber r recently appointed haabeen succeeded 

-..“to the Hawker Siddeley Group Sutton. • 

' 'Board, has- joined tb e Boa rds of . * 

-..those companies as flgpmy chair- i Mr-A -Qeg 
man. Mr.D. B. Gilbert, managi^: f^act^ofF 
lirector of High Duty ADoys Cast- . (COMMERCIAL 
lAmonl has succeeded- Mr. DI*§s . • 

. tr tliCnr Whairman-of HjdutisxBngmeering. - .Mr; David. 




• ^ apnlnef £5.57 ul. West Yorkshire 

Beard of PAYNE (INTERNATIONAL) ax. ES-operatlve Society, including 
r Mr. p. Oxford .has become an ^ ** West co-operative 

assistant director. At .BLAnuJ Association, improved its pre-tax 
eared as PAYNE (U.K.) thefoUo^gJ^^ lus from £670360 to H74.6M 
BRITISH been made executive “rectors. f()r ^ year to January 28, 1B78. 
SNUFAC- Mr. W. Gray, Mr. J. Mr - Sales, excluding VAT, were up 

- the G. Cook, and Mr. M. £8.79 m. at £573 lm.. with a rise 

_ and of 183 per cent, to £42 25m. m 

Oliver * the Society's own turnover. 

Membership of the society was 

Mr H. Mottram, Mr.P. G-Boo^e, down 195 at 58,122. . 

Hr M V- Manaonl, Mr. K- J. Cad* The directors say the society is 
man Mr S. J. Pedlar, -Mr. H. E. we n placed to take full advantage 
firSnmid Mr. F. W. Carder have of ^ upturn j n the economy and 
Wed the Board of ROBERT M. * trading from a very secure 
*ap- IXXUGLAS HOLDINGS as financial base 

S oa-yrajs 

y r IN- Changes Indude , R-_M. uougias 
BAN Construction: Hr. J- R- T, Douglas 
** and Mr. a MarjOTam^^Mnnaii 

' ™ d d *” u ® »n 


A further £1.2m. is to be spent 
on developments during 1978. 
New projects will include a 7.000 
square feet- neighbourhood food 
store, and 6,000 square feet 
extension to an existing food 
unit and a re-fitting of 16 of ks 
73 food fairs. 

Id the society's departmental 
store group continual develop- 
ment is taking place to further 
improve customer facilities. In 
addition a major replacement of 
plant within the linen hire 
laundry division and re-develop- 
ment of services available of the 
Turf/Flat/Shell garage is planned, 
the directors stale. 

The surplus for the year was 
struck after dividend stamps of 
£342.684 (£336304) and interest 
paid of £125389 (£116334). and 
included interest received of 
£165.193 (£191.074). 


First half 


progress by 
Wm. Jacks 

On higher turnover of £528m. 
against £4. 17m., taxable profit of 
William Jacks and Co. expanded 
from £93,031 to J2S5.B24 for the 
six months to December 31, 1977. 

After tax of £115297 (£88-779). 
net profit improved from £6252 
to £120327. Earnings per 25 p 
share are given as 221p (0-12p 
loss). 

An interim dividend of 0.66p 
net has already been paid for tbe 
current year absorbing £36,459 — 
for all 1976-77. no payments were 
made and pretax profit came out 
at £206,000. 

The holding company has 


materially reduced. ' interest 
charges and overhead expenses, 
say the directors, but- has had to 
meet expenses incurred- in . the 
sale of the* com pany’sc holding in 
William Jacks and Co. (Malaya) 
Berirad. 

William Jacks and (Jo. (Malaya) 
Berhard now holds some 502 per 
cent, of the equity. 'V 
.- TTie group’s activities are-' in 
overseas trading and manufactur- 
ing, and motor car' distributing 
and retailing. . ' 

VARIABLE STOCK 

The Bank of England announce 
that the rate of interest payable 
on the Variable Rate Trearory 
Stock '1981 for the dividend due 
on May 17 1973 will be £3.07 per 
cent 


New bid to beat 
alcohobsm 

GOVERNMENT cash is to be 
made available to set up Britain’s 
first specialist training courses 
for people who have to deal with 
alcoholism. 

The courses, at Paisley College 
of Technology, will be for # doc- 
tors, nurses and social workers 
and also the police, clergy, 
teachers and the voluntary 
services. 

Mt. Harry Ewing; Under. Sec- 
retary at the Scottish Office 
responsible for health, hailed the 
move as a “ major step forward. 


Board TMOCixuj uuwi*»». -- —^.7 ir r 

>tic, instruction (Scotiand). *^- 
~r Douglas, chairman. Mr. Manxonj, 

C Tn directors, and Mr. K- A. Steuart 


w The Eari of Westmoria»d.iias 

)Sioiarv , .... 

- i"T; \GEME??r OTRvSs, naembecs . . WILLIAM Board ^>c^e 'dirertnS' 

' : * - jf the Crown Lffe Group. -- -has made the . > n ^«.Minn (Scotland). Mr. 

• S ..\J changes: 

- 1; “ i Mr, W. Leonard Hyde is. to re 

- ' ::rMre as chief general manager .of VnSiam Reed Fw 

’ * iNG SOdBTY--on- June hto pany _ Board_.to 

.• awfll contiriue as a director, Mr. tiie 
- - StanlS K. Wafter -wiB^ 

.7 „ ■- ; -dbScgenejal mra^er, ojiJWr,?- 

- -TACKS 

. . . . - - , - ; ii: :~i .Mr- j- N,"H- Baff - oE 

. . ' pointed a directofcrtoC ‘Wiring. *. — r ,* r 

■ . Engine boiler a>to elbigtbi- . ™ ^ • *■-: - 

1 .... « *tjvw ip. . Brpmw . 

-Mr. 


r;as ; cb^ef 


r — -- director. British 

fcS^ISat Slab: Mr. Dougl^ 
readh 

jj ^boen Mr?MSS«Bn. 

ebairman. • 

& TL M. Douglas Asphalt asd 
dve. Paving: Mr. Marjoram, ohaarmaix 
St sSSert, and 


- 2AL INSURANCE-MivKi Herbert 
' * -eaves the Board on retirement 

. rom the group. “ '- 'j 1 .* ' 


appointed- ; a _ 

torof -GEORG1 


- - ; - . ^&TMiTMarjore^ 

fiU has been Jalnnan, Kr 2? 1, ®SmigteSr t a 

Robert _Knlsht, ^ d^r^dhairinao. and 

,-.w U . ~ P-.-S- -r- j™*, S.-l6S3fc5: *, U«etor. ^ 

, . oolnted to the Board rfJTOm w^ a- co^fler ^ Metal Developments: Mr. M. J. 

. H , 

r:- Mr. Bolxn ^ fSTSST^ 

BAMK in London. USSm™ ft 


Invest now in the 
Arbuthnot Smaller 
Companies Fund. 


■ Of Allegheny Ludium w - “mV f W Gmler. Mr. a E- 


. — z. -* 1 " 



fapeepfc now , that ; markets have become 



Most people are; 

so. volatile. . ■ , , b 

It's a sad fact.but Prtvat*^iiv«torf today And *«*•*[* 
Let in the 00 UU The 3m news more pnvate investors ever 

SSi »" 1 -S'proS."' 

until w« advise the tame « nfrt to s«l ano xaa* a t* 

■ to keep- with o<ir corhpfiments. Only- when you -have read . it will 
W W alert Investon have taken FSL - 

for so many years. V . . ^ — ^ 

aEFr“s7RE£7 KTET ST I^Kt; LONDON EC4Y IjH 

Address. . -"•rt"-'*’ ' “ 


BANK RETURN. 


'WedbMdar Wp-W« 
Apr. 6 D*c- (-0 

- 1070 - far week . 

BANKING 

. mabelitJbs . 

CanHsl — 

- ' ?n >Ue ti^wdir.-. . ■ 

Spech.lDcpo^ttu- 

. Etealwn. — 
Bc^arTQK ft Otbci 

depart 

£ 

M 'SS-°22I 

73B.126.lfi7 

ment 

£ 

+ iiJb*j»o 

— 189^27,766 
+ 41,858.517 

'.Asasra - 

• ScTt-SacuricJo.. 
A&nucAiOtlwi 
. Ate *-. — 
PremUe».Bquip 
itthwSec* — 
'HotM 

2.428.006 ^86 

,146.^67.039 

2.062.566,080 

181,968,476 

173,934,883 
7.363.7a 
' 202,086 

— 90,200.000 

-60.430^85 

+ ■ 60,738 

- 6,956.431 

+ S2J53S 

1S8CB 

|2, 426. 006^661- 146,487.039 j 

DEPART Ml 

1ST 

T S 




nr 



Webelieve that smaller _ 
companies offer great p otential for 
real capital growth.Their performance 
over the past year has been impressive, 
anH existing unit trusts, with an. 
accent on smaller companies, were 
among the leading funds in 1977. 


New fund- first public offer. 


Arbuthnot Smaller Companies Fund 
is your opportunity to make the most 
of this more favourable climate. 


la.ocojoo.oco] 


Notes l» meO..... . 

IndmtlMtoD- 

vjnBaiik'gtiaptl 
A8SBW 

Oort. DaWfc;.— 
OtbCBf.OOvt 8^1-.^- 

Oihtf Beenrittoa J 963.I3D.I 




-100.0000001 


7363.1^ 

, 11,016.100^ 
b026.W3,9* : 


— 6,869.431 


, 0691 — 


■ 96,846,680 
-6264.431 


Ig-OOQjOOOJUW— W0J0O.0QP 



c^Vj. 

f 


; > . 

• t< t- 

: 


SI * - 


THE EWmLYIVWIfflJVT TWIST, U»™ 

* “ A sm^r coWtty livestoeni Trust ” 

C iailWORTB^fSON ", 


1 :*'• 


f ; >LASTYEAR: 

year rniei Jaimwr TW 
- "policy of investing nhriii^ltap^pJaP™ 

"* * • ' ' .■■■*! *». 

Asset Value p«r -share 
ft Actiiaiies All^Shfito todei ... 

. -j' .pftrningg net per sfaaie. 

1 - 1 .: 'Dividend net per share . — 

... ^- LONGEBTERM PROGRESS: . v - l . 

. : ; : . 'ONet Asset; Value per -share * — ■ — m ? 

r T i :' <ft Actuaries AH Share X ®^ est v — :*T 


•t-V 

. n»ti. -■ i 

. n m • « r ■' '* 


LiA the ''history of this Trust. Th* 
[ Trust is based, continues to be 

' 31X1978 

Mp + 

ms* + 

336p + 

335p + 


■3X11077 

6^> 

.10632’ 
310P 
!: 3-13P 


$5.0% 

223% 

241% 


■ » ^ ■■■'** 1 




1/VB49B 

W 

903 

- '036p: 

: . >031p 
■ 523 


31X1978 _ 
93p +. 447.1% 

20194 + 1211% 
3J0p + 667X% 
+ -540.7% 
1393 + 2532% 


JU^ Because they are not wholly 
dependent on world trade, 
smaller companies will benefit 
quickly from the anticipated upturn . 
in theUiC economy, particularly _ 

with North Sea Oil revenue and the 

internal reflation expected in the 

Chancellor’s budget. 

There is also the possibility of 
W takeover; most takeovers are 
between medium sized and smaller 

■companies, with consequent gains 

for unit holders. 

%f m Smaller companies can adapt to 
changing conditions much more 
quickly than larger corporations. 

T Ws of communication are shorty 
leading to improved labour relations, 

. less disputes and higher productivity. 

%r There are strong hints that 
W Government help for smaller 
companies will be included in the 
next Budget; in a recent television 
interview, a Government spokesman 
stated that the measures would 
“significantly change the climate in 
favour of smafler companies? The 

I - To: Arbuthnot Securities nd ,37 Qt ym Sme ^^^on^4Rl^^eli^foDe^l^£52^L ^ ■ 

■ ^ Aibuthnot Smaller Corapanies Fund aiB endose a cheque payable to I 

1 ^ ,rdela is^ and iht form | 

r ■ : " “ 

I FullName(s) 


Now Arbuthnot Securities Limited 
introduce a new fund to give you a 
share of this potential growtfr sector. 

The aim is exceptional capital 
growth in the long term plus strong 
growth of income - estimated current 
gross yield 4- 7%. 

Arbuthnot Securities already 
successfully manage over £30 million 
in unit trusts, of which some £16 
million is'invested in the shares of 
smaller ^ companies. 


Whatfe so special # 
about smaller compames.^ 


' Smaller companies are in the best 
possible position to take advantage 
of favourable market conditions. 


Special i% discount. 


By allocation of additional units, this 
discount is borne by the Managers. 

. . ; Unit holders are reminded that 

th^ price of units may go down as 

well as up as may the income from 

thefund. 1 

■ • . Your investment should be 
regarded as long term* 

• Fixed price offer until 5pm on 14ih April, 1978 
at2S5p perunitior the daily price iflower). 

The Managers reserve the right to close tins 
offer if the value of units should rise by more than 
2)/M. Applications be acknowledgedand unit 
certificates will be issued within 3? days. The ofibr 
■ price includes an initial charge of 5%-The annual . . 
charge is ■‘WH-VAT. Half yearly dismbunons, 
net of basic rate tax, are made onJStymieami . 

15th December for those registered by 30* April and 
3 1st October respectively. After the close of tins offer 
units mav be purchased ai the weekly (WMnesday) 
dealing date, when units can also be sold back. 
Payment will be made within 14 days of the dealing 
date and on receipt of your certificate duly renounced. 
The dailv price and yield appear in most leading 
newspapers. A commission of l 1 will be paid to 

recognised agents. This offer is not open to residents 
of ^Republic iiflrdand-TrustecsThc Royal 
Bank ctf Scotland tod . Man agers; Arbuthnot 
• Securities Ltd.iRcg.in Edmburgh 46694.i.i\kmbcrs 

of theUnit Trust Assoaation. 


J^^iSn^aU mustsigaStateMr/Mts/Miss orTitl« «nd Foreuames. 
FullName(s' ' ““ 

- AddrcssCes). 


H ■ 'Earnings net.'per share ■* " 

Dividend grpss per share .... 

; ( Retail Price Index. 

^ ec3? ^ 



Qiyi at T ER fDMPANIES FUND ' 


;HstaMishedlS33. 


FTS/4SG 




18 


tWALL STREET + OVERSEAS MARKETS+LATEST PRICES 


. Financial Times ^turday 'April 8 



Slightly up in early trading 


BV OUR WALL STREET CORRESPONDENT 


• NEW YORK, April 7. 


SLIGHTLY HIGHER levels tlevc- and Martin Marietta tacked on Si Profit-taking well absorbed by MILAN— Market -eased over a 
Jnped in moderate trading on Wall at SWI — EOC International agreed foreign buyers, wlti the appoint- broad front in very -quiet tradin 

Street to-dav. when investors were with Airco to tender for all Airco merit of Rene Jlonory as Economy Industrials lower, 

encouraged" by the smaller-than- shares it doesn’t own at S50 each Minister still encouraging the Bonds selectively higher. 

and rejected Marietta's offer at market. OSLO— Industrials and Insnr- 

the same price. Constructions and Steels jrregu- ances firmer. Shippings barely 

IIollv Sugar were up S21 to lar. * , steady. 

$221 U-S. stocky little changed. Cer- ATENTMA — Slightly higher. 

Superior Oil rose S3} to S2503, Dutch eased - foreign HONG KONG— Market firmed in 

Marshall Field $1* to $21), Oils mixed. fairly active tradin'* 

expected growth in narrowly vornado StJ to SlQi and Aflsul . Golds and Coppers slightly ^ Na ^T h 

indSes the 1 Federal 'Reserve may SI Buffa!o Forge lost S2 to S33J on ° BRUSSELS— Mostly higher in fgg l ° { 

■”! haV ° ***' stock, little .« uS 


Closing prices and market 
reports were not available 
for this edition. 




policy as much as previously Tektronix sained SU to S36S. 
thought The AJIERICAN S.E. Mark.. . s _ . . 

By mid-day, the Dow Jones value Index advances 0.54 to mixe d. Gold Mines fell 
Industrie 1 Average was up 1.99 131 . 39 . making a rise of 2.45 on . COPENHAGEN — - Banks, 

to making a rise of S.oS ,h e week. higher in moderate dealings. 

on the week. The NYSE All Interpol moved up S2V to S37: — . . Communications and Volume 2S0m. (360m.) 

Common Market Index, at S30.2S. -Tbysven-Boraemiszawill acquire it Industry® firmed. Shipping 0iume ' fisKn - 


COPENHAGEN — " Generally 1^“ c * nt °* Marine J tidlaod 

TOKYO — Lower in limited 


gained 9 cents on the clay and 43 f 0r ' &40 ner share, 
cents on the week, while advances 
led declines by a xix-fo-flvc 

majority. Volume was 12.73m. OTHER MARKETS 


mainly better. Insurances eased. 
Commodities generally lower. 


Recently selected Fharma- 


GEIUIANY— Weaker on balance 252^*!?!“ Jg *™** 


shares. 

Airco were lifted S5i to $491 


Works fell on profit-taking. 

JOHANNESBURG— Gold shares 
drifted easier in line with lower 


THURSDAY'S ACTIVE STOCKS 

Chance 


Canada mixed 

Canadian Stock Markets turned 


Slacks 
faded 
4Wi»H 
in; son 
r:o.w> 


Konncrnif Copper 
H. J Heinz 
F Man 
/; f. Pus. Edina. 31 - wn 
WusunehoiK- :ia.Tfw 

J Ray McDf rmoir 
Dislin! Enuinmenr ITT RflO 
Rnniwn* jp .%0 

S- ars Rwbiick' ... iw.sun 
C.ir.- 1 -r 'CL-nn 


n<K,lna on 

prirc da? 


34 

34 

:.» 

l*i 


3,i — . 


in dull trading. 

Volkswagen shed Dm.2.30 on 
dividend and rights Issue. . . .. .. 

Banks. Chemicals. Electricals ° . IPS tno'cations. 
and other Motors mixed. A™ *, Le “« down 135 cents to 

Public Authority Bonds easier. following decision to delay 

mixed in active trading yesterday Regulating Authorities bought just urani um production, 
morn ini. with the Toronto Com- under Dm.3m. worth of stock. AUSTRALIA — Firm. with 
posite Index ud 2.1 at 1,072.0. Mark Foreign Loans firm. interest centring on Industrial 

The Oil and Gas Index rose 13.1 SWITZERLAND — Steady in con- leaders, 

to 1.44S.1. Utilities 0.75 to 164.79 tinued small trading. Australian Gypsum continued 

and Bank® 0.81 ro 250.39. but Domestic and' Foreign Bonds active and rose to SA2.1R, white 
Metals and Minerals lost 2J to firmer. Boral fell 5 cents to 2.25. TNT 

S92.2. Golds shed 0.3 to 1.279.S Dollar and German shares little gained 4 cents to LOS on the sale 
and Paoers eased 0.24 to 106.90. changed. Dutch issues slightly or its interest in R. W. Miller to 

firm, firmer. 


— PARIS — Ma rket 


again 


Atlantic Richfield. 


Indices 


M.K.S.E. ALL UOMMOft 


NEW YORK -DOW JONES 


ia«i 


■Misivivtiiiulai a 


Dm- 


Apr. 

t 

Apr. 

4 

} 1978 

3 | Hl>;h 

Low |bw» 

FmI.s 

60X9 

43.BS 

49.44, 51.83 
| (3/i> 

48.37 UnirhsTUirai- 

l6;3j New Hieh*— 

New 


teine* and Falla 

Apr. 6 : Apr. b Apr. 4 


1.848 1 1.873 : 1.842 
819 1.Q22 818 

539 | 430 . 520 

436 ' 421 504 

— | 60 29 

— I 24 39 


.■ 1 MONTREAL 

Indusiilal...: 76J.95 765.08, 755^7 751.04 757.56 759.62 8 7.74 ; 742.12 ! 1051.70 41.22 

1 i5Ti , ( 22 / 2 , (U,L‘73r. r2>7/33) 

H'mcB'iKis*; 89.40 89.50 89.49 89.4S 89.5 4 : 89.72 80.85 ' 89.35 — - lnrlu«Ula' 

74. li ■ f2£lh . Combined 

7ran.-I.-rt. . 208.86 206.27.205.49 205.40 207.15' 207.20 215.77 196.31 ' 279.86 i 13.23 

Apr. I Apr. 

6 1 b 

1763)- 176.50 
183.02 18137 

10892 10942 

199.51 199.9 
296.0 204.6 

Apr. j Apr. 

- 4 i 5 

i 

19TB 

High ; Low 

173.88) 173.31 
ISO.Baj 180.94 

1057.5] ) 059.2 

201.9 1 203.4 
204.0. 203.9 

176.91 16.4) ! 182.90 U6.‘2l 
183.02 $4) 1 170.82 <50fl> 

1 ^9r’ll 1 1 1 !£'6?i lull'll TAfrONTA ( Aim ihioltFi 

L'lllilkv^ 105.65 JQ5.fi r 105.04 104.74 IOa.60 105.72 110.38 . 102.84 ; 165.52 10.53 Wttun tv 

106S£ (6/4) j 998.2 «o0.'l) 

' .3,li (22/2i Wfliwi ^,,4,41.7 .OHAHNESBUJttG 

Tra-lJii^ ini. i 1 ( « ( ■oni 

i>A''i i 27.830 27,260 20,150 20.250 20. ISO 20.460 Inln-triT* 

1 

218.7 (li£) ! 195.0 iZl'e) 
214.4 (4(li i 194. ft <13.51 


Bsm * iif index changed from Ausust 34. 


I ail. iln. yii-lil % 

Mur. si 

Alar. IM 

Alar. If 

Year (approx.i 

6.16 

6.16 \ 

6.06 | 

4^7 

STAN DA HU AND P0UK6 


. 


I'd id 

fii nee Coui pilar a 

■ fi i b • 4 ; O , 

31 ! do’ i 

High ; Luw i High 1 Low 

; Industrial 98.72' 98.5s! 97.B&i 97. 21^ 
$Ci.mj«!b!re , 69.79. 89.94 68.38 89.46 

98.02 98-24 

66.21 89.4 Ij 

105.22 , 95.52 i 134.54 • 3.52 
iSili (6/3) ,(U/liT3iiia0i6l32) 

93.82 ' 86.90 i 125.85 ! 4.40 
<3/1 • ifi;3i Iril.liTii' I1-6/321 


Apr. 5 

Mar. 39 j 

Alar. 22 , 

1 Year a+"3 (»|i|in<x.) 

Inil. tin. jivM ^ 

5.59 

• 546 

5.46 

4.29 

1ml. PfEKsin. 

| 8.48 

! 8.48 

I 8.48 

10JS1 

1/Mis; Guvi. Bund yield 

8.32 

• 8.25 

| 0.15 i 

7.73 


1 April , Prev- | 197d | 19751 
I 7 I ioua j High • Lett 


April [ Pre- I Wit! j Ib'/b 
7 | i-toira I High L/>w 


Australia^) 
Belgium 'H>J 
(Denmark 1 
France (Ttij 

Gernunyith: 

1 

Holland (ID! 


460.14 ■ 409.44 

I 

96.68 1 96.57 


1 96.63 

1 1 I l7l*> 

H 9628 ! 96. IB I 99.13 
(9/1/1 
64.6 
(7,4 


479.43 ' 441.18 

! (3/1 1 1 (bij 


,64.6 ! 63.7 
800.4 ) S02J 
77.0 5 76.8 


Rang Koa^ 
Italy 


447.17 I 446.36 


Japan to) 


Singapore 


60 J4 6063 
409.20 ; 409.96 
295.% : 29437 


( 6)1 


90.43 
fl2.ll 
94J0U 
(6/2, 
47.6 
(7,4i i (3/2) 
812.7 | 7802 
(10/2) I (4,1) 

. 32.1 ! 76.0 
I (10,2) : (4,4) 

1 461.67 : 353.44 
\ (4,4. . (12,1) 

! 63 j £ ' hc.40 
1 (6/3 1 1 <10/11 
j 410.62 ] 3t4 JM 
I i6,4, . ,4/1) 

1 295x6 262.00 
1 (7 At I (9/1) 


Spain un, 90.75 
Sweden (e/j 371.80 
S-SJitaerl'dV 23S.fi 


80.68 «.90| fi.ct 

; flO/1, • (17,3/ 
370J1 'ATLtO i 325.74 
. 1 (7/4, : ,3/1) 
296.6 353.7! 5250.4 

■ • 1 (14, £) j 1 10,3) 


Indices ana Due dales call cue value* 
100 except NYSE All Common - 30 
Stan (Tunis ana Poore — 10 and Toronto 
300 - 1 . out), me lasr named tnoed on 197S, 
t Excludlns bonds. 1 400 Industrials. 
1 406 Inda. 40 Uulidea. 40 Kmance and 
SO Transport. Oil Sydney All Om 
rlli Beteian SE S1/1Z/63. t~i Cupennaitet, 
SE I M/73 mi Marts Hours* 1961 
mi Commerzbank Dec. 1953. <5S' Amster- 
dam. Industrial 1970 iM>Han« Sena 
Bank 31/7'64 <ll||, Milan 2/1/13. •«» TnAvo 
New SE 4/1/88 ibiSrnuis runes iMti 
(c> Closed (d) Madrid SB 3on."im 
(e) Sinddinlm Indibinal 1/1/58. <0 Sw/Wa 
Rank Cnrp- >tri IlnavallaMe. 


F.T. CROSSWORD PUZZLE No. 3,637 


A prise o/ £5 trill be given to each of the senders -of the first 
three correct solutions opened. Solutions must be received bu 
next Thursday , marked Crossword in the top left-hand comer of 
t h e envelope , and addressed to the Financial Times. 10 : Cannon 
Street . London , EC4P 4BY . • Winners -and solution will be given 
next Saturday . 



Name 


Address 



Fair Season 


EVER SINCE the weights were Willde Carson's mount Swing 
published for the Irish Sweeps Alone, and has to concede just 


ACROSS 

1 Explain away 21 down (5, 4) 

6 Virginia has bath back in Hat 
( 5 ) 

9 Interference with stop-go by 
the way (5) 

10 Arresting device for highly 
strung performers (6. 3) 

11 Get down to business of 
having to chat up bird at 
Christmas f4, 6) 

12 Carry stick (4) 

14 Apprehended for 


4 Facially protected by six like 
this revolutionary (7) 

5 Think what a glass could do 
17) 

6 Medical man. with love, may 
prohibit. . ■ (4) 

7 . . . writer going to church for 
money (5) 

8 Put chap off becoming cleaner 
(9) 

13 Go on over importance of 11th 
hour (4, 6) 
lnokin° 14 A reporter is engaged in fill- 
* ing up forms (5, 4) 

make 


affected by cold (7) • * , , 

15 Drink leaves supplier with 16 ^ e X! v ® rne /2°^ ie !. t0 he ^ p 
many branches (3, 4) _ ** k / t \ 

17 Venture quietly to start up Absorpbon in number one (7) 
again (7) 19 More severe guide going 

n staffers 1 , <7) » F pdq Er n 
22 ms sci a - r ? r T i 

25 Unlock poetic share of activity 24 He s,nss t0 fisb 

19) Solution to Puzzle No. 3,636 

26 Happening just in front of 
Turk’s Head (5) 

27 College taking in Edward 
Lear (5) 

28 Spoil one score concerning 
husband (9) 


i tyvrmsieMtl 


DOWN 


EDO 

a h 

BQ3 
D O 
IE 
IB B 
HHna acinQHQa 
0 B 




/t(S|S]fMOT| 

flMf 


1 Hard work by key artist on 
.paper (5) 

2 All things considered there's 
□o upsetting scales (2, 7) 

3 Begin to lengthen stride 
during prison sentence abroad 
(7. 3) 



SOLUTION AND WINNERS 
OF PUZZLE No. 3.631 

Following are the winners of 
last Saturday’s prize puzzle: 


Mr. L. Andrew, Candle Cot- 
tage, East Street, Crewkerne, 
Somerset. 

Mr. M. J. Greenfield, Nether- 
ton Hote, 75 Manor Road, Selsey, 
Susses. 

Mr. S. L. Whitby. 6 Western 
Esplanade, Broads tairs, Kent 
CT10 1TG. 



m : m a a ra a 

[3E3I3133S S23EEEIQ 

□ -0 ■H. Q B a E 

BnasaQEaaa 
a a a e a m e q 
nCjESd; 
a ng m a a m s e 
ransrafas sgaHEGBiz] 


more than hopeful of success ridden by David Maitland, 
through Fair Season I dud il The winner of three minor 


OVERSEAS SHARE INFORM ATI ON 

NEW YORK 


STOCK 


April 

6 


Abbuu Uh» ...i 54«e 
Addreanuaub '1744 J 
Aetna Life&Uu*! Sfitg 

Ur Ptualucio ; 267g 

AUtso.~_ 436g 

AicaJiAl u minium Sblg 


April 

6 


MSB 

1786. 

SSI, 

BSii 

43ia 

Z5>2 

40 

18Ss 

187 8 

37ia 

2039 

265* 

34 1 a 


.Um* ■ 403b 

Allegheny Ludi_: lUSe 
\ilet(heny tWm. 186* 

Allied Chemical. J '371a 

Allied iiioTen. ; 20 la 

UK* Chaimen^.! Zfik 

AMAX 1 34 _.. a 

Amerada Hearn... ,.| 261* j 25U 

Amer. Airline ; 9^ ; 97a 

Antec-Knoda— .| 46l a ; 4Sl t 
Anicr. Broadcaai_; 40 i 39lg 

Amer. Can. 386a ■ 38J® 

Amer. Cyuanrid 1 25 14 i 252e 
Amer. Elec. Poe. i 23 1 « 1 233b 
A mer. Bspra*.-) 32ia I 523t 
Amer.HomeProrii 28 Sg I k83b 
A mer. Hedlcai^.! 23 is 23 «b 

Amer. Uofora ' 49s ■ 46b 

Amer. Xau Oaa..; 426s j 423* 
Amer. Standard- 363* 37 

Amer. Stores. ’ 32ls 32^ 

.Uner.TeLAl'ei.; 513 * [ 6 Xls 
Amatak I 30 «b 30% 

A M F ; 163b t 16 I B 

A UP ! 26 1 « , 253* 

Ampex 12 1* 123a 

Anchor Hoddnn-; 26Sg 1 -263a 
Vnbeuser Boscb.. 203b ,• 2 ^a 


Armro Stew.... 


Amman OH , 

\ narco. 

Ashland Oil.. M .... 

Ati. Uk-hfielil 

•Auio Data Pm 

AVL*. 


271b 
21 1 8 
IDs 
X9sa 
28 
463* 
27 ig 
0 - 
2253 


206a 

U 


123* 

277g 

^2 

28. 

Ulg 

2258 


457 8 > 46l 8 

251* 257 g 


225s 


Avbi 

Asqq Products.™ 

Halt Oas elect 

UenA America..... 
tfaniera nr AA. 3b»* 

barber Oil __ >i 28 

UaxierTravemn..: 36 ■ 

dearrue Foul.....' 233* ! 
decbXLUu.'kenhOD 36 

den A Howeii I8ia 

llendii 35 1 

■Jen^uet Conn *6.' 27 8 < 

detbtebem Steel. 203* 1 207 g 
black A Decker... | 16 . 157 B 

doeliig 343* , 341 2 

dob* Cascade.-.. : 255a I 25 U 

•wmai.. 283a 2898 

don; Warner 277a J 277 8 

dramS IDL 

Jraacan *A‘.. 

dristoi ilyta - 

driu Pec ADR-.: 


2258 
351* 
28- ' 
361s 
233e 
35/a 
taig 
341* 
3 


in* : in* 

14 , 14 

30 1 2958 


141* 


drodreay Glass. ' 281* 


Brunswick • 

duej-ms Krie < 

dudd 


15 
18 
331* 

07 B . 
371* 1 
507 b 


dumra Watch 

duriingiun Nlbn 

burroughs — . 

Campbell Souj.i— 
aoadlaa Paciik-J 
Liuiai Handolph-! 

UsrnaDCm ... ■ 

Carrier! Genera -I 

Carter H*wle> j 

C&terpi 1 we' Tnet* 1 

Cetaneae Cwpo — i 
Central A 5. W-.j 

Jertainlaed : 

Cessna Alrctali-i ell* 
rbaaeManhartan 1 283* 
Cbewuai Bh.NY 393 b 
vbMbixh PbrM J 2258 
Jhesue Sjsiera.. J 30U 
.'htoagoHrldaA-i 49 ig 

Ubmmallav ! 1B5| 

.‘hn'-Mr- -j HSfl 

Jinemma ktl* 

ClO.'. MnauT'io... 1 2873 
.itieorp...... | 20t* 


I43e 

28 

143* 

177 b 

33t* 

63* 

37 

693* 


dlt| > 317g 
147 8 I 147* 


11 
247, 
12 
16ta 
48t 8 
461g 
37ls 
l&fiB 
20 L* 


11 

241* 

12(8 

lot* 

48 

451* 

373* 

IS58 

197g 

313* 

*8i» 

39lg 

2268 

30 

483* 

181* 

11J* 

25s 

243* 

203g 


.Ule> berrkc— ! 46tg 1 467g 

.'itv lnve-tlni(-.i 131* 1 137 8 

Aw Com *8i* | »83e 

■.oust Palm l 2088 

Vilu AiL.man_| 13 >a 
Joiuinhm Gas.-..; dfilg 
.'oiumbia Piet—) lblg 
Conuln-CVt-OlAnii 17i* 
Combustion Bns.l 35 ig 


CombuaUoa Kq... 
hTm'w'tb BfUson 
Cum'w'th Uii lie. 


Comm. bkteUiiei 363* 


1438 

273 b 


ICO* 

443, 


JtaDpaterS"ifn> e| 

Oonnt. Life 

.bam. — .—-.I 191* 
Cun. Edison N.YJ &3 
-■oemoi Fnoite— .) 2d’* 
Conner Nat. Gas .1 391* 
Joniuraer Powwj Z3t* 
•.amitneatAi Grp. I 301* 
Continental Oil..; 253* 
Com inenui Tele.! lafig 
Control Data-....; 253 b 
hooper Indus. — j 433* 


2oae 

mi 

273, 
163e 
167 b 
343 b 
141b 
271* 
21* 
37 : B 
103b 
441* 
1S1* 
23’g 
.23»*. 
39?a 

231* 

301s 
25 1 8 
153, 
256e 
43 1* 


Stock 


. -April. ) -April. 

I-8I5 


461* 

451 a 

275 b ’ 


Domin^GiM. ) 467* 

CPC lnPnttooai ■ 45a* 
Gran*-—- 271* 

Lndwlat 261 * | "Js 57 a 

CioamZn.i«r5Brii- 32 : 317* 

Lurnnun- Lneioe 36(* ; 353* 
Curt-Wnghi. .• 21 ’a : 201 * 


233b j 231* 

Dart lndn*tnea_ 387 B - o81* 

Deere 281 , ! 255* 

De« Mmiie 245* | 24 

Dennoa — ' 91* 9>* 

Uuer_ 18ia :. 18i* 
D»™»t Edison-.' lot* | lota 
DanundSbaBirfe: 241* 24 v* 

D yr a phone "la7 a 1 135* 

PjW»l Lqntp— 393* 1 40 (g 


Dwiey (Watt) — 33 ’ 8 r 33«a 
ftwCona SB’* ! 391* 

Cow Chemical : 227 s 1 231* 

Draeo ; 281* 873*. 

Dresser 3 7 5a ’ 373* 

pn Pom. lC4lfl j 1045, 

DymoLndusrrua. 173a 175a 


}*Jrie Pkier, | 184* 

«« Attunes ’ 71* 

fc * *iran Kodak. J 43 ’g 
baton .1.347 b- 


185. 

74. 

435b 

35 


fc-G.AG 1 215a 1 31 . 

bi .Phan Ear. Gas 15 ig ' 15 

(dim ffli* j 29 

Kmemm Eteetzh-f a23a ' a2t* 
Kmeij- Airt r’iahi : 38 j d75e 

LMttort — j 3 H b 'i 31 

b.34.1 ; »7a : 2 t 8 

Knxeiham ‘ 235. : 231* 

Smart— ■ 27 ! 2718 

fc-thrL... . — ia ' 19 

bxaon • 45 453s 

falmbi ul Camera j 30 , 301* 

Fed. Depcbt ot>! 341* i 041* 
e'lrearouerire....: 14 : 14ia 

Fat- Sax. Bosttm.' 2bl* [ 263g 

F.e*» \’aa' ... J 191* | 191*. 

1 22 . 22i* 

A 291* 294* 

4 *2ss ; 33 


FJtt.C= 


Font Hok* 467 g 

Foremtm Me*. IQ 

Fux’jwru. .' I 327a 

Franklin Hint.— 73 , 
Freefort Mlneca,! 
Fruebauf — • 

Faqua Ind^ ' 


2lSa - 215 b 
46l a 
171* 
333* 
/5* 
19ia 
255* 
101 * 


1918 

255* 

10 


G_0.. 


r*nnnffl_ 1 

Geu. Amer. Ibl_. 

u.a.1_v 

Gen. Catrfe.. 


Gen. UvnanucM...’ 


Gen. Q'ectnca ■ 465g 


ilia I 

373* I. 

95* , 
246a I 

MU ! 

453b 1 


General roods : 27!. ! 

General Utlla ; . H7sg I 

General aiMco...' 61 1 * ' 
Gen. jPub. LToJ— 194* j 

Geo.aisnai 1 255* > 

Cen I Tel. Elect—, 29 T 3 j 

Gen. lyre : 235* 

Geneaco y 77g 

Georgia -fkcttic...; 246g , 
GetiyOii ,1661* |l57 


1138 

3736 

9Sg 

847a 

147a 

461 8 

467 S 

281a 

271* 

611 * 

193* 

251* 

301* 

244 

7ig 

25 


Gillette ! 263 b 

Goodrirfa FJf [ 201 g 


uaxtjarTirt— , 174 

Goukr 4 274* 

Grm.-eW.IX. ; 254* 

Gl AtbnHKleti 84 

Cn. .North Iron—', 231 b 

Crej' bound ■ 13 

Gnlra Western— i 125a 
Gull C)ii — 26 

Half burton 1 57 Ig 


Hanria ^lifliMy * 34 

Uamisdueger; ; 154 

Ham* Capo— ! 471* 

Heinz. R.J j 34 

Heub/eio [ 864 


26lg 

20 

171 8 

27 

2968 

83 b 

233* 

134 

127 S 

25 

57fie 

3344 

154 i 
473a 
a4S* 
2659 


65 


Hewlett Harfcani 
Hnlnlay Inn*.— J 16 Ig 

Hanadika 1 333* 

Huneweli I 444 


Hoover ; 125* 

Hjisp Corp Amer.’ 281* 
HoustuuNauUe { 25 
Hnnr(Ph.Ai Cbm: lia* | 

Hutton 1 KJ.) J 123s | 

1.CL Industries— J 22 
IAA I 3938 1 


> 643a 
163 b 
33 ig 
445* 
123* 
273* 

847a 

114 

121g 

221g 

39 


logeno, Kami— I 533e ! 534 

Inland Steel 36’* 1 3blg 

InaUeo | 133 b j 13 


IntereoatEaetdy! b 

IBM - 2403 b 

Inti- Flavours — J 2Dl a 
Inti. Harreser-i- 274 
InU. 21 in & Gbem| 39 
LuO. MottKooda. 
Inn....— 

Inti. Paper 

IPG 

IntKectlller.— ... 
lnt.Tel.ATe)-. 

Invent 


Iowa Beet 1 

III International. I 

Jim Walter 1 294 


205g~ 

161$ 

3736 

sB3* 

2938 

l 

324 

113b 


i a 
2413 b 
207 b 
27 
381*-* 
. u06a 
1 164 
37 . 
29 
1U1* 
2938 
1 

3279 

Ills 

294 


Stodr 


t- -. 

'April 

e 


lnv$ Prem. at jp2.6fr to 

Effective rate (at ^Cf % ^ 


John* ManvlliB_. 

JohtMu JotHWxil 

KatherAiumlnt'rnJ 
Kaiser Itki nsoieH 


Kaz«s«i,_ri; Jjzia 


K«.v_ 


b«T UdGee_ 

fcWbeWaSr 

Kimhenj- CbufcJ 


“tnrtti - 

1**1 ftitiai— 

Li**!? Ow. Food- 


.29 
■ 68 ig 
2Saa 
>3838 
* *4 
' 295a 

llB 


87 b 

271* 

474 

.291, 


April 

5 


291g 

63 

283* 

38 

236s 

29 

22-/a 

9’9 

267a 

48 

294 


--415* 1 4178 


. 28- 
441* 
HS3* 
zeit , 
873* 


221b 

444 

2:918 

887 S 

875* 


ally (EO)-^ 
f i t tbn lndoat— _ 
DwkheedAlrerti 
Goe^arlwts— .. 
Ltas Island 1*d- 

frtrutsaa r^rwi 
Lnhri.^1 

Lkwrangariwn 

Httnoyer, 
Mxpco -- irti* ’ T i n 

Hs rsom n Oil— j 
Marine AUbiandJ 
alarWhait Fteid — 


£9 

414 

16Ea 

-'183* 

186b 

183* 

206a 

373* 

14 

.. 64 
116s 
377a 
: 3U* 
53l a 
414 
165a 
»4 


29(b 
403b 
171b 
104 
1B4 
184 
20SB 
n74 
14 
64 
114 
384 
ol4 
St>5a- 
404 ■ 
154 
196a 




UcUenDOtt^.J 

UcDudueii'Uou- 

HcGtavs Hiii_ZT- 

XB & acta , 

Mafm'.^jsi 

Martin 


iliubluBUItc 
Uphil , 

Mnn«ni^ 

£upui J.P; 


227a 
40 1 g 
Bfi7 8 
7sb6g 

1968 

3»* 

493b 

147a 

334 

33 

437, 

6 H 9 

474 

«r :44 




Natao CbenbrtLj 

Notional Can—.. 


337 8 

474 

273* 

154 


I 227g 

404 

264 

864 

194 

324 

496a 

15 

336a 

32 

434 

b07 8 

47 1 8 

43 Bb 

39 

334 

47’* 

273* 

154 


Nat. Dmit)en — .1 


-Nat. becrkeOmd 145, 


Nstkjoai tjteri— J 
Ni 

XCJt 


Neptune imp__J 174 


New Hngiand Ki. 
New England let 
Niagara Uofabrt 
Ntaeanbbani— 
N. L thiuadw 
NwTOlkAWesiom] 
North Am. Gas— 
Ntho. Skates Pwi 

MN treat Alrtmebl 
N ih west rtmeev) j 
Nurton btmoh I 
■J vKtedia. Petrml 

0*il^rllaiber-| 
Ohio bdison^. 
Olin 


224 


314 

o33* 

445a 


2l3e 

343, 

147g 

9i* 

164 

263* 

373* 

8458 

24 

224 

-187g 

214 

453* 

186s 

14 


224 

i45 9 

3058 

a54 

44T 8 

163* 

213b 

345g 

146a 

91* 

166a 

27 

4768 

'246e 

245s 

217 fl 

u>4 

21 

454 

ion 

14 


Uv, 


erases Ship— .J 


Owens Cora tc^—j 66 




owena II UboIb 
P wbli 
Pamhc 

Pae.Pm-.Att 
PaaAm World Alrj 
-Parker 
Peabody Jot.. 
PanJV.A 
Penny J-U 


f snnrnW. l , 

Peoples .Bros: 

Peoples Gas—.. 

Papnoo — 


214 


2G8a 

244 

204 

214 

nse 

asi* 

214 

22 

364 

2*3* 

73* 

3539 

874 


211* 

574 

204 

24 

204 

21 

95* 

234 

214 

224 

364 

285« 

75a 

353a 

26og 


Perkin HI mat—. , 

pm 11 . 


Pttre>— , 

Pheips Dortsje.— 
Philadelphia Hie. 
Philip Morris. 
Philip* Petrtr’ni 
Plisburv 


Pitney Genres — 
Pittaton— '— .—I 
PleaseyLtdADKl 


173, 

.3539 

278b 

223b 

184 

583* 

29 

356a 

206b 

214 

184 


184 

484 

2758 

224 

1B3* 

584 

286s 

d53e 

204 

216b 

I8ie- 


Pwaroid 

Poonnae’-Kicj— ^ 
PPG imtustriesJ 
Procter GamWe-J 
Pub berve Elect. 
Pul lm'sn — 

Pure*. 


Quaker Oats.. 
KapW Amerkan_| 
Ksythrtin— — 

KCA , 

Uepuhllr **leel — | 


-• / . 

263* | 274 


154 

26 

743* 

221 * 

27 

173* 

214 

84 

366b 

253, 

244 


154- 


744 ' 


- 253* 
176b 
214 
83 b 
464 
259b 
244 


itoek 


r 


Venn. 


K^ynwdi HfitaJiJ ^84 


KtynoKls K. J ^ 
Uieh'wo MriibuJ 
Kockwell Imer—i 
UohmAHaaa.. 


395s 


57 

286* 

524 

3458 


April 

_ s 


394 

284 

574 

224 

513* 

343* 


Koyar Dutch; 
KlUf. 


Huts Loga.. 

Kyder system — I 
^afewny «irtiras_l 
be. Joe Minerals 
afcKi. 
santa Fe In 

bau> Invest j 

bass lnd» 

bcblhx Brvnrinc 
dcfalombatimr— „ 
hbGM 


acott Paper—. 

xurtlilrs 

see dr' Uun-Vot, 


59 
146fl 
1179 
156a 
294 
254 
267*. 
343* 
5t b 
5*8. 
116b 
686s 
164 
127b- 
214 . 
7 


694 
147a 
11T b 
151* 
394- 
264- 
264 
344 
- 57» 
54 
lisa 
884 
16 
123* 

■s? 


bea Chnfatoara— | 

beaea 


dearie <G.D.) 

bean Uoebock — I £24 
bKDCO 


bboll Oil I 

bb Ml Transport^:, 
bi^oal 


^>'I*TMde Oorp— ... 

blmplkicv PM~. 


binager.—....., 

bmnb Klin*..— 

bnittrin 

bouthdown— 

douthwn CeL FdJ 
boudaere Cd— 
athn. Nat. lies 
aouthefti Pad A .; 
bouthernKaUwar 


264 

227 8 

124 


334 
314 
39 ■ 
334 
344 

123* 
186b 
574 
24 
284 
36: - 
17 
313, 
316* 
464 


267* 
28 . 
129, 
224 

323* 

31 

387a 

325* 

043, 

13 

184 

67 

24 

£9 

254 

17 

M4 

314 

454 


boutbiann.^.^— . 
b’tr’b baxuhane-| 

s petty Hutch 

■5 perry Hand—' 
Squib. 


174 

35ia 

£258 


dLszulard BrtrulsJ 23 4 


»M. GlICsJ itoru lal 


bnCOII ImltsosJ 474 


btd. Ofl Oh IA-.. . 
vuuiC ChenlalJ 
aterllni: Drua. 
dtuitetuer. — , 

bun Co— 

5uod>tnnrt->, 

syntax 


Technicolor. 

(Tektronix :: ! 

reiedvne_™ 

1'eiex 


CeneeoL. 


304 


696a 

373* 

133* 

604 

404 

354 

235* 

94 

26se 

754 

44 

303b 


234 
241* 
164 
3478 
£24 
2*4 
304 
b65s 
60 4 
08 
14 
494 
394 
354 
234 
99s 
341* 
.754 
44 
3038 


lesoao Petroleum) 
I'euw..,.— . 

Tesupuif — 

Texas 1 natm— — 
Texas Oil A Gaa 
L'exas Utilities — 
lime Jin.*.— — 
Times Mirror — 

rimfced 

1 nine. 


l ran sco. — 

L'rans Union—.. 
Tran-way lnt r nu 
Irani Worn* -Air 
Travellers... 


Irt Continental J 184 


84 

256e 

183, 

C6 ’ 

294 

20 

397 S 

B54 

45 

34Se 

135* 

184 

35Sa 

£3 

154 

31 


8&8 

253* 

186a 

544 

294 

20 

40 

05 

454 

334 

133, 

184 

3538 

227 b 

153* 

307 b 

184 


rji.w 


dAh Century _F<isl li73* 


UAL. 


UAHGO. 

cm 


COP.. 


Unilever—— ^ 
Unilever N V_„ . 
Union banrorp.. 

Unton Caxtnde 

Union Ubausem 
union Ofi Colli— i 
Union Pacific.. 


357 t 


£17 B 

£368 

£14 

2U3, 

384 

544 

144 

384 

83 b 

463* 

443b 


n58fi 

28 

22 

237,, 

214 4 

£03ff 

384 

644* 

144 

89 

86* 

466a 

444 


Unitoyoi 
United Uramis^-i 
Us Uam-orpL—... 
Us. Gypsum— 
Lb. shoe 


Ub.br eel. — 

U. TeoliDoioaies- 
UV Industries—. 

Vlrointo Blert 

WsTcraon 


Wsraer-Oomron. 
Warueo-Lamberl .| 
WssteAlsn'mem 

^ — 
iVesten Ben. -am 


257 B K«Wero8.Am«i 


Went era Union.- 
Westinehse Elect 


*4 

74.- 
2fc3* 
337, • 
£6 3, 
£6 

864. 
193a 
14 • 
20 
344 
273b 
£138 
857 b 
335b 
226b 
lbl B 
.174 


75* 

74 

8838 

237 b 

2c4 

f." 

fP 

.194 

334 

£67 S 

>21 

[257, 

851 b 

214 

'164 

174 


Westvaco— — 
Weyerhaernter— ., 

Whirlpool.. 

White Ccm-Ind— 


William Co, — 
tn Elect 


Wisconsin] 


243* 

224 

22 

214 

176,. 

273, 


244 

£219 

214 

213b 

174 

274 


5tooi£ 


Wootwonn— — . 

Wyly. 


Xerox. 


dapoui— — , 

ieniih kwls) , 

U^.l’iwQ-IaeOl 

UJ5.90 Day bill*. 


CANADA 



AbtUbi Paper— ^ 124^ 


Agnioo bjEHk— 4051. 


AteanAlnminlumj £91* 


Aieoma «ieei . 
AabMtos. 


bank of Mtnuna 
book Nova -hootfal 
baric UesoorouJ 
Beil Teh 

Bow Vaifeyini.j 
8P (^n^ds 


IB4. 

37b 

194 

“ 1 * 

?44 


Gsucaiy Power—! 
OamfloMiMh- 
Conada cement J 
L^oarta NWlan.r 
Can lmpBokUom 
Chmua judun — ! 

Can. Fhodflir 1 

Can. Fablu- lnv. 
Can. bu per Gl. ^ 
Gariing iTUarie, 
tXsstsr Asbestos. 


154 

187* 

th-ft, 

37 

!54 

S’l 

I1.4: 

SS7 . 

174 

I84 

tasj 

4J5 

94 


ChieAoln — 
Uomlneo 

ConsiJsi burst 

Conaomer U*a_. 
Cowita UemoTun 1 
krt^rsin Well.— 
DaonDerlmt— ; 

wnuuo Mines—:. 

Gooin Mines — 

Utsne -Petroleum' 
U omin loo Bridge] 
Uomtai_— . 

Dupont 

Falcon 'ee Nicked 
rord Motor Can J 


20Ti- 

£74 

!!*• 

SS : 

45 

75 > 
637* 
£41. 

I64 

- lBlg 
19i| 
75 


Gen star 


264 


UianL Xe(.wkniM 12 4 


Gnu Oil Canada.. 
Hawker bid. Can. 
Hoi linger..— ^ 

Home Oil -A' 

Hudson Hay ling 

Hudson Hay 

Hudson Oil A Ga. 
UC 


Imperial Oil 4 

‘ Jeo. 


£83* 

6- 

314 

424 

I64 
194 
444 
174 
804 
19 4 
184 


lnda .... , 


inland Xsl Gas. 
ImV.vPlpeLine 
Hoiser Itaaurcen. 
Uinrm'l FinCup 
UAmw Com. -u. 
Jic'miii'nuioedi. 
Has»V FerRMcn 

.dclntyn ..... 

Moore Corpnd | 

homnda Hlnbk. 
Noreen hinrjty.. 
Athn. Jdiacun 
Numac Oil A Ga>| 
Oairwood Petr'mJ 
Pacific Copper 11. 


Ill* 

105* 

14 

«.4 

77 a 
4 J00 

15 
11J8 
fcfcfis 
433* 
£5 
164 
£74 
254 

180 


Pac-iScPetioleum! 


PUL Can FefmJ 35 


Patina. 


PeofMto Dent, b J 
Puce CU a Olid) tnSfi 
PlscetDevwopmi 
PawerGorooni'n, 

PrL-e 


Quebec btuseeati 
Hanger 01i_„ 
bdbt blew..., 

K 10 Aiitom— _....] 
Koyalbk. m Can J 
Boyai lTu»t I 


MS, 


3.80 


21 

124 

134 

1.20 

32 

94 

303* 

kbSs 

173ft 


ai-eptreU’sonnw 

•wynm — i 

ibeH" 
bherrittG.Mm» 
diebena O. G. 


btmpaoon 


Mae, 01 Canada..] 
bleep Ho>a lion 
Texaco Can ad a 


JCorontoDcmuBk.. 
EtanaCan Prpeiin] -144 
Ttana Mount Of If 
E rixec— ..— . 
UnloaGis— ... 

Usd JKscoe -Uios» 
Walker Hiram— 

West CoutTm 
Weston Geo...—. 


73* 

164 

164 

4J85 

35 


2«4 

a . 33 
3»* 
17?, 


91* 

tl04 

104 


334 

936, 

164 


♦ Bid. t ask Kl, JTrad 

« New stock. 


difficult not 
enthusiasm. 


to share his 


events in the early part of last 


season. Swinging Pan a three 


four year old — who 


the 1977 2,000 Guineas after a 


stone at Doncaster — had a less 
successful time of its last year. 

However, his connections feel 
that this was largely due to the 
effect of a particularly hard race 
in Ascot’s 2.000 Guineas trial in 
which be lost his action in hock- 
deep mud behind The Minstrel. 

If Fair Season, the winner of 
handicaps at Salisbury and Ayr 
towards the end of last summer 
following half a dozen moderate 
efforts, is, as his trainer is con- 
fident, right back to the form be 
showed before that exacting 
effort behind The Minstrel, it is 


SELECTIONS 

DONCASTER 


1.45— Soldier's Point 
2.15— Swinging Pan-* 

2.55 — Fair Season*** .- 
Sunset Value e.w. 

3.25 — Spy Chief 

3.55— Jo leg 
4^0— Rate 
4^0— Given* 


here off 2st 71b. virus whicbl 

«£ a * her stable ‘ 

clear-cut victory over last year’s 
somewhat fortuitous winner. 


Swing Alone and 


live each - way prospect at ^f rra * m et ““py a wee 
expected odds of around 20-1. Newmarket s £3,000 Rou_ 

Forty minutes before the big “oodicap. There the first-named 


race there is, to my mind, an a 3 ” 1 * . w ? th 3 well-timed late 
almost equally intriguing contest £ ounsb tiie hands of Willie 
for the five furlongs Batthyany ,? r ? on 3 ? d ™ on ’ somg away, by 
Handicao in which a ebanep can lengths from Frimley Park, 


Handicap in which a chance can ... _ ... -. 

be -given to every one of the same 


runners on some 1977 form. 
Three who seem certain to give 


distance away in third place. 

At to-day’s weights— a 7 lb 


a good account of themselves pull for Redding Ridge — there 
here are Swinging Pan. Swing should be little to choose 
Alone and Redding Ridge. between them. They are 

Swinging Pan, with Michael suggested as the chief threat to 
Wigham in the happy position of Swinging Pan, who can recapture 
being able to claim bis full 5 lb her highly impressive spring 


allowance, receive 7 lb from form of a year ago. 


SPAIN V 


April 7 Per rant. 

As I and — lit 

Banco Bilbao 242 

Banco Ailaiulco ■ 1.000) 213 

Banco Central 383 

Banco Exterior 274 

Banco General ZZL 

Banco Grenada /|,900l 154 

Banco His pan 0 

Banco UkL Cat- 1 1.0001 
B. lad. MCditcrraneo... 

Banco PoptUa 

Banco Santander <250i 
Banco Urflullo 1 1,000) 

Banco Vlzcva 

Banco Zarasozano 

Bonknnlon 

Ban us Andalucla 

Babcock Wilcox 

CIC 

Dragados — — 

iuuobanif 

E. T. Arajwnesaa 

Espanola Zinc 

&xpL Bio Tiaio 

Fecsa ( 1.0001 

Fchobo 1 1.040) 

Gal. Precladoe 

Gmpo Velazquez i4Q0 > 

Hldrola 


+ 2 


209 

170 

U7 

207 

32ft 

215 

2U 


Ibcrduero 

Olarra 

Papeieraa Reunldas 

Peiro liber 

Poirolcos 

Sanio Pa paler a — 

Snlace 

Sogeflaa 

Tcleronica 

Torrai HoacncA 

Tubacex 

Union E3ec 


70 

80 

S 

124 

1573 

63 

41 

120 


+ a 


+ X-5 


42 

7025 


- 1 
+ 1 
-f 4J0 


+ 2 


- brazil 


+ 3 


135 

226 

2ft 

80 

210 

50 

51 
J* 

94.75 

66.75 
99 
76 

3*5 

7S£5 


- 2 
+- 1 
+ 1 


+ 2.75 
+ £30 


+ 2 


+ 130 


Apr. 7 

Price | + or |Div. [YS? 
tru/ — lirnr 1 

A.+IU-. .... 

Banoodn Uraril... 

DilkW UOU I'iN 

beiv'o MineiraUP 

Llju Amer. OP.. 

Petrobra* PP 

Pirelli OH 

1.29 !— 0.04,0 J£ B.30 

8^9 J.17 fa. 6 7 

1-13 10.16 14.' 1 

1.81 |— 0.04'U.ia 8.63 

3.10 +UA-4!ic£ 0 b4b 
2.95 UO.1 10^0 8.39 
w.55 |— O.OSiJ.lb [5-27 

SiouzaC'ruc OP.... 
(Imp PH 

4.08 pJ.0sllj.23 16.64 
6-90 +O.02;0JI.'[2AO 
1.35 !— 0.02&.13 |a.39 

Vmi< Kl>' lh»i- »*l 

Vo!. Cr. n.tm. Shares 33.1m. 


-Source: Rjo dc Janeiro SB- 


NOTES: Overseas prices exclude S premium. Belgian dividends are Alter 

wtthnpidbuc cm . 

a DUS 0 denam. anleps otherwise staietL 9 P^ts-500 deoora. unless otherwise 
stated. A Kr.100 denom. unless otnerwise stated. 4> Frs.S0o denom. unless 
oiborvbe stated. I Yen 50 denom. unless otherwise stated. 5 Price at time ot 
suspension, a Florins, b Schillings, r Cents, d Dividend after pending rights 
and or scrip issue, c Per share. 1 Francs, o Gross dir. h Assumed dlrVlend 
after scrip and/or rights Issue, t Afira local taxes, to 46 lax free, a Franca. 
Including Unilac div. p Notn. a Share split, s Dir. and yield exclude spheral 
payment. I Indicated dir. u Unofficial tradlns. r Minority holders only, i* Merger 
pending, > Asked. fBid. S Traded. 1 Seller, a Assumed, xr Ex righto. sABx 
dividend, xc Ex scrip is&os, xa Ex all. A Interim sacs increased. 


I GERMANY ♦ 


Pnra» 

+ or 

Div. 

Y'M. 

April 7 

Dm. 


% 


AJrii 

90.( 

)| + 0.1 



— 

Atiisnz Verocb.. 

495 

+ 3 

sl 8 

1.8 


2k6.5— 1.6 

£0 

4.4 

Bajer^ — 

142 

-0.7 

16 


Bayer Hypo. 

268 

+0.5 

18 

3.1 





CibaJ nt.Keri.wrtt 

178 

:+3 



Cam mere bank— . 

239.7—0.7 

18 

3.7 


80-Ef-l 

— 

— 


| 304.5'+ 1.5 

19 

32 

IteginM 

265J-l.fi 

1 / 

3-2 

Uemiu 

* . 165 

)— 0.5 

14 

4.2 

Ueot^cbefianit— 

309.3+0.2 

18 

£.9 

Urrwloer bank-. 

£53.ra;+o.i 

18 

3-5 

Ujckerfi.ifT ^eint 

150 

1+4 


1.3 

(iuiebuBDuttc — 

107JI+1 

12 

3.U 







296 

■— 1 

9 

3.1 

HcediM 

131.8 + 0.2 

lo 



12 B , 

\ 10 

5.9 

■vail ua>> Hair — 

138 


9 

3.3 


310.5 + 1 

20 

3.2 

Kauiliol 

210 J — 0.5 

20 

4.8 

Klockoer Dm 100 

92.5 -O.S 


— 

hiLD— . 

176.6+0.1 

12 

3.4 

Krupp 

97.2 -1J 




246 

i— L5 

16 

3.3 


1.530 + 15 

16 

10.5 






11 AN 



12 

3.1 

ti»""r-"+nn 

170.31+ 1J 

14 

4.1 

Metalijf*-.... 

212 

+ 1 

1U 

2.4 

Muncbeaer Hack 

620 

1+10 

18 

1.7 


116.5-0.5 

— 

— 

Pteu«*« DM 100 

113.1 — 0.9 

— 

— 

KbeioWesi. Hied. 

187.7!— 1.8 

16 

4^ 






283.5 —0.7 

16 

2.8 

6 u<( tucker....—. 

249 

—3 

17 

3.4 

thy wen A.G 

1S7.8; 

11 

4.3 

1 

180 

— 1 

14 

3.9 

IHTIHHPSBI 

107.1—0.4 

12 

».7 

1 Vewn-iWetSli 

307 

1+3 

18 

2.9 

| l'ntft-wv(<en 

210 

-2.3 

1 c 

2.4 

I BRUSSELS/LUXEMBOURG 






Dir.l 

April 7 

Pn« 


Pr*. 

Tid. 


Fra. 


Net 

% 

Arfied 

2,210 

—15 




Urx. Lambi— 

1.478 

1+42 

60 

4.1 

tiekert “B” 

1.800 

1+45 

112 

6.2 

C.U.1C Cement—. 

1.434 

+ 13C 

100 

7.0 

Oockeni ... 

352 

+3 

— 

— 

HhhSs 

2.360 

+ 20 

177 

7.5 

frectrobei 

5.300 

+ 50 

430 

62 

PabrlqueN'au.^... 

2.375 


170 

7.1 

>.b. Inno-bm 

2.110 

+ 20 

lbU 

7.1 


L*90 


85 

6.6 

1 |i V fW m 

2 . 1 u 0 

+40 

17U 

8.1 






iuell«baal..._ 

6.470 

+ 10 

265 

3.8 

va Hu vale Beipe.. 

5.b70 

-20 

305 

b.3 

Ptvn U'i«illnj(.— ... 

2.400 

+ 30 

SZ^5 

3.H 

r'etiurtna 

4.035 

+ 100 

174 

4.4 

w lieu fianqiit;.. 

i.»30 

-5 

i04 

7.0 

>li- Ueu beigiqur 

L.920d; + 4C 

140 

7.3 

x/firm 

a. a 73 

+ 5 

215 

6 .o 


1.400 |— IS 


».l 

ILi-. 

2.645 +15 



LCb 1 

900 

+ 18 



Do Min.11,101. 

710 

+8 

60 


» i« + Montecnf' 

1.360 

+20 

100 

7J 

SWITZERLAND • | 


Price 


Div.: 

fid! 

April 7 

Fr*. 


- ! 

A 

a 

Auzmuuam _. 

U 20 

—10 

6 

2.5 

bBC -A’ 

L.620 


10 

3.0 

U-ibaGelgytFr.BXi 

1.200 

—id 

22 

in 

Ufc Pi. Certs- 

880 

—5 

22 

£.5 

Do. Keg..— .— 

666 

—2 

22 

3.3 

unritt *"'iiw^..._. 

2.326*1 

—30 

16 

3.4 

KterovvH 

1,625 


10 

3.1 

Fiaiw tGeorgel.. 

680 

+ 5 

5 

3.7 

Unfimaa PlCert-. 

30.000 


550 

0-7 

Uo, < 6 m«in 

MOJ 


55 

0.7 

Ini erf ooil U 

3.675 

—25 

20 

3-5 

Jelnaril (Fr.L'jOJ... 

;.4so 


21 

1.4 

Ne*t<e (Fr. |n0i... 

1,315 

+ 15 

488.3 

26 

Do. 10s 

2.350 

—15 

085-3 

37 

■Jerilkon W)'. 3a, 

3.175 

+5 

115 

7.4 

Pirelli SI P(U0Ui 

i80 


15 

5.4 

Sand™ (Fr.ShOi— 

i.650 

—50 

26 

1 8 

Do. IHrt C'eru. 

-.66 


26 

3.9 

'•-bin-tierGlsr H/L 

dcO 

— 3 

12 

4 0 

»in»r Ct 3 (P.I0O) 

356 

+ 1 

14 

33 

iwlswir iFAOOl. . 

813 


10 

4.3 

MrvwHaah(F,lOO 

362 

-3 

10 

2.8 

5»wiM{JteJF'.25Gi..< 

.500 


40 

2.2 

Union Hank— 

3,055m 


2 a 

3 2 


0.360 j 

+ 80 

40 

1.9 


PARIS 


April 7 


Kerne 

AlriqueUx-iil't 1 e 
Air JUqui.1— , 

Atjujufne— . — 

KiC 


Boogues. — 

BJSJi- Gemis- 

Cartooor 

U.GJi 


C.I.T. Avjaiet. — 
Ote Band ire— 
Ulufi Sled iter— .. 
Grolil Ixmd Fri « 
Creusce Lnlre.._. 

Uumez. —| 

Fr. Premie*— 
Geo. Ooiiientsirl 


inieu 
lacque Bore 1 .— . 
Uteitje 

L'Ormi— 


Price 

Fim. 


+ oi 
— 3.S 


705 J 1 — 3.5 
395.0—6.5 
295 j-i-1 


407J'+I8J 


44 0.6 
21.15 5.3 
16.5 6.6 


463 +8 

676 —10 
445 +7 
13,676 +8 
866.2 —2.8 
1.199 1+19 
555.3,-5^ 
449^+13.6 

126 I 

68 1—2 
721 |+5 
122 . +1.5 

18o.5>- 

58.fr + 0.1 
102 j+3 
lc8 |-1 
638 |+29 


fiegrtod 11.716 1—3 

llsli 


•ons Pbemx. 

lUcheiin -B” 

iloec HeanefcV- 

Hooiinex 

l*nnOaB 


Periii n ei— 
Paraod' -KJciurj — ,| 
Peugrce -Citroen. 

Pods In — — I 

KsdJo Technique.! 

Uedome 

Ubooe Pouien,- 

aUGobain 

9kK Ho*- ten oi 


le>eniecanlqu«— 
ilntn-on Brandt. | 

iJ-ini'T 


1.062 +27 
1.410 1 + 20 
455.9; +0.9 
1914+ UO 
190-5' — 1.5 


84 a 
259 
375 
187 
462 
699 
75.9 
151.0 
1.735 
877 
806 
199 
25.2 


+0.5 
+ 6.7 
+6 
+ 6 
+2 


+03 
+ 0^ 
—14 
+ 2.1 
+ 16 
+ 1 
+0.1 


e«£6 6.7 


7.6 1.1 
14. in 11.7 
a.-.'sl +.b 


5J25 


1SJ/ 


8.9 


99 


lh.fl/1 £.5 
51.9a; 1.9 
39.9! 3.7 
52£6i £.3 
12.fi 2.7 
S\ 1.6 
13.96; 10.6 


7.5| 

7.5 


15J 4.0 


25.5 

24| 

9 


2.9 


6.5 

4.0 

180 


14 Afi 9.6 
89 I £.1 
26.5, 9.3 


22-/5 

16.15 


3.7 

8.3 


STOCKHOLM 


AUSTRALIA 


Apr.f- 


FF^ 


TOKYO 1 


Allot. 8 I — 


April 7 


ACU1L (£bceno. 
Ac row Amtrtila. 


W)£2 


Allien Mnt-Tri^. Indn- 81, 

tmctOQ— .— — . 


Arnpol Hxptomv 

Ampol Petroleino =1 

Absoo. Uinenris —I 


fO. 68 
JO^O 
12-23 
1U6 
♦0.76 kd.0»l 
to^9 Mum 


J+0.91 



Assoc. Pulp ftuper 81 — 
“ Ipdastriesi . 


Assoc. Can.] r 
Ausl. KoitodeHodlnvcst— I 
A.N.I. 


Nippon 
Fuji Photo, 

Hitachi — „ L 

Honda Motors—.. 
Hoiue Food 
U. I tab 


Aurttuuxx. 


Am*. Oil ft G*n_ 


Blue Metri ind : i. . 
HougrinriUe Copper — - — 
broken H*H Proprretsry— 

t)H5outih> .... 

Canton UnK#( Brewery.— 
t%>K (SIC 


| J.A.U 

I Kaosal Elect. Pw.| 
Komatsu — 


’Prices 

Yon 


338 

480 

556 

350 

542 

565 

235 

572 

L230 

Z35 

1.350 

630 

2,620 

1,190 

336 


h-1 


+ or 


+3 


+ 2 

+ 10 


+20 

ts 


Kubota.. J 287 


Kyoio-Cermmlc— .3.71J 

Hats 


Coue. GbUflrid Ain. 
Container (SE)., 


vonzlna Ktotinto.— . 
Contain Aim mlis . ...... 

Duniop KubbttfSlJ— .— . 


uuniopi 

KBOOE. 


Kider fimltix. 


KJS. Jtriussri 

Gen. Property Trust. — | 

Usmersiey — 

Hooker, 


I.U.I. AostToJ 

In ter- Copper: — 1 

JennlnpfMuBtriea— 

Janes (Da-rid) 


rl_30 H-8 Ji5 

1L82 


Uiun 

MJiJ 


Aim Hoidta^s 

M-Ver KmpormiB — 

News. 


April 7 

Price 

Krone 

+ or 

Div. 

Kr. 

Yu. 

* 

AGA A:. iKi jk’). 
A te Lav* UiKrrC 
A5h,\ iKr.fiCn— ~ 
AUbi Ckv olKrit 
Hillenai 

187 

la6 

8>.0a 

117 

99.0 

+2.2 
+4 
+ 1.5 

5.5 

5 

6 
6 
4 

2.9 

3.2 

5.7 

5.1 

4.Q 

Uutora— 

IHH 

+3 
+ 1 
— 1 
— 1 

G 

10 

63 

o 

8 

3.0 

6.8 

4.3 
4.5 
4.7 

3.4 

3.5 

5.3 

Cellules* 

Hled'lux *b'fKoC 
firiesnn ‘B'GviOC 
t write -B” 

234 
140 
135 

235 





Oranges itree) 

54.0 

305m 

-0.5 

16 


125 



6.1 

92 

2.5 
S3 

3.6 
5.9 

7.2 

Mo (Hi Domna, 
■autrlk A.B.— 
*B' fire...; 
’Won i fiasail-la... 
rsixifttik ‘B'Errt. 

C hleboim 

Vrin> /K». til 

71 

£30 

76 

142n 

84.6. 

64.5 

82^ 

— 1 
+ 1 
+ 1 
— 1 
+0.5 
—0.5 
+3.0 

6.5 
5.75 

4.6 

8 

9 

*-« 

COPENHAGEN + 


Ui77 



Pnce 

+ or 

Yl.. 

April 7 

Kronet 


* 

* 





7.5 

3.5 

ourm'inr W. in.. 

“25 

+ 5 

16 

Uansjce Hank.. 

12/1* 

+ U 

12 

9.4 

fiaH Asian. -CO... 

3iu*m,— i a 

US 

5.6 

r manstanken— .. 


-5* 

13 

10.2 


040 


12 

3.5 



Hjirwlnlnlianb ...... 

12812 «C 

+ L 

12 

8.6 

u Ji'tb’nH .t ErftOi 

2568 


12 

4.2 

Norrt Hebei — 

asste 

-li* 

12 

4.6 

t)H*f»tH4b 

761* 

-4te 

__ 

___ 

Privstbonk— 

Provimih*nr, 


8-3 

8.0 

139 tem 

+ *4 

11 

Soph, fierendron. 

377 


12 

3.2 

Snperraa — 

1861s 


12 

6^» 


N U-boias InltamnonaJ 
North Broken H’dlogv (SO 
Uwtfiriage^;— — — — ... 
Oil -rsueb.. 


•Auee txplonitioo* 
Pioneer Ccut«'* 


d&.Aiu A Col man 

H. c. •fl«j S b, 
ml Irian ^Jlnlnp— . 


MILAN 


April 7 


AMU. 

mutual 

Peat 

Da Pile 

Flnsfder — — 

italceaKTit 

leal rider— 


Montedison J 


Pirelli <£ Co. 


Price 

laie 


9&£5 

412 

1.935 i — 7 
1.635 klB 
76 1— 0^5j 


♦-or 


f— 0-501 
+2 


10.570-91 
126.5 -3.381 
32.80u +100( 
133.76 — 1 
868.0 +3.5 
2.08Z —48 
995 —7 

638 -3 


Div. 


Lire 


15a 

15S 


200 ] 

1,200 


a A 


YU 


7.7 

9.1 


6.2 

8.1 


5pargae- -fixplonttioai— ... ... 

WollMJS, 


Western Mining lb 
Woolwr+ths 


ttOcenrsjJ 


Hus | 

1+0.01 . 


1L63 l+ajn 


r+d£S 


+0-K 


■□sit its 1ml—; 
Mitsubishi Bon M 
Mitsubishi HesvT 
Mitsubishi Corp. 
M.Uw A Co— __ 

Mnsukoobi 

-Nippon Denro — . 
Nippon dtaupanJ 
A isssn Mourn.. 
[-Pioneer—, 
Sanyo Kieetric — j 
netooui Prefab 
Hblteido— 


SSo Marine— 
UsAedalAemieal 


f+a-ai 
(+0.02 1 


U)K 

leijui 

C0U0 Marine | 

fioblo JUeut lAjw'r 
Losyo Mayo .— J 

LvkfO fihlbsurs | 

iony— — . 
I'lwola Motor—.-. 


700 
B7B 
140 
459 
557 

583 !+3 

1,180 | 

660 
794 
1,680 
538 
655 
11.160 
1.710 
250 
390 
2,040 
118 
518 
1.170 
340 
152 
123 
698 


1-3 1 if 
. — ; « 


+1 


sc 

If 

! « 

if 


+3 
+ 60 

P10 
!— 10 
+5 
—8 
+30 


L--..[ ic 

u ‘S 


+0A5 


Source N3tfeo Securities. Tatyi 

VIENNA . 


1+ '-02 


+8.01 



Pnce 

+ •* 

Div 

April 7 

4 


* 


35U 


10 

PerlmooMi 

2b5 


A 


588 

+ 1 


dempeiii 

95 


— 

Steyr DaUmet — 
Vrir Uicnati... 

181 

240 

—5 

14 


AMSTBU3AM 


April 7 


| + ar 


Abo Id (FL20)— 
Aku (F1£CD— . 
AlgemfiakiCFi.ldO 
AMJEV (PIJO)— 
AmrobanA (Fi£Q) 
Bljenkorf— — ., 
do*sWes4‘nj(P.lrt 
UurhnnTeneroda 


JOHANNESBURG 

MINES 

April 7 


o21 3.5 


1&2LS,&,8 


Klsevier (YU© — ! 

S.V.Bemm 


KnntaN. 
Kun,CoinT«tFi.ld 


Heinekeh (F-^n..« 
Uoouo venal F) £0*1 
Hunter lUTi.iOO)[ 
K.L.A1. (FrJO?- 



83.51 + 0.3 
108.51+ 1.3 
65.5<+0.5 
£84jBj~OJ2 
136.4 -0.2 
. 62 .... 
35.0 +1.2 
97-8W—I 
24.0+0:5 
22.7^ +0.6 
127^+0^ 

. 40^+ 1JS 

. 34.0,— 0.1 
109.0,— 0 J 
64.4}— 0^ 

186.8} 

153 -1+0.6 

13LO :— us 


250; +0 J 
7a5j — oj 
16Q.6«d —0.2 

118.5 — 
' 181.4 +0.1 

187.2 -OJ 
246.7 +0.7 

138.5 I 


L'ukyo PjuLRWs-St 10&2I. 
linllei 


CalTever [P l £ n>. - I1MHL5 
ViainzAMJtiBfSi SSJB +0 J 
Wertimi'dsL Haas 431.5 +0-6 


As44} 5.4 


J East DrfeA»udn — — 

Elabnrs ^ — 

Hartnoay 
Kinross 
Ktoaf 


Rust publics Platinum 

1 5L Helena 

Vaal 

1 Cold Fields SA 


Union Corporation — 


| Blyvooraltaichi 
East -Hand Pty. 


Koud 

- 

ito 


1 LOO 


1£5 


■ S.«5 

, i 



7.-U 


1£8 

• i 

tuja 

• -l 

tTA9 


T4.E3 


3.32 

H 

5J8 

H 


+S.0D - 


5Ji 


Free Sme Cedoki . — tSf® 

10£G| 8.3 1 President Brand 

President Shot - 

SUKnmela • .. 

West Didefoniein . — — - • *■?? ^ 

Western Hotdiiss . _ 

Western seen *+-"* 1 


\BSJSABA 


AECr 


8.7 


8.0 


IHDUSTKtALS 

iw . , 

Anglo- Amer. industrial" — J-S ■ — 

Bartow Rand — — - .?£ . 

CNA Investments T«. 

Currie Flnanw + 

LIU 


144 5.5 


OSLO 


April 7 

Price 

Kroner 

+ or 

IHvT 

% 

rrar 

% 

aeojen Hsrtft 7 
ixaragaaid— * 
wredittmii ~ 
Kohdos..'.- ' — ■ 

Krarirtkowan 

->orak HyriroferAO 
dnKriuand^.4^ 

90.0—0,5 
• •w nni 

S07J?+5l26 

a774+6J» 

- 105-0. +0^ 
£01.7^+ BJ 6 

~oo: - 

9 
4 
11 
■ 20 .. 
11 
U 
.»■ 

10.0 

73 

93 

73 

103 

4.8 

10-0 



Edters ConsoUdaied tor- — 
Ednam-Stores — — — 

Federate 'VMgMOKUV-'.H; : — 
Creareanons Stores t*-- 

Cnardlan Assurance (SA» .+; 

Bniens ZZ +i 

McCarthy Rodwar. 

HedBank — +-. 77 “ , 

OK Bazaars . — 

’Premier Min i n g; — - — 

Pro ten Hotd tog 
Rand Mines Propntlfis — 

Rembrandt Grwar" ■ 

Reuo ■ 

asew HnWingft 
C. G. frnbb Sngsr — : — • 

Sorec- 



VlX. MH1& ' +ft 
^DIscolint_Of32-I)70/ 














Financial TLves Saturday April 8 1978 * 


19 


IMI RWTiONAl. FINANCIAL 'MD COMPANY NEWS 


Nijverdal 

trims loss 

with aid of 
Government 

Sy Charles Batchelor 

AMSTERDAM. April 7. 
N1JVERD AL-TEN . CATE, Hol- 
land's largest textile company, 
managed to reduce its loss ia 
1977. ■ with the help or govern- 
ment support, but still remained | 
substantially in the red. 

The net loss totalled Fls-S.lm. 

I $4.2 m.i compared with FIs. 
30.5m. the year before, but this 
improvement included Fls.T.Sm. 
of government aid. 

This was granted as bridging 
assistance to help cover extra 
costs resulting from Mijverdars 
contribution to the restructuring 
of the textile industry. 

Sales also declined slight! v to 
Fls.44.Sm. from Fls.4G0ni. In view 
of : the continuing loss the com- 
pany does not plan to pay a divi- 
dend. It last paid Fis.B per Fls.100 
nominal share tn 1974. 

Nijverdal is one of eight Dutch 
textile firms which has hived 
off part of its operations lo form 
an integrated spinning group in 
the east oF the country. Spinnerij 
Nederland in which the State 
has a 49 per cent, share, began 
operating at the end of last 
month. 


Volkswagen taps holders 
for $450m. in new equity 


BY GUY HAWTIN 


FRANKFURT. April 7. 


$750m. bond issue by 
Federal Republic 

THE WEST German government 
is to tap the domestic bond 
market for DMl.obn. (8750un.) 
through an issue of bonds in 
three separate forms. Each 
issue will be for DM500m. and 
consist of a six-year maturity, an 
eight-year issue and a maturity 
of 12 years. 

The latest funding by the 


VOLKSWAGEN, West Ger- which, following the federal shares would be offered to 

many's largest car producer Republic's corporation tax re- holders at the ratio of one to 

which is about to start produe- Form, allows holders to offset cor- three at a price of DM150 per 
lion in the U.S.. announces a poration tax. paid on their divi- DJ150 share. The newly-created 
rights issue to raise DMSOOm.. dend . against West German shares would carry dividend 

or some S450m. income tax — real earnings are up rights from the first of July this 

The news of the rights comes by 150 per cent, to DM12.50 per year. No other details were given, 
as no real surprise. Speculation share. v n ., rnin „, figure*; for 1977 

on such a move has been riFe With regard to the long- 
for some time given the coni- awaited capital increase the VW 
pany’s ambitious capital spend- management has for some time 
jng programme which aims at considered the present basic 
parting something like DM1.9bn. capital of DM900m. too low for 
fS950m.> into the group in the a group with net profits of well 
years up to 1981. over the DM1 bn. mark in 1976. 

Following yesterday's super- The Federal Government which 
visury board meeting. VW is also owns 20 per cent, of the group 
lifting its dividend which Is has made provision for a capital r. 

"0 : n 5 up From last year's DM5 to increase in the Federal budget. 

DM7’ per DM50 nominal share. To-day's statement said that it 
and in addition, a DM1 per share was proposed to increase the con- models alone and reeist-ra- 
bonus is heine recommended. corn's nominal capital by lions rosa from 19<bs 663,095 to 

When the tax credit coupon — DM300m. to DMlJlbn. The new 789.979 


Alusuisse 
aims for 
more growth 
jin U.S. 

By John Wicks 

ZURICH, April 7. 


earnings figures 
were given. The group last year 
made it clear that it was expect- 
ing profits to equal those of 1976 
when they more than covered the 
DMSOTm. 1974 loss and the 
DM157in. deficit in 1975. Sales 
last year rose by 10 per cent, and 
the group easily topped the list 
of new car registrations in the 
domestic market 
It sold S.500 more of its Golf 


Growing concern over 
Gen. Dynamics dispute 


Boral makes 
full offer 
for Gypsum 

By James Forth 

SYDNEY, April 7. 

BORAL. the building produets 
group, has agreed lo make a 
complete takeover offer for Aus- 
tralian Gypsum at the highest 
price (SA2J12) it has paid in 
recent market purchases. The 
bid values Australian Gypsum at 
$A57 .5m. ($66m.J. 

At the close of trading to-day. 
Boral had purchased another 
1.75m. shares, or about 7 per 


Balance sheet plan 
at Mitsui Sugar 


BY DOUGLAS RAMSEY 


TOKYO. April 


Federal Republic represents a i C ent. of the capital, taking its 


significant, further decline in 
bond coupons on the Frankfurt 
domestic market The shortest 
maturity will carry a coupon of 
5 per cent, and be priced at par 
with aoupoas and issue prices for 
the -eight and 12 years issues 
amounting to 51 per cent, and 
5? per cent, and 99} and par 
respectively. 



Commodity GFFER 38.2 
Trust BID 36.3 

Double OFFER 87.0 
Option Trust BID 83.0 


Commodity 2k General 
Management Co Ltd 
S Si George’s; Street 
Douglas Isle of Man 
Tel: 06Z446S2 



stake to more than 4S per cent. 

On Wednesday Boral announced 
that it had lifted its stake 
through market purchases to 372 
per cent, and was asked the 
following day by Sydney stock 
exchange whether it would 
extend a bid to all shareholders. 

The bulk of the shares were 
acquired at 8A220. 

Boral's SA2.22 cash offer is for 
a total of I.Im. shares, or only 
4 per cent, of the capital. Boral 
is also considering whether to 
make an alternative share and 
cash bid. 

Boral and Australian Gypsum 
executives are scheduled to meet 
on Monday to discuss Boral’s 
intentions. 

The Boral offer price compares 
with a new tangible asset back- 
ing for Australian Gypsum 
shares of only SA1.23. 


FUTURE EXPANSION of the 
Alusuisse group is to take place 
mainly outside the aluminium 
sector and in countries with 
weak currencies. According to 
Emmanuel R- Meyer, chairman 
of parent company Swiss 
Aluminium. the concern envi- 
sages that the share of the 
aluminium division in group 
turnover could be reduced from 
some SO per cent, to about 50 
per ceDt. in the next ten years. 

Geographically, particular 
importance will also be paid to 
! strengthening activities in the 
U.S. The share of U.5. sales in 
total group turnover could rise 
from about 30 per cent at pre- 
sent to 50 per cent by 1988. 

At a Press conference in 
Zurich. Meyer said the Alusuisse 
group was’ top-heavy In the 
cyclical sector of light metals: 
in 1977, the aluminium division 
accounted for Sw.Frs.4L34bn. 
(S2.33m.J of group turnover of 
Sw.Frs.5.44bn. This should be 
corrected in future. Investments 
in aluminium to be aimed at 
improving quality rather than 
quantity, with no starts of new 
aluminfum-reflnery construction 
by Alusuisse likely within the 
next five years. 

The group, he explained, now 
the j has a well-founded aluminium 
th“, programme, ranging from raw 
' ’to finished 


AT LEAST ONE of several com- facilities to its “parent" and use 
panics which face defrocking on the cash proceeds lo pay off its 
the Japanese slock exchanges in retained losses. Mitsui Sugar, 

September has announced plans would then lease back 
to keep its stocks on the markets, facilities. Furthermore, 

Mitsui Sugar, an offshoot of the Sugar company hopes lo “sell ; materials mrougn . 
Number-Two trading house its brand name to Mitsui and Co. products. 

Mitsui and Co., has -proposed to for a cool Y2bn. • had a J; 0 

its shareholders a complex plan complex negotiations will now , operating rate of 

fosses 'frorn^Y?? 2 b n ° 24 m .T *to Set under way with Mitsui and 

Y3.5bn. in six” months' time. but ^ sugai ! company s Most of the ^S™up s P®T 

The plan has yet to be agreed executives are - optimistic that; cent, rise in overall sales resulted 
by Mitsui Sugar's owners, among they ean cut their retained losses i from a Hi per cent, improvement 
whom Mitsui and Co. accounts by September. In doing so. \ in aluminium division turnover 
for 23.2 per cent, of the shares. Mitsui Sugar would save itself although 0* ost of Uusincrcase 
It would require the writing off from being de-listed from the j was in the first half of 1977 before 

of certain debts as well as the Tokyo and Osaka stock exchanges: the light metals market weakened 

again. 

An important area of expan- 
sion is that foreseen for 
Alusuissc's chemical operations, 
headed by Basle subsidiary Lonza 
AG. Sales of chemicals and elec- 
trical current rose from Sw.Frs. 
915.3m. to Sw.Frs.9S0.3m: in 1977. 
Growth is concentrated on ihe 
United States, where a number 


I THE long legal batle between the 
Navy and General Dynamics Cor- 
poration over contracts to build 
nuclear submarines is generating 
frictions which range far beyond 
the original dispute. 

Pentagon officials are becom- 
ing increasingly concerned about 
the long-term impact on other 
defence programmes of a dispute 
over general Dynamics’ efforts to 
avoid potentially enormous 
losses od Sl-Sbn. of Navy con- 
tracts to build IS . attack sub- 
marines. 

These worries surfaced recently 
when General Dynamics — after 
three years of unsuccessful 
attempts to renegotiate with 
the Navy the terms of the 
money losing contratcs for 
the attack submarines — 
abruptly announced a decision 
to stop work on the boats at its 
electric boat division on April 12. 

The deadline has since been 
extended lo June 12. Mean- 
while delivery of the 16 sub- 
marines still to be built Is 
already running up to 3J years 
behind schedule. 

Defense Department officials 
say the cost overruns and delays 
in the programme were a factor 
in the Carter Administration’s 
recent decision to scale down the 
Navy’s J one-range shipbuilding 
plan in addition, they concede 
that problems with the attack 
submarines are contributing to 
delays io the deployment of 
Trident ballistic-missile sub- 


wardgate commodity 
FUND 

u 3 lie M»rch 1978 £ 1 0 . 01 -£ 1 0.-IZ 
WCF MANAGERS LIMITED 
P.O.-Bojc 73 
5e. HeHer. J»r»y 
D534-2059r/3 

Next dealings 2Bth April 1978 


sale of practically all Mitsui under new. stricter requirements 
Sugar’s production facilities, for listings adopted by Japanese 
The company wants to sell the authorities. 

Profits up at Paribas 

BY DAVID WHITE PARIS. April 7. 

THE PARIBAS banking and shareholders that a certain in-. ......_ 

financial group pushed its net crease in economic activity nnd-Gf 8j an i i * are , * n ** omit, home 
profit up last year to Frs.513m. a relaxation of interest rates hw.Frs.lLOm. of last year s inyest- 
(Sll2m.j from Frs.43Sm. could be expected to have a intents of Sw.Frs.300m. went to 

Earnings at the parent com- favourable inlluence on the; chemical projects, 
pany, Compagnie Financiero de group’s French bunking busincs. j But the group is also seeking 
Paris et des Pays-Bas, 
lo Frs.lS6m. from Frs 

dividend is being maintained at Paribas' growing , . 

Frs 19.95 per share, on capital both by sector and by country, tics in the non-capital-intensive 
Increased by a fifth through a About 54.6 per cent, of 1977 ‘field of services. Last year, min- 
free share issue last year to profits were earned abroad, he ! ing turnover slipped back slightly 
Frs 1 3bn. said. Portfolio earnings contri-jlo Sw.Frs.534.9m. (Sw.Frs. 

Although reluctant to make buted 46.5 per cent, of the overall . 557.1m.) and-that of misceHane- 
any. forecast for results in- the total and banking and financial ious operatinns, including ser- 
currcnt year. M. Jacques de activities the remaining 53.5 per vices tu Sw.Frs2l5.2m. (Sw.Frs, 
Fouchier. the chairman, told cent. |268m.i. ; . ' 



marines, which are also being 
built at General Dynamics’ elec- 
tric boat division. 

Some Pentagon officials also 
worry that severe losses by 
General Dynamics . an its. sub- 
marine work could jeopardise the 
company's ability to perform on 
other important defence con- 
tracts, including the airforce's 
F16 fighter programme and 
development of the new Cruise 
missile. “Corporate damage to 
General Dynamics would be 
harmful to the Government.” 
asserts Mr. William Perry, Under 
Secretary of Defense. 

General Dynamics officials in 
St. Louis state that the company, 
which recently reported record 
1977 earnings is in good -financial 
health despite the submarine 
contracts problems. If the com- 
pany has. to take a fixed loss on 
the programme. “ it ' will be a 
painful blow, but by' no means 
will it be fatal," says Mr. David 
Lewis, the chairman. 

But although General 
Dynamics ' won't . accept an 
“ unrealistic " offer, the company 
wants to settle the contract dis- 
pute because of the burden of the 
rising cost, Mr. Lewis says. 

Last year General Dynamics 
had a 4 per cent, increase in. net 
income to $103.4m. or $9.51 a 
share, and a 14 per cent, sales 
rise to $2.9bn. However, the 
. company has not paid a dividend 
since 1970. One reason is that 
it has spent about S400m. of its 


NEW YORK, April 7. 

own money on ' the attack- 

submarine programme. 

Mr. Lewis says the directors 
would be inclined to resume pay- 
ing a dividend if the firm could' 
resolve the contract problems. 
Those problems also hurt the 
company in the stock market, 
analysts say. The difficulties are . 
" a cloud overhanging the stock.” 
according to Mr. Donald Spindel, 
an analyst with the St. Louis- 
based brokera/e firm of A. G.- 
Edwards and Sons (after reach- 
ing a high of $61.75 on the New 
York Stock Exchange last year, 
the stock slumped to a low of 
S37 earlier this year before 
rebounding to around S46 cur- 
rently). But unless General 
Dynamics has to take a write-off 
because of the submarine pro- 
gramme the investment com- 
munity expects the company to 
log a substantial earnings gain 
in 1878. 

The dispute over the sub- 
marine contracts is part of a 
broader conflict between the 
Government and shipbuilders. 
The Navy is processing S2.7bn. 
of contract claims. 

Filed by its major shipbuilders 
— General Dynamics, Newport 
News ShiphiiiJdins! and Dry Dock 
unit- '.of Tenneco and Litton 
Industries, all involve charges of 
excessive charges . and of- con- 
tract's ■ that were not flexible 
ennneh tn covpr cost, increases 
j-PciiiHng from inflation. 

AP-D.f 


Quebec approach Reeault-AMC 


QUEBEC has approached officials 
of the newly formed Rcnault- 
American Motors Corporation 
( AMC i partnershj p about the 
possibility of manufacturing 
auto parts in the Province, 
Industry Minister Mr. Rodrigue 
Tremblay disclosed. 

The Minister said he expected 
an answer wilbin two months and 
was optimistic that the decision 
by the partners to build Renaults 
in North America would be to 
Quebec's benefit- 
Plans to build 100.000 Renaults 
annually in North America, 
rather than importing the cars 
from France, would make it 
economical to make parts in 
North America. 

Quebec is well endowed with 
the capacity to produce the 
aluminum and plastic parts 
widely used in the manufacture 
of Renaults and has sure sources 
of cheap electricity, Mr. 

Tremblay sard. 

Although American Motors has 
idle plants in the U.S., the com- 
pany does noirfiave the- capacity 


to make aluminum and plastic 
parts, be added. 

He said that under the auto 
pact between Canada and the 
U.S., some of the company's new 
capacity would have to be in 
Canada if it. expands.. . 

Up until the signing of the 
agreement between Renault and 
American Motors last week, all 


QUEBEC, April 7. 

Renaults sold in North America 
were imported from France. 

Mr. Tremblay said the French 
company could not compete with 
North American producers and 
other imported cars and only 
had. sales of 13,000. units in the 
UE. and 6,500 in Canada last 
year. 

AP-DJ - . 


Ford Canada hopeful 


BY JAMES SCOTT 

FORD MOTOR of Canada 
expects to improve its share of 
the Canadian motor car market 
again this year, Mr. Roy F. 
Bennett, the president said in 
reporting that sales in 1977 
reached a record SC5.7bn- com- 
pared with $C4-8bn. in 1976. 
However because . of sharp in- 
creases . in.- operating. .cqUiuttM 
company’s profits feU to $C36.7m. 
ft-om SC12fl2m^as pay roll' and 


TORONTO, April 7.- . 

benefit expenditures rose to 

$C466m. from $C367m. 

Mr. Bennett said the company 
doubled its sales in two seg- 
ments of the market — compact 
and middle-size — and improved 
its share of the sub-compact and 
luxury segments. These im- 
provements resulted in Ford oE 
Canada regain ing 'its traditional 
second, place in hew car. sales 
after dropping to third in 1976- 


CGMMODITIES/Review of the week 

Cocoa hit by U.S. demand cut 


BY OUR COMMODITIES STAFF 

fEWS THAT U.S. cocoa grind- 
igs in the first quafler of this 
ear were 25.5 per ‘cent, lower 
lan in the same 1977 period 
?nt nearby values on the London 
itures market down the £40 
ennissible limit yesterday after- 
oon. But renewed consumer 
emand was attracted at the 
iwer levels and July cocoa 
losed only £23.75 down on the 
ay at £1.914.5 a tonne— a £54 
>11 on the week. 

■The U.S. grindings decline, to 
5,368 short tons, was io fact 
ot very much sharper than 
larket forecast Which had 
»ntred around 20 per cent, 
sealers pointed out that the 
«ure compared with a period of 
datively “ good ** demand 
uring I9fi- 

Coffee priees also fell with the 
aly quotation ending £46.5 lower 
t £1,331 a tonne after slipping 
i a 20-month low of £1.308 at 
ne staae. The fall was encour? 
c-ed by news oF cuts in 
Brazilian minimum export 
rice and export tax. Dealers 
>eraed to ignore the fact that 
ie net effect of these measures 
as to reduce export discounts 
id therefore raise prices. 

Reports that the Soviet Union 
as reselling some of ihe white 
jgar it bought on the world 
larket earlier this year to tradi- 
dnal outlets depressed sugar 
rices and the London daily price 
ipped to £98.5 a tonne before 
jding £2 down on balance at 



Nov Dec Jan Feb Mar Apr 


£100 a tonne. Sugar was also 
depressed by Peru selling 33.000 
tonnes of raws at an export 
tender in mid-week. 

Tin prices in Penang this week 
fell below the International Tin 
Agreement ” ceiling " of SM1.500 
a picul for the first time since 
January 1977 when the buffer 
stock was exhausted. The market 
subsequently rallied but was 
still down on the week. On the 
London Metal Exchange standard 
grade cash tin closed last night 
at £5,795 a tonne. £87.5 lower than 
a week ago. after having fallen 
at one stage to £5,690. 

The recovery in London and 
Penang values followed a strong 


plea by representatives of tin 
producing countries, meeting in 
Jakarta, for the U.S. to make up 
its mind about proposals lo 
release surplus tin from its 
si Pillule stockpile. 

-tQu.cig countries also re- 
afllru.jd their intention to seek 
an increase in the Internationa) 
Tin Agreement “floor" and 
“ceiling” price range when rhe 
Tin Council meets in London 
next week. A sudden reduction 
in offerings in the Penang 
market, which forced prices 
sharply back over the agreement 
ceiling is thought to be inspired 
by the fact that it would be much 
more difficult to argue the case 
for a rise in the range, if market 
values fell below the ceiling. 

Zinc values on the Metal 
Exchange were boosted to the 
highest level since last July by 
announcements of further pro- 
duction cuts by leading European 
smelters, and strikes bitting tbe 
Belgian producers. 

The cutbacks in production, 
and rise in Metal Exchange 
values, triggered off rumours that 
the official European producer 
price, at which the bulk of zinc 
is sold, might be raised from $550 
to $600 a tonne despite the huge 
surplus stocks available. When 
this failed to materialise, there 
was some profit-taking sales, but 
cash zinc yesterday still closed 
£13.5 up on the week at £303.75 
a tonne. 


MARKET REPORTS 

BASE METALS 


COPPER — Lower on tin- London ilflJl 
Ex.Iunyo as forward out J came of! mini 
rriz io £712.* alien ii loaded as if 
clTVMaiiuliS of a srockJ decline would 
.toi be realised 


men! sales amounted lo 329 tonnes bring- II OS Transhipment Bast Coast. 5. African Dally 7-52 f7.«S>: iMay .average 
m-J th« tola) for tite week lo 878 tonnes Yellow May £76.30 Quoted. t7.SH. 

a-sainsi 478 tonnes in the prerions week. Barley: unquoted. HONG KONG FUTURES. Report for 

re lions K Vi. T-iiiersails. Demand was — — ; week April 7. 1878: Price* were abort 

firmer, resulting in a freer omake in wheri BARLEY maintained m light trading. Friday « 

dose I cents per MU. May 7.95*21. July 
1 SJMJ5. Sept- 8.59-8.65. Oct SJMjBS. 
i Jan. 8.91-9 OS. Mart* 9.39-9.49. Business: 
Cr. or May 7.99. Sept. S.53. OcL S.79-&5B. Sale*. 
r2-2| 17 1251 Iota. 

EEC IMPORT LEVIES— Tbr -fo O b wtn« 


Ruslan. Turkish and Colombian qualities. 


SILVER 


|Ymter>UvVI + *r 
choe 1 — 


il'nili elioe 


M.v 


Silver was Used L5p ao ounce lower for ! »*l*- 

.... Comes was lower In jpei delivery in ihe London bu Hon market f 1 *. 

the afternoon but some covcnnc allowed jvsicrday at - 2t'3 15p. U.S. cent equrrak-ois ■*"»'- 
a vluS'. on Ihv Kerb in London of 1716. of ihe Ozing levels were: *p»t 581.7c, down Mar. 


The fall on the week was C.'.a. Turn- S.7c 
oi’ir 17.350 i cumes. 

o.thlk +r 


91.70 '-0.50; 
B4.64 [ — O.ioJ 
B7.30 -0.261 

88.73 j — 0-581 
9^.35 j — O.IS 


80.65 
VMS 
81.93 
84.6 J 
87.10 


L^'in bu t rart levies for wMie and raw- agar 
are effective for April. 7 in milts of 


six-month i0.4c. down 8.3c: six- Business done: Wheat— May 91.SM2.70. 


account per lOtl kilos twtth previous tn 


White Sugar (denatured and 
Soar 



U.S. Markets 


i: l l 

Wire bars 

Ca-li 700.5 1 -1.5 699 .5 

xiciuir... 715-.S -2 713.5 4 

fetti'iii'm 701 — i.S — 

Cathodes. 

Ld-ir 690 i -2.75 690- 1 


-l 

—2 


MLVhir | 

[•ill nun + url 

L..1I.K. (+ or 

!**• I 

rmna • — ■ 

clow 1 — 

lm_\ j 

prHiiic | 

1 


WOOL FUTURES 


March nil. Sales. 139 lots. 

HGCA— Location ex- farm spot prices. 

— Feed whoai— Kent ItMO. Feed barley— LONDON— The niitiei-^mL slightly 

MUIIns boner In distant positions'. 'rvpokk/iSache. 
wheai-oo Prices. tBuycf, . t^SeWr^.'; \ 


The U.K. monetary co-e 9 sclent for 


.... ,280.15-1 —4.5 279.1(1 —1.4 t h ? w* beginning April 10 will .rise to Animlian 

>,n.a,rii-.. 705-.5 - 3 704.5-5.5 —.75 Jn i..i!il«.. 284.85.. —4.6 UB4 . ‘—1.5 l- MS Grea^x Wirnfl 

NH l. iii'iii 691 -2.5 - -III. .Ill If.. 291.05.. -4.65 - EEC DAILY IMPORT LEVIES— The 

vim.. — .. .. e4 ii „i,.,itbr. • 5U4.9 ■ -4.6 — following EEC levies and premiums arc 


ImJjjmjri d M-.ial Tr.:-Jing reported 
Thor .n :h..- morn n ^ ^ash uirehars Ira.I.-d 
ai fed. ihr.-v ruomns lllb. 13.3. 13. 13.5. 

CaileiJex. ihne mo.ilhs rTp; 5. Kvrtr 

iViMun Hir-> mo.nhs liiu 16. Ij.'XJiiC nTTV ' 

Aiii-nin.,3 V.rr.san. ea^.i ifitra. ihroe 

nioniM ft:3. » u j it. i:.y w. 17. ;j.3. 

I'J. 13.3. 17. 13 5. 14. Calhodvs. cash 
fast. Kerb- Y.'irebars. iliriv months 
£71 j. 14.5. 13. 13.3. 16. 


Ywlenlya-4* ''■rj 
Clnw I • ' 


0u*inea« ■ 
Done 


tilMUm for April 8 In imlis of account l|*y ..TS1.U-2J.0 — 1.5 

LME — Turnover 117 i|S3i lots ot in .000 per tonne. In order current levy plus July .5U0.0-o2.a + h&i 

Oi (Ci. vs. Uocttinz: Three months JUz!. «jy. June tod July premiums 'with i (.fuller vxv B-TW n | 

:3. ozl. 5.L 5J. 3.3. 3.4. Kerbs: Three previous in brackets). Common wheat — Devemher 354 n.57 D ■ 

mon-.lis 3(1.4. 331. •»=“ " ’c " *« *■ ■ 


. Th.-^e raonths 


COCOA 



NEW YORK. April 6. 

Cocoa — May 138.73 <t39.7ai. July 135.90 
il54-5<*. SepL 150.65. Dec. 143.10. March 
141.10. May 1SL30. July 190.15. Sales: 
LOO*. . 

Coffee — ■' c ” Contra a: - May 169.30- 
169.73 <166.001. July 131-23-ISL50 I14SJUI. 
Sdpi. 133.75-136JM. Dee. March 

11K73-119 » May 114.73-1 17.00, July- U 5,00- 
ll7JIO. Se»L.-Ull4»-120.fl|». Sales: 773. ... 

Cotton — No. 5: May 36.40-SO-51 1 50.00 1, 
July 57JZ-57.76 iS7J5i. OCL 39 JO. Dec. 

, 00.3040.03* March 61 JO, May SI JM2.50, 
[July KL75TOK. Sales: ^97,108 -hales. \ 
'• Copper— April BL30 I60.4A). May' fit. 80 
i6fi-80 J. June '63.40. July 62.90, Sept. 63.80. 
Dec, 65.40, Jan. B5S0. March 66.90, May 
87 JO. . JpIjl ItSJfl. Sept* 69.90, ..Dec.-. JUO. 
Jah. TL Safe: UR’ 

' «CaM-^Aprfl ISO JO U 18 JO 1 * May IStj* 
.f13V.40L. J*« 182.50, Aus. latfiO. ' OCt.r 
-197.50. Dec.' 190.0U. Keb. 133.60. Apcff 
J95-.40. June 199.30. Aug. 201-30. OcL 284 JO. 

• Dec. 2fl74». J'eb. 210 J 8 . Sales; 9.000 lnls. 

. ttsrd— Clpczso louse 24-73 nom., -'24.50 
Mibi. 1. New ' York prime steam unavail- 
able <34.00 asked*. '• 

- TMate — May. 2501-2991 iS 8 i, July 256*- 
3SI). (25 flii. Sept. 2511, Dec. 2341-254*. 
Mnrch 26^20*. May 395. 


TIN— HralKr follouiag a nre in Lh. . . 

Easiov-.-muh! jcoIqm ih? background ot a - 3 J k? com. decline in U.S. flrst- 


Oats— 78.71. nil. nil. nil <78.71, nil. ml, Sales: 1 fOl lots of 1,500 kilos. 

nU>. Mato lotber than hybrid for Beert- SIDNEY GREASY, (m ordefriwyer.' 

Aftor a quie t nwrning tbo annuuncMncnt lnc ,_ n.04. nil. nil. 1.61 <71.04. 0 32. seller, business, sales*— Mlcroif.GNrtract: 

0.32. 1 . 01 *. Buckwheat— 1J3. nil. nil. rril May 340J^U_0: 340.8-340.3; 10. 'JBW-346JH 



237.00, July 24QJ0.2M.tW. Sales: S38 lour. 

. .. JSUvor— April a*a.so fSBJ.tHi, May .329.40 , 
llE6J0». JOOT 533 Jth; July 33? JO,' Sept- 
345.20, Dec, 657.50, Jzo,\ 5fil.ra, March 
STB. tO. Miy 578.80. July- 587J0^-'SepL 

585.00. Dec. 608.80. Jan. 613J0. Sales: 

13J00 lots, dandy and Harman spot 
bullion: 326J8 (524.40). ., . . 


chan iiUi'ir^. Tli-.- n«n fall on the w.-efc 


was Turnover 720 looms. X.<-aL“utrt' ! 

s .ii ' •+ i. ... '>■> 1962.0-65.0 -17.0 t 995JLh20 

• . .T w' L'nnwi,.. ' _ •'"•v 1914.0 15.0 -24.0 1940.0-1887 

’ “ ' 1385 JI4.I : — S.0 .1886.0-1(80 


Total sales 38. 


TIN 


MEAT/VEGETABLES 


WEEKLY PRICE CHANGES 


Luri.^t 
I>l I.’-. 

|*r l.imie | i.n 
unk -,1 vn-L 
■ riPtlcl 


Lli'ue Tear 


High 


fe« 


deal 

;«.! Be-4 SprluR., £0«.o 
Lm. Haul i 

IV inter.... £31.b 
!>, Milling imw erDpjlSI.K, 
ices 

jlcsvee— (yl 

•epper. White.— 

Hock 


+ 4.0 


— ; C13.S 


oautfPhlUpTesj, 
hi ndnut 

seed. Crude 

m Malayan-—- 


Soys beans lL i. 1 . 


£<t.«W 

i 

CS.'XVJ 

52.903 

i 

1 S 2,9Cl> 

S2.100 

1+26.0; 

S2.560 

5605 

j— *5.0 


£732 

1 + 10.0 

£tfiS 

Sola 



5666 

—4.0 

S635 

5 Vt(J 

i 

1 — 32.5 

E &20 

S2&9 

,+4.0 1 

- 

£2.005 

'-99.0 

£7.495 

£1.914^ 

-frl.O 

£ 2 .J«l 

£1.331 

-af..a 


fij.loc. 

-o.« 

fci-Jt.-. 

£>jij 

— 

£7» 


£3«.<& ; ES3.5 


£91.5 

£ioa 


£91.5 

£95 


iM.W 1X.50J 
SSJCCi F2.8.T0 
SA45C4 SL97E- 


6722 

£732 

5312 

5625 


5301.91 


5t32j 

£W7 

5256 

5495 


S372J 

%234 


. £1.511 

-£2 £J.«J->.0 
£t. 542.5 £i_:u3 


v. 

4(T.2S|i 

£)<■ 

; s?»i«a 

. LTOO - 

t40p 

■' *•’ 

.. 274 r i fc.lo 


+u.& 

- 2.0 


S'* I * 

Sl-S|. 

J.V.J 

SKJJ 

£1-5 

£l<4 

27<t„ 

- 24|. 


L7i*j 

J-4W.I 

49:* 

gfh) 

bc*v. 

LIU 

JB1A* 

160,. 


t'l.lj... 

L.’r'.j 

S437 

, £li7 

StZi J 
. iV* 

. £172 
UJ,, 
H3| 


+ 4.1) 295»i Ul» .274nki1*.'261|.kil. 


1^1 I'M 

i.ri'v- '.‘ii'ae; 

I'll j 

•IMvl 


N7: 


V.w 

>j!U 


Metals 

Alunitutiirn 

Free Marl.ec i-.i.l... 

.Vmlmouy 

Free Market (99.6 

as?!?, 

3 nittn D". Uo : 

Cash Cathode*.. 1 

5 month Do.... 

Gold rer o+. —.| 

taw) Cash J 

5 months 4 1 

Nickel 

Free M» rtet i-.i . f . I b. 
Platinum per ox. ...' 
Free Market per or. 
Qui.-ksllver l76lbs.i. 

Silver |eriv. 

i mcntlis per >«... 

Tin 

£ months. ....... . 

tYultraiu (22.J4II..I., 

/■III.- .H'll 

J in.'iilh- 

rrnlevn 

Grains j 

Ifauiv, KKC 

H'.ine Futures 

llm+V 

Frcm-li N.-3* eUots 

i America r.j. 


L'WO — ] J3630 £<i=0 • jV-iu 

— I St'ji-'-jO : , ey-t. 

1 ,0-5 : — is.lou : £1.123 . £!.:** 
52ja^O'+2oi) iSE.9i5i3.030 52,247.5; S2.13S 


£699^3 -5.25 
£713.73 —2.6 
**■93.5 — 3.5 
£TOo —tS, 

S179J75— 

|-e..7E. 
£315 — 7.5 

5 1 is Llosl 
£117^0 I — I 
£llc'.8 1—3.95. 

M»35 : - 
EO-Isj. —7.3 
— 7 .8 
J-'-.TnS — j7.5 

Lc.k*o -xi.0 

SIMJ) -5.3 

r I A J 

XJJW. 2 : -Ixv 

e-.jij — | 


£847.25 ; 
£871.75 ■ 
£839.23 , 
£339.25 : 
S 148.325, 
£371.5 ( 
£579.5 
£3,ldl i 
62J-J'Z 
£97 ! 

43BJ6 i 
5155-79 i 

*2.477.5 

£3.737.5 


S7.K.6 r 
£716 JS I 

£»» i 

£707.3 ■ 
SUW.bSS 
*364.7o | 
£369.25 . 

5L97 j 
£117.5 1 
E 124.39 ‘ 
5132.5 , 


£612 

£624.75 

£6*iJ^. 

£614.75 

S166J25 

£275.^9 

*13CJ26 

5 Liu 

£30 

£96.4 

5125.5 

2:'j. 

2:3.’*|. 
1-..W5 
L’r.7 17.5 


S 1(2-05 .'•172.5 - 1-^,5 

£-«!-’ L313..5 

Lo'JU.S 

H**5 .- »J 


.- j £83.75 
£JJ.*5 '+2.I5 £i4.-’5 

£104.75 +J.2bl £34.23 


X Dnuuotea. * Bmhibil g M rtltiW st. 


Hi^h Grade £ £ £ • C 

U-u. 5850-43 -52.5 5790-800 *■ 29 

> 5a7--tJv> - 60 5840 30+57.5 

"cisicru": . c840 tSS — 

Standard 

-h.:i 5330 5 -S3 3790 000+25 

;T:».:tlh< . 187 3 3 + 37.5 5840 50 + 37.5 
*vU(e:»'t. t855 T 95 - . ... 

rtrs.l- K... :SlS13 -26 - 

>ei Vi.ri. - .. . — 

Murninc: Sutndard. c+sh £J.t45. three 
m.JlKhs +J.97U. -U 9.-.. &u. .-j. 75. 7u hub 
Crude, cash, n.ito Kerb: Standard. 
:hn.e monilu fi.'IO, rz. 7n. <ji 
S undard. ihrvc mvr.’Jis ZZ « 

S:aM3r-l three munihs 
ZZJrW. iiMiZ. 

LEAD — Moved narrowly id mode ra My 
an i vc ira*u :2 w.th fQPvjrd meial hold- 
ins wt* un jii-J r;i7 arid duih on 
Kiri* a: 0115 7j. Th*- nei fall o:r the 
vr-ivk u as 17.3. Turnover 3.873 tonnes 


D-c IN l.d-82.0 I— 1.0 - It 32.0-1810 

M inn, 1760.0. 70.0 ' — 25 jO 1785.0-1755 

Mav 1673-0- 1723 -60.0 1710.0-1700 

•l.ilv I550.0-V3.U +5.0 


dour— 124.03 <124.031. 

RUBBER 

SLIGHTLY steadier opening an tbe snithfield— No carcase meat prices 

London physical market. Fair Interest quoted. 

throughout the day. closing qnleL Lewis HEAT COMMISSION— Average. Prices 
and Prgt rvporx that the Malaysia godown al reprewaiUUvc marKets on April 7. 
price was 204 ( 203* certs a kilo (buyer. GB — Cattle 66.05P per kg. Lw. <-U6i; 


Sales: 2.166 H.25J. lots or 10 tonnes. 
Imcrsahenai Cecoa Orpanlsatloa. tu.S. 
••.■lift, per pound .—Daily price April 6: 
l»j'.<*2 1 13.6.67 *. Indl. aior pncvR Apnl 7: 
13-day aven.ee t.V rn (138.55>; 22nlay 
au- ra«r 156.38 dajJSi. 


__ April'. 


Npi. I . V<~1 vr U»vV l*r*»vIou- 


lt_u.>. 


i-io-e 


Hu-.rm. 
H|. lie 


7 . 5 J 47 .S 


Mav > 46.60-47.58 48.10-47.501 47.25 

June.... 47.3i-46.20 47.28-48.00} 47 JO 
J.v-Sep.: 49.25-43.55 49.I049J6 1 48.60-48.35 


COFFEE 

| wsusr ev 1 / .sss ^ eas; 

I11JS ‘+. 9U. ?+. 7% 4t*r-Jne! 63.-0-63.9S 55.BS-54^ 54.IMSJI5 


UK — Sheep 138.0V per Lg.csuLc.w. <— Xb); 
CB— Pig 62. Op tier i tp.l. w. <+0^i. 
Ensiaud and Vfales— Cattle do’s up 8^5 per 
cent, average pria- 66.54,] f-W0»: Sheep 
nojs dawn 12.6 per cent,, average. Price 
135.PP t-3.5): pi« no's up 6^ per cent, 
average price 62.02? < J-0.fi/ Scotland— 
Cattle no's up 10.0 per cent., .avenge 
price 67.22p 1+1,09.: Sheep M'S down 
26.3 per cent., average price . 138.4s 

CO VENT GARDEN— < Prices ID Sleriiug 
per package except where - otherwise 
stated*— imported Produce: Dnmses— 


This edition was .printed before 
last night’s American commodity 
prices were available. - 


l-K \ I • 


Kill I*' 


l*- r 


r ,,r 




■Ii.. 


£ £ 
311..5 -.3 


£ 

;DS .5 


-«-l 1 


in 1.1 51 1.5 —.5 — 

l rt*'i . -• • 31 

Mnraina. Cash Ctt. |u.rL :t ihrc-t 
mouths lii. ts. Kerb Osh £:i>. 
litre r,:-j!i:hs C.r. .Muruoon; 1 ; :,, n 
Ett&J. three months £115 5. 15. Ki.-h: 
Thro*, mo .11 hi S5I7. ljj. 


L"FFKK 

| \.+lt'T>l«\ '» 

+ ..r | 

Ltii-mew. 

Untie 

; £ ffiTl' ItlM' 

! \ 

Mu i 

i 1433 |<34 

- 10.5' 

1439. 1415 

•< (i • v — 

1:28 i:SS 

t 6.0 

<538 1513 

>i-f.|,i,it«,r...' 

IISG 1169 

—6.0 ; 

1260-1258 

'■n«iil«_ 

1235 1238 

—6.0 ■ 

12:2 1249 

Jiti>'iarv — - 

1129 USD 

+ 21.5 

1215 

llWBl'It 

12 !0 t‘.30 

+ 20.9: 


■ 4 ->- 1 

I20j- IZ50 

» 40.0 

— 


in-Mar. 68.25-^8.55 58J75-bs.40( 58.36 3.73-4.05; Egyptian: Valencia -Dates 2.40: 

Sates: 173 <193. lots of 75 tonnes 'and “g* , £»**>■ 

English Produce; Potatoes Per -56-lb. 

Lettuco— Per 12s 

. Per -28-Ib - 1.50. 

SpresU — Per pound 0.13. Turwtps—Per 
2t»-lb 0.80. Carrots — Per Nr BJ0-L2O. 
Parsnips— Pc-r 2S-Ib 0 . 90 - 1 . 09 .- Otrioos— 
Per ns-n, L 80-2. at. Swedes— Per ta-Sb 
0 45-0 30. 


2 at 5 tonnes. 

Physical closing prices (buyer ( were: 

fJSi SS May 49p <saD,e,; uStff^JSSS. 

SOYABEAN MEAL 


!Yi;.|ei*lat -f- mi 

I ciMiw — , 


UlaMIll.-re 

Hour 


Sales: 1.166 ti.Gfia. lots of 5 tonnes. 

ICO Indicator prices for April 6 OI.S. 
cents per pound <: Colombian Mild Aru- 


£i»'n.4irie 

A tint 123 50-26.0 I26.0d 

J*iiie .. 122 7+23.0 — 0^5 173 6+22 00 

Aliens* 122.4+22 7 —0.25 1.3 0i-12 0 

I <8.0+19.5 + 1J 11s.0a-17.fi0 


btcas 143.90 "IMMi: unwashed Arab leas m— miirr""' I lhAJ . « 'k n*^n i r'oS ikmi 
170.00 .same 1 : otb,-r mild Arablcas ir.JC " , 5^7 0 ZS^ 6 ' 0 6 

1174.64.; Robustas l47_-j ,146.00.. Dally «‘rt. lintfli -0 ~ 

average 161.71 (161.32.. -’1 """-'l! , 1i ' 1 - 


Sales 83 <1331 lots of lOO toanca.” 


ZINC — Lower a iter Imluvnkit odennes 
on a .-.lu ra-tt market for-rard m. tal 
went «io;.n from cn:-i3:i to £369. hat 

picking up on the laic K. rt, after buuk- ARAB ICAS— Again quiet In lack-lustre 

souar:; ig operations Jo close at nixs. eondiflons. By the dose prices were _ 

Thc 0:1 lho *“■« il5- Turn- slightly higher- DSL reports. CfT/^AR 

— cr fa . ■ 00 tonnes. Prices ih» order buyer, seller, charge, J UUrtlx 

1 M.ni. + mi ’ — r ." m — 4 _ ., r business'— April 204. 75-09^0: +2.13: 207.00. LONDON DAILY PRICE for raw sugar 

/.nr : OOciMj — : U ruin'’,., 05.00. June lS0.30-9i.tHi: +1.62: 151.00- noo.00 <09.00* a tonne of for Ami -Hay 

™' M. 00 . Aug. ie+25-a.SO: +3JS: 167.75. stopmenL Khhc stow daily Brice was 

63.30. Oct. 134.0+36.00: +4.00: nQ. Dec. fixed at UDL50 m09.00). 

142.0tM3.00; +L73: 142.00. Pcb. UK.00- Prices were confined within a narrow 
39.0: *15: niL April C2LOO-3S.OO: ■‘-1.73; range througboot the day in very light 


L'osla_ £ 

307.5-8.S -1 
; mi.i'itba... 313.54 —.5 

S'inwi 3QS.S .—1 

Prm. lt>-i — 


303.5-4 -2.75 
309.5 -2.5 


niL Sales: 32 t26; lots of 17,238 lot os. trading conditions, reports C. Czarnlkow. 


29 


Momma: C+sh £707. 7 25 7.5 t h r .- 

inoiuhs I-' J2 5. 7 . U k. rv. Hire- 
morris i”!. L, ■ it. .'.ftvmuon: Ca-.li 


GRAINS 


l rt: 
ili'S 


ni..“:sa ft? 1 : |, u ltl 

Kerb- Thnv ricaih'. tari.J. 


uuolTu:al 

COTTON 

Hong kdng— p in 


f"-r UI'.'Ul. 


LONDON FUTURES iGAFTAV- May 
barley DuctMTCd b. .tween j,o bUber and 
40 tower m lb large-scale commercial 
burin- finding good profii-tuktag and the 
martii-: ..-losed i-awr. Hoy v.-heal alter 
r.-«:ls'.i.-r*rc gains at itrst spent tbe rest of 


I’rcJ. ! 

lYnten toy’ll 

I'reiHuu* j 


Comm. 1 

Close 



C'HIU. 

! 

i 

Cline | 



£ Per ttHiiNr 0 

'lav. ...' tQ3.Z+'jJ.4J IJI.2wl.B0 I-J4.ffi4t2.i5 
Vug.. . It. 7. 70 -7.9' IJb.ajit6.ij I US. B0 7.4a 

day in the d-telruins uikI ctoM weak lv- 1 ’ i 1 !3 ou 14 25 I ti m od I t 5 0 j is'l** 

3(1 mitits tower. V.w crops saw soml w-i, ' a'/y a'uo '*2'L 

h.^ sHting and tower. AeH ilS^fiSKIfitJESS I mIn 

IMPORTED— Wheat: I.WUS No. I 13* llsf - 5 *- 2a - , “ 125.75 2o.o* — 


FINANCIAL TIMES;. 

Apr. 6 • Apr. a Year agn 

8+5.66 jd 3436; B34.69 J 2T> 72 
(Rasa: luiv- I. IS52= loci ', ^ 

■ REUTER'S y-'.' 


1431.0 

11429^ | 1368.4 i , 2732-^ ' 

(tfase: SeptMtilber IS. 11151—1801 

DOW JON£S 

Uow 

April | April ( Muniit 
6 - . ■ S 1 aao • i 

tst:., 

OKU . 

•f* .... 
t-'iiUutal 

36D.SS381.68j485.il 

449.74:449.74^36.15 

435.60 

Maas 

' 

Averaitc iaza.2MX=l«ai ' 


MOODY'S ; 


IGmiIv-'. f A ^‘j 

.April jikmiu 

1 & <«' 

ritsar 

-I'to u «*'*iViLvi906.e;903:w'aML4; 

mw+rtihi! it ..-la^is-iua, . 

Wji-' 



Sayabaan* — Slay 086-887 (682*1. July 

B74J-6761 1670). Aug. 862 663. Sepf. . 6321- 
633. Nov. 6176417, Jan. 625. Mart* 6294, 
May* 834. " . 

Sayabaan Mod— May 173^0-175^0 
< 177.701, July 177J0.177ja (179. SO J, Aug. 
I7OJ0. Sept. 171-00-172.00. Od- 167.00- 
1ST JO. Dec. 168.00. Jan. 1(350-570^0, 
March 172.00-173.06. May 174.00-175,00. . 

Soyabean Oil— May 25.42-23.33 (24^8 1. ' 
July 24.75-34.70 <24.33*. Acts. 24.05. Svol. 
23. IS, Oct. 22.1042.15., Dec. 21.75-21^0, Jan. 
21.70-21.80. March 11.60-ZI.B5. May 21.45- 
'21.35 ... 

Sugar — No. 11: May 7-8S-TJB fT^Bi, July 
M7-S.I8 tiLIfil. SepL 8^34.40, OcL 3.53- 
8.54. Jan. 8.80-9.00. March 9.30. May 9^5- 
9.5L July 9.72-0.76, SepL 990-033. Safe: 

. 4,529. tort. 

TTd — N ot available i4SB.DO-4S5.00 axkedl. 

••Wheat — May 31 W -7191 *31111. July. 

3193-320 132»*. Sept- 332J-322}. DeC.'327J- 
327. March 332. May 3843. 

WINNIPEG. April 6. tfRye— May 11B.M 
bid (11520 bid i. July 112.4Q bid 1112.50 
aifcedt. Ocl m.40 asked, Nov. 1ML0Q. . 
0>K. 108-36 bid. 

-ttOais— May si.GO IS2.T0 wd>. July 79.80 
aded (80.46 bid*. Ocl ISM a-sted. Dec. . 
78.40 bid. 

UBarley— May 81.90 (SS.fiDl, July SL* 
<82-501. act. 81.00 aMced. Dec. 81.50 nom. 

ffFloKSeed— May 245.no bid <344.90*, . 
.July 214.00 (242.30 a-tkedl, Oct. 244.00, 
Not. 244 JW asked. Dec. 244 M asked. 

. sswhaat— SCWRS 13 j per eeuL prntein 
content df Sl Lawrence 166.26 < 167JM). . 

All cents per potuaj ex-ware bo us# 
safes - otherwise stated. ■*» per troy 
ounces— iM ounce lots, f Chicago loose 
Sa per IDO IPs— Dept- of Ag. prices pre- 
vious day. Prime Steam f-oh. NT bulk 
tat* cars. 7 Cents per S6 lb bnsbel e.t- 
-warebouBe, 5.000 bnabe* lots. S to per 
troy ounce for 50 ounce units of 98.9 per 
cent parity ^ delivered NY. u Cents per 
tray OBDca ex-warohouse. fl New “B H 
contract hi S9 a -short ton Cor bulk: lots 
of 109 ' Short tans delivered r.o_b. ears - 
Chicago, Toledo. Sl . Louts . and Alton. 

«• Cedis per a a* bushel to store. 

-ft Cents per 24 lb tmsbeL XX Cents per 
S8~lb bushel ex-warehouse. SS Cents per - 
SB lb bushel er-wonjhoiffle, 1JH0 . bushel 
tots. l» *C per tonne. 


EEC sugar 
export tender 

BRUSSELS, April 5. 
fTHEEBC Cpmmisstoa authorised - 
sales of 35,500 tonnes of white' . 
sugar at. its weekly open market 
export tender to-day, reports 
Reuter. No- raftf- sugar ejfports 
were authorised. - ; Last .week 
export -rehates were granted on 
35,500 tonnes, of whites and 5,<H)0 
' t on nes of raws. 




i- ‘j 


a-: 


i-. 


v 



■s- 

fct- 






; • 


I 


i 



20 


(Lett* JCIlr oO loov Mitti f*'« 
I Imp Com 7 ;pc ggv •, 
i L iiin <3bt. 106:, >(ti 


BRITISH FUNDS 1840) 

1 : <K Anru.tirt 21 rO - — - — — 

hK Bn: sh Trar.snar: ,:K. 1572-35 64 "m® Livcrasst 'Cdyi 15ps 103 r4 4i. 

* 5 *'* b i '» 5 ! 4 v '-■& *“ 1 . 

2 .=. ten*. Stic 22 '»0 2 
4pr Ccfl. Ln. 253 • 

2 Ccn*crs-fln Ln. 3E'iO '(0 ■ I 

S;c Eic'iecuei- Ln 1976 >75 93 'j • -.» 

1 1 E«h«ii:r Ln. 199a 113 ,0 '<C 

•, •, is 

lot Ex'ffeeuer Mir. 19E1 a 


Sk Erchceuer v.n 1953 82 \® ! «5 

* *OC 'exchequer »:k )?S1 971- (6 41 
E <K E*chrqu*?r s:k. 13E3 95'"0 , ',5 

9 4m r - E*: | *tquc 1 ' slk 1922 96', U 3 ■ « 

9 :x £i:nwu<?r Vic. 1921 1000 99' .n 'i 
tovpc E'Cheauer s rk. 1995 30' - •« <0 

90 « 

1C ;p t . E-el-ruuer ilk 1997 91V.O 1:~ 

12',oc Exc&eqwcr slk- 1992 103 » '■ 2 : ‘ » 
12 :Pt Eroheouer stk. 199* 104*« l;., 

,6.41 

1 Z <5C E'thraucr ilk. 1951 105 

13k E*cncqucr i’J. 1920 1C7"-; '« V 

5 •o'. Funding Ln. 1972-BO 3S'< ? * lf • 

5 -p- Fund.ng Ln. 1957-91 68'iC BC 5 


L'trrssal Corn- 2 -', pc 21 l, 
7-', -3 4|. 3>.-p6 168-761 96'iw 

99- 3 4i. q'.pe 99 ; *6 4} 

Mj cVsnr Com. 6 i?£ 39 <4 4) 
M4'£*9s»r 4 pc 311, 13 4. 

M Csri:, CC 5Vpc 95 
Mih::i[Ic-wbi>*Ttw 9Vnc <78-80 
Ner:h*-npiqn Cera. 2p< 99 <3 « 


13;*' 


3 :PC 

S', pc 


This week’s SE dealings 


98 V 


, Friday, April 7 
: Thursday, April 6 


4,971 

5.984 


Wednesday. April 5 4,844 

Tuesday, April 4 5,414 

El *" m«Wiiw MU also the tatost miridirga- dta-lns th« week rf 


Monday, April 3 
Thursday, March 30 


4,839 

-■■■-■> 5404 

any share net dealt hi yesterday. The latter cm be doths „ Isbed hy 


The mmfcer of doaltaas marked in each sealoa Fbllnn the name o/ the 


Nc“>rqn*rt Corp. 8 ‘*k 99-4. WarerARns. . ,, , 

27 .j 41 .the date Ita parantheses). 

S: Jie-eri livsc ioo>, 

SaKsrd Cara. 5:.pc 6 S': i4 4» 

Sews *i Snc-o^sS'” 1 97 v ’ 9UK 97', “■««* «hcrwtec d»o«d shares are B tahy paw'aed u^'HoT ru7£ 

•61'. iSVac 106 <4 4 i | P* 1- - Stack Exchange *c corives are dueled » pounds and freaiee* of peands 

Southwark B',ne 824, 16 4,. gi.se 99 : ■ or In pence and (ructions of pence. H 

1* ’«"«■. 1 ~? ..' ; °nr- ! The ■*“ he,ow S J *» •"’Ices at widcli bargains Kboc by members of 

lirtdV’ard Cera b:-« 89\ 16 4 j j ISf rta ?Vwt. ^M^nbrrr * ire naT nu, S ^* dc ETCb *» e DaU * 

Sjrrr, Ccuntv 6 cr- 95', >3 ai I Omcial List. Hem&era are nM 4MiScd ta mark barsalns. except hi special 

Swanara Carp 5'^c 99>>ia. 9‘orc 97': . 

T»m«i S 1 .M& Bprouph lO-'.gc jf.p.3 932. • Barhams ar Special Prices. A Bargains done with or beiwepn mn-mr-mbers ^ 

Eschaose. + Bara a Ins done (or delayed driinty or no hSyte S mSEZXS , ?. D ,^ wah “«nbers of a recoinae 
SMaiayan: SlIe-SMcxicau: SXZ-SXcor Zealand: 8 S- 5 insapore: SU^Uwied State? W SC_SCan * Laa ' *HK-#lIoa* Kons; SJ-WanuIcam 


490 


5 'i 


too: 100 'Ell. 10 ',pc <X5D Pd.1 SO 

*■ rjj • 

• War» ckstire County 12':pc 104;; 

_ west B-amwieh 5!«pc 95:* '3 4J 
“ Westminster ICrtyl 13 k 107<< *6 4) 
i, ' SHORT DATED BONDS 

FREE OF STAMP DUTY 
'» 9JPC Eds. Res- 100.2440 100.2450 
9 .DC Bds. Rea. loo ..■ 15-S4tK 

9 , PC Bds. Rea. 100>' H (6 '43 
6-.BC Eds. Rea. 120 9 78) 99U;* <3 41 
6-.JK Bfis. Rea. 127 9-78) 99'. ■« *1 „„„ 

6 - .pc BdS. Rea. I* 10.'78 1 99.9050 99.9100 
-.r so- R*u 99.9390 1*9.9429 

7 pc Eds. Reg. 99'»i» 

6 ", pc Bds. Rea. f 22 11.78 ■ 99 U (6 4i 
7: -PC Eds. Rea. 992 

-. -t ktfi. Rea. 09 >• 1 - 

7 <pc Bd»- Rea. 99i*ii. _ 

B'.rc Bd Bds. e8 ‘l5ar <S l2ti.79l 9B.8750 
iW. R e»- 99^16 .54) 

., _ _ 8 pc Bds. Rea. 99* ia :6’4i 

Treasury Ln. 1997 80iO 80 7-',- '+.\™ 

• T'-pcurs-Rea. 2o>3 79 59*i- 

7- .pr8ds.Rea. 4 4179 99'» (3Mi 
I r-,7.-Bd*.RC9. 11 4 79 99' '» 

• 9 --.ocBds.R- 9 . 2613 BO 99:> -4 4 1 

10 *BcBd! Res. 25 3 81 99', i5 4) 


Sac _Fund.no Ln. 1992 65**0 'VO 
6 ir;. Funding Ln. 1985-87 81 : *a 

S--3C Funding sik. 1999-2004 'Reg 

13 '« 

5 -OS Fu-d.ng srtt. 19B2-B4 87 'i«9 
7U 6". 7 i( S', 

5'. PC Treisury Ln. 1995-98 64 '.O 
7 '.pc Treasury Ln. 1925-88 C6-'iO 


eases, and tbo list cannot, tharefore. he r egal ded as a csmplute n-m 1 
Prices at Which business has bnn dose. Bagaiti n negnM ht h» nnuiu 
k at bp ta 2-15 p.m. only, but later transactions caa he Included ta 
day's OnctalLte. Nu bdiuttan b a«aDaM^ “ 

■ ■* .R ochas, fay member, ot the paUc. MbrS^^ mS^wSt £2SS £ 

^ 008 tan, * U ” ***”*■ ««rit» 

A B attains done previous day. i&wiu dora woh members erf a recoantaed stock 

SMa— 


Union Discount London 294. 
Win trust >23p) 62 <6J4) 


New 295 


BREWERIES (147) 

Allied JWwerics_ (25oj 88':0 7 


5-3 PC PI. 47t. 7 ijpcPf. 641. SdcDB 
I6.4J. 3',pcDb. 410 4>_pcDb. 


• o *»e 


7‘ip; Treasury Ln 2012-15 71 
Joe Treasury Ln. 2002-06 72': 's '• 
8 : *pr Treasury Ln. 1987-90 BS 1 ., "■ 

“l ^ '< *|lt 

8 -oc Treasury Ln. 1980.82 97**0 '<•.« 

6 ’. "» "i- 

E .- tic Treasury Ln. T 934- 06 34 .0 ■» 
8 ;’pc" 

5'* 


9b'. Treasury Ln. 1994 B6'‘i*0 
-« 6 5:0 .- 

9pc Treasury Ln. 1992-96 82'* 2 . 

9 ac Trenury Ln. 1933 86‘iO ", 

1 2 pc Tr-isury Ln 1923 107 jO _• 
12 ':pc Treasury Ln. 1993 106:: 5', 
12',K Treasury In. 1E92 107"*0 '* 
1Q',PC Treasury Ln. 1995 !04:,:O 


PUBLIC BOARDS (39) 

FREE OF STAMP DUTY 



45: .. .. 

1975-80 90 
730. 5',bc 

1984-89 691, . _ ___ 

63*, i34>. 7<,pcDb. 69>,0 9 
Ln. 54 14 4). 7'jpcLn. 65 - 
Amalflamated Distilled Prods lion) 380 
Bass Chanrlngtpn I25P) 155<*0 6 5 7. 

3l*ocDb 1977-79 93':. 3>,PcDb. 1987-92 
47 r6.4). BCpcDb. 1977-79 97-', •« 
(6 4). BUpcDb. 1987-92 750. 4: : pCLn. 

45. -. 7 Vpclfl. 65 

Bass Oiarrlngton Brewers fipcLn. 63. 

7'-ACLn. 62*, <34l 
Be I haven Brewery <25p) 42 
Bell rA.) (50p) 232 30 
■oddingtons Breweries r25p) 1 50 
Border Breweries (Wrexham) (25p) 76 
Brawn (M.) (2 5p) 110 (3'4) 

Buckley'S Brewery l 2 Sp) 43 
Buimer ,K.P.< Holdings <25pi 14BTO S 0 <p 
VO. 9<rPCP1. 1T1;:o 
Burt on wood Brewery (Forshawsi I 2 SP) 1 40 
16 4) 

City of London Brewery Pld. Ord. 1441; 

■ 5 41. DM. SU. 125a) 55. BpClStPf. 

46. 6 PCNon-Cum 2 ndPf. 401 
1 Holdings |2SP' 126 

7l*ac2ndOb. 71 >, 14 4). 8 oc 2 nd 
■ >, 21 *. 6 ’aOCLn. 54 ■* (3 4) 
Brewery (Holdings) I25nl 900 

890 



Appleyard Grp. t 25 pl 83 1. 

Aquascutum a ( 5 p) 330 

IA.) (Higgs.) <lQo) 36 (4 4) 
“«»*■ Bldgs. (2 bo) 113 16.4) 
CrD - fZSo) 640 Ij 
MOlliuuy Eoulpmcnt ( 10 s) 60 
-.v — .*.**. , Ash* jJCey J25pi 11220 J*ifi'4) 

I (3jri. 4,,BcEb. 1979-84 ,A'S3Clal-n Blsroit Manufact - 20 s' 79 B5 
eOhfc./h'J IS 4) 6 *,K»>. | 2|L J L 6 - 4 )- T\»cDb. 72<7 c5 4>. 6 'yicLn. 

1 , (S/41. 6',pcDb. 1987-92 850.8 

— - - u 7'SKl Publishers <20pi 192. 

Foods rsp) 59. 6 : : ocDb. 
ZoiVlSp- 23- 7-:PcLn. 19B7- 

* 32*25 M D * lrle * <ZSp ) 2550 28 t 7 8 

AjgRfidTM E Metrical lads. 6 ocDb. Bit, 
(6 41. SVpcOb. 68 <6 4) 

raSR' ' 5 * 

141:0 ISM. 6 >,PCDb. 78 '• 

FBJwtrJes >25o) 44 (G4>. 

TtaPCLn. 77 . BVocLiv. 62 i3'4» 

^OU*"** - L * lsure t 5 P» 5 Z ':0 20 - 7 ';pcLn. 

aSSJSS NCTfioapers Grp. t 2 Sp) 1450 7 
Assoc iated Paper tads. i25p< 47':. 

CW- 11 ^ 0 . 5':pcPf. 38 

(3 4). 9'ipcLn. 99 16 4} 

Portland Cement Manufact. 
1 *}® 35 ® 70 40 39 . S'tPcDb. 47 V. 
Goc D b .67 « 4 < 4 L 7 pcDb. 67 . BpcDb. 

lOUpcDb. 84 i;. E'.pcLn. 451 ; 

A “«‘atfd Television Coran. i 25 p 
ISO 14V 15': 12 14 

Associated Tooling inds. (25 p1 26-',0 7o 


3 pc Treasury Stk. 1982 85 ; *» "l« « 

3: ; dc Treasury stk. 1977-80 (Reg.) 93-i»0 


233. 4acDb. 70': 



FOREIGN CORPS. (— ) 

REGISTERED AND INSCRIBED STOCKS j ^“^IJ* 91 ,A '' ,25pl ,74 ' ’OPCU). 83*, 

.c «, " -- -- 39 

2Sp> 87 

__ _ 300 (6/4 

B i-pc Treasury stk. 1982 SS’.s •* •* j 1^4 

9 -pc Treasury stk. 1983 98'*inO 9»s 8 , ■ NhOdMi?S«: SO (3 4 ». "Spc 1978- 

9 !pc .Treasury stk. I960 100'. 1 ««>V i 90 ( 3 , 41. 

B3'i<4 4i 

Sllrn Rhodesia 2 'jpc ' S|- • 

1980-85 Mb 134). 4PC72I3 4I. Jjfg: • Tomatin 'Gists'. (26p) 102>:O 20 1 
Icscnbeo 60 {5 4J. a-tccS'-k. 72 VO | vaux Breweries (25pi 107. 6<»cAPf. 54 

16 4). Do. 1987-92 570 (6.4). 5 

£a*i EO (3 4) 

FOREIGN STOCKS (3) 

Bahia SocFurding Bds. 1915 85 <3 4) 

?raland Me» ***+ 

Japan 6pc SUB Ln. 83-B8 82 j6/4i. 


g 'epe Treasury Mk 19SI 100’>i*O l« '»0 
TOO'* I'm 5S64ths "i. 
lOp: Treasury s!V 1992 90'wO 'U ** 
90 's '• »■ 89"i* V 90 : 

10 ;pc Treasury sik. 197B IOI'ki 
10:;pc Treasury stk. 1979 102'r* '• *» 
lO'-DC Treasury itk. 1999 92 1'. £l* 

11 '.sc Treasury stk. 1979 103': 
il'-p: Treasury s;k. 19£1 l04'*«:O '■ 

1*1 '.pc Treasury stk. 7 991 I02*a U 

1 2tK Treasury stk. 1995 102 VO J i* -'a 

t; I, 

line Treasury stk. 1990 110', 

1 4 PC Treasury slk. 1952 1 1 ) l 'w# 

9 pc TrensurvCny.Kfc. 1930 lOOVO S *t 

Variable Rate Treas. Stk. 1931 <6.1321iK' 
96': (■& 41 

3 pc Wir Loan 35 ",0 "■ ? « ''i* *, 'i* 


6 pc 1978-81 


3 PC 61 :« 
<£- 41. Do. 


Marston Thomason Evershed <25 p> 580 

bao >6'4> 

Morland 454 i4.'4< 

Scottish Newcastle Brews. > 20 o< 640 
5. GncIstDb. 67':- S'aPClstOb. 830. 
7UPC1S1DD. 68 '^fa 

S. African Brows. fR 0 . 20 > 730. 6 .ZpcPf. 
*R2< 410 16.4 


| Russian 5 »cLn. 1906' CWith New ' Coup.' 
! Gtotawrken I'ikCWM). due 1S'1.85 
I Porto Alegre Sue Gold Bds. 99 i6'4) 


1130 


I6'4l 

Astra Industrial Grp. (TOoi 20 16 4) 
A ^ l « ( ^H«iory) <2 Sp) S3 (3 4). 5< : pcPf. 

Audiotronlc Hides. flOpl 31o 
Ault. Wlbora >25p> 31 29'- <4 '4 

HlctaS. <25pi 98. BocP* 88 l4'4i 
Austin (F.) <Leyton (10o) 12<- «4 4t 
Austin (James) Steel nidus. (25ni 115 114 
A 9?. D e* a,ed S<curltY (Hldgs.) (10P) 58>0 
Automotive Products (25s) 112‘:. 6':ocPf. 

Avana Gra. (5m 321, 1>, 

Averys i25m 1440 4 
Avon Rubber 195 

Ayrshire Metal Products (25p) 46 i3 4) 

BAT Industries t25m 305:0 70 4 5 300 
| |- 6 Do. Dfd. 261^ 60rei 20 60 56! 

BBA I25pt 49 
BCA (20oi 1200 

B'CC (SOo) 1 12<iO 160 10:0 no 11 9 
i?' « ® p E Pf - S3 ca/41. 7p<0b. 730. 

7'«pcOb. 70'? 69 

BOC Inter. I25ai 69>a 9 B<- Z.BpcPt. 33 
<6'4I. 6 ‘,peDb. 72.',. SpcOb. I9B8 90':0 
16.4). Do. 1990 861,16 
BPB Industries (SQoi 2160 170 190 21 4. 
lO-'.DCDb. 89. 7>,pcLn. 130 

" - Do. NV B 


S'tPCGrd.srk 1976-79 | 
'a ■,. 4 i,ecGtd.Stk. 


U.K. & COMMONWEALTH 
RLW*Y. (— ) 


Canadian Pacific. 4pcDb. 35 >« 


British Electricity 
95 '-O '> ,0 '■ ''i, 

1974-79 95', •*- - - - . 

Bru.sh Gas SacGtd.stk. 1990-95 47>,0 7 I Central London 41 

North ‘of Scotland Hvdra-ElKtric Board N. • BANKS (167) 

WW WflS"^. 440 33 (6d> 

KCT'kwi^ Ireland 6':<rc E<eh-quer srt j Arbalhncl H z??| , ind S Banking Grp- 

1979-80 89:- '5/41. 7oc 82-84 E2 f4 4< I Australia, ^and^ New Zealand Banning w 

!k Rtdtmption stk. 19S6-96 4fi ',0 


In". BarV fer f.nn v*d Dev. F"! ol Stamp 
Duty 5 PC 1977-82 B3 •: <4 4. 

CORPORATIONS (59) 

FREE OF STAMP DUTY 
London CC 3 pc >in or alt. 1920/ 24>;0. 
Sac IB0-B3I 111,. 5':pc >77-811 89. 

5< pc < 82- 94 1 80>,. 5 <:PC 185-87* 73 •«<# 

4 6p: <76-791 96>* i4[4). 6‘apc <88-901 

Corn‘ ol London 5<<pc <76-79< 94 < : (4/41. 
6< ; pt >75-78/ 99-10- 6<;pc >80-821 86': 
7. gi.pr <84-651 94'.. 1 3<<pc <1953) 

1 I4<;0 

Greater London 6 ‘idc 190-92) 67', 8',. 
9<. pc >1980) 9S-'*0 1* . 9 <:pc >B0-82) 

971- >- 9a*, >4/4i. 12<:PC <19821 105<>. 

1 2':DC -19831 107 -**•. 15'iDC <19841 

109 <3/4i 

Aberdeen Corp. 3pc >65-851 67 <6/4i 
Arr CC 6 <:pc >76-791 97’* *4/4) 

Bain >Cif. of < 1 1 '.pc >1985> 100': <4i4l 
Belfast City Council B<:pc <77-BD< 91’: 
Birmingham Carp. 3 PC >1902' -In or atL 
19X21 23 i3J4r. 7 ‘.pc <80-821 9T<- 

•6>4i 9<>pc <79-81) 97': 

Birmingham^ OiSL Council 13oc H9B3) 

Biotic* Corp 7 DC ,77-791 98 <: '6l4| 
Brighton Corp. 6<:PC <76-791 97'; 

Bristol iC.ry of, i3*,oc <19B1< 108 '6141 
Bristol Corp. 7*,pC '79-Blr 93 >3/41 
Cardiff City Council llsc <19B6l 99*« 
100', 

Cardiff Cora, tpc <79-821 88 <: 

Dunbarton CC 9<:oc <79-81) 97<: U >6/4) 
Glasgow Cero. 9<>PC <B0-B2l 96i; •« 
Gloucestershire CC 9 '.pc <79-8 1» 96': 
6/4i 

Grampian Regional Council 10 Vac <1985< 

Greenwich Corp. 6*,pc <76-781 99*. «6f4l 
Hammersmith Corp. 9<*pe <76-79) 100': 

riamoshirc CC 9'^K <78-79) 100 <6/4) 
Hertfordshire CC S',pc <78-801 92V® <6/4j. 

5<-pc <82-84/ BOV® 80 
Hull Corp. 5 ‘me I7S-78) 99” in <5/4) 
Isllnqion Corp. lOpc <BZ-83> 97V 

n<?oc >1982) 199V* >6/4) 

Kensington Chelsea 11.*,pc 101V® \ <? 

•6 4) 

K*nl County 5'-pc 99'i* *» <5 4). 9>d>c 

9B : : *6 41 

Lanarkshire 5':pc 97 6 pc 91 1, 


. !AI ) 243 5 
Bank of Ireland 347 
Bank of Montreal ISC2) 13. 

Bank New Sooth Wales (Lon. Reg-} (SA2) 

Bank ’ of Scotland (Governor) 272® 8 ® 

3 2 r *: 6 (6 4) 

Bancue Canadianne Nationale 340:® 1® 
39® 40 2 5 I 38 40: 

Barclays Bank 70 V _ 

Brawn Shipley HldgS. 210 (5 4) 

Cart. Imperial CC2) 1 B<i* "in <3. 41 
Can. imp. Bank Commerce tSC 2 ) 18'<« *io 

Citer > Ryder 233 (4 4) 

Citicarps HUS20' 15V (4 4) 
a/«e Discount Hldgs. (20P) 71® 2/5 4) 
Ccmmercial Bank Australia (!A 1 ) 203 

Do. Shs. HAD 128® , 

Gerrard and National Discount <25P) 160 
<6 4) 

Gibbs <A. < Hldgs- <250) 37® ■« <6 4) 
Gr.ndlars Hides. <25p> 104 3 5 4>: 
Guinness Peat Gp. <25o> 221® 

Harnbros Shares r25p< 175®. 7scUnsec.Ln. 
70 V >3 4) 

Hill Samuel roup (25pl 88*<«9 90 90®. 
W rents, to sub. (or Ord. 5 <6.4<. 8 pc 
Unsec.Ln. 66 >: <6.'4< 

Hongkong and Shanghai Banking Can. 
<^HK2-50> SUS3.25':® 253 3 1 : 2 

'US3 .27 n2 50 B 
Joseph IL.i Hldgs. 155 
Keyser lillmann Hldgs- <25 pi 41 l6'4l 
Klein wort Benson Lonsdale <25p, 94 3 
Llovds Bank 272 5. 7':ocUnsec.Ln. 91 2'j 
Lombard North Central 5jjc2ndPf. 40 
Mfrs- Hanover Con. <JUS7 501 24® <6.41 
Mercury Securities I25 pi 120® 

Midland Bank 365m 570 60 I 4 5. 10 ', 0 c 
Unsec.Ln. BO. 7';pcUnsecLn. 81® 3 2 
Minster Assets (25PI 57«= (5 4i 
National Commercial Bkg. Grp. <25 p> 
72 : : ® 1':l ! I 

National Bank Australasia <Lon. Reg.) 
fSAI I 212 

National Westminster 274® 2: 8.5 7 3. 
Warrants 93. 7pcPf. 61® 1 . B’.pe 
Sub.Uns.Ln. 95':- 9pcSub Uns.Ln. 82V 
Royal Bank Canada <SC 2 i 19 '' ,3 i; 
Schrader, 375 70. 6 :;DCUns.Ln. 75‘* a 1 
<4;4) 

Standard Chartered 407® 7 3 5. 13':pc 

Sub.Uns.Ln. 1050 
/oron to- Dominion iSCI ' 12"r* 


5 41 

Watney Mann Truman Hldgs. 6 VprDb. 

S5V®. 7ocOb. 67';. 5>.'PCLn. 38 i6.'4i. 

7VocLn. 62V®. 8 <iPcLn. 58 '6-4, r — — ■ — 

Whitbread A <25p< 88 <;. 6«c3rdPt. SO BPJ* A (25p< 53® 3 (6.4/. 
<6 41. 7nc3rdPf. 60 f 3 4 1 . 7pcOb. 67 l _52'i® 

>4 4|. 7 VDCDb. 73*a- ‘34). 7 VpcLn . 1 

60V V <5 4i. 10 <:pcLn. 88 ®. llpcLn. 

135 

Whitbread Invest. (2So) 81 SO <6 4< 

Wolverhampton Dudley Breweries <25o 
192® >6I4< 

Young Brewery A <50o> 170 <6 4< 


C4NALS & DOCKS 

Bristol Channel ■ TOoi 6 

Manchester Ship Canal 207®. 5-VpcDb. 

Mersey Docks Harbour 20t 19. 3VocDb. 
1974-84 611, 3 VpcDb. 1979-89 38. 

31 -otDb. 39 >: (4/4 >. 5*,pcDb. 72': <4i4l. 
fiVpcDb. 460 <6/41 

COaiMERQAL 12,725) 

A— B 

A. A. H- I25pi 950 4® 6 >:® 7 (6 41. 
6 pc PI. 46 (3,4i 

AB Electronic Products i25p< 90 

ACE Machinery iHidgs.l > 2 So) 114 

AD Internauonal 9pcUnsec.Ln. 74 <3.4< 

AG 8 Research < 1 0 p) 99 

APV Hldgs. tSOpi 203 I6<4*. 5.25pePt. 

58®. 1 0 *,pcUnsec.Ln. 147 (6/4) 

AVP Properties 7Voc1stDb. 76 ,4:4J 
Aa reason Bros. HOp) 68 ':® li, <6 4> 

A be ream Invests. <.R0.30< 90 <6 4) 
Aberdeen Construction Group <25o' BS® 
<6'4I 

A berth aw and Bristol Channel Portland 
Cement (25p> 150® 

Acrow <2Spl 111. Nan-vtg. A <25o) 
84® 4. flpcPt/y. Cmr .Unsec.Ln. 1992-2002 

Adams and Gibbon >25p) 76 (4, '41 
Adda Intnl. HOm 33 
Adwest (25pi £4SS. 1 0<: pc Unsec.Ln. 156 
• 4'4t 

Aeronautical and Gen. Instruments i25p) 
59 <4 II 

African Lakes Con. 310 is 4) 

Alriix Industries <20p) 50 <6 4>. Wrrnts. 
to sub. for Ord. 7': <5/4i. 7':pcUnsec.Ln. 
63': <4'4< 

Albion I20PI 16 <5.'4) 

Albright and Wilson <2Sp) 108® IS® 10': 

9. SpeRf- «0‘; <B.'4i. BpcQb. 75V 
Alcan Aluminium iU.K.i lai^rcGtd.Lrv 
B9 V. 9ocLn. 1521;® 2 
Alexander, Hldns. (Sp* 18® 17. New (Sp) 
17«z® 18 ®. A iRest.rtg.i <5 p) 17'?® 
Allen >E.I Balfour <25 p) 56*. 7b 6 <6 4j 
Allen (W. G.) Sons rTIpton) (2Sp) 36; 
Allied Colloids Gra. (IDp) 51® 4 
Allied insulators (2Sp) 650 7 'a 
Allied Polymer Grp- lOpcln. 86 '■ (3.4) 
Allied Retailers tIOpi 206'?® 9 
Allied Suppliers 6 pcLn. 64 ts 4) 

Allied T entile Cos. C25 p) 142 (5 4) 

Alpine Hldgs. (So) 49® 

Alpine Sort Drinks < 10 p) 116 (5 4) 
Amalg. Indust. 10 .Eac 2 ndPI. 92 'j >44/4) 
Amalg. Metal Cora. 295 
Amalg. Power Engin. <2Sp) 114® 13>it® 
14 16 15 (64< 

Amber Dav Hldgs. (I Op) 35® 

Anderson Strathclyde !25o) 49l« (4'4) 
Anglia Television Grp. A N.V. (2Sp) 74 
Anglo-American Asphalt <25o) S7 
AnglOLSwiss Hldgs. (ZSo) 36 


BSG Inter. IIOp) All- 2 IV ifili. 12 <;pc 
Ln. 102<; 3 *• 

BSR >10p< 93<>® SO 90® 4 3 
BTR <25p> 252 50 
Babcock Will 

16 . 6pcDb. 

Bailey Construction (IOPi 15 16 4 
Bailey iC. H.l <l 0 c 6 
Baird 153 <B/4) 

Baker Perkins I50o< 93® 3 >6 41 
Bakers Household Stores , 10 si 23 <4 4r 
Bambergers (25p> 47 <;® 7 <6 4, 

Bam/ords (20n< 43 13/41 
Bank Brldpe «5p< 3 VO *, 

Banro Cons. Industries (20p< 60 <3 4*. 
Barnet I25D) 26': S >6'4i 
Barker Dobson (IOp) 11 *, <6 41. 6 vpcLn. 

46 <3/41 

Barlow Rand <R0.10> SUS 2 .E 1 

Barratt Develooments IIOpi 111 12 i5.4i. 

Do. New 111®. SVpcLn. 68 '- 
ojnTow Hepburn C25p) 34 2V (6 4i. 12 dc 
L n. 85 

Barton i25o) 55'?® h 

Bassett (25 p1 146® 9 

Bath Portland <25p> 670 )G'4i 

Batlms Yorkshire (lOpi 52 l 6 4 >. lOpcPi. 

102<: 13.4' 

Beales <20p) 52 (3/41 
Beazer C. H.i (Hldgs.) <T0ei 54 <4 4) 
Beckman (A.i TOoi 64 ‘4 41 
Beet ham Group >2Sai 645 ® 7® 5: 50 43 
J,*- S 4i «. 6pein. 81V <5 4 ■. 6VpcLn. 

Be/am Group nool 62® 3 
Be« Canada <SC26) 36*i»; 6 Ji 
BeMair Co? met ICS '1 Op) IB S4< 
flemrose Corp. f25w 65 -6 41 
Benford Concrete Machinery fldoi 54 i *4 «■ 
flenlox Hides -20p, 21 >54< 

“•"son's Hosiery (Hldgs.) llpcLn. SB) 


Central Sheecwood (So) 51 0 SO'a 1>i ) i C« Eng.neeriog iRaddiffe) Cl Op) 19 20 i* 


| lSM) « g 

<10o> 68 ^: *6 . 4) j Geaeral Motor, Coran. >SUSlji 47 v ( 6 / 4 ) 

t6.4). 1 ToePf. IDS ' Gestetner Hldgs. A * 2 Sp) 176 * 

,, „ ' G.bbons Dudtar t2Sm 6 »krfD 8 ® (Ei«i 

i)46.7 <6 4> i Gibbons (Stanley) Iml raoi imm 1 


Central Manufacturing nop) 68 - <6 4) 

Cmtreway <50p) 216 " 

Safes sspS^fto 7 16 41 i EriEif&BEP 1 
C ffilHr i 1B:J l5 *'' « 

Channel Tunnel Invest. >5o) 58® 60 ( 6 ' 4 ) ' **— - -- -- 

Chamngtans SpcLn. 53>x (6 4) 

CMortde Grp. r25a) 96 
Chrisdes Int. (IOp) 93 I'-J >* 

Christie- Tyler nool 72 <6 4) 

Christy Bros- >25p< 38V® > 2 ® 

Chubb Son <20 p) 12S 30 
Church >25 p) 160® r6.4) 

City Hotels Gro. ( 20 o> 100 ( 6 ’4) 

Clarke (Clement Hldgs.) f 2 Sp) 60® 89 

(6‘4r 

Clay (Richard] r25p) 68 14 4i 

Clittord (Charles] Inds. Bit® <6 4 ) 

Clifford’s Dairies <25p) 49 (5 4) 1 Goroon CL1 Grp. (IOP* 17 ( 4 - 4 ) 

Coats Patons (25a) 73>® 4 Z s. 4: ; pc 
Ln. 37>:. 6*(OCLn. 54 1 . S<: 5 «'4>. 

7'ipCLn. 650 >6 4) 

Cock sedge midas.) (25o< 75 (3 4) 

Cole iR. H.i (25p) 113 >6 41 


Colgate Paimdlv* tSUSD 1550 (4>4) 
Cojfett Dickenson Pearce Inti. (IOP) 60® 

Co Hi ns (Wm.i Sons (Hldgs.) A Non-vtg. 
>Z5pi 128 

Col more Invests. CISC) 35 *3 4) 

Com ben Grp. «10p) 31 <6 4) 

Combined English Stores Grp I12i«pi 85. 
S-VocLn. 75 14 41 

Comet Radiovislcn Services (Sp] 112t® 
15® 14 15 (6 4) 

CompAir (2So) 98- 6:.'. New r25oi 95*,® 
Concentric 'IDpr 39!- 41 39 <4 4i 
Cooper (Frederick) iHidgs.) 11 Op) 18 <4.*4) 
Cooper Industries HOp) 18 V® 

Coon Allman Intnl. <5o) S9. 7>:pcU<». 

Ln. 78: '« (6/4) 

Cope Sportswear <1 Op) 84 
Cop yd ex >10p) 27';® 

Corah (25p) 3V? 

Coral Leisure Grp. (IOp) 117® 21 18 19 
17 20. New IIOp) 116 15 14 17 
Camel/ Dresses (Sp) 11 i5;c) 

Comercroft >Z0 p) 55'-® 60 
CoMIt i2Sp) 77 * 1 * >6/4) 

Css tain 1 Richard) <Z5c) 260® 20 59 7 
Courtaulds (25 b) 115® 1410 IS ?® 15 

16 >: 17. 7ocDb. 74); V. 7VpeDb. 69 


?ir 7 „ (ujw x d . 

cm Duflus Gra. (2SPIJ128 9 7<« 6 

Giltsoor 'IDp 1 54 S® SO 31* , - ■ • ■ 

Glass Metal Hldgs. (IO 01 70 
£ Sf?- 6!i3cLn - ‘500* 29*s 
Glaxo Hides. (SOp) 530 A 7l- pr i > , 1 T7 * 
C (6!4? B lM ’ J,> (Cootraetorsi (IOp) 46 

ay'nwrt <25») 111>a®13® 12. TOVpcUos. 

Ln. 85. GpcUnsXn- 72 (j® 1 5 4 J 
Gcddberg 1 A .1 Sons tZni 650 
GotOnS Foucard Son (25p> 44®' 4 
- Gomwe Hldgs. i25p) 81 (6.'4| . 

! £22^, (6/4) 

22!,- 14 A) Hldgs. " «25p) 

Gougft res. 12001 46 (5.'dl ' 

Gough C eraser (20p) 850 
Grampian Hldgs. (Z5p) 51 2 
GrampUn THev. N.V. A Cl Op) 39 1® 4nn 
Granada Gra. A <25p) 95® 5 I: 4V 3 ° 

Ord. Met. .sop) 1 07® '?» 456 « too: 
4=: 5>;. War. 121 ;. 4VPC«. 37 -So^f 

lOpcLnf 87 6 ‘ 9W>CUr - M “‘'J- 

Grattan Warehs- 05 pi 118® 21® -2CF1 
Gl-OnSj Sores (25p< 300 (5'4). A(25p) 
294 89t 91 88 90 3 87: 6. 

Urrs.Lil. 40';® 8 UpcUnsXJf. 71‘ lET 
C 1 t 03® SU>r “ ,R0 - 50 ’ ’<>««>- A i,«1.50) 

Grabk Inds. Hldgs. (IOp) 56<i iS'Al “• 

Gnrfkeld. MiDets (IOp) 46 
Green s Economise- Gra i2Spi 77 < 4 '41 
Grasham Inds. (R0J5I 62 (3 4) - 

Grippe rrads Kldos.. IOp) *3 3.41 
O-P. Lotas Car Co. Cl Op) 32® 3 2 (6'4I 
Gu«t. Km/i Nett. 276*® 81® 68.0 32 c 
.ri 80.77 6 81 78. 6VpcUns.Ln. 83' 

Gaurr (A) 84V V (»4* - • • 

H.A.T. Group (IOp) 32V <fi'4) ., . 

H.T.V ._Gra up (25p) 1 19y 
Hajlt Prec. I5p> 34 14 / 4 ) . 

Haden Carriers (25p/ 99<- S7 

(JohnJ *10p) 104 S 3 (6y4 )‘ 


Fmanciaf Times . Skllir^ April $ i 979 

R«k OrsanisaHon QSpi 7444 


BVpcLrl. 641* - 7)29601, 


9. 49 (34) 

83® (6,4) , 

MF| Furatture Centres (low 69 • 

M.K. Electric HoKUngs <25p> 171- 70 
M. L. HOldiflU C25p) 36- 
M. Y. Dart < 10 o) 69 • 

Mhim i Landed > 74 iKLa. 51 <S*4) . . 
MacarUryS Pnarmaoeutbats , SpOM, . 48)4 
- 1341 

MeC/cery L'Amie GraHp l25p) 10>u (8/4) 
Mccarquodale 3 VpcDb. 561:® . . 

Macfzrune. Group 1 Clansman) ( 2 Sp) 60 

Mac£av iHooh) CZSp* « _ 

M U( actinia Bras. (25p» 92® 

Mackinnon of Scotland I25p] 43 
Mackintosh (Jonn) and Sons BVpcFT 

k*5li| 6 t| 4 Gn»iip (2501 57® ' ’ 

Macohenon < Donald) Group <25p] 60 
,2V (6/4). 7 VpcLn. 61 «a (SW 
Magnet and Southerns <25pi ISO 
Matdn <J. and J.) Paper Mins <Z5P) 75 
Mauinson-Denny (ZSp) 44 ij 5 (54) 

4 aacPf 44 V® 

Mancheste Garages (lOa)-ZSte 5. 5pcPf. 

Mndes^’iTHdgs.) CtSul 97® B TU 9. 
Manganese Bronte Hides. (2Sp) 91®. .8 Vpc 
Pf- 61 <, (5 4 ) 

Mann Egwten TbscP/. 58 U>4)i SpcU. 

Maple (Hldgs.) (IOp) T 6 <i_ lObucLn 

Marchwle/ Hldgs.' (25P)' 2900. 89^ W* 
91 84 9 

Marks and Spencer (2SP) 149 < 2 ® 7 9 
7h 6 . 7DCri. 63*: 

Etancy (ZSp) 80*8 2 1. 6 bPCPf. 50 <2 

hWfing Inds. (IOp) 17*: (S>4).. 
Marshall Cavendish (IOp) 51® 2 V 
Marsh*! I (Thomas) (LoxJey) i25P) 48 (4(4) 
Go. A (25p) 47 (6,4) 

Marshalls (Halifax) (25p) '97. TV 

71 4 4) 

Marshall's Universal (ZSp) 162 58 
Martin (Albert) Hldgs. (20 pi 84 
Martin-Black (25P) 49® 50 
M|rOn The Newsagent C25p> -245®-- 52 

Martonair intnl. (20P) 1 4« (5.4) 

Mwey- Ferguson (npv) 720 (4 4) 
Matthews (Bernard) < 2 Sp) 1 SS (3(4) 

May and Hassell <25o> Bo® i 60 ( 6 / 4 ) 
Maynards C25n) 129® - 1 

Mean Bros. Hldgs (25p, 24^ 5 
Mecca 7pc1stDb. 7t><j (5/4) 

Mnhrtlta Dundas Whitson (25p) 39V 

Mentmore Mnltrno^ (Spi 11 <» f«< 4 J 
.Meades (John) (HldasJ (25p) 156® <6 4 ) 
.New (25P) 157® SIT 9pcPI. 103 

- -- 6 ocLn.. 90, 


, 7VPCD8, 


S'spcUnS.Ln. 49 :;:® 9 ; 50. . 6 '-roc I HaHEnoo 1 icn 1 
UhSJji. 56>. 7'iPCJns-Ln. 60 ;. 7Vpc I 76V4 “"a/* 1 * ,50I1, 93 ®- ' T^PCUl. 

lourtauld^ 1 Kn'iOnrar 7'?pcCum.Prf. 54 /- ! ^WJiew.^Sp) 196 (4. 4) 


Courtaulds 
>314} 

Courts 1 Furnishers) <25p) 83 <3I4). Non.V. 

A <25pl 83V <3141 
Cowan do Grot* ilOpi 62 >6.4J 
Cowlc <T.) i5p) 40 
C rad ley Printing 1 IO 0 ) 160 
Cray Electronics nop) 24® 4 ,6:4) 

Crean 1 James) <S0p> 142 i5ia) 

Crest Nicholson <10p1 74 
Croda intnl. HOp) 50® 49 * ;; u; .* M : 
9 8’; 

Cranitc Group (25p) 359 3 


Hallam Sleigh Chest on nODJ 22 V. • 
Halliburton Co. 1 SUS 2 JOi £44 ij®. (s’a) 
Haima (IOp* 56® <; 7>: 16.4) . 

Hanger Imrs. (IOp) 27':® 

Hanson Trust <25 d> 135':® 6 4 5. 6 t-oc 
Ln. 80 >: BO (6 4) - 

Hardy Co. . 1 Furnish**,* A <25p) 281: *30 

Hargreaves Group ( 2 Op' 54 ® 59. 5 '(614) 
1 Harris Sheldon Group (25p) 49® 9 
< Harns (Philip) < 20 p> 66 b 
! Harrison Sons rlSol 64:- *54) 

*’ 252 50 ! Crosbv Spring interior, *100) 77b 16V 17 i Hamson fr. C.) (23 p> 1*00 1- 

Wffcav i25o) f 126 t70 15 17 Cronlev Building Proautts 1 25a) 6 T >3 4) ; Harrisons Crasfldd £7vs 400 p 
*Db. 83 ,® _ I OTc^clS^k MCanSSSSsi <2Do) 89 j »*<«' Machinery Jntl. C 2 Sp) 23. (814) 

Crouch Group >2Sp) 73'- (3/4) 

Crown Hauso ,25p) SO i6/4) ! 

Crvstalate (Hldgs.) <5n) 22: i6>41 
Cullen's Stores <20o) 95. A Non:V. i20d) 

96 4 

Cutter Guard Bridge H'xqs. <25p) 18 (6/4) 

Cummins Ertglre -91 *Z4> 

Currys 1250) 183® <6141 


64 

Bentafls OOP) 29 


■4'4< 


82'; 



F.T.-ACTUARDES SHARE INDICES 



QUARTERLY VALUATION 




The market capitalisation 

of the sub-sections of 

the 

F.T.-Actuaries 

shares indices as at March 31 , 1978 , expressed below in millions of pounds and 

as 

a nprppntaw nf tho AIT-Shar<> Index. Similar fipures are also nrnvided for 

Dec. 30 , 1977 , both before and after the year-end changes. 





EQUITY GROUPS 

IVrlif' 
capita h-Kii.in 

i * 

j MnrLef- 

' capital L-«ili/n 

9f 

i 

Marker, 
capital halloa 

Of 

■) 


& SUB-SECTIONS 

x> at 

March Si. 1976 
<£<«./ 

l i‘t nil 
j fImiy 

xa nf 

. Dec. SO. 1977 

•ham 

unlex 

as at 

Derr. 30 . 1977 
! (£m.| 

J ftare 
[ Judex 

* Figure* ln paremhest'S denote numhor ><i jiorks* 



1 t 


1 

l 

; CAPITAL GOODS GROUP ( 170 ) ... 

8 . 1 BZ .9 

15.09 

1 

8 . 467.3 

i 15.03 

8 . 522.5 

15.13 

2 

.'Building Materials (27) 

1 . 449.2 

2.67 

• 1 , 533.4 

1 2.72 

1 . 598.8 

2.84 

3 

1 Contracting and Construction ( 26 ) ... 

807.5 

1.49 

859.7 

1.52 

859.7 

1.62 

8 

i Electricals ( 15 ) 

2 . 108.2 

| 3.89 

2 , 245.4 

3.99 

2 . 245.4 

3.99 

S 

: Engineering Contractors ( 14 ) 

434.4 

l 0.60 

382.9 

0.68 

— 

— ' 


'Engineering (Heavy) ( 9 ) 

- 

— 

— 

— 

299.2 

0.53 

6 

. Mechanical Engineering ( 71 ) 

2 . 274.6 

4.19 

2 . 349.3 

4.17 

— 

— 


: Engineering (General) ( 67 ) 



— 

— 

2 . 675.0 

4.75 


; Machine and Other Tools (S) 


— 





107.6 

0.19 

8 

' Metals and Metal Forming ( 17 ) 

1 . 109.0 

2.05 

; 1 . 096.6 

1.95 


— 


i Miscellaneous ( 20 ) 

— 

— 

— 

— 

736.8 

1.51 

11 

1 CONSUMER GOODS 
(DURABLES) GROUP ( 52 ) ... 

2 . 399.8 

4.42 

1 

[ 2 . 512.5 

4.46 

2 . 484.6 

4.41 

12 

Lt. Electronics. Radio and TV ( 15 ) ... 

1 . 340.9 


- 1 , 408.2 

2.50 

1 . 408.2 

2.50 

IS 

Household Goods (12) 

204.8 


221.3 

0.39 

221.5 

0.39 

14 

Motors and Distributors ( 25 ) 

854.1 

1.57 

883.0 

1.57 

B 6 S .1 

1.52 

81 

CONSUMER GOODS 
(NON-DURABLES) GROUP ( 176 ) ... 

15 . 143.5 

27.93 

15 . 720.1 

27.91 

15 . 314.5 

27.19 

22 

Breweries ( 14 ) ... 


3.03 

m 1 . 693.3 

3.01 

1 . 693.5 


23 

Wines and Spirits ( 6 ) 

777.8 

1.43 

815.0 

1.45 

815.0 

1.45 

24 

Entertainment and Catering ( 17 ) ... 

1 . 220 .S 

2.25 

1 . 144.7 

2.03 

1 . 144.7 


25 

Food Manufacturing ( 22 ) 

2 . 338.9 

4.32 

2 . 537.5 

4.51 

2 . 537.5 


26 

Food Retailing ( 16 ) 

B 87.7 

1.64 

1 . 020.1 

1.81 

1 . 020.1 

1.81 

32 

Newspapers and Publishing ( 13 ) 

494.8 

0.91 

630.4 

0.94 

630.4 


53 

Packaging and Paper ( 15 ) 

826.2 

1.52 

848.5 

1.51 

443.9 

0.79 

54 

Stores ( 39 ) 

4 . 239.1 

7.82 

4 . 457.1 

7.91 

4 . 457.1 

7.91 

35 

Textiles ( 25 ) 

935.4 

1.73 

940.3 

1.67 

940.3 

1.67 

36 

Tobacco ( 3 ) 

1 . 691.1 

3.12 

1 . 647.1 

2.92 

1 . 647.1 

2.92 

37 

Toys and Games ( 6 ) 

87.4 

0.16 

86.1 

0.15 

86.1 

0 . 1 S 

41 

OTHER GROUPS ( 97 ) 

8 . 507.1 

15.69 

8 . 850.6 

15.72 

9 , 228.9 

16.39 

42 

Chemicals ( 19 ) 

2 . 928.1 

5.40 

3 . 008.2 

5.34 

4 , 913.4 


43 

Pharmaceutical Products ( 7 ) 

1 . 788.0 

3.29 

1 . 909.5 

3.39 



44 

Office Equipment ( 6 > 

588.6 

1.09 

567.3 

1.01 




Shipping ( 10 ) ... ... ... ... 

588.5 

1.08 


1.16 



46 

Miscellaneous (unclassified) ( 55 ) 

2 - 619.0 

4.83 

2 . 715.4 

4.02 | 

5 . 098.0 


■49 

INDUSTRIAL GROUP ( 495 ) 

34 , 233.3 

63.13 

56 . 350.3 

63.12 1 

35 . 550.5 

63.12 

51 

Oils ( 5 ) - ■■■' 

6 . 027 .S 

11.12 

6 . 305.3 

11.19 | 

6 . 305.3 1 

11.29 

69 

500 SHARE INDEX 1 

40 . 861.2 | 

74.26 | 

41 , 855.8 1 74.51 j 

41 , 865.8 1 74.31 


FINANCIAL GROUP ( 100 ) < 

9 . 46 B .2 

17.46 < 

9 778.2 

17.36 

9 . 778.2 

2 , 561.6 


62 
63 ; 

Banks ( 6 ) 

Discount Houses ( 10 ) j 

8 . 569.5 

120.1 

4.74 

0.22 

2 , 661.6 

141.5 

4.66 

0.25 

4 J 5 

64 < 

Hire Purchase ( 5 ) | 

196.7 

0.36 

218.1 

0.39 

218.1 

0.39 

65 

Insurance (Life) ( 10 ) — ' 

1 . 026.3 

1.89 

1 . 036.5 

1.84 

1 . 036 .5 

1.84 

66 

Insurance (Composite/ ( 7 ) ! 

8 . 459.5 

4.54 

2 . 611.2 

4.64 

2 , 611.2 

4.64 

67 , 

Insurance (Brokers) ( 10 ) .: 

778.0 

1.42 

757. z ; 

1.34 

757.8 

1-54 

68 < 

Merchant Banks ( 14 ) 

361.0 

0-67 1 

386.8 j 

0.69 

386.8 

0.69 

69 

Property ( 31 ) 1 

LS 70.3 

2.90 | 

1 . 658.4 

2.94 . 

1 . 658.4 

2.94 

70 • 

Miscellaneous (7) 

389.8 

0.72 1 

407.1 

0.73 1 

407.1 

0.72 

71 

Investment Trusts ( 50 ) 1 

2 . 392.9 | 

4.41 

2 . 634.2 ] 

4 . 6 S 

2 . 634.8 | 

4.68 

81 

Mining Finance ( 4 ) | 

1 , 006.4 J 

1.86 1 

944.1 j 

1.68 > 

944.1 j 

1.68 

91 * 

Overseas Traders (19) 

1 . 097.2 1 

2.02 ! 

1 . 110.0 ' 

1.97 1 

1 . 110.0 • 

1.97 

89 ALL-SHARE INDEX ( 673 ) 1 

64 . 222-9 

100 , 

56 . 322.3 i 

10 Q 1 

56 . 322.3 

lOO 


B-ntlma Inds. <25oi 27*; (4'4< 

Brra-r Jenson. Nicholson lOpcLn. 

” 2 - n ~ °« 

Rertsfords 25p) 56® 

5 ^, 7 S ?£" 5 "« '• s °* 

Bett Bros. <2-3p, 69 6'4i 

'9- F. Hldos.1 Spi IS:.® .6 4, 
B, 6^?< <J ’ 1 ' SOn * 213 *" T 0****cDb. 88® 
R'rtdie Hidns. (2Soi ea, . 

B'lurcaied Eng. 25o, 46 
P.rm.d Qua lea st 2So< 66'- 
Birmlngham M.nt 25p< 67 iJ4» 

B ihcp's stores 2 Sd) 132 
Back (A. Cl ‘25 n, 95 6 
R ^rk. Edningron <S0p: 113® 

B ack Arrow Group ;S0 p< 32® -8'4i 
Black (Peter, Hldgs. «25c, 136 6 0 

Brackman. Conrad (20 d) 16 b (4'4 i 
R arkwcod Honge 25 o< 77 
■ Morton. Sons rH'des-, .25m 

iOOJ *&4i 

5i!2 d * n ' n *n'; 1 ” jH'ffqs. i <2Soi 223 </.4< 
®Jf*J7 s Malleable Casringn l25pJ 51 

K-'k'eys <2-0e< 69 

B ( -Wd Confecttonenr Hldgs. <Z5pi 147 

■Juemel Bros (2Soi 65 -4 4< 
Blurdell-Permoglaze Hlags. 25nl 65® 
Baydman K. O.i Int Soi 11», 

""ffTrOt’ Ixt. <25ui 62 ■ 3'4 , • 

* 38 OI (4 iS} 1 H,e M,M fSo ’ 10 'r- S'-PfLn. 
Bond Stect Fabrics (10pl 33»: (3'4> 

Bonscr Eng'g. ( 20 p) 21 

Booker McConnell isopi 230® 29® 30 3 

8 47^ B <3.4) , " k “ ‘ 25D ’ 203 ,G «3 7pcPf 

I'iEirS: HW 5»: J <ZSp) 51 (6 4i 
Baotn iJohm Sons iBoIron) i25p) 31 (3141 

“2°^ 2220 18 17 16 1* 19 15 

„ 6 «Ln.- 80b. 7*,ocLn. 68 '• 5 ' 

5° ns *50p)..S7 

20'j®* i v”' iaiT "-- ,CfJU ' M HOP) 21b® 

B SJ'*!ff, Co ? ,n - 1M,B 5: * 7 9 8 8 S'-pc 

Pf. 45b >5 41. 7pcLn. 83':® <6/4< * 
g^^^ N |5rr° Und !r d 4!;pcPf. 34 (4*4 < 
B 59M) 0nW H d ° 5 - ,10,, ' 53 ‘S.4I- 7pcLn. 

E '7l4) LeS " e ,10P ' 83 “Ml- 8*>CP(- 44 

JL nl, “« r, es <25p1 66 (3 4) 

Braid Group (5p< 37 ® <6 4t 
B rammer <H.i <20 p 1 120 i4/4) 

Brasway (IOp) 32® <6 ’4) 

Brent Chem.cals Internat. ilOpi 208 (6/4) 
Brent Walker (Sp) 48b 9 

Dmltay (IOp) 35 (4.4) 
Bridgend Processes <Soi 1 1 <? 

*23*13 4? Sp * 9 ‘® 5 ’- 5 ‘ 7ocPr - |5 °R> 
BrjdOOrt-Gundry <Hldgs.) <20pl 34 

Ln 8 . m 5i J b® n i6M"- ,Z£C ' 32, - ,: * 64, ‘ 8flc 

Brlgray Gp. (Sp) 4*,® f 6 ; 4 , 

Britjsh Aluminium 6ocPt. 47':® 1614 ) 
MVa^^S-To^cro SpcPf. 43'?® 
(fm. 60C2ndP/. 51 i5i4>. 7pcLn. 81 

S n 4 , |* h ■nveSBJ 1 0pcLn. 

142® ,4 3 4 lO'tMLn. 86 <>®. 9bpcLn. 

IrtJiJh r ?!? 1 * 1 £* rb O“>*'n« >10p) 20® 16 4| 
2!].*? £. ar Ruction Gp. ■ 1 Qpi 43 1 ? 3 

'©Vm 0rec,,n9 <2Sb ’ 2Go - SpcLn. 52® 

Brit; Elect. Tract. Did. (25 d> 104<-® 7 6 
8 rl*!*h Enkalon <25p< IDb ( 6 ' 4 - 
B 7l2a5 cST* S * or *1 '2Sp! 185® 6 7 4. 
_ 7 P? PI. 601 . SbPcOb. 59. SbpeDb. 67 
Irii? t p »J an ff 'SOpi 25 1 20 
B *-_MC 6ocLn. 42-', IJ. 7>-acLn. 54*- 
Sgf, 1 ’ 8pcLn ' 54 ' : ® 6 '* 4i ‘ 7 VpcLn* 

Brit. Mohair Spinners <25 p> 43® b® 

Hi- ,5 ° di 3 * <4 4, 

YLtW i n ,» i2 ,Spi 48® 6<:« 9b 9 8b. 

■bSC.-. el.j fW* 4 2bcBW - 43 ,3 ' 4, ‘ 

^7 t ■v s^lo 5pc 5 l:^f! c2 6 , ? l .^■6 4 . o 6\: G, ■ t, ■ 7pcDh * 
Brit Steam Specialties Gp. ,20d) 75 <5 41 
Bnt. 5'igar «50o, 115. New ISOPI 115 
5Si' 5^! Bh 2 n '"Homs UOp< 2 

■Ht- Tar Prods. ilOpi 55b <3'4« 

8rfh VHa^(25p| n 83®*3 1 1 1 

Brittains <25pj 24 
Brockhouse (Z5p> 56 <; >S.4» 

Bracks Gro. of Companies (IOp) S9 (5/4) 
Bronx Eng. Hldgs. (iOdi SO® 

*(4/4) Stfeet BBr ** u of Mayfair- (IOPI 66 

Brooke Bond Liebig (250/ 48b SO 48 
Brooke Tool Eng. <Hldgs.) (2Spl 23<a (3/4) 
Brothernood < Peter 1 ,5UP< 735 
Brawn Jackson (20p< 62 <; 3 (6;4) 

Brown Tawse (2Sp> 90 2 (*/*i 

Brown E over 1 Kent (25p< 4g 

Brown Brothers Corporation (IOp) 23b V 

Brown (John) 297® 9 6: 8. 6'jpcDb. 69® 

Brownlee (2 Sp> 53b® 4 

Bruntgns (Mussel burgh 1 (25pi 105® 

Bryant Hldgs. (25pi 51® 3 2 

Bul'tln (A. F.i A. Non.V. iSpi 24b® 4® 

Bund Pulp Paper (25P) 100 (8 41 . 

Burco Dean (25 p) BS 

Burgess Products (Hldgs . 1 (25p< 3B"(6/4<. 

A. Non V. (25o> 38 (S‘4< 

Bumdone In*. (5oi 16<- 16 (6*4) 

Burns Anderson OOpi *nm 
Burrell (Sp) 14. SpcPf. 41 (4/4 1 

Burroughs Machines 5>?pcLn. go <6)4) 

Burton Grp. A.Nbn.V. >50pi 116 15. 

War. to SUB. 1 ANqnv 22!.. TnrLr. 70<: 

W'f. SpcLn. 61 fS'4. ‘ 7pCLJii #u 
Butterfield Harvey (25o> 66 Sb • 


Hanweflj Group (250) 84® .. 

Group 1 25m 199® 6 


Dale Electric Intnl. HOp) 136 8 
□anisn Bacon A Ord. 120 <6/4i 
Da nn 1 mac (Hldgs.) <2bP* 2 t5i4) 

Dartmouth Invests. ISO) 19 
Davies and Metcalfe i10p> 42 3. 

■ Non V.) < 1 Dpi 37 <3/4) , „ 1J „ 

an0 Newman Hldgs. <2Sp> 131 2 {J5SS V? C<^!4) 


Hawker Sidddev Group *25of 199® _ _ 
4 5. 5bacPf. 48 (S'4). 7 VpcDb- 73 

(6.'4) 

Hawkins TlPSOn (25Pl 69 (4.41 
Hawtin <Sp) 9‘, 10V 9b 10 
Hay iNorman) *10 p> 40® 

Helene of London OO 01 16V (4/4) 
rtslical Bar (2Sfl) 23 >3,41 
Henderson (J. W.) I25p) 141 (5/4) 

HerUys < 2 Dn) 117 b (6 4 ) . . - 

Hecworth Ceramic Holdings C 25 p) 77b® 
8b k 

. i-Hcoworth (J.) (IOp) SB® 60 ( 6 > 4 ). 7 pc A 
A ] Pf. 54 b ( 5 ' 4 ). TOpcPf.B (SOp) 39 (S/ 4 ) 
Herbert <A) 4 %Pf. 49 (3 4) 


14(4) 

□avis 'Godfrey) <25 p> 79b <5/41 
□in Intnl. .2501 227 5 
Dawson Intnl. <25 PI 104 B 6 (6/4). 

Non V. i2Spi 106 7 <6/4) 

De La Rue (25pl 285 


, Heron Motor Gra. 1250) 109' (414)-- 
Hesair (25p) 113 (&4J 
_ . Hew den -Stuart Plant (IOp) 57®- 7 - 

0rd - Kerwood williams rsop) 73 (4/4). -8edn. 
I 103 (5 4) 

Hlcking Pentecost '5 Op) 83 


Dc Vert Hotels and Restaurants ( 25 pl 155 ! Hickson Welch < Holdings) i 50 o) 164 ® 72 . 

■ 3 / 4 * 1 Si’pcLn. 66 ( 6 r 4 l 

Dcanson (Hldgs.) flOpl 27 ® < 6 / 4 ) Hiafd Bros. f 5 pi 10 b® 3 : 64 ths re.' 4 ) 

Debenhami_L 25 Dl 10 Bb® 7 8 6 S. 5 *:bc{ Higgs HID ( 25 o) 86 ( 614 ). SocLn. 74 ® 
2 ndDb. 

6 ' 


jndbb. 79b <4i'4>. ‘ 7Vpc2ndD0. 67V. J <p4) 

ibPcUns.Ln. 60 (514). 7VocUns.Ln. 57L® { Highams (25oi 46b 16,41 


9. 7-VpcUns.Ln. 64 13/4). 11 pc Uns.Ln. 

116,.-® <6'4< 

Deeca <2Spl <17 >6/4). A Ord. 1 25 PI 40S. 
6PClins-Ln. 74b >4/4) 

Delsan ilCp) 21 2 i4i4i 
Ddu Metal 1 25 pi 73b 3. 10 VpcDb. BBb 
Denbywarc >25p) 71 (S‘4i 
□entsply 9pcStlg. Dollar Cnv.Uns.Ln. 84b 
3 >? .•■/«» 

□ erltend Stamping >50 pi 156 <6/41 
□coulter Bros. <Hldgs.i >25 p) 126 >6/4) 
Dewhlrst , 1 . J.) iHidgs.) HDpi 61 
□ewhurs* and Partner IIOp) 15':. -A Non 
V. HOP) 15® 

Dcwhurs: Dent <2001 19 >6'4i 


Hl^tHtate Optical Industrial OOP) 34® 

Highland Elects l2Ds) 24<- 

Hill Smith *25p) 48® 9. flew (25p)-47 

Hlff *(i(. J.l MOP) 16 (4/4) 

Hillards (IOp) 2 flV® 5 _ 

Hiltons Ftxrtwear (20 d) 77 
Hinton (Amos) HOp) 76® 7 5 
Hint Malllnson ( 20 d) 30 <5/41 
Hoechst Fm. lOpcLn. 1990 117 (314) 
Holfnung iS.) <25pi 70:® 4 (614) 
Hold?n (A. 5 *25 p] 62 
Hollas Gra. (So) 53 (6.'4) 

HeDis Bros. ESA (2 So) 62 


Olcirie (James) (Drop Forging,. .25p) 60 j Er V^^Ul^NSJSi.Jira ’ a”) 67 

^ <25P ' 119:0 18 ‘ j HiSnfray (25p> <3 <5 4. 

20<? <3!4) HS°nL 39*L ‘< 4 »L. A aS « 


DlnkK He-I 1.5 p» 22 20 b <3141 
Diploma Investa. OSpr‘T45 6 
Dixon iDavtaj and Son Hldgs. (25p) 69 

Dixons Photographic (1 On) 147b® 50® 

□f»or iSoiBS (6/4) ' 

Dobson P rk Inds. OOp) BO® 1 
□oradi Hldgs. *2&o< 74 *4.4; 

Douglas (RoOert M.< K)dgs. (2Sp> 85® 
Dow Chem. <SUS2.50i 17^'i*® 

Crowding Mill, (5p> 23-S® 30 
Downicbrae Hldgs. IIOp) 31b 
Downing (G. H.I <SOp< 207® (6.’4r 
Downs Surgical HOp) 32 (S.'4i 
Dowty Grp. i£0d> 178® 81 2 78 9 84. 

7pcUnsec.Ln. 182 1 

Drake Scull Hldgs. *25 p< 27. 5.6pcBPI. 
55 b® 

Dreamland Electrical Appliances OOP) 38 
'39 <1 

Dublller 1 Sol 18'; V >6 4< 

Ductile Steels <25p< 110 12 (6/41 

□ ufav Bitumastic <10 pi 36 

Dufay Tlumne 7 VpcUnsec.Ln. SB*, (9'3» 

□ unbee-Cambcx-Marx ilOpi 1 38® 6® 
Duncan (Wallen Goodricke 405 

□ undonran <20p) 50 (5:4i 

8 un hill • Alfred) ilOpi 345® 
unloo Hldgs. <50p> 83 2. 5'*PCPI. 44b- 
4 "? PC Deb, 82 V. 6-'*pcDeb. 68®. 7ocDeb. 

fi? idl. RcirlincBr I n rr* 


67',®. BpcUnseC.Ln. 661 
Duple min'. <5p) IZi.-® 13 b *6/4) 
Duoorf <25 p' 691 ?® 9 ® 70 
□ution-Forshaw Grp. / 2 Sp< 480 
Dykes ij.) (Hldgs.) (25pi 24 5 b 

E— F 

{T 0 P' 13 14.4) 

E an I 5 *.. 3 3 .* 7 , 2 - SpcUnsec.Ln. 

fs. 'I#- ioo u r i fiu?* 62,1 14;4 '- 6j4wc 

«?P».107 «/«< 

tarly iCharies. Marriott iWUner* (10pJ 31 

45LS?“ ,,re -P.? Ber ,25b 48 15,41 

e *^* 4 i M Irtfarad Allied Press A i25p) 7* 
Essrero 
<6/41 

E. SI wood Ij. B.I <SP> 86 

Econa ilOpi 56 (4 4i 


Produce (H/dgfc) (SOp) 84 h 


f Alter allowances made fur year-end chuigeJ, 


52b 
74® >6 4) 


C— D 


<10p< 64b 5 3<; 
108. B <20o> 97 


is Int. < 20 o) 84 5 
Eng. iZSot 61 <3 4> 

Caocl hop! 30® 

Industries i2Spj 157 <6 4)> 10 oc 
3 4*. 9'lPCLn. 72 

, Int. ISOPI 40VO 2 'S«< 
ton Vlyelia t2So1 39 V 9 . 6 *?PcPr. 
5/4 L BPCPf. 64 (5 4). 8.4pcDb. 


am Gi-ocIslPf 41 ®. 7pc1stPf. 
47® 6 1 ’. 7'-oclstPf. 49 <5 41. )0oc 
IstPI. 93 b. 9'jpctn. 70 ■? 64) 


. Haven <9p* 15*- '4 41 

Ccmeu, Roads lone < 2 Sp> 127 6 


<HldBs.i <25p) 145 
Edinburgh Ice Rink <25p> 178® 
B lo a i 3 / 4 l L * ,to C-> SoM tManchesteri (5p) 
- r ! <***!• <50pl 228 <6'4< 
l<2?. HI , dfl ?' OB' 41b *5 41 
Ulrica 1 Indust. Secs. (25 b)44i.-® 3< a 
Electrocomponents <10p) 345 
Electronic Machine f25p) 18 (4 4) 
Electronic Rentals Gro. (IOpi 117® 16*: 

Elliott (B.) (250) 95 
f ott <J ) (2 Sp) 22 V b (5 4) 

E lotl Grp. Peterborough (lap) 18® (6/4) 
E IS Everard (25o) 81 <E 4) 

E/l/s Goldstein (Hldgs.' (Sp/ I9' a ® b 
I ."P bh ' n * 1 2S P> 72 (3/4) 
Elswlck-Ho'ner (5 d> 20® 

Elys (Wimbledon) <2So) 111 12 
Emms (Theodora) (IOp) 57'- (4 '4) 

Empire Stores (Bradford) (25o< 160 (6 4) 
Empress Senilcet Hrdgs. (IOpi 11 v 14 . 4] 
Emrar (5p) S': (4.4) 

Energy Services Electronics flop) »iv 
Eng sh Overseas Inv. (IOp) 24»* (6.'41 
ErbHNj China Clays (ZSo) BO:. 7VpcDb. 
_69 (3'4i. 7<:pcLn. 64<- (3.4) 

E C 5 /iT ElKtr1C 6pcDb 79 '*- 7ocDb. 72 

Epicure Hldgs. (Sp) lO’it® •■* (6 4) 

Er/th i2Sp) 74 

E 9lP r ?J M Trade Transport M2';o) 142 
40 (6.4) 

Eucalyptus Pulp Miffs (ZSp) 59 (6/4) 
European Ferries (2 Sp) 110 9 < a 10b 
Eva Indust. (25 pj 88® 

Ever Ready (Hldas.l C2Sp) 146 5 
E.ered Hldgs, (25 p) 15; 

Evmje Htdas. (2Dp) 36 (4:4). New (20p) 
3BO 8 

Ewer (George) (IOpi- 25't (5 4) 

Excalibur Jewellery (So) 16-V 15V 1 , (4'4). 
ii.SpePi. 114: C6/4) 

Exchange Telegraph (Hldgs.) <25p) 90 
(6/4) 

Execute* Clothes (20o) 18 (414) 

Expanded Metal <25p) 59 

FMC <2So] 67 f6'4l 

FPA Construction >250) 23 iS'4) 

Fairbairn Lawson (2So< 53'' 

Falrclough Construe! Ion <25p) 66 (4.4). 

BVpeLn 185 5 -6 41 
Falrvlew Estates (10oi I07b 7 (6 4) 
Farmer (S.W.i Gra. i2Spi 118 >4.4i 
Farnell Electronics <20 d 1 218® 23 20 
Fashion Gnl. Inv, <5pi 100 
Feb inti. (IOp) 22 (5 4i. A (IDp) IB 
IS4I 

Fedul Land Bldg. (2Spi 45® 4b 5 <6 4) 
Feedex 'IOpi 33 

Fenner rj. H.i iHidgs.l i25d< 133 
Ferranti S.60ecPf. 59. 3.50Pf. 40 (4 4) 

Fertfeman (B.i Sons (ZOo) 28 
Fidelity Radio (IOpi 76 
Fine Art Dev i5pl 4B'« '1 
Fine solnners Doublers aocDb. 30 (3 4i 
F.nlan John; 1 IO 01 33b® ai.® r. ,941 
Flrias Hldgs. ,5001 110 (5 41 
Finlay (Jamesi ISOai 298 301 300 
First Castle Secs. rtOoi 45b •* 4i 
Firth (G. M.) 'Metals' (IOpi 20® 2 
Fisher lA'hert) Grp (Sal 8** <5 4, 

F Isons 338® 7® 43 5. GPCDb 86*. 
'*■41. 6 bPCDb. 66 V U6 4r. 5*N>CLn. 

4 5® 

Filch Lovell >2DP) 69® 6 
Fitxwlron (25pi 40® (6.41 
Fletello Castors Wheels >2Sol 51 (3 4i 
Flight Refuelling (Hldgs . 1 (25o) 110 
Fluidr.ve Eng'g ,20n< 73 >6 41 - 

Fodens (50 p) 56. lOocPf. 200 
Fooarty CE 1 >25p> 130®.. 

Falkcs rjohni Here iSoi 23 (441 

Ford Marttn .IOdi 32 ■« >S4» 

Ford Motor HUS2) SUS36V® 

Forward Tech. Inds. (50 d> T04® 4 
Foscco Mlnrep (25 p) 1330 2® 3 4 2 
Foster Bros Clttie. i25ol 84 5 (5 4) 

Foster (John, Son -25p< ZBb. SpcLn. 58: 

N.vtg.Ord. -Sp, 221® 2 
F other, I" Hanrev (25pi 86® V® 


Fottiergi" Hanrev (25pi BE® V® 

Francis >G. R.i Gro. mod) 42i® <6/4) 
Francis Parker >10 bi IS 14 
French Kler Hldgs. <25P> Sib 2 
Fried land Cog part Gra. <2Sp) 87 (6/4) 

g — n - 

GEI Intcrntl. (20 di 72 (6/41. lOpcLn. 640 
G.R. IHidgs.l ISOPI 440 <fi'41 
Gallrford Brindley >Sdi 54'- 
Gar/ard-Lillev Industries iSpi 16® 15® 
Carnar Scotblalr >2 Spi 96 
Gates 1 Frank G.) I25P, 54V 
Geers Grass New (IOpi 43V (4 , '41 
Geller <A. and J.l ,20 p) 32 3b (B/41 
General Electric Ca. Shs. Com. stak. 

VUSS.SOi US46V <4 4i 
Genera/ Electric Co. i25o< 250:® 1® SO: 1 
49 SO 47 6 2: 8. 60 : Ln 1976-81 89®. 
SpcLn. 1979-84 78b® V. 7'racLn. 66b. 
7‘iDCLn 71®. Floating Rale Uns. Cap. 
Nates 1 98S 100. '* 

Gen. Electric Overseas Cap. Corn. 81 (3i«) 


Hop fc icons HoV* net 15 On 7 85 
Honran Midlands (5 d) 89 8 ■ 

Hcskins Horirxi f 2 C-l 153 (4'4> ' 

House of Fraser -425a) 145®' 80-'«.<3'5 
• 6 . SVocUnsec Ln. 68 b 18 4) 

Hoirie cf Lerosc C5pJ 59® (6*4) ' " 

Hovering ham Groim Rested. -Vtg. '(25pi 

Howard Wyndham ( 2 Dp) 21 ® b 20t *6'4) 
A^20o) 20b* 164). 1 BocUnsec.Ln. 97J® 

Howard Machinery 125P) 32 30 
Howard Tenens Services i25d) 28® 7b® 
Howden Group *2Sp) ST'-* I4'4) 

Hovle (Joseph) Son 5ocf*f. 34 ,3 41 
Hudson's Bay Co. Shs. n.p.v. £12 Lb*® 
13® 13 12.90 

Hunting Assoc. Industs. ,25pi 190 (6.4* 
Huntleiah Group It Op) 87 (4 4) 

Hurst 'Charles) i2Sp) 90 5: <6.4) 

Hyman li. J.) (So) 30 

I — J — K 

>CL 236® 40 1 -® 6 7 S. 4 VpcDb. B9- 
Ibstock Johnsen (25 p) 145# 

Illingworth Moms (20o' 29 <6 4). A 
I Non-Vtg.) '20 p) 28,':® 8 16-4) 
imperial Chcmicil Industs. 361 ZO 5 :® 30 
19 ia I? 60 c : , £5, 2 5* ®* 7 -- 5ocPI. 

ft* t 4 ,**• S'? pell nsec. Ln. 47 7'*ac 

agS^P- 89 \. 9 Errtjnsec Ln. 

.L 0t ® 2 iSv % 10VpcUnsec-Ln. 90V 

Imperial Group (2Sp) 75';:® b 5 4'j 6. 
4 pc Unsec.Ln . 87 b. 5'ocUroec.Ln. 741* 
3V (4-4). 6.9Unsec Ln. S3*?. 7.5 pc 

UntPcJ-q- 59b. 1 0 BocUnsec.Ln. 84V® 

4® 3 b. 8pcUnS«c.Ln. 72 b 4 

MettJ Indusis--I25p) 60 i : o 20 
60b I 60 8 VpcUrraec.Ln. 73b» 16 4) 
J"BB cins, A Shs. nji.v. £12?*® *i )B v to v; 
fngall industs. (10p< 23 i5-4) 

Ingram >k.i HOpi 37® 8 
Initial Services (25p> 70'?® 70 
[neer-CIty Invest. Gp. <Z0p< 9 (5(4) 

IBM <SUS5> 180b 82 (4 *1 
Intnl. Paint (2Sp> 70® ,6 4< 

Intnl. Standard Elec. 5bPcLn. 65® b 4*«; 

Irtnl. Stores 4 VpcLn. aq i 6’4<. 6 VpcLn. 

Intnl. Tel and Tel. (SUS1> 22 V 
Intnl. Timber <25p, 120 18 2) <6 4/ 
Inveresk Gp. <SQp, 69. 4.2pcltfM. 46 
7b I) Si. 4.2pc2ndPI. (2Spi 10b if/4l 

J.B. Hldgs. (5p> 58b® 7b 
, Jacks 1 W .1 1 25p' 25 . 
f-JjKiyan u. h. b.< (5p< 28®. lOocPf. 109 

Jacksons Bourne End <25p< 60 

James rj.i Go. <25p) 45b 

James im.i Industs. <20 d< 13V <* 14 1441 

Jarvis (J.l <25oi 178 i5 4< 

Jenks Catte" lOccPf. 102 b <614 1 
Jcnticnie Hldgs. <2Spi 24® 3b 4 S 
Jerome iS.I iHIgs-i >2Sp> 560 5® i6,4i 
J essups (Hldgs.) (IOpi 38<: 

Johnson Barnes (1 2 bpl lib (6'4l 
Johnson Firth Brown v25p> 64® 4: 4 . 

lOpcln. 93b I 4V. llpcLn. 83® 
Johnson Gp. Cleaners i25p< 83 b® 3® 4 

Johnson Matthev 4130. 7 VpcDb. 64 <• 

Johnson-Richards (H. R.I Tiles (25p< 116® 
Jones (A. A.) Shipman >2 Sb)-T 17 (6 41 
Jones (Edward) (Contractors) (IOp) 15b 
Jourdan (Thos.) IIOp) 37® 

K Shoes <25p) 49Vt S0£ 

Kaikuai (KS> 115 <94< 

Kalamazoo Cl Op) 29 (6 4) 

Kersey Industries (250) 98 (6 4) 

Kenning Motor Grp. C2So, 70<? 

Kent 'George* 6pcOb. SB (3/4) 

Kent (M. P.) OOP) <4 
Kershaw *A.i Sens (5p) p90D® 

Klmpber 8pcLn. 63 >514) 

Kleen-E-Ze Hldgs. (2 5 01 70 (5,'4I 
Knott Mill Hldgs. non) 161? (54i 

5“ d f-. ,n i7i- ,2 f?I ’OB® 8® 8 9 11* 

Kun'ck Hides (IDp) 6 14 4) 

K wk-FIt Hldgs. HOP) 52 

Kwlk Save Discount- Gro. (1Up) 77 (6.4) 

l— M 

(-CP Hldgs. (2Sp) 90 88 (6 4< 

L (6 4j n,rH ' l ' ,U0> 38 ‘ 2 9 B - BPCLn. 68® 
LVkt (Hldgs.) A Non-vtg. (25p) 1 24 <3 4 ) 
Ladnroko Grp. Cl Op) 184® 5 ® 8 7. 

Wirrinu 97b® 1 b®. SpcLn. bbv 9 

Ladies Pride Outerwear (20p> 54 
Laing uann) Sot) C25p) 1 3i® (6.4). 

. U®PI lol 

i-Aarii Grp. (25p) 86 7. SpcLn. 91 ■-« 

Lako Elliot >25pi 489 6 
Lancaster (D. M.) <5P) 4*» <4/4< 

Lane iPercy) Gra. MOp) 5Zi v; a 5 
Laporte (nets. iHlds^j (50p) 95 
Lauiam (James) 112 ; (6/4/ 

Laurence acctx (Z5P> 112H (641 
Lawtex <25 p) 57 <4>4) 

Lead (nos. (SOp) -132 4 
Le Bas ■ Edward' <25p) 41 
Leboff 'fi.t ' Fooel) tfop) 45b® *<« Sb 
Let) US lHarrrM (250) 49 ;41) 

Lee Refrigeration i25n» 71 ,.6.4> 

Lee , Arthur/ Sons t12bP> 23b ‘4:41 
lee Cooper Grp. (25p) 120 *5.4) 

Lcoch <Wm.) (Bldrs.) nOo/ 77 (S(4i 
Leeds Dlsrricr Diets F.nisners <25o) 43 ® 
Leign Interests <Sp) 146 
Leisure Caravan Pics. <10p) 108 16 . 4 ) 
Lennon Gra. (10p< 34® 6 5i- 
Lesney Prods. <Sp) 64 3 . 7bPCPf. 55: 
Letruet Intnl. (IOp) 145® 40® 2 4 3 
Lewis's Inv. Tsr. BbocZmfOb. 65V 

Lex Service Gra. 125 pi 78b# 8 7. Bbnc 
Ln. 1992-97 66 C4 «) 

Ley I and Paint Wallpaper GZSp) 60 6,4) 
-Lev's Foundries Eng. I25p) 64 1 * 1/414) 


Metal Sox 3059 8 *107 
1 0 i/ocLn . 84V® 5 (6'4) 

Metal Closures Grp. 42 So) 84® ' ■ 
Metairax (HldBS.) (So) 45® b® 4® 
Mettoy r2Sp» 4) 15/4) • 

Mevcr (Montague L.) (25 p) 75 6. 7’ 2 PC 
Ul. 759 

MleheHn Tyre 9*»cDb. Htf ( 4 * 4i 
Midland Educational (SOp) 92 (V4) * 
Midland fndust. (5o) 39 V i 3 (5/4) 
Midland News assoc. SpcLn! 48 
Mnburr (2Sp) 75 (6-4) - ' 

Miller (F.i (Textiles) (10o) 38 V (S>4) 
MUler (Stanley) Hldgs. (IOp) 9 (4.’4) 

MUn Marsters Grp. CSOp) 1590 80 
Mining Supplies (lap) 64 

“iSSS. 1 r25pJ 44t *«- 

Mitchell Somers (IOp) -64b 6 
Mbcconcreta (Hldgs.) (25p) 60® (6(4) 
Mollns C2Sp) 119® 20:® • * * 

Monk (A) 1 2-bp} B5® 4 
Monsanto 6pcDb. 85 (64). SpcSUg.DI/r. 
Ln. T08 

Montfort (Knitting Mills) (25p) 47 * 

Moo rh ouse Brook (20p) T05 
More D-Fcrrall (IOp) 96 (6/4) 

MwwCroclIe „ Sp j , Z0(B 1# 2t Js 

IV® 20b 18. 9'vocDb. 80b (3'4) - 
M °r g»h Edwards t IOp) 39 b 40 39 (4/41 

^S^A NV k 39# Wa Pap * r * ra5p ' 
Morrison (IOp) 199® 

Mess Bros. (20p) 96 *4/4)' 

Moss Engineering <25p) 88 (4/41 
Mothcrcare 'IOdi 160® 56 
Mmin^ Charlotte Investments (IOp) 15b* 

Movlcex hod, 14 (3>4< 

Mowlem <25ni 128 )5/4> 

Moil-head >25 p» 173® 2 S , - 

My son (IDp, 62 (5/4) - 

N— O— P 

NCR 4pcLn. 61b® 

* ' 6 ' 4 > 

National CarbonisiDg IIOp. 49. 11 VpcLn. 

luD-iV 1^9 

Needlers (25p) 34 (5/4) 

Neurettl Zambra (25pl 89® 

S5I!. s SWI M 9 ? |BW 

Nowarthlll 1700-70 -t~ 

sass i- jri® , i 5p '' w ‘ j 9 wA} . 

Newman inds. <25p) 73 
News Inter. ,25p) 263 59-61 ' ' 

Noble Lund <10 pi 12 >3b C3’4I' 

(bS? 5 aSP> ai ‘i'h 2b®-b. SpcPf. 55b 
Norfolk Capital (So/ 38 (6/4) 

Nonrwnd Elect. 3op|. 41® . - ■ 

Norsk Hydra (NKR80) 2720 (4/4) 

North (1 Dp' 35b CSI41 . ' * 

Northern Engo. Inds. <25p) 97 . 825pc 

Cuin.Red. p /. Mb (6/4). 8VpeUns.CiiT70 
73 ,4,4) ' •««"- 
Northern Foods >25p) 88 b® 90 871. Maw 

Northern Goldsmiths (2Sp) 52 (4M) " 
Norton and Wright Grp. HOP) 182® 

89 8 90 7pe 

NoMnabam Mfg. C3p) 11*8® T4 16 IS. 
6 bPcCnv. Uns.Ln. 87 (4/4) 

Nurdln and Peacock MOP) '87 8 6~ 

Nu-Swilt Inds. ISpv 234 4 

Ocean Wilsons (Hldgs.) (20p) 79 1*0 1 

• d/4j 

Oos-Van 1 °et Grtntcm Finance. 9pcSt(g-l 
GuiidorCnv.Una.Ln. 98 . . 

Offico and .Electronic Machines CZSpj 960 
Ofrox Grp- <20P7 115® 13 8: 

Old 5wn Hotel (Hanpaata). /Iflp) 33 '8BI 
Olrvor tGoorge)' (Footwear) (25ft) 43 (24/2) 
Olives Paper Mill UOp) 37 8 
Olympia (Red acre) CZDp) 33 - 

Orrne 'Dew HOP) -'Sib t.‘ 9peUn£Cn.- 86 
*3/4) 

Osborn iSsmudl (25p> 86 
Ovenstone Invs. :(R0-12b< SUS0-33b T4M» 
Owen Owen (25p) 72 
Oxley Printing Grp. (25p) 60® 59b® 61 
b 2 (6/4) 

FJNJL (HldgaJ (2Sp) 40 (4/4) 

S intO |PJ MOP) 23 (4/*) . . 

ifadlse (8 ) (IOp) 21 <4141, ■ ■ 

Parker Knoll (25p) 1 08 (3/4) 

Parker Timber Gra. (25 p) idb.iB/O 
Parkland Textile (Hldgs.) Q5p) 680 (6/4). 
A (25p) 63 

Paterson <R.) Sons (Z5 b) 34b 8 
Paterson Zochonls MOp) 175® 80*. 
iNon-y(S.i 1 IOp* 172® (6 4) . 

Pauls and Wtrltas <25oJ 1 18* 18 20. 

Pawson (W. L J Soo (Spl 37V3® 

Peak Imrs. <10p) 11 1 10 <4141 

Pearson -Longman asp* ■- 184® - - 

Pearson «S./ and Son C25pi 185 3.. 9pc 
Ln. 95V (4*41. 10*i»an. 1993-98 99 

FnMtsM Birmingham OOP) 31 <S/ 4 ) 
Pegler-ttattcraley «Z 5 pf • 1629-- 1 iF» 
Pen (os *MS *9 : 8 . 1 Sp^nl . 131 : fB 4 ) 

PerkhbEtorer 4pcLn. 70® 1® - 

Perry • (Harold) Motor* _(2SP» 166 7 
Petbow Hldgs. (TOP) 191 ». *6/«i. 

Peters Stores MM 41 .(f.*) 

Petrocon Gp. (12bP) 6Z (3/4» 

PhIHos Finance SVocLn 57b 

Philips Lamps HWg. tFis.10i.915p® 14 

Phuiips P«ten« (Hldgs.) <25pi 15 (S/4) - 
Phoenix Timber C 25 o) )43 ^ 5 » 4 I 
Photax (London) rzsoi 40 ( 3 / 4 .) 

Pickles iWHttaml dOo) 13V WML A Npn- 
VH. (IOp) 8b i6/4> 

PI fro HMB 6 - A (20P1 « 'J*W 
Pilklngton Brochera 4 80 ® 1 79t BO 3 
Pitney Bowes SbPCLn. 59 (6.4) 

P.ttard Gro- U5p) 60 
Plastic: constructions MOp) 39 (4/41 

Plaxtops rscarboropghl. (25 p> 75 (3.4) 
Pleaiurama CSo) 73 4 ...... 

Plesser CSOol t£3bJ® 2<j 2 3 100 1. 

7vpcDb. 66V f6/4) 

Ply*®. IlOpi BO. (3.41 
Pothln's 

Polly Peck (HldgAI HOjrt 7b® l*.'4) 
Polymark. Intnl. MOp* 48 lfi/41 
Pork Faros (IOp) 447® I 
Portals HldOS. (2 5 o' 224® <6/4 ) 

Porter Chadbin-w (20t») 104 
Portsmouth and Sunderland Newspapers 
■ 25o) 54® (6/4i 

PovSl poffryTi (SOp) 167®. 4VpePf. t50p> 
Pratt * fF^^imtineerlns Corporation., <Z5o) 

Pre*dy 8 ^Ai(red) and Sons f29o> 87® 

Press (W.l and San (5p) 23V® 3 4 b 3*2 
Preraac HldSW- *10p), BM» 

Prestige Group -t25p) 138 14*4 1 
Priest Benjamin '25flfl 741; 21; 70 (4(4) 
Frimron Inflwt Hldgs. (R0.10I 93 
Prlrchard Senrjcns Group (Sp»- 33V 
Props, of Hay i Whlll 13* » 

Prorincur Laundries ,5p> 8b® 

Pullman (R- and (Sp) 87® (6/4) 

Pyo KIMS- (250) 102 ® 1® 3':® 99 102 
Fyke <W. J-> (HW9S-> HOp) 30 (6/4) 


80 b¥l@^-. 


Ransom (WO, and Sm 

SSBKLjrSR jSfiS- Sf.' 

W'ShIT?* * m '***:"*i- 

Ready <m Concrate. asm ' 

Rcckta Coi™, (300) *« * 

Racora Rldgwy r 28 p) 8 Q 

Mtaarn NationU' Gtan ( 23 irt w, 
RedUfuslon <25p) 96 * 

Executive (Spi 50* _ 

Reed Internal. TZO0 is 1 ? » - .. 
197^84 83® W4». ^ 

-■ 

Rend Publishing HUg*. 3VaeD>> n • 
SbPCDb. 72V (H^4S55rSi . 
7<iKLx. 84b (3/4). - 
Rend (Wltllaia) Son asSl^iSSi 
Reffant otor Gp. <Sp> 6b M/4)*^ 

SSjfiia (6**1. 7 VpcLn. ca nr. 

Rentokn Gp. «op, 31 • 

Ramvfcfc Go. (25c) ‘40 -(614) . 

"•simor Gp. (2Sp> 12 ® 18 (5/41. ' ' 
Rexmoni r2Scl 38 b ( 6/45 - - 

Reynold* WJJ Kldos. i£p) 434*0 
Enolnoert C 1 TO 7 ) OSc) 4 K 
RWtards Wamngton industries 1 ^ 

7 VpcLn. 77 (4/4)- aB » . 

Rkhflrxis MOp) 20 (4 A) 

5SS7 HidgL (lop) 29 (64) : • • 

Robertson Foods (25 p) 143 

r ra 25 w ?,. So0 «SP)- 63 ® ‘ - 
R fi/4)^ Grp - “Spl ill. aeeLf 

R 78V°bSl”°W* « ' 

K SSh*"ls}S} 37l --.‘««! A: 

Rossi II Hides. (Spi ll b (4/4) 

Rotaortrrt U0p» 45® 6 '(BM) " '-i ." 
R 50® 1, 49 Internationa) 8 (1 2 bp) , ' . 

R«gk. CIQp) 114 €4*4) 

Routtedge Kagan Paul ( 25 oVi 64 *M - 

R ?Sffi^5."/3KSf (fip 

Kg'Wfl.TJMett asp) 149 ‘(8/4). ^ 

B3gJS*^ 4 9& m ' , :';Z 

Rugby Porttand Cement C2Sp) 7 CA 
Ncn-V. (Sp) SO (4/4). - BbcLji 5 ?. 
Rvan (L.t Hldgs. (Sp) -IB bll 

S 13? ° Stor ** 14. 25 bcFL f 

SGB Grp. I25p) 150® -/ 

Saatttil Saatebf (IOp) 120 19 
Sabah, Timber (IOp) 32 (6/4) -. ' 
S cfop> H S , 19 1 ” ® p> W.W--. 

smi^iuv U.1 (25p> 1730 5 3. SptL - 

Safe Tllney (25p) 210 

tf5p«.272 (44r. -. *■ 

Sanderson Kayser (25p) 62® 


Sandhurst Marmting (IOpi 27 (4141- 
Sanger U. E.i MOp) 

S angers _Grp. < 2 Sp) 78 ® 6 7 bPVf. 


Q— R — S 

Qumis .Moat Houses (5p). 32 b® 3 b 
XV 3-‘ 

Quick (H. and J.l (5p< 50<s® 1 (6/4) 

RED Group MOp) 56® (8/4) - 

RucaE Efectronics r2Sp) 213*;® 16 
i4b: isb: is 

Radiant Metal Flnlshfra C12bp) 27 'S'4) 
Ralne Eng. Industs.' 'IOpi 12* MP4) 
Rakuaeo Group MOnl 17 14/41 
Randall U- and L.) MOp) 60 b (4/4) 


SavOto Gordon a.) Gn>> €1 Op jap V; .. , 

Sara^HoteJ A (IOpi 74 ® 2 . : ■ tip 

Scatoa Gra. ( 25 p) 88 14 / 4 ) • ' * 

Seotcros ( 25 p) 70 * ( 6/41 
Scon Robertson ( 25 p) 36 B '41 

8 U 14 ^ 3 “ri* - 

Mf ( K ^ 

Se«*|*h Ttfevlaion No/vVV A : ' •: 

oi*:® 3 ® Z • •• 

Scott's Restaurant C 17 bB) 3 SS® 405 

^s^V 15 * 1 61hai * W-' 

?s Binsft wfe*.**?" 

Security Services - ( 25 d> lot lU i 
A (Non-Vet) LZ 5 b >'98 ( 5 . 14 ) 

-Sekers Int. ri Op) 27 ® ( 6 / 4 ) - 
Sebncourt (Sp) 24 . BVpdn. 7SJ4M 
Sona. Swr Estataa ! 50 p )-8 IWI 7 " 

Senior Eng. IIOp) 21 V ( 3 ' 4 ) - > - 

Serck OSpi B 4 b 5 ’a (BMLu.-- - 
Shakespeare UomoU ( 5 b) 32 ® . 

Sharna Ware ttOo) 78 .82 . 

Sharpe iFshar QSp) 44 - . 

Shaw (Trarc/s) C 20 r) ZBb® 8 k‘ 4 ).' ». 

Ln. 79 * ( 614 ) - r - 

Sheeobddpe Big. (ZSo) 69 ® 9 . 7 lit -.: 

Sheffield Refreshment House* ( 25 »L 
« 6 J 4 ) — “T. . • 

Sherman (SamoefJ (IOp) 9 UV-O^ 
sidlaw Industries €S€M BS t 6 rtL 7 V 
51 ( 3(41 

S/«bi? Gorman ( 25(0 166 ® 7 - ' : ' 
Sllentnlght. Hldgs- MOp) 79 _V r.r- . 
Silhouette (Londow A ( 20 M: 4 M 
• 64 ) 

Sllrartborne Grp. ( 10 n) 17 b t 4 i *47 
Simon Eng. ( 25 p) 207 ' - " - 

S/mcson i) C 2 SN 80 «; 4 *. A <251 
(6/4) • ■ • 

Sirdar ( 25 p) 60 b . • ■' ' j - * 

600 Grp. Kao) 74 ® 4 . 8 >urtL». 72 % . 

Sketchier C 25 P) 97 ® S’, 7 8 L ••>< ■ 

Small /John C.) C 5 p) 29 b , , . 

Small Shaw (RJ MOn) 39 lS' 4 )-. • 

imMh ^raftew 1 ’ assoc lakes MOj* «J)j 

Smith 1 ?D_ S.i (Hldas.) . ( 20 pl .io *K*S 
Smith 'W. H.i (Hldgs .1 A . 

46 ® 5 4 - . ,» .( 10 P» 27 ' l 

SmMhs lniu«®u"( 30 pj 
<*>* 1 . 7 bpeLir. 86 b- ‘■ 3 >. 1 

Smurfit (J.* Gp. ( 23 j 1 - 1 87 r ( 34 I;.- . 

Sob rutile (Hldgs.) <i <»i_ 2 B- OW -. .■ 

Solicitors' Law Stationery SoceC/ IZqi. 

Sommervftle Oft . I ( 23 pl 31 'H 4 I . . 
Somportex HldBJ- ( 25 p* 59 _ JZ, 

Sotheby Parke Beraet Gp. <2Svl 253 
3 4 50 2 49 56 . 

Sound Diffusion ( 5 pl . , . 

Southern. Construction! (HldM-J'J 5 W . 

Ipear°Jackson 'intnl. (Jjipl ? 2 » . * 

Shencer Goar, (HldBS .1 ( 5 pi 
Spencer (G .1 CLSpI 43 ® S. 

S pl Hers ( 25 p) 32 b® 4 2 b 3 b 3 5 
6 pcPf. 4 BS- 7 p*b- 83 V 
Spirax-Sarco Eng. I 25 P 1 . 286 ® . 

Spong OOP* .40 

Spooner IndUSt*. (Z 5 P) *8 9 <M1 .. - 
Squirrel' Horn M 2 bP> ,B - 4 l . — 

Staffordshire Potteries iHIdBJ.) I 3 *F> — 

Staffw -taWI; ' 2 Sp/ 16 b® 13 

17 43 b IS. It SbPeLn. 42 3 aril fnaai—y 
Star- Furnltunr -Hldgs. C 23 p' « *110 T¥ 

lDncPf. 98 'i® • «'Jvni | I 

Stak 1 5 (Reo.i Drg. MOP) |B* b® 

StartrHe Eng. Gp. TZOp) 70 <*]*' 

Suws Discount CIJjl xuneFf 
Stave ley Industs. M 3 1 ( 5 M). 

( 3141 . 7 bPCl-n. 19 * 6-91 63 W , 

Stead Simpson A <25P1JS7 >. 

Steel Bros. Hldgs. ( 50 p) jSW 

steetlny ( 2 Sp) 178 5 7 . 7|KXB - . 

Stewart Plastics Q W 1 ^ 1 »b '« 
Stlmoson-FerUn* SggT. Yja 

Stocktake HWfl*. <2Sm 674 7 9 *• 

Stoddard 1 Higgs, IA- ( 2 Spi Mb ... 

ssss « ,3 Ssaff assist 

Srrlo Shoes 05 P' 17-1 

Sumner (Frandsi tttidB*J .♦’pz.'.ai* 

Sunlight Serri« Ccjm« 0 bI *■ 

SntcllJfe Speakman <Mb|S 7 f 6 r** 

Soter Ekctrlcai ( 5 p) 17 b® ib 

Tt-«— V 

Tace MOp* 28 b® 30 lE 4 > 

TRW 15 U 51 . 25 ) * 27 ® ... « • | 

* 

llbpcLn. 1 Q 4 b® 

Tarmac cSOpi 137 # 

81 ®. S VpcLn. 71 ® 

Tati*. Lyle 194 ® 2 
58 . 5 bPcDb- ' 74 b < 5 » 41 ' 

4 72 . 7 JrPtt.lL . 71 V «M» 

Tebbttt .Group (IOpi 14 
Teotamit ( 25 p) 114 12 b 
Tetfifunoo (Spi 36 . A «P) 330 . 

Telephone Rentals. (IStf JZM .. r - • 

Teimeco lOpoLn. 136 *® 4 ) _ 

Tesco Stores (Hldgs) ( 5 »< 42 b® W® 

Tor 'Abrasives OOP) 61 
Textured Jersey OOp_» 2 S^w 4 J. 

The Tima* V' 


BOND 


.Sb, 7 6. 

3 1 c: 90. T 

, (5,41. 7 VpcDb. ; ’VI 



Thermal Syndlone 5*!^ I' 1 
Thomson Ora. I25P) 227 5 . _- J^STu 
(3/41. 5.83pcPf. 84b- JI-JPW^** 

Thorn 

Thoirpe^^j cArt 


ffpcPfd. 


Liden IHidgs.) nop) 23b <3.‘«) 

Ulley (F. J. C.) (ZSp) 71 
LlmhlttrtaS (25P) 133* 4. 

42 1 - (4141. GVncDb. 66 (3/4) 

Llnlood Hldgs. IZSp) 143 
Lister <25p) 45 6 

Lire-vool Dally Po« Echo <5 Op) 134 2 
6.’4) 

Llovd <FH.) Hold, nos U5P) 67b« 8 
Locker /Thomas) 'Hldas.l >5p) 17V >6 4). 

A -5P> 16 VO VO V 1 7 V <6.«> 

London and Midland Industries <2Spi 79 

6 > 4 ). 9 bPcLn. 97 l 64 > 

Londan and Northern Group (ZSp) 2E 
London Brick <25P< 63# 6® 5b® 7 '• 6. 

1 4pCLn. 129 <4«) 

Long and Hambrv <10pi 3S 

Lonrho <25pl 72’ = :* 70* 69 70 67 8. 

CncLn. 1931-36 66’i >S'4) 

Lonsdale Universal ;25 d) 78V® b® <641 
lookers >25nl S3® <64* 

Lovell <Y. J.) 'Hidns. < <2SD) 80 

Low and Bonar Group >50 p) 172 /6,'4i. 

1 2'?DcLn. no >64) 

Low -Wm.l and Company ,2Qpi 102 
luras inductriex ?®1« 84 1® 6 7 5i. 
7'incLn. 74'j S IS 41. 104apcLn. 83 V. 
6 'iPCLn. lib® 16 4) 

Lvles "5 1 rZO->i 59® • * 

Lvons <J.) 92 3. 6pcDb 67b <3'4). 



FINANCE FOR INDUSTRY TERM PEPOSflS^ j 

Deposits , of £1,000^25,000 accepted for teed t ^ as ° LSi i 
VA9PS. - Interest paid gross, half-yearly. . Bates for dep»* - 


years. 

received not later than 14.4.7S. 


Terms (years) 3 
Interest -% - ' 9i 


4 

10 


5 

m 


6 

10i,- 


L . 

11 - 


s 

in 


V -St'i 
lii* m 


zoL. -ju 2 . . z *■' — ■■ her 

Rates for. larger amounts on tequest. IWaUsJn 
information From The Chief CashierrJJnaDce tor ^ 
Limited, 9L Waterloo Road, : J^ndon^SEl^n*- ( 

Ext. i77>. 'Cheques payable to **.Baja k '°f - a / . - 
KFl is the> holding company for^IGFG and Fqfc - -'- •-*- - - 











\ — i 
'v' ■ ♦ . 


mm 


Sato^ April 8 1978 ; 

ELECTRIC UGHT tJ 0 ~ 

I Cate** tMcirfe s«oa*i-£omt. "n <mm 


. . £*itt 

ri?«rr; 



j“ 


21 


i 1 CocU. 

... ■ ... ■ :,l ■ 

*•■'. * . if- p-XMiu . iCdntnuStom (tSSf^I uu) . ■. 
^- rj\ M?ip» 

: ;■***»■». trfgM 7 Go.'-«*s« *tj* 1: > ' 

70 \v. v 





■--■Z-. . BlKMXS 

- " -- S© 4 © * - “ 




j- ,< 25 m 

^AngPS&oiri.-* *, 
isbsBSW*--* «*> 


- ,» .asasi™^aiS%e »•» 


In tied 


££&?****- 


Sorlnn St**i fcrd. 


• ' -*■_ Spring stwi t 

C , ' 4 ' Jnieetl -Wire' Grp. tZ 5 o) 54 .7 

* . * Jnooironi* ttitnl, ~ yi ^ - - - •- 


£®%«!i» 


TlOpj 1 ..• . .’ 

-. ***or -< 250 ) 3 S 0 ^ :.'. -V ” - 

^ Vint ORB Grp. ( 2 Dp) 12 U :•- ► , 

'!I*! 5 ‘J , * M _HpM« Jpetaf B 2 a<a CW«- 



1 Hfe «»■( an® . „ 
fSmlBi mo. O3o) S3- ■■■■° 


"1 


'•»" A’* HWg*. 4 t 0 « .74 C 4 I 4 ) ‘ 


Ji'.'iiv&l. ( 2 ' 

* Ware Grp. I 20 6 ) <Wf Afc; 4 i -■* - ■- 

■-■ w*dn*fn stfrBw ”op» j$£ a 1 

•...Walker /Alfred} (1 opt 10 fS/ 4 J 


vpc 


W*J 



1 fl»apr«, 


'..Warp Goraston* Y2SH£ VOtj . CMJ ■ " 
- - * -. “Warrf KJriasT OOpJ 0 JS**®. ' ■ - •• • 

* - *:MS# WbttB'GTBLUisay 73 -St.- 

-- „ 'J BO. BocLii. 32 . ( 5 / 4 ) . 

“ <• Ward/e fBernartD ft Op) 1 fl-W> -79 ** 

... ii Waring Gil low (Hldof* _irrr * 

a- War** wrlgnt-RBwft! 

' ■!«, •>= “Warper Holidays <11 

’ flow 24 Ij v < 6 / 4 ? 


«Pa. CS*>. 

- ** •: 

; : •■ '»^‘SStmaS5rt* 0 ciffiig2 1 P4ip:|2W 8 

.-. . •; . v watshaiiw c< 5 b)'- 21 S < 4 / 4 * 

-ir i -.jaWatson 0 ». K.i tlflpi si t 6 / 4 r. 


( 5 / 4 ) 


Watu Bla 4 e ’.B*ane QSpv.- 147 i »0 70 


•••-•“ Tis riWWWrt Grp. UOnl 26 ■-. .• - 


■v. 1We(Jpwo«I f 4a&DV “200* 1-2 



y Wssringhom* 

: 3 1 Westland Aircraft > 09*1 
Wns-Un 67 rf&W 


««, « art? ^ 

■* • ,. .. ■■■ tJnW^minster Co. Prooa. USjfl-'M? •.•_. 

N^Yv^olViai •'. 

• ■ ‘Ulnga ( 25 p>' 4 I ? .; ' 

■ • ; ' tWheatctinf '6l«. ■trds.' 'iso* 165® 7 


» 7 S 70 - ^ .^ ^PT ies®: 7 * 
'e! - Wfiemy^fatcoi] C 5 pJ ISla 


;r -I wwte 


( 18 * 1,77 8141 V.'-' 

M -t 50 p); B 2 < 344 V 

It 4SO 

ftjPI M.' . SpdlMjin. 

fS4> 7" •«itV ‘ •-> 


^Jjsiiu»n^Wa»tefiftM' t2fat l*-<p/4j' .'•• 4 

■;■ ■'.'.'■■3r ? fl£ 






•v ';;i 
7-l.r 


ass. BHttnuwfa*, 


tosanoal TRUSTS <«S) 
Afcrsv&smithrtx 1 

jE3*S*g2£90 


77\. 


jsssrssr . 

*SFYl 4 TfWjC.OOW-IOV 1 V.IOI 3 PCU 1 . 
^«Wten .Attrtajkurrt 4 M 50 i 70 

wSS5J "S!feiSS.^a i ‘f a >. 

ta wt. 1 j,® J mSmi . 1-s * 

CftaOdeSev investmenas iMb )15 fs; 4 ) 

Hsr^BSkSs. 
s^a.! _ 

^v A .. , 

^ ? ; ^ r 57 

OateetV EhpcOb. : 601 < 

Kw» j^tZSpi 


■PttiHw - is 


. Orr Groan C 2 Sg} 

ifSs T «. 

4 IMS , 10 p) 12 h ( 4 '43 
nwtnr tte) 

FlMUMp (25 £1 .66 ' 4 t 4 ) 


Nxtfoow _ 

2 ^* Warrant* to Su^^U 


Cow. 7 UM 2 ® 
■ «Tft 4 i SJMcLn. 


^I '«4 W+Y. 6 tjpct.nri 

Gomte^urnnt M error Gctwp' fW 2 *«s* 


%£*,. >h.eV* 


- bb; lw»»t- Trfist'f^pJj JBW 60 >i« 

GrtmiitMm'HkgB, aan ; i«tft 
Hambro 6 ocM 474 ® tfcf) 

Hun^n Trust <te) 7 % <§ 43 t,- 4 peLn. 90 

htouao* 395 ® -into 3960 4 HD IflS 7 9 . 
:M^»S 4 < 14 X IXUheUMAIaSS ( 6 / 4 t 


.■JffWJW 


Kwahtf (1 Dei 18^16 Y 4 / 4 ) 

Uevds ScoTttsti (i<toi e 3 Jt 


London scotUsft nooi'aT^Hii . 

gj^ ^agJ9e'9r- i< * " m 


i * Jloa ■» 


B. P.t -ap' 52 


fSOp) 


.70 46 / 41 . 


■1 . 

Provldcot Ffn a i>«*J Grp. 900 2 <«*»' . 

Sl w-JJarbr HldB*. i 10 »l , 1 Sf 7 ( 04 )- . lOpc 


*** ■“r«arttJM , e«. 


Uoiaec GO. 


JJM. •OpgDtiiona Tot. 


.’agon r/ngoro a 
Wmt Eddland Tn 
Yulo Catcq 11 Op) 


.7 GA» W-— .i - 

utlartce DabUo: Om|m. Gw 72 rs.' 4 t 
ijgMa^CoBrtnfatrt^^^jtauB. 3459 SO 


BpcLa. iScTtSfa) 

INSCRANCIf jfcOl ■:■ 

•o^tiy < g Td OSPT *HJ 7 = 5 .. • fppcLe. 

Sffl Auunm*^ 1 ^) ^ l 56 

5 U O nto "-^^ T5 °® 2 
£* 0 »r Star Jimjr»i>c®.C 2 Sp 3 -iS 2«"44 6 ; g 

HaratiTO Uia ^ 

Hops RoblMi^rl ( 2 S|^>fl 6 '( 6 t 4 ) 

■iSfft^saPR JB - W W. 

LfW* Godwin ifiittas-Jii OoI^O® 89 
LowKxi Mantbfciur^rap) Tj«a 
London Ass. 4 pcPT. 32*1 t6U> 

fc^^ew» t< Wri 8 hMp? rt HldS^ (SS . 192 

MlMt Hlttgs. (20p) 176 . V - : . 

Moran (Christopher) G Tr. DBM 42 


m:i % 


Pearl ssp) -234 4 D'*W 4 ) 
ix ! 2 S(rt 259 


ACM. fcOl 


.122 


Pttoanh _ 

f sr bf * 

PmtsiKlrt ft 5 pl I 570 * 2 « J| 5 3 

RcfOM ( 5 e) JM 

British Ins. iSSfzwfSzo ®* 4 V 


Wane 


Sun ah it nee ' 

tn- 76 « 5 i 4 ) . , 

Sun Liffc Soc. fSo) 100 * 196 - - . 

wills Baber. < 25 pr . 

riNVESTonafr bml&tali*) 


AIHa ( 29 p) 101 100 ^Pd**- 45 


344 * ( 6 / 4 ) 


AtMund CP 9 .- 9 M- 

Ambrose-. Inc. SM. 



Anjto- 50 Ptri^ Jn*st_ Tft. 


AtlBMlC Alin* 1-1 1 

Adas Etee. mi > . 

SpcPT. 2 l«'fS 41 



gaw_^i^ 
5 (icfw 


CLftP Inrett-. t*c Writs. 14 < 4 / 4 t 
Caledonian Tit,( 2 JSm « 57 ® 7 . BoeK. 44 * 
60 C«K S 8 h IB.'AT 




Capital NMlonrt Tst. J 2 So) _114 <SM> 


Cardfn«L- Tst^HJfd. « 5 pj 999 . 6 pcLn. 
CarlloT 


^rlloT Invest' T»t. ( 2 Spl 101 ( 6 ! 4 i. A.'sPC 
Ui. 85 *s 7634 ) 

Cedar invest* TU. < 25 o) «14 (51*3 


GhaoneJ Islands lP«er. lm». Ttt. 132 1 . 

03 PL 4949 ■'U 4 SO 


«»— — 
«£» £«• Jw. Tst Income 45 p) 26 k*. 

capital 929 1 * 
c tv Forrten In®. O 5 oi 57 bo 
CI(Y fBCQmat. Tit (Z 5 P) 91 14 4 ) 

pl£ff lM, .“ 0 lot T *L »**« 76 k ( 4 / 4 ) 

C Wtofr Inv- HOP! 7 k ( 3 / 4 ) 

C 3rV d f3%)" y ' <25P> °* 4i,pcW 

Colonial ' Sees- Tst ( 29 pi 213 ( 3 ‘ 4 >. ' 5 pc 

_“■ * 2*1 

Continental InouM. Tst. ( 25 pi 174 ( 4 / 4 ) 
Cnssceot Japan insect. Tst. <SDp) 15 S 6 
Sh. Write. 62 ® ( 6 / 4 ) 

«Ha« Inv, T*t- (wept aSOp) 38 n:® < 6 / 4 i 
D gMirture Corpp. . 250 ) 60 »; 59 ( 6 H). 

New ( 230 ) 531 .60 ( 6 / 4 ) 

"** 7 , 7 * 1 . Itlddme 211 k T 2 (SM) 
Dominion Gen. Tst < 25 o) 174 k« ( 8 / 4 ) 
DnrrWm^omml. Inr. (ZBp) 121 . 6 kpeta. 

Drartoii Con*ld. TfK. ( 25 a) lU (6 4 ) 
Prayton Far Estn. TrSt ( 2 So) M<j® 


Drcytan Prem. in®. Tret (2501 16 D 1 73 

" ‘ " ’ 4 ). Cap. 


( 3 os) *i"j mi 


2 ® (l/ 4 t 

wnpurwi Amen. Assets Ym. ( 25 u) 9 G\® 

7 k. Cprfeb.Ln. 194 (541 

|w- TT«. 4 L*pcPfd. 37*1 ( 3 > 4 i 

*Sr 

Ebb. 


iw. lisp) 62 (3(4) 

. Trst. Grap* 81 1 ’ 78 <3 40 
gnp. WT Tru. ( 23 p) 6 Bi*'(SS 4 ) 
E Kv*S?*:, ln »- 5 |p) 61 4 k ( 3 / 4 t B ( 25 pi 
_ 30 t (fc 4 ). 40 CO®. 54 rSfili 

W. fnsp JKV ^ ’« '*■'*'■ “*■ 

Eouftv (non. Trst, ( 300 ) 160 77 ' 

E, * C Enrmnnt ( 25 s) * 4 k lS/ 4 ) 

SCot. Amen. Trot. ( 25 pi B 2 k. 


S'JDC 


-fu If 1 ? * 4 f J - Speu’nsiA 74 1 " * 3 * 4 ) 
Hrst Union Gen. inv. Trst. (RO.ZS) 45 
( 3/41 

Foreign Colonial Inv. Tnrt. ( 25 p) 1421 ;® 3 
fif'HWwari liKm 5 h«. Q$p) 3 ®ij ib'at cap. 


Sbs. QSpi 5757 aTt**}' 
BT Japan In®. Tr«. C 


-= — In*. Ywt. ( 2 Sp 1 117 ® 18 ® 
=*?■ S*"*"- (W. Trit. ( 25 o 7 126 ( 3 / 4 ) 
Gen. Coftsid. In*. Trst 03 « 70 »» 
Genoral Funds i 2 Sp> 136 4 . 3 / 4 ) 

Ipreators T/vrtees ' 25 g} 84 16 / 4 ) 

. Scottish A 5 »> 77 k ( 6 / 4 ). 5 pc«. 

Genial Stockholders »kp« 7 t. 45 k 
eSS 0W SUKkhOldvs ckp) 00 
to r t5S£Vite? v 3 1 ! 3 **’ 81 t3,A> - Warram * 
Gltnmt/mv ( 29» 1 629 ( 6 / 4 ) 
c '« 5 e . lavMimont ( 25 p) 103 k® k 4 . 
1 ^°*!, 57 :* ( 4 / 41 , S'socCnv.Una.ln. 

gJrpcCpyJfns.tw. 7 JO 9*1 * 6 / 4 ) 

» ]«? Wu5W*ffi 

llambros Inr. ( 25 p) 83 )* (*H) ■ 

amswis-ys.iia 


Hume. Hiays^A (|a^)' 7'4 « 6 I 4 ). SAipcCny. 


, Uns.Ln. fos* ( 6 / 4 ) 

“?5cSt.sr5s'' ,25M 47,9 7 u tw4 ’- 

International Invest. ( 2 So) 70 ®. Warrants 
*!*jV °n L . * 9 't 'EM). SkocPL 37 
6 ^S 0n * Investment Tst Jersey 165 


Inv ertin g In Success EqaKk* ( 25 p )12 

tjg. 


investment Tmtt Carp. rZ 3 p) .IBB® 7 k 
5 ^ 0ft - <a4> - 
IBw '"" 1 ™* Su * rnMV <5 Op) 1 S«k 
or Capital Tst / 25 p) 71 ®. SkPCPt. 

^<sKS5.3K 118,1 w" • 
tgJ8tr&H & «« , 

KlBlnwort Benson Si-ocDb. 66 k k ( 4 J 4 ) 
* ,8> - ■WCnv.Uns.Ln. 

Lancashire London < 25 p) 4 li* -U 
Law Debenture Corpn. « 25 p) 93 . 4 l*pc 
Cnv.Uns.Ln. 76 

London Gartmore ( 50 D) SSk 13 ( 4 ] 

London Lennox i 23 oI 66 
London Lomond c 25 o) 63 *s ( 4 / 4 ) 

1259 1 37 


London Strathclyde 


fk IB- 4 ) 


London Atlantic Invest. <36p» 56 V ( 4 / 4 ) 


- .n Australia (XAt) 129 ( 6 / 4 ) 

Lordon Invest. r 5 p) Jk ( 6 . 4 * 

London Merchant Securities ( 2 Sot 63 ® 6 
Ca- 5 h« - 35 pl ft 1 * 4 ) 

London Trust 4 ocPt. 46 . DM. ( 25 P) 180 
M. G Dual Trait Cx>W Hop) 1 D 7 - 

M. G. Second Deal Trust Capital ( 4 p) 
J®'j® H (s:*l 

Manchester London Invest. cSOp) 20 13 4 ) 
Mercantile Invest. « 2 Sp) 3 Sk 6 U CB 4 >. 
5 »ePr. 4 Sk- 4 korfJb. 77 >a® 5 
Merchants Trust « 25 pi 64 ® 3 k S'.t 5 

Metropolitan Trust SoePf. 42 *» 

Monks Invest. QSo) 44 b iS. 4 ) 

Montagu Boston nop) 55 . Warrants to 
sub. tor Ord. 36 <6 4 ) 

New Throomortcuj Trust ( 25 p) 19 . Cap. 

1 to Pu 


Ln. 88 ( 4 .' 4 *...' Warrants to Purchase £1 
Cap. Ln. vS . . 

New York Gartmore GtSF) 36 ® ( 6 / 4 ) 


Nptonii Fund HOP) - 2 «M 1444 ^ 


7 kKLn. 


North Atlantic Secs. I 25 d> 

American.- Tst. -< 35 Pl 91 «WS SO. 
2 'jncDb. 78 ( 4 / 4 ). 5 PcLn. 80 * 79 k® 
OH Assortd. In*. ' 25 oi 53 


Olihdch In*. ( 26 b) 

v. ( 25 p) 106 k®. 4 kocPf. 34 k 


Pemland Inv 
( 6 / 4 ) __ . 

Rsehunt In*. (ZSp) M 3 


River Mercantile lit ( 25 o» 1 SS 6 ( 6 ' 4 » 

'.) (Pis. 50 ) £ 57 )* (6 41 . JReg. 


Rabeco (Br.l 
NatPv.BIc.) 


.... (FIS. 5 ) SU 57 . 47 ® 5 8 Op. 

(Reg- Other Names) (Fl* 5 ) 577 
Rollnco (FisJO) tU 5 .S 2 k 3 hfiMl. Cons. 


No. 18 Mat.Pv. 6 k. (Rs.S) 425 ® 0 _ 
Romney Trust ( 26*4 92 K AUpCLn. BO*’® 
Rothschild In*. ( 50 pi 165 *_ 6 ®. 4 . 2 PI. 

49 k ( 4 ’ 4 l. SJPCPt. tSOol 29 (6 41 . 
BkocDb. 75 k ( 6 / 4 V. 6 kpcLn. 97 

mwfv*. MGP) 
59 • , 8 ®k 


vt«fc.-?ar!& 

Inc. OOP) 166 ®. C 

Scottish American In*. (SOB) 51 ® k SO 
Scottish Cond. Iflv- ( 25 P) 66 k® ( 6 . 4 ) 
Scottish Eitti. Inv. USP) 125 ® 7 . 4 


rr 




Pi 




• - r- 


LOCAL AUTflOfllTY a«ND TABLE 


'^iOe&vnU r:j , 

■ :s:para»Wupjei3)- 


■l* Ammt -V / U * * r i' •'• ^ 

-mm 6 Interest Tlflnfiuum Lift ol* 


payable' ' suin- bond 


y BarKlng.*(01-S^2 4S80) 

1 Barnsley Metro. (0336 £05292) 
Readlhg;\ 0 r 8 i- 5 S 3 $ 37 ) 
'Reading- (OTW- 5825371 * 
Redbridge- (01-478 80^0) .'-L;.*,.:; 
^Southend ? (0702 ‘48451) 

- Thurrock (0375 5122 ) :..-^.'_v. r 
* Thtfrroflt (0575 


% 
; 8 «' 
10 
12 
m 
10 - . 

10 i 


' i-year 

-^year. 
maturity 
+y?ar ; 
- 4-year 
J 1-year 
4 -yeat 


204*' 1-year- 


5,006 

.250 
0,000 
■ 1,000 
200 •■ 
. 250 
300 
- 5 OO 


Year 
2 
4 7 
■ 7 
<P 7 
5-7 • 
S 

. 4' 

5-8 


_ . — 4 kpc 

Scatttah^l European I*. * 25 p) 35 J* * 5 j 4 ) 

isffit asasp-^gji^Lij^ 

Srani*h; c - Northern.. fnv. 

1333 ,ti$. iluV 

Scottish^Mtam 1 ^ 050 ) Mk B ( 25 o) 
70 ®. 4 l-pcPf. 38 * 1 ® is. 3 '•pc DU. 25*4 

( 4 ' 4 ) 

Second Alliance T « , . C 25 p) 17 S® 
ucond./Braadmount Tst. (Sd> 32 « 

Second ^Grtat Northern l^-Tst. ( 2 Bp) 74 k 
Fh Ires Inv. ( 5 Qpl.ia iB '*X „nm «■, 
S-.-wdl Europesn 1 m». Tst. HOP) 66 k 

ftartRoldS P 3 ® 2 ® 16 41 

safs^wio 69 5 ., 

ThroomeSn Wm»d Growth T«t ( 25 pl 23 
• tS/AL OP. “5 (SM) 

TMr«<22|r^ & *** 

Tor Inv. Incom- RSo) 71 «* t*» 4 ). Do. 


r>*alt*l - 103 ( 6 I 4 V- ~ 

Tf gijp ieJwv. NloCSpi. 6 * 


... ... 64 C 6 ' 4 )- 

Cob. i?H a® 2 ® t ( 6 f 4 ) 
TraMSM cor®. .- 059 ) 122 «A/ 4 >. 4 i-pepr. 


iked British Securities < 25 p? 11 Skylit 
Urtsed State* General Tst. Corn. ( 25 o)_ 166 

Unita^f State) Deb. Cora- C 5 p) » 5 k® A 6 

v|w' Vord) If®. f 25 p) 46 1 X 4 ) 
vntmg Rasourc«.( 25 pl 80 ® 79 . . 

Wwuvst in*. 275 * ( 6 / 4 ) 

West Coast Texas Tst. (1 Oo) 66 k ( 3 / 4 ) 
WVtaP in*. CZSpl 7 B® s ® 6 k® 7 6 iV*U 
SJdCDb. 64 ( 6 / 41 . - tocDB. 69 k < 6 /*> 
reoman Inv. QSp) T 53 k 
Young Companies In*. 73 k ( 4 / 4 ) 


i- : UNPT TRUSTS (22) ■ 

.PRICE IS INCLUSIVE OF STAMP * FEE 


M. G / M f rtaio .mgome^AS^® ^ 45.1 45 - 4 . 

Accum. 45 . 5 ® 45 »® 
Income 59.1 • 


M G‘ Amencan incs 
- Po. Ac jemals tip j> 

K G. Australasian 
- G Conversion loco 


M G Dividend Income 1 ) 71 .-* 

M G Extra Interna 80 ® 3 ® 89.4 
M G Genoral income 16 s ( 44 1 
M G High Income 07 k® 101.8 
M G Japan General income 1 S 3.2 ( 6 / 4 ) 
M G Recovery ipooiM.Tfl 
M G Special Ificoma..^ 5 l . 20 .( 6 ; 4 i 


IRON. COAL & STEEL (17) 


Bertrama ( 2 Sp) 20 ® 

W^r 1358 5 

Broken hHH Proortetarv (SAZ) 545 ® 
Buntord E/Ufttt 3 VpcOB- 73 
Hawthorn rR. W.J Leslie ( 5 Q 0 ) 67 


( 6 / 4 )- 


RtChards (Leicester) ( 25 pi '57 ” ( 6 / 4 ) 

Wsttoarih [ 5 Dp) 57 ( 6 / 4 ). 


Richardsons 


fipcLn. - B 3 lt ( 3 , 4 ) 

CriL 134 3 I- 


^wan .Hunter 


Cora. ■‘ISTa.i 
( 25 p) 63 >a ' 


(R 0 . 50 ) 


4 (B' 4 ). 


laion. Steel 
susa.rfik 
Ward (Tuns, w.) 

7 'aPcLn. 65 ( 4 / 4 i 
Whessoe ,' 2 So) 56 . 

W/epdhausa Riason iHldBv) ( 12 L-o) Z 3 * a 
Yarrow ( 50 p) 273 ® 


MLNES 

Australian (J) 

Geld mod. Areas 1 S 0 ) 54 C 5 ? 4 ) 
(AO SO) 1 B 9 7 k ( 4 / 4 i 

HldflS. (SAO.SO) 


Hampton 

Hidsn. , 

North Broken Hill 
( 4 , 4 ) 

North Kalguril ISAO. 30 ) 9 k (5 4 ) 


91 


jkrtnga Mng. Eru>/rn. ( 5 p) T 5 4 L 1 * 4 J 


Eastern Mns. Cpn. OADJOJ 106 

Miscellaneous (43) 


Ayer Hftam 200 < 3 . 4 ) 

" ' ~ iRram ( 25 n> 52 ® 1 M 1 


B trail Tin WpH 
Chana 


mr Coosa. (Reg. i « 5 p) 13 ? 31 36 
30 29 . Da iBr.i ( 2 Sa) 68 k 14 4 ) 

Con id. Gold Fields i 25 n> 177 5 . 7 * 4 AC 
LA. 62 It® ( 6/41 
El Ora Mining * 10 p) 52 ( 3 / 4 1 
Gopcng Coma- < 25 p) 220 
Nonmute Exploration ( 3 C 1 ) 330 10 ( 3 * 4 ! 
Rio Tinta-ZInC <«N-> < 25 fl) ( 64 ® 8 7 
5 2 6 . Acc.Qrd. ( 250 ) 191 ®. Opt. Wrnti. 
25 ( 34 ). 3 . 32 SocAPf. 41 k Z <4 41 . 
BJItPCll*. 66 L | 6 , 4 > 

Saint Piran i 25 p) 49 ® 52 
Selection Trust ( 25 o> 387 kt® 


SllverpilfieS 121 . pi My 


Spat /i crafty (tool 
Southern Mnta -145 
Southern Malayan Tin 236 
Tharsls Sulphur Copjwr »2) 240 
Tronoh Mines Malaysia Behafl 172 3 l 3 / 4 ) 


Rhodesian (5) 
Botswana RST <Pu 2 ) 13 * 6 / 4 ) 


Falcon Mines (2So) IBS® B * 6 / 4 ) , 

lt2ko) 62 


Globe ’and Phoenix Gld Mng. 

Mineral* and Resources Cerp. (SBDIAO) 
146 40 

Rhodesian Cora. II Bio) 19 k 

Zambia copper Invs. (SB DO. 24 ) 11 k 

SUS 0.14 k‘ 

Sooth African (45) 

Anglo-American Coal Cqro._lR 0 - 50 i_S 15 ® 
Anglo-American Cpn. 

305 2 


S. Africa iRO tOi 


Angfo- American Gold {R1»_!6k_jSi4l 
. (RO.iO) 


ale Platt (I 
lakht Gold 
Mines (R0.< 


iwaSPtPft 


Bracken Mines JRO . 90 ) 73 
Buuelaioi 


4 < 


lUueJtiontaln Gold ,(R 1 ) SIJSji l k 

»agaa«!i^"“ 

Doorrtonteln Gold tRll.SUSJAOt 
Durban Roedeport Deep (R 1 ) SUS 2 . 60 ; 


EM^Orlefonteln Gold Ifll* P 676 ® JUS 6.00 


0695 

East Rand Consd. 


(1 OP) 17 A ( 5/41 

Gold Uranium 1 RO.SO 1 340 


East Rand 
East Rand Prop. CR1I 317 


Uandarand Gold <R0Jbi sis 2 - 7 o 
e/Sburg Geld <RI( JUS 1.44 ( 5/41 
Free Stale Geduld (R 0 . 50 ) £ 16 . 


* 6 / 4 ) 

Genoral Mining and 
15 k® ( 6 / 4 ) 


10 ® 1 


Finance Can. iR2) 


Gold Flrtdi of South Alrjca JR 0 .J[ 5 > 1170 


Graotvlel Prep. Mines (R 0 . 25 ) 96 ( 3 i 4 > 
Harmony G ala Minina iPO.SO 1 351 
Hartesbeeitfomrtn Gold Mining (R1) 
SUS 14 . 45 ® 

Jotjuro Consd invest. (R2| 11k 
Kinross Mines IR1) 341 SUS 4.30 i 6 / 4 ) 
Kloof Gold Mining 445 4 (S' 4 ) 

Leslie Gold Mines (R0.6S) 42 k® SUSO.St 

40 

Ubanon Gold Mining iRI) SUS 6.70 6 . 65 : 


Miur Rrier Robber fiDr>) J» ( 5 . 4 ) 
Narborough (FmSi Rbb. Est. 11 Ob) 12 


•5 4 ). 


PtaigatlOfV Hides, (top) 68 k flk CSi 4 i 

» ;•*: - -TEA. (6) 


Assan 49 ooarS -Hleos. aua Mj 4 < . 

Assam FTontior lea Kings, mq L 4 4 ) 
Assam invs. 105 ( 5 . 4 ) 

Mansell l» IX«. ( 1 Up) 200 196 15 . 4 ) 
tmpire inn, ii uoi zo'-'uzo in 

JOkaf Tea H 1 C 4 *. 257 
bOngbourne Tnoas. 257 lb: a) 

Lunmu CCm^ni Tea Rob. liu. 127 Iff, 
Mccced ■ R««« 194 ic «c 
Slnglo Hlas^ tIOpi 23 -; (4 4 ). I 2 ec 2 nd 
cnv.pt. (siH>> 99 'i„-.o mo:® 

Warren P tools. Mjoat ( 25 pi iss 
Western Dooars Tea Hides. 150 (6 41 
Wiffiamvpn Tea Hiops. ipj 4 ( 6 . 4 ) 1 
Ai)rto*Arae/tone Trams 4 oc 3 Rf.Db. "70 
(4^4) 


SHIPPING (38) 


Bril, Commonwealth inppg. ?S 0 t» 267 ® 

cLeJLma I 25 p) 22 s , 

Common Braa. (Semi 1 1 B 

rlsner -uames) son* 125 -j 122 a 

Furness vrtttw 22 u® 190 24 2 
JacoK (John 1.1 liop; A3i : <5 41 
London -Overseas Freighters ucSp) 31 k® 

1 2UTS£Sf’ 

Ocean Transport Trdg. i 25 p) 12612 ® 6 7 

PeiSnsufar Oriental Steam ■ Navigation 5nc 

Wd. ?i d - I 71 !* 9 7 i 9<: 5 k 

2fi?i. 27 5a '' S,SBe4rtDh - 

Rear'atw- Smith Line . < 50 o) 98 (G< 4 >, A 
N,-itg. SCO) 37 [6 4 1 
RUAcMMir (Walter) ( 2 Sp> M ts *) 
stag Line litO 3 


TELEGRAPHS <— ) 

Bristol Watarwprks 4 . 0 Z 5 oCPf. 73 (3 4 ). 

Coine^KSiri w aie r ll ? 025 txPf. 551 ,®. 

NM 56^1? f® 7 ^ 

WATERWORKS <29) 

tlB Woour Watarwcrks 3 . 5 uc 37 u <3-4). 
Spelrred-Db. 37 H 

Eastuoame Waeerwof** 9pcPf. lOfis.® -,® 

^59 3 °°. 

Mid Kent Water 7 peRu Deb. 64 * 4 / 4 ) 

Mid Stt*ra* Water 3 . 325 PC ifmly. 41*0 
IrfC.r*. W. ^ 

N awq a tle awd Cateshead Water 7 oe Ifartw.- 
IOpO Max.cpns. 65 , 3 . 5 pc Ilmlv. 5 Be) 

CWJSjH. S9^- 4.D25PC '(mly. 5kpc> 

Rad,Pf_. 78 k 16JQ 

5 kpcDeb. 38 '« TSU)'. 


N SST pjf-SW » s i? pc) 


7 k pcRwlOrti.. 67 14 /a^r 


Portsmouth Wafer 4 .S 5 DC ihnw. 6 ktO 
Red. Pt. 80 :® 791 *:® ( 6 / 4 ) 

S. Staffordshire WW. 49 . 4 . 9 pc Class B 

49 t. 2 .iP». 23 ra/ai. 3 5 ocPr. 36 . 4 pc 
DO. 29 . 7 'sgeDh. 69 
Sunderland S. Shields Wtr. 2 . 8 pcPf. 30 k 
( 5 ' 4 I. ' 4 JtpcP(. 66 k (Sl 4 «. 9 pcPf. 106 k 
( 6 / 4 ) - 

Sutton Dirt. Wtr 65 . S.lSpcPf. 33 kt® 
4 J®. 5 fKDb. 36 

Tendrtra Hundred WuerworVs 3 . Soc New 
340 C 6 / 4 ). 5 . 6 pcPI. 490 ( 6 ' 4 > 

West Hampshire Water 3 . 5 dc 36 ( 4 / 4 i 
West Kent Water S.Soc 36 ( 4 / 4 ) 

Yorfc Waterworks 49 ®. line £25 Pd. 25 
( 5 / 6 ) - 

SPECLA.L UST 

Business do dp in sernrifos quoted 
in the Monthly Supplement. 

. APRIL 7 (Nil) 


low Va/ley inds. £17 

TCial r 


Commercial Bank pi Australia CAost- Reg.) 
20t 

Endeavour Resources IS- 1 *® 


"d 1 V" 

HetUHnsop -Whampoa 78 ® . t 


imperial Oil Canada A £ 15 **«* 

Jarome Matheaan 1 US 2 .SH .-0 0225 ® 40 
6 2i . 

Jpaamgs (A. J.l 302 ® 

Jones (David 7 97 ® • 

Metal Latpitn. 12 '* 

Mount Lvcil 20 ® 1 
Morgen- Energy ElO'ia 
Ocean Ryteurces - 16 ® 

Oil Search 5 ** 

P»n« 0 (tttiteirtaJ 900 
Petra Wrtistnd 440 ‘ 


Sttrn.’ Pac- Pete. «US 1 A 5 k 
TradMW 1 * 0 ® 


Straits 

Swire Pacific A 113 ® k® ; ! 3 * 14 k 
Thiess Holdings 163 : 


Westenj. i^iun 4 » 6 i® ( 4 M>. 


Wepatt 

APRIL 4 - 

Centra/ Norseman Gold 600 ® 

Ciba G<flv 7 UpeCnv. £330 
Celomai Sugar Rcflherte* 221 
EEC 6 kpc 1962 £ 1 & 0 g® 1 ® ‘ 

E 4 irds. 178 * . 

Eastman Kodak £ 32 v . 

Gulf Oil tldi* 

Hamarslev Hiags. 376 
HoUinger Mines A £ 20 U 
Hong Kong Land 125 ® 

(Hudson’s- 64 * Oil G*S £ 30 )ie 
Ibtpi. Paper Zlb-t 

'Mayne N/ckletS 146 ", 

Metal £*. T 2 :«o 15 * 14 12 k ®- 

Mid East -Minerals 16 k® 7 

Marra Devs; 4 k: 

Met Lvell 19 ® 

Natl. Bk. AuRralafia (Aust. Reg.) 206 
New Metal Ik® '*• 2 
North Flinders 30 k 
Pe&a 011 73 . . . 

Rennies Cons* sso a 


Sabina l mu. 34 Ik 
Star 


Safeway Store WS 3 Bri 
Sthrn. Pae. Proos. 7 it® 
Timor 011 3 ® k 
Tri Continental £ 54 1 , j«® 


U 3 . Steel £ 39 ’, 
Utah Mng. 29 S® 
Weverhauser 1171 m. 


6 8 


Wheeioclr Maritime B _ 

65® «k 


5 4 


WoodSide Pets. 

APRIL 3 

Angl” Utd^ 93 ® 70 6 l;ft 4 ® 2 *90 88 

Australian Cons. Minerals k 
seriunui Tin- 230 
Beugalnvllle Cooper 103 4 
flew valley Inds. £i 7 k« 

Conrlnc R | 0 Tlnto Australia 168 ® 
EridearoiB- Rrsourtes 14 13 '* . 

Exxon Cp». £ 35 ® 


ICI lAust.) * 1 800 
. Syne 


Intrfl. Systems £ 1 AA>® 
jar-nine Matheson 232 ® 25 ® 4 
Jarrftae Sect. tlOk 




jfllas IntnL 75 

Northern Mag. 41 
Oil Search 7 k® «, 
7 k hi no . Cora. 46 


Paiicontlnental 917 :® 20 t® 
SUSZSi* 


Pniirfra Pets. 

Rich (on latnl. 5050 
Thomas Nationwide 78 ® 

Timor OH St® 

Wheel ock Martlen A 39 k 
Woodside Pets. 66 
Yukon Cons. 150 ® 


RULE .163 (2) (a) 

Applies tioria gTanted for - specific 

tia tr a in s fn 9ecaritfes uot 'ttsted 
on any Stock ExehAnge. 

. • april 7 : ; t 


I 


Arbour Court Invs: 8 
Aston VHU FC £15 
CUlrtnace 4 ! S3. 

Clyde Petroleum 1 26 - 1 , 


cosalt ' 7 kscCum.Pl. -- 4 a 
Bund - IS. 


Dan 
GRA 
Kathleen 
98 


ISA 11 142 149 
. Tst. Ilk 101 , 1 ®** - 
Invs. jAutiralUt rsAO^O) 1 0 B 


Lifeguard 

LbvSi Cf. 

£ 37 k 


Assurance 2a - : ■ ' . 

J.) . iHldfis.) ' 7 ocCiMn.pt.- £ 3 8 k 


lowe Housing Tst; IncAn. 


Mid-Kent water- TkPePft.DB. CSh- 
MW-SDUthern- Water hBePa.Db. £42 £40 
Nemo Heat Treatmeno 20 m 20 
Gctavla Hill and Ri 
£16 

Oldham Beta. 115 - -- - - ■ 

5 L Paneras Housing Sac. Ln. £11 ■ 
southern Newspaper* 222 1 ,* * 

Tokyo Trust S.A. ISUSIO) £ 24 - 

Viking 011 146 140 . 

APRIL 6 ...” ■ ‘ 

Central Hldgs. Rd.Pf- 1991 . 96 ' 7 Us' 7 t»s 
.^rt Valiev Light Rlv.. 32 30 
.r.doe Pope A 177 

GRA iTpp. . Tst. 1 1 !i 111 * 11 0 *t 10 k 

iqv, 

Grampian TV 35 ' ' "'i ' 

Inv. Tst. GiMri)fi 4 y. 5 PcCum.P !. -20 -> 
LltetfiHftt Assurance 25 
North 5 e« Assets B 0.3 t 

Oldham Brewery _ 62 . 

Duv»h Highneios 50 , • •“ • 

Petroleum .Royalties - pf Ireland 200 ■ 
Quagllnod 32 29 ^ ■ ’ 

Son tnern Newspapers- 221 -' 

APRIL 5 

Automated Security 7 pcUnt.Ln. -£ 3 Soc 
Central Scotland lea Hmk 12 *.. 

Channel notch and Props. 19 ' 

Ciairmacc 34 - 

Clyde Petroleum -)31 T 32 ". : ■ 

Darhntf Fund:J 45 • - . 

Downs Crtidafiorll/m 45 ".•*.■ 

DUDdee-Angna ica Rink - 162 '-- 
Flextech On Pipe iso lagk- 
Forostry Pulp Bnd Paper 17 
lerifiV f.a< M ‘ ' • 

Jersey Gas' 4 kpcZndDb. £67 - 

Jersey Gas 5 ncACum.Pl. 36 
Jersey Gas 3 pcCum.Pl. 21 1 - 
Kathleen invests, t Australia) tos 93 
Mansell Tl;orae -118 
Mane and Overseas In*. Tst. IQ 
Manx and Overseas Inv. .Tjt. a H - 
Manx Petroleum SO .• 

MM« 5 oumern Water 5 kocPrip.Db- tSflkor 
NMW Computer* 130 
Osband I 
Rangers . . ... 

Spencer (Isaac) Bno Co. (Aberdeen) 55 
Viking CHI .156 155 k 155-154 -152 150 
WcaCBblx A NV Ord. E 2 
Wilkinson Warovrtop 4 . 9 pcNen^um. 3 r)d 
Pf. 42 -36 

Winchester - London Trust 1 


Tol^^-rt-.-ao 


- ■ 'APRIL 4 ...v 

LBlyth ‘ Greene Jourdaln 173 
Butt oust) (James) 107 
CUirmace 34 - .) 4 . . 

CorlntMan HldW- . 10BcCnvSub.Ons.Ln. 

• 1992 £ 70 ‘ -- ■» 

East Anglian Securities. Hldgs. 100 98 k 
Eldridte Pooe A 183 175 . 

Heavitree iBrewerv A «qq 397 ■ 

Grampian Television *0 . ’ ■ 


ligament Trust o I Guernsey JSpcCunt.Pf. 

Jennings -Bra*. 63 . ' ‘ 

LVKom Hldgs. 21, p 2 , . . 

Norton -ViuTers 4 . ; * 

NMW Computers 1 ft 4 . 1 Q 2 100 . . 

□ctavu Hill and Rowe Housing Trust 4pc 

Alrrd.Ln. £72 

Mumpton Roc«<eurte 16 __. 

Queensland Mines ifiAO^O) 152 120 
Rubhei' Estates ot Ceylon 4 . ,,, 

St- -Pancraa Housing Society 2 kocLn. £11 
St- Paneras Housing Society .Chv.Ln. £11 
Southsea Claronec Eaotanade Pier .580 
570 

Star Offshore Services 11 Si* 115 - 

U route Invs. 61 60 58 

Womens Pioneer Housing Society- 3 kDCLn. 


£14 


APRIL 3 

All England Lawn Tennlf tSODbs. £ 400 ® 
Arbour Coun Inv* Bi, 

Aran Energy (30 od.) 25 - . - . 

•British Steel Constructions (Birmingham) 
flkocPUv.Cav.Uns.Db. 1981 - 5 $ £ 1 - 
Cambridge - InstrnmMl 1 . . 

Castletown Brewery 160 
Cedar Hfass. 7 5 , . . 

Channel Hotels and Proos. lb 
C lyde Petroleum 131 130 128 


Mr*i 




rnesil L 


Janeiln Eouitv Tst. iSAO.SD) 150 . 14 s 
Kathh ‘ 


_ -jleen Invs. (Aunrallai I 5 A 0 .S 0 ) 105 
100 9 fl 95 

Lifeguard -Assurance 28 27 . 

North Sea Assets Boo 777 
-Oldham Estate* T 19 US ... 

Panawatte Hldgs. 2 k 

Queen Street Warehouse (Hldgs.) 2 

Mlev (E. J.) Hldgs. 12 ocCp»-Um.Ld 3933 

St. Avstd Brewery SpcIitCvnrA 33*32 
Southern Newspapers 220 
Stylo Bfifrrtt Shoes 7 ocCum.Pf. 43 
■rileentrol wratA ai 
Viking OH ISO 

Wmem Australian Cap, Invs. (CAQ.SO) 
15 k 

Wood Street Mill 14 k * • ’ 

Yelvertpn Inv* »» 0.51 


RULE 16? (3.) ... 

Bargains marked for- approved 
companies engaged sole); in 
mineral exploration. 

APRIL 6 

Slebenx Oil and Gas lU.K.) 262 26 o 

APRIL 5 -y • 


Gas and Oil Acreage 86 ... 

S/ebens Oil and Gas I1J.K.) 248 2 S 4 260 


APRIL 4 

B6 84 


Gas »im" Oil Acreage l_ _ 
Slebens Oil and Gas <U.K.> 
247 244 


251 - 2 S 0 


APRIL 3 

Gas ana Oil Acreage B 4 
Slebens Oil and Gas *U.K.) 250 

MARCH 31 . 

CCP North' Sea Associates 932 930 925 
900 

Clufl OH 37 B 

5 lebens Oil and Gas (U.K .1 26 B 2661 * 
26 EH -261 260 256 254 
iBv permtaaira 01 the Sloe): Exchapae 
UotoufUl 1 - 


- APRIL 6 (2) 

Williams CBetu 6acPf. p 360 

APRIL 5 (2) 

Morton Sundoor Fabrics 5 ocCum 1 «Pf. 


P 32 k 


Loraine Gold. Mines 1 RI 1 .BIO «| 4 i 


60 b 


Lydenhur^ Platinum lR 0 . 12 kJ 

Marlevale Consd. Mines (R 0 . 50 ) 74 9 k 
15 / 4 ) 

Messina (Transvaal' Dvpt. iRO-SOi 86 
New Klelnfonteln Proos. iR 0 . 25 ) 5 iS/ 4 ) 
President Brand - Gold Mining (RQ.S 0 I 
9 B 5 . 6 / 4 ) 

Rand Mines Props. (RI) 105 7 15 / 4 ) 
Raodtontetn Eats. Wltwatersrand (R 21 

Rwtenburfi Platlrium Hldgs. IRQ. 10 ) 75 ® 
5 ‘a 7 4 

St. Helena Geld Mines (Ri) DflOO ( 6 / 4 ) 
Sentrnt Beperk (KO.101 1 99 
South African Land Explrtl. 

JUS 0 . 47 ; 

South vaal Hldgs. ( 90 ^01 445 

( 4 ’ 4 ) 


(R 0 . 35 ) 

5 US 5 .B 0 


StHfontek* (ROJO) 229 ' 6 * 4 ) 

UC Invs. IRI) 22 B 6 2 . 

Union Cpn. < 7206 U) 270 
Ventarsoott tRU 213 10 ( 314 ) 

Vlakfontrin (RI) SUM JO 
WeHtom (RO^O) SUM . 35 
West Drletonteln (RI) SUS 24 H ( 5 / 4 ) 

Wert Rann Consd. (RI) 117 k 101 k 
Western Areas i« 1 ) 197 k 
Western Hldgs. iRO.SO) 5 USZ 2 k 
Wlnkethesk (Ri) JUSB 55 <4141 
Wltwatersrand Mart (SO - 25 ) 41 ( 4 / 4 ) 
Zandpan (Ri) 18 7 t 

West African (1) 

Aanaigtd. 77 ti Mines Nigerla-(IOft) 23 £ 5 ' 4 > 
-|1CM Tin tiopl 51 )® 

Id Base -Metal Mln~ ’ 12 ko> 9 *> (SJ 4 ) 
itar M 2 kP( 10 >i ■»*) 

.. Diamond (.13) 


Cons Id) ButtfonreinM rKe-.flO). 45 ®. dfl/El^ 


DeBmrrs ContJd. M 1 r>es _ 4 QocPf-_ (RS 


15 43. 


54 : 


Br.) (R5l 5U54.03 .<6-4). 

324 3 2 6. fflr.C (RO-DPI 
BpeindPt. (RI >.32® 

OIL ( 202 ) 

knock Petroleum (20pt 660 
rl 11 sh- Borneo Petroleum Svnd. ()0pl 
■rlt. Petroleum 7629® 60 54 60 62 4 _ 
BpclatPI. 72'; 16/4). gac2ndPf. 79k BI 
'6/4 ». apcI.StDb. 99-*< <5/4i «pcDb- 

94 la® 

Burmah 011 46 4 52 5 4 t 3 35: 7kocPf. 
47k Bk <6 4*. flecPT. S2 <5/4». 7»|PC 

Ul. 64. BkPCLn. 57k® 7 U 
Century OUs Co. (10p) 55 lj 
Chartertiall »Sp> 23® 2k «.4» 

Esso Petrotcum SkocIstDb. 76® 7* 

KCA Intnl. I25p) 28 
London Scottish Marine OU.USbi 146® 
65 1*5 k g k <64*. oil Prod. Units dOpt 
332 (4/4 i. 1 4pcLi) 102k 
0(1 Espl. (Hldgs.) (lop) 211® 10 8 
Premier Coos. OilSelos tStu 14® >«® 14 
Ranger Oil (Canada) NPV 21k 
Royal Dutch Petroleum (FI20) 46 <m 
T bcll Transport and Trading .Qrd. (Res.) 
(25a) 514i® 19® 15 14 19 -18 13 12 
1*5 16 135 15k. - Do. Ord. Shi. (Br.l 
(2SP) 527 (541. SkoCW. 47 (f4i. 7peP(. 
,62k® 2 3 


Temeo (5 US 6 . 23) 1 JRJPj£j> ^ 4 ) 


. . APRIL 4 (2) 

EngHsh and New York Tst. SoeDb. 1979 

APRIL 3 M) 


Asscd, Fisheries flpcPt. p28i*® k® 
Bradlgw-s Stores 6pcPt. p2S 


RULE 163 (1) (e) 
Bargains marked In securities 
which are quoted or listed on an 
overseas Stock Exchange. 
APRIL 7 


AE and Cl 140 
Afrikander Leases SUSS 
Alliance Oil Devs. To: 
Ampgl Ex. 112 
Anglo Utd. B3 
Avon Prods, uo: 

BH South 78 

Bougainville Copper 103 1 
BrkNe Oil 65 . 

Cpriing O'Keefe 270 
Ciba Geigv BpcCnv. £94 
Coles (G. J. 163 
HamersJr* HltfBL. 176® B. 
Honda Motor £19!* 


Hudson's Bav CM Gas £30 
Kullni Malay 


„_.ay*ia 43*l>® 4 _ 

Lfherty Lite 620® 

Mav* Deot. Stores £i6k 
Myers Emporium 146 
Nicholas intnl. 74 
Pahang Cons. 4«® 

Power Cpn. Canada A 840 
Shell Canada A 110-B3® tO-90® 
Stfirn. Pac. Props. B 
U<Hux 54 

Tri Contmenol SUSIBk 
WoodsMe Pets. 69 

APRIL S 


African Proos. 525 . 
AfllmKjMlllS 9 ? • ■ • ... . 
Anglo Alpha Cement 59 -k 


Basic ReS0urtes_465® - 1 ' 


gatu Ksmen AJ* 


Emmu ww = ** 

Clha Grt 9 * BMCM* £ 931 , 

gssr^^sss • . 

Hewlett r p»clSrd I4B.605 

SSSf.WlfiT^an. 

y^O/S; MrthiSn 225 k® 20 19 3 US 2.83 
o 213 . _ 

Jardine 5ecs. 106 
Johns Manvdle £ 22 k® 

(uliro Malaysia 4 WJ |: * L* 

Matheson Inv. 7 kPCCnv. £94 
New Metal Ik® 


Oakbridse Secs. 152 
Phllps Dodge SI 


US22~« 

Up Morris £45 » 

Searie iG. DJ 5US12® 

Sthrn. Pae. Proos- Bk 
std. Oil' Indiana £ 35 *s® 

Texas irstroment £49kS 
Trl Continental 5051 BUS® 

Thtdock Martlen A 39 **® 40 ® 39 


Texaco Internal-- pound 
Trlcentral ( 25 p) 138 ® 


ulfiS£% 


ndal Cocoa. 59 k 
4 ® 9 ’ 6. , 7 pcLil 


APRIL & 

Alggma Central Rwy. -£ 10 ~w 

Anglo United 65 . _ 

Assocd. Manganese- £ 1 7 k© 
Australian OP end Get 28 . 
Bougainville Copper 102 1 


.. ;Sp) 226 ® 44 s®. 8 5 7 . 7 pcPM. 
132 k ( 6 / 4 ) 


PROPERTY (100) 

ldi,pOstDb. B 7 Ofi) ” 
Amafe. Stares ( 5 p) B’i )« 


Alliance Prop. Hldpt. 
Allied London Props. 


79 ■ 

(6f4). 


Anuta Secs^ 




/ 4 ) 


Argyle Sees. l2pcDb. 

Avenue Close (20p) 63 
Bank Commercial Hldps. (10o) 3 ® 


ssssrussTumg*, 

Berkeley Hambro Proo. -rfSp) 


. . 8k 9t» - 

„Sp). 91 ISW 

Bitten (Percy) ( 25 o) ISO i 5 '«) 




. .--<1 

»» 




.-...J? 



r 


r ! 


it 

i 



BtHIiDlNG SOCIETY RATES 


Depodt 
Rate 

sas% 
W5% , 

5J25% 

Birmingham . 325% 

BradfenH ahfl Binpley^^../. '" 5^5% 


Ahbey-Ijbitfbpgt 

Alliance 




AngliR‘-..c.y.^r-../.... 


..Saiaro’ 

Accnts. 

: 5.50% : 

jsm.T 

-.556% -. 

. 5.50% 


Sub'pn 

Shares- 

.6.75% 

• 6(75%.- 
6.75% 
6.75% 


^ „ 5^0% j- 1.73% 

I’.West $25% 'J'-MMS' .6.75% 

Bristol -fieohosUet a. v SJ3% 5^0% . 61<a% 

Btitainia. i..«« 52a% _■ ■ £50% -8.75% 

— qppnMyy r ..LI ' : 5^5% 5^0% ‘8.75% 

*CardWwV..v^«--"~^*5--~ 6-30% . '7J0%*. 

C8tl»HccaA..:...w.*:-;~.ir;.:r' 5^xr% «»5uB0%- 8.75% 

, :&sp%. i.75% 

- -t»efr«iliMn-*and'-t31^^ ■ S28% ^JS09t ^8.75% 

■vCfty o f -Sua n do a . ^ .^ u .a w u uu o i 
rCocventiy- .Beciaotmc . , .. 5 jb% t .550% 

ifipy gntry ' ProVideO t 


•Term Shares 
W0%;s yfca, 4.00% 2 yrs. 

6 . 50%. ; 3 yrs, 6 . 00 % 2 yrs^ 5 . 75 % 1 yr. 
. 650% & yfs^ 6M% 2 JTS„ 5 . 75 % 1 yr. 
6 . 50 %. 8 yrs.. 6 . 06 % 2 yrs- 5 . 75 % l yr. 
650%- 3 in, 8 . 00 % i-TOn taiXL £500 


5.75% 3 znoathfl’ notice 
6^0% 3* yrAv 6.06% 2 yrs. 
0.50% 3 yrs, 6.00%; 2 yrs- 


5JS% 
525% 
555% 
5i5% 
..■555% 
-325% 
. 5^5% 


5l50% 

*50%. 

5J5% 

5.50% 

550% 

S^0% 

§.T5%. 

6.00% 

550% ; 1 6J5% 

Jypfc 

5-50% -6.75%. 

5S0%._:«.75% 
&0tf% :'.7yl5% 
6i5% 750% 


Berbysh&e _ 

Gateway — *■? yr:-* 

Guardian -v-.-.-i 

Halifax — 

Mas lings and Thanet 

Heart of England ,--i- 

Hearts of Oak & Enfield -- 
Hendon ........ 

HaddersfieJd * BradM 1 5^5% 

'Leamington Spa ^ - 555% 

Leeds Permanent 5^5% 

Leicester . ■ §>25% 

Liverpool.-". 5.75%’ 

London GoJdhawk ■- * ■■ 6-75% Wr-y f\J «-»*•' rtl 

Melton rfdwfa?y 3 .. 5^% / &»% . ;«.T5% 

Midshires SJMT *WS% 

Monundon . : *3*% ^:— 

Nati6nilf Counties -* — : 550% $M% ‘.^^0% 

Nationwide J. ; ' 525% 54»% . ■ 3.75% 

Newcastle Peonanen t’ 5.00% 5.3)% , R8D% 

New Gross a ..... ; 6^0% 8.75% — 

Northei* JKocte^- 1 * — 525% 550% • : 0.75% 

Nonyioii 525% 550%- 7.00% 

. Progressive; . ■ • 540%-V 5.65%- . 6.^% 

■'PiS8»erty Owy*rs;.....^.-.*™— JB^5% : 6.00% 

provincial 555% .‘5J0% • 6-75 % 

Skiptop 5^5% : 5.50% 6.TO% 

- Susear Matasi — . - &55% - 5^0% 

jrojvtj grid Country.-^ — _5JU%.', v5JS)% *10.00% 

555% 5^3% 


— • 550% over £5,000 . 

655% 6 months’ notice, minimum £500 
u.i v 7o 8-50% 3 yrs, 8J»% 2 yrs. (£SOO-£15,QOO> 

li Wl ‘32$%. . 75 5%. 3 yra. over £5,000 
pSfew/uJfcSflL'- 8J2% 3 yz^, min. £500 - 

650% j3yfs^6% 1 yr. min. 3 mths. notice 

6.75%-rfn. ‘ 

— i ~U» to 8% 3. monthe* notice 
■ 650% -5yw6% 2 yrs.- mis. £500-135.000 
6.45% -rS mths.’ notice, minimum 1X000 
6.50% £3 yfSn'8.00% 2 yrs. 

650% : .3 yrs^. 600% 11 yr&, £250-£IS,000 
650% . 3 yrs, 6% S months’ notice 
6-75%.,3 yrs. 650% 2 yrs., «25% 1 yr. 
'6.50% ;e montiis’ notice, minimum £2,000 
650%- 4 yrs^ 6.00% 2 yrs., £100-£15.000 
655% ^2 yrs. . “ 


.6,75%. 

■730% 

.6:75% 

..^T5% 

iCoo% 

,-•6.75% 
■: 6175% 
I. 6.75% 
' T25% 


* 650% -3 yiT^ 6% 2 yrs^ min. £100-fl5.000 
Z.10%^3 yra, 6.60% 2 yis, min..£LOOO 


655% Jl j rsv min^ £2,000 

630 %y3 yra* 650% 2,yxs. min. £250 


625% - 6 months '< • 

650% ■" 34 yra, min. £500, 6.00% ,2.yrs. 
650%" 3 yis- 630% 2 ym ; ■ 


■&n% 


650% ’3 yrs, '6.00% 2 yrs, min. £100 

625% A yis., minimum £800 

&W%: a yrs^ &00% 2 yrs. min. £500 . 

650%, * yrs- fc00% 2 yrs, 5.75% 3 mths. 
633% 3FW,8.4%2yrs,-6a5%3mthsmoL 
6M% ^mths.not. BL50% to Umltd-cas. 
630% 3-4 yrs, 6.00% 2JB. 

6.50% 3 yrs, 6.00% 2 yrs." 

425% 3 yrs, 635% 2 yrs, min. £500 

630% 3 yra, 6.00% 2 yrs. *-Hax. £250 : 
6.00% ,2 yrs, 630% 3 yrs. 


, . - 

v .' L" ’ >■- •’fU&B- nWTd^ varialjie in line with changes in -ordinary-share -rates. 


Bradford Prep. Ttt. QSp) 223 2 BJ 6 / 4 ). 
• od ( 29 P) 31 i«S® 


1 sect StDb. 107120 4 ® ( 6 / 4 ). >2pctal. 

Br 5 ttoi?*ESOte CUo) 95 ®. 6 UPC 1 ktOb. 
I 24 i *1 ( 5 / 4 ) 

Capital Counties Prop. ( 250 ) 4 B»a. 

(Wrrots.) k ( 5 / 4 ).. BkPcistDb. 63 k 
(S/ 4 ), akpcln. 71 k® 

Cerdlna Grp. (Sa) 16 ®. ^ 

Central nlst. ^ro*.- 6 J*pc 1 RDb. 65 k V* 
( 514 ). 6 kocLn. BO.iS/ 4 ). 7 kPC 1 KtDb. 

(20 Bi 71 (S/ 4 ). 6.UPC 

Charlwood Alliance Hldgs. 7 kodLn. 22 i a 

( 3 .- 4 ) 


ChowTi Secs, rasp) 12 15 / 4 ) 
Cltv Offices ( 25 D) _ 54 k '•?«) 


54k '3.4. _ 

cotmpn ll. Alec) Bpcfcn. 52 (S/ 4 ) 
Country New Town non j 2J 
county District rt®p) 80 I 3 ; 4 ) 


Dm] an H'dg*. C 2 Su) B 4 ; 

BdcLp. 


Dares Estates Botin. SO 164) 
Dorrington Invest. MOP) S 3 


, 3 k 4 - ( 4 / 4 ) 


Efipllsh Prooertv Coro. 'SObi 31 k. 
W. M ( 6 / 4 ). SkpcLn, - 


80. 12ocLn. 92 


EstatM and Gensrai .raOo). 17 k® „ . 
Estates ProoertV ImnaSt. <2Su> 93 06.10 
Evans of Leeds < 2 Sp> 80 2 OV 4 ) . . . 

F'n Oaks Invest. QSel 6® 16 * 4 ) 
Canfield Ssenrt-lra I 23 n) - 

Hale* Properties Q 5 S)-Jte f W 4 > 


HaSamgraon ^ Preee rt* _-A (2So) 555 
Maglenwe Estates ClOo) 225 T 4 I 4 ) 
hSw Coro. IDWstrttL «Ru® k® (Btel 

IZZnZZZ? SSS^riW* 27 CBM). 

.I25 e1 i52St5? 1 Ai5 4 U; - 

land CtCriKB lw /SOP) 207 8k 9 8. 
PiSieDb. 78-83 8DW® ( 6/41 iVl". 
B 7 krt 7 . 5 'ortp KM 6(<pcLn. 142 . 

idotlb. 140® s«« four 


law U"d aovi 40k*l 
Leeds Onf 


w n*uO 4 ernb' S»**. 5 bnrnb 
fmuion Pr*w. SO** ridpl 07 fyJt 
London County Freehold 6UpcDb. 64® 3 U 

London Shop Prop. 13 5 p> bj 
M6 PC ( 25 gl 116 15 . BpcLn. 5 lk (6141 
Mid hurst White DMA «U 1 
Moa w tv H w to .<5o) jik <4/4) 

ss5 , fflr.ja.“»iu™ ^ 

B?3in“r». HM.1' W 

negfon*/ -A «W WJi . 

Regis Hldgs. »Wd-n. 83 K^ 4 ) 

Rush and Tonwkms Grp. ( 25 p) 107 ® k® 

Samuel Props. J 25 fl ) 78 
Ssottldf' Mot Proo. QDPl 
Second City HOP) 37 k® 

ItoSi Eflte. OSOI 109 8. 10KLR..151 

SWjk r con*sn. ln». Tst. ( 25 p> 230 .(SM). 

3 DCLp._225®. 


103 


6Drt.n. 91® (5f4L M®el4L Ml ■ 


Town'dMtra & 5»;iW) 


Klnsboni P 

Utd. Reel Prop, ( 
Warn fort lrtvst*.- (2 
Webb (inegn) ( 5 pj 
46 C 5 f 4 ) 


21 20 ( 6 ! 4 ) 
263 ® 5 ISM) 

». 294 ( 4 / 4 l - 
4 k ( 9 / 4 ). 7 kpeP#. 


. RUBBER (17) 


AhrfgyiojPndts. (Bp) 6®. 
Afig I o« Indonesian Cerp. 


3 ( 614 ) 


oertam Cgnsld. Rptttf 
dtatlcfeld OO Rutsh. Esc Cl Out 193 i5/4) 
Chersonese cFMSi Este._Clt») 60 16/4) 
ild. Hans. (lOp_) 124 k®. wan*. 50 k 


8S& 


_ ..* (Mslsysls) BerhStf - (SMII SB ( 3 / 4 J 
Guthrie Corpn. 247 ,. 3 . 925 pcP 1 . SO ( 6 / 4 ). 
9 -LpcUns.Ln. 70 

Ht meant MelrrUSno E_ . . - 

Highlands Lowlands Bemad rthto. 50 ) flfik 
( 8 / 4 ) 

Hongkong (SeteftflOr RbOJ ( 10 p) 147 ( 5 < 4 ) 
Inch Keen. Kalang Rbo. (lOp) 68 t 4 ! 4 ( 
KRilnebal (Root DevdP. (10P) 21 ® ( 5-41 
Klnta KcUhs Rbbb Est*. door 67 — 

K lie la Lumour Kcoong Bertiad (fMU 55 k 
( 4 r 4 > _ • 

Gendu' Rubber ESU. (Spl 25 * 


Lndnr Sumatra Plante. ( 10 ft) 129 ® 5 ® 5 
' - ) 57 ( 3)41 


Malaysia Rubber U 0 p> 


GOLD MARKET 


(fold Bullion. 
Os fins I'unc*) 
Chrt..- •• ..." 
0 /®niii(i 
Moniiuttflx g 


JUtern’o fix’* 


Apcii 6 


6i7e:i7e»« 

$l6O-lB03< 

5179.26 

(£ 99 . 677 ) 

5179.10 

(KM. 444 J 


Gold (’■•in 

dnnKutiraH? 

KLnjgenend-. 


S'w s>o»*dna. 


555 M.S 7 U 
!(£ 391 j- 30 ij) 
Old So' rgns if 57 '*-S 9 i« 


6184-186 


April 7 


5179 S«- I 80 »e 

6281 <S' 1821 ( 

5182.00 

LC 97 . 025 ) 

SL61M 

l£96.487) 


5186 * 4 - 188*4 


l£ 98 U- 99 U) k£ 99 * 4 -IOO* 4 ) 

— — ‘556-68 

(£ 60-3 it 
S 37 U-S 9<4 


i£ 30 is- 3 Ua) iv£ 39 H«Ut) 


Gold Ci 4 iis — 
rlntenuil'lly) 


ICrugerrnful .. 


NmvJSoVrgna 


Old Suv'rjm* 


S 20 EaKirt... 


S 184- 186 5185-1 87 • 

(£ 98 t 4 - 99 U) l(£ 9 8 * 4 - 99**1 
S 5514 . 57 I 4 ' 555-57 

(£ 29 ls- 30 ( 8 > I(£ 29 i 4 - 30 l 4 l 
S 57 ( 4 -S 9 l 4 1557 ( 4 - 59(4 
(£501s-31i*t I (£29(11-30/11/ 
5289.292 15890 ( 4-29314 


CURRENCY RATES 

Special 


•tSf'KUU 

l/jj. .fPl«« — 
tenstUau — — 
smxn* » h ... 
«l^ian 1 ran., 
kmi-b Lrane. 
jp 4 iL*.-lirin'rk 
Jutcb gui-dor 
'rwirb iron . 
’ tei tan >ra -.. 
lapgnere vea. 
Cortcav krone 
•pa id pe-etn.. 
w(rii-htrnfte 
W- •ifiR" — 




-IpC «/ 8 


0.662048 
1.84081 
1.41266 
17.9979 
39.0607 
6^9084 
2.49912 
£.87208 
5.64817 
i(«s y n . 
271.613 
6.61104 
' 98-8973 
5.67735 
2.30806 


European 
Unit 0. , 
Aocgnnt 




. 0.674643 

2 .26463 

1.43981 

18.3248 - 

39 . 8107 . 

7.02459 

2.64756 • 

8.72317 

6 . 75870 : 

J07M1 

276.655 

6.74472 

100 . 761 . 

5.78434 

234927 


MONEY + EXCHANGES 


Bill rate steady 


Bank of England Mfmnram ther i30ton. will- replace a -similar merits over revenue transfers to 
Lending Rate 6$ per cent. number of maturities. ' the Exchequer. Bank balances 

(since- January 6, 2978) Day-to-day credit appeared in were also a lit tie up from 

The Treasury bill rate was plentiful supply in. the London Thursday. . 

almost unchanged at yesterday’s money market and the authorities Discount bouses paid around 
tender, falling by 0.0001 per cent, removed the surplus by selling an 5 per cent, for secured .call loans 
to 5.90&1 per cent. Bank of exceptionally large amount of at the start, and rates fell to 
England Minimum Lending Rate Treasury hips, all direct- Indica- close at 3-3) per -Cent. In the 
was unchanged at 6J per' cent, tions were that the' action,.'may interbank market, overnight-loans 
and the minimum accepted bid . have been slightly gyerdone leav- opened at 4J-4j| per cent- and 
was also unchanged at £98.501. mg rundown balances' I of Woh- 'eased.to. 3J-4 per .cent; on "ij'ews of 
Bids at that level were met as day. -. . ..J • the day’s surplus. TWost- -of the 

to about 84* per cent, .compared - -The market was faced-' with. an day’s business wks done at this 
with 93 per cent, for ZBDOm. bills increase in- the note, -circulation level and rates tailed .off towards 
previously. The 1300m. bills ten-, but this was more than out- the close to around a nominal 
tiered and allotted attracted bids weighed by substantial net. mattir- .2 per .cent. . . 

of £356.42m, and all bills offered mg Treasury bills and a -large- Rates; in the table below are 
were allotted. Next week, a fur- excess of Gevernment . disburse- nominal Id some cases. " l 


Apr. 1 


Tm 


Uvfirniffhr 

2 ctejg notice-, 
7 tteya or 


One month 

Two motrtb*... 
Three munch*.! 
Si* manUm — ' 
.Vine month*. 
Ont ye*r,,„. 
Twujrter*. 


Sterling 
I'ntifieate 
nf dC|v>vTts 

interbank 

local 

Authority 

(If posit* * 

Local Atitb. 
nopuiablf- 
homli- 

FimnMi 

fl.ouse 

Depnutt* 

t.Dixcoiiat 1 

Company market 1 Trowury 
Deposit* 1 rtepnfclt 1 Bill* © 

Uliglhle 
‘ Bank 
Bills ® 

FlneTtaile 
Biljs j 

m 

75 ta . 
a.i-Tft 

3-054- ■ 

61 r- 6 U • 

frri- 6 {i • 

7 - 71 * 

T 35 

8 S«- 8 («.- 

Ste-S** 

5 «aJ 7 e 

5 * 4-614 

65 *^ 71 , 

714 . 73 * 

MSfi 

9 ‘ 8-9 Ml 

658-639 
64 * - 6)8 
7 - 61 *. 
718-668 
Bt«- 7 T fl 
8 i*-S. 

'T 

0 T® 6 (< 

638-658 

6 ) 8-74 

74-74 

74-84 

ffls 

83 * 

♦4 

54 

6 $S 

73 , ' 

34 — 

4<*-54 j — 

63 * 5 T B - 5 S 

6-64 5 *. 

64 . 64 

6 i-6la 

618 -B.t 

&i:i ' 

74 . ■ 

_ 

63*”-7 

71 *; 

738 

74 - 73 * 

,':7P\ 


- Local - ambortfios and Bosnrc homes sov^n, dajr*‘ Jioiict^^.otttcri^fvtjtt J-or^ricrm local anllwpty njpngi^y^te 

— : four years lOJ-u-iK-r fivt ycara Jl-Ili per coni. © Bank bill rales In table are 


nominally three year* lflft-lCf per betd . 

bnylbk rates for* prime papoti ' Bnytnif rates Jori-fonp-mMiUi- buk-biUs 


_ ^ _ bills 54- per ci/di.^ (onr-monpi trade bills p ' per icenbr ,'" ' 

Apprartmaic seBhi* ntie* fPr onomcmyi .TreaiBiT^'blll*. 5;-5ioib ' per cent::' .rwo-momh per cent: ' j‘u 3- thre^inohth 

ixlmaie selbns ' rale Tor bnr.-oilHdVpMk ' b/Us S’-i^yks . per ceni.;' -Two-month K-flu ' per -cent-: and 


S«j.vfl per erne. Approximate — — . — ... . . _ — . 

tbree-montb per cent. One-month trade bills -.02-61 per cent.: iwo-month 7 per cent.: and also ihn-fv month 7-7) per cent. 

Finance House Saw Rotes < published by the Fin an cc' Houses Assoaatlonr 7 per t-rnr. from April 1. 1979. Clear! ns Bank 
Deposit Rote* 1 for small sums *1 seven days' oodcc) S per cbnL CTcorfng Bank Sue Rue (or kodiny 8) per txai. Treasury 
Bills: Average lender rates of discount 59961 per cent. 


EXCHANGES AND BULLION 


FOREIGN EXCHANGES 


to 88.4 from 88.3 
Morgan Guaranty’s 


Once again conditions in yester- 
day’s foreign exchange market on T 
proved to be subdued with very calculation of the dollar trade 
little business seen ahead of the weighted average depredation, 
week-end and Tuesday's Budget, using noon rates in New York, 


iBa&Jr- 


~ Msrkett Rate* ’ 


April 7 Kates 

u*.v‘* >. : 

. . * 

bpread J Cluae 


Sterling traded, quietly, witbii a narrowed to 6^ per cent. from.J^^J S3 SfflKSS iSti'S 

Ml previously. Awstcnlam 4 (» 4 . 0 S 4 . 0 S) : 4 .U 3 - 4 . 05’* 1 


range of 815710-L8780. It opened 6.42 per cent 
at $1-8740-1.8750 • and eased to 
$1.8710-1.8720 before recovering 

dose 8t $1.8740- L8750. a- rise 

5 points. The ®a“ k of England’s {jS cents from- 87.6*1 U.S. cents. v*££,i...'.Z 



SflJO. I &8-80-SB.M 


calculation of^ the pound.^ •trade- i Qold- openedr at’ its best 'level *of Mihm r .- 

’ 1 1 ^ ^ arf - ouice *. and idriftgd 


weighted index, finished- -.nrt gi8o i 18D4 r 

rhanged at 625, having stooit-at fower throughout tbe day down'to ^^JV-- -- - 
62-2 at noon and 62.1 in early deal- s ^ ra £.j78 before . recovering, to ' 

“Si. ‘ y '*179-179? At thU^close. Later de*l- -\Te^:.Z: 

r Trading in the U.S. dollar re-' jnss in New '"York saw the metal ZurMi. I 

mained at a' low level wffh {he weaker in generally quiet ’trading. 1 ~^T 



lllfil 1A8B-1.fi9B i1.fiB4i-1.6SB4 


8 

9(1 


Bi* 

S> 3 

1 


8.87^-10.01 8.984-8.99* 
SJfl-fl.M «.S0tf-a.6I< 
838-8.81 ajsa.80 


27.ff6-xrjt0'' 27J5-27.S0 
S.*S-3.S21il 5.484 -S. Mi 


currency. Closing at DM2.0160 from The Krugerrand’s premium over ^.*”**5!, a . I ? ^ > L c Ji. Bw rUbte fra,w »- 
r»i45 in terms of the West its goid content harrowed ro (he K ? Ir,nc “****■ 

German mark; and Sw.fr.1.8675 conjmon dose at, 3.13 per cent, 
against Sw.fr. L8660 for the Swiss -over 4.23 pei 1 cent- in international 
franc Using Bank of England dealings and 328 
figures, the dollar's index fan- domestically. 


per cent 


OTHER MARKETS 


EXCHANGE CROSS-RATfcS 


Apsn - 

Fraoknm 

New York 

Vrantfur* 

.VewY.wV* 

Caria - 

BrosaeJ *..... 

Itenltm 

a m «.'■(« cn.. 
Zurich 

49^71 

126.40 9} 
lh.58-63 
•3.77375-; 
[JH72\77^ 
•81549-463 

dJMBO-Tb 

4A61-5SJ 

3U7-6e 

1^74^76 

2.I6CT-9Z 

l.KhU^SO 


Hnn> I Uruvei- | UmnIuii 


6.4041 3.1879 


' Zu/il-Ii 

* 9 >.60-70 ; 1 8-10- 


iO-20 


.Vote* Knlcfl 
AnwntlmJ 1B6S-15M Ar«eminm.iIM0-14M 
Aiimtralla ..-I.8S47- IJ4 10 Autfria ....j 26 J- 28.0 
llrtdr.. — I 51.1W2.18 Uelginni... 68-684 

KiiiW . ..1 7.794 7.M* hnwll I 5640 

C/rearr..... '.[67.852-63.825 L'an*i1«.....1 2. 15-Z. IS 
HuUgKung®. 64254.6700 (lennwrk.J 10.6-10.6 

Iran- .] 150-154 iFrani* 5.46-6.60 

hu«ali • 0.609-0.519 fJenuJUiiyJfi.7W.B6 

56.90-59.00 U«y« v .. F6-72 
■vi.i — w"l**w*, MS , s j li ; , ir r - v I- 


6.90-93 

*735^S8p •. 36W416ii.C36 . _ 

(Q.7S8S- 90 15-8a71-B0g8^.483-49 7SJ6B.12&3-371 


t/.S. S ip Turouto UJS. S= ( 13.7176 Caiutligp epol - 
Canadian S In New YurK=F 7 ;-*■"»«. .Ujf. Sin Mitgn 
. . Sterling u II it* 11 1586.50-1596 J). ’Rate* for A^tl 6. 


CeS '° 3< '115 1^255 

ua.i»-a» ;j_ Afric*..^.B15fi-l.63B82irwtiiCHi;.l 72-78 
(SlAlO 1474-150 
WjUu 1 laud) 3.4W.5B 


*| 

(.'anada 

l' 6 l. ........J ' jr.S. . 4 -B 8 i,l.a 

uenlvj B7.86-B7.6B iVugnulavial 854-57 


EURO-CURRENCY INTEREST RATES* 


Rate jeWen tor ArnenilQa Is a free mu. 


April 7 

Steriuu 

Uanaulau 

Douai 

U^j. Donat 

uuldi 

(iululerv 

an un , li. li«rnMii 
tran j ""in* 

rotmn term ... 
i mawe 

Uooth. _ — .... 
ITtHse muith*, 
•nx KKAibn.... 
Due vear. 

63 b - 6 ?s 
. 64 -/ 

•* 7-74 
: 75 B- 7/8 
• 038-858 
PSs-e’B 

74 
■ 7-8 

738 - 7 ** 
77 s- 8 U ; 
84-858 
6 ( e - 8 ie 

64-7 
. 63*-7 
- ,J J- 1 4 
71 * 74 
> 58 - 77 , 
? 4-84 

64-54 

4 kr 6 >« 

58 r, 
478 - 31 , - 

44-5 
Sig-iBg 

4 - 3 , j d,„- 5 ^ 

- , 4 - 4 , . 3 ,i-Or* 

. 1 64 - 39 , 

' 'ft -4 | 34-348 

r - 34 - 5 , 34 - 3*8 

Ll -4 l‘» ' 5 ^- 3 ifc_. 


FORWARD RATES 


One month . Three month* 


X«oi VorteM* «ri*m-J15.i-,dU*J)J8i0J06 i-.pir 
Muum»V.|p.05G.15 <■: iUsG J t0-0. 30c. ^Uv 
Am«r'ital>J|l r. pm-iw 3-2 r- pm j 

BnuaeliL.'lS-B e-txn |3S-20c. |>ni 

•.’(•p'nhgT), 714 . 9 I 4 uivrila. 'l?J-19i ure'rtia 


f " — - — F'rankfurt ll** J* jrf. pui J4ls-3ij p(. piu 
BUm-515ib Li* boll 160-170 e. ill* ,32CU560<% hh 


Enro- French deposit Tates: two-day SBie-SUu per cant.: seven-day .. .. 

per cent.: one- month 94-91 per cenL: three-month 9%-97)s ’’ per cent.; slx-mo run Madrid. ...! par-80 dlv 'laQ-BOOe. din 

M-H percent,: oae-year I94»10: percent. 31 i tea ;5-H lire dig 1 18JI6 Jim iC/h 

Long-term Eurodollar deposits: two years 8H6-S3t6 Per cool: three years 51-61 per Osin ...|7**-9** or? Ji» 171-19; ore Ub 

cenL; four years 8I-8J per cent-:.6vo year* 87 M -89u per cent. Fart* tl-2c. ill* •' ’* dj»- 

The follow! a* nominal talas wens qnixed for Lohdoii dollflt fctrafleates of deposli: St’ekUoln|lig>3i* uee'difi 4-fi nre «ll* 

one-nun] lb 7.0MJ3 per cent.: tbree-montb 7a0-7.80 -per cat.; rtz-aontb 7.5O-7.S0 per Vienna 3 eto [ini-7|frmlisii* t-10 Rfr, dia 

cent.: raw-year 7-85-7.73 pet cent. ... ZuHeli .... : 2*el Js r.jmi. i66a-5Ss c, tun 

•Raies are nominal catting rates. • *. * - ' - 

Short -U/nn rates arc caQ (or sterling. u.S. debars anff- Canadian dollars, two Ste-montb forward dollar 953-(M3c pm 
days' notice for Builders and Swiss (rants- . . * .*- • 12-momb 1 jo-i.ior pro. 


UJL CONVERTIBLE STOCKS Z/4/78 


Sea tidies provided by 
data STREAM Inter/wtlouaF- 


. ' 





Con- 

Fiat - 
yield’ 

Red. 

yield 

Preraiumf 


Income 


Cheap (+) 
Deaj^(-)0 

Name and description 


aoe 

(fin.) 

price 

Terms* 

dates 

Current 

Range t 

Ecm.§| 

Conv.fl 

Difftf 

Current 

Alcan Aluminium- 9pc Cv. 80-94 

l 

1.05 

152.00 

100.0 

76-80" 

,6.0 

3B^ 

f, • 
y. 






Associated Saper 9jpc Cv. 85-90 

1.40 

96.00 

200.0 

76-79 

10 Jr . 

10.4. ? 

0.0 

-10 to I 

8.9 

9.0 

-0.0- 

- + 0.0 

Bank of Ireland I0pc-Cv. 91-96 

. 8 22 132.00 

47.6 

77-70 ■ 

6.6 

4.0" 

' -6.1 

—12 to -3 

15.1 

94 . 

“3.7 

. ',+ 2.5, 

British Land 12pc Cv. 2002 

• 7.71 130.00 

3S3i 

80-97 

9.7. 

94 - 

214 

10 to 26 

0.0 

964 

904 

+68A- 

English Property fijpc Cv. 98-03 

. ABC— 

S2.0Q 

234=0- 

-76-79 - 

-as*- - 

-«4- 

“—9.5 

■->- s to- ir 

" 8.1 

64 

-2.* 

.-^1.9, 

English Property, 12 pc Cv. CO-05 . . 

. 15,31- ' . 

92.00 . 

150.0... 

Xfr84. 

18, ft— 

. 134L ■ 

-81ri • 

-40 to 95 

29.7 

534 

‘ 494 

r r.42^4 

Hanson TrnSt 6ipc Cv. 8S-93 -- - 

■ 4B1 

80.00 

37.1 

76-80. ; 

8,1 

8.9 

./ 4.7 

1 to 10 

11.1 

8.7 

- 3.1 

. - 64- 

Hewden-Stuart Tpc Cv. 1995 

0.07 240 DO 

470;4 

73-79 

2.9 


-10.5 

-17 to -5 

14.9 

6.6 

- 3.1 

+ 7.4 

•Pento.s lope Cv. 19So 

LOS 130.00 

166.7 

76-82 . 

1U 

10J 

C 6.0 

- 6 to S 

484 

4B5 

-■ 0.1 

•+ 5.9 

Slough Estates JOpc Cv. 87-90 

5.50 150.00 

125/0 

7fr8T i 

6S 

" 34 - 

9-1 

5 to 17 

. 35.8 

' 56.5 

15.2 

t o.i ; 

.Tozer, Kemslgy 8pc- Cv. 1981. 

' 753 

00.00 

1530 

74-7? 

8B 

114 

214 

22 to 41 

125 

74 . 

-6.7 

— 2S.fr- 

Wilkinson Match lOpc Cv. 83-98 

11.10 , 

89.50 

40.0 

76-83, 

115- .. 

11J 

28.6 

22 to 38 

26.9 

41.0 

20.3 

-.84; 


• Number of Ordinary shares into which UN nominal of convertible stock is convertible, t The -extra- cost of invcstroeiK in coirrenible expressed as per cent, or lbs 
cost of (he ratify in the eeovmiMc stock, i Three-month range. jtartKne on ninnber of Ordinary shares low which £1W nominal of convertible srock is’ convertible, 
■pits income. exPRtted in pence, ts summed from present time umU Income 00 Ordinary shares Is' greater than Income on £108 nominal or convertible 'or the final 
conversion date whichever is earlier. Income Is assumed (0 grow at ID oer com. per annum and Is present valued et 12 per cent, per annum. S Income on SIN of 
convertible. Income is gnumed until conversion and Wesear rained *1 12 oar tear, ner asnum. Q? Thb is income ot Ste woverublo less Income at. (he underlying- ratify 
expressed as per cent.. of the value of the underlying rail!?. 0 The difference between the' praaltno "jour income difference expressed -as per. cenL of- tfie value cf 
underlying enhy. + Is an Indication of relative Cheapness, - te an Indication of relative dearness. ' 1 


.V . 


, J 


/ - 


■xy 


tl 


!N£Ii> 


^niet and mixed close to first leg of Budget Account 

hare index 4.3 down at 467.1— Spillers weaken 


FINANCIAL TI MES STOCK INDICES 

ammeot Sen-- 75.36 74-23 74JJ6 . 73*4 73 #4 69^' 

id Interest! — — 77A1 .-77.38 .77*1 77*2 - 77 J.« 77*a 'flu 


Accuuiit Dealing Dales 

Option 

•First Drdura- Last Account 
lipalir.gs lions Dealings Day 
Mar. i:t 3Iar. UO Mar. 31 Apr.lt 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 

• ■■ Row time " dealings may lake place 
from qJO a.m. two business days earlier. 

The recent firmness in equity 
s'n^V markets gave way to qu.'ctly 
mi.Ted conditions as the first, ics 
.•r i lie Rud-'CI Account came to a 
c’o;c yesterday. Overshadowed 
EudUet uncertainties and 
revived Press talk of an increase 
in short term interest rates in 
the near future. British Funds 
.-,1,0 look a modest turn Tor the 
worse. Losses ran?in 2 from * 
at the short-end of the market 
to ; in the Ion us left the Govern- 
ment Securities index 0.27 lower 
at 73.0(1. 

After holding up relatively 
well, the majority oT leading 
equities drified a little lower 
during the afternoon session on 
flic occasional selling order and 
final eunfnticns recorded scat- 
tered irregular changes. Down 
only - 0.3 at 1 p.m.. the FT 30-share 
inde" eased further to close 4.3 
off at 407.1. but still showed an 
improvement of 3.3 on the week. 
Spillers. down 3 at 27p on the 
proposed dividend cut and fore- 
cast of halved annual profits 
which accompanied news or the 
company's decision to pull out of 
baking bread, accounted for 2.t> 
of yesterday's index fall. ■ 

Overall. trading conditions 
were much quieter: official mark- 
ing nf 4.P71 compared with 5.9S4 
n:i Thursday. A marked fall off 
in both bid speculation and com- 
pany trading statements contri- 
buted to the lower level of 
activity. Movements were gene- 
ra I :> narrowly mixed over 
equities as a whole, but rises still 
had the edge over falls, by 74. 
in FT-quoted Industrials. Sus- 
tained recently by Budget opti- 
mism. -Store shares turned easier, 
but still held on to some useful 
gains made earlier in the week. 
The FT-Actuaries index for the 
section recorded a gain of 1 per 
cent- to 183.U3 on the week. 

Uninspiring Gilts 

Worries about higher Interest 
rates returned following comment 
that this was likely soon after 
nest week's Budget, and the Gilt- 
edged market reacted accord- 
ing!; . The longer maturities 
quickly surrendered Thursday's 
gains in a continuing light trade 
before rallying on indications that 
Minimum Lending Rate would 
remain at 6( per rent, this week. 
Finally, the losses were reduced 
to a maximum of the tap 
Exchequer 30} per cent. 1995 
being that much down at 90. 
Shorter securities, too, closed 
above the worst usually with 
marginal losses of I. and at this 


end of the market business was 
al>o described as very thin. 

American Express International 
Finance Variable 1982 made an 
uninspiring debut in recently- 
issued Fixed Interests, opening 
and closing at S99L 

Bccause of a well balanced 
trade which included arbitrage 
Milling, u-ually released by over- 
sej' activities in Hong Kong 
-ecu ri tie-', and institutional busi- 
nc-- on both buying: and selling 
account, the investment currency 
premium fluctuated only moder- 
ately. Throughout the day. the 
rale hovered between 103 and 104 
per cent, 'before closing un- 
changed on balance at 103} per 
cent Yesterday's SE conversion 
factor was 0.6819 (0.6S73). 

Insurances easier 

Composite Insurances passed a 
quiet .-e„-ion and ended easier for 
choice. Royals cheapened 4 to 
:;05o and Guardian Royal 
Exchange -oftened 2 to 224p; the 
la tier's annual figures are due 
next Wednesday. Eagle Star, 
which report on the same day. 
were unaltered at 150p. Matthews 
IVrlghlsnn declined 5 more to 
lUUp among Brokers. 

Home Banks dosed the week 
on an easier note. Lloyds, 272p, 
and Midland, 362p, cheapened 2 
apiece and NatWest gave up a 
penny to 2T5p. Australian issues, 
however, continued firmly with 
Bank or New South Wales up a 
further G to 476p. 

Awaiting Tuesday's Budget, 
Breweries ran into small nervous 
selling and shares closed with 
losses of a penny or two. Allied 
?%?d It to 87p. while A. Guinness, 
174p, and Scottish and Newcastle, 
Mp. gave up a penny apiece. Bass 
s'harrington shed 4 to 153p. Else- 
where. Tomatln edged forward a 
penny in 103p in response to the 
chairman's annual statement. 

Adverse enmment on the pre- 
liminary results prompted a fall 
of 6 to 3ti6p in Taylor Woodrow, 
making a two-day relapse of IS. 
Elsewhere in Build Ings. Richard 
Coslain shed 4 to 238p and John 
FInlan eased a penny to 31p; the 
latter's annual results are due 
next Wednesday. Helical Bar, on 
the olher band, jumped 8 to 33p, 
arter 34p, following the bid ap- 
proach. Ahead of their prelimin- 
ary announcements expected next 
Monday and Thursday respect- 
ively. Ben ford Concrete finned a 
penny to 56p and RMC ended a 
like amount dearer at J16p. 
London Brick, after Thursday's 
gain of 5, touched 66} p Initially, 
on further consideration of the 
better-than-expected results be- 
fore closing unaltered at G6p. 

Id drifted down in thin trading 
to finish 4 off at 35Sp, while Croda 
International, on further con- 
sideration of the disappointing 
results, eased 1} more to 4S}p. 
Fisons at 344p, recorded a Press- 
inspired gain of 4 and Albright 
and Wilson, at 110p, retrieved 3 


warning of nfl profits growth in brought a close of a net 2 lower day's first-h^if 

the current year. JiJtAw : smaller-priced cheapened 6 to^SS. SK 

„ _ . SS^iJfSSSJw^SS *!SS Bwwater eased 2 to ISSp following a penny to 

Ratners up again °? ■*“***■ ®°C as Rnsh and Tanik&S^MbStei 

1} to 29 Ip. Of the leaders, International edged forward a at 108n» and Fafrview tHsiwtS 
Leading Stores closed easier GKN unproved 2 to 280p and John penny to 70}p on the disclosure turn harder atUOp beSaSd 
for choice, after a quiet trade. Brown attained a fresh 197S peak that it had reached agreement to from small demMdT^SIS 
Book-squaring operations ahead of 301u, up 3. but Hawker, 198p. acquire Airco for $50 per share. Edger InvestmentSBna- 
of next Tuesday's Budget left and Tube Investments, 2&4p, both FoUowing the Board’s swift rejec- Debenture 1993418 were^SisedSS 
Gussies A 8 down at 2SSp and eased twopence. tion of Lonrho's offer equivalent to around £94 bid following the I 

Mirks and Spencer 2 lower at Spfllers figured prominently in to 127p a share, dealings were re- proposed early redemption/* 

H7p. Secondary concerns, how- Foods, closing o cheaper at 27lp, sumed in Scottish and Universal 

ever, were firm. Still reflecting the after 34} p, following a large turn- Investments at around UOp corn- 

increased stake taken in the group over generated by the forecast of pared with a suspension level of Shell ' HsfTpcg 

by H. Samuel. Ratners put on 4 sharply reduced profits and divi- 107p and, in reasonable trading, 

more to lOIp for a gain on the dead which accompanied details touched 116p before closing at Shell came to the end oLa Iirf 
week of 14. Comment on the of the company's moves to divest 112p; Lottrho shed 3 to 69p. in less week only marginally easier 

sympathy, House of Fraser finished at 517p but some 15 lower over 


Gov eminent Seta—.— 75J96 74 j 

.. PfcxoS Interest. .— 77.41 .-774 

Industrial OnUnuy— 467J 471 

Sold Mhw / — 1351.0 153 

OnL XMv. TleW — . — i B-77 
Bamlng«niSIC5'oH«f) -1636 17J 

jp/B Ratio (netK*t) 8.18 6.1 

-Dealings marked -™~ 4S?1 . UJK 
Equity mrnover £™ — — _ * 70.1 
Jgnlly bargains totalj • — .'ll6f8S 


- '165,0 153.7 151.6 156. 

~ .6.77 6.76 6.76 6.3 

W -1636 17-31 16.60 17.0 

~ 8.18 : 6.17 8J50 &JS 

- 4C0V1 B.984 4,844 - 6.4-1 

- — ! 78.18 85.15 76J 

U —. ll6FB9 4 I 6 . 8241 22,62 
mJ».' li '-ajn. 4fL8, • h* mjfk 

■ -I pjBL 467-B. .3 j w *B7S- 


741W . 73i04j , 73.861 73; 
7TJ11 77,22 - 77 J.6 77. 
'470 J! 487.8 46SL8 463 
151.6 156.1 1Q7^ ISt 
6.76 6.79. 6. 

16.60 17.01 174.3 -17. 

850 825 '8.M : 0. 

.4,844 -6.414 4,858 &A 
85.15 76.39 60^6 74. 
L6.8241 22,6831 19.1ia 18>3 
> Noon 47D.9. 1 pjn -< Tt~T~ ~ 


77 J.6 7728 'Sojjr 
46tB 463 J! -qj, ^ 
I67Jt 1SB.7 vigil 
SJ*. B.81 .... 

17J3 17JJ7 
8 “ ■ 

4-, 858 5,498 - 


UttaK loiimc ei-206 sms. .. . ■3, 

* Based on 32 per cooj. coiponuton ur t NH=SOa. * ?• 

'Baste 10e Qovt. Secs. 13/Wra. * Fixed- IK. vm* . JaQ. Ora. VT/sl - rJ- 
Stines JJ'&'JS. SE AcBvttr Jalr-Doc. mx . • ™ 


F.T. ESroXJSTRIAX 
ORID33SIAEY INDEX 






i ll t l f 'l I- M 4- + 


o off at 145p. Secondary issues the period. Even the two-way 
were much quieter although activity in British Fetrofesni 
speculative support was forth com- which had featured OBs- for the 
mg for Bertrams which rose 6 to past few days, faded yesterday 
-®P Sale TQney, 7 dearer qt but the close was 4 harder'at 
212p. Reflecting the higher first- 760p. Lasmo, at 148p, were mir 
half earnings. Maynards put on 6 affected by the Niniaa Field blat- 
to 134p and Sharna Ware moved form dispute, hut other ‘ North 
up 5 to SOp in response to the Sea hopefuls softened a sh^t 
higher annual figures. Current Siebens (ILK) lost 4 to 25^1ntf 
bid favounte Letraset Inter- OH Exploration 2 to 208pLj£flect- 
national edged forward a penny ing domestic market 
more to i45p. to close the wee* R^r moved np^lTto WuS 
with a rise or 20. Portals improved Weeks Natural' ResonrSes 
4 to 223p but Stafles International t0 ^ tugfaof ®- 

receded 3 to 13p on the Board's : 

decision to seH subsidiaries in overs^s -Traders were- ^.better 
order to stem persistent losses. 1™**® wullani' ‘Jacks - 

Profit-taking after recent strength hardened 2 to 24p onthe first-half . 
brought about falls of 3 and 7 recovenr. ■while Australian Agrl- 
respectively in Christies . Inter- cnhxoal rose 3 toJ4p and Paterson 
national, 92 p, and Sotheby, 251p; S®™® 118 5 to ISop. United City 
the former's preliminary figures -“Brcnants continued firmly, rising . 
are due next Wednesday. 

of s to o7p with the help of Press 
Motors -and Distributors ended commenL . 

the week on a quMJy l note, investment Trusts were better 
sentiment being bttle affected by f or choice following an improved 
netvs that the Ley laDd Cars xvork- business. Jersey ■ ExtersaT 

force had voted two-to-one against Preferred rose 4 to 13SpTwMa 
accepting the productivity incen- General Investors 96p. and Sr 

national Investment Trust ‘qf 


HIGHS AND -LOWS , 

| 1078 ISlncft OmnpUaUan | 


WfUlVt) B/WQ - 
849j' 49.4 
awn tfiBfim 
442.3 43.8 

(226/76) K28/10/71) 



. 1878 ... .K 


High 

low - 

GotLSoco^. 

RxadlnS.^. 

. ItkI. Ordi~~. 

ItnM Minin. 

78.58 

am 

ax. 27 

W4‘ 

497JT 

. (6/4 ■ 
168.6 
pj3)' 

73.84- 

<w. 

77.14 

cm 

433.4- 

. «3) :' 

1303 

«0> 


- s.E^Acnvit 5 i; 

-Dally Zr 

01 180J 177 ^- 
Induatnea^. 169.8 21l3^- 
SiHacaiatfcfc, , 30.0' 

' 6-<Jay jkY'age ' 

GBt-Kdged.. 068^ ISTil 
ind^etela- 1783' laa^i -■ 
Specnlodve^. 413) 

118.6 i iS34jr 

' '* fi h - 


at 210p. Doug all. RMH hardened 2 to 52p further 10 lSlp and Turner Mana- j^gi Hollnco lir to £43^* -In 

Apart from GEC. which gave up and ABF 3 to 61p. Geo. Bassett JwJn™* ® tiiiHi' Flnancia]s . Dalgely improved 4 to 

5 to 247p on sporadic selling, attracted fresh speculative sup- provided an isolated dull spot at 247p and 1Q to ^ 

Electrical leaders held relatively P 01- * an d rose 2 to 14fip for a lb *P> down Following Thursday’s fall of 9, 

steady. Elsewhere, Dale found gain of 8 News of the Newspapers and kindred trades Pn ™ e f became a steadier 

support and put on o to 138p, return to profitable trading lifted contain ed a few firm features, “arki* but closed a net penny 
while Kode were again wanted Lou* C Edwards a penny to 15p. p^rl comment attracted btwS easier at 220p, after 22Sp. Uther 
and improved 2 further to lOSp. while other Sim spots included 0 i ives Paper iSch^ose Shipping leaders finished at, or 
Other firm spots included Allied Avana, J harder at 32 Ip, and Olives Paper MUi wnjcn rose ^ overnight levels ^ 

cq« .... un,if_ Rrchnn'c A. S lin at tS2n. 1 10 nrawinj, iui lilcl 


cted fresh speculative sup- provided an isolated dull spot at 2 47 P an d kafcmj 10 to 120p 
and rose 2 to 14Sp for a 16ip, down 1J. Following Thursday’s fall of 9 

lay gain of 8. News of the Furness Wlthv became a steintiw 


jection of the increased bid from 
McLeod-SipeL . -j - 

A feature oE nun rag markets- 
was the weakness In. the share, 
price of Afrikander Lease whtth. 
.plummeted at the outset of busi- 
ness to - close IG5p down on 
balance at 16op, after tou chin g 
l«k>. The heavy "fan reflected 
news,, announced; after market 
hours "oq Thursday, of the sus- 
pension of the mine’s uranium 
development plans.'- / 

/South African Golds, .ended the 
week on a quietly easier note 
with -late U.S. offerings, following 
the downturn in the bullion price, 
which was finally 75 cents easier, 
at '$179,375. per ounce, 'bringing 
the fall on the week to $4^5. 

■ The decline ■ on the week- re- 
flected continuing- uncertainty 
over the possibility oF U.S- gold 
sales. 

The Gold Mines index, down 0.7 
yesterday, registered a 5.7 decline 
over the week. " - - 

In contrast with Golds Austra- 
lians enjoyed a good week with 
prices responding to r persistent 
buying in both London and 
“dawn-under” markets, ' 


Insulators, 68p, up 3, and Whit- Bishop's Stores A, 5 up at 132p. ' tre JJ th ' om the excellent 
wort. Electrical, li to the good Ann ted Biscuit eased 12 to _/6 _p a. and tBiaek 


a reasonable business. 


at ISp. 


The underlying tone m sstp, we re slightly easier on Ui «*«««* Textiles had the oceasirmaJ firm . IFU , m/iuC AUn 

Engineerings was again firm and further consideration of the P re l nn “ uu 'J hgures, ^ Sekers International' re- NEW HIGHS -AND 

Haden Carrier were parttailarly resu i ts . I„ tere3 t in Snpermarkeia * -W *"»< a penny to 

good at lOlp up 7; the pre- was largely . concentrated on 121 P- rise of a penny to 27 tx while ^ 7° ,towlBB atw ^jes qu ote d m in * 

SiSd 1 rewards JSmS EKJS? &£ JjS ^biUty of higher Interest Shdar, 61p. & 'SSL- 'STBS 

April Mx»ck audWilcox held JSSaJS? iff *2$ ™ & Sd^ita JontteSSISfi^ NEW HIGHSC13fi) ' 

■ fc SS 0f S y S; ■ h Aa»’ ahead *»! acti '^ ?bro1Sfout was bit thl prominentiy in Toba^Sgl 

»aln^' 3 to 84 in front of Thurs- ? n .i ^- e re i um PM or l 0 leaders steadied after yesterday’s 3®pP foUowing publicity given 1 1 ' ' 

1 pSSL following the bid from Lmfood: jvtlr indications and Land to biuich of the company’s 

after 202p, the close was a net 26 Serarities reverted to Sie over- cigarette brand in the UJC -. .■ 

aS-U 18 were ffiSriy better a" a f i® 4 ?’ a discount of lap „]ght .level of 2Mp. after 207p, A. Du^m, at 357p held the pro- 

Ac tv.' 011 ^ latter s offer rer/Es. Lin- w hn e aiEPC closed shehtlv easier vaous day’s gam of 17. .... drapery & stores 

iuspi?s!nu js ga^SjfsW ^ ss&njsst. t 

115p the last-named for an two ‘^ ay nse of 3 - Estates. 226p, along with City Plantations. London Sumatra were . 

advance on the week of 17. Narrow mixed price movements Offices, at 53 jp, and Regallan, at unmoved at ;i28p, after 130p. fol- • PAriwa-rtimiNO c» 
Spirax-Sarco Continued higher to were the order' of the day 10Jp. On the other hand, London lowing the chairman's detailed re- 


in front of Monday's preliminary an ? ua ^ figures. A. and C Black . - Tv 

figures. Cadhnry Schweppes, ? t P ut ? n J porej to Kp for a two- AfTlKandeT weak 
in 53 jp, were slightly easier on °f *2- Ahead of next ^ ^ -■ 


- ; Among Uraniums EZ Industi^.' 
advanced 5 more: to lilQp, a t» ' ■ 
day h^Prqvement of 15, 
Peko-WaDsend hardened 2 'tc|' 
IfffS high of 457 Pl Profit-tfllj 
lowered Pancontinental by 
95op. : 

Coals continued to gain gnjq’.i 
with Utah Mining - Australia- r - 
firmer at3l5p and -Oak feM®? 
up at 155p. Tv- 

Of the, more speculative 7 issi * 
Thsminex - rose another 7 5 to-4 - 

and Consolidated Rntfie the as; 
amount to fiOp. . Both shon, 
gains of 10 over the. past t - 
days. • -j'-‘ 

Financials were quietly 
Soufh African-domiciled IS’- - 
were . usually a shade easier -win! ' 
changed- but De Beets', harder - 
a penny to 323p after being '3 .. 
throughout the week. \...‘ .5,..: 

In London-ba^ Financials & 
Fields were undisturbed at 
but remained 7 lower on the«R r . 
following- disappointment .wltltip 
half-year profits - Jinnoiinctii^j--. 
Wednesday. 1 : V,: ' 


The lallowlna securities quOtctf Ini .the 
Share Information Service . mstentav 
attained new Highs and Lows for 1978. 

NEW HIGBS (136) 


135p. Demand in a limited market g dmaocrait 137n wntif «ia-u ciosqa sagnuy easier 

raised Edbro 5 to 146p. while rises i « SJrSii r Ta^imhi at 116p - after Uj P- Losses of WiUiamson, 

of t were established' in British ^ hotels and Caterers. Ladbroke aroun d 2 were sustained by Great peak of 366p, 

N.rthZ. 94p Sr^nS IK !S8ed forward 3 to ISSp for a P „ rttend . ^ 


two-day rise of a. 


LOANS n> 
FOREIGN BONDS II) 
AMERICANS (18) ' 
CANADIANS m 
BANKS (SI 
BEERS (1) 
BUILDINGS <7) 
CHEMICALS IS) 
DRAPERY ft STORES (B) . 
ELECTRICALS £2) 
ENGINEERING 113) 

- FOODS (3) 
INDUSTRIALS. (22) 
INSURANCE (1) 
MOTORS (St 
NEWSPAPERS «) • •• ' 
PAPER ft PRINTING (5) 

- SHIPPING <1) 
SOUTH AFRICANS (1) ' 


LOWS FOR 1978 

-- - (Vl. 

' TEXTILES JO' 

. TRUSTS 02) 

’ Oils (S) -t 

. OVERSEAS TRADERS M~ j- " J Jj , 
RUBBERSAl) ' fSj' 
'teas (ii - • .sgr- 

MINES («)- ; 

< NEW LOWS (10) V'3 * 

BRITISH FUNDS (IT ..r*. • 

GM 3pc W9S . - - - ■; 

.BANKS (2) - -■> 

Dawes (G. R-i ■ gh os lays Hkfmrf E *. 

CHEMICALS (1) J -Tg. . 

Croda Int. r - v«j; 

INDUSTRIALS (21^3 
Hlgbsata optical Whatman Rwwm|v-- - 
INSURANCE (1) ^uS-- 
Matthews Wrlohnon 1 _ ■ . * • . . - 

PROPERTY. (1> • ;-!£s-v: - 

GUgata . - . ■ . . 

SHIPPINO m 4a»- . 

Common Bros. - . 

•TEXTILES fl)- 

" Courts olds 7pcDeb. '82187 - ' 





RISES AND FALLS 


FT-ACTUARIES SHARE INDICES 


... ■le-zzzx - 


Yesterday On the week 


These -indices are the joint compiiatfan of the Financial Times, the Institute of Aetuaries and the Faculty of Actoiw^ 


Up Down Same 

British Funds ■■■■■■■■ 2 57 15 

Corps rati bus. Dour, and Forma* Bowls 4 » 4» 

Industrials - — ■ 372 aU9 JB 

Financial and Property 113 72 337 

Oils ! 5 2 

Plantations — ’ 2 " 

Mines » al ® 

Recent Issues — . — - — 4 13 


50 909 1A71 


Up Down Same 
110 92 1M 

40 99 221 

2.002 1,099 4^73 

U9 409 L591 

34 Z7 109 

33 24 113 

168 198 244 

11 M 63 


3H17 1,907 7482 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


_. . - ,, _ Thun. Wed Ttaes. Hon. Year 

Fn, April 7, 1978 *f- *f- *?■ 


Highs and Lows Index 


■•4V 


*■ * '• • 


_E«L Gross Ed. 

SUB-SECTIONS index Day's W? 7SeU% BaUo Index Index Index Index Index 
Nol Gtaw OCaxJ (ACT (Net) No.- No- No. Not No. 

rimw In pt iuufl i w show % Corp- ■ t *** 

avmbsr of stocks pm ooeUan. |Tb Txz 5S 


Since 

CaapOadoB* 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion ment 

Mar. 21 Apr. 10 Jun.22 July 4 
Apr. 11 Apr. 24 July 6 July 18 
Apr. 25 May 9 July 20 Aug. 1 

For rate indications see end oj 
Share Information Service 

Stocks favoured for the call 
included Nurdln and Peacock, 


Decca A, Hawtin, Lonrho, KCA 
International, Interearopean 
Property, Christies. Mills and 
i\Uen, Adda International. P and 
0 Deferred, Olives Paper Mill, 
SUITs, Bunn ah Oil and BP. Puts 
were dealt in Stafles - Inter- 
national and Christopher Moran, 
while doubles were arranged in 
Nurdln and Peacock. Mills and 
Allen, Olives Paper Mill and 
Town and City Properties. 


RECENT ISSUES 


EQUITIES 




&16 20478 
8.42 183J2 
8L44 32488 
a90 435.73 
292155 
-211162.79 
169 36419 


203.69 20246 
18L56 18129 180.B9 
32477 3ZL71 31935 
436.45 43L52 42675 
289.72 28737 2842 
16L60 160.79 15974 
163.00 162.81 


18836 187.92 186.76 18538 
224.07 22236 22183 22036 
169.45 168.78 169.02 16935 
118.13 £17.84 11638 11538 


6.161 5. 

4.691 5.98 10. 

5.75 9, 
6.80 10. 

5.76 6. 
4.69 10. 

3.72 13. 
929 
435 

7.76 
ao7 

583 
5.% 

6.73 
4.Z0 

4.82 6.26 
731 5.06 
633 7.89 


21404 (60) 
19736 m 


46454 m 
38735 (6/1) 


19657 (6/D 

235.96 . (6fl ) 
38433 m> 
119.61 (6/1) 

20725 (6/D 



16.75 lajelo-s la.i 


FIXED INTEREST STOCKS 


257.40 03/7/72) 

sum. mm 

21463 (21/10/77) 
24441 (3/10/77) 
360JBZ(Wm 
14421(34/9/77) 
20439(16/8/72) 
23532 (17/1/67). 
339 J6 (2/8/725- 
135.72 (16/1/70) 
23370 04/9/77) 
29510 (14/9/77) 
262.96 (6/1/78) 
24636 (1/9/72) 
5393808/5/77): 
25833(2/5/72/ 


! KTU Llrjtii EH51 Eui R; 

~ ~~ m 



ESa 

iru 

76225 

m 

262.96 

m. 

334.67 

com 



388.95 

£2® 

16630 

om 

28935 

m 

404.47 

om 

270.95 

m 

14987 ■ 

m 

15422 

(27® 

.17163 

om 

20181 

om 

16034 

am 

10436 

am 

179.46 

am 

.20484 

aim 

229-85 

am 

'21932' 

am 

- 17537, 

(27/2) 

17633 

m 

26939 

.am 

-mu. 

05® 

36537 

am 

'160.85 

am 

‘214.88 

asm- 

93.79 

arm 

17338. 

om. 

23869. 

am 

228.41 

om * 

317.48 

om 

40816 

(24® 

17847 

OB) 


High' J’ Lmr -1 ' . J ” *■ 


22&mawrm 


38933 OS/5/72) 

48169 (2WB/7D aUl CStfP 

3321203/9/77) 6439-00/75^ 
187.4504/9/77) «.« (60/^ % 
377.41 (27/4/72) .4935 ®1/7V. 


2260806/8/72) 


iiiiM 



-0.4 

19100 -03 25.01 
190J3 +0 2 — 

14681 SA 1333 
13639 —3-4 
12808 -0.7, 

—0.2 1433 
76.81 1 1 

227.09 
106J24 


,164.77 
a05 19L74I189O0 
19039 




13787 
128.07 112933 
33732 337.96 


ffirthemost 

luxurious 

(Shauffeur ‘Drive Service 
in Great^Britain 



askforVictor^ritain^ 


Victor Britain is the chauffeur drive service 
of Avis RentaCar. 


7681 

22709 

10450 






20582 


178.96 mi 153J5 (27/2) 2414101/4/72) 
37158' (27/2) 28832 (20/7/72) 
189.43 OS/3) 29323 (2/5/72) 
339.48 (27® 433 J4 ' (4/5/72) 
19446 (15/3/72)- 
16L72 (6/10/77) 
30128 - .(6/2) I 37153 05/9/77) 
7100 (27/25 ! ■ 27837 1 0/5/72) 
223.99 --(27® I 357.40 (9/11/73) 
30318 08/5/72) 



1035 

12J1 

32.96 


1052 1282 


1035 (3/4) 
3078 m 


■1026 Cf® 
3143 (7/4) 
1172 ff/4) 


1091 (7® 
1212 (27® 
1237 (4/4) 


1078' OfO 
1034-0® 


25 | F.l*. { 30:3 ■ 13/41 3* 
53 I F.P, | 29/3 i 10/&) 66 


RcnuaaaUoa date usually Ijuk rfay for dealing tree or stamo duty, o Figures 
Dasud on urusiwctu* estimate, o Assnmwl dividend and yield, a Forecast dividend: 
cover baaed on pruvioua y ear’s earmncs. r DivRUmd and yield based on .prospectus 
oc other oBUaai estbnalea for 1970 q Cross, r Klcnres assumed. | cover allows 
ror convBraion of shares not now rantdne ter dividend or ranking only lor restricted 
dividends. S Platens Klee to public, ut Peace unless otherwise Indicated- S issued 
by tender. |l Offered to holders of Ordinary shares as a *' rights." ** Rights 
by way of capitalisation. *t Minftnmn tender price, i! Reintroduced. 11 issued 
in connection with reorganisation merger or take-over. |||| introduction. O 
to former Preference holders. ■ Allotment letter* (or fully-paid). 9 Provisional 
or partly-paid allotment latter*. Jc With warrants. 


15 |20-yT- Hed. Deb- & Loans (15) 
IB Tnveatment Trost Prefe- (15) 

17 Utoml. and Indl. Prefg. (20) 


Section or Croup Base Date 
Phantiaccotlcil Products 30/12/77 

OUter Creeps M/12/74 

Overseas Traders 31/12/70 

Enylneering Contractors 21/12/71 

Mechanical Engineering 31/12/71 

Wises and Spirits 16/1/70 

Toys and Games 16/1/79 

OfHco Equipment 16/1/70 


I Fri. April 7 I I - I 

Tbitr.i Wed. } Tubs. Mon. 

' Indexl Yield Auril I April J April April 

; : % 0 15 14 a 


.'B0.4T -tl2JS60J7 '80.73 iffl).75 
.56.67 '1U1 59.57 'Bfl.ll 5fl.ll 

fliM 1 18.49 173.15 78-75 |7B.7fl 


63-67 (23711 
59.71 AUl) 
78.80 (Ll/4 


teso Valeo 
2U.77 
63.» 
109-00 
15384 
153 J4 
144.76 
135.72 







































































































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■ .tt T f — 

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irrCTf^ 




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v«- 


*7*? 






Pi 


wi 


SnADhm'Unked Ufe Ih. Ltd. 
BenAUtanuSowM^Banbam . M09MM1, 


p*i 


mk *'!*■ M 


S£! 

*3? 


Stewart Unit Tut Managers Ltd, (a) 
4S.ChariiltaSo.EdlBls(th. 01-883371 


4*r 



EfE 


itaV April -j- . . 

a=j = 




Trwndntpr natknal Ub IbBi.OK lid. 


pSE& 


m 


■Stt ty i y r 





MS 




* r -T»! 


Wmsm 


■Et 


rrr-;r 

22fi 


H 




: S X BASE LENDING RATES 

2 5 A3.N- Bank. .......^./ ■61% _»ffi3LSamu&l 

2 f»; AlHed Irifli Banka.Ltd, 6*% ■ C TEloAre * fct 


61% ■HfllSamuel 5 61% 

61% .' CHoire & Gcl 61% 

64% JuliaU S.' Hodge ' 7*% 

Hongkong ■& -Shanghai 61% 

61% 7 IndwtriilBk-of Scot. 61% 


' •5; HeUry Apsbacher ;,.... - 6}% Keyser Ullmann. ...... 61% 

Banco - de Bilbao 81% ; Knowsley & Ccf. Ltd. ... 5 % 

Bank of Credit* Cmee; \ 64% LlOyfls Bank §1% 

r '5 Bank of Cyprus 61% - • London Mercantile.;.... * 61% 

V-r Bank of N.S.W. BJ% E: M arisen & Co. Ltd# B % 

j Banque Beige Ltd....... 81% . Midland Bank ....... ; 61% 

y Banque du Rhdne . — . 7 % ■Samuel. Montagu.;. 81% 

Barclays Bank 61% ■.Morgan Grenfell ...... 61% 

< Bamett Christie Ltd...., 81% ; National- Westminster 6j% 

i Brem&r Holdings .Ltd,. 74% Norwich General Trust .61% 

> Brit Bank of Hid. East . 61% . P,S, Befcon & Co. ... 64% 

Brown Shipley 6|%' : Kossminster Accepfcs 61% 

t ^Canada Pennant AJEI '64% y BoyalBfcCjaiada Trust 61% 

ii Capitol C & C Fin. £td. : -8|% Sj^lesingiar. limited ... 64% 

J * -w J 1 • - 'fs "W * ,1? I? Cftk ni oU ■■* 


o Choulartons' 
a E._Coafe 


Jt ■»; • * S-. Schwab . ....... 84% 

Oedax^HOldlngs ... — 8 % Sect ufty-Wiist Op. Ltd. 74% 
5]l Charterhouse Japhet.. 61% Sh«3ey Tra?t 04% 

t Choulartons' 64% Standard 'Chartered ... 64% 

yi a E. Coafes ...V 7J% - TnUte Bev. Bank 61% 

'J Consolidated Credit*,. 61% : Trustee Savings. Bank 61% 

A co-operative- Bank 6J% - Twentieth Century Bk. 74% 

yh Corinthian SecuritieSr,* 65% j. tJnited Bank of Kuwait 6\% 

^ t a\OL IITlilraflUaei T^tAlaitf ■ 7 % 


«*h 




'J consolidated Credits... 61% : Trustee Savings. Bar* 
A co-operative- Bank ;.....* 64%-Twentieth Cmtury Bk. 
'a Corinthian Securities... 64% ' United Bank of Kuwait 
' y Creffit Lyioimals“.,.-^ v ; 6J% Whiteaway Laidlf w -... 
/ The Cyprus Popular Bk. 6§% Wiliams & Gfrn 
/ DnocairLawrie iirjnnf 61%* Yorkshire Bank 


^ The Cypros Popular BK. 6§% WllHams Se Glyn’S...— 61% 
/ xmncairLawrrc ur-rn—S 61%*. Yorkshire Bmik - •«•»•••»• 84% 

EagilJIrust ....... ...«- r .-6i% mtba#n of ffia. .Acwtins nopsw 

*/ Enillsh Transconfc^™ .commiuK. *. 

' ’ First Ikmdan Sees.—... '^61%: '' T-dby .CePMits W; i^nonii dep«^ 
v;. First Nat. .FfiC.CdrpiL- - 84% ‘ mDM 


fW fleonfits od sums <* CO.PM 

•••£ Fti^-Mh Sees, Ltd w azm st% 

• y f- Antony Gibos 64% m m* ca.w» 

' . J : Greyhoond '-Guaraftiy... ■ 64% ^ cin dmostu o*a n.8W 3 *- 
yj. (Wndfays Bank...U—-T 6|% irDems* deposits <%. . • 

Guinness Mahon-*----'-*- 8f% s Kaieano (softs » ^wrunr n«L 
y A Hambrok Bank . 6f% •.-■'Saot- 


m 


rtrrr 


?**v 


w *r*fv* 


* CUVE INVESTMENTS LIMITED 
1 Royal Exchshige-AYe^ London EC3V 3LD. Tel.: 01-283 1101. 
. Index Guide as at 21st March, 1978 (Base 100 at 14J.77.) 

Clive Fia«i interest Capital . — ; 135.42 

Clive Fixed' Interest - Income 12234 


rf W'lprn 




INSURANCE BASE RATES 

f Property Growth 8% 

t Vanbrugh Guaranteed 7.50% 

i Address shown under Insurance and Property Bond Tabk-. 
















































































































































































































































































































































































































Tories unveil plans Lonrho to 
to curb immigrants 


BY RUPERT CORNWELL 

THE CONSERVATIVES yester- The main points of the pack- Tory immigration policy was 
day unveiled their long-awaited age, which Mr. Whitelaw des- based- "on .narrow party advan- 
proposals to curb immigration. In- cribed as “ tough but fair," intro- tagc rather than the broad 
eluding a register of dependants ducing “ certainty and finality ” interests of the whole corn- 
followed by a quota system of into Tory plans so that public m unity.” Mr. Roy Hattersley, 
entry, and a virtual ban on male anxiety might be ended, are: Prices Secretary, said in 

... • A register of dependants from i ,eam > Q Ston. 

The tough-sounding measures i n di Dn r™- It showed “a desire to build 


by-pass 

suns 

directors 

BY ANDREW TAYLOR 


MAN OF THE WEEK 


New life 
for the 
Old Lady 

gy TONY ROWLEY emi*. aim a virtual uau uu iuoic auaicij migut uc cuueu, arc: rnces secretary, saia iu me nnanciai markets bavecon- 

*“£**■. , ,. • A register of dependants from ^#®ni*RBton.' tinued to move quietly. Tradine 

sSHS KgasSSM sSSSS srSS 

close associates described ci i meeting in Leicester, were would be followed bv a ouota citizens." ^ I “ ves * m « n ?? J 85 * foiu weeks. -: 

Michael Sandberg this week presented by Mr. William White- governing entrv from * 1 all Immigration uumbers were hM^nwnSfh !» a JW t ltS Meanwhile, gilts continue to be 

after the new chairman of the f aw . Oppotftion Home Affairs SS ^ ° small £d would continue to %gjgS& “? prospect ‘ of : 

Hongkong and Shanghai Banking spokesman, as an agreed pack- - . ■ decline. “What we ought to SSJtTSn ZSSJL S ^er interest rates and the *: 

r.nrnnratinTi hnrf clpprnrl through nnA in hnal tuithin ® Aq did 4o Labours COPCPfr t n ii P ; nn ; mn nnvf Pony at direct tO o U ITS VP tv inter UvaI a* ^ 


the lex column 




Ahead of next week’s Budget ^ - ' ' ' ,. mR . ■ v- 

fell 43 to 467.1 

SdSUn ■ . i 


KT.-ACnwaES 

bUX-SHARE 

INDEX 


Corporation had steered through age to heal the divisions within- J *“ d talking about now is improv- Shfreholdere 

a deal represenUng the biggest mrtv im m ;«ntinn sions over the entry of male snarenoiaers. 


immigration 


“ “*•?' uic ««« iuuii f!n n pjfic Parpntc trrnnd narpntc “S conditions in the areas into jmlciu^s ireasury Dill ■>, 

hanking takeover by foreign between liberals and right- fnd^ Children 8 over iRwouirif be whicl > immihprants came in On Thursday the SUITS Board tender underlined these, fears. '"i 
interests m U.i> history wingers. SwS 5 D T on iS fKe 1950s and 19 »> s " rejected Lonrho’s approach by „ . .: 

It was Sandberg who con- But they clashed head-on with */!™ d P __ . three votes to two Sir Hush Solllers 


very low level of applications I. ; 
at yesterday’s Treasury bill. 3 130 


*« UU Muiiuuvi n AJUL UJIJ LldDUCU UCaU'UU WUI1 • n . n „ nr l B 

ceived the plan to launch the Labour’s policies, set out by the SIonale srounos. Humanitv 

hitherto rather sedate Hongkoc*; Government this week. Imraigra- • Tougher curbs on immigrant **“*“““**-j 


three votes to two. Sir Hugh Spillers 

Fraser, deputy chairman, and t*h b it,* " 

Mr.James Cossman. an pxwntivo . _ .*® C . financial COStS 


hitherto rather sedate Hongkoc*; Government this week. Imraigra- • Tougher curbs on immigrant ^ Mr. James Gossman an executive - ^ ae sociai and financial costs 

bank— known simply and rather t ion is thus certain to be a con- workers from all countries (ex- Lord Avebury, Liberal spokes- director, being the minority ° £ Spiers decisio to get out 



.hhtw, aiui^u “ l uul — - —————— rs - ■ - - . ■ UUUIU uavc npgn nlafWI Tr> 

day attacked the quota system as a mass inflow from Hong Kong, Different rules for husbands shares— which, requoted after te onaP H v a* it in <Lni«L"7. 
pointless, now that immigration should China exert pressure on and male fiances was contrary being suspended at 107p. rose 5p i . v . [ »P“ters is 


<uiu uituc uduvea was ui «ip. iwsc . — i 

to the spirit of the Sex DIs- to 112p. On last night’s prices ( left w i- muc ^ smaller and 


grandly here as "The Bank”— s tant flashpoint between the two cept from the EEC). Temporary man, said last night that by voting in favour of the deal *&e baking industry axe' very • 

on a surprisingly adventurous major parties between now and workers would not be allowed in “denying the principle” of ’ grave. But if the decision had ' 

acquisition trail which looks the election. future to settle permanently. family unity, the policy con- Lonrfao is bidding H of Its been deferred for much longer 10 C- 

like ending in control of Marine Mr. Chris Gent, chairman or * A new British Nationality Act, fiicted with the European Con- shares, which yesterday fell 3p the future of the whole i T' 

Midland Bank Inc., of Buffalo, the Young Conservatives, yester- primarily aimed at keeping, out vention of Human Rights. to 68 p, for every sLv SUITS co u i 0 h aVe Kogj, n i a{ J* ; i97T: 

New York. day attacked the quota system as a mass inflow from Hong Kong, Different rules for husbands shares— which, requoted after te onal .Hv a« it is •LniaL"- 90^ aW . Uj^ L 1 *! 

Some people in this British pointless, now that immigration should China exert pressure on and male fiances was contrary being suspended at 107p. rose 5p i St , • , . ^ * p ,, 1 15 - ~ ■ 

colony think it rather unseemly was decreasing. He also accused the colony. to the spirit of the Sex DIs- to I12p. On last night’s prices f muen smaller and - *• • , property revaluationr-fneii 

for the “Old Lady of Queens some Tory spokesmen of playing a A damD-down on illeeal crimination Act, and the pro- the deal values SUITS' shares at highly geared asset base, . the prime thourii not wt 

;»? ^ u,eir s m&svsr&s Z SWTS . Boarf bacfced bv , 

business Sic?f lo^fve^ ‘Finality’ fnto «SS Racial ^nkeT^LnlrtoSe^hS ^ the businei is sSSs ‘ V 

Few people expected of Sand- programme will be depends on Committee. JJJ confined “rfhe t b . ecause Ibey said it undervalued book value £15.5m. But .the Volkswagen ' ; . . r^ - 

her;, when the former cavalry ^ size of- the quota fixed by a Mr. Whitelaw pledged that tiie Indian SiSbnSSmL ^ company and did not mclude receipts will be swallowed up ^ Volkswagen’s . JXUSf-tfb^L”. Executives at^OC^ 

officer took over the chairman- future Conservative Home Secre- programme would be carried _ . ... • . . , a cash °“ er - by the cash cost of closing down (£238m.) . rights issue. Is almost : natjohaJ,-^weteVfiJU3U^'dari:- 


Wheatsbeaf Is the larg 1 
the two groups,.. with ai,/* 
sales Iprobably nmnimlAll 
£450m-, against- 'maybe fJit •* 

■ for Linfood. The tenr"’ 

around 208p. per Wheat 
share, represent a hefty - r 1 

■ of 9 J times WheatsheaTs ^ 
reported earnings. And. . ^ 
may . well be knocked: ! 

. much as 50 per cent. whe . 
1978 figures come out Wl 
adding in deferred tax ani 
•ing to £ 8 .Tm. In the. last ba 
sheet; shareholders’ fuiic 
Wheatsheaf total about i 
before this year’s retention; 
.the? 'Board -pixahises' fb 
proper^ revaluation— jncU 
the prime, though not yet 
‘ profitable chairr of .five £ 

‘ markets— will mike the i <j 


for i 

to t| 

coni 







tery. 'through by a Conservative Gov- •Civil estimates published yes- LonPho< headed b y Mr. Roland the rest of the M? side cerSnly Genuany’s lareest hope • 

A Tory spokesman yesterday ernment “with humanity and an tertay a locate £175m. for ad- *‘ T 1 q v- Rowland, said yester- which will come, to ciRnf W-iwll h»Le iifb a2L-'«.«^S 


BY STEWART FLEMING 


NEW YORK, April 7. 




'.. Michael Sandberg 
. •- *'/U home with power" 

ship of the bank from Guy Sayer 
last September that he would 
emerge as a tycoon. 

Senior colleagues say of the 
50 years old Sandberg that he is 


dvuiu uibLTiuiifiduuu. ruxuii lumaiuiuc whim, iuh wu.uuu icm uxoii mwi /t**. hf^llPVP^ that" it t* nrnnpr that . r w 7 — r - ■ « . '■ ' 

?■ • • , r ■ the shareholders of SUITS L here W1 1 P^^sbly have to VWs' profits have-beeirTecover- '®oanl 7 of ».$50^»-srare off 

should have the opportunity of be « ur i h ? r write d °vims. ■ ing sharply for tht last couple the . vrhole -of . 

. . _ considering the offer for them- balance sheet details are of years (the 1977 figures wtil remaining equity, xnatchin. 

C /Qllm selves.” yet available, but at a guess net be announced later this month) “opted terms from IT ’ 

of ft , T|| mUKt* U^ZlOUIIl. dzfll/l/ll worth may have faUen to and the share price has amply Marietta; leaves BOC at 

M-0 11IUUV MglVVW ^Reluctance roughiy £50m., excluding £16m. reflected the fact. Unfortunately, clear daylight 

of goodwiU, while total borrow- there are signs that the Eiiro- Meanwhile the speedy eritL- 

1 • 1 d» l J* A • J 1 Mr. Rowland, who is also chair- mgs could be in the region of Dean car boom is startins to tail ^ t**™ ol Martin/ Mai 

mtfl TATT 1*ACl AT AirPO Cinpt "’an of SUITS, and two other £70m. The trustees of the .loan ^,VW dearly rated to St makeslife easier for BOG 

U1U 1U1 U1 zUlLU 5 iff V A. Lonrho directors who are mem- stocks have approved - the in ^hiie the -S^sood enhances the su^idoqS- 

0f „? r ? ra.SEtSj!? chan * es ' but * IMMU ^nder wi?T!te Sous »» true role In m S - 

BY STEWART FLEMING NEW YORK, April 7. room vote. Thursda - thay^e final dividend-has been u.S.investmerrt progi^neVWaffalr. 

BOC INTERNATIONAL appears into the early hours of the mom- chance of winning. Lonrho could still face opposi- S Spill ers now has to trade its baS * 13 1- ^? ead ‘ . S ° has BOC allowed ltic. 

to have won complete control of ing the Airco directors, including There was speculation to-day tion from institutional share- wav hack to financial oo».ni ing UM 6 bn. (ELSba.) between be pushed to^too mgh a.- - - 
U.S. industrial gases producer the three BOC directors on the about what management changes holders— holding around 13 per bnum and the nnumc ■ now “^ 1980-and cannot finance .for Airco?. The $400m.- 

Airco with the announcement to- Airco Board, voted unanimously BOC might make once it had cent of the SUITS equity — who c/m-hlr **«»• t ^ ens 7 °° K T 5 cf tb’s sort of investment intern- paying to increase, in se 
day that it will make a $2S0ra. to approve a proposal by which complete control of Airco. Some may be reluctant to accept a , 1 1 |fst years Profits ajiy. • -bites, its stake •• from 

agreed offer for the 46 per cent. BOC will make a tender offer suggested that BOC would move paper offer given the current not less roan um.- were ...... original 34 per cent ^v-- - 

of Airco’s stock It does not of 550 a share for the Airco cautiously so as not to inflame rating of the Lonrho shares.- . depressed by the meat side as f infnnrl/ Whpflfdlpaf • cost iust SSOm.) ts withii ; * ' ’ 

already own. . shares it does not own. U will the strained relations between Mo st of ^ institutions wel1 as by baWn ^ IoKes - Stace - S400ih • or^so credit ’lihih- 

. The agreement ends months of pay an-additional-87 a share to the two groups of executives, but a „ Droached yesterdav said there arou P h °P es its milling ***** ■ 

wrangling between the two com- Airco shareholders who earlier it was likely that- Mr: George SJrStion to P rbfi6 can be more or .‘less “oWf ; .W ;lwar . Wd ^th a number .< 

panies— going back to a court tbis year tendered 1.8ra. shares Dillon, the Airco chairman, would make a professional iud«ment of maintained, an annual profits accelerate ; . rationalisation . in while- Airco s foreda^tl. 
ruling in the middle of last year of Airco to BOC, taking its stake have to make way for a BOC th t erms but Indicated that tbev rate nf £15m. or more mav now *°° d reining a*e borne out by pretax income for 1978 

-about how their partnership in Airco to 49 per cent. director mffffSSSmXSi te IMbto bII Se way^ad ***** ^ ^ bi d for .alk»w .a generous Mg 

*“5!“^ — did •>—* IS risky, and them ], IlS, abort Wheatibea D_tatm,«tlon and 


K.- ;l 


•• •,< i 


BOC INTERNATIONAL appears into the early hours of the morn- chance of winning. Lonrho could still face opposi- Spillers 

to have won complete control of ing the Airco directors, including There was speculation to-day tion from institutional share- way b ac ^ 


—about how l 
should develop. 


at home with power." Yet he graphic coverage. It will enable ready tx> offer $50 a share for year, when negotiations about .is per cent, stake in the company Ranks Hovis and AB Foods. The Wheatsheaf, have both Sustained existing .$230m or so. , i - 
is a man who likes to dissemble BOC to compete more vigorously Airco, too. relationship with Airco started —including t7m. paid to Sir Hugo capad^ 0 f plant bakers has declines in. their market 'diares consolidated debt' could em^ 

S™.pi"i OW # entrepre- w ith such rivals as the Linde Martin Marietta said to-day it to move ahead. ... . ^Sl a «iTT« r blS been cut by about a tenth and since 1116 price-cutting started, at some £5Q0m. against 

SSI 5 a l^,i" te ?.?® n e?. g S?£« 55S „J2f«i e, S e .SS Si^SrS r^^A 5 ^ 8 * cannot be y far out^fffiin^ In additiptL-Wheatsbeafs profits hoIde^fundsof^SOm.^ 


a ? d u- dr L? e division of Union Carbide, the had no intention oE getting into Its average cost for Airco is uumot oe iar out or naianee 

cIoak at of \id a «HfLi^2 S t l0n ^Sf iofernationai chemical concern, a bidding war for Airco and likely to be about $40 a shwe. The group said it was con- ^ p oods ^ already begin nine have suffered from the heavy An early matter: for exan 

tw* f * w : lc J“ Ql amateurism. a nd with Air Liquide, the French dropped out of a race which just less than 11 times 1978 vinced that a merger would be . initial costs of its venture into tion by BOC could therefor 

That sort of thing goes down gaS es company. many Wall Street analysts projected earnings on the fore- to. the mutual benefit of share- to^move^backinto profits on 1 .“USSiiS?. SL 13! 

rattier well in The Bank" how- at a iinai-H mooiino inrr IiaKpvmI it npvnr ..had mueh casts which' have been npade. 


At a board meeting last ing believed it never -had much casts which' have been I’n^ie. 


-» . • - 

U.Ko airline plans 

to buy Boeings 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


rather well in “The Bank” how- 
ever. 

Sandberg told an American 
correspondent here last Sep- 
tember that he did not expect his 
tenure as chairman to lead to 
any radical departures in the 
policies of the bank. It would 
be “odd to start changing a 
pretty successful formula," he 
said then, rather phlegmatically. 

Shortly after taking over as 

chairman, Sandberg asked bt miwiAei. uunnc, aerospace cuKK&si'rafDENT ■ 

Warren D. Chinn, senior vice- ^nilC^r 

president of management consul- BRITISH AIRWAYS is expected TriStars for medium- to long- Cl. UJ.OVJI 
tants Booz Allen and Hamilton, to recommend to Mr. Edmund haul operations. It includes the 

for an appraisal of the U.S. bank- Dell, Secretary for Trade next procurement of a new fleet of By lan Hargreaves, Shipping 
ing system and on how the Hong- week that it be allowed to buy 160-1 SO/sea ter jets to replace Correspondent 
koog bank might get a firmer toe- up to 20 Boeing 737 short-haul Trident Three jets in the mid- CWA?S , „ 1ITJTFR thP Tvneside 
hold there. The bank has been jet airliners, seating up to 120 1980s. ™ *« l?«n 

in America since 1955. through passengers each, as replacements For this 160-plus seater air- snipouuaer, appears to ne uu 

the Hongkong Bank of California, for its ageing Trident One and craft. British Airways is "JJf ™ » Satns 

although intense competition in Two jet airliners. The cost of interested in the proposed new prererrw rempany « 
that overhanked west coast state siirti a deal, would exceed £I00m. Boeing 757 twin-engined short-to- wltnui British &mpwuiaers 

and hassles with the California The arline’s Board is under- medium range jet which would au« n wt b *t an order woJ^ over 

tax authorities are something the stood to have approved the Boe- use two Rolls-Royce RB-211 Dash £1 00m. from the Royal «avy. 
bank would probably prefer not ing 737 plan at its monthly meet- 535 engines, each of 32,000 lbs. Navy has been -anxious 

to talk about. ing yesterday as part of a long- thrust. It might need more than to place a so-called involvement 

“You can’t turn your back on term strategy to replace up to 30 of these aircraft. contract Tor its third wromsn- 

the U.S. economy at any time ” 100 aircraft in the fleet by the But this does not preclude the deck cruiser with bwan 

Sandberg was quoted as saying mid-l$80s at a cost of more than possibility of buying other types Hunter for some niontns. nut 

on bis current New York trip to £2bn. of aircraft British Airways will was told this was out oi the 

finalise the Marine Midland The plan includes further pur- study the proposed Joint Euro- question until the company 

acquisition. If the Hongkong chases of Boeing 747s for long- pean Transport programme, solved the labour proDiems 
bank is now turning its back on range work, and more Lockheed News Analysis Page 4 which led lo its exclusion from 


Tyneside 
may build 
£100m. 
cruiser 

By lan Hargreaves, Shipping 
Correspondent 

SWAN HUNTER, the Tyneside 


holders of b< 
documents ^ 
shareholders 


Leyland workers 
reject incentives 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 



bank is now turning its back on 
the west coast — it will have to 
divest the California subsidiary 
now by law — its chairman clearly 
has high hopes of the east coast. 

Sandberg makes little secret 
of the fact that he regards the 
internationalised ‘ American 
banks as "more progressive" 


Weather 


SUNNY periods, some rain. Lake Disti, Isle of Man, N.E. 
Temperatures near normaL England, Borders and S.W. 


than the rezionallv-SDeSaiised -™. SJE. and Cent Scotland 

£h l!S 2» Pe 22 Southern England. Midlands, _ Cloudy, occasional 


British banks. Some analysts 
here question, however, whether 


N.W. England 
cloudy, with 


Max. 10C (50F). 


the HKSBC mi“ht nnt he D r ry ; ciouay. with sunny Edinburgh, Dundee. Aberdeen, 
setting into bed wtih 2 SP&.’SV 1 ? . 1 Glasgow, Moray Firth. Argyll 


setting into bed with an e 

American partner which was a E ‘ %rth' c ™ 
bit too progressive for its own Drv bright or 
good, and ran up some hefty M ax 10C (50F>. 

P4 " n rrrr Channel Is.. S.W, 
Sandberg and Ed Duggy, pry sunny n e 
chairman of the Marine Midland 3 1 

Bank holding company are ' 

friends from before the present 

courtship, so there should be Business 

few problems of getting on at vday 

the top, even if some people 


E. Anglia, E. England and Cent, areas. Cent. Highlands. NE. 


Northern England 
Dry, bright or sunny intervals. 


Channel Is.. S.W. England, Wales 
Dry, sunny periods. Max. 12C 


BUSINESS CENTRES 

Y'day , Y'day 

. M'Mw ■ MltUUy 


SESftl'.iSL 1 "Ufto Synergy I Anammup « Losmbnt s ’? Z showers - 


. Scotland, N. Ireland 
Cloudy, brighter with showers 
later. Max. 10C (50F). 

N.W. Scotland and Orkney 
Sunny intervals and showers. 
Max. 7C <45F). 

Shetland 

Sunny intervals and showers. 

Max. 5C (41F). 

■ Outlook: Sunny intervals and 


v n. « _ * — APwuum* *■ ^ ursmonL o r 43 

benefits lower down. Athens c in u Madrid f u si 

Of his chairman, who joined Bahrain s « ti Manchstr. c v 45 

the bank in 1949 after service 2 SS5” IS 2 


houday resorts 


Lancers (Indian IS | jg^ai S ” u ^ 

Army) and the 1st Kings Reiuraa* c-.io sa Moscow c 2 ss -n -f 

Dragoon Guards — Sandberg was B P riln . . ® ® ® Munich s t 43 Ajaccio c h st Jw«ev s a 40 

appointed a general manager « I „ Newcastle G 7 45 Algiers R 12 54 Lu Pima. F M 88 

nnlv In E^L ! ® ” e , w York * s 4 " Biarrlls F JO 50 Locarno MI 51 

only in 1971 — one colleague Brussels S a 4a Onto F IS » BIbcJcoooI C s 46 Majorca H f.T 55 

notes he IS good at eoilfty Undam** S in SO Paris S 10 50 Bordeaux F is 55 Malaga 

situations.” If this ’ rather 5' ■ A,fes • c ™ 2 E pnh f m t 4 Bouiojuie s s 46 Maim 

cryptic comment Is shorthand gSSm f » *5 gSES.*, s Sn J £ SSTt n " SjSSS 1 

for saying tie is keen on take- chtcano s jr « RiodcJ'oc so s« oorfn c io bs Nice 

over situations’ then Europe SSiSL™ r - ** nubrovajit r ic cii Nicosia 

will vei? likely be where tbe j 5 « SK Si I if ” RS«- E ll g ffi" 

former Lancer makes nis neirt Kdinb«wr.^ g .« Stockholm f b 46 Fimcoai c ir mlsairtuiv 

thrust The bank is looking for Fra**™ 11 5 *■ “J Sydney C 2S 74 r.lhraltar C IS sal Tangier 

suitable marriage partneS In i S WS* l 3 3 SSK l A 3 VSS* 

Britain or Germany It Iff HcWnW' ™ Totyo S IS S Inverness C 7 45 Valencia 

thought, although probably via 2 " Tonmio s « « « m Ma c s « vemw- 

a iharp pvchanpp this t.im e A L ,. irnna S 1 4S Isianhnl R R 4J 

a snare e.vcnange injs ume u sbro . L. ^ w ar «w r s a s-sunny. n-Rain, F-Fair. 
rather than a cash takeover. London v s « Zunch 5 7 <s so— snow, t— nmnderei 


rwavs is the P 0,,,t « recovering 11s 
posed new “preferred eompany" status 
ed short-to- w*thiji British Shipbuilders 
hich would an(I it an order worth over 
B-211 Dash £100 ol from the Royal Navy. 
32.000 lbs. The Navy has been -'anxioas 
more than to Place a so-called Involvement 
contract for its third through- 
reclnde the deck cruiser with Swan 
jther types Hunter for some months, but 
irways will was told this was out of tbe 
oint Euro- question until the company 
irogramme, solved the labour problems 
'age 4 which led to its exclusion from 

the £I15m. Polish merchant 
ships order earlier this 
year. 

Iu the last week, significant 
strides have beeu made to- 
M „ _ wards dealing with these 
Man, N.E. problems. On Tuesday, the 
and S.W. group’s boilermakers voted in 
favour of a common, wages 
rain later, agreement already accepted by 
other sections of the work- 
Aberdeen, force. 

■Argril This agreement, which Is 
nos, N-Iv designed to end a decade of 
■and .squabbling ahont differentials 

th showers an d 'job flexibility, was laid 
before ihe Central’ Arbitration 
Orkney Committee in London for 
i showers, ratification yesterday s°d 
should be approved within a 
. . -few days.. ... 
i showers. j t ^ lssn]ned that the agree- 
i ment will allow- the Swan 
ervals and Hunter shop stwraedt sosi n 
Hunter shop stewards to sign 
the type of good behaviour 
declaration which British Ship- 
builders demanded from all 
the yards granted a share In 
the Polish contract. 


LEYLAND CARS' manual share of any productivity gains, 1 
workers have voted by more than he said. 

2 — 1 to reject the company's 

planned incentive scheme which * " 

fS l h oir sPCCt ° f “ P “ Continued from Page 1 

The rejection is a setback to T . . 

the company’s efforts to use I 1\71 YlfT 
financial incentives to help JL 11 v lJLlw 

improve lagging productivity . ... 

levels. It will strengthen the .““"LfiK S2T ^ 
hand of shop stewards who have ISP J ° v 1 e w t 

campaigned against the deal and 

pressure will now be on manage- «^t„!5 1 e a ! ! n ? ea ^;?, f d ^ 

ment to come forward with an . as 5,Z® su t of 

alternative scheme. **“ hkeJ y nse in «ovestmenL 

Returns from the postal ballot Last year, dividend payments 
showed 21,759 in favour of the rose by 17 per cent to £2.2bn. 
scheme, 46,106 against, with This was more than the 10 per 
nearly 30,000 employees not cenL rise ay ear normally 


voting. 

Vindicated 

The company resorted to a bal- 
lot after failure to reach agree- 
ment with the unions in more 


allowed because of the exemp- 
tions given to companies making 
rights issues and in certain other 
cases, such as bids. 

The total volume of fixed in 
vestment last year was lower in 


than three mouths of negotia- ^|L le fJ ns a L any time since 
tions. 1987 - However, the per cent. 

Mr. Grenville Hawley, Trans- to £9i)7bn. (at 1970 prices) 
port and General Workers' Union concealed marked differences be- 
national secretary for the auto- tw ®c. n the sharp decline m the 
motive industry, said the shop- P uhl,c sector ana the slight in- 
Roar response vindicated . the crea s® iu the privat esector. 

negotiators* apposition to the 

deal. 

The proposed scheme was ton Continued from Page 1 

complicated and remote from 

the workers to have offered a real 1 1 

incentive, he said. It also raised IXJ _ flflTTO l) 
fears of redundancies in addi- ^ k/\/lillLr 
i tion to the 12,500 reduction In up of both nuclear and couven- 
the labour force that Mr. Michael tional armaments." 

Echvardes, - the British Leyland _ - . -j t 

chairman, has said will be neces- ? J* -» V S£l r S 0j *ii« I 5f 
sary this year. Brezhnev accused the UjS. of 

In a brief statement. British "indecision’’ and^ ^consistency” 
Leyland Cars said the rejection in t h e SAI/T talks, and said 
would not affect* the 'company's was hemg delayed for 

business plans for the present political reasons as the U.S. 


similar guarantee wifi year, or long-term plans for administration attempted 


‘ r ® New York S S 48 Biarrllz F JO 50 Locarm 

c in S F 18 50 Blackpool C H 46 Majorca R f.1 55 

e i- 12 PaTls SMB Bordeaux F is 55 Malaga P 13 K 

c os u F 23 74 Boulogne S S 46 Malls S IS 88 

“ “ Prague S 7 43 Cosbinca. T is 01 1 Nairobi R 21 70 
* w Rov|r1a«lk Sn 4 30 Caw Tn. R is M Naples C IS 64 
u 11 M Rf0 do J '0 ^ M S* Corfu c; 19 68 Nice . !■’ 17 83 
r .n ff! Rnmi? R 13 53 nubrovpjk R 18 Cl i Nicosia F 18 6fl 

5 i *■’ Smwhre. S 18 SO Faro V 13 55 ODH10 C 11 53 

S 31 st Florence ' c ll 52 Rhodes C W 64 

F s 46 Funchal c 17 *rt SaJAorg S ID B 

C. 33 74 Glhralfar C 13 SB Tangier P n 3! 

S 32 73 Guernsey F 7 45 1 Tenerife - F 13 33 
S 19 be Innsbruck F J2 WiTunj* C 19 66 

S IS 3S Inverness C 7 45 Valencia R 13 S4 

s « 43 ic of Man n a 46 Venice " ' f 12 54 

S 7 45 Istanbul R R 4fl 1 

C B 43 S— Sunny. R— Rain. F— Fair. 0— CloWly. 
S 7 45 So — Snow. T — Thunderstorm. 


13 55 Dubrovnik R 16 01 1 Nicosia 
18 SO Faro F 13 SajODDftO 


C 23 74 Glhraltar n IS ss Tangier 
S 22 73 Guernsey F 7 45 Tenecifo- 


almost certainly be . required achieving higher productivity. appease those who wanted “an 
from the company given the The business plan is believed uncontrolled missile - nuclear 
throuErb-dpek cruiser order, to indicate the need for a net arras rac e." 

although this will be placed loss of about 10.000 jobs this * Tr - Brezhnev said that given 

directly by the Ministry of year. A productivity drive is awareness of the importance of 

Defence. already under way, particularly the problem and a genuine desire 

The award of the contract at the volume car plants at on both sides, it was possible 
to Swan Hunter, which is Cowley, Oxford, and Longbridge, t0 reach agreement on a new 
already working on the Navy’s Birmingham. SALT pact. -. 

second through-deck cruiser. However. Mr. Hawley cast He said "outstandihg question” 
Illustrious, could safeguard doubt on whether tbe company la the negotiations could not be 
np to 3,000 jobs on Tyneside, could achieve its efficiency -aims solved without “the U.S. making 
although most yards ' will without offering some form of steps to meet us hallway. 1 ’ He 
remain desperately short of financial reward. “One-thingis added: "We do not see such 
work. certain: our people will want a steps of late." 


second throng h-deck cruiser. 
Illustrious, could safeguard 
op to 3.900 jobs on Tyneside, 
although most yards ' will 
remain desperately short of 
work. 


ecure the 
future with 

£30000 


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Regardless of your age or tax position .we 
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&Partners 

THE INVESTMENT ADVISERS 


■ r 3 a,P<KCT STREET, LCKJD ON SW 1 X 9 &L XELH<H >235825 m 
XtijONtiuilluriNl^nniirKoi^tpOTPl. '■ 

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